Interesting. Looks like it may be a Quicktime issue. When I played the file back in Dropbox to see what you were seeing, it played back fine.
When I play it back in Quicktime, I see this.
https://www.dropbox.com/s/v0s5fpnt3i52i95/Screen%20shot%202013-07-15%20at%2...
When it plays back on a coworkers Windows Media Player, it plays back fine.
I export MP4s from AME all the time and this preset is the only time I've seen this happen so there must be something going haywire with Quicktime.
Yes, this is my required deliverable.
Thanks for taking time to take a look.