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Prepared by MERRILL CORPORATION www.edgaradvantage.com

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EXHIBIT 10.25

 INDEMNITY AGREEMENT  

    This Agreement is made as of October 25, 1999, by and between Merix Corporation, an Oregon corporation (the "Corporation"), and Daniel T. Olson
("Indemnitee"), a director and/or officer of the Corporation.

    WHEREAS,
it is essential to the Corporation to retain and attract as directors and officers of the Corporation and its subsidiaries the most capable persons available; and

    WHEREAS,
corporate litigation subjects directors and officers to expensive litigation risks at the same time that adequate coverage of directors' and officers' liability insurance may
be unavailable; and

    WHEREAS,
the Articles of Incorporation of the Corporation require indemnification of the officers and directors of the Corporation to the fullest extent permitted by law. The Articles
and the Oregon Business Corporation Act (the "Act") expressly provide that the indemnification provisions set forth in the Act are not exclusive, and thereby contemplate that contracts may be entered
into between the Corporation and members of the Board of Directors and officers with respect to indemnification of directors and officers; and

    WHEREAS,
Indemnitee does not regard the protection available under the Corporation's Articles of Incorporation, Bylaws and insurance adequate in the present circumstances, and may not
be willing to serve as a director or officer without adequate protection, and the Corporation desires Indemnitee to serve in such capacity.

    NOW
THEREFORE, the Corporation and Indemnitee agree as follows:

    1.  Agreement to Serve.  Indemnitee agrees to serve or continue to serve as a director and/or officer of
the Corporation and/or one or more of its subsidiaries for so long as Indemnitee is duly elected or appointed or until such time as Indemnitee tenders a resignation in writing.

    2.  Definitions.  As used in this Agreement:

    (a) The
term "Proceeding" shall include any threatened, pending or completed action, suit or proceeding, whether brought in the right of the Corporation or otherwise,
whether of a civil, criminal, administrative or investigative nature, and whether formal or informal, in which Indemnitee may be or may have been involved as a party or otherwise, by reason of the
fact that Indemnitee is or was a director and/or officer of the Corporation, or is or was serving at the request of the Corporation as a director, officer, employee or agent of another corporation,
partnership, joint venture, trust or other enterprise, whether or not serving in such capacity at the time any liability or expense is incurred for which indemnification or reimbursement can be
provided under this Agreement.

    (b) The
term "Expenses" includes, without limitation thereto, expense of investigations, judicial or administrative proceedings or appeals, amounts paid in settlement
by Indemnitee, attorneys' fees and disbursements and any expenses of establishing a right to indemnification under Section 7 of this Agreement, but shall not include the amount of judgments or
fines against Indemnitee.

    (c) References
to "other enterprises" shall include employee benefit plans; references to "fines" shall include any excise tax assessed with respect to any employee
benefit plan; references to "serving at the request of the corporation" shall include any service as a director, officer, employee or agent of the
Corporation which imposes duties on, or involves services by, such director, officer, employee or agent with respect to an employee benefit plan, its participants, or beneficiaries; and a person who
acted in good faith and in a manner reasonably believed to be in the interest of an employee benefit plan shall be deemed to have acted in a manner "not opposed to the best interests of the
Corporation" as referred to in this Agreement.

    3.  Indemnity in Third Party Proceedings.  The Corporation shall indemnify Indemnitee in accordance with
the provisions of this Section 3 if Indemnitee is a party to or threatened to be made a party to any Proceeding (other than a Proceeding by or in the right of the Corporation to procure a
judgment in its favor) against all Expenses, judgments and fines actually and reasonably incurred by Indemnitee in connection with such Proceeding, but only if Indemnitee acted in good faith and in a
manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation and, in the case of a criminal proceeding, in addition, had no reasonable cause to believe
that Indemnitee's conduct was unlawful. The termination of any such Proceeding by judgment, order of court, settlement, conviction or upon a plea of nolo contendere, or its equivalent, shall not, of
itself, create a presumption that Indemnitee did not act in good faith and in a manner which Indemnitee reasonably believed to be in the best interest of the Corporation, and with respect to any
criminal proceeding, that such person had reasonable cause to believe that Indemnitee's conduct was unlawful.

    Pursuant
to this Agreement, the Corporation specifically will, and hereby does, indemnify, to the fullest extent permitted by law, Indemnitee against any and all losses, claims,
damages, liabilities and expenses, joint or several, (or actions or proceedings, whether commenced or threatened, in respect thereof) to which Indemnitee may become subject, as a result of serving as
a director and/or officer of Merix, under the Securities Act or any other statute or common law, including any amount paid in settlement of any litigation, commenced or threatened, and to reimburse
them for any legal or other expenses incurred by them in connection with investigating any claims and defending any actions, insofar as any such losses, claims, damages, liabilities, expenses or
actions arise out of or are based upon any untrue statement or alleged untrue statement of a material fact regarding Merix, or the omission or alleged omission to state a material fact required to be
stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were made, not misleading.

    4.  Indemnity in Proceedings By or In the Right of the Corporation.  The Corporation shall indemnify
Indemnitee in accordance with the provisions of this Section 4 if Indemnitee is a party to or threatened to be made a party to any Proceeding by or in the right of the Corporation to procure a
judgment in its favor against all Expenses actually and reasonably incurred by Indemnitee in connection with the defense or settlement of such Proceeding, but only if Indemnitee acted in good faith
and in a manner which Indemnitee reasonably believed to be in or not opposed to the best interests of the Corporation, except that no indemnification for Expenses shall be made under this
Section 4 in respect of any claim, issue or matter as to which such person shall have been finally adjudged by a court to be liable for negligence or misconduct in the performance of
Indemnitee's duty to the Corporation, unless and only to the extent that any court in which such Proceeding was brought shall determine upon application that, despite the adjudication of liability but
in view of all the circumstances of the case, Indemnitee is fairly and reasonably entitled to indemnity.

    5.  Indemnification of Expenses of Successful Party.  Notwithstanding any other provisions of this
Agreement, to the extent that Indemnitee has been successful on the merits or otherwise, in defense of any Proceeding or in defense of any claim, issue or matter therein, including the dismissal of an
action without prejudice, Indemnitee shall be indemnified against all Expenses incurred in connection therewith.

    6.  Advances of Expenses.  The Expenses incurred by Indemnitee pursuant to Sections 3, 4 and 8 in any
Proceeding shall be paid by the Corporation in advance at the written request of Indemnitee, if Indemnitee shall undertake to repay such amount to the extent that it is ultimately determined by a
court that Indemnitee is not entitled to be indemnified by the Corporation and shall furnish the Corporation a written affirmation of the Indemnitee's good faith belief that Indemnitee is entitled to
be indemnified by the Corporation under this Agreement. Such advances shall be made without regard to Indemnitee's ability to repay such expenses.

    7.  Right of Indemnitee to Indemnification Upon Application; Procedure Upon Application.  Any
indemnification or advances under Sections 3, 4, 6 or 8 shall be made no later than 45 days after receipt of the written request of Indemnitee, unless a determination is made within such
45 day period

by (a) the Board of Directors by a majority vote of a quorum consisting of directors who were not parties to such proceeding, or (b) independent legal counsel in a written opinion (which
counsel shall be appointed if such quorum is not obtainable), that the Indemnitee has not met the relevant standards for indemnification set forth in Section 3, 4 or 8 or an exclusion set forth
in Section 9 is applicable.

    The
right to indemnification or advances as provided by this Agreement shall be enforceable by Indemnitee in any court of competent jurisdiction. The burden of proving that
indemnification or advances are not appropriate shall be on the Corporation. Neither the failure of the Corporation (including its Board of Directors or independent legal counsel) to have made a
determination prior to the commencement of such action that indemnification or advances are proper in the circumstances because Indemnitee has met the applicable standard of conduct nor an actual
determination by the Corporation (including its Board of Directors or independent legal counsel) that Indemnitee has not met such applicable standard of conduct, shall be a defense to the action or
create a presumption that Indemnitee has not met the applicable standard of conduct. Indemnitee's expenses incurred in connection with successfully establishing Indemnitee's right to indemnification
or advances, in whole or in part, in any such Proceeding shall also be indemnified by the Corporation.

    8.  Additional Indemnification.  

    (a) Notwithstanding
any limitation in Sections 3 or 4, the Corporation shall indemnify Indemnitee in accordance with the provisions of this Section 8(a) to the
fullest extent permitted by law if Indemnitee is party to or threatened to be made a party to any Proceeding (including a Proceeding by or in the right of the Corporation to procure a judgment in its
favor) involving a claim against Indemnitee for breach of fiduciary duty by Indemnitee against all Expenses, judgments and fines actually and reasonably incurred by Indemnitee in connection with such
Proceeding, provided that no indemnity shall be made under this Section 8(a) on account of Indemnitee's conduct which constitutes a breach of Indemnitee's duty of loyalty to the Corporation or
its stockholders or is an act or omission not in good faith or which involves intentional misconduct or a knowing violation of the law or with respect to an unlawful distribution under ORS 60.367.

    (b) Notwithstanding
any limitation in Sections 3, 4 or 8(a), the Corporation shall indemnify Indemnitee if Indemnitee is a party to or threatened to be made a party to
any Proceeding (including a Proceeding by or in the right of the Corporation to procure a judgment in its favor) against all Expenses, judgments and fines actually and reasonably incurred by
Indemnitee in connection with such Proceeding to the fullest extent permitted by the Act, including the nonexclusivity provision of ORS 60.414(1) and any successor provision and including any
amendments to the Act adopted after the date hereof that may increase the extent to which a corporation may indemnify its officers and directors.

    (c) The
indemnification provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may be entitled under the Restated Articles of
Incorporation, the Bylaws, any other agreement, any vote of shareholders or directors, the Act, or otherwise, both as to action in Indemnitee's official capacity or as to action in another capacity
while holding such office. The indemnification under this Agreement shall continue as to Indemnitee even though Indemnitee may have ceased to be a director or officer and shall inure to the benefit of
the heirs and personal representatives of Indemnitee.

    9.  Exclusions.  Notwithstanding any provision in this Agreement, the Corporation shall not be obligated
under this Agreement to make any indemnification or advances in connection with any claim made against Indemnitee:

    (a) for
which payment is required to be made to or on behalf of Indemnitee under any insurance policy, except with respect to any excess beyond the amount of required
payment under such insurance, unless payment under such insurance policy is not made after reasonable effort by Indemnitee to obtain payment. The Corporation shall be subrogated with respect to any
other

rights of Indemnitee with respect to any payment made by the Corporation to or on behalf of the Corporation under this Agreement;

    (b) for
any transaction from which Indemnitee derived an improper personal benefit; or

    (c) for
an accounting of profits made from the purchase and sale by Indemnitee of securities of the Corporation within the meaning of Section 16(b) of the
Securities Exchange Act of 1934 and amendments thereto or similar provisions of any state statutory law or common law.

    10.  Partial Indemnification.  If Indemnitee is entitled under any provisions of this Agreement to
indemnification by the Corporation for some or a portion of the Expenses, judgments and fines actually and reasonably incurred by Indemnitee in the investigation, defense, appeal or settlement of any
Proceeding but not, however, for the total amount thereof, the Corporation shall nevertheless indemnify Indemnitee for the portion of such Expenses, judgments or fines to which Indemnitee is entitled.

    11.  Business Transactions.  The Corporation agrees that it will not effect any Business Transaction (as
defined in Article XI of the Restated Articles of Incorporation of the Corporation) which has not been approved by the Continuing Directors (as defined in Article XI of the Restated
Articles of Incorporation of the Corporation) of the Corporation unless the other party to the transaction agrees in writing to (a) use its best efforts to maintain for the subsequent two year
period any and all directors' and officers' liability insurance in effect prior to any discussions or announcement relating to such Business Transaction and (b) assume all obligations of the
Corporation under this Agreement and indemnify Indemnitee and advance litigation expenses in accordance with this Agreement.

    12.  Severability.  If this Agreement or any portion thereof shall be invalidated on any ground by any
court of competent jurisdiction, then the Corporation shall nevertheless indemnify Indemnitee as to Expenses, judgments and fines with respect to any Proceeding to the full extent permitted by any
applicable portion of this Agreement that shall not have been invalidated or by any other applicable law.

    13.  Notice.  Indemnitee shall, as a condition precedent to Indemnitee's right to be indemnified under
this Agreement, give to the Corporation notice in writing as soon as practicable of any claim made against Indemnitee for which indemnity will or could be sought under this Agreement. Notice to the
Corporation shall be directed to Merix Corporation, 1521 Poplar Lane, Forest Grove, Oregon 97116, Attention: Secretary (or such other address as the Corporation shall designate in writing to
Indemnitee). Notice shall be deemed received three days after the date postmarked if sent by prepaid mail, properly addressed. In addition, Indemnitee shall give the Corporation such information and
cooperation as it may reasonably require and as shall be within Indemnitee's power.

    14.  Counterparts.  This Agreement may be executed in any number of counterparts, each of which shall
constitute the original.

    15.  Applicable Law.  This Agreement shall be governed by and construed in accordance with Oregon law.

    16.  Successors and Assigns.  This Agreement shall be binding upon the Corporation and its successors and
assigns.

    IN
WITNESS WHEREOF, the parties hereby have caused this Agreement to be duly executed and signed as of the day and year first above written.

	 	 	MERIX CORPORATION
	 

 	 
 	 

By	 

/s/ MARK R. HOLLINGER   
 Mark R. Hollinger
Chief Executive Officer and President
	 

 	 
 	 

INDEMNITEE
	 

 	 
 	 

 	 

/s/ DANIEL T. OLSON   
 Daniel T. Olson

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INDEMNITY AGREEMENTPrepared by MERRILL CORPORATION www.edgaradvantage.com

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EXHIBIT 10.26

 EXECUTIVE SEVERANCE AGREEMENT  

December 1,
1999

Dan
Olson

1945 NW Jasmine Lane

Portland, Oregon 97229

Merix
Corporation

an Oregon corporation

PO Box 3000

Forest Grove, Oregon 97116

    Merix
considers the establishment and maintenance of a sound and vital management to be essential to protecting and enhancing the best interests of Merix and its shareholders. In this
connection, Merix recognizes that, as is the case with many publicly held corporations, the possibility of a change of control may exist and that such possibility, and the uncertainty and questions
which it may raise among management, may result in the departure or distraction of management personnel to the detriment of Merix and its shareholders. In order to induce Executive to remain employed
by Merix in the face of uncertainties about the long-term strategies of Merix and possible change of control of Merix and their potential impact on Executive's position with Merix, this
Agreement, which has been approved by the Board of Directors of Merix, sets forth the severance benefits that Merix will provide to Executive in the event Executive's employment by Merix is terminated
under the circumstances described in this Agreement.

    1.  Employment Relationship.  Executive is currently employed by Merix as Vice President Sales and
Marketing. Executive and Merix acknowledge that either party may terminate this employment relationship at any time and for any or no reason, subject to the obligation of Merix to provide the
severance benefits specified in this Agreement in accordance with the terms hereof.

    2.  Release of Claims.  In consideration for and as a condition precedent to receiving the severance
benefits outlined in this Agreement, Executive agrees to execute a Release of Claims in the appropriate form attached as Exhibit A ("Release of Claims"). Executive promises to execute and
deliver the Release of Claims to Merix within the later of (a) 45 days from the date Executive receives the Release of Claims or (b) the last day of Executive's active employment.

    3.  Compensation Upon Termination.  In the event of a Termination of Executive's Employment (as defined
in Section 8.1) at any time other than for Cause (as defined in Section 8.2 of this Agreement), death or Disability (as defined in Section 8.4 of this Agreement), and contingent
upon Executive's execution of the Release of Claims and compliance with Section 10, Executive shall be entitled to the following benefits:

    3.1 As
severance pay and in lieu of any other compensation for periods subsequent to the date of termination, Merix shall pay Executive, in a single payment after
employment has ended and eight days have passed following execution of the Release of Claims without revocation, an amount in cash equal to one year of Executive's annual base pay at the rate in
effect immediately prior to the date of termination.

    3.2 Executive
is entitled to extend coverage under any group health plan in which Executive and Executive's dependents are enrolled at the time of termination of
employment under the COBRA continuation laws for the 18-month statutory period, or so long as Executive remains eligible under COBRA. Merix will pay Executive a lump sum payment in an
amount equivalent to the reasonably estimated cost Executive may incur to extend for a period of 18 months under the COBRA continuation laws Executive's group health and dental plan coverage in
effect at the time of

termination. Executive may use this payment, as well as any payment made under Section 3.1, for such COBRA continuation coverage or for any other purpose.

    3.3 Executive
shall be entitled to a portion of the benefits under any annual cash incentive plans in effect at the time of termination equal to the greater of
(a) 50 percent of Executive's target benefit under such plan for the year or (b) a prorated amount representing the portion of the plan year during which Executive was a
participant. For purposes of this Agreement, Executive's participation in any such plan will be considered to have ended on Executive's last day of active employment. In making the proration
calculation, the amount of Executive's award if Executive had been a participant for the full incentive period shall be divided by the total number of days in the incentive period and the result
multiplied by the actual number of days Executive participated in the plan. The payment amount shall be calculated at the end of the incentive period and the amount shall not be due and payable by
Merix to Executive until the date that all awards are payable to other eligible employees after the close of the incentive period, except that Executive may elect at any time after termination, by
written notice to Merix, to receive 50 percent of Executive's target benefit instead of the prorated amount, in which case the payment shall be made within 20 days of such election. If
the applicable plan provides for a greater payment for a participant whose employment terminates prior to the end of an incentive period, the applicable plan payment shall be made.

    3.4 Merix
will pay up to $12,500 to a third party outplacement firm selected by Executive to provide career counseling assistance to Executive for a period of one year
following Executive's termination date. Executive may elect to receive the $12,500 in cash in lieu of payment to a third party outplacement firm.

    3.5 All
outstanding stock options, restricted stock, stock bonuses or other stock awards shall be governed by the terms of the applicable agreement or plan.

    3.6 In
the event that Executive's employment with Merix terminates for any reason prior to a Change of Control (as defined in Section 8.3), other than at the
direction of a person who has entered into an agreement with Merix, the consummation of which will constitute a Change of Control, Executive shall not be entitled to benefits under Section 4 of
this Agreement.

    4.  Additional Compensation Upon Termination Following A Change of Control.  In the event of a
Termination of Executive's Employment other than for Cause, death or Disability within 24 months following a Change of Control, or prior to a Change of Control at the direction of a person who
has entered into an agreement with Merix, the consummation of which will constitute a Change of Control, and contingent upon Executive's execution of the Release of Claims and compliance with Sections
5 and 10, Executive shall be entitled to the following benefits, which benefits shall be in addition to the benefits provided in Section 3:

    4.1 Merix
shall pay Executive, in a single payment within the latter of (a) eight days after the last day of employment, including employment during the up to
the six months employment period referred to in Section 5 if Merix or the surviving company has requested Executive to continue employment during such period and (b) eight days after
execution of the Release of Claims without revocation, an amount in cash equal to one year of Executive's annual base compensation at the rate in effect immediately prior to the date of termination.

    4.2 Executive
shall be entitled to receive an amount such that the amount payable pursuant to Section 3.3 plus the amount payable pursuant to this
Section 4.2 equals 100 percent of the Executive's target benefit for the year under annual cash incentive plans in effect at the time of termination. The amount payable pursuant to
Section 4.2 shall be paid on the same date that the Section 4.1 payment is payable.

    4.3 Merix
shall maintain in full force and effect, at its sole cost and expense, for Executive's continued benefit for a period terminating 18 months after the
date of termination a life insurance policy insuring Executive's life with coverage equal to two times Executive's annual base pay in effect immediately prior to termination, provided that Executive's
continued participation is possible under the general terms and provisions of such policy. At Executive's election or in the event that Executive's

continued participation in such policy is barred, Merix shall make a lump sum payment to Executive equal to the total premiums that would have been paid by Merix for such 18 month period. The
maximum amount that Merix shall be obligated to pay pursuant to this Section 4.3 in premiums and payments to Executive shall be $5,000.

    4.4 The
possibility of forfeiture to Merix of all stock issued to Executive under all Executive Stock Bonus Agreements shall immediately lapse.

    4.5 All
outstanding stock options held by Executive under all stock option and stock incentive plans of Merix shall become immediately exercisable in full and shall
remain exercisable until the earlier of (a) two years after termination of employment or (b) the option expiration date as set forth in the applicable option agreement.

    4.6 Notwithstanding
any provision in this Agreement, in the event that Executive would receive a greater after-tax benefit from the Capped Benefit (as
defined in the next sentence) than from the payments pursuant to this Agreement (the "Specified Benefits"), the Capped Benefit shall be paid to Executive and the Specified Benefits shall not be paid.
The Capped Benefit is the Specified Benefits, reduced by the amount necessary to prevent any portion of the Specified Benefits from being "parachute payments" as defined in section 280G(b)(2)
of the Internal Revenue Code of 1986, as amended ("IRC"), or any successor provision. For purposes of determining whether Executive would receive a greater after-tax benefit from the
Capped Benefit than from the Specified Benefits, there shall be taken into account all payments and benefits Executive will receive upon a change in control of the Company (collectively, excluding the
Specified Benefits, the "Change of Control Payments"). To determine whether Executive's after-tax benefit from the Capped Benefit would be greater than Executive's after-tax
benefit from the Specified Benefits, there shall be subtracted from the sum of the before-tax Specified Benefits and the Change of Control Payments (including the monetary value of any
non-cash benefits) any excise tax that would be imposed under IRC § 4999 and all federal, state and local taxes required to be paid by Executive in respect of the receipt of
such payments, assuming that such payments would be taxed at the highest marginal rate applicable to individuals in the year in which the Specified Benefits are to be paid or such lower rate as
Executive advises Merix in writing is applicable to Executive.

    5.  Additional Service. Executive agrees that, if requested by Merix or the surviving company following
a Change of Control, Executive will continue his or her employment with Merix or the surviving company for a period of up to six months following the Change of Control in any capacity requested by
Merix or the surviving company consistent with Executive's areas of professional expertise. During this period Executive shall receive the same salary and substantially the same benefits as in effect
prior to the Change of Control. Executive shall not be entitled to any benefits provided by Section 4 if Executive fails to perform in accordance with this Section 5.

    6.  Tax Withholding; Subsequent Employment.  

    6.1 All
payments provided for in this Agreement are subject to applicable tax withholding obligations imposed by federal, state and local laws and regulations.

    6.2 The
amount of any payment provided for in this Agreement shall not be reduced, offset or subject to recovery by Merix by reason of any compensation earned by
Executive as the result of employment by another employer after termination.

    7.  Other Agreements.  This Agreement replaces and supersedes the Executive Severance Agreement dated
June 1, 1994 between Executive and Merix. In the event that severance benefits are payable to Executive under any other agreement with Merix in effect at the time of termination (including but
not limited to any employment agreement, but excluding for this purpose any stock option agreement or stock bonus agreement or stock appreciation right agreement that may provide for accelerated
vesting or related benefits upon the occurrence of a change in control), the benefits provided in this Agreement shall not be payable to Executive. Executive may, however, elect to receive all of the
benefits provided for in this Agreement in lieu of all of the benefits provided in all such

other agreements. Any such election shall be made with respect to the agreements as a whole, and Executive cannot select some benefits from one agreement and other benefits from this Agreement.

    8.  Definitions.  

    8.1  Termination of Executive's Employment.  Termination of Executive's Employment means that Merix has
terminated Executive's employment with Merix (including any subsidiary of Merix). For purposes of Section 3, if Executive is assigned additional or different titles, tasks or responsibilities
from those currently held or assigned, consistent with Executive's areas of professional expertise and with no decrease in annual base compensation, whether at Merix or any subsidiary of Merix, such
circumstances shall not constitute a Termination of Executive's Employment. For purposes of Section 4, Termination of Executive's Employment shall include termination by Executive, within
24 months of a Change of Control, by written notice to Merix referring to the applicable paragraph of Section 8.1, for "Good Reason" based on:

    (a) the
assignment to Executive of a different title, job or responsibilities that results in a decrease in the level of responsibility of Executive with respect to the
surviving company after the Change of Control when compared to Executive's level of responsibility for Merix' operations prior to the Change of Control; provided that Good Reason shall not exist if
Executive continues to have the same or a greater general level of responsibility for the former Merix operations after the Change of Control as Executive had prior to the Change of Control even if
the former Merix operations are a subsidiary or division of the surviving company;

    (b) a
reduction by Merix or the surviving company in Executive's base pay as in effect immediately prior to the Change of Control;

    (c) a
significant reduction by Merix or the surviving company in total benefits available to Executive under cash incentive, stock incentive and other employee benefit
plans after the Change of Control compared to the total package of such benefits as in effect prior to the Change of Control;

    (d) Merix
or the surviving company requires Executive to be based more than 50 miles from where Executive's office is located immediately prior to the Change of Control
except for required travel on company business to an extent substantially consistent with the business travel obligations which Executive undertook on behalf of Merix prior to the Change of Control;
or

    (e) the
failure by Merix to obtain from any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the
business and/or assets of Merix ("Successor") the assent to this Agreement contemplated by Section 9 hereof.

    8.2  Cause.  Termination of Executive's Employment for "Cause" shall mean termination upon (a) the
willful and continued failure by Executive to perform substantially Executive's reasonably assigned duties with Merix (other than any such failure resulting from Executive's incapacity due to physical
or mental illness) after a demand for substantial performance is delivered to Executive by the Board, the Chief Executive Officer or the President of Merix which specifically identifies the manner in
which the Board or Merix believes that Executive has not substantially performed Executive's duties or (b) the willful engaging by Executive in illegal conduct which is materially and
demonstrably injurious to Merix. No act, or failure to act, on Executive's part shall be considered "willful" unless done, or omitted to be done, by Executive without reasonable belief that
Executive's action or omission was in, or not opposed to, the best interests of Merix. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or
based upon the advice of counsel for Merix shall be conclusively presumed to be done, or omitted to be done, by Executive in the best interests of Merix.

    8.3  Change of Control.  A Change of Control shall mean that one of the following events has taken place:

    (a) The
shareholders of Merix approve one of the following ("Approved Transactions"):

     (i) Any
merger or statutory plan of exchange involving Merix ("Merger") in which Merix is not the continuing or surviving corporation or pursuant to which Common Stock
would be converted into cash, securities or other property, other than a Merger involving Merix in which the holders of Common Stock immediately prior to the Merger have the same proportionate
ownership of Common Stock of the surviving corporation after the Merger; or

    (ii) Any
sale, lease, exchange, or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of Merix or the
adoption of any plan or proposal for the liquidation or dissolution;

    (b) A
tender or exchange offer, other than one made by (i) Merix or (ii) Tektronix, Inc. at a time when Merix is in default under any of the Supply
Agreements between Tektronix or any of its subsidiaries and Merix, is made for Common Stock (or securities convertible into Common Stock) and such offer results in a portion of those securities being
purchased and the offeror after the consummation of the offer is the beneficial owner (as determined pursuant to Section 13(d) of the Securities Exchange Act of 1934, as amended (the "Exchange
Act")), directly or indirectly, of securities representing at least 20 percent of the voting power of outstanding securities of Merix;

    (c) Merix
receives a report on Schedule 13D of the Exchange Act reporting the beneficial ownership by any person (other than Tektronix, Inc. or any of its
affiliates) of securities representing 20 percent or more of the voting power of outstanding securities of Merix, except that (i) if such receipt shall occur as the result of sale of
Common Stock (or securities convertible into Common Stock) by Tektronix, Inc. or any of its affiliates, it shall not constitute a Change of Control, or (ii) if such receipt shall occur
during a tender offer or exchange offer described in (b) above, a Change of Control shall not take place until the conclusion of such offer; or

    (d) During
any period of 12 months or less, individuals who at the beginning of such period constituted a majority of the Board of Directors cease for any reason
to constitute a majority thereof unless the nomination or election of such new directors was approved by a vote of at least two-thirds of the directors then still in office who were
directors at the beginning of such period.

    Notwithstanding
anything in the foregoing to the contrary, no Change of Control shall be deemed to have occurred for purposes of this Agreement by virtue of any transaction which
results in Executive, or a group of persons which includes Executive, acquiring, directly or indirectly, securities representing 20 percent or more of the voting power of outstanding securities
of Merix.

    8.4  Disability.  Termination of Executive's Employment based on "Disability" shall mean termination
without further compensation under this Agreement, due to Executive's absence from Executive's full-time duties with Merix for 180 consecutive days as a result of Executive's incapacity
due to physical or mental illness, unless within 30 days after notice of termination by Merix following such absence Executive shall have returned to the full-time performance of
Executive's duties.

    9.  Successors; Binding Agreement.  

    9.1 This
Agreement shall be binding on and inure to the benefit of Merix and its Successors and assigns. Upon Executive's written request, Merix will seek to have any
Successor by agreement, assent to the fulfillment by Merix of its obligations under this Agreement. If such a request is made, failure of Merix to obtain such assent prior to or at the time a company
becomes a Successor shall constitute Good Reason for termination by Executive of his or her employment and, if a Change of Control of the Company has occurred, shall entitle Executive to the benefits
pursuant to Section 4.

    9.2 This
Agreement shall inure to the benefit of and be enforceable by Executive and Executive's legal representatives, executors, administrators and heirs.

    10.  Resignation of Corporate Offices.  Executive will resign Executive's office, if any, as a director,
officer or trustee of Merix, its subsidiaries or affiliates and of any other corporation or trust of which Executive serves as such at the request of Merix, effective as of the date of termination of
employment. Executive agrees to provide Merix such written resignation(s) upon request and that no severance will be paid until after such resignation(s) are provided.

    11.  Governing Law, Arbitration.  This Agreement shall be construed in accordance with and governed by
the laws of the State of Oregon. Any dispute or controversy arising under or in connection with this Agreement or the breach thereof, shall be settled exclusively by arbitration under the Mutual
Agreement to Arbitrate Claims signed by the Executive, and judgment upon the award rendered by the Arbitrator may be entered in any Court having jurisdiction thereof. Notwithstanding any provision in
the Mutual Agreement to Arbitrate Claims, Merix shall pay all arbitration fees and reasonable attorney's fees and expenses (including at trial and on appeal) of Executive in enforcing its rights under
this Agreement in the event of a Termination of Executive's Employment within 24 months following a Change of Control.

    12.  Amendment.  No provision of this Agreement may be modified unless such modification is agreed to in
writing signed by Executive and Merix.

    13.  Severability.  If any of the provisions or terms of this Agreement shall for any reason be held
invalid or unenforceable, such invalidity or unenforceability shall not affect any other terms of this Agreement, and this Agreement shall be construed as if such unenforceable term had never been
contained in this Agreement.

MERIX
CORPORATION

	By:	 	/s/ TERRI L. TIMBERMAN   
	 	Executive:	 	/s/ DANIEL T. OLSON   

	Title:	 	Senior Vice President and Chief Administrative Officer	 	 	 	 

 

 EXHIBIT A  

 RELEASE OF CLAIMS  

    1.  PARTIES.  

    The
parties to Release of Claims (hereinafter "Release") are            and Merix Corporation, an Oregon corporation, as hereinafter defined.

    1.1  Executive.  

    For
the purposes of this Release, "Executive" means            , and his or her attorneys, heirs, executors, administrators, assigns, and spouse.

    1.2  The Company.  

    For
purposes of this Release the "Company" means Merix Corporation, an Oregon corporation, its predecessors and successors, corporate affiliates, and all of each corporation's
officers, directors, employees, insurers, agents, or assigns, in their individual and representative capacities.

    2.  BACKGROUND AND PURPOSE.  

    Executive
was employed by Company. Executive's employment is ending effective            [following a Change in Control as defined in Section 8.3 ("Change
in Control") of Amended Executive Severance Agreement ("Agreement")]. Executive has elected pursuant to the terms of Section 3.3 of the [Amended Executive Severance
Agreement ("Agreement")/Agreement] to receive [50 percent of target/the applicable prorated amount] of Executive's annual cash incentive and elected pursuant
to Section 3.4 of the Agreement to [receive $12,500 (less proper withholding) in lieu of outplacement services/have payments up to $12,500 paid directly to a third party
outplacement firm.] [Pursuant to Section 4.3 of the Agreement, Merix shall pay [the cash equivalent not exceeding $5,000 (less proper withholding)
of] the cost and expense of maintaining a life insurance policy for the Executive's benefit for 18 months.]

    The
purpose of this Release is to settle, and the parties hereby settle, fully and finally, any and all claims Executive may have against Company, whether asserted or not, known or
unknown, including, but not limited to, claims arising out of or related to Executive's employment, any claim for reemployment, or any other claims whether asserted or not, known or unknown, past or
future, that relate to Executive's employment, reemployment, or application for reemployment.

    3.  RELEASE.  

    Except
as reserved in paragraphs 3 or 3.1, Executive waives, acquits and forever discharges Company from any obligations Company has and all claims Executive may have including but
not limited to obligations and/or claims arising from the Agreement or any other document or oral agreement relating to employment compensation, benefits severance or post-employment
issues. Except as reserved in Paragraph 3.1, Executive hereby releases Company from any and all claims, demands, actions, or causes of action, whether known or unknown, arising from or related
in any way to any employment of or past or future failure or refusal to employ Executive by Company, or any other past or future claim (except as reserved by this Release or where expressly prohibited
by law) that relates in any way to Executive's employment, compensation, benefits, reemployment, or application for employment, with the exception of any claim Executive may have against Company for
enforcement of this Release. This release includes any and all claims, direct or indirect, which might otherwise be made under any applicable
local, state or federal authority, including but not limited to any claim arising under the Oregon statutes dealing with employment, discrimination in employment, Title VII of the Civil Rights Act of
1964, the Civil Rights Act of 1991, the Americans With Disabilities Act, the Family and Medical Leave Act of 1993, the Equal Pay Act of 1963, Executive Order 11246, the Rehabilitation Act of 1973, the
Uniformed Services Employment and Reemployment Rights Act of 1994, the Age Discrimination in Employment Act, the Fair Labor Standards Act, Oregon wage and hour statutes, all

as amended, any regulations under such authorities, and any applicable contract, tort, or common law theories.

    3.1  Reservations of Rights.  

    This
Release shall not affect any rights which Executive may have under any medical insurance, disability plan, workers' compensation, unemployment compensation, applicable company
stock incentive plan(s), indemnifications, or the 401(k) plan maintained by the Company.

    3.2  No Admission of Liability.  

    It
is understood and agreed that the acts done and evidenced hereby and the release granted hereunder is not an admission of liability on the part of Executive or Company, by whom
liability has been and is expressly denied.

    4.  CONSIDERATION TO EXECUTIVE.  

    After
receipt of this Release fully endorsed by Executive, and the expiration of the seven- (7) day revocation period provided by the Older Workers Benefit Protection Act
without Executive's revocation, Company shall pay:

    (a) the
lump sum of            and            /100 Dollars ($            ) to
Executive (less proper withholding) for severance and the reasonable
estimate of COBRA continuation coverage as provided in Section[s] 3.1, 3.2 [and 4.1 and 4.6] of the Agreement;

    (b) Company
will pay [up to $12,500 directly to the third party outplacement firm selected by Executive for up to one year's outplacement services as
needed/$12,500 (less proper withholding) in lieu of outplacement services];

    (c) the
amount of annual cash incentive when due based on the terms of Section[s] 3.3 [and 4.2] of the Agreement
[as elected by Executive];[and]

    [(d) [the
cash equivalent (less proper withholding) of] the premium to maintain Executive's life insurance plan for 18 months
as provided in Section 4.3 of the Agreement.]

    5.  NO DISPARAGEMENT.  

    Executive
agrees that henceforth Executive will not disparage or make false or adverse statements about Company. The Company should report to Executive any actions or statements that
are attributed to Executive that the Company believes are disparaging. The Company may take actions consistent with breach of this Release should it determine that Executive has disparaged or made
false or adverse statements about Company. The Company agrees to follow the applicable policy(ies) regarding release of employment reference information.

    6.  CONFIDENTIALITY, PROPRIETARY, TRADE SECRET AND RELATED INFORMATION.  

    Executive
acknowledges the duty and agrees not to make unauthorized use or disclosure of any confidential, proprietary or trade secret information learned as an employee about
Company, its products, customers and suppliers, and covenants not to breach that duty. Moreover, Executive acknowledges that, subject to the enforcement limitations of applicable law, the Company
reserves the right to enforce the terms of Executive's Employment Agreement with Company and any paragraph(s) therein. Should Executive, Executive's attorney or agents be requested in any judicial,
administrative, or other proceeding to disclose confidential, proprietary or trade secret information Executive learned as an employee of Company, Executive shall promptly notify the Company of such
request by the most expeditious means in order to enable the Company to take any reasonable and appropriate action to limit such disclosure.

    7.  ARBITRATION OF CERTAIN DISPUTES.  

    Executive
and Company agree that should the issue arise of whether either party to this Agreement has failed to satisfy or has breached the terms of this Agreement, any dispute
regarding the issue, except for any claim excepted under the Mutual Agreement to Arbitration Claims, shall be

submitted to arbitration pursuant to the Mutual Agreement to Arbitrate Claims signed by Executive. In such event, [each party shall pay its own costs and attorneys' fees/notwithstanding
contrary language in the Mutual Agreement to Arbitrate Claims, because this Release follows a Change in Control, the reasonable attorneys fees incurred by Executive to seek enforcement of this Release
shall be paid by the Company].

    8.  SCOPE OF RELEASE.  

    The
provisions of this Release shall be deemed to obligate, extend to, and inure to the benefit of the parties; Company's parents, subsidiaries, affiliates, successors, predecessors,
assigns, directors, officers, and employees; and each parties insurers, transferees, grantees, legatees, agents and heirs, including those who may assume any and all of the above-described capacities
subsequent to the execution and effective date of this Release.

    9.  OPPORTUNITY FOR ADVICE OF COUNSEL.  

    Executive
acknowledges that Executive has been encouraged to seek advice of counsel with respect to this Release and has had the opportunity to do so.

    10.  ENTIRE RELEASE.  

    This
Release, the Mutual Agreement to Arbitrate Claims, [as modified herein] and the Employment Agreement signed by Executive contain the entire agreement and
understanding between the parties and, except as reserved in paragraph 3 and 3.1, supersede and replace all prior agreements written or oral including but not limited to the Agreement and the
Executive Stock Bonus Agreement, prior negotiations and proposed agreements, written or oral. Executive and Company acknowledge that no other party, nor agent nor attorney of any other party, has made
any promise, representation, or warranty, express or implied, not contained in this Release concerning the subject matter of this Release to induce this Release, and Executive and Company acknowledge
that they have not executed this Release in reliance upon any such promise, representation, or warranty not contained in this Release.

    11.  SEVERABILITY.  

    Every
provision of this Release is intended to be severable. In the event any term or provision of this Release is declared to be illegal or invalid for any reason whatsoever by a
court of competent jurisdiction or by final and unappealed order of an administrative agency of competent jurisdiction,
such illegality or invalidity should not affect the balance of the terms and provisions of this Release, which terms and provisions shall remain binding and enforceable.

    12.  PARTIES MAY ENFORCE RELEASE.  

    Nothing
in this Release shall operate to release or discharge any parties to this Release or their successors, assigns, legatees, heirs, or personal representatives from any rights,
claims, or causes of action arising out of, relating to, or connected with a breach of any obligation of any party contained in this Release.

    13.  COSTS AND ATTORNEY'S FEES.  

    [The
parties each agree to bear their own costs and attorneys' fees which have been or may be incurred in connection with any matters released herein or in connection with
the negotiation and consummation of this Release. In the event of any administrative or civil action to enforce the provisions of this Release, the prevailing party shall be entitled to attorney fees
and costs through trial and/or on appeal. Because this Release follows a Change of Control, reasonable attorneys' fees which have been or may be incurred in connection with any matters released herein
or in connection with the negotiation and consummation of this Release shall be paid by Company. In the event of any administrative or civil action to enforce the provisions of this Release, the
Company shall pay Executive's reasonable attorneys' fees through trial and/or on appeal.]

    14.  ACKNOWLEDGMENTS.  

    Executive
acknowledges that the Release provides severance pay and benefits which the Company would otherwise have no obligation to provide.

    Executive
acknowledges that Company has provided the following information: (a) the class or group of employees offered the opportunity to obtain severance benefits similar to
those in the Release, (b) the eligibility factors required to obtain severance benefits similar to those in the Release, (c) the time limits required to obtain severance benefits similar
to those in the Release, (d) the job titles and ages of employees eligible or selected for severance benefits similar to those in the Release, and (e) the ages of employees in the same
classification either not eligible or not selected.

    15.  REVOCATION.  

    As
provided by the Older Workers Benefit Protection Act, Executive's is entitled to have forty-five (45) days to consider this Release. For a period of seven
(7) days from execution of this Release, Executive may revoke this Release. Upon receipt of Executive's signed Release and the end of the revocation period, payment by Company as described in
paragraph 4 above will be forwarded by mail in a timely manner as provided herein.

Dated:             ,
199  

[Name of Executive]

STATE OF OREGON    )

             ) ss.

County
of                  )

    Personally
appeared the above named                            and acknowledged the foregoing instrument to be his or her
voluntary act and deed.

	 	 	Before me:	 	 
	 	 	 	 	

	 

MERIX CORPORATION	 
 	 

 	 
 	 

 
	 

By:	 
 	 

 	 
 	 

Dated:
	 

Its:	 
 	 

 	 
 	 

 
	       On Behalf of "Company"

	 	 	 	 

QuickLinks

EXECUTIVE SEVERANCE AGREEMENT

EXHIBIT A

RELEASE OF CLAIMS

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