EXHIBIT 10.4
FIRST AMENDMENT TO THE
AMENDED AND RESTATED
EXECUTIVE EMPLOYMENT AGREEMENT
------------------------------
This First Amendment (the "Amendment") is made and entered into as of the
5th day of August, 1996 and amends that certain Amended and Restated Executive
Employment Agreement made and entered into as of February 1, 1996 (the
"Agreement") by and among Berg Electronics Corp. ("Berg"); Berg Electronics
Group, Inc.; Harbor Electronics, Inc.; Berg Employment Company; Specialty
Connector Company; Socket Express, Inc.; Berg Technology, Inc.; Berg Holdings
U.S., Inc.; Berg Electronics Korea Ltd.; Berg Electronics B.V.; Berg
Electronics Manufacturing B.V.; Berg Electronics Distributor B.V.; Berg
Connector Systems S.L.; Berg Connector Systems GmbH; Bergtronics, O.y.; Berg
Electronics, s.r.l.; Berg Electronics Canada, Inc.; Berg Electronics Hong Kong
Limited; Berg Electronics Singapore PTE Ltd.; Berg Electronics S.A. (France);
CBOS Electronics, A.B.; Berg Electronics, S.A. (Switzerland); Connector
Systems Limited; TVS Berg Ltd.; Berg Electronics Taiwan Ltd.; Berg Electronics
Japan K.K.; Berg Electronics Engineering, K.K.; Berg Electronics China Ltd.;
Berg Electronics Nantong, Ltd.; Connector Systems (U.S.) Inc.; and Connector
Systems Technology, N.V. (all, including Berg, collectively called
"Employer"), and Larry S. Bacon ("Employee").
W I T N E S S E T H :
WHEREAS, Employer and Employee previously entered into the Agreement
dated as of February 1, 1996; and
WHEREAS, Employer and Employee desire to amend the terms of the Agreement
as set forth herein.
NOW, THEREFORE, Employee and Employer, in consideration of the
agreements, covenants and conditions herein, hereby agree that the Agreement
is hereby amended as follows:
I. Section 2(b) entitled Bonus is hereby deleted in its entirety and
the following provision is inserted in lieu thereof:
b) Bonus. During the Employment Period, Employee shall be eligible
to receive an annual bonus (payable by the Employer) based upon Berg achieving
certain earnings per share objectives based on Berg's consolidated fiscal year
results. This bonus shall be payable in cash incentive awards (and
restrictive stock if certain levels are achieved) to Employee to the extent
that actual consolidated earnings per share results meet or exceed certain
target performance levels which shall be established by the Compensation and
Stock Option Committee (the "Committee") of the Board of Directors in
accordance with the Compensation Policy adopted by the Committee as of the 5th
day of August, 1996, and as amended from time to time. To the extent that
Berg attains or exceeds a targeted performance level, Employee is entitled to
receive a cash incentive award (and an award of restrictive stock for
achieving results at or above an exceptional level of earnings per share
performance). Such bonuses are based upon the performance level as
established from time to time by the Committee. However, in addition, an
exceptional earnings per share performance may produce an exceptional short
term incentive pay out at the option of the Committee.
Other than the above deletion and replacement, the Agreement shall remain
in full force and effect and unamended.
IN WITNESS WHEREOF, the parties have executed this Amendment to the
Agreement as of the date first above written.
EMPLOYER: EMPLOYEE:
BERG ELECTRONICS CORP.
By: /s/ DAVID M. SINDELAR By: /s/ LARRY S. BACON
---------------------------------- -------------------------------
David M. Sindelar, Vice President Larry S. Bacon
BERG ELECTRONICS GROUP, INC.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
HARBOR ELECTRONICS, INC.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
BERG EMPLOYMENT COMPANY
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
SPECIALTY CONNECTOR COMPANY
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
SOCKET EXPRESS, INC.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
BERG TECHNOLOGY, INC.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
BERG HOLDINGS U.S., INC.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
BERG ELECTRONICS KOREA LTD.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
BERG ELECTRONICS B.V.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
BERG ELECTRONICS MANUFACTURING B.V.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
BERG ELECTRONICS DISTRIBUTOR B.V.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
BERG CONNECTOR SYSTEMS S.L.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
BERG CONNECTOR SYSTEMS GMBH
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
BERGTRONICS O.Y.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
BERG ELECTRONICS S.R.L.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
BERG ELECTRONICS CANADA, INC.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
BERG ELECTRONICS HONG KONG LIMITED
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
BERG ELECTRONICS SINGAPORE PTE LTD.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
BERG ELECTRONICS S.A. (France)
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
CBOS ELECTRONICS, A.B.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
BERG ELECTRONICS, S.A. (Switzerland)
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
CONNECTOR SYSTEMS LIMITED
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
TVS BERG LTD.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
BERG ELECTRONICS TAIWAN LTD.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
BERG ELECTRONICS JAPAN K.K.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
BERG ELECTRONICS ENGINEERING, K.K.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
BERG ELECTRONICS CHINA LTD.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
BERG ELECTRONICS NANTONG, LTD.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
CONNECTOR SYSTEMS (U.S.), INC.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President
CONNECTOR SYSTEMS TECHNOLOGY, N.V.
By: /s/ DAVID M. SINDELAR
----------------------------------
David M. Sindelar, Vice President