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Agreement#: AG-548807
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Annual Board Retainer $ 40,000

EXHIBIT 10.65


SMTC CORPORATION BOARD COMPENSATION


On September 29, 2004, the Board of Directors (" Board" ) of SMTC Corporation revised the fees payable to non-executive directors serving on the Board, effective as of January 1, 2005, as follows:

$US


Annual Board retainer $ 40,000

Minimum portion of retainer in form of stock ...

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