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Exhibit 4.1  

 
 

CIBER, INC.
  2004 INCENTIVE PLAN
  (Effective as of April 27, 2004)    

SECTION 1

INTRODUCTION  

        1.1   Establishment. CIBER, Inc. hereby establishes the CIBER, Inc. 2004 Incentive Plan (the "Plan") for certain
officers, employees, consultants, and directors of the Company. 

        1.2   Purposes. The purposes of the Plan are to provide the officers, employees, consultants, and directors of the Company
selected for participation in the Plan with added incentives to continue in the long-term service of the Company and to create in such persons a more direct interest in the future success
of the operations of the Company by relating incentive compensation to increases in stockholder value, so that the income of such persons is more closely aligned with the income of the Company's
stockholders. The Plan is also designed to enhance the ability of the Company to attract, retain and motivate officers, employees, consultants, and directors by providing an opportunity for investment
in the Company. 

SECTION 2

DEFINITIONS  

        2.1   Definitions. The following terms shall have the meanings set forth below: 

        (a)   "Administrator" means (i) the Board, or (ii) one or more committees of the Board to whom the Board has
delegated all or part of its authority under this Plan. Any committee under clause (ii) hereof which makes grants to "officers" of the Company (as that term is defined in
Rule 16a-1(f) promulgated under the Exchange Act) shall be composed of not less than the minimum number of persons from time to time required by
Rule 16b-3, each of whom, to the extent necessary to comply with Rule 16b-3 only, shall be a Nonemployee Director. Further, if the Administrator consists of less
than the entire Board, then to the extent necessary for any Award to qualify as "performance-based compensation" within the meaning of Section 162(m) of the Internal Revenue Code, each member
of the Administrator will be an Outside Director. For purposes of the preceding provisions, if one or more members of the Administrator is not a Nonemployee or not an Outside Director, but recuses
himself or herself or abstains from voting with respect to a particular action taken by the Administrator, then the Administrator, with respect to the action, will be deemed to consist only of the
members of the Administrator who have not recused themselves or abstained from voting. 

        (b)   "Affiliated Corporation" means (i) any corporation or other entity (including but not limited to a partnership)
that directly, or through one or more intermediaries controls, is controlled by, or is under common control with, CIBER, Inc., or (ii) any entity in which the Company has a significant
equity interest, as determined by the Administrator. 

        (c)   "Award" means a grant made under this Plan in the form of Stock, Options, Restricted Stock, Performance Shares, or
Performance Units. 

        (d)   "Board" means the board of directors of the Company. 

        (e)   "Company" means CIBER, Inc., a Delaware corporation, together with its Affiliated Corporations except where the
context otherwise requires. 

        (f)    "Consultant" means any person, including an advisor, engaged by the Company to render consulting or advisory services and
who is compensated for such services and such person is eligible to receive shares registered on Form S-8 under the Securities Act. Mere service as a Director or payment of a
director's fee by the Company or an Affiliated Corporation shall not be 

 

sufficient
to constitute "consulting or advisory services" rendered to the Company or an Affiliated Corporation. 

        (g)   "Director" means a member of the Board. 

        (h)   "Effective Date" means                        ,
            . 

        (i)    "Employee" means any person who is a full or part-time employee (including, without limitation, an officer or
director who is also an employee) of the Company or any Affiliated Corporation or any division thereof. The term also includes future employees who have received a formal offer of employment. 

        (j)    "Exchange Act" shall mean the Securities Exchange Act of 1934, as amended. 

        (k)   "Executive Officer" shall mean an officer as defined in Exchange Act Rule 16a-1(f) and any
person deemed to be an "executive officer" within the scope of Section 13(k) of the Exchange Act. 

        (l)    "Fair Market Value" means, as of any date, the value of the Stock determined as follows: 

        (i)    If
the Stock is listed on any established stock exchange or a national market system, its Fair Market Value shall be the closing sales price for such Stock (or the
closing bid, if no sales were reported) as quoted on such exchange or system for the last market trading day prior to the time of determination, as reported in The Wall Street Journal or such other
source as the Administrator deems reliable; 

        (ii)   If
the Stock is regularly quoted by a recognized securities dealer but selling prices are not reported, the Fair Market Value of a Share shall be the mean between the
high bid and low asked prices for the Stock on the last market trading day prior to the day of determination, as reported in The Wall Street Journal or such other source as the Administrator deems
reliable; 

        (iii)  In
the absence of an established market for the Stock, the Fair Market Value shall be determined in good faith by the Administrator. 

        (m)  "Incentive Stock Option" means any Option designated as such and granted in accordance with the requirements of
Section 422 of the Internal Revenue Code. 

        (n)   "Internal Revenue Code" means the Internal Revenue Code of 1986, as it may be amended from time to time, and the rules
and regulations promulgated thereunder. 

        (o)   "Nonemployee Director" means a Director who is a "nonemployee director" within the meaning of
Rule 16b-3 promulgated under the Exchange Act. 

        (p)   "Non-Statutory Option" means any Option other than an Incentive Stock Option. 

        (q)   "Option" means a right to purchase Stock at a stated price for a specified period of time. 

        (r)   "Option Price" means the price at which shares of Stock subject to an Option may be purchased, determined in accordance
with Section 7.2(b). 

        (s)   "Outside Director" means a Director who is an "outside director" within the meaning of Internal Revenue Code
Section 162(m). 

        (t)    "Participant" means an Employee or Director of, or Consultant to, the Company designated by the Administrator from time
to time during the term of the Plan to receive one or more Awards under the Plan. 

        (u)   "Performance Cycle" means the period of time as specified by the Administrator over which Performance Share or
Performance Units are to be earned. 

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        (v)   "Performance Shares" means an Award made pursuant to Section 9 which entitles a Participant to receive Shares,
their cash equivalent or a combination thereof based on the achievement of performance targets during a Performance Cycle. 

        (w)  "Performance Units" means an Award made pursuant to Section 9 which entitles a Participant to receive cash, Stock
or a combination thereof based on the achievement of performance targets during a Performance Cycle. 

        (x)   "Plan Year" means each 12-month period beginning January 1 and ending the following
December 31[, except that for the first year of the Plan it shall begin on the Effective Date and extend to December 31 of that year]. 

        (y)   "Restricted Stock" means Stock granted under Section 8 that is subject to restrictions imposed pursuant to such
Section. 

        (z)   "Service Provider" means an Employee or Director of, or Consultant to, the Company or an Affiliated Corporation. 

        (aa) "Share" means a share of Stock. 

        (bb) "Stock" means the common stock, $.01 par value, of the Company. 

        (cc) "Stock Option Agreement" means a written document delivered by the Company to the recipient of an Option specifying the
terms of such Option. Such document must specify, at a minimum, the number of Shares subject to the Option, the exercise price, any vesting schedule, and any terms which vary from the default
provisions provided in the Plan. Such document need not be signed by the Option recipient. 

        2.2   Gender and Number. Except when otherwise indicated by the context, the masculine gender shall also include the feminine
gender, and the definition of any term herein in the singular shall also include the plural 

SECTION 3

PLAN ADMINISTRATION  

        3.1   Authority of Administrator. The Plan shall be administered by the Administrator. Subject to the terms of the Plan and
applicable law, and in addition to other express powers and authorizations conferred on the Administrator by the Plan, the Administrator shall have full power and authority to: (i) designate
Participants; (ii) determine the type or types of Awards to be granted to eligible Participants; (iii) determine the number of Shares to be covered by, or with respect to which payments,
rights, or other matters are to be calculated in connection with, Awards; (iv) determine the terms and conditions of any Award; (v) determine whether, to what extent, and under what
circumstances Awards may be settled or exercised in cash, Shares, other securities, other Awards or other property, or canceled, forfeited, or suspended and the method or methods by which Awards may
be settled, exercised, canceled, forfeited, or suspended; (vi) determine whether, to what extent, and under what circumstances cash, shares, other securities, other Awards, other property, and
other amounts payable with respect to an Award shall be deferred either automatically or at the election of the holder thereof or of the Administrator; (vii) determine whether, to what extent,
and under what circumstances to accelerate the exercisability of any Award or the end of a Performance Cycle or the termination of the restriction period for any Restricted Stock Award; (viii) 
correct any defect, supply any omission, reconcile any inconsistency and otherwise interpret and administer the Plan and any instrument or agreement relating to the Plan or any Award hereunder;
(ix) establish, amend, suspend, or waive such rules and regulations and appoint such agents as it shall deem appropriate for the proper administration of the Plan; and (x) make any other
determination and take any other action that the Administrator deems necessary or desirable for the administration of the Plan. To the extent necessary 

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or
appropriate, the Administrator may adopt sub-plans consistent with the Plan to conform to applicable state or foreign securities or tax laws. 

        3.2   Determinations Under the Plan. Unless otherwise expressly provided in the Plan all designations, determinations,
interpretations, and other decisions under or with respect to the Plan or any Award shall be within the sole discretion of the Administrator, may be made at any time and shall be final, conclusive,
and binding upon all persons, including the Company, any Affiliated Corporation, any Participant, any holder or beneficiary of any Award, and any stockholder. No member of the Administrator shall be
liable, in the absence of bad faith, for any act or omission with respect to his or her services as an Administrator. Service on a committee acting as the Administrator shall constitute service as a
director of the Company entitling members to any indemnification of liability benefits applicable to directors with respect to their services as Administrator. 

        3.3   Delegation of Certain Responsibilities. The Administrator may, in its sole discretion, delegate to appropriate officers
of the Company the administration of the Plan under this Section 3; provided, however, that no such delegation by the Administrator shall be made (i) if such delegation would not be
permitted under applicable law or (ii) with respect to the administration of the Plan as it affects Executive Officers or Directors of the Company, and provided further that the Administrator
may not delegate its authority to correct errors, omissions or inconsistencies in the Plan. Subject to the above limitations, the Administrator may delegate to the Chief Executive Officer of the
Company its authority under this Section 3 to grant Awards to employees who are not Executive Officers or Directors of the Company. All authority delegated by the Administrator under this
Section 3.3 shall be exercised in accordance with the provisions of the Plan and any guidelines for, conditions on, or limitations to the exercise of such authority that may from time to time
be established by the Administrator. 

SECTION 4

STOCK SUBJECT TO THE PLAN  

        4.1   Number of Shares. Subject to adjustment as provided in Section 4.3, [new shares plus directors'
shares] Shares are initially authorized for issuance under the Plan in accordance with the provisions of the Plan and subject to such restrictions or other provisions as the Administrator
may from time to time deem necessary. Subject to adjustment as provided in Section 4.3, no Participant may be granted Awards in any twelve-month period with respect to more than 1,000,000
Shares. The Shares may be divided among the various Plan components as the Administrator shall determine, except that no more than [insert # equal to total shares in plan minus director's
shares] Shares as calculated pursuant to Section 4.2 shall be cumulatively available for the grant of Incentive Stock Options under the Plan. Shares which may be issued upon the
exercise of Options shall be applied to reduce the maximum number of Shares remaining available for use under the Plan. The Company shall at all times during the term of the Plan and while any Options
are outstanding retain as authorized and unissued Stock, or as treasury Stock, at least the number of Shares from time to time required under the provisions of the Plan, or otherwise assure itself of
its ability to perform its obligations hereunder. 

        4.2   Unused and Forfeited Stock. Any Shares that are subject to an Award under this Plan which are not used because the terms
and conditions of the Award are not met, including any Shares that are subject to an Option which expires or is terminated for any reason, any Shares which are used for full or partial payment of the
purchase price of Shares with respect to which an Option is exercised and any Shares retained by the Company pursuant to Section 16.2 shall automatically become available for use under the
Plan. Notwithstanding the foregoing, any Shares used for full or partial payment of the purchase price of the Shares with respect to which an Option is exercised and any Shares retained by the Company
pursuant to Section 16.2 that were originally Incentive Stock Option Shares shall still be considered as having been granted for purposes of determining whether the Share limitation provided
for in Section 4.1 has been reached for purposes of Incentive Stock Option grants. 

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        4.3   Adjustments for Stock Split, Stock Dividend, etc. If the Company shall at any time increase or decrease the number of its
outstanding Shares of Stock or change in any way the rights and privileges of such Shares by means of the payment of a stock dividend or any other distribution upon such Shares payable in Stock, or
through a stock split, subdivision, consolidation, combination, reclassification or recapitalization involving the Stock, then in relation to the Stock that is affected by one or more of the above
events, the numbers, rights and privileges of (i) the shares of Stock as to which Awards may be granted under the Plan, and (ii) the Shares of Stock then included in each outstanding
Option, Performance Share or Performance Unit granted hereunder, shall be increased, decreased or changed in like manner as if they had been issued and outstanding, fully paid and nonassessable at the
time of such occurrence. 

        4.4   Dividend Payable in Stock of Another Corporation, etc. Except as set forth in Section 4.5 below, if the Company
shall at any time pay or make any dividend or other distribution upon the Stock payable in securities of another corporation or other property (except money or Stock), a proportionate part of such
securities or other property shall be set aside and delivered to any Participant then holding an Award for the particular type of Stock for which the dividend or other distribution was made, upon
exercise thereof in the case of Options, and the vesting thereof in the case of other Awards. Prior to the time that any such securities or other property are delivered to a Participant in accordance
with the foregoing, the Company shall be the owner of such securities or other property and shall have the right to vote the securities, receive any dividends payable on such securities, and in all
other respects shall be treated as the owner. If securities or other property which have been set aside by the Company in accordance with this Section are not delivered to a Participant because
an Award is not exercised or otherwise vested, then such securities or other property shall remain the property of the Company and shall be dealt with by the Company as it shall determine in its sole
discretion. 

        4.5   Spin-offs. If the Company shall at any time pay or make any dividend or other distribution upon the Stock in
the nature of a spin-off, for example a dividend payable in securities of an Affiliated Corporation, the Administrator shall in its discretion determine what changes are equitably required
to outstanding Awards to effect the spin-off, including but not limited to treating Awards of Employees remaining with the Company differently from Awards to Employees of the newly
spun-off entity, substituting Awards for Company Stock for Awards of stock in the spun-off entity, and allowing either the Company, the spun-off entity or both to
hold the securities or property set aside for Award participants. 

        4.6   Other Changes in Stock. In the event there shall be any change, other than as specified in Sections 4.3, 4.4 and
4.5, in the number or kind of outstanding shares of Stock or of any stock or other securities into which the Stock shall be changed or for which it shall have been exchanged, and if the Administrator
shall in its discretion determine that such change equitably requires an adjustment in the number or kind of Shares subject to outstanding Awards or which have been reserved for issuance pursuant to
the Plan but are not then subject to an Award, then such adjustments shall be made by the Administrator and shall be effective for all purposes of the Plan and on each outstanding Award that involves
the particular type of stock for which a change was effected. 

        4.7   General Adjustment Rules. If any adjustment or substitution provided for in this Section 4 shall result in the
creation of a fractional Share under any Award, the Company shall, in lieu of selling or otherwise issuing such fractional Share, pay to the Participant a cash sum in an amount equal to the product of
such fraction multiplied by the Fair Market Value of a Share on the date the fractional Share would otherwise have been issued. In the case of any such substitution or adjustment affecting an Option,
the total Option Price for the shares of Stock then subject to an Option shall remain unchanged but the Option Price per share under each such Option shall be equitably adjusted by the Administrator
to reflect the greater or lesser number of shares of Stock or other securities into which the Stock subject to the Option may have been changed. 

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        4.8   Determination by Administrator. Adjustments under this Section 4 shall be made by the Administrator, whose
determinations with regard thereto shall be final and binding upon all persons. 

SECTION 5

REORGANIZATION OR LIQUIDATION  

        In the event that the Company is merged or consolidated with another corporation (other than a merger or consolidation in which the Company is the continuing
corporation and which does not result in any reclassification or change of outstanding Shares), or if all or substantially all of the assets or more than 50% of the outstanding voting stock of the
Company is acquired by any other corporation, business entity or person (other than a sale or conveyance in which the Company continues as a holding company of an entity or entities that conduct the
business or businesses formerly conducted by the Company), or in case of a reorganization (other than a reorganization under the United States Bankruptcy Code) or liquidation of the Company, and if
the provisions of Section 11 do not apply, the Administrator, or the board of directors of any corporation assuming the obligations of the Company, shall, have the power and discretion to
prescribe the terms and conditions for the exercise, or modification, of any outstanding Awards granted hereunder. By way of illustration, and not by way of limitation, the Administrator may provide
for the complete or partial acceleration of the dates of exercise of the Options, or may provide that such Options will be exchanged or converted into options to acquire securities of the surviving or
acquiring corporation, or may provide for a payment or distribution in respect of outstanding Options (or the portion thereof that is currently exercisable) in cancellation thereof. The Administrator
may remove restrictions on Restricted Stock and may modify the performance requirements for any other Awards. The Administrator may provide that Stock or other Awards granted hereunder must be
exercised in connection with the closing of such transaction, and that if not so exercised such Awards will expire. Any such determinations by the Administrator may be made generally with respect to
all Participants, or may be made on a case-by-case basis with respect to particular Participants. The provisions of this Section 5 shall not apply to any transaction
undertaken for the purpose of reincorporating the Company under the laws of another jurisdiction, if such transaction does not materially affect the beneficial ownership of the Company's capital
stock. 

SECTION 6

PARTICIPATION  

        Participants in the Plan shall be those Employees, Directors, or Consultants who, in the judgment of the Administrator, are performing, or during the term of
their incentive arrangement will perform, important services in the management, operation and development of the Company, and significantly contribute, or are expected to significantly contribute, to
the achievement of long-term corporate economic objectives. Participants may be granted from time to time one or more Awards; provided, however, that the grant of each such Award shall be
separately approved by the Administrator, receipt of one such Award shall not result in automatic receipt of any other Award, and written notice shall be given to such person, specifying the terms,
conditions, rights and duties related thereto; and further provided that Incentive Stock Options shall not be granted to (i) Consultants, (ii) part-time employees,
(iii) Nonemployee Directors, or (iv) Employees of any partnership or other entity which is included within the definition of an Affiliated Corporation but whose employees are not
permitted to receive Incentive Stock Options under the Internal Revenue Code. Each Participant shall enter into an agreement with the Company, in such form as the Administrator shall determine and
which is consistent with the provisions of the Plan, specifying such terms, conditions, rights and duties. Awards shall be deemed to be granted as of the date specified in the grant resolution of the
Administrator, which date shall be the date of any related agreement with the Participant. In the event of any inconsistency between the provisions of the Plan and any such agreement entered into
hereunder, the provisions of the Plan shall govern. 

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SECTION 7

STOCK OPTIONS TO EMPLOYEES AND CONSULTANTS  

        7.1   Grant of Options to Employees and Consultants. Coincident with or following designation for participation in the Plan, a
Participant (other than a Nonemployee Director) may be granted one or more Options. The Administrator in its sole discretion shall designate whether an Option is to be considered an Incentive Stock
Option or a Non-Statutory Option. The Administrator may grant both an Incentive Stock Option and a Non-Statutory Option to the same Participant at the same time or at different
times. Incentive Stock Options and Non-Statutory Options, whether granted at the same or different times, shall be deemed to have been awarded in separate grants, shall be clearly
identified, and in no event shall the exercise of one Option affect the right to exercise any other Option or affect the number of Shares for which any other Option may be exercised. 

        7.2   Option Agreements. Each Option granted under the Plan shall be evidenced by a Stock Option Agreement which shall be
delivered by the Company to the Participant to whom the Option is granted (the "Option Holder"). Except as otherwise set forth in a Stock Option Agreement delivered to the Participant, each Option
shall be governed by the following terms and conditions, as well as such other terms and conditions not inconsistent therewith as the Administrator may consider appropriate in each case. 

        (a)   Number of Shares. Each Stock Option Agreement shall state that it covers a specified number of Shares, as determined by
the Administrator. To the extent that the aggregate Fair Market Value of Shares with respect to which Options designated as Incentive Stock Options are exercisable for the first time by any
Participant during any year (under all plans of the Company and any Affiliated Corporation) exceeds $100,000, such Options shall be treated as not being Incentive Stock Options. The foregoing shall be
applied by taking Options into account in the order in which they were granted. For the purposes of the foregoing, the Fair Market Value of any Share shall be determined as of the time the Option with
respect to such Share is granted. In the event the foregoing results in a portion of an Option designated as an Incentive Stock Option exceeding the $100,000 limitation, only such excess shall be
treated as not being an Incentive Stock Option. 

        (b)   Price. Except for the limitations on Incentive Stock Options set forth below, the price at which each Share covered by an
Option may be purchased shall be determined in each case by the Administrator and set forth in the Stock Option Agreement. The Option Price for each Share covered by a Non-Statutory Option
may be granted at any price less than Fair Market Value, in the sole discretion of the Administrator. In no event shall the Option Price for each Share covered by an Incentive Stock Option be less
than the Fair Market Value of the Stock on the date the Option is granted. Further, the Option Price for each Share covered by an Incentive Stock Option granted to an Employee who then owns stock
possessing more than 10% of the total combined voting power of all classes of stock of the Company or any parent or subsidiary corporation of the Company must be at least 110% of the Fair Market Value
of the Stock subject to the Incentive Stock Option on the date the Option is granted. 

        (c)   Duration of Options. The Administrator shall determine the period of time within which the Option may be exercised by the
Option Holder (the "Option Period"). The Option Period must expire, in all cases, not more than ten years from the date an Option is granted; provided, however, that the Option Period of an
Incentive Stock Option granted to an Employee who then owns stock possessing more than 10% of the total combined voting power of all classes of stock of the Company or any parent or subsidiary
corporation of the Company must expire not more than five years from the date such Option is granted. Any Option Period determined by the Administrator to be shorter than the ten or
five-year term set forth above, must be set forth in a Stock Option Agreement. Each Stock Option Agreement shall also state the periods of time, if 

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any,
as determined by the Administrator, when incremental portions of each Option shall vest. If any Option is not exercised during its Option Period, it shall be deemed to have been forfeited and of
no further force or effect. 

        (d)   Termination of Service, Retirement, Death or Disability. Except as otherwise determined by the Administrator, each Option
shall be governed by the following terms with respect to the exercise of the Option if an Option Holder ceases to be a Service Provider: 

        (i)    If
the Option Holder ceases to be a Service Provider within the Option Period for cause, as determined by the Company, the Option shall thereafter be void for all
purposes. As used in this Section 7.2(d), "cause" shall mean (A) if applicable, "cause" as defined on a written contract between the Option Holder and the Company, or (B) in any
other case, a gross violation, as determined by the Company, of the Company's established policies and procedures. The effect of this Section 7.2(d)(i) shall be limited to determining
the consequences of a termination, and nothing in this Section 7.2(d)(i) shall restrict or otherwise interfere with the Company's discretion with respect to the termination of any
Service Provider. 

        (ii)   If
the Option Holder ceases to be a Service Provider with the Company in a manner determined by the Board, in its sole discretion, to constitute retirement (which
determination shall be communicated to the Option Holder within 10 days of such termination), the Option may be exercised by the Option Holder, or in the case of death, by the persons specified
in clause (iii) of this Section 7.2(d), within three months following his or her retirement if the Option is an Incentive Stock Option or within twelve months
following his or her retirement if the Option is a Non-Statutory Stock Option (provided in each case that such exercise must occur within the Option Period), but not thereafter. In any
such case, the Option may be exercised only as to the Shares as to which the Option had become exercisable on or before the date the Option Holder ceases to be a Service Provider. 

        (iii)  If
the Option Holder dies (A) while he or she is a Service Provider, (B) within the three-month period referred to in clause (v) below, or
(C) within the three or twelve-month period referred to in clause (ii) above, the Option may be exercised by those entitled to do so under the Option Holder's will or by the laws
of descent and distribution within twelve months following the Option Holder's death (provided that such exercise must occur within the Option Period), but not thereafter. In any such case, the
Option may be exercised only as to the Shares as to which the Option had become exercisable on or before the date the Option Holder ceased to be a Service Provider. 

        (iv)  If
the Option Holder becomes disabled (within the meaning of Section 22(e) of the Internal Revenue Code) while a Service Provider, Incentive Stock Options held
by the Option Holder may be exercised by the Option Holder within twelve months following the date the Option Holder ceases to be a Service Provider (provided that such exercise must occur
within the Option Period), but not thereafter. If the Option Holder becomes disabled (within the meaning of Section 22(e) of the Internal Revenue Code) while a Service Provider or within
three-month period referred to in clause (v) below or within the twelve-month period following his or her retirement as provided in clause (ii) above,
Non-Statutory Options held by the Option Holder may be exercised by the Option Holder within twelve months following the date of the Option Holder's disability (provided that such
exercise must occur within the Option Period), but not thereafter. In any such case, the Option may be exercised only as to the Shares as to which the Option had become exercisable on or before the
date the Option Holder ceased to be a Service Provider. 

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        (v)   If
the Option Holder ceases to be a Service Provider within the Option Period for any reason other than cause, retirement as provided in clause (ii) above,
disability as provided in clause (iv) above or the Option Holder's death, the Option may be exercised by the Option Holder within three months following the date of such cessation
(provided that such exercise must occur within the Option Period), but not thereafter. In any such case, the Option may be exercised only as to the Shares as to which the Option had become exercisable
on or before the date that the Option Holder ceases to be a Service Provider 

        (e)   Exercise, Payments, etc.

        (i)    The
method for exercising each Option granted under the Plan shall be by delivery to the Corporate Secretary of the Company or an agent designated pursuant to
Section 18 of a notice specifying the number of Shares with respect to which such Option is exercised and payment of the Option Price. Such notice shall be in a form satisfactory to the
Administrator and shall specify the particular Option (or portion thereof) which is being exercised and the number of Shares with respect to which the Option is being exercised. The exercise of the
Option shall be deemed effective upon receipt of such notice by the Corporate Secretary or a designated agent and payment to the Company. The purchase of such Stock shall be deemed to take place at
the principal office of the Company upon delivery of such notice, at which time the purchase price of the Stock shall be paid in full by any of the methods or any combination of the methods set forth
in (ii) below. A properly executed certificate or certificates representing the Stock shall be issued by the Company and delivered to the Option Holder. If certificates representing Stock are
used to pay all or part of the Option Price, separate certificates for the same number of shares of Stock shall be issued by the Company and delivered to the Option Holder representing each
certificate used to pay the Option Price, and an additional certificate shall be issued by the Company and delivered to the Option Holder representing the additional shares, in excess of the Option
Price, to which the Option Holder is entitled as a result of the exercise of the Option. 

        (ii)   The
exercise price shall be paid by any of the following methods or any combination of the following methods: 

        (A)  in
cash; 

        (B)  by
cashier's check payable to the order of the Company; 

        (C)  if
authorized by the Administrator, in its sole discretion, by delivery to the Company of certificates representing the number of Shares then owned by the Option Holder,
the Fair Market Value of which equals the purchase price of the Stock purchased pursuant to the Option, properly endorsed for transfer to the Company; provided however, that Shares used for this
purpose must have been held by the Option Holder for more than six months; and provided further that the Fair Market Value of any Shares delivered in payment of the purchase price upon exercise
of the Option shall be the Fair Market Value as of the exercise date, which shall be the date of delivery of the certificates for the Stock used as payment of the Option Price; 

        (D)  if
authorized by the Administrator, in its sole discretion, and subject to applicable law, including Section 402 of the Sarbanes-Oxley Act, by delivery by a
Participant (other than an Executive Officer or Director) to the Company of a properly executed notice of exercise together with irrevocable instructions to a broker to deliver to the Company promptly
the amount of the proceeds of the sale of all or a portion of the Stock or of a loan from the broker to the Option Holder necessary to pay the exercise price; or 

9

 

        (E)  if
authorized by the Administrator, in its sole discretion, any combination of these methods. 

        (iii)  In
the sole discretion of the Administrator, the Company may, subject to applicable law, including Section 402 of the Sarbanes-Oxley Act, guaranty a third-party
loan obtained by a Participant (other than an Executive Officer or Director) to pay part or all of the Option Price of the Shares provided that such loan or the Company's guaranty is secured by the
Shares and the loan bears interest at a market rate. The Company may not make or guaranty loans to Executive Officers or Directors. 

        (f)    Date of Grant. An option shall be considered as having been granted on the date specified in the grant resolution of the
Administrator. 

        (g)   No Repricing of Options. The Administrator shall not take any action to reprice the exercise price of any option granted
under the plan without the affirmative vote of the stockholders of the Company, other than with respect to stock splits, recapitalizations, reorganizations, liquidations or similar events as provided
elsewhere in the Plan. 

SECTION 8

STOCK AWARDS  

        8.1   Awards Granted by Administrator. Coincident with or following designation for participation in the Plan, a Participant
(other than a Nonemployee Director) may be granted one or more unrestricted Stock Awards or Restricted Stock Awards consisting of Shares. A Stock Award may be paid by delivery of Stock, in cash or in
a combination of Stock and cash, as determined by the Administrator. 

        8.2   Restrictions. A Participant's right to retain a Restricted Stock Award granted to such Participant under
Section 8.1 shall be subject to such restrictions, including but not limited to the Participant's continuing to perform as a Service Provider for a restriction period specified by the
Administrator, or the attainment of specified performance goals and objectives, as may be established by the Administrator with respect to such Award. The Administrator may, in its sole discretion,
require different periods of service or different performance goals and objectives with respect to (i) different Participants, (ii) different Restricted Stock Awards, or
(iii) separate, designated portions of the Shares constituting a Restricted Stock Award. 

        8.3   Privileges of a Stockholder, Transferability. A Participant shall have all voting, dividend, liquidation and other rights
with respect to Stock in accordance with its terms received by such Participant as a Stock Award under this Section 8 upon the Participant's becoming the holder of record of such Stock;
provided, however, that the Participant's right to sell, encumber or otherwise transfer Restricted Stock shall be subject to the limitations of Section 12.2 hereof. 

        8.4   Enforcement of Restrictions. The Administrator may in its sole discretion require one or more of the following methods of
enforcing the restrictions referred to in Section 8.2 and 8.3: 

        (a)   placing
a legend on the stock certificates referring to the restrictions as follows: 

THE SHARES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO FORFEITURE AND TRANSFERABILITY RESTRICTIONS AS SET FROTH IN THE RESTRICTED STOCK AGREEMENT BETWEEN THE SHAREHOLDER AND
CIBER, INC. DATED                        . A COPY OF THE RESTRICTED STOCK AGREEMENT IS ON FILE AT THE EXECUTIVE OFFICE OF
CIBER, INC.

        (b)   requiring
the Participant to keep the stock certificates, duly endorsed, in the custody of the Company while the restrictions remain in effect; or 

10

 

        (c)   requiring
that the stock certificates, duly endorsed, be held in the custody of a third party while the restrictions remain in effect. 

        8.5   Termination of Service, Death or Disability. In the event of the death or disability (within the meaning of
Section 22(e) of the Internal Revenue Code) of a Participant, or the retirement of a Participant as provided in Section 7.2(d)(ii), all service period and other restrictions
applicable to Restricted Stock Awards then held by him shall lapse, and such Awards shall become fully nonforfeitable. Subject to Sections 5 and 10, in the event a Participant ceases to be a
Service Provider for any other reason, any Restricted Stock Awards as to which the service period or other restrictions have not been satisfied shall be forfeited. 

SECTION 9

PERFORMANCE SHARES AND PERFORMANCE UNITS  

        9.1   Awards Granted by Administrator. Coincident with or following designation for participation in the Plan, a Participant
(other than a Nonemployee Director) may be granted Performance Shares or Performance Units. 

        9.2   Amount of Award. The Administrator shall establish a maximum amount of a Participant's Award, which amount shall be
denominated in Shares in the case of Performance Shares or in dollars in the case of Performance Units. 

        9.3   Communication of Award. Written notice of the maximum amount of a Participant's Award and the Performance Cycle
determined by the Administrator shall be given to a Participant as soon as practicable after approval of the Award by the Administrator. 

        9.4   Amount of Award Payable. The Administrator shall establish maximum and minimum performance targets to be achieved during
the applicable Performance Cycle. Performance targets established by the Administrator shall relate to corporate, group, unit or individual performance and may be established in terms of earnings,
growth in earnings, ratios of earnings to equity or assets, or such other measures or standards determined by the Administrator. Multiple performance targets may be used and the components of multiple
performance targets may be given the same or different weighting in determining the amount of an Award earned, and may relate to absolute performance or relative performance measured against other
groups, units, individuals or entities. Achievement of the maximum performance target shall entitle the Participant to payment (subject to Section 9.6) at the full or maximum amount specified
with respect to the Award; provided, however, that notwithstanding any other provisions of this Plan, in the case of an Award of Performance Shares the Administrator in its discretion may establish an
upper limit on the amount payable (whether in cash or Stock) as a result of the achievement of the maximum performance target. The Administrator may also establish that a portion of a full or maximum
amount of a Participant's Award will be paid (subject to Section 9.6) for performance which exceeds the minimum performance target but falls below the maximum performance target applicable to
such Award. 

        9.5   Adjustments. At any time prior to payment of a Performance Share or Performance Unit Award, the Administrator may adjust
previously established performance targets or other terms and conditions to reflect events such as changes in laws, regulations, or accounting practice, or mergers, acquisitions or divestitures. 

        9.6   Payments of Awards. Following the conclusion of each Performance Cycle, the Administrator shall determine the extent to
which performance targets have been attained, and the satisfaction of any other terms and conditions with respect to an Award relating to such Performance Cycle. The Administrator shall determine
what, if any, payment is due with respect to an Award and whether such payment shall be made in cash, Stock or some combination. Payment shall be made in a lump sum or installments, as determined by
the Administrator, commencing as promptly as practicable following the 

11

 

end
of the applicable Performance Cycle, subject to such terms and conditions and in such form as may be prescribed by the Administrator. 

        9.7   Termination of Employment. If a Participant ceases to be a Service Provider before the end of a Performance Cycle by
reason of his death, disability as provided in Section 7.2(d)(iv), or retirement as provided in Section 7.2(d)(ii), the Performance Cycle for such Participant for the purpose of
determining the amount of the Award payable shall end at the end of the calendar quarter immediately preceding the date on which such Participant ceased to be a Service Provider. The amount of an
Award payable to a Participant to whom the preceding sentence is applicable shall be paid at the end of the Performance Cycle and shall be that fraction of the Award computed pursuant to the preceding
sentence the numerator of which is the number of calendar quarters during the Performance Cycle during all of which said Participant was a Service Provider and the denominator of which is the number
of full calendar quarters in the Performance Cycle. Upon any other termination of Participant's services as a Service Provider during a Performance Cycle, participation in the Plan shall cease and all
outstanding Awards of Performance Shares or Performance Units to such Participant shall be canceled. 

SECTION 10

FORMULA AWARDS TO DIRECTORS  

        10.1 Administrator. The Administrator shall have no authority, discretion or power to select the Nonemployee Directors who
will receive any Award, determine the number of shares to be issued hereunder or the time at which such Awards are to be granted, establish the duration of the Awards or alter any other terms or
conditions specified in the Plan, except in the sense of administering the Plan pursuant to the provisions of the Plan. 

        10.2 Number of Option Shares. Upon the initial election or appointment of a Nonemployee Director to the Company's Board,
provided such initial election or appointment occurs after the Effective Date, the Nonemployee Director shall be granted a Non-Statutory Option to purchase 20,000 Shares of Stock (subject
to adjustment pursuant to Section 4 hereof), which option shall become exercisable at the rate of 10,000 Shares of Stock on each of the first two anniversaries of the initial date of grant. In
addition, each Nonemployee Director shall be granted a Non-Statutory Option to purchase 4,000 Shares of Stock on each anniversary of the commencement of his or her initial term of service
on the Board (subject to adjustment pursuant to Section 4 hereof), which option shall be exercisable one year from the date of grant. Options shall expire, to the extent not exercised,
ten years after the date on which day they were granted. 

        10.3 Price of Option Shares. The exercise price per Share for any Option granted pursuant to this Section 10 shall be
100% of the Fair Market Value of the Stock on the date on which the Nonemployee Director is granted the Option. 

        10.4 Option Termination and Exercise. Options granted to Nonemployee Directors pursuant to this Section 10 shall
provide for exercise and termination as set forth in Sections 7.2(d) and 7.2(e). 

        10.5 Other Terms. Except for the limitations set forth in Sections 5, 10.2, 10.3, and 11, the terms and provisions of Options
shall be as determined from time to time by the Administrator, and Options issued may contain terms and provisions different from other Options granted to the same or other Option recipients. Options
shall be evidenced by a Stock Option Agreement containing such terms and provisions as the Administrator may determine, subject to the provisions of the Plan. 

        10.6 Stock Compensation. The Company shall issue to each Nonemployee Director of the Board, for each meeting of the Company's
Board attended by such Nonemployee Director, a Stock Award for the minimum integral number of Shares of Stock that have an aggregate Fair Market Value of at least [$2,500]. The
Stock Award may be paid by the delivery of Stock, in cash, or in a combination of Stock and cash, as determined by the Administrator. 

12

 

        10.7 Meeting of Board Committees. The Board (and not a committee of the Board), in its sole discretion, may adopt one or more
formulas that provide for granting a specified Award to each Nonemployee Director for attendance at each meeting of designated committees of the Board. The Board may adopt different formulas for the
various committees of the Board, and it may choose to adopt formulas for some committees and not others. Further, any formula may provide for a different grant to members of the committee charged with
additional responsibilities on the committee, such as the chairman. 

SECTION 11

CHANGE IN CONTROL  

        11.1 Options, Restricted Stock. In the event of a change in control of the Company as defined in Section 11.3, then
the Administrator may, in its sole discretion, without obtaining stockholder approval, to the extent permitted in Section 15, take any or all of the following actions: (a) accelerate the
exercise dates of any outstanding Options or make all such Options fully vested and exercisable; (b) grant a cash bonus award to any Option Holder in an amount necessary to pay the Option Price
of all or any portion of the Options then held by such Option Holder; (c) pay cash to any or all Option Holders in exchange for the cancellation of their outstanding Options in an amount equal
to the difference between the Option Price of such Options and the greater of the tender offer price for the underlying Stock or the Fair Market Value of the Stock on the date of the cancellation of
the Options; (d) make any other adjustments or amendments to the outstanding Options; and (e) eliminate all restrictions with respect to Restricted Stock and deliver Shares free of
restrictive legends to any Participant. 

        11.2 Performance Shares and Performance Units. Under the circumstances described in Section 11.1, the Administrator
may, in its sole discretion, and without obtaining stockholder approval, to the extent permitted in Section 15, provide for payment of outstanding Performance Shares and Performance Units at
the maximum award level or any percentage thereof. 

        11.3 Definition. For purposes of the Plan, a "change in control" shall be deemed to have occurred if: (a) any "person"
or "group" (within the meaning of Sections 13(d) and 14(d)(2) of the Exchange Act), other than Bobby G. Stevenson or a trustee or other fiduciary holding securities under an
employee benefit plan of the Company or under a trust, the grantor of which is Bobby G. Stevenson, is or becomes the "beneficial owner" (as defined in Rule 13d-3 under the Exchange
Act), directly or indirectly, of more than 331/3% of the then outstanding voting stock of the Company; or (b) at any time during any period of three consecutive years (not
including any period prior to the Effective Date), individuals who at the beginning of such period constitute the Board (and any new director whose election by the Board or whose nomination for
election by the Company's stockholders was approved by a vote of at least two-thirds of the directors then still in office who either were directors at the beginning of such period or
whose election or nomination for election was previously so approved) cease for any reason to constitute a majority thereof; or (c) the stockholders of the Company approve a merger or
consolidation of the Company with any other corporation, other than a merger or consolidation which would result in the voting securities of the Company outstanding immediately prior thereto
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity) at least 80% of the combined voting power of the voting securities of the
Company or such surviving entity outstanding immediately after such merger or consolidation, or the stockholders approve a plan of complete liquidation of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the Company's assets. 

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SECTION 12

CONTINUATION OF SERVICES; TRANSFERABILITY  

        12.1 Continuation of Services. Nothing contained in the Plan or in any Award granted under the Plan shall confer upon any
Participant any right with respect to the continuation of his or her services as a Service Provider, or interfere in any way with the right of the Company, subject to the terms of any separate
employment or consulting agreement to the contrary, at any time to terminate such services or to increase or decrease the compensation of the Participant from the rate in existence at the time of the
grant of an Award. Whether an authorized leave of absence, or absence in military or government service, shall constitute a termination of Participant's services as a Service Provider shall be
determined by the Administrator at the time of such leave in accordance with then current laws and regulations. 

        12.2 Nontransferability. Except as provided in Section 12.3, no right or interest of any Participant in an Award
granted pursuant to the Plan shall be assignable or transferable during the lifetime of the Participant, except (if otherwise permitted under Section 12.4) pursuant to a domestic relations
order, either voluntarily or involuntarily, or be subjected to any lien, directly or indirectly, by operation of law, or otherwise, including execution, levy, garnishment, attachment, pledge or
bankruptcy. In the event of a Participant's death, a Participant's rights and interests in Options shall, if otherwise permitted under Section 12.4, be transferable by testamentary will or the
laws of descent and distribution, and payment of any amounts due under the Plan shall be made to, and exercise of any Options may be made by, the Participant's legal representatives, heirs or
legatees. If, in the opinion of the Administrator, a person entitled to payments or to exercise rights with respect to the Plan is disabled from caring for his or her affairs because of mental
condition, physical condition or age, payment due such person may be made to, and such rights shall be exercised by, such person's guardian, conservator or other legal personal representative upon
furnishing the Administrator with evidence satisfactory to the Administrator of such status. Transfers shall not be deemed to include transfers to the Company or "cashless exercise" procedures with
third parties who provide financing for the purpose of (or who otherwise facilitate) the exercise of Awards consistent with applicable laws and the authorization of the Administrator. 

        12.3 Permitted Transfers. Pursuant to conditions and procedures established by the Administrator from time to time, the
Administrator may permit Awards (other than Incentive Stock Options) to be transferred to, exercised by and paid to certain persons or entities related to a Participant, including but not limited to
members of the Participant's immediate family, charitable institutions, or trusts or other entities whose beneficiaries or beneficial owners are members of the Participant's immediate family and/or
charitable institutions. In the case of initial Awards, at the request of the Participant, the Administrator may permit the naming of the related person or entity as the Award recipient. Any permitted
transfer shall be subject to the condition that the Administrator receive evidence satisfactory to it that the transfer is being made for estate and/or tax planning purposes on a gratuitous or
donative basis and without consideration (other than nominal consideration). 

        12.4 Limitations on Incentive Stock Options. Notwithstanding anything in this Agreement (or in any Stock Option Agreement
evidencing the grant of an Option hereunder) to the contrary, Incentive Stock Options shall be transferable only to the extent permitted by Section 422 of the Internal Revenue Code and the
treasury regulations thereunder without affecting the Option's qualification under Section 422 as an Incentive Stock Option. 

SECTION 13

GENERAL RESTRICTIONS  

        13.1 Investment Representations. The Company may require any person to whom an Option or other Award is granted, as a
condition of exercising such Option or receiving Stock under the Award, to give written assurances in substance and form satisfactory to the Company and its counsel to the effect that 

14

 

such
person is acquiring the Stock subject to the Option or the Award for his own account for investment and not with any present intention of selling or otherwise distributing the same, and to such
other effects as the Company deems necessary or appropriate in order to comply with federal and applicable state securities laws. Legends evidencing such restrictions may be placed on the certificates
evidencing the Stock. 

        13.2 Compliance with Securities Laws. Each Award shall be subject to the requirement that, if at any time counsel to the
Company shall determine that the listing, registration or qualification of the Shares subject to such Award upon any securities exchange or under any state or federal law, or the consent or approval
of any governmental or regulatory body, is necessary as a condition of, or in connection with, the issuance or purchase of Shares thereunder, such Award may not be accepted or exercised in whole or in
part unless such listing, registration, qualification, consent or approval shall have been effected or obtained on conditions acceptable to the Administrator. Nothing herein shall be deemed to require
the Company to apply for or to obtain such listing, registration or qualification. 

        13.3 Stock Restriction Agreement. The Administrator may provide that shares of Stock issuable pursuant to an Award shall,
under certain conditions, be subject to restrictions whereby the Company has a right of first refusal with respect to such shares or a right or obligation to repurchase all or a portion of such
shares, which restrictions may survive a Participant's cessation or termination as a Service Provider. 

        13.4 Stockholder Privileges. No Award Holder shall have any rights as a stockholder with respect to any Shares covered by an
Award until the Award Holder becomes the holder of record of such Stock, and no adjustments shall be made for dividends or other distributions or other rights as to which there is a record date
preceding the date such Award Holder becomes the holder of record of such Stock, except as provided in Section 4. 

SECTION 14

OTHER EMPLOYEE BENEFITS  

        The amount of any compensation deemed to be received by a Participant as a result of the exercise of an Option or the grant or vesting of any other Award shall
not constitute "earnings" with respect to which any other benefits of such Participant are determined, including without limitation benefits under any pension, profit sharing, life insurance or salary
continuation plan. 

SECTION 15

PLAN AMENDMENT, MODIFICATION AND TERMINATION  

        The Board may at any time terminate, and from time-to-time may amend or modify, the Plan; provided, however, that no amendment or
modification may become effective without approval of the amendment or modification by the stockholders if stockholder approval is required to enable the Plan to satisfy any applicable statutory or
regulatory requirements, or if the Company, on the advice of counsel, determines that stockholder approval is otherwise necessary or desirable. 

        No
amendment, modification or termination of the Plan shall in any manner adversely affect any Awards theretofore granted under the Plan, without the consent of the Participant holding
such Awards. 

SECTION 16

WITHHOLDING  

        16.1 Withholding Requirement. The Company's obligations to deliver Shares upon the exercise of an Option, or upon the vesting
of any other Award, shall be subject to the Participant's satisfaction of all applicable federal, state and local income and other tax withholding requirements. The Company may 

15

 

defer
exercise of an Award unless indemnified by the Participants to the Administrator's satisfaction against the payment of any such amount. Further, the Company shall, to the extent permitted by
law, have the right to deduct any such taxes from any payment of any kind due to the Participant by the Company. 

        16.2 Withholding with Stock. At the time the Administrator grants an Award, it may, in its sole discretion, grant the
Participant an election to pay all such amounts of tax withholding, or any part thereof, by electing to transfer to the Company, or to have the Company withhold from Shares otherwise issuable to the
Participant, Shares having a value equal to the amount required to be withheld or such lesser amount as may be elected by the Participant. All elections shall be subject to the approval or disapproval
of the Administrator. The value of Shares to be withheld shall be based on the Fair Market Value of the Stock on the date that the amount of tax to be withheld is to be determined (the "Tax Date").
Any such elections by Participants to have Shares withheld for this purpose will be subject to the following restrictions: 

        (a)   All
elections must be made prior to the Tax Date; 

        (b)   All
elections shall be irrevocable; and 

        (c)   If
the Participant is an "officer" or "director" of the Company within the meaning of Section 16 of the Exchange Act, the Participant must satisfy the
requirements of such Section 16 and any applicable rules thereunder with respect to the use of Stock to satisfy such tax withholding obligation. 

        16.3 Incentive Options. In the event that an Option Holder makes a disposition (as defined in Section 424(c) of
the Internal Revenue Code) of any Stock acquired pursuant to the exercise of an Incentive Stock Option prior to the later of (i) the expiration of two years from the date on which the
Incentive Stock Option was granted or (ii) the expiration of one year from the date on which the Option was exercised, the Option Holder shall send written notice to the Company at its
principal office (Attention: Corporate Secretary) of the date of such disposition, the number of shares disposed of, the amount of proceeds received from such disposition, and any other information
relating to such disposition as the Company may reasonably request. The Option Holder shall, in the event of such a disposition, make appropriate arrangements with the Company to provide for the
amount of additional withholding, if any, required by applicable federal and state income tax laws. 

SECTION 17

SECTION 162(M) PROVISIONS  

        17.1 Limitations. Notwithstanding any other provision of this Plan, if the Administrator determines at the time any Stock
Award or Performance Award is granted to a Participant that such Participant is, or is likely to be at the time he or she recognizes income for federal income tax purposes in connection with such
Award, a "covered employee" within the meaning of 162(m)(3) of the Internal Revenue Code, then the Administrator, may provide that this Section 17 is applicable to such Award. 

        17.2 Performance Goals. If an Award is subject to this Section 17, then the lapsing of restrictions thereon and the
distribution of cash, Shares or other property pursuant thereto, as applicable, shall be subject to the achievement of one or more objective performance goals established by the Administrator, which
shall be based on the attainment of one or any combination of the following: specified levels of earnings per share from continuing operations, operating income, revenues, gross margin, return on
operating assets, return on equity, economic value added, stock price appreciation, total stockholder return (measured in terms of stock price appreciation and dividend growth), or cost control, of
the Company or Affiliated Corporation (or any division thereof) for or within which the Participant is primarily employed. Such performance goals also may be based upon the attaining of specified
levels of Company performance under one or more of the measures described above relative 

16

 

to
the performance of other corporations. Such performance goals shall be set by the Administrator within the time period prescribed by, and shall otherwise comply with the requirements of,
Section 162(m) of the Internal Revenue Code and the regulations thereunder. 

        17.3 Adjustments. Notwithstanding any provision of the Plan other than Sections 5 and 11, with respect to any Award
that is subject to this Section 17, the Administrator may not adjust upwards the amount payable pursuant to such Award, nor may it waive the achievement of the applicable performance goals
except in the case of the death or disability of the Participant. 

        17.4 Other Restrictions. The Administrator shall have the power to impose such other restrictions on Awards subject to this
Section 17 as it may deem necessary or appropriate to ensure that such Awards satisfy all requirements for "performance-based compensation" within the meaning of
Section 162(m)(4)(B) of the Internal Revenue Code or any successor thereto. 

SECTION 18

BROKERAGE ARRANGEMENTS  

        The Administrator, in its discretion, may enter into arrangements with one or more banks, brokers or other financial institutions to facilitate the exercise of
Options or the disposition of Shares acquired upon exercise of Stock Options, including, without limitation, arrangements for the simultaneous exercise of Stock Options and sale of the Shares acquired
upon such exercise. 

SECTION 19

NONEXCLUSIVITY OF THE PLAN  

        Neither the adoption of the Plan by the Board nor the submission of the Plan to stockholders of the Company for approval shall be construed as creating any
limitations on the power or authority of the Board to adopt such other or additional incentive or other compensation arrangements of whatever nature as the Board may deem necessary or desirable or
preclude or limit the continuation of any other plan, practice or arrangement for the payment of compensation or fringe benefits to Employees or Consultants generally, or to any class or group of
Employees or Consultants, which the Company or any Affiliated Corporation now has lawfully put into effect, including, without limitation, any retirement, pension, savings and stock purchase plan,
insurance, death and disability benefits and executive short-term incentive plans. 

SECTION 20

REQUIREMENTS OF LAW  

        20.1 Requirements of Law. The issuance of Stock and the payment of cash pursuant to the Plan shall be subject to all
applicable laws, rules and regulations. 

        20.2 Rule 16b-3. Transactions under the Plan and within the scope of Rule 16b-3 of the
Exchange Act are intended to comply with all applicable conditions of Rule 16b-3. To the extent any provision of the Plan or any action by the Administrator under the Plan fails to
so comply, such provision or action shall, without further action by any person, be deemed to be automatically amended to the extent necessary to effect compliance with Rule 16b-3;
provided, however, that if such provision or action cannot be amended to effect such compliance, such provision or action shall be deemed null and void to the extent permitted by law and deemed
advisable by the Administrator. 

        20.3 Governing Law. The Plan and all agreements hereunder shall be construed in accordance with and governed by the laws of
the State of Delaware. 

17

 

SECTION 21

DURATION OF THE PLAN  

        No Award shall be granted under the Plan after ten years from the Effective Date; provided, however, that any Award theretofore granted may, and the
authority of the Board or the Administrator to amend, alter, adjust, suspend, discontinue, or terminate any such Award or to waive any conditions or rights under any such Award shall, extend beyond
such date. 

Dated:
April 27, 2004 

	

 	
 	

CIBER, Inc.
	

 	
 	

By:	
 	

/s/  MAC J. SLINGERLEND      
 Mac J. Slingerlend

President and Chief Executive Officer

18

QuickLinks

CIBER, INC. 2004 INCENTIVE PLAN (Effective as of April 27, 2004)Exhibit
10.29

 

Execution
Copy

 

 

FIRST AMENDMENT TO

VOTING AGREEMENT

 

 

GRUPO TMM, S.A.

 

 

- and -

 

 

SUPPORTING NOTEHOLDERS

 

 

Dated as of March 31, 2004

 

 

FIRST AMENDMENT TO VOTING AGREEMENT

 

This FIRST AMENDMENT TO
VOTING AGREEMENT, dated as of March 31, 2004, is entered into by and among (a)
Grupo TMM, S.A., a corporation (sociedad anomina) organized under the laws
of the United Mexican States (the “Company”), and (b) the Supporting
Noteholders (as defined in the Voting Agreement which is defined below).

 

RECITALS:

 

The
Company and the Supporting Noteholders previously entered into that certain
Voting Agreement dated as of December 9, 2003 (the “Voting  Agreement”).

 

As of the date hereof,
Supporting Noteholders that beneficially own (or that are investment managers
or advisors for the beneficial owners of) approximately 69.8% of the aggregate
principal amount of Existing Notes are party to the Voting Agreement.

 

The
Company and certain of the Supporting Noteholders desire to amend the Voting
Agreement as provided herein.

 

Pursuant to Section 12
of the Voting Agreement, the Voting Agreement may be amended in a writing
signed by the Company and the Required Noteholders (as determined at such
time).

 

Therefore,
in consideration of the premises and the mutual covenants and agreements set
forth in this First Amendment to Voting Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, each of the parties signatory to this First Amendment to Voting
Agreement, intending to be bound hereby, agrees as follows:

 

AGREEMENT:

 

1.               Amendment of Section 1.  The following
definitions, as applicable, shall be added in alphabetical order to Section 1
of the Voting Agreement or shall be deemed to replace in their entirety the
corresponding definitions contained in Section 1 of the Voting Agreement:

 

“Alternative
Bankruptcy Plan” means a pre-negotiated plan of reorganization under
Chapter 11 of the Bankruptcy Code 

 

1

 

pursuant to which
consents will be solicited subsequent to the commencement of the Bankruptcy
Proceeding or a Concurso plan of reorganization, in either event on the terms
and conditions described in the Term Sheet.

 

“Delay Fee” means
with respect to any Existing Notes, an amount equal to the amount of interest
that would accrue during any Delay Period with respect to such Existing Notes
equal to the difference between the Delay Period Rate and the rate of interest
that would otherwise be applicable during such Delay Period.

 

“Delay Period”
shall have the meaning set forth in Section 8(g) of this Agreement.

 

“Delay Period Rate”
means an interest rate of 13.5% per annum, calculated on the basis of a 360-day
year of twelve 30-day months.

 

“Escrow Agreement”
means the Escrow Agreement dated as of January 13, 2004 between the Company and
Wells Fargo, N.A., as escrow agent, in favor of the Supporting Noteholders.

 

“Outside Date”
means September 30, 2004.

 

“Term Sheet”
means that certain Term Sheet attached as Annex A to this Agreement,
which sets forth the material terms and conditions of the Restructuring and the
New Notes, as amended by Section 30 of this Agreement, by Section 5 of the
Escrow Agreement and by the First Amendment to Voting Agreement dated as of March 31,
2004 among the Company and Supporting Noteholders.

 

2.               Amendment of Section 2.  The following sentence
is hereby added at the end of Section 2:

 

Furthermore, if the Exchange Offer is not
commenced (as provided in Section 3(c)(ii) below) but the Supporting
Noteholders then party to this Agreement shall hold at least 66 2/3% of the
aggregate principal amount of the Existing Notes, then the Company shall use
commercially reasonable efforts to pursue the Restructuring through a
Bankruptcy Proceeding pursuant to the Bankruptcy Plan or the Alternative
Bankruptcy Plan.

 

3.               Amendment of Section 3(c).  Section 3(c) of the
Voting Agreement is hereby deleted in its entirety and replaced with the
following:

 

2

 

(i)                                     If the Exchange Offer and Bankruptcy
Plan Solicitation is commenced and all of the conditions to the Exchange Offer
have not been sooner satisfied and/or waived, but Sufficient Consents are
received, then within 30 Business Days following the commencement of the
Exchange Offer or five Business Days following the expiration of the Exchange
Offer, whichever is later, the Company shall commence the Bankruptcy Proceeding
in accordance with the Bankruptcy Plan; provided, however, that if the Company
is using commercially reasonable efforts to commence a Concurso, the date to
commence the Bankruptcy Proceeding hereunder shall be extended by 30 days.

 

(ii)                                  Provided
that the Supporting Noteholders then party to this Agreement shall hold at
least 66 2/3% of the aggregate principal amount of Existing Notes, if for any
reason (A) the Registration Statement shall not have been declared effective by
the SEC or the Exchange Offer shall not have been commenced on or before May
21, 2004, or (B) (x) the Registration Statement shall have been declared
effective in circumstances under which the New Notes to be received by the
Supporting Noteholders (who are not “affiliates” of the Company (as defined
under the Securities Act)) will not be covered by the registration statement on
Form F-4 filed in connection with the Exchange Offer so as to be freely
transferable under the Securities Act upon issuance thereof on the Settlement
Date without further registration and (y) the Company shall not be eligible
under the Securities Act and the rules and regulations promulgated thereunder
to commence and complete a registered “A/B Exchange Offer” the effect of which
will be to make the registered New Notes issued in such “A/B Exchange Offer”
freely transferable under the Securities Act upon receipt thereof by the
Supporting Noteholders (who are not “affiliates” of the Company (as defined
under the Securities Act)) participating in such exchange offer without further
registration and without prospectus delivery requirements under the Securities
Act for such Supporting Noteholders (subject to the Supporting

3

 

Noteholders making
customary representations required in connection with such exchange offers),
then, in the case of either (A) or (B), the Company
shall take all steps necessary to prepare to commence the Bankruptcy Proceeding
and shall, on or before June 15, 2004 (unless in the case of (A), the Exchange
Offer shall have been commenced before such date), commence the Bankruptcy
Proceeding in accordance with the Bankruptcy Plan (with respect to the
Bankruptcy Plan Solicitation, if it has been completed, but not the Exchange
Offer) or the Alternative Bankruptcy Plan.

 

(iii)                               The Company shall consult in advance
with the Ad Hoc Noteholders’ Committee and its counsel with respect to whether
the Bankruptcy Proceeding shall be commenced under the laws of the United
States or the laws of Mexico, it being understood that the determination of
where to file the Bankruptcy Proceeding shall be made solely by the Company.

 

(iv)                              The initial term of the Exchange
Offer shall not exceed twenty-one (21) Business Days.

 

 

4.               Amendment of Section 8(a).  Section 8(a) of the
Voting Agreement is hereby deleted in its entirety and replaced with the
following:

 

The following shall constitute a default by
the Company hereunder (a “Company Default”):

 

(i)                                                             except as provided in any other
clause of this Section 8(a), if the Company shall breach, or fail to perform or
comply with, in any material respect, any of its representations, warranties,
covenants or obligations under this Agreement, or incorporated by reference
herein (other than the provisions of Section 3(c)(ii) of this Agreement), and
such breach shall not have been cured within five Business Days after receipt
of notice from the Required Noteholders of such breach; without limiting the
foregoing, a failure to comply with the provisions of Section 3(c)(ii) shall
not be a Company Default;

 

4

 

(ii)                                                          if the Exchange Offer shall not have
been commenced within five Business Days of the SEC declaring the Registration
Statement effective, unless either (A) the Bankruptcy Proceeding shall have
been commenced on or before such date or (B) the Registration Statement has
been declared effective in circumstances such that, pursuant to Section
3(c)(ii)(B), the Company has agreed not to commence the Exchange Offer;

 

(iii)                                                       if the Exchange Offer has been
commenced and the Minimum Tender Condition and all other conditions to the
Exchange Offer shall have been satisfied (or waived in accordance with
the terms hereof), and, except as provided in Section 3(c)(ii)(B) of this
Agreement, the Exchange Offer shall not have been consummated within five
Business Days following the satisfaction (or waiver in accordance with the
terms hereof) of the last of such conditions to be satisfied (or waived in
accordance with the terms hereof);

 

(iv)                                                      if the Exchange Offer has been
commenced and one or more of the conditions to the Exchange Offer shall not
have been satisfied (or waived in accordance with the terms hereof), but
Sufficient Consents have been received, and no Bankruptcy Proceeding shall have
been commenced on or before 30 Business Days following the commencement of the
Exchange Offer or five Business Days following the expiration of the Exchange
Offer, whichever is later, except that if the Company is using commercially
reasonable efforts to commence a Concurso, this period shall be extended by an
additional 30 Business Days; or

 

(v)                                                         if the Registration Statement shall
have been filed, or the Exchange Offer or the Bankruptcy Plan or Alternative
Bankruptcy Plan shall have been commenced, or any of the foregoing shall have
been amended, in any event on terms and conditions that differ, in any material
respect, from the terms and conditions set forth in the Term Sheet or this
Agreement (including, but not limited to, the inclusion therein of any
condition to the Restructuring

 

5

 

not specified in the Term Sheet or this
Agreement or the waiver of any condition, including but not limited to the
Minimum Tender Offer Condition (but excluding other customary tender offer
conditions, provided the Company shall be required to use commercially
reasonable efforts to satisfy all such conditions), specified in the Term Sheet
or this Agreement without the consent of the Required Noteholders), if such
breach shall not have been cured within three Business Days after receipt of
notice from the Required Noteholders of such breach.

 

For purposes of clause (i) of this Section
8(a), a breach shall include, but not be limited to, (x) any failure of the
Company to comply with its obligations under (or incorporated by reference in)
Section 30 of this Agreement and (y) any failure of the Company to pay the fees
of counsel and the financial advisors to the Ad Hoc Noteholders’ Committee in
accordance with the respective engagement agreements.

 

5.               Amendment of Section 8(c).  Section 8(c) of the
Voting Agreement is hereby deleted in its entirety and replaced with the
following:

 

The Required Noteholders shall have the
right to terminate this Agreement in its entirety, and each Supporting
Noteholder shall have the right to terminate this Agreement with respect to
itself only, at any time prior to the Settlement Date if any of the following
events shall occur:

 

(i)                                     there shall have occurred a Company
Default;

 

(ii)                                                          after July 22, 2004, provided that
the Company may (by notice given to counsel to the Supporting Noteholders as
identified in Section 16 of this Agreement not later than July 22, 2004) extend
this date to a date not later than August 5, 2004 in connection with an
extension of the Exchange Offer, and provided, further, that if a Bankruptcy
Proceeding shall have been commenced on or before July 22, 2004 or August 5,
2004, as applicable, such date shall be the Outside Date;

 

(iii)                                                       an order shall have been entered
that has the

 

6

 

practical effect of
preventing or delaying confirmation of the Bankruptcy Plan or Alternative
Bankruptcy Plan on or before the 
Outside Date, and such order is not stayed, reserved or vacated before
the earlier of 30 days thereafter or the Outside Date;

 

(iv)                                                      the bankruptcy court shall have
denied confirmation of the Bankruptcy Plan or Alternative Bankruptcy Plan and
the Company shall have failed to file a new or amended plan that is a
Bankruptcy Plan or Alternative Bankruptcy Plan before the earlier of 30 days
thereafter or the Outside Date;

 

(v)                                                         the Bankruptcy Proceeding shall have
been converted to a case under Chapter 7 or a liquidating Chapter 11 of the
Bankruptcy Code or a bankruptcy liquidation proceeding under Mexican law;

 

(vi)                                                      there shall have been issued or
reinstated any medida  cautelar, suspension order or similar
order by a court or other governmental body of competent jurisdiction that
affects or could affect the Company’s obligations with respect to the Existing
Notes or this Agreement and (A) such proceeding or order was issued or
reinstated at the request or with the acquiescence of the Company or (B) in all
other circumstances, if such order is not stayed, reversed or vacated before
the earlier of 30 days thereafter or the Outside Date; or

 

(vii)                                                   if the Company shall pay any sum on
account of any judgment granted in favor of any holder of Existing Notes or
shall enter into any settlement of compromise thereof, without the consent of
the Supporting Noteholders.

 

6.               Amendment of Section 8(d).  Section 8(d) of the
Voting Agreement is hereby deleted in its entirety and replaced with the
following:

 

The Company shall have the right to
terminate this Agreement at any time prior to the Settlement Date if any of the
following events shall occur:

 

7

 

(i)                                     after July 22, 2004 (or August 5,
2004, solely if the Company shall have extended this date as provided in
Section 8(c)(ii)), provided that if a Bankruptcy Proceeding shall have been
commenced on or before July 22, 2004, or August 5, 2004, as applicable, such
date shall be the Outside Date; provided, however, that the
Company shall not have any right of termination pursuant to this clause if (x)
there shall have occurred any Company Default or (y) the Company has not
complied with its agreements as set forth in Section 3(c)(ii) of this Agreement
and has not cured such non-compliance by either launching the Exchange Offer or
commencing the Bankruptcy Proceeding, as applicable.

 

7.               Amendment of Section 8(f).  Section 8(f) of the
Voting Agreement is hereby deleted in its entirety and replaced with the
following:

 

Upon any termination of this Agreement, no
party shall have any further obligation or liability hereunder except no party
shall be relieved of any liability for damages resulting from its breach of any
representation, warranty, covenant or obligation that occurred prior to the
termination of this Agreement, it being expressly agreed that a Company Default
or a Noteholder Breach shall be deemed to be a breach of an obligation under
this Agreement.  Upon a breach of any
representation, warranty, covenant or obligation that occurred prior to the
termination of this Agreement, which shall expressly include the occurrence of
either a Company Default or a Noteholder Breach, each party shall have whatever
rights, claims or entitlements for damages it may have under law or equity for
such breach (including, but not limited to, the relief specified in Section 20
of this Agreement); provided,
however,
that notwithstanding the foregoing or the first sentence of this Section 8(f),
if the Supporting Noteholders shall have the right to receive the Additional
New Notes on the terms and subject to the conditions provided in (or
incorporated by reference in) Section 30 hereof, and/or the Supporting
Noteholders have the right to receive the Delay Fee as provided in Section 8(g)
hereof, then receipt of such Additional New Notes and/or Delay Fee, as
applicable, shall be deemed liquidated damages and the Supporting Noteholders
shall not be entitled to, and hereby expressly waive in such circumstances, all
other claims,

 

8

 

rights or entitlements for damages resulting
from a breach of this Agreement prior to termination hereof (except for the
right to receive Delay Fee pursuant to Section 8(g).  Upon the
consummation of the Restructuring, neither the Company nor any Supporting
Noteholder shall have any further obligation or liability hereunder, except as
provided in Section 32 of this Agreement.

 

8.               New Section 8(g).  A new Section is hereby inserted into the
Voting Agreement immediately after Section 8(f) and before Section 9, as
follows:

 

(g)              If

 

(i)                  the Company has not commenced the
Bankruptcy Proceeding on or before June 15, 2004, to the extent required by
Section 3(c)(ii) of this Agreement,

 

(ii)               the Company has not launched the
Exchange Offer, consummated the Exchange Offer or commenced the Bankruptcy
Proceeding on or before July 22, 2004 or August 5, 2004, as applicable, in
accordance with Section 8(c)(ii) of this Agreement, or

 

(iii)            a Company Default within the meaning
of Sections 8(a)(ii), 8(a)(iii), or 8(a)(iv) of this Agreement has occurred and
is continuing,

 

then the Supporting Noteholders then
party to this Agreement (and not in default hereunder) shall be entitled to
receive the Delay Fee with respect to the Existing Notes held by such
Supporting Noteholders for the period from
and after (A) June 15, 2004 (in the case of clause (i) of this
Section 8(g)), or (B) July 22, 2004 (in the case of clause (ii) of this Section
8(g)), or (C) the date of such Company Default (in the case of clause (iii) of
this Section 8(g)), as applicable, to and
including the earliest to occur of (w) the date the Company
commences the Bankruptcy Proceeding (or in the case of Section 8(g)(i) only,
launches the Exchange Offer if permitted under Section 3(c)(ii) of this
Agreement), (x) the date the Company cures the applicable Company Default under
subclause (iii) above, by launching the Exchange Offer, consummating the
Exchange Offer or commencing the Bankruptcy Proceeding, whichever is
applicable, (y) the Outside Date, and (z) the Settlement Date (any such period,
the “Delay Period”); provided, however,

 

9

 

that if the Settlement
Date does not occur pursuant to the Exchange Offer and the Outside Date occurs
after the commencement of the Bankruptcy Proceeding, then the Delay Fee shall
be deemed to have accrued on all Existing Notes and all Noteholders will be
entitled to receive the Delay Fee for the applicable Delay Period.

 

The Delay Fee under this
Section 8(g), whether accrued on all Existing Notes or only on the Existing
Notes held by Supporting Noteholders:

 

(i)                                     shall be paid in the form of
Additional Notes;

 

(ii)                                  the Additional New Notes
representing the Delay Fee shall be delivered on the earlier to occur of the
Outside Date, and the Settlement Date; and

 

(iii)                               (x) if the Settlement Date occurs
pursuant to the Exchange Offer or if the Outside Date occurs before
commencement of the Bankruptcy Proceeding, then the Delay Fee shall accrue only
on the Existing Notes held by the Supporting Noteholders (who are not the in
default hereunder) and shall be delivered to such Supporting Noteholders at the
same time in and in the same manner as all other of the Additional New Notes
are delivered in accordance with the Term Sheet and the Escrow Agreement, and
(y) if the Settlement Date does not occur pursuant to the Exchange Offer and
the Outside Date occurs after the commencement of the Bankruptcy Proceeding,
then Delay Fee shall be deemed to have accrued on all Existing Notes and shall
be distributed to all Noteholders in accordance with the Bankruptcy Plan or the
Alternative Bankruptcy Plan.

 

For the avoidance of
doubt, if clause (iii)(y) of the preceding sentence is applicable, then all
Additional New Notes (including any Additional New Notes issued on account of
the Delay Fee) will be distributed as provided in the Bankruptcy Plan or the
Alternative Bankruptcy Plan, in lieu of the distribution only to Supporting Noteholders
provided for in the Term Sheet and the Escrow Agreement, but otherwise in
compliance with the Term Sheet and the Escrow Agreement.

 

This Section 8(g) shall
survive termination of this Agreement.

 

10

 

9.               Amendment of Certain Provisions.  In each of Sections 5,
11 and 26 of the Voting Agreement and in the definition of “Bankruptcy Plan
Solicitation” and “Restructuring Documents” in Section 1 of the Voting
Agreement, in each instance where the term “the Bankruptcy Plan” appears the
words “or the Alternative Bankruptcy Plan” shall be deemed inserted immediately
thereafter.

 

10.         Amendment of Term Sheet.    The Term Sheet is
hereby amended as follows:

 

(a)          In the Section of the Term Sheet entitled “Escrow of Additional
New Notes”, in the first paragraph of such Section, the words “June 30, 2004”
are hereby deleted and replaced with the words “September 30, 2004”, so that
the defined term the “Outside Date” is amended to mean September 30, 2004.

 

(b)         The Section
of the Term Sheet entitled “Registration” is hereby amended to be consistent
with Section 32 of the Voting Agreement and in the case of any inconsistency
between Section 32 of the Voting Agreement and the section of the Term Sheet
entitled “Registration”, the terms of Section 32 of the Voting Agreement shall
govern.

 

11.         New Section 32.  A new Section is hereby inserted into the
Voting Agreement immediately after Section 31 thereof, as follows:

 

32.                                 Registration of New Notes; “A/B
Exchange”.

 

(a)                                  If
for any reason the New Notes and/or Additional New Notes to be received by the
Supporting Noteholders who are not “affiliates” of the Company (as defined
under the Securities Act) will not be covered by the registration statement on
Form F-4 filed in connection with the Exchange Offer so as to be freely
transferable under the Securities Act upon issuance thereof on the Settlement
Date without further registration, then (i) (A) if the Company is eligible and
able under the Securities Act and the rules and regulation promulgated
thereunder, the Company shall commence and complete a registered “A/B Exchange
Offer” on a registration statement on Form F-4 with respect to the unregistered
New Notes held by the Supporting Noteholders such that the registered New Notes
issued
in such “A/B Exchange Offer” will be freely transferable under 

 

11

 

the Securities Act
upon receipt thereof by the Supporting Noteholders (who are not “affiliates” of
the Company (as defined under the Securities Act)) participating in such
exchange offer without further registration and without prospectus delivery
requirements under the Securities Act for such Supporting Noteholders (subject
to the Supporting Noteholders making customary representations required in
connection with such exchange offer) or (B) if for any reason the Company shall
not be eligible or shall be unable under the Securities Act and the rules and
regulations promulgated thereunder to commence and complete a registered “A/B
Exchange Offer,” the Company shall register on a
registration statement on Form F-1 (or a registration statement on Form F-3, if
such Form may then be utilized by the Company) such unregistered Notes for
resale by the Supporting Noteholders from time to time in accordance with
Rule 415 promulgated by the SEC under the Securities Act, and (ii)on or
before the Settlement Date, the Company shall enter into a registration rights
agreement in favor of the Supporting Noteholders (in form and substance
satisfactory to the Supporting Noteholders and their counsel) covering the
registrations described in clauses (i)(A) and (B), above, that will contain
customary terms and conditions, including, without limitation, with respect to
(x) the right of the Supporting Noteholders and their counsel to review and
comment on the registration statement, prospectus and all amendments and
supplements thereto, (y) the payment by the Company of the registration
expenses and all expenses (including fees of counsel and advisors) of the Supporting
Noteholders in connection therewith and (z) indemnification and
contribution by the Company of and to the Supporting Noteholders.  Any such resale registration statement shall
be declared effective no later than 30 days after the Settlement Date and such
registration statement shall remain effective until such time as all, but not
less than all, of such unregistered Notes have been sold, transferred, assigned
or disposed of by the Supporting

 

12

 

Noteholders pursuant to such registration
statement or are freely transferable by such Supporting Noteholders under Rule
144(k) under the Securities Act.

 

(b)                                 If the Company is required to proceed with an “A/B Exchange
Offer” or a resale registration pursuant to this Agreement, then the Company
shall use its best efforts to (i) cause the registration statement on Form F-4
with respect to such “A/B Exchange Offer” (as described in Section 32(a)(i)(A)
of this Agreement, an “A/B Registration Statement”)) or the resale
registration on a registration statement on Form F-1 (or a registration
statement on Form F-3, if such Form may then be utilized by the Company) (as
described in Section 32(a)(i)(B) of this Agreement, a “Resale Registration
Statement” and, together with an A/B Registration Statement, the “Follow-on
Registration Statement”) to become effective on or before the 30th
day after the Settlement Date or the Outside Date, as applicable, and (ii)
consummate such “A/B Exchange Offer” on or before the earlier of (A) the 75th
day after either the Settlement Date or the Outside Date, as applicable, and
(B) the 25th Business Day after the effective date of the A/B
Registration Statement.  If the
Follow-on Registration Statement has not become effective on or before the date
specified in clause (i) of the preceding sentence, or the “A/B Exchange Offer”
has not been consummated on or before the date specified in clause (ii) of the
preceding sentence, then the interest accruing on such unregistered New Notes
(A) shall increase by 25 basis points commencing on the date specified in
clause (i) or (ii) of the preceding sentence, as applicable, and shall continue
at such rate until either the Follow-on Registration Statement is effective or
the “A/B Exchange Offer” is consummated, as applicable, and (B) shall increase
by an additional 25 basis points each 90th day after such initial
rate increase, until either the Follow-on Registration Statement is effective
or the “A/B Exchange Offer” is consummated, as applicable; provided that in no
event shall the interest rate on such

 

13

 

unregistered New Notes be increased by more
than 2%.  Any such additional interest
shall be calculated in the same manner, and paid at the same time and manner as
each semi-annual payment of interest on the New Notes.

 

12.         No Other Changes.  Except as expressly set forth in this First
Amendment to Voting Agreement, all provisions of the Voting Agreement shall
remain unmodified and in full force and effect.

 

13.         Counterparts.  This First Amendment to Voting Agreement may
be executed in one or more counterparts, each of which shall be deemed an
original and all of which shall constitute one and the same agreement.  Delivery of an executed counterpart of a signature
page by telecopier shall be effective as delivery of a manually executed
counterpart.  Any Supporting Noteholder
may become party to this First Amendment to Voting Agreement on or after the
date hereof by executing and delivering a signature page to this First
Amendment to Voting Agreement.

 

14.         Effective Date.  In accordance with Section 12 of the Voting
Agreement, this First Amendment to Voting Agreement shall be effective upon the
Company and the Required Noteholders becoming parties hereto by executing and
delivering a signature page to this First Amendment to Voting Agreement.

 

15.         Certain Definitions.  Capitalized terms used herein and not
otherwise defined herein shall have the respective meaning ascribed to them in
the Voting Agreement.

 

16.         Public Disclosure.  Upon the execution and delivery of this
First Amendment to Voting Agreement by the Required Noteholders and the
Company, the Company shall (i) issue a press release in the form annexed
hereto as Annex A, (ii) file a Report on Form 6-K with the SEC and
an analogous report with the CNBV containing such press release, together with
a copy of this First Amendment to Voting Agreement and (iii) if required by
applicable law, file an amendment to the Company’s Registration Statement on
Form F-4 with respect to the Exchange Offer with the SEC, reflecting the
amendments to the Voting Agreement pursuant hereto.

 

[SIGNATURES ON NEXT PAGE]

 

14

 

IN
WITNESS WHEREOF, each of the parties to this First Amendment to Voting
Agreement has caused this First Amendment to Voting Agreement to be executed
and delivered by its duly authorized officers as of the date first written
above.

 

	
   

  	
  GRUPO
  TMM, S.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Address:

  	
  Av. De la Cuspide #4755

  
	
   

  	
   

  	
   

  	
  Col. Parques del Pedregal

  
	
   

  	
   

  	
   

  	
  C.P. 14010 Mexico, D.F.

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  SUPPORTING NOTEHOLDERS

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
  Principal Amount of
  Existing 

  
	
   

  	
   

  	
  Notes:

  	
  $               2003
  Notes

  
	
   

  	
   

  	
   

  	
  $               2006
  Notes

  
							

 

15

 

Execution Copy

Annex
A

 

 

 

	
  GRUPO TMM
  COMPANY CONTACTS:

  	
   

  	
  AT DRESNER
  CORPORATE SERVICES:

  
	
   

  	
   

  	
   

  
	
  Brad Skinner, Senior Vice President

  	
   

  	
  Kristine Walczak
  (general investors, analysts and media)

  
	
  Investor Relations

  	
   

  	
  (kwalczak@dresnerco.com)

  
	
  011-525-55-629-8725 or 203-247-2420

  	
   

  	
  312-726-3600

  
	
  (brad.skinner@tmm.com.mx)

  	
   

  	
   

  

 

Marco Provencio

Media Relations, Proa/StructurA

011-525-55-629-8708 and 011-525-55-442- 4948

(mp@proa.structura.com.mx)

 

TMM ANNOUNCES EXTENSION OF AGREEMENT WITH
BONDHOLDER COMMITTEE

 

(Mexico City, [   ], 2004) – Grupo TMM, S.A. (NYSE: TMM and
BMV: TMM A; “TMM”) announced
it has reached an agreement on an extension of the target dates for
effectuating its previously announced agreement on the principal terms of a
restructuring with an ad hoc committee of bondholders representing more than
69% of its 91⁄2% Notes due 2003 and its 101⁄4% Senior Notes due 2006 (together, the
“Existing Notes”), in the aggregate principal amounts outstanding of $176.9
million and $200 million, respectively. 
The restructuring will be accomplished through a registered exchange
offer of new senior secured notes due 2007 for the Existing Notes, together
with a consent solicitation and prepackaged plan solicitation.

 

TMM has
submitted a Report on Form 6-K to the U.S. 
Securities and Exchange Commission which includes the First Amendment to
Voting Agreement setting forth the extended dates, and interested parties are
referred to such filing and its exhibits for a more complete description
thereof.  This announcement is neither
an offer to purchase nor a solicitation of an offer to sell Grupo TMM
Notes.  The exchange offer and consent
solicitation, when made, will not be made to, nor will tenders be accepted
from, or on behalf of, holders of Existing Notes in any jurisdiction in which
the making of exchange offers and consent solicitations or the acceptance
thereof would not be in compliance with the laws of such jurisdiction.  In any jurisdiction where securities, blue
sky laws or other laws require exchange offers and consent solicitations to be
made by a licensed broker or dealer, the exchange offers and consent
solicitations will be deemed to be made on behalf of Grupo TMM by the dealer
manager or one or more registered brokers or dealers licensed under the laws of
such jurisdiction.

 

1

 

Headquartered
in Mexico City, Grupo TMM is a Latin American multimodal transportation
company. Through its branch offices and network of subsidiary companies, Grupo
TMM provides a dynamic combination of ocean and land transportation services.
Grupo TMM also has a significant
interest in TFM, which operates Mexico’s Northeast railway and carries over 40
percent of the country’s rail cargo. Grupo TMM’s web site address is
www.grupotmm.com and TFM’s web site is www.tfm.com.mx.

 

Included in this press release are certain forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended,
and Section 21E of the Securities Exchange Act of 1934, as amended.  Such forward-looking statements are based on
the beliefs of the Company’s management as well as on assumptions made.  Actual results could differ materially from
those included in such forward-looking statements.  Readers are cautioned that all forward-looking statements involve
risks and uncertainty.  The following
factors could cause actual results to differ materially from such forward-looking
statements: global, US and Mexican economic and social conditions; the effect
of the North American Free Trade Agreement on the level of US-Mexico trade; the
condition of the world shipping market; the success of the Company’s investment
in TFM, S.A. de C.V. and other new businesses; risks associated with the
Company’s reorganization and asset sale programs; the ability of the Company to
reduce corporate overhead costs; the ability of management to manage growth and
successfully compete in new businesses, and the ability of the Company to
repay, restructure  or refinance its
indebtedness.  These risk factors and
additional information are included in the Company’s reports on Form 6-K and
20-F on file with the Securities and Exchange Commission.

 

2

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