Document:

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                                                                     EXHIBIT 4.3

                          SECURITIES PURCHASE AGREEMENT

         This Securities Purchase Agreement (this "Agreement") is dated as of
May 30, 2002, among Merix Corporation, an Oregon corporation (the "Company"),
and the purchasers identified on the signature pages hereto (each a "Purchaser"
and collectively the "Purchasers").

         WHEREAS, subject to the terms and conditions set forth in this
Agreement and pursuant to Section 4(2) of the Securities Act (as defined below),
and Rule 506 promulgated thereunder, the Company desires to issue and sell to
the Purchasers, and the Purchasers, severally and not jointly, desire to
purchase from the Company, certain securities of the Company, as more fully
described in this Agreement.

         NOW, THEREFORE, IN CONSIDERATION of the mutual covenants contained in
this Agreement, and for other good and valuable consideration the receipt and
adequacy of which are hereby acknowledged, the Company and the Purchasers agree
as follows:

                                   ARTICLE I.
                                   DEFINITIONS

         1.1   Definitions. In addition to the terms defined elsewhere in this
Agreement, for all purposes of this Agreement, the following terms have the
meanings indicated in this Section 1.1:

               "Action" means any action, suit, inquiry, notice of violation,
proceeding (including any partial proceeding such as a deposition) or
investigation pending or threatened in writing against or affecting the Company
or any of its properties before or by any court, arbitrator, governmental or
administrative agency, regulatory authority (federal, state, county, local or
foreign), stock market or exchange.

               "Affiliate" means any Person that, directly or indirectly through
one or more intermediaries, controls or is controlled by or is under common
control with a Person, as such terms are used in and construed under Rule 144.

               "Business Day" means any day except Saturday, Sunday and any day
which shall be a federal legal holiday or a day on which banking institutions in
the State of New York or the State of Oregon are authorized or required by law
or other governmental action to close.

               "Closing" means the closing of the purchase and sale of the
Debentures pursuant to Section 2.1.

               "Closing Date" means the date of the Closing.

               "Commission" means the Securities and Exchange Commission.

               "Common Stock" means the common stock of the Company, no par
value, and any securities into which such common stock may hereafter be
reclassified.

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               "Company Counsel" means Perkins Coie LLP.

               "Debentures" means $25,000,000 in aggregate principal amount of
6.5% Convertible Debentures due May 30, 2007 in the form of Exhibit A issuable
by the Company to the Purchasers hereunder.

               "Debt Ratio" means, on any Business Day, a fraction where the
numerator equals the aggregate Indebtedness of the Company on such Business Day
and the denominator equals the sum of the (i) aggregate Indebtedness of the
Company on such Business Day, (ii) Shareholders' equity reflected on the latest
balance sheet contained in the Company's most recent report on Form 10-Q or Form
10-K filed with the Commission and (iii) changes in the Company's common stock
account and preferred stock account since the date of such balance sheet, as
certified by the Company's Chief Financial Officer, if requested by a Purchaser.

               "Effective Date" means the date that the initial Registration
Statement required by the Registration Rights Agreement is first declared
effective by the Commission.

               "Exchange Act" means the Securities Exchange Act of 1934, as
amended.

               "Indebtedness" means any debt for borrowed money or capital
leases.

               "Lien" means any lien, charge, encumbrance, security interest,
right of first refusal or other restrictions of any kind.

               "Losses" means any losses, liabilities, obligations, claims,
contingencies, damages, costs and expenses, including all judgments, amounts
paid in settlements, court costs and reasonable attorneys' fees and costs of
investigation.

               "Person" means an individual or corporation, partnership, trust,
incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof)
or other entity of any kind.

               "Proceeding" means an action, claim, suit, investigation or
proceeding (including, without limitation, an investigation or partial
proceeding, such as a deposition), whether commenced or threatened concerning
the interpretation, enforcement or defense of any transaction contemplated by
any Transaction Document (whether brought against a party hereto or such party's
Affiliates, directors, officers, employees or agents).

               "Purchaser Counsel" means Robinson Silverman Pearce Aronsohn &
Berman LLP.

               "Registration Statement" means a registration statement meeting
the requirements set forth in the Registration Rights Agreement and covering the
resale by the Purchasers of the Underlying Shares.

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               "Registration Rights Agreement" means the Registration Rights
Agreement, dated as of the date of this Agreement, among the Company and the
Purchasers, in the form of Exhibit B.

               "Rule 144" means Rule 144 promulgated by the Commission pursuant
to the Securities Act, as such Rules may be amended from time to time, or any
similar rule or regulation hereafter adopted by the Commission having
substantially the same effect as such Rule.

               "Securities" means the Debentures and the Underlying Shares.

               "Securities Act" means the Securities Act of 1933, as amended.

               "Trading Day" means: (a) a day on which the shares of Common
Stock are traded on a Trading Market, or (b) if the shares of Common Stock are
not listed on a Trading Market, a day on which the shares of Common Stock are
traded in the over-the-counter market, as reported by the OTC Bulletin Board, or
(c) if the shares of Common Stock are not quoted on the OTC Bulletin Board, a
day on which the shares of Common Stock are quoted in the over-the-counter
market as reported by the National Quotation Bureau Incorporated (or any similar
organization or agency succeeding its functions of reporting prices); provided,
that in the event that the shares of Common Stock are not listed or quoted as
set forth in (a), (b) and (c) hereof, then Trading Day shall mean a Business
Day.

               "Trading Market" means whichever of the Nasdaq National Market,
the New York Stock Exchange, American Stock Exchange as Nasdaq SmallCap Market
on which the Common Stock is then listed or quoted on the date in question.

               "Transaction Documents" means this Agreement, the Debentures, the
Registration Rights Agreement and the Transfer Agent Instructions.

               "Underlying Shares" means the shares of Common Stock issuable
upon conversion of the Debentures.

                                   ARTICLE II.
                                PURCHASE AND SALE

         2.1   Closing. Subject to the terms and conditions set forth in this
Agreement, at the Closing the Company shall issue and sell to the Purchasers,
and the Purchasers shall, severally and not jointly, purchase from the Company,
the Debentures. The Closing shall take place at the offices of Purchaser Counsel
concurrently with the execution and delivery of this Agreement by the parties or
at such other location or time as the parties may agree.

         2.2   Closing Deliveries. At the Closing, the Company shall deliver or
cause to be delivered to each Purchaser the following:

                    (i)    this Agreement duly executed by the Company;

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                    (ii)   a Debenture registered in the name of such Purchaser,
in the aggregate principal amount indicated below such Purchaser's name on the
signature page to this Agreement;

                    (iii)  the legal opinion of Company Counsel, in agreed form,
addressed to the Purchasers;

                    (iv)   the Registration Rights Agreement duly executed by
the Company; and

                    (v)    the Transfer Agent Instructions duly executed by the
Company and acknowledged by the Company's transfer agent.

               (b)  At the Closing, each Purchaser shall deliver or cause to be
delivered to the Company the following:

                    (i)    this Agreement duly executed by such Purchaser;

                    (ii)   the aggregate purchase price indicated below such
Purchaser's name on the signature page of this Agreement, in United States
dollars, by wire transfer to an account designated in writing by the Company for
such purpose; and

                    (iii)  the Registration Rights Agreement duly executed by
such Purchaser.

                                  ARTICLE III.
                         REPRESENTATIONS AND WARRANTIES

         3.1   Representations and Warranties of the Company. The Company hereby
makes the following representations and warranties to each Purchaser that except
as set forth in the Disclosure Schedules attached hereto:

               (a)  Subsidiaries. The Company has no direct or indirect
subsidiaries.

               (b)  Organization and Qualification. The Company is a company
duly incorporated or otherwise organized and validly existing under the laws of
the State of Oregon, with the requisite power and authority to own and use its
properties and assets and to carry on its business as currently conducted. The
Company is not in violation of any of the provisions of its articles of
incorporation, bylaws or other organizational or charter documents. The Company
is duly qualified to conduct business and is in good standing as a foreign
corporation or other entity in each jurisdiction in which the nature of the
business conducted or property owned by it makes such qualification necessary,
except where the failure to be so qualified or in good standing, as the case may
be, could not, individually or in the aggregate, have or reasonably be expected
to result in (i) a material adverse affect on the legality, validity or
enforceability of any Transaction Document, (ii) a material adverse effect on
the results of operations, assets, prospects, business or condition (financial
or otherwise) of the Company, or (iii) an adverse impairment to the

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Company's ability to perform on a timely basis its obligations under any
Transaction Document (any of (i), (ii) or (iii), a "Material Adverse Effect").

               (c)  Authorization; Enforcement. The Company has the requisite
power and authority to enter into and to consummate the transactions
contemplated by each of the Transaction Documents and otherwise to carry out its
obligations thereunder. The execution and delivery of each of the Transaction
Documents by the Company and the consummation by it of the transactions
contemplated thereby have been duly authorized by all necessary action on the
part of the Company and no further action is required by the Company in
connection therewith. Each Transaction Document has been (or upon delivery will
have been) duly executed by the Company and, when delivered in accordance with
the terms hereof, will constitute the valid and binding obligation of the
Company enforceable against the Company in accordance with its terms, except as
such enforceability may be limited by applicable bankruptcy, insolvency, or
similar laws relating to, or affecting generally the enforcement of, creditors'
rights and remedies or by other equitable principles of general application.

               (d)  No Conflicts. The execution, delivery and performance of the
Transaction Documents by the Company and the consummation by the Company of the
transactions contemplated thereby do not and will not (i) conflict with or
violate any provision of the Company's articles of incorporation, bylaws or
other organizational or charter documents, or (ii) conflict with, or constitute
a default (or an event that with notice or lapse of time or both would become a
default) under, or give to others any rights of termination, amendment,
acceleration or cancellation (with or without notice, lapse of time or both) of,
any agreement, credit facility, debt or other instrument (evidencing a Company
debt or otherwise) or other understanding to which the Company is a party or by
which any property or asset of the Company is bound or affected, or (iii) result
in a violation of any law, rule, regulation, order, judgment, injunction, decree
or other restriction of any court or governmental authority to which the Company
is subject (including federal and state securities laws and regulations), or by
which any property or asset of the Company is bound or affected; except in the
case of each of clauses (ii) and (iii), such as could not, individually or in
the aggregate, have or reasonably be expected to result in a Material Adverse
Effect.

               (e)  Filings, Consents and Approvals. The Company is not required
to obtain any consent, waiver, authorization or order of, give any notice to, or
make any filing or registration with, any court or other federal, state, local
or other governmental authority or other Person in connection with the
execution, delivery and performance by the Company of the Transaction Documents,
other than (i) the filing with the Commission of one or more Registration
Statements and (ii) the application(s) to each Trading Market for the listing of
the Underlying Shares for trading thereon in the time and manner required
thereby (collectively, the "Required Approvals").

               (f)  Issuance of the Securities. The Securities have been duly
authorized and, when issued and paid for in accordance with the Transaction
Documents, will be duly and validly issued, fully paid and nonassessable, free
and clear of all Liens. The Company has reserved from its duly authorized
capital stock the maximum number of shares of Common

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Stock issuable pursuant to the Debentures in order to issue the full number of
Underlying Shares as are or may become issuable in accordance with the
Debentures.

               (g)  Capitalization. The number of shares and type of all
authorized, issued and outstanding capital stock of the Company is set forth in
Schedule 3.1(g). No securities of the Company are entitled to preemptive or
similar rights, and no Person has any right of first refusal, preemptive right,
right of participation, or any similar right to participate in the transactions
contemplated by the Transaction Documents. Except as a result of the purchase
and sale of the Securities and as set forth in Schedule 3.1(g), there are no
outstanding options, warrants, script rights to subscribe to, calls or
commitments of any character whatsoever relating to, or securities, rights or
obligations convertible into or exchangeable for, or giving any Person any right
to subscribe for or acquire, any shares of Common Stock, or contracts,
commitments, understandings or arrangements by which the Company is or may
become bound to issue additional shares of Common Stock, or securities or rights
convertible or exchangeable into shares of Common Stock. The issue and sale of
the Securities will not, immediately or with the passage of time, obligate the
Company to issue shares of Common Stock or other securities to any Person (other
than the Purchasers or their permitted assigns and transferees) and will not
result in a right of any holder of Company securities to adjust the exercise,
conversion, exchange or reset price under such securities.

               (h)  SEC Reports; Financial Statements. The Company has filed all
reports required to be filed by it under the Securities Act and the Exchange
Act, including pursuant to Section 13(a) or 15(d) thereof, for the two years
preceding the date hereof (or such shorter period as the Company was required by
law to file such reports) (the foregoing materials being collectively referred
to herein as the "SEC Reports" and, together with the Schedules to this
Agreement, the "Disclosure Materials") on a timely basis or has received a valid
extension of such time of filing and has filed any such SEC Reports prior to the
expiration of any such extension. The Company has delivered to the Purchasers a
copy of all SEC Reports filed within the 10 days preceding the date hereof. As
of their respective dates, the SEC Reports complied in all material respects
with the requirements of the Securities Act and the Exchange Act and the rules
and regulations of the Commission promulgated thereunder, and none of the SEC
Reports, when filed, contained any untrue statement of a material fact or
omitted 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. The financial statements of the Company included
in the SEC Reports comply in all material respects with applicable accounting
requirements and the rules and regulations of the Commission with respect
thereto as in effect at the time of filing. Such financial statements have been
prepared in accordance with generally accepted accounting principles applied on
a consistent basis during the periods involved ("GAAP"), except as may be
otherwise specified in such financial statements or the notes thereto, and
fairly present in all material respects the financial position of the Company
and its consolidated subsidiaries as of and for the dates thereof and the
results of operations and cash flows for the periods then ended, subject, in the
case of unaudited statements, to normal, immaterial, year-end audit adjustments.

               (i)  Material Changes. Except as set forth on Schedule 3.1(i),
since the date of the latest audited financial statements included within the
SEC Reports, except as specifically

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disclosed in the SEC Reports, (i) there has been no event, occurrence or
development with respect to the Company that has had or that could reasonably be
expected to result in a Material Adverse Effect, (ii) the Company has not
incurred any liabilities (contingent or otherwise) other than (A) trade payables
and accrued expenses incurred in the ordinary course of business consistent with
past practice and (B) liabilities not required to be reflected in the Company's
financial statements pursuant to GAAP or required to be disclosed in filings
made with the Commission, (iii) the Company has not altered its method of
accounting or the identity of its auditors, (iv) the Company has not declared or
made any dividend or distribution of cash or other property to its stockholders
or purchased, redeemed or made any agreements to purchase or redeem any shares
of its capital stock, and (v) the Company has not issued any equity securities
to any officer, director or Affiliate, except pursuant to existing Company stock
option plans. The Company does not have pending before the Commission any
request for confidential treatment of information.

               (j)  Litigation. There is no Action which (i) adversely affects
or challenges the legality, validity or enforceability of any of the Transaction
Documents or the Securities or (ii) could, if there were an unfavorable
decision, individually or in the aggregate, have or reasonably be expected to
result in a Material Adverse Effect. Neither the Company, nor, to the knowledge
of the Company, is any director or officer thereof, is or has been the subject
of any Action involving a claim of violation of or liability under federal or
state securities laws or a claim of breach of fiduciary duty. There has not
been, and to the knowledge of the Company, there is not pending or contemplated,
any investigation by the Commission involving the Company or any current or
former director or officer of the Company. The Commission has not issued any
stop order or other order suspending the effectiveness of any registration
statement filed by the Company under the Exchange Act or the Securities Act.

               (k)  Labor Relations. No material labor dispute exists or, to the
knowledge of the Company, is imminent with respect to any of the employees of
the Company.

               (l)  Compliance. Except as set forth in Schedule 3.1(l), the
Company is not (i) in default under or in violation of (and no event has
occurred that has not been waived that, with notice or lapse of time or both,
would result in a default by the Company under), nor has the Company received
notice of a claim that it is in default under or that it is in violation of, any
indenture, loan or credit agreement or any other agreement or instrument to
which it is a party or by which it or any of its properties is bound (whether or
not such default or violation has been waived), (ii) in violation of any order
of any court, arbitrator or governmental body, or (iii) or has been in violation
of any statute, rule or regulation of any governmental authority, including
without limitation all foreign, federal, state and local laws relating to taxes,
environmental protection, occupational health and safety, product quality and
safety and employment and labor matters, except in each case as could not,
individually or in the aggregate, have or reasonably be expected to result in a
Material Adverse Effect.

               (m)  Regulatory Permits. The Company possesses all certificates,
authorizations and permits issued by the appropriate federal, state, local or
foreign regulatory authorities necessary to conduct its business as described in
the SEC Reports, except where the failure to possess such permits would not,
individually or in the aggregate, have or reasonably be

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expected to result in a Material Adverse Effect ("Material Permits"), and the
Company has not received any notice of proceedings relating to the revocation or
modification of any Material Permit.

               (n)  Title to Assets. The Company has good and marketable title
in fee simple to all real property owned by it that is material to its business
and good and marketable title in all personal property owned by it that is
material to its business, in each case free and clear of all Liens, except for
Liens as do not materially affect the value of such property and do not
materially interfere with the use made and proposed to be made of such property
by the Company. Any real property and facilities held under lease by the Company
are held by it under valid, subsisting and enforceable leases of which the
Company is in compliance.

               (o)  Patents and Trademarks. The Company has, or has rights to
use, all patents, patent applications, trademarks, trademark applications,
service marks, trade names, copyrights, licenses and other similar rights that
are necessary or material for use in connection with its business as described
in the SEC Reports and which the failure to so have could, individually or in
the aggregate, have or reasonably be expected to result in a Material Adverse
Effect (collectively, the "Intellectual Property Rights"). The Company has not
received a written notice that the Intellectual Property Rights used by the
Company violates or infringes upon the rights of any Person. Except as set forth
in the SEC Reports, to the knowledge of the Company, all such Intellectual
Property Rights are enforceable and there is no existing infringement by another
Person of any of the Intellectual Property Rights.

               (p)  Insurance. The Company is insured by insurers of recognized
financial responsibility against such losses and risks and in such amounts as
are prudent and customary in the businesses in which the Company is engaged.
Except as set forth in Schedule 3.1(p), the Company believes that it will be
able to renew its existing insurance coverage as and when such coverage expires
or to obtain similar coverage from similar insurers as may be necessary to
continue its business without a significant increase in cost.

               (q)  Transactions With Affiliates and Employees. Except as set
forth in the SEC Reports, none of the officers or directors of the Company and,
to the knowledge of the Company, none of the employees of the Company is
presently a party to any material transaction with the Company (other than for
services as employees, officers and directors), including any contract,
agreement or other arrangement providing for the furnishing of services to or
by, providing for rental of real or personal property to or from, or otherwise
requiring payments to or from any officer, director or such employee or, to the
knowledge of the Company, any entity in which any officer, director, or any such
employee has a substantial interest or is an officer, director, trustee or
partner.

               (r)  Internal Accounting Controls. The Company maintains a system
of internal accounting controls sufficient to provide reasonable assurance that
(i) transactions are executed in accordance with management's general or
specific authorizations, (ii) transactions are recorded as necessary to permit
preparation of financial statements in conformity with generally accepted
accounting principles and to maintain asset accountability, (iii) access to
assets is permitted only in accordance with management's general or specific
authorization, and

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(iv) the recorded accountability for assets is compared with the existing assets
at reasonable intervals and appropriate action is taken with respect to any
differences.

               (s)  Solvency. Based on the financial condition of the Company as
of the Closing Date, (i) the Company's fair saleable value of its assets exceeds
the amount that will be required to be paid on or in respect of the Company's
existing debts and other liabilities (including known contingent liabilities) as
they mature; (ii) the Company's assets do not constitute unreasonably small
capital to carry on its business for the current fiscal year as now conducted
and as proposed to be conducted, including its capital needs, taking into
account the particular capital requirements of the business conducted by the
Company, and projected capital requirements and capital availability thereof;
and (iii) the current cash flow of the Company, together with the proceeds the
Company would receive, were it to liquidate all of its assets, after taking into
account all anticipated uses of the cash, would be sufficient to pay all amounts
on or in respect of its debt when such amounts are required to be paid. The
Company does not intend to incur debts beyond its ability to pay such debts as
they mature (taking into account the timing and amounts of cash to be payable on
or in respect of its debt).

               (t)  Certain Fees. Except as described in Schedule 3.1(t), no
brokerage or finder's fees or commissions are or will be payable by the Company
to any broker, financial advisor or consultant, finder, placement agent,
investment banker, bank or other Person with respect to the transactions
contemplated by this Agreement. The Purchasers shall have no obligation with
respect to any fees or with respect to any claims made by or on behalf of other
Persons engaged by the Company for fees of a type contemplated in this Section
that may be due in connection with the transactions contemplated by this
Agreement.

               (u)  Certain Registration Matters. Assuming the accuracy of the
Purchasers' representations and warranties set forth in Section 3.2(b)-(f), no
registration under the Securities Act is required for the offer and sale of the
Securities by the Company to the Purchasers as contemplated by the Transaction
Documents. Except as set forth in Schedule 3.1(u), the Company has not granted
or agreed to grant to any Person any rights (including "piggy-back" registration
rights) to have any securities of the Company registered with the Commission or
any other governmental authority that have not been satisfied. The Company is
eligible to register the resale of its Common Stock for resale by the Purchasers
under Form S-3 promulgated under the Securities Act. The Company has not sold,
offered for sale or solicited offers to buy or otherwise negotiated in respect
of any security that would be integrated with the offer or sale of the
Securities for purposes of the rules and regulations of any Trading Market.

               (v)  Listing and Maintenance Requirements. The Company has not,
in the two years preceding the date hereof, received notice (written or oral)
from any Trading Market on which the Common Stock is or has been listed or
quoted to the effect that the Company is not in compliance with the listing or
maintenance requirements of such Trading Market. The Company is, and has no
reason to believe that it will not in the foreseeable future continue to be, in
compliance with all such listing and maintenance requirements of the Trading
Market. The issuance and sale of the Securities hereunder do not contravene the
rules and regulations of the Trading Market and no shareholder approval is
required for the Company to fulfill its obligations

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under the Transaction Documents, including issuing and delivering to the
Purchasers the maximum number of Underlying Shares issuable pursuant to the
Debentures.

               (w)  Investment Company. The Company is not, and is not an
Affiliate of, an "investment company" within the meaning of the Investment
Company Act of 1940, as amended.

               (x)  Seniority. As of the date of this Agreement and except for
the indebtedness being paid in full pursuant to Section 4.8, no indebtedness of
the Company is senior to the Debentures in right of payment, whether with
respect to interest or upon liquidation or dissolution, or otherwise.

               (y)  Application of Takeover Protections. The Company has taken
all necessary action, if any, in order to render inapplicable any control share
acquisition, business combination, poison pill (including any distribution under
a rights agreement) or other similar anti-takeover provision under the Company's
articles of incorporation (or similar charter documents) or the laws of its
state of incorporation that is or could become applicable to the Purchasers as a
result of the Purchasers and the Company fulfilling their obligations or
exercising their rights under the Transaction Documents, including without
limitation the Company's issuance of the Securities and the Purchasers'
ownership of the Securities.

               (z)  Disclosure. Except as set forth in Schedule 3.1(z), the
Company confirms that neither the Company nor any other Person acting on its
behalf has provided any of the Purchasers or their agents or counsel with any
information that the Company believes constitutes material, non-public
information. The Company understands and confirms that the Purchasers will rely
on the foregoing representations and covenants in effecting transactions in
securities of the Company. The SEC Reports and any other information regarding
the Company, its business and the transactions contemplated hereby, provided by
the Company to the Purchasers, taken as a whole, are true and correct and do not
contain any untrue statement of a material fact or omit to state any material
fact necessary in order to make the statements made therein, in light of the
circumstances under which they were made, not misleading.

         3.2   Representations and Warranties of the Purchasers. Each Purchaser
hereby, for itself and for no other Purchaser, represents and warrants to the
Company as follows:

               (a)  Organization; Authority. Such Purchaser is an entity duly
organized, validly existing and in good standing under the laws of the
jurisdiction of its organization with the requisite corporate or partnership
power and authority to enter into and to consummate the transactions
contemplated by the Transaction Documents and otherwise to carry out its
obligations thereunder. The execution, delivery and performance by such
Purchaser of the transactions contemplated by this Agreement has been duly
authorized by all necessary corporate or partnership action on the part of such
Purchaser. Each of this Agreement and the Registration Rights Agreement has been
duly executed by such Purchaser, and when delivered by such Purchaser in
accordance with terms hereof, will constitutes the valid and legally binding
obligation of such Purchaser, enforceable against it in accordance with its
terms.

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              (b) Investment Intent. Such Purchaser is acquiring the Securities
as principal for its own account for investment purposes only and not with a
view to or for distributing or reselling such Securities or any part thereof,
without prejudice, however, to such Purchaser's right at all times to sell or
otherwise dispose of all or any part of such Securities in compliance with
applicable federal and state securities laws. Nothing contained herein shall be
deemed a representation or warranty by such Purchaser to hold Securities for any
period of time. Such Purchaser is acquiring the Securities hereunder in the
ordinary course of its business. Such Purchaser does not have any agreement or
understanding, directly or indirectly, with any Person to distribute any of the
Securities.

              (c) Purchaser Status. Such Purchaser is an "accredited investor"
as defined in Rule 501(a) under the Securities Act. The Purchaser has been
organized in the state or jurisdiction set forth on its signature page hereto.

              (d) Experience of such Purchaser. Such Purchaser, either alone or
together with its representatives, has such knowledge, sophistication and
experience in business and financial matters so as to be capable of evaluating
the merits and risks of the prospective investment in the Securities, and has so
evaluated the merits and risks of such investment. Such Purchaser is able to
bear the economic risk of an investment in the Securities and, at the present
time, is able to afford a complete loss of such investment.

              (e) General Solicitation. Such Purchaser is not purchasing the
Securities as a result of any advertisement, article, notice or other
communication regarding the Securities published in any newspaper, magazine or
similar media or broadcast over television or radio or presented at any seminar
or any other general solicitation or general advertisement.

              (f) Access to Information. Such Purchaser acknowledges that it has
reviewed the Disclosure Materials and has been afforded (i) the opportunity to
ask such questions as it has deemed necessary of, and to receive answers from,
representatives of the Company concerning the terms and conditions of the
offering of the Securities and the merits and risks of investing in the
Securities; (ii) access to information about the Company and its financial
condition, results of operations, business, properties, management and prospects
sufficient to enable it to evaluate its investment; and (iii) the opportunity to
obtain such additional information that the Company possesses or can acquire
without unreasonable effort or expense that is necessary to make an informed
investment decision with respect to the investment. Neither such inquiries nor
any other investigation conducted by or on behalf of such Purchaser or its
representatives or counsel shall modify, amend or affect such Purchaser's right
to rely on the truth, accuracy and completeness of the Disclosure Materials and
the Company's representations and warranties contained in the Transaction
Documents.

         The Company acknowledges and agrees that each Purchaser does not make
or has not made any representations or warranties with respect to the
transactions contemplated hereby other than those specifically set forth in this
Section 3.2.

                                      -11-

<PAGE>

                                   ARTICLE IV.
                         OTHER AGREEMENTS OF THE PARTIES

         4.1    Transfer Restrictions. Securities may only be disposed of in
compliance with state and federal securities laws. In connection with any
transfer of Securities other than pursuant to an effective registration
statement, to the Company, to an Affiliate of a Purchaser or in connection with
a pledge as contemplated in Section 4.1(b), the Company may require the
transferor thereof to provide to the Company an opinion of counsel selected by
the transferor, the form and substance of which opinion shall be reasonably
satisfactory to the Company, to the effect that such transfer does not require
registration of such transferred Securities under the Securities Act.
Notwithstanding anything herein to the contrary, a Purchaser shall not, absent
consent of the Company, which consent shall not be unreasonably withheld,
transfer any Debentures to a Person whose primary business is not investing in
securities and which is not an "accredited investor" as defined in Rule 501(a)
under the Securities Act.

                (a) The Securities will contain the following legend, so long as
is required by this Section 4.1(b):

                [NEITHER] THESE SECURITIES [NOR THE SECURITIES ISSUABLE UPON
                [CONVERSION] OF THESE SECURITIES] HAVE [NOT] BEEN REGISTERED
                WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE SECURITIES
                COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
                REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE
                "SECURITIES ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD
                EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE
                SECURITIES ACT OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN
                A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF
                THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE
                SECURITIES LAWS AS EVIDENCED BY A LEGAL OPINION OF COUNSEL TO
                THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH SHALL BE
                REASONABLY ACCEPTABLE TO THE COMPANY. THESE SECURITIES AND THE
                SECURITIES ISSUABLE UPON EXERCISE OF THESE SECURITIES MAY BE
                PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER
                LOAN SECURED BY SUCH SECURITIES.

                The Company acknowledges and agrees that a Purchaser may from
time to time pledge pursuant to a bona fide margin agreement or grant a security
interest in some or all of the Securities and, if required under the terms of
such arrangement, such Purchaser may transfer pledged or secured Securities to
the pledgees or secured parties. Such a pledge or transfer would not be subject
to approval or consent of the Company and no legal opinion of legal counsel of
the pledgee, secured party or pledgor shall be required in connection therewith.
Further, no notice shall be required of such pledge. At the appropriate
Purchaser's expense, the Company will execute and deliver such reasonable
documentation as a pledgee or secured party of Securities may reasonably request
in connection with a pledge or transfer of the Securities, including the

                                      -12-

<PAGE>

preparation and filing of any required prospectus supplement under Rule
424(b)(3) of the Securities Act or other applicable provision of the Securities
Act to appropriately amend the list of Selling Stockholders thereunder.

              (b) Certificates evidencing the Underlying Shares shall not
contain any legend (including the legend set forth in Section 4.1(b)), (i) while
a registration statement (including the Registration Statement) covering the
resale of such Underlying Shares is effective under the Securities Act, or (ii)
following any sale of such Underlying Shares pursuant to Rule 144, or (iii) if
such Underlying Shares are eligible for sale under Rule 144(k), or (iv) if such
legend is not required under applicable requirements of the Securities Act
(including judicial interpretations and pronouncements issued by the Staff of
the Commission). The Company shall cause its counsel to issue the legal opinion
included in the Transfer Agent Instructions to the Company's transfer agent on
the Effective Date. Following the Effective Date or at such earlier time as a
legend is no longer required for Underlying Shares under this Section 4.1(c),
the Company will, no later than three Trading Days following the delivery by a
Purchaser to the Company or the Company's transfer agent of a certificate
representing Underlying Shares containing a restrictive legend, deliver or cause
to be delivered to such Purchaser a certificate representing such Underlying
Shares that is free from all restrictive and other legends. Except in connection
with the delivery of an Advice (as defined in the Registration Rights Agreement)
pursuant to Section 6(d) of the Registration Rights Agreement, the Company may
not make any notation on its records or give instructions to any transfer agent
of the Company that enlarge the restrictions on transfer set forth in this
Section.

         4.2  Furnishing of Information. As long as any Purchaser owns
Securities, the Company covenants to timely file (or obtain extensions in
respect thereof and file within the applicable grace period) all reports
required to be filed by the Company after the date hereof pursuant to the
Exchange Act. As long as any Purchaser owns Securities, if the Company is not
required to file reports pursuant to such laws, it will prepare and furnish to
the Purchasers and make publicly available in accordance with Rule 144(c) such
information as is required for the Purchasers to sell the Securities under Rule
144. The Company further covenants that it will take such further action as any
holder of Securities may reasonably request, all to the extent required from
time to time to enable such Person to sell such Securities without registration
under the Securities Act within the limitation of the exemptions provided by
Rule 144.

         4.3  Integration. The Company shall not, and shall use its best efforts
to ensure that no Affiliate of the Company shall, sell, offer for sale or
solicit offers to buy or otherwise negotiate in respect of any security (as
defined in Section 2 of the Securities Act) that would be integrated with the
offer or sale of the Securities in a manner that would require the registration
under the Securities Act of the sale of the Securities to the Purchasers, or
that would be integrated with the offer or sale of the Securities for purposes
of the rules and regulations of any Trading Market.

         4.4  Securities Laws Disclosure; Publicity. The Company shall (i) on
the Closing Date (x) issue a press release reasonable acceptable to the
Purchasers disclosing the transactions contemplated hereby and (y) file a
Current Report on Form 8-K disclosing the transactions contemplated hereby and
(ii) make such other filings and notices in the manner and time required by the
Commission. Except as set forth above, the Company shall not publicly disclose
the name

                                      -13-

<PAGE>

of any Purchaser, or include the name of any Purchaser in any filing with the
Commission or any regulatory agency or Trading Market, without the prior written
consent of such Purchaser, except to the extent such disclosure is required by
law or Trading Market regulations, in which case the Company shall provide the
Purchasers with prior notice of such disclosure.

         4.5 Indemnification of Purchasers. The Company will indemnify and hold
the Purchasers and their directors, officers, shareholders, partners, employees
and agents (each, a "Purchaser Party") harmless from any and all Losses that any
such Purchaser Party may suffer or incur as a result of or relating to (a) any
misrepresentation, breach or inaccuracy, or any allegation by a third party
that, if true, would constitute a breach or inaccuracy, of any of the
representations, warranties, covenants or agreements made by the Company in any
Transaction Document; or (b) any Action brought or made against such Purchaser
Party by a shareholder of the Company and solely arising out of or resulting
from the execution, delivery, performance or enforcement of this Agreement or
any of the other Transaction Documents. In addition to the indemnity contained
herein, the Company will reimburse each Purchaser Party for its reasonable legal
and other expenses (including the cost of any investigation, preparation and
travel in connection therewith) incurred in connection therewith, as such
expenses are incurred.

         4.6 Shareholders Rights Plan. No claim will be made or enforced by the
Company or any other Person that any Purchaser is an "Acquiring Person" under
any shareholders rights plan or similar plan or arrangement in effect or
hereafter adopted by the Company, or that any Purchaser could be deemed to
trigger the provisions of any such plan or arrangement, by virtue of receiving
Securities under the Transaction Documents or under any other agreement between
the Company and the Purchasers.

         4.7 Non-Public Information. The Company covenants and agrees that
neither it nor any other Person acting on its behalf will provide any Purchaser
or its agents or counsel with any information that the Company believes
constitutes material non-public information, unless prior thereto such Purchaser
shall have executed a written agreement regarding the confidentiality and use of
such information. The Company understands and confirms that each Purchaser shall
be relying on the foregoing representations in effecting transactions in
securities of the Company.

         4.8 Use of Proceeds. The Company shall use $20,000,000 (or such lesser
amount then owing) from the net proceeds of the sale of the Securities hereunder
to pay in full any indebtedness owed by the Company to John Hancock Mutual Life
Insurance Company, John Hancock Variable Life Insurance Company, Massachusetts
Mutual Life Insurance Company and CM Life Insurance Company pursuant to 7.92%
Senior Notes due September 15, 2003, with the balance of the net proceeds to be
used by the Company for working capital purposes.

         4.9 Limitations on Future Indebtedness. During the period in which the
Debentures are outstanding, the Company shall not incur any Indebtedness which
results in a Debt Ratio equal to or in excess of 33% (the "Permitted
Indebtedness"). The documentation reflecting all or any portion of the Permitted
Indebtedness shall not, directly or indirectly, preclude the Company from fully
honoring its obligations under the Transaction Documents (including, but not
limited to, the Company's obligation to pay interest in cash on each Interest
Payment Date (as defined in the Debenture) pursuant to the Debenture).

                                      -14-

<PAGE>

                                   ARTICLE V.
                                  MISCELLANEOUS

         5.1  Fees and Expenses. The Company has agreed to reimburse $35,000 to
the Purchasers for the Purchasers' legal and other fees and expenses incurred to
prepare and negotiate the Transaction Documents. Accordingly, in lieu of the
foregoing payment, the Company, on the Closing Date, will direct that the
aggregate amount that the Purchasers are to pay for the Securities at the
Closing, be reduced by $35,000. Except as specified in the immediately preceding
sentence and as contemplated in the Registration Rights Agreement, each party
shall pay the fees and expenses of its advisers, counsel, accountants and other
experts, if any, and all other expenses incurred by such party incident to the
negotiation, preparation, execution, delivery and performance of this Agreement.
The Company shall pay all stamp and other taxes and duties levied in connection
with the sale of the Securities.

         5.2  Entire Agreement. The Transaction Documents, together with the
Exhibits and Schedules thereto, contain the entire understanding of the parties
with respect to the subject matter hereof and supersede all prior agreements and
understandings, oral or written, with respect to such matters, which the parties
acknowledge have been merged into such documents, exhibits and schedules.

         5.3  Notices. Any and all notices or other communications or deliveries
required or permitted to be provided hereunder shall be in writing and shall be
deemed given and effective on the earliest of (a) the date of transmission, if
such notice or communication is delivered via facsimile at the facsimile number
specified in this Section prior to 6:30 p.m. (New York City time) on a Trading
Day, (b) the next Trading Day after the date of transmission, if such notice or
communication is delivered via facsimile at the facsimile number specified in
this Section on a day that is not a Trading Day or later than 6:30 p.m. (New
York City time) on any Trading Day, (c) the Trading Day following the date of
mailing, if sent by U.S. nationally recognized overnight courier service, or (d)
upon actual receipt by the party to whom such notice is required to be given.
The address for such notices and communications shall be as follows:

If to the Company:                  Merix Corporation
                                    1521 Poplar Lane
                                    Forest Grove, Oregon 97116
                                    Attn: Chief Financial Officer
                                    Fax No.: 503-357-1504

With copies to:                     Merix Corporation
                                    1521 Poplar Lane
                                    Forest Grove, Oregon 97116
                                    Attn: Controller
                                    Fax No.: 503-992-4054

                                      -15-

<PAGE>

                          Perkins Coie LLP
                          1211 S.W. Fifth Avenue, Suite 1500
                          Portland, OR  97204-3715
                          Attn:  Patrick J. Simpson
                          Fax No.: 503-727-2222

If to a Purchaser:        To the address set forth under such Purchaser's name
                          on the signature pages hereof

or such other address as may be designated in writing hereafter, in the same
manner, by such Person.

         5.4 Amendments; Waivers. No provision of this Agreement may be waived
or amended except in a written instrument signed, in the case of an amendment,
by the Company and the Purchasers holding a majority in interest of the
Debentures or, in the case of a waiver, by the party against whom enforcement of
any such waiver is sought. No waiver of any default with respect to any
provision, condition or requirement of this Agreement shall be deemed to be a
continuing waiver in the future or a waiver of any subsequent default or a
waiver of any other provision, condition or requirement hereof, nor shall any
delay or omission of either party to exercise any right hereunder in any manner
impair the exercise of any such right.

         5.5 Construction. The headings herein are for convenience only, do not
constitute a part of this Agreement and shall not be deemed to limit or affect
any of the provisions hereof. The language used in this Agreement will be deemed
to be the language chosen by the parties to express their mutual intent, and no
rules of strict construction will be applied against any party. Each of the
parties hereto represents and warrants that it has been advised by counsel. This
Agreement shall be construed as if drafted jointly by the parties, and no
presumption or burden of proof shall arise favoring or disfavoring any party by
virtue of the authorship of any provisions of this Agreement or any of the
Transaction Documents.

         5.6 Successors and Assigns. This Agreement shall be binding upon and
inure to the benefit of the parties and their successors and permitted assigns.
The Company may not assign this Agreement or any rights or obligations hereunder
without the prior written consent of the Purchasers. Any Purchaser may assign
any or all of its rights under this Agreement to any Person to whom such
Purchaser assigns or transfers any Securities, subject to Section 4.1 and
provided such transferee agrees in writing to be bound, with respect to the
transferred Securities, by the provisions hereof that apply to the "Purchasers."

         5.7 No Third-Party Beneficiaries. This Agreement is intended for the
benefit of the parties hereto and their respective successors and permitted
assigns and is not for the benefit of, nor may any provision hereof be enforced
by, any other Person, except as otherwise set forth in Section 4.5.

         5.8 Governing Law. All questions concerning the construction, validity,
enforcement and interpretation of this Agreement shall be governed by and
construed and enforced in accordance with the internal laws of the State of New
York, without regard to the principles of

                                      -16-

<PAGE>

conflicts of law thereof. Each party agrees that all Proceedings shall be
commenced exclusively in the state and federal courts sitting in the City of New
York, Borough of Manhattan (the "New York Courts"). Each party hereto hereby
irrevocably submits to the exclusive jurisdiction of the New York Courts for any
proceeding, and hereby irrevocably waives, and agrees not to assert in any
Proceeding, any claim that it is not personally subject to the jurisdiction of
any New York Court or that a New York Court is an inconvenient forum for such
Proceeding. Each party hereto hereby irrevocably waives personal service of
process and consents to process being served in any such Proceeding by mailing a
copy thereof via registered or certified mail or overnight delivery (with
evidence of delivery) to such party at the address in effect for notices to it
under this Agreement and agrees that such service shall constitute good and
sufficient service of process and notice thereof. Nothing contained herein shall
be deemed to limit in any way any right to serve process in any manner permitted
by law. Each party hereto hereby irrevocably waives, to the fullest extent
permitted by applicable law, any and all right to trial by jury in any legal
Proceeding. The prevailing party in a Proceeding shall be reimbursed by the
other party for its attorney's fees and other costs and expenses incurred with
the investigation, preparation and prosecution of such Proceeding.

         5.9  Survival. The representations, warranties, agreements and
covenants contained herein shall survive the Closing and the delivery and
conversion of the Securities, as applicable.

         5.10 Execution. This Agreement may be executed in two or more
counterparts, all of which when taken together shall be considered one and the
same agreement and shall become effective when counterparts have been signed by
each party and delivered to the other party, it being understood that both
parties need not sign the same counterpart. In the event that any signature is
delivered by facsimile transmission, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is
executed) with the same force and effect as if such facsimile signature page
were an original thereof.

         5.11 Severability. If any provision of this Agreement is held to be
invalid or unenforceable in any respect, the validity and enforceability of the
remaining terms and provisions of this Agreement shall not in any way be
affected or impaired thereby and the parties will attempt to agree upon a valid
and enforceable provision that is a reasonable substitute therefor, and upon so
agreeing, shall incorporate such substitute provision in this Agreement.

         5.12 Rescission and Withdrawal Right. Notwithstanding anything to the
contrary contained in (and without limiting any similar provisions of) the
Transaction Documents, whenever any Purchaser exercises a right, election,
demand or option under a Transaction Document and the Company does not timely
perform its related obligations within the periods therein provided, then such
Purchaser may rescind or withdraw, in its sole discretion from time to time upon
written notice to the Company, any relevant notice, demand or election in whole
or in part without prejudice to its future actions and rights.

         5.13 Replacement of Securities. If any certificate or instrument
evidencing any Securities is mutilated, lost, stolen or destroyed, the Company
shall issue or cause to be issued in exchange and substitution for and upon
cancellation thereof, or in lieu of and substitution therefor, a new certificate
or instrument, but only upon receipt of evidence reasonably

                                      -17-

<PAGE>

satisfactory to the Company of such loss, theft or destruction and customary and
reasonable indemnity, if requested. The applicants for a new certificate or
instrument under such circumstances shall also pay any reasonable third-party
costs associated with the issuance of such replacement Securities.

         5.14 Remedies. In addition to being entitled to exercise all rights
provided herein or granted by law, including recovery of damages, each of the
Purchasers and the Company will be entitled to specific performance under the
Transaction Documents. The parties agree that monetary damages may not be
adequate compensation for any loss incurred by reason of any breach of
obligations described in the foregoing sentence and hereby agrees to waive in
any action for specific performance of any such obligation the defense that a
remedy at law would be adequate.

         5.15 Payment Set Aside. To the extent that the Company makes a payment
or payments to any Purchaser pursuant to any Transaction Document or a Purchaser
enforces or exercises its rights thereunder, and such payment or payments or the
proceeds of such enforcement or exercise or any part thereof are subsequently
invalidated, declared to be fraudulent or preferential, set aside, recovered
from, disgorged by or are required to be refunded, repaid or otherwise restored
to the Company, a trustee, receiver or any other person under any law
(including, without limitation, any bankruptcy law, state or federal law, common
law or equitable cause of action), then to the extent of any such restoration
the obligation or part thereof originally intended to be satisfied shall be
revived and continued in full force and effect as if such payment had not been
made or such enforcement or setoff had not occurred.

                   [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
                             SIGNATURE PAGES FOLLOW]

                                      -18-

<PAGE>

     IN WITNESS WHEREOF, the parties hereto have caused this Securities Purchase
Agreement to be duly executed by their respective authorized signatories as of
the date first indicated above.

                                 MERIX CORPORATION

                                 By:       /s/ Mark R. Hollinger
                                           -------------------------------------
                                 Name:     Mark R. Hollinger
                                 Title:    Chairman, Chief Executive Officer and
                                 President

                   [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
                      SIGNATURE PAGE FOR PURCHASER FOLLOWS]

                                      -19-

<PAGE>

                            SF CAPITAL PARTNERS LTD

                            By:       /s/ Brian H. Davidson
                                     -------------------------------------------
                            Name:    Brian H. Davidson
                            Title:   Authorized Signatory

                            Investment Amount:                      $25,000,0000

                            Jurisdiction of organization: British Virgin Islands

                            Address for Notice:

                            1500 West Market Street, Suite 200
                            Mequon, WI 53092
                            Facsimile No.: (262) 241 1888
                            Attn: Brian H. Davidson

                            With a copy to:
                            Robinson Silverman Pearce Aronsohn &
                            Berman LLP
                            1290 Avenue of the Americas
                            New York, NY  10104
                            Facsimile No.: (212) 541-4630 and (212) 541-1432
                            Attn: Eric L. Cohen, Esq.

                                      -20-

<PAGE>

                              DISCLOSURE SCHEDULES

Notwithstanding references in this Schedule of Exceptions to specific Sections
of the Securities Purchase Agreement dated as of May 30, 2002 (the "Purchase
Agreement") between Merix Corporation (the "Company") and the Investors party
thereto, the disclosure of any exception set forth herein shall be deemed an
exception to all representations and warranties of the Company in the Purchase
Agreement. Unless otherwise defined herein, capitalized terms used herein have
the meanings ascribed thereto in the Purchase Agreement.

Schedule 3.1(g)   Capitalization
1. As of May 25, 2002, the Company has outstanding 14,410,860 shares of Common
Stock.
2. As of May 25, 2002, the Company has outstanding options to purchase 2,172,622
shares of Common Stock.
3. The Company's outstanding shares of Common Stock have certain dividend rights
attached to them in connection with a Shareholder Rights Agreement dated March
25, 1997.

Schedule 3.1(l)   Compliance
The Company has outstanding 7.92% Senior Notes due September 15, 2003 (the
"Notes") held by certain insurance companies. The Notes contain certain
financial covenants, including minimum net worth, debt to capitalization ratio
and interest coverage ratio and also contain cross-default provisions. As of
February 23, 2002, the Company was not in compliance with the covenant that
specifies a minimum interest coverage ratio. Compliance with this covenant was
waived by the holders of the Notes as of and for the quarter ended February 23,
2002. As of May 25, 2002, the Company was not in compliance with the same
covenant. The Company will use a portion of the proceeds from the sale of the
Debentures to pay off all amounts owed under the Notes.

Schedule 3.1(p)   Insurance
Because of prevailing market forces in the insurance industry, the Company
expects a significant increase in the costs of its insurance upon the renewal of
such insurance. The increase from its current insurance costs, however, is
expected to be comparable to average cost increases for similarly situated
companies.

Schedule 3.1(t)   Certain Fees
The Company will owe a fee to Thomas Weisel Partners which has acted as the
Company's placement agent in connection with the sale of the Debentures.

Schedule 3.1(u)   Certain Registration Matters
Tektronix, Inc. ("Tektronix") was granted certain registration rights pursuant
to a Registration Rights Agreement dated as of June 1, 1994, entered into by
Tektronix and the Company.

Schedule 3.1(z)   Disclosure
The fact that the Company is entering into the Purchase Agreement and will issue
Debentures pursuant thereto may constitute material, non-public information.

                                      -21-<PAGE>

                                                                     EXHIBIT 4.4

NEITHER THIS DEBENTURE NOR THE SECURITIES ISSUABLE UPON CONVERSION OF THIS
DEBENTURE HAVE BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR
THE SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM
REGISTRATION UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "SECURITIES
ACT"), AND, ACCORDINGLY, MAY NOT BE OFFERED OR SOLD EXCEPT PURSUANT TO AN
EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR PURSUANT TO AN
AVAILABLE EXEMPTION FROM THE REGISTRATION REQUIREMENTS OF THE SECURITIES ACT AND
IN ACCORDANCE WITH APPLICABLE STATE SECURITIES. THIS DEBENTURE AND THE
SECURITIES ISSUABLE UPON CONVERSION OF THIS DEBENTURE MAY BE PLEDGED IN
CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN SECURED BY SUCH
SECURITIES.

Original Issue Date: May 30, 2002

No. 1                                                                $25,000,000

                                MERIX CORPORATION
                   6.5% CONVERTIBLE DEBENTURE DUE MAY 30, 2007

         THIS DEBENTURE is one of a series of duly authorized and issued
debentures of Merix Corporation, a corporation organized under the laws of the
state of Oregon (the "Company"), designated as its 6.5% Convertible Debentures
due May 30, 2007 in the aggregate principal amount of Twenty Five Million
Dollars ($25,000,000) (collectively, the "Debentures").

         FOR VALUE RECEIVED, the Company promises to pay to the order of SF
Capital Partners Ltd. or its registered assigns (the "Holder") the principal sum
of Twenty Five Million Dollars ($25,000,000) and any additional sums due
pursuant to the terms hereof, on May 30, 2007, or such earlier date as the
Debentures are required or permitted to be repaid as provided hereunder (the
"Maturity Date"), and to pay interest to the Holder on the principal amount of
this Debenture in accordance with the provisions hereof. This Debenture is
subject to the following additional provisions.

         1. Definitions. As used in this Debenture, the following terms shall
have the meanings set forth in this Section 1:

         "Bankruptcy Event" means any of the following events: (a) the Company
or any subsidiary thereof commences a case or other proceeding under any
bankruptcy, reorganization, arrangement, adjustment of debt, relief of debtors,
dissolution, insolvency or liquidation or similar law of any jurisdiction
relating to the Company or any subsidiary thereof; (b) there is commenced
against the Company or any subsidiary thereof any such case or proceeding that
is not dismissed within 60 days after commencement; (c) the Company or any
subsidiary thereof is adjudicated insolvent or bankrupt or any order of relief
or other order approving any such case or proceeding is entered; (d) the Company
or any subsidiary thereof suffers any appointment of any

<PAGE>

custodian or the like for it or any substantial part of its property that is not
discharged or stayed within 60 days; (e) the Company or any subsidiary thereof
makes a general assignment for the benefit of creditors; (f) the Company or any
subsidiary thereof fails to pay, or states that it is unable to pay or is unable
to pay, its debts generally as they become due; (g) the Company or any
subsidiary thereof calls a meeting of its creditors with a view to arranging a
composition, adjustment or restructuring of its debts; or (h) the Company or any
subsidiary thereof, by any act or failure to act, expressly indicates its
consent to, approval of or acquiescence in any of the foregoing or takes any
corporate or other action for the purpose of effecting any of the foregoing.

         "Business Day" means any day except Saturday, Sunday and any day which
shall be a federal legal holiday or a day on which banking institutions in the
State of New York or the State of Oregon are authorized or required by law or
other governmental action to close.

         "Change of Control Prepayment Price" for the principal amount of the
Debentures to be prepaid under Section 7 shall mean the sum of: (i) 110% of the
principal amount then outstanding of the Debentures to be prepaid and (ii) all
accrued and unpaid interest, other amounts, costs, expenses and liquidated
damages due in respect of the Debentures.

         "Change of Control Transaction" means the occurrence of any of: (i) an
acquisition after the date hereof by an individual or legal entity or "group"
(as described in Rule 13d-5(b)(1) promulgated under the Exchange Act) of
effective control (whether through legal or beneficial ownership of capital
stock of the Company, by contract or otherwise) of in excess of 33% of the
voting securities of the Company, , unless approved by the Company's Board of
Directors, then in excess of 50% of the voting securities of the Company, (ii) a
replacement at one time or over time of more than one-half of the members of the
Company's board of directors which is not approved by a majority of those
individuals who are members of the board of directors on the date hereof (or by
those individuals who are serving as members of the board of directors on any
date whose nomination to the board of directors was approved by a majority of
the members of the board of directors who are members on the date hereof), (iii)
the merger of the Company with or into another entity that is not wholly-owned
by the Company, immediately after the closing of which either: (x) the holders
of the voting securities of the Company immediately prior to the merger own less
than 66 2/3% of the voting securities of the surviving corporation immediately
after the merger or (y) a majority of the board of directors of the surviving
corporation does not consist of persons who were directors of the Company
immediately prior to the closing of the merger, (iv) a consolidation or sale of
50% or more of the assets of the Company in one or a series of related
transactions, or (v) the execution by the Company of an agreement to which the
Company is a party or by which it is bound, providing for any of the events set
forth above in (i)-(iv).

         "Closing Date" shall have the meaning set forth in the Purchase
Agreement.

         "Closing Price" means, for any date, the price determined by the first
of the following clauses that applies: (a) if the Common Stock is then listed or
quoted on an Eligible Market, the closing sales price per share of the Common
Stock for such date (or the nearest preceding date) on the primary Eligible
Market on which the Common Stock is then listed or quoted; (b) if the Common
Stock is not then listed or quoted on an Eligible Market and if prices for the
Common Stock are then quoted on the OTC Bulletin Board, the closing sales price
per share of the

                                      -2-

<PAGE>

Common Stock for such date (or the nearest preceding date) on the OTC Bulletin
Board; (c) if the Common Stock is not then listed or quoted on an Eligible
Market or the OTC Bulletin Board and if prices for the Common Stock are then
reported in the "Pink Sheets" published by the National Quotation Bureau
Incorporated (or a similar organization or agency succeeding to its functions of
reporting prices), the most recent sales price per share of the Common Stock so
reported; or (d) in all other cases, the fair market value of a share of Common
Stock as determined by an independent appraiser selected in good faith by the
Holder.

         "Commission" means the Securities and Exchange Commission.

         "Common Stock" means the Company's common stock, no par value, and
stock of any other class into which such shares may be reclassified or changed.

         "Common Stock Equivalents" means any securities of the Company or a
subsidiary thereof which entitle the holder thereof to acquire Common Stock at
any time, including without limitation, any debt, preferred stock, rights,
options, warrants or other instrument that is at any time convertible into or
exchangeable for, or otherwise entitles the holder thereof to receive, Common
Stock or other securities that entitle the holder to receive, directly or
indirectly, Common Stock.

         "Conversion Date" is the date specified in a Conversion Notice to
effect conversions of Debentures under Section 5(b)(i), which date may not be
prior to the date the Holder delivers such Conversion Notice. If no Conversion
Date is specified in a Conversion Notice, then the Conversion Date for such
notice shall be the date that such notice is deemed delivered hereunder.

         "Conversion Price" means $19.41 subject to adjustment in accordance
with Section 5.

         "Debt Ratio" means, on any Business Day, a fraction where the numerator
equals the aggregate Indebtedness of the Company on such Business Day and the
denominator equals the sum of the (i) aggregate Indebtedness of the Company on
such Business Day, (ii) Shareholders' equity reflected on the latest balance
sheet contained in the Company's most recent report on Form 10-Q or Form 10-K
filed with the Commission and (iii) changes in the Company's common stock
account and preferred stock account since the date of such balance sheet, as
certified by the Company's Chief Financial Officer, if requested by a Holder.

         "Exchange Act" means the Securities Exchange Act of 1934, as amended.

         "Eligible Market" means any of the New York Stock Exchange, the
American Stock Exchange, the Nasdaq or the Nasdaq SmallCap Market.

         "Equity Conditions" means, with respect to a specified issuance of
Common Stock, that each of the following conditions is satisfied: (i) the number
of authorized but unissued and otherwise unreserved shares of Common Stock is
sufficient for such issuance; (ii) such shares of Common Stock are registered
for resale by the Holder pursuant to an effective registration statement, and
the prospectus thereunder is available for use by the Holder to sell such shares
or all such shares may be sold without volume restrictions pursuant to Rule
144(k) under the Securities Act; (iii) the Common Stock is listed or quoted (and
is not suspended from trading) on an Eligible Market and such shares of Common
Stock are approved for listing on such Eligible

                                      -3-

<PAGE>

Market upon issuance; (iv) such issuance would be permitted in full without
violating the rules or regulations of the Eligible Market on which such shares
are listed or quoted; and (v) no Event of Default nor any event that with the
passage of time and without being cured would constitute a Event of Default has
occurred and not been cured.

         "Event of Default" means the occurrence of any one or more of the
following events (whatever the reason and whether it shall be voluntary or
involuntary or effected by operation of law or pursuant to any judgment, decree
or order of any court, or any order, rule or regulation of any administrative or
governmental body):

               (i)   any default in the payment of principal or liquidated
damages in respect of any Debentures, as and when the same becomes due and
payable (whether by acceleration or otherwise) or any default in the payment of
interest in respect of any Debentures, within five Business Days of when the
same becomes due and payable;

              (ii)   the Company or any Subsidiary defaults in any of its
obligations under any other debenture or any mortgage, credit agreement or other
facility, indenture agreement, factoring agreement or other instrument under
which there may be issued, or by which there may be secured or evidenced, any
indebtedness for borrowed money or money due under any long term leasing or
factoring arrangement of the Company or any Subsidiary in an amount exceeding
$1,000,000, whether such indebtedness now exists or is hereafter created, and
such default results in such indebtedness becoming or being declared due and
payable prior to the date on which it would otherwise become due and payable;

             (iii)   a Bankruptcy Event;

               iv)   the Company shall fail for any reason to deliver
certificates representing Underlying Shares issuable upon a conversion hereunder
that comply with the provisions hereof prior to the tenth Business Day after the
Conversion Date or the Company shall provide notice to any Holder, including by
way of public announcement, at any time, of its intention not to comply with
requests for conversion of Debentures in accordance with the terms hereof;

               (v)   the Company shall fail for any reason to pay in full the
amount of cash due pursuant to a Buy-In within seven days after notice therefor
is delivered hereunder or shall fail to pay any liquidated damages due pursuant
to the Transaction Documents within seven days of the date of the request for
such payment;

              (vi)   the Company shall fail to have available a sufficient
number of authorized and unreserved shares of Common Stock to issue to such
Holder upon a conversion hereunder; or

             (vii)   the Company shall incur any Indebtedness which results in
a Debt Ratio equal to or in excess of 33%.

        "Indebtedness" means any debt for borrowed money or capital leases.

                                      -4-

<PAGE>

          "Interest Payment Date" means each March 31, June 30, September 30 and
December 31, beginning on June 30, 2002, except if such date is not a Trading
Day, in which case such Interest Payment Date shall be the next succeeding
Trading Day

          "Liquidation" means for any Person, any liquidation, dissolution or
winding-up of such Person, whether voluntary or involuntary, by operation or law
or otherwise.

         "Mandatory Prepayment Amount" for any Debentures shall equal the
principal amount of Debentures to be prepaid and, if applicable, the Reinstated
Principal, plus all accrued and unpaid interest thereon.

         "Nasdaq" means the Nasdaq National Market.

         "Original Issue Date" means the date of the first issuance of any
Debentures regardless of the number of transfers of any particular Debenture and
regardless of the number of certificates which may be issued to evidence such
Debentures.

         "Optional Prepayment Price" for the principal amount of the Debentures
to be prepaid under Section 8, shall mean the sum of: (i) the principal amount
of the Debentures to be prepaid and (ii) all accrued and unpaid interest, other
amounts, costs, expenses and liquidated damages due in respect of the
Debentures.

         "Person" means an individual or corporation, partnership, trust,
incorporated or unincorporated association, joint venture, limited liability
company, joint stock company, government (or an agency or subdivision thereof)
or other entity of any kind.

         "Proceeding" means an action, claim, suit, investigation or proceeding
(including, without limitation, an investigation or partial proceeding, such as
a deposition), whether commenced or threatened concerning the interpretation,
enforcement or defense of any transaction contemplated by any Transaction
Document (whether brought against a party hereto or such parties affiliates,
directors, officers, employees or agents).

         "Purchase Agreement" means the Securities Purchase Agreement, dated as
of May 30, 2002, to which the Company and the original Holders are parties, as
amended, modified or supplemented from time to time in accordance with its
terms.

         "Registration Rights Agreement" means the Registration Rights
Agreement, dated as of May 30, 2002, to which the Company and the original
Holders are parties, as amended, modified or supplemented from time to time in
accordance with its terms.

         "Registration Statement" means a registration statement meeting the
requirements of the Registration Rights Agreement and covering the resale of all
Underlying Shares by the Holders who shall be named as "selling shareholders"
thereunder.

         "Reinstated Principal" means the principal amount of Debentures
converted during the ten Trading Days preceding the delivery of an Event of
Default Notice, for which the Company issued or was obligated to issue
Underlying Shares to the Holder.

                                      -5-

<PAGE>

         "Securities Act" means the Securities Act of 1933, as amended.

         "Trading Day" means: (a) a day on which the shares of Common Stock are
traded on an Eligible Market, or (b) if the shares of Common Stock are not
listed on an Eligible Market, a day on which the shares of Common Stock are
traded in the over-the-counter market, as reported by the OTC Bulletin Board, or
(c) if the shares of Common Stock are not quoted on the OTC Bulletin Board, a
day on which the shares of Common Stock are quoted in the over-the-counter
market as reported by the National Quotation Bureau Incorporated (or any similar
organization or agency succeeding its functions of reporting prices); provided,
that in the event that the shares of Common Stock are not listed or quoted as
set forth in (a), (b) and (c) hereof, then Trading Day shall mean a Business
Day.

         "Transaction Documents" shall have the meaning set forth in the
Purchase Agreement.

         "Underlying Shares" means, collectively, the shares of Common Stock
issuable upon conversion of Debentures in accordance with the terms hereof.

         2.    Interest. The Company shall pay interest to the Holder on the
aggregate unconverted and then outstanding principal amount of this Debenture at
the rate of 6.5% per annum, payable quarterly in arrears on each Interest
Payment Date. Interest shall be payable in cash and shall be calculated on the
basis of a 365-day year and calendar month and shall accrue daily commencing on
the Original Issue Date. If the Company fails for any reason to pay interest in
cash by the third Trading Day following an Interest Payment Date, a Holder may
(but shall not be required to) treat such interest as if it had been added to
the principal amount of the Debentures as of such Interest Payment Date. Any
interest that is not paid within three Trading Days following an Interest
Payment Date and that is not added to the principal amount of the Debentures
shall continue to accrue and shall entail a late fee, which must be paid in
cash, at the rate of 12% per annum or the lesser rate permitted by applicable
law (such fees to accrue daily, from the date such interest is due hereunder
through and including the date of payment).

         3.    Registration of Debentures. The Company shall register the
Debentures upon records to be maintained by the Company for that purpose (the
"Debenture Register") in the name of each record holder thereof from time to
time. The Company may deem and treat the registered Holder of this Debenture as
the absolute owner hereof for the purpose of any conversion hereof or any
payment of interest hereon, and for all other purposes, absent actual notice to
the contrary.

         4.    Registration of Transfers and Exchanges. The Company shall
register the transfer of any portion of this Debenture in the Debenture Register
upon surrender of this Debenture to the Company at its address for notice set
forth herein. Upon any such registration or transfer, a new debenture, in
substantially the form of this Debenture (any such new debenture, a "New
Debenture"), evidencing the portion of this Debenture so transferred shall be
issued to the transferee and a New Debenture evidencing the remaining portion of
this Debenture not so transferred, if any, shall be issued to the transferring
Holder. The acceptance of the New Debenture by the transferee thereof shall be
deemed the acceptance by such transferee of all of the rights and obligations of
a holder of a Debenture. This Debenture is exchangeable for an

                                       -6-

<PAGE>

equal aggregate principal amount of Debentures of different authorized
denominations, as requested by the Holder surrendering the same. No service
charge or other fee will be imposed in connection with any such registration of
transfer or exchange. Transfers of this Debenture and the shares of Common Stock
issuable on conversion thereof hereby are governed by Section 4.1 of the
Purchase Agreement.

         5.    Conversion.
               ----------

               (a)   (i)   At the Option of the Holder. All or a minimum of
$100,000 (unless a smaller amount of principal is then outstanding) of the
principal amount of this Debenture then outstanding shall be convertible into
shares of Common Stock (subject to the limitations set forth in Section
5(a)(ii)), at the option of the Holder, at any time and from time to time from
and after the Original Issue Date. Holders shall effect conversions under this
Section 5(a)(i) by delivering the Company with a written notice in the form
attached hereto as Exhibit A (a "Conversion Notice"). The number of Underlying
Shares issuable upon any conversion hereunder shall (subject to the limitations
of Section 5(a)(ii))equal the outstanding principal amount of this Debenture to
be converted divided by the Conversion Price.

                     (ii)  Certain Conversion Restrictions. Notwithstanding
anything to the contrary contained herein, the number of shares of Common Stock
that may be acquired by a Holder upon any conversion of Debentures (or otherwise
in respect hereof) shall be limited to the extent necessary to insure that,
following such conversion (or other issuance), the total number of shares of
Common Stock then beneficially owned by such Holder and its affiliates and any
other Persons whose beneficial ownership of Common Stock would be aggregated
with such Holder's for purposes of Section 13(d) of the Exchange Act, does not
exceed 4.999% of the total number of issued and outstanding shares of Common
Stock (including for such purpose the shares of Common Stock issuable upon such
conversion). For such purposes, beneficial ownership shall be determined in
accordance with Section 13(d) of the Exchange Act and the rules and regulations
promulgated thereunder. Each delivery of a Conversion Notice hereunder will
constitute a representation by the applicable Holder that it has evaluated the
limitation set forth in this paragraph and determined that issuance of the full
number of Underlying Shares issuable in respect of such Conversion Notice does
not violate the restriction contained in this paragraph. This provision shall
not restrict the number of shares of Common Stock which a Holder may receive or
beneficially own in order to determine the amount of securities or other
consideration that such Holder may receive in the event of a merger, sale or
other business combination or reclassification involving the Company as
contemplated herein.

               (b)   Mechanics of Conversion.
                     -----------------------

                     (i)   By the third Trading Day after each Conversion Date,
the Company shall issue or cause to be issued and cause to be delivered to or
upon the written order of the Holder and in such name or names as the Holder may
designate a certificate for the Underlying Shares issuable upon such conversion
which, unless required by the Purchase Agreement, shall be free of all
restrictive legends. The Holder, or any Person so designated by the Holder to
receive Underlying Shares, shall be deemed to have become the holder of record
of such Underlying Shares as of the Conversion Date. If the Company's transfer
agent is eligible to participate in the Depositary Trust Corporation DWAC system
and no legends are required to be

                                       -7-

<PAGE>

included on the certificates representing Underlying Shares pursuant to the
Purchase Agreement, the Company shall, upon request of the Holder, use its best
efforts to deliver Underlying Shares hereunder electronically through the
Depository Trust Corporation or another established clearing corporation
performing similar functions.

               (c)   To effect conversions hereunder, the Holder shall not be
required to physically surrender this Debenture unless the aggregate principal
amount represented by such Debenture is being converted, in which event, the
Holder shall deliver such Debenture promptly to the Company (it being understood
that such delivery is not a condition precedent to the Company's obligations to
deliver Underlying Shares upon such conversion). Conversions hereunder shall
have the effect of lowering the outstanding principal amount represented by such
Debenture in an amount equal to the applicable conversion, which shall be
evidenced by entries set forth in the Conversion Schedule attached as Schedule
I, which will be maintained by the Company and the Holder.

               (d)   The Company's obligations to issue and deliver Underlying
Shares upon conversion of this Debenture in accordance with the terms hereof are
absolute and unconditional, irrespective of any action or inaction by the Holder
to enforce the same, any waiver or consent with respect to any provision hereof,
the recovery of any judgment against any Person or any action to enforce the
same, or any setoff, counterclaim, recoupment, limitation or termination, or any
breach or alleged breach by the Holder or any other Person of any obligation to
the Company or any violation or alleged violation of law by the Holder or any
other Person, and irrespective of any other circumstance which might otherwise
limit such obligation of the Company to the Holder in connection with the
issuance of such Underlying Shares.

               (e)   If by the third Trading Day after a Conversion Date the
Company fails to deliver to the Holder such Underlying Shares in such amounts
and in the manner required pursuant to Section 5(b), then the Holder will have
the right to rescind such conversion.

               (f)   If by the third Trading Day after a Conversion Date the
Company fails to deliver to the Holder such Underlying Shares in such amounts
and in the manner required pursuant to Section 5(b), and if after such third
Trading Day the Holder purchases (in an open market transaction or otherwise)
shares of Common Stock to deliver in satisfaction of a sale by such Holder of
the Underlying Shares which the Holder anticipated receiving upon such
conversion (a "Buy-In"), then the Company shall (A) pay in cash to the Holder
(in addition to any remedies available to or elected by the Holder) the amount
by which (x) the Holder's total purchase price (including brokerage commissions,
if any) for the shares of Common Stock so purchased exceeds (y) the amount
obtained by multiplying (1) the aggregate number of Underlying Shares that the
Company was required to deliver to the Holder in connection with the conversion
at issue by (2) the Closing Price at the time of the obligation giving rise to
such purchase obligation and (B) at the option of the Holder, either reinstate
the principal amount of Debentures and equivalent number of Underlying Shares
for which such conversion was not timely honored or deliver to the Holder the
number of shares of Common Stock that would have been issued had the Company
timely complied with its conversion and delivery obligations hereunder. For
example, if the Holder purchases Common Stock having a total purchase price of
$11,000 to cover a Buy-In with respect to an attempted conversion of Debentures
with a market price on the date of conversion totaling $10,000, under clause (A)
of the immediately preceding

                                       -8-

<PAGE>

sentence, the Company shall be required to pay the Holder $1,000. The Holder
shall provide the Company written notice indicating the amounts payable to the
Holder and details as to the dates and amounts of trades executed by the Holders
specifically in respect of the Buy-In.

               (g)   Adjustments to Conversion Price. The Conversion Price in
effect on any Conversion Date shall be subject to adjustments in accordance with
this Section 5(g):

                     (i)   Stock Dividends and Splits. If the Company, at any
time while any Debentures are outstanding, (i) pays a stock dividend on its
Common Stock or otherwise makes a distribution on any class of capital stock
that is payable in shares of Common Stock, (ii) subdivides outstanding shares of
Common Stock into a larger number of shares, or (iii) combines outstanding
shares of Common Stock into a smaller number of shares, then in each such case
the Conversion Price shall be multiplied by a fraction of which the numerator
shall be the number of shares of Common Stock outstanding immediately before
such event and of which the denominator shall be the number of shares of Common
Stock outstanding immediately after such event. Any adjustment made pursuant to
clause (i) of this paragraph shall become effective immediately after the record
date for the determination of stockholders entitled to receive such dividend or
distribution, and any adjustment pursuant to clause (ii) or (iii) of this
paragraph shall become effective immediately after the effective date of such
subdivision or combination.

                     (ii)  Additional Distributions. If the Company, at any time
while any Debentures are outstanding, shall distribute to all holders of Common
Stock (and not to Holders) evidences of its indebtedness or assets or rights or
warrants to subscribe for or purchase any security ("Distribution Rights"), then
in each such case the Conversion Price at which the principal amount of
Debentures shall thereafter be convertible shall be determined by multiplying
the Conversion Price in effect immediately prior to the record date fixed for
determination of stockholders entitled to receive such Distribution Rights by a
fraction of which the denominator shall be the Closing Price determined as of
the record date mentioned above, and of which the numerator shall be such
Closing Price on such record date less the then fair market value at such record
date of the portion of the Distribution Rights applicable to one outstanding
share of Common Stock as determined by the Board of Directors in good faith (the
"Adjusted Conversion Price"). In either case the adjustments shall be described
in a statement provided to the Holders of the Distribution Rights applicable to
one share of Common Stock. Such adjustment shall be made whenever any such
distribution is made and shall become effective immediately after the record
date mentioned above. Upon conversion of the Debentures at the Adjusted
Conversion Price, the Holder will not be entitled to receive the Distribution
Rights granted to other holders of Common Stock. Upon the expiration or
termination of the Distribution Rights, the Adjusted Conversion Price shall be
adjusted back to the original Conversion Price.

                     (iii) Subsequent Equity Sales. If, at any time or from time
to time while this Debenture is outstanding during the period between the
Original Issue Date and the 180th day following the Effective Date, the Company
or any Subsidiary issues additional shares of Common Stock or Common Stock
Equivalents in a financing transaction which is exempt from the registration
requirements of the Securities Act, at an effective net price to the Company per
share of Common Stock (the "Effective Price") less than the then applicable
Conversion Price, then, at the option of the Holder, the Conversion Price shall
be reduced to equal the

                                       -9-

<PAGE>

product of: (A) the Conversion Price in effect immediately prior to such
issuance of Common Stock or Common Stock Equivalents times (B) a fraction, the
numerator of which is the sum of (1) the number of shares of Common Stock
outstanding immediately prior to such issuance, plus (2) the number of shares of
Common Stock which the aggregate Effective Price of the Common Stock issued (or
deemed to be issued) would purchase at the Conversion Price on the Trading Day
of the issuance of such additional shares of Common Stock or Common Stock
Equivalents, and the denominator of which is the aggregate number of shares of
Common Stock outstanding or deemed to be outstanding immediately after such
issuance. Notwithstanding the foregoing, no adjustment will be made under this
paragraph (iii) in respect of the granting of options to employees, officers,
directors and bona fide consultants of the Company pursuant to any stock option
plan duly adopted by the Company or to the issuance of Common Stock upon
exercise of such options.

                     (iv)  Calculations. All calculations under this Section 5
shall be made to the nearest cent or the nearest 1/100th of a share, as the case
may be. The number of shares of Common Stock outstanding at any given time shall
not include shares owned or held by or for the account of the Company, and the
disposition of any such shares shall be considered an issue or sale of Common
Stock.

                     (v)   Notice of Adjustments. Whenever the Conversion Price
is adjusted pursuant to the terms hereof the Company shall promptly mail to each
Holder, a notice setting forth the Conversion Price after such adjustment and
setting forth a brief statement of the facts requiring such adjustment.

               (h)   Reclassifications; Share Exchanges. In case of any
reclassification of the Common Stock, or any compulsory share exchange pursuant
to which the Common Stock is converted into other securities, cash or property
(other than compulsory share exchanges which constitute Change of Control
Transactions), the Holders of the Debentures then outstanding shall have the
right thereafter to convert such shares only into the shares of stock and other
securities, cash and property receivable upon or deemed to be held by holders of
Common Stock following such reclassification or share exchange, and the Holders
shall be entitled upon such event to receive such amount of securities, cash or
property as a holder of the number of shares of Common Stock of the Company into
which such shares of Debentures could have been converted immediately prior to
such reclassification or share exchange would have been entitled. This provision
shall similarly apply to successive reclassifications or share exchanges.

               (i)   Notice of Corporate Events. If (a) the Company shall
declare a dividend (or any other distribution) on the Common Stock, (b) the
Company shall declare a special nonrecurring cash dividend on or a redemption of
the Common Stock, (c) the Company shall authorize the granting to all holders of
Common Stock rights or warrants to subscribe for or purchase any shares of
capital stock of any class or of any rights, (d) the approval of any
stockholders of the Company shall be required in connection with any Change of
Control Transaction, (e) the entering into an agreement to effectuate a Change
of Control Transaction, or (f) the Company shall authorize the voluntary or
involuntary dissolution, liquidation or winding up of the affairs of the
Company; then the Company shall file a press release or Current Report on Form
8-K to disclose such occurrence and notify the Holders at their last addresses
as they shall appear upon the stock books of the Company, at least 25 calendar
days prior to the

                                      -10-

<PAGE>

applicable record or effective date hereinafter specified, a notice stating (x)
the date on which a record is to be taken for the purpose of such dividend,
distribution, redemption, rights or warrants, or if a record is not to be taken,
the date as of which the holders of Common Stock of record to be entitled to
such dividend, distributions, redemption, rights or warrants are to be
determined or (y) the date on which any such Change of Control Transaction is
expected to become effective or close, and the date as of which it is expected
that holders of Common Stock of record shall be entitled to exchange their
Common Stock for securities, cash or other property deliverable upon any such
Change of Control Transaction, provided, that the failure to mail such notice or
any defect therein or in the mailing thereof shall not affect the validity of
the corporate action required to be specified in such notice, which failure
shall not effect the obligations of the Company and the rights of the Holders
hereunder. Holders are entitled to convert principal amount of this Debenture
during the 20-day period commencing the date of such notice to the effective
date of the event triggering such notice.

               (j)  The Company covenants that it will at all times reserve and
keep available out of its authorized and unissued shares of Common Stock solely
for the purpose of issuance upon conversion of Debentures, each as herein
provided, free from preemptive rights or any other actual contingent purchase
rights of persons other than the Holders, not less than such number of shares of
Common Stock as shall be issuable upon the conversion of all outstanding
principal amount of Debentures. The Company covenants that all shares of Common
Stock that shall be so issuable shall, upon issue, be duly and validly
authorized and issued and fully paid and nonassessable.

               (k)  Upon a conversion hereunder the Company shall not be
required to issue stock certificates representing fractions of shares of Common
Stock, but may if otherwise permitted, make a cash payment in respect of any
final fraction of a share based on the Closing Price on the applicable
Conversion Date. If any fraction of an Underlying Share would, except for the
provisions of this Section, be issuable upon a conversion hereunder, the Company
shall pay an amount in cash equal to the Conversion Price multiplied by such
fraction.

               (l)  The issuance of certificates for Common Stock on conversion
of principal amount of this Debenture shall be made without charge to the
Holders thereof for any documentary stamp or similar taxes that may be payable
in respect of the issue or delivery of such certificate, provided that the
Company shall not be required to pay any tax that may be payable in respect of
any transfer involved in the issuance and delivery of any such certificate upon
conversion in a name other than that of the Holder of such Debentures so
converted.

               (m)  Any and all notices or other communications or deliveries to
be provided by the Holders, including, without limitation, any Conversion
Notice, shall be in writing and delivered personally, by facsimile or sent by a
nationally recognized overnight courier service, addressed to the attention of
the Chief Financial Officer of the Company addressed to 1521 Poplar Lane, Forest
Grove, Oregon, Facsimile No.: (503) 357-1504, attention Chief Financial Officer
and to the Controller of the Company addressed to 1521 Poplar Lane, Forest
Grove, Oregon, Facsimile No.: (503) 992-4054, attention Controller, or to such
other address or facsimile number as shall be specified in writing by the
Company for such purpose. Any and all notices or other communications or
deliveries to be provided by the Company hereunder shall be in writing and
delivered personally, by facsimile or sent by a nationally recognized overnight

                                      -11-

<PAGE>

courier service, addressed to each Holder at the facsimile telephone number or
address of such Holder appearing on the books of the Company, or if no such
facsimile telephone number or address appears, at the principal place of
business of the Holder. Any notice or other communication or deliveries
hereunder shall be deemed given and effective on the earliest of (i) the date of
transmission, if such notice or communication is delivered via facsimile at the
facsimile telephone number specified in this Section prior to 6:30 p.m. (New
York City time)(with confirmation of transmission), (ii) the date after the date
of transmission, if such notice or communication is delivered via facsimile at
the facsimile telephone number specified in this Section later than 6:30 p.m.
(New York City time) on any date and earlier than 11:59 p.m. (New York City
time) on such date (with confirmation of transmission), (iii) upon receipt, if
sent by a nationally recognized overnight courier service, or (iv) upon actual
receipt by the party to whom such notice is required to be given.

         6.    Prepayment Upon Event of Defaults. Upon the occurrence of a Event
of Default, each Holder shall (in addition to all other rights it may have
hereunder or under applicable law), have the right, exercisable at the sole
option of such Holder, and by delivery of a written notice to the Company to
require the Company (an "Event of Default Notice") to prepay all or a portion of
the Debentures then held by such Holder and, at the option of the Holder, all or
a portion of the Reinstated Principal, for an amount, in cash, equal to the
Mandatory Prepayment Amount. The Mandatory Prepayment Amount shall be due and
payable within five Trading Days of the date of the Event of Default Notice. For
purposes of this Section, principal amount of Debentures shall remain
outstanding until such date as the Holder shall have received Underlying Shares
upon a conversion (or attempted conversion) thereof that meets the requirements
hereof. Notwithstanding anything herein to the contrary, upon the occurrence of
a Bankruptcy Event, all outstanding principal and accrued but unpaid interest on
this Debenture shall immediately become due and payable in full in cash, without
any further action by the Holder, and the Company shall immediately be obligated
to pay the Mandatory Prepayment Amount pursuant to this paragraph as if the
Holder had delivered a Event of Default Notice immediately prior to the
occurrence of any such Event of Default. The Holder need not provide and the
Company hereby waives any presentment, demand, protest or other notice of any
kind, and the Holder may immediately and without expiration of any grace period
enforce any and all of its rights and remedies hereunder and all other remedies
available to it under applicable law. Such declaration may be rescinded and
annulled by Holder at any time prior to payment hereunder. No such rescission or
annulment shall affect any subsequent Event of Default or impair any right
consequent thereon.

         7.    Change of Control Transaction.
               -----------------------------

               (a)  During the period between the public announcement of a
Change of Control Transaction and the 20th day immediately preceding the
consummation of such Change of Control Transaction (the date of such
consummation, the "Consummation Date"), the Holder shall (in addition to all
other rights it may have hereunder or under applicable law), have the right,
exercisable at the sole option of the Holder, and by delivery of a written
notice to the Company during such period, to require the Company to prepay all
or a portion of the Debentures then held by the Holder for an amount in cash,
equal to the Change of Control Prepayment Price. Such prepayment price shall be
due and payable on the Consummation Date.

                                      -12-

<PAGE>

For purposes of this Section, principal amount of Debentures shall remain
outstanding until such date as the Holder shall have received Underlying Shares
upon a conversion (or attempted conversion) thereof that meets the requirements
hereof. The Holder may convert any portion of the outstanding principal amount
of the Debentures subject to a prepayment hereunder prior to the Consummation
Date.

               (b)  During the period between the public announcement of a
Change of Control Transaction and the 20/th/ day immediately preceding the
Consummation Date, the Company shall have the right, exercisable at the sole
option of the Company, and by delivery of a written notice to the Holder during
such period (a "Company Prepayment Notice" and the date such notice is received
by the Holder, a "Company Notice Date"), to prepay all or a portion of the
principal amount of Debentures then held by the Holder for an amount in cash
equal to the Change of Control Prepayment Price, payable on the Consummation
Date. Notwithstanding anything herein to the contrary, the Company shall only be
entitled to deliver a Company Prepayment Notice if all of the Equity Conditions
set forth in (i)-(iv) are satisfied with respect to all shares of Common Stock
issuable on a Company Notice Date. If any of Equity Conditions set forth in
(i)-(iv) shall cease to be in effect during the period between the Company
Notice Date and the date the Change of Control Prepayment Price is due pursuant
to this Section 7(b) is paid in full, then the Holder subject to such prepayment
may elect, by written notice to the Company given at any time after any of the
Equity Conditions set forth in (i)-(iv) shall cease to be in effect, to
invalidate ab initio such optional prepayment, notwithstanding anything herein
contained to the contrary. The Holder may convert any portion of the outstanding
principal amount of the Debentures subject to a prepayment hereunder prior to
the Consummation Date. Once delivered, the Company shall not be entitled to
rescind a Company Prepayment Notice.

               (c)  If any portion of the Change of Control Prepayment Price due
pursuant to Section 7(b) remains unpaid by the Consummation Date, the Holder
subject to such prepayment may elect by written notice to the Company to
invalidate ab initio such optional prepayment, notwithstanding anything herein
contained to the contrary. If the Holder makes such an election, the aggregate
principal amount under this Debenture and all interest due hereunder shall be
increased by any accrued liquidated damages and the Company shall no longer have
any prepayment rights under Section 7(b).

               (d)  In case neither the Company nor the Holder shall have timely
exercised its respective rights pursuant to Section 7(a) or (b) hereof (as
applicable) in connection with a Change of Control Transaction or in case,
subsequent to the exercise by the Company or the Holder of its respective rights
pursuant to Section 7(a) or (b) hereof (as applicable), there shall remain a
principal amount outstanding under the Debentures on the Consummation Date,
then: (x) the Company shall require the surviving entity to issue debentures in
such principal amount equal to the principal amount of the Debentures held by
the Holder on the Consummation Date, plus all other amounts owing thereon, which
newly issued debentures shall have identical terms to the terms of the
Debentures and the Holder shall be entitled to all of the rights and privileges
of a Holder as set forth herein and the agreements pursuant to which the
Debentures were issued, and (y) simultaneously with the issuance of such
convertible debentures, the Holder shall have the right to convert such
debentures into shares of stock and other securities, cash and property
receivable upon or deemed to be held by holders of Common Stock following such
Change of Control Transaction (the conversion price applicable for the newly
issued convertible debentures

                                      -13-

<PAGE>

shall be based upon the amount of securities, cash and property that each share
of Common Stock would receive in such Change of Control Transaction and the
Conversion Price stated herein).

         8.    Prepayment at the Option of the Company.
               ---------------------------------------

         (a)   On or at any time after the 27/th/ month anniversary of the
Original Issue Date, the Company shall be entitled to prepay not less than all
of the Debentures then held by the Holder for an amount in cash equal to the
Optional Prepayment Price. The Company shall initiate such prepayment by
providing 20 Trading Days' prior written notice to the Holder (an "Optional
Prepayment Notice" and the date such notice is received by the Holder, the
"Notice Date"). Notwithstanding anything herein to the contrary, the Company
shall only be entitled to deliver an Optional Prepayment Notice pursuant to the
terms hereof if: (x) the Closing Price for each of the 40 Trading Days
immediately preceding the Notice Date is equal to or greater than 150% of the
Conversion Price and (y) the Equity Conditions are satisfied with respect to all
shares of Common Stock issuable upon a Notice Date. If any of Equity Conditions
shall cease to be in effect during the period between the Notice Date and the
date the Optional Prepayment Price is paid in full, then the Holder subject to
such prepayment may elect, by written notice to the Company given at any time
after any of the Equity Conditions shall cease to be in effect, to invalidate ab
initio such optional prepayment, notwithstanding anything herein contained to
the contrary. The Holder may convert any portion of the outstanding principal
amount of the Debentures subject to an Optional Prepayment Notice prior to the
date that the Optional Prepayment Price is due and paid in full. Once delivered,
the Company shall not be entitled to rescind an Optional Prepayment Notice.

         (b)   The Optional Prepayment Price shall be due on the 20/th/ Trading
Day immediately following the Notice Date. If any portion of the Optional
Prepayment Price shall not be timely paid by the Company, interest shall accrue
thereon at the rate of 12% per annum (or the maximum rate permitted by
applicable law, whichever is less) until the Optional Prepayment Price plus all
such interest is paid in full, which payment shall constitute liquidated damages
and not a penalty. In addition, if any portion of the Optional Prepayment Price
remains unpaid after such date, the Holder subject to such prepayment may elect
by written notice to the Company to invalidate ab initio such optional
prepayment, notwithstanding anything herein contained to the contrary. If the
Holder makes such an election, the aggregate principal amount under this
Debenture shall be increased by any accrued liquidated damages and the Company
shall no longer have any prepayment rights under this Section 8.

         9.    Ranking. This Debenture ranks pari passu with all other
Debentures now or hereafter issued pursuant to the Transaction Documents. No
indebtedness of the Company is senior to this Debenture in right of payment,
whether with respect of interest, damages or upon liquidation or dissolution or
otherwise.

         10.   Miscellaneous.
               -------------

               (a)  This Debenture shall be binding on and inure to the benefit
of the parties hereto and their respective successors and assigns.

                                      -14-

<PAGE>

               (b)  Subject to Section 10(a), above, nothing in this Debenture
shall be construed to give to any person or corporation other than the Company
and the Holder any legal or equitable right, remedy or cause under this
Debenture. This Debenture shall inure to the sole and exclusive benefit of the
Company and the Holder.

               (c)  All questions concerning the construction, validity,
enforcement and interpretation of this Debenture shall be governed by and
construed and enforced in accordance with the internal laws of the State of New
York, without regard to the principles of conflicts of law thereof. Each party
agrees that all Proceedings shall be commenced exclusively in the state and
federal courts sitting in the City of New York, Borough of Manhattan (the "New
York Courts"). Each party hereto hereby irrevocably submits to the exclusive
jurisdiction of the New York Courts for any proceeding, and hereby irrevocably
waives, and agrees not to assert in any Proceeding, any claim that it is not
personally subject to the jurisdiction of any New York Court or that a New York
Court is an inconvenient forum for such Proceeding. Each party hereto hereby
irrevocably waives personal service of process and consents to process being
served in any such Proceeding by mailing a copy thereof via registered or
certified mail or overnight delivery (with evidence of delivery) to such party
at the address in effect for notices to it under this Debenture and agrees that
such service shall constitute good and sufficient service of process and notice
thereof. Nothing contained herein shall be deemed to limit in any way any right
to serve process in any manner permitted by law. Each party hereto hereby
irrevocably waives, to the fullest extent permitted by applicable law, any and
all right to trial by jury in any legal Proceeding. The prevailing party in a
Proceeding shall be reimbursed by the other party for its attorney's fees and
other costs and expenses incurred with the investigation, preparation and
prosecution of such Proceeding.

               (d)  The headings herein are for convenience only, do not
constitute a part of this Debenture and shall not be deemed to limit or affect
any of the provisions hereof.

               (e)  In case any one or more of the provisions of this Debenture
shall be invalid or unenforceable in any respect, the validity and
enforceability of the remaining terms and provisions of this Debenture shall not
in any way be affected or impaired thereby and the parties will attempt in good
faith to agree upon a valid and enforceable provision which shall be a
commercially reasonable substitute therefor, and upon so agreeing, shall
incorporate such substitute provision in this Debenture.

               (f)  No provision of this Debenture may be waived or amended
except in a written instrument signed by the Company and the Holder. No waiver
of any default with respect to any provision, condition or requirement of this
Debenture shall be deemed to be a continuing waiver in the future or a waiver of
any subsequent default or a waiver of any other provision, condition or
requirement hereof, nor shall any delay or omission of either party to exercise
any right hereunder in any manner impair the exercise of any such right.

               (g)  If it shall be found that any interest due hereunder shall
violate applicable laws governing usury, the applicable rate of interest due
hereunder shall be reduced to the maximum permitted rate of interest under such
law.

                                      -15-

<PAGE>

              (h) Except pursuant to Sections 6, 7 and 8 hereunder, the
outstanding principal amount and interest under this Debenture may not be
prepaid by the Company without the prior written consent of the Holder.

              (i) Except as otherwise set forth herein, this Debenture shall not
entitle the Holder to any of the rights of a shareholder of the Company,
including without limitation, the right to vote, to receive dividends and other
distributions, or to receive any notice of, or to attend, meetings of
shareholders or any other proceedings of the Company, unless and to the extent
converted into Underlying Shares in accordance with the terms hereof.

              (j) If this Debenture shall be mutilated, lost, stolen or
destroyed, the Company shall execute and deliver, in exchange and substitution
for and upon cancellation of a mutilated Debenture, or in lieu of or in
substitution for a lost, stolen or destroyed debenture, a New Debenture for the
principal amount of this Debenture so mutilated, lost, stolen or destroyed but
only upon receipt of evidence of such loss, theft or destruction of such
Debenture, and of the ownership hereof, and indemnity, if requested, all
reasonably satisfactory to the Company.

                   [REMAINDER OF PAGE INTENTIONALLY LEFT BLANK
                             SIGNATURE PAGE FOLLOWS]

                                      -16-

<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Debenture to be duly
executed by a duly authorized officer as of the date first above indicated.

                                      MERIX CORPORATION

                                      By:    /s/ Mark R. Hollinger
                                             -----------------------------------
                                      Name:  Mark R. Hollinger
                                      Title: Chairman, Chief Executive Officer
                                      and President

                                      -17-

<PAGE>

                                    EXHIBIT A

                                CONVERSION NOTICE

(To be Executed by the Registered Holder
in order to convert Debentures)

         The undersigned hereby elects to convert the principal amount of
Debenture indicated below, into shares of Common Stock of Merix Corporation as
of the date written below. If shares are to be issued in the name of a Person
other than undersigned, the undersigned will pay all transfer taxes payable with
respect thereto and is delivering herewith such certificates and opinions as
reasonably requested by the Company in accordance therewith. No fee will be
charged to the Holder for any conversion, except for such transfer taxes, if
any. All terms used in this notice shall have the meanings set forth in the
Debenture.

Conversion calculations:   _____________________________________________________
                           Date to Effect Conversion

                           _____________________________________________________
                           Principal amount of Debenture owned prior to
                           conversion

                           _____________________________________________________
                           Principal amount of Debenture to be Converted

                           _____________________________________________________
                           Principal amount of Debenture remaining after
                           Conversion

                           _____________________________________________________
                           Number of shares of Common Stock to be Issued

                           Conversion Price ____________________________________

                           Signature ___________________________________________

                           Name ________________________________________________

                           Address _____________________________________________

         By the delivery of this Conversion Notice, the Holder represents and
warrants to the Company that: (x) its ownership of the Common Stock does not
exceed the restrictions set forth in Section 5(b) of the Debenture and (y) it
has or will sell the shares of Common Stock issuable upon conversion of this
Debenture pursuant to the Company's registration statement covering the resale
by the Holder of such shares and, in connection therewith, has or will comply
with its prospectus delivery requirements under Federal securities laws.

<PAGE>

                                   Schedule 1

                               CONVERSION SCHEDULE

6.5% Convertible Debentures, due May 30, 2007, in the aggregate principal amount
of $25,000,000 issued by Merix Corporation. This Conversion Schedule reflects
conversions made under the above referenced Debentures.

Dated:

<TABLE>
<CAPTION>
---------------------------------------------------------------------------------------------------------------------------
Date of Conversion           Amount of Conversion         Aggregate Principal   Applicable             Mandatory
                                                          Amount Remaining      Conversion Price       Prepayment Amount
                                                          Subsequent to                                and applicable
                                                          Conversion                                   Liquidating
                                                                                                       Conversion Price
---------------------------------------------------------------------------------------------------------------------------
<S>                         <C>                           <C>                   <C>                    <C>
---------------------------------------------------------------------------------------------------------------------------

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</TABLE>

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