exv10w2



 






Exhibit 10.2




AMENDMENT

dated as of November 16, 2005




	 	 	 	 	 
	MORGAN STANLEY & CO. INTERNATIONAL

	 	and
	 	MAVERICK TUBE CORPORATION
	LIMITED (“MSIL”), represented by MORGAN

	 	 	 	                   (“Maverick”)
	STANLEY BANK (“MSB”) as its agent
	 	 	 	 





have entered into a Transaction evidenced by a Warrants confirmation, dated as of November 9, 2005
(the “Confirmation”). Buyer under the Confirmation wishes to purchase additional Warrants from
Seller thereunder. To effectuate this additional purchase, the parties hereby amend the
Confirmation as set forth in this Amendment (this “Amendment”).



Accordingly, the parties agree as follows:—




1. Amendments



The Confirmation is amended, effective as of the date of this Amendment by:




          (a) increasing the Number of Warrants by 739,218, from 5,420,932 to 6,160,150; and




          (b) designating a second Premium Payment Date of November 18, 2005, on which Buyer will pay to
Seller an additional Premium of USD 7,677,341.34.



Except as provided in this Amendment, all other terms and conditions of the Warrants remain the
same.




2. Representations



Each party hereby repeats on the date hereof the representations made by it in the Confirmation
(with references therein to the “Trade Date” deemed references to the date of this Amendment).
Each party further represents to the other party that:—



(a) Status. It is duly organized and validly existing under the laws of the jurisdiction of its
organization or incorporation and, if relevant under such laws, in good standing;



(b) Powers. It has the power to execute and deliver this Amendment and to perform its obligations
under this Amendment and has taken all necessary action to authorize such execution, delivery and
performance;



(c) No Violation or Conflict. Such execution, delivery and performance do not violate or conflict
with any law applicable to it, any provision of its constitutional documents, any order or judgment
of any court or other agency of government applicable to it or any of its assets or any contractual
restriction binding on or affecting it or any of its assets;



(d) Consents. All governmental and other consents that are required to have been obtained by it
with respect to this Amendment have been obtained and are in full force and effect and all
conditions of any such consents have been complied with;



(e) Obligations Binding. Its obligations under this Amendment constitute its legal, valid and
binding obligations, enforceable in accordance with its respective terms (subject to applicable
bankruptcy, reorganization, insolvency, moratorium or similar laws affecting creditors’ rights
generally and subject, as to enforceability, to equitable principles of general application
(regardless of whether enforcement is sought in a proceeding in equity or at law)); and




 









 







(f) Absence of Certain Events. No Event of Default or Potential Event of Default or, to its
knowledge, Termination Event (each as defined in the 2002 ISDA Master Agreement referred to in the
Confirmation) with respect to it has occurred and is continuing and no such event or circumstance
would occur as a result of its entering into or performing its obligations under this Amendment.




4. Early Unwind




     In the event the sale of Additional Securities (as defined in the Purchase Agreement (the
“Purchase Agreement”) dated as of November 9, 2005 between Maverick and Morgan Stanley & Co.
Incorporated) is not consummated with the initial purchasers for any reason by the close of
business in New York on the Option Closing Date (as defined in the Purchase Agreement) or such
later date as agreed upon by the parties (the Option Closing Date or such later date as agreed upon
being the “Option Early Unwind Date”), this Amendment shall automatically terminate on the Option
Early Unwind Date (the “Option Early Unwind”), and (i) the amendments to the Confirmation set forth
in Section 1 hereof and all of the respective rights and obligations of MSIL and Maverick in
connection therewith shall be cancelled and terminated and (ii) each party shall be released and
discharged by the other party from and agrees not to make any claim against the other party with
respect to any obligations or liabilities of the other party arising out of and to be performed in
connection with such amendments either prior to or after the Option Early Unwind Date; provided
that if the failure to consummate the sale of the Additional Securities results from a failure of
any condition described in the final paragraph of Section 5 of the Purchase Agreement, Maverick
shall reimburse MSIL for any costs or expenses (including market losses) relating to the unwinding
of its hedging activities in connection with this Amendment (including any loss or cost incurred as
a result of its terminating, liquidating, obtaining or reestablishing any hedge or related trading
position). The amount of any such reimbursement shall be determined by MSIL in its sole good faith
discretion. MSIL shall notify Maverick of such amount, including reasonable detail regarding its
determination of such amount, and Maverick shall pay such amount in immediately available funds on
the Option Early Unwind Date. MSIL and Maverick represent and acknowledge to the other that,
subject to the proviso included in this Section, upon an Option Early Unwind, all obligations with
respect to this Amendment shall be deemed fully and finally discharged.



5. Role of Agent




     The provisions of Section 9(m) of the Confirmation regarding the role of MSB as agent are
incorporated by reference herein.



6. Opinion




     Maverick shall deliver to MSIL an opinion of counsel, dated as of the date of this Amendment,
with respect to the matters identified in Section 9(a) of the Confirmation as applied to this
Amendment.



7. Miscellaneous



(a) Entire Agreement. The Confirmation and this Amendment constitute the entire agreement and
understanding of the parties with respect to its subject matter and supersedes all oral
communication and prior writings with respect thereto.



(b) Amendments. No amendment, modification or waiver in respect of this Amendment will be
effective unless in writing (including a writing evidenced by a facsimile transmission) and
executed by each of the parties.



(c) Counterparts. This Amendment may be executed and delivered in counterparts (including by
facsimile transmission), each of which will be deemed an original.



(d) Headings. The headings used in this Amendment are for convenience of reference only and are
not to affect the construction of or to be taken into consideration in interpreting this Amendment.



(e) Governing Law. This Amendment will be governed by and construed in accordance with the laws of
the State of New York (without reference to choice of law doctrine).




 









 







(f) Agreement Continuation. The Confirmation, as modified herein, shall continue in full force and
effect. All references to the Confirmation in the Confirmation or any document related thereto
shall for all purposes constitute references to the Confirmation as amended hereby.




 









 







IN WITNESS WHEREOF the parties have executed this Amendment with effect from the date specified on
the first page of this Amendment.




	 	 	 	 	 	 	 	 	 	 	 
	MORGAN STANLEY & CO. INTERNATIONAL
LIMITED	 	 	 	MAVERICK TUBE CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:

	 	 	 	 	 	By:	 	 	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	Authorized Signatory

Name:
	 	 	 	 	 	Authorized Signatory

Name:	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	MORGAN STANLEY BANK, as agent	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	By:
	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 
	 

	 	Authorized Signatory

Name: