Document:

Exhibit 10.11

 

Execution Version

 

 

 

SECURITIES HOLDERS
AGREEMENT

 

by and among

 

EDGEN ACQUISITION
CORPORATION,

 

ING FURMAN SELZ INVESTORS
III L.P.,

 

ING BARINGS GLOBAL
LEVERAGED EQUITY PLAN LTD.,

 

ING BARINGS U.S.
LEVERAGED EQUITY PLAN LLC,

 

and

 

THE OTHER INVESTORS NAMED
HEREIN

 

 

Dated as of February 1,
2005

 

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I.

  	
  RESTRICTIONS ON TRANSFER OF SECURITIES

  	
   

  
	
   

  	
   

  	
   

  
	
  1.1.

  	
  Restrictions
  on Transfers of Securities

  	
   

  
	
   

  	
   

  	
   

  
	
  1.2.

  	
  Legend

  	
   

  
	
   

  	
   

  	
   

  
	
  1.3.

  	
  Notation

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE II.

  	
  OTHER COVENANTS AND REPRESENTATIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  2.1.

  	
  Financial
  Statements and Other Information

  	
   

  
	
   

  	
   

  	
   

  
	
  2.2.

  	
  Sale of the Company

  	
   

  
	
   

  	
   

  	
   

  
	
  2.3.

  	
  Tag-Along Rights

  	
   

  
	
   

  	
   

  	
   

  
	
  2.4.

  	
  Corporate Opportunity

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE III.

  	
  CORPORATE ACTIONS

  	
   

  
	
   

  	
   

  	
   

  
	
  3.1.

  	
  Amended
  and Restated Articles of Incorporation and Bylaws

  	
   

  
	
   

  	
   

  	
   

  
	
  3.2.

  	
  Directors and
  Voting Agreements

  	
   

  
	
   

  	
   

  	
   

  
	
  3.3.

  	
  Right
  to Remove Certain of the Company’s Directors

  	
   

  
	
   

  	
   

  	
   

  
	
  3.4.

  	
  Right
  to Fill Certain Vacancies in Company’s Board

  	
   

  
	
   

  	
   

  	
   

  
	
  3.5.

  	
  Directors of
  Subsidiaries

  	
   

  
	
   

  	
   

  	
   

  
	
  3.6.

  	
  Amendment of
  Certificate and Bylaws

  	
   

  
	
   

  	
   

  	
   

  
	
  3.7.

  	
  Termination of
  Voting Agreements

  	
   

  
	
   

  	
   

  	
   

  
	
  3.8.

  	
  Officers

  	
   

  
	
   

  	
   

  	
   

  
	
  ARTICLE IV.

  	
  MISCELLANEOUS

  	
   

  
	
   

  	
   

  	
   

  
	
  4.1.

  	
  Amendment and
  Modification

  	
   

  
	
   

  	
   

  	
   

  
	
  4.2.

  	
  Successors and Assigns

  	
   

  
	
   

  	
   

  	
   

  
	
  4.3.

  	
  Separability

  	
   

  
	
   

  	
   

  	
   

  
	
  4.4.

  	
  Notices

  	
   

  
	
   

  	
   

  	
   

  
	
  4.5.

  	
  Governing
  Law

  	
   

  
	
   

  	
   

  	
   

  
	
  4.6.

  	
  Headings

  	
   

  
	
   

  	
   

  	
   

  
	
  4.7.

  	
  Counterparts

  	
   

  
	
   

  	
   

  	
   

  
	
  4.8.

  	
  Further Assurances

  	
   

  
	
   

  	
   

  	
   

  
	
  4.9.

  	
  Termination

  	
   

  
	
   

  	
   

  	
   

  
	
  4.10.

  	
  Remedies

  	
   

  
	
   

  	
   

  	
   

  
	
  4.11.

  	
  Party No
  Longer Owning Securities

  	
   

  

 

i

 

	
  4.12.

  	
  No Effect on Employment

  	
   

  
	
   

  	
   

  	
   

  
	
  4.13.

  	
  Pronouns

  	
   

  
	
   

  	
   

  	
   

  
	
  4.14.

  	
  Future Individual
  Investors

  	
   

  
	
   

  	
   

  	
   

  
	
  4.15.

  	
  Entire Agreement

  	
   

  

 

ii

 

DEFINED TERMS

 

	
  Affiliate

  	
  4

  
	
  Agreement

  	
  1

  
	
  Approved Sale

  	
  6

  
	
  Company

  	
  1

  
	
  Edgen

  	
  1

  
	
  Escrow Amount

  	
  9

  
	
  Escrow Notice

  	
  9

  
	
  Exchange Act

  	
  4

  
	
  Holders

  	
  8

  
	
  ING Barings Global

  	
  1

  
	
  ING Barings U.S.

  	
  1

  
	
  ING Furman Selz

  	
  1

  
	
  Investor

  	
  1

  
	
  Investors

  	
  1

  
	
  JCP Affiliates

  	
  4

  
	
  JCP
  Associates

  	
  4

  
	
  JCP Funds

  	
  1

  
	
  JCP Partner

  	
  4

  
	
  Management Investors

  	
  1

  
	
  Merger

  	
  1

  
	
  Merger Agreement

  	
  2

  
	
  Permitted
  Transferee

  	
  3

  
	
  Required
  Holders

  	
  7

  
	
  Securities

  	
  2

  
	
  Securities Act

  	
  3

  
	
  Securities Purchase Agreements

  	
  1

  
	
  Seller

  	
  8

  
	
  Seller’s
  Notice

  	
  8

  
	
  Stock Purchase Agreement

  	
  1

  
	
  Subsidiary

  	
  11

  
	
  Tag-Along
  Notice

  	
  8

  
	
  Transfer

  	
  2

  

 

iii

 

SECURITIES HOLDERS
AGREEMENT

 

THIS IS A SECURITIES HOLDERS AGREEMENT, dated as of February 1,
2005 (the “Agreement”), by and among Edgen Acquisition Corporation, a Nevada
corporation (the “Company”), ING Furman Selz Investors III L.P., a
Delaware limited partnership (“ING Furman Selz”), ING Barings Global
Leveraged Equity Plan Ltd., a Bermuda corporation, (“ING Barings Global”),
ING Barings U.S. Leveraged Equity Plan LLC, a Delaware limited liability
company (“ING Barings U.S.” and, together with ING Furman Selz and ING
Barings Global, “JCP Funds” “), and the individuals designated as Management
Investors on the signature pages hereto (the “Management Investors”).  Each of the JCP Funds and each of the
Management Investors and any other investor in the Company who becomes a party
to or agrees to be bound by this Agreement are sometimes referred to herein
individually as an “Investor” and collectively as the “Investors.”

 

BACKGROUND

 

A.                                   This
Agreement is being entered into in connection with the consummation of the
transactions contemplated by the Stock Purchase Agreement, dated as of December 31,
2004 (the “Stock Purchase Agreement”), by and among Edgen Corporation, a
Nevada corporation (“Edgen”), the Company and the other parties thereto,
pursuant to which the Company will acquire all of the outstanding capital stock
of Edgen.  Immediately after the
acquisition the Company will merge into Edgen with Edgen as the surviving
entity, pursuant to an associated plan of merger.

 

B.                                     The
Management Investors are employed by Edgen or its direct or indirect
subsidiaries.

 

D.                                    Pursuant
to the terms of Securities Purchase Agreements, dated as of the date hereof
(the “Securities Purchase Agreements”), the Company has sold, and each
of the JCP Funds and Management Investors have purchased for cash, (i) the
number of shares of Preferred Stock of the Company, and (ii) the number of
shares of Common Stock of the Company, in each case as set forth opposite such
Investor’s name on Schedule I hereto.

 

E.                                      Immediately
following the purchase and sale of securities pursuant to the Securities
Purchase Agreements, the Company will use such cash proceeds in part to acquire,
pursuant to the Stock Purchase Agreement, the outstanding capital stock of Edgen.

 

F.                                      The
Investors and the Company wish to set forth herein certain agreements regarding
their future relationships and their rights and obligations with respect to
Securities of the Company.

 

G.                                     Following
the Closing (as defined in the Stock Purchase Agreement) hereunder, the Company
will merge with and into Edgen (the “Merger”) with Edgen as the
surviving corporation pursuant to the terms and conditions set forth in the
Agreement and Plan of

 

 

Merger (as amended, the “Merger Agreement”)
dated as of the date hereof.  Pursuant to
the terms of the Merger Agreement, Edgen shall be the surviving corporation and
each issued and outstanding share of Common Stock and Preferred Stock of the
Company shall be converted into a share of Common Stock and Preferred Stock, as
the case may be, of Edgen, as the surviving corporation.  As used herein, the terms Common Stock and
Preferred Stock refer to the Common Stock and Preferred Stock of the Company
prior to the Merger and the Common Stock and Preferred Stock of Edgen from and
after the Merger.

 

H.                                    As
used herein, the term “Securities” shall mean Common Stock, Preferred
Stock, and any other shares of capital stock of the Company, and any securities
convertible into or exchangeable for such capital stock, and any options
(including any options now or hereafter issued to Management Investors),
warrants or other rights to acquire such capital stock or securities, now or
hereafter held by any party hereto, including all other securities of the
Company (or a successor to the Company) received on account of ownership of
Common Stock or Preferred Stock, including all securities issued in connection with
any merger, (including, without limitation, the Merger), consolidation, stock
dividend, stock distribution, stock split, reverse stock split, stock
combination, recapitalization, reclassification, subdivision, conversion or
similar transaction in respect thereof.

 

Terms

 

In consideration of the mutual covenants contained
herein, and intending to be legally bound hereby, the parties hereto agree as
follows:

 

ARTICLE I.

 

RESTRICTIONS ON TRANSFER OF SECURITIES

 

1.1.                              Restrictions on Transfers of Securities.  The following restrictions on
Transfer (as defined in Section 1.1(a) below) shall apply to all
Securities owned by any Investor or Permitted Transferee (as defined in Section 1.1(b)
below), except a Permitted Transferee by virtue of Section 1.1(b)(iv) hereof:

 

(a)                                  No Investor or Permitted Transferee other than
the JCP Funds shall Transfer (other than in connection with a redemption or
purchase by the Company) any Securities unless (i) such Transfer is to a person
approved in advance in writing by the Required Holders (as defined in Section 2.2(a)),
and (ii) such Transfer complies with the provisions of this Section 1.1
and Article II hereof.  Any
purported Transfer in violation of this Agreement shall be null and void and of
no force and effect, and the purported transferee shall have no rights or
privileges in or with respect to the Company. 
As used herein, “Transfer” includes the making of any sale,
exchange, assignment, hypothecation, gift, security interest, pledge or other
encumbrance, or any contract therefor, any voting trust or other agreement or
arrangement with respect to the transfer or grant of voting rights (except for
the voting agreement set forth in Article III hereof) or any other
beneficial interest in any of the Securities, the creation of any

 

2

 

other claim thereto or any other transfer or disposition whatsoever,
whether voluntary or involuntary, affecting the right, title, interest or
possession in or to such Securities.

 

Prior to any proposed Transfer of any Securities, the
holder thereof shall give written notice to the Company describing the manner
and circumstances of the proposed Transfer, together with, if requested by the
Company, a written opinion of legal counsel, addressed to the Company and the
transfer agent for the Company’s equity securities, if other than the Company,
and reasonably satisfactory in form and substance to the Company, to the effect
that the proposed Transfer of the Securities may be effected without registration
under the Securities Act of 1933, as amended (the “Securities Act”).  Each certificate evidencing the Securities
transferred shall bear the legends set forth in Section 1.2(a) hereof,
except that such certificate shall not bear the legend contained in the first
paragraph of Section 1.2(a) hereof if the opinion of counsel referred to
above is to the further effect that such legends is not required in order to
establish compliance with any provision of the Securities Act.

 

Nothing in this Section 1.1(a) shall prevent the
Transfer, free of any restrictions under this Agreement, of Securities by an
Investor or a Permitted Transferee to one or more of its Permitted Transferees
or to the Company; provided, however, that each such Permitted
Transferee (except a Permitted Transferee by virtue of Section 1.1(b)(iv)
hereof) shall take such Securities subject to and be fully bound by the terms
of this Agreement applicable to it with the same effect as if it were an
Investor (or if the Permitted Transferee were a Management Investor, a
Management Investor) hereunder; and provided  further, however,
that (i) no person (other than a Permitted Transferee by virtue of Section 1.1(b)(iv)
hereof) shall be a Permitted Transferee unless such transferee executes and
delivers a joinder to this Agreement reasonably satisfactory in form and
substance to the Company which joinder states that such person agrees to be
fully bound by this Agreement as if it were an Investor (or if the transferor
to the Permitted Transferee is a Management Investor hereunder, as a Management
Investor) hereunder, and (ii) no Transfer shall be effected except in
compliance with the registration requirements of the Securities Act and any
applicable state securities laws or pursuant to an available exemption therefrom.

 

(b)                                 As used herein, “Permitted Transferee”
shall mean:

 

(i)                                     in the case of any Investor or Permitted
Transferee who is a natural person, such person’s spouse or children or
grandchildren (in each case, natural or adopted), or any trust for the sole
benefit of such person, such person’s spouse or children or grandchildren (in
each case, natural or adopted), or any corporation, partnership or limited
liability company in which the direct and beneficial owner of all of the equity
interest is such individual person or such person’s spouse or children or
grandchildren (in each case, natural or adopted);

 

(ii)                                  in the case of any Investor or Permitted
Transferee who is a natural person, the heirs, executors, administrators or
personal representatives upon the death of such person or upon the incompetency
or disability of such person for purposes of the protection and management of
such person’s assets;

 

3

 

(iii)                               in the case of any of the JCP Funds, (I) the general
partner or managing member of such JCP Fund (a “JCP Partner”) and any
corporation, partnership or other entity that is an Affiliate (as hereinafter
defined) of any of the JCP Funds or any JCP Partner (including FS Private
Investments III LLC, the manager of the JCP Funds) (collectively, “JCP
Affiliates”), (II) any present or former managing director, director,
general partner, limited partner, member, officer or employee of any of the JCP
Funds, a JCP Partner or any JCP Affiliate, or any spouse or lineal descendant
(natural or adopted), sibling or parent of any of the foregoing persons in this
clause (II) or any heir, executor, administrator, testamentary trustee, legatee
or beneficiary of any of the foregoing persons described in this clause (II) (provided
that no JCP Affiliate that becomes such an entity primarily for the purpose of
effecting a transfer of Securities shall be considered a Permitted Transferee)
(collectively, “JCP Associates”), and (III) any trust, the beneficiaries
of which, or any charitable trust, the grantor of which, or any corporation,
limited liability company or partnership, the stockholders, members or general
and limited partners of which, include only JCP Funds, JCP Partners, JCP
Affiliates, or JCP Associates; provided, however, that prior to
the Company’s initial Public Offering, no limited partner of any of the JCP
Funds, JCP Partner, or JCP Affiliate shall constitute a Permitted Transferee to
the extent that a Transfer of Securities to such limited partner would cause
the Company to be subject to registration under Section 12(g) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”).

 

(iv)                              in the case of any Investor or Permitted Transferee, any person if such
person takes such Securities pursuant to a sale in connection with a Public
Offering or, following a Public Offering, in open market transactions or under
Rule 144 under the Securities Act.

 

(c)                                  As used herein, “Affiliate” means, with
respect to any person, any person directly or indirectly controlling,
controlled by or under common control with such person.

 

1.2.                              Legend.  Any certificates representing
Securities shall bear the following legend (in addition to any other legend
required under applicable law):

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”),
OR THE SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED
OR OTHERWISE DISPOSED OF WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND ANY
APPLICABLE STATE SECURITIES LAWS OR THE DELIVERY TO THE COMPANY OF AN OPINION
OF COUNSEL, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS
NOT REQUIRED.

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO
SUBJECT TO THE TERMS AND CONDITIONS OF A SECURITIES HOLDERS AGREEMENT BY AND
AMONG THE COMPANY AND THE HOLDERS SPECIFIED THEREIN, AS

 

4

 

AMENDED FROM TIME TO TIME (THE “SECURITIES HOLDERS
AGREEMENT”), A COPY OF WHICH AGREEMENT IS ON FILE AT THE PRINCIPAL OFFICE OF
THE COMPANY.  THE SALE, TRANSFER,
ASSIGNMENT OR OTHER DISPOSITION OF THE SECURITIES IS SUBJECT TO THE TERMS OF
SUCH AGREEMENT AND THE SECURITIES ARE TRANSFERABLE OR OTHERWISE DISPOSABLE ONLY
UPON PROOF OF COMPLIANCE THEREWITH.

 

1.3.                              Notation.  A notation will be made in the
appropriate transfer records of the Company with respect to the restrictions on
transfer of the Securities referred to in this Agreement.

 

ARTICLE II.

 

OTHER COVENANTS AND REPRESENTATIONS

 

2.1.                              Financial Statements and Other Information.  (a) The Company shall
deliver to each of the JCP Funds (so long as such JCP Fund or its Permitted
Transferees (other than Permitted Transferees pursuant to Section 1.1(b)(iv))
own any Securities):

 

(i)                                     as soon as available and in any event within 15
days after the end of each calendar month, consolidated balance sheets of the
Company and its subsidiaries as of the end of such calendar month, and
consolidated statements of income and cash flows of the Company and its
subsidiaries for the calendar month then ended, shown in comparison to the
budgeted amounts for the same period and the same monthly period from the prior
fiscal year, prepared in conformity with United States generally accepted
accounting principles applied on a consistent basis, except as otherwise noted
therein, and subject to the absence of notes and to year-end adjustments;

 

(ii)                                  as soon as available and in any event within 45
days after the end of each of the first three quarters of each fiscal year of
the Company, consolidated balance sheets of the Company and its subsidiaries as
of the end of such period, and consolidated statements of income and cash flows
of the Company and its subsidiaries for the period then ended, shown in
comparison to the budgeted amounts for the same period and the same quarterly
period from the prior fiscal year, prepared in conformity with United States
generally accepted accounting principles applied on a consistent basis, except
as otherwise noted therein, and subject to the absence of notes and to year-end
adjustments;

 

(iii)                               as soon as available and in any event within 90 days after the end of
each fiscal year of the Company, a consolidated and consolidating balance sheet
of the Company and its subsidiaries as of the end of such year, and consolidated
and consolidating statements of income and cash flows of the Company and its
subsidiaries for the year then ended prepared in conformity with United States
generally accepted accounting principles applied on a

 

5

 

consistent basis, except as otherwise noted therein, together with an
auditor’s report thereon of a firm of established national reputation;

 

(iv)                              to the extent the Company is required by law or
pursuant to the terms of any outstanding indebtedness of the Company to prepare
such reports, any annual reports, quarterly reports and other periodic reports
pursuant to Section 13 or 15(d) of the Exchange Act, actually prepared by
the Company as soon as such reports are generally available, together with any
other documents the Company is required to deliver to the holders of any such
indebtedness;

 

(v)                                 prior
to the beginning of each fiscal year, an annual budget which has been approved
by the Board of Directors of the Company, prepared on a month by month basis
for the Company and its subsidiaries for such fiscal year (displaying
anticipated statements of income and cash flow), and promptly upon preparation
thereof any other significant budgets prepared by the Company, and any
revisions of such annual or other budgets; and

 

(vi)                              such
other documents, reports, financial data and other information as the JCP Funds
may reasonably request.

 

(b)                                 Inspection and Access.  The
Company and its subsidiaries shall provide to each of the JCP Funds (so long as
it or its Permitted Transferees (other than Permitted Transferees pursuant to Section 1.1(b)(iv))
own any Securities) true and correct copies of all quarterly and annual
financial reports of the Company and its subsidiaries and budgets prepared by
or on behalf of the Company and its subsidiaries, and such other documents,
reports, financial data and other information as such party may reasonably
request.  The Company shall permit any
authorized representatives designated by each such party to visit and inspect
any of the properties of the Company and its subsidiaries, including its and
their books of account (and to make copies and take extracts therefrom), and to
discuss its and their affairs, finances and accounts with its and their
officers and their current and prior independent public accountants (and by
this provision the Company authorizes such accountants to discuss with such
representatives the affairs, finances and accounts of the Company and its
subsidiaries, whether or not a representative of the Company is present), all
at such reasonable times and as often as such party may reasonably request.

 

2.2.                              Sale of the Company.

 

(a)                                  So long as the Company has not consummated a
Public Offering, if the Required Holders (as defined hereinafter) approve the
sale of the Company, whether by merger, consolidation, sale of outstanding
capital stock, sale of all or substantially all of its assets or otherwise (any
of the foregoing, an “Approved Sale”), (i) each Investor and Permitted
Transferee will consent to, vote for and raise no objections against, and waive
dissenters and appraisal rights (if any) with respect to, the Approved Sale,
(ii) if the Approved Sale is structured as a sale of stock, each Investor and
Permitted Transferee will agree to sell and will be permitted to sell all of
such Investor’s or Permitted Transferee’s Common Stock and/or Preferred Stock
on the terms and conditions approved by the Required Holders, and (iii) if the
Approved Sale includes the

 

6

 

sale, exchange, redemption, cancellation or other disposition of
securities convertible into or exchangeable for capital stock of the Company,
or options, warrants or other rights to purchase such capital stock or
securities, each Investor or Permitted Transferee will sell, exchange, redeem,
agree to cancel or otherwise dispose of such securities or options, warrants or
other rights on the terms and conditions approved by the Required Holders.  Each Investor and Permitted Transferee will
take all necessary and desirable actions in connection with the consummation of
an Approved Sale.  As used herein, the
term “Required Holders” means, as of any date, the holders of the
majority of the shares of Common Stock then held by the JCP Funds.

 

(b)                                 The obligations of each of the Investors and
Permitted Transferees with respect to an Approved Sale are subject to the
satisfaction of the conditions that: (i) upon the consummation of the Approved
Sale, all of the Investors and Permitted Transferees holding Common Stock will
receive the same form and amount of consideration per share of Common Stock, or
if any holder of Common Stock is given an option as to the form and amount of
consideration to be received in respect of Common Stock, all Investors and
Permitted Transferees holding Common Stock will be given the same option, (ii)
upon the consummation of the Approved Sale, all of the Investors and Permitted
Transferees holding Preferred Stock will receive the same form and amount of
consideration per share of Preferred Stock (it being understood, however, that
the amount of consideration per share of Preferred Stock may vary to reflect
the accrued and unpaid dividends thereon, to the extent different shares of
Preferred Stock have been outstanding for different periods of time), or if any
holder of Preferred Stock is given an option as to the form or amount of
consideration to be received in respect of Preferred Stock, all Investors and
Permitted Transferees holding Preferred Stock will be given the same option,
and (iii) in the case of a holder of any securities referred to in clause (iii)
of paragraph (a) above, (I) in the event such Securities are vested, the holder
shall receive in such Approved Sale, unless otherwise provided in the terms of
any agreement or instrument governing or evidencing such security, either (x)
the same securities or other property that such holder would have received if
such holder had converted, exchanged or exercised such security immediately
prior to such Approved Sale (after taking into account the conversion, exchange
or exercise price applying to such Security and any applicable tax obligations
of the holder in connection with such conversion, exchange or exercise) or (y)
a security convertible or exchangeable for, or option, warrant or right to
purchase, capital stock or other securities of a successor entity having
substantially equivalent value, or (II) in the case where such securities are
not vested, unless otherwise provided in the terms of any agreement or
instrument governing or evidencing such security, such securities shall be
cancelled.

 

(c)                                  Each Investor and Permitted Transferee
acknowledges that its or his or her pro rata share (based upon the number of
shares of Common Stock and Preferred Stock owned (or acquirable pursuant to
options, warrants or other rights to purchase Common Stock or securities
convertible into or exchangeable for Common Stock or Preferred Stock) by such
holder) of the aggregate proceeds of an Approved Sale may be reduced by
transaction expenses related to such Approved Sale.

 

7

 

2.3.                              Tag-Along Rights.

 

(a)                                  (i)                                     Except as otherwise provided in Section 2.3(a)(iii)
below, no Seller (as hereinafter defined) shall sell any shares of Common Stock
in any transaction or series of related transactions unless all “Holders” (as
hereinafter defined) are offered an equal opportunity to participate in such
transaction or transactions on a pro rata basis based on the number of shares
of Common Stock then owned by each Holder who elects to participate in such
transaction or transactions and, subject to paragraph (ii) below, on identical
terms (including amount and type of consideration paid).  For the avoidance of doubt, such
participation on a pro rata basis shall mean that such Holder shall be entitled
to sell the number of shares of Common Stock proposed to be sold by the Seller,
multiplied by a fraction, the numerator of which is the number of shares then
owned by such Holder and the denominator of which is the number of shares of
outstanding Common Stock.  If any Holder
elects not to participate in full or in part on a pro rata basis, the Seller
may increase the number of shares sold by it by the number of shares any such
Holder elects not to include pursuant to the terms hereof.  As used in this Section 2.3, a “Seller”
shall mean any of the JCP Funds; “Holders” shall mean any Investor or
any of their Permitted Transferees (other than the selling JCP Fund and other
than a Permitted Transferee by virtue of Section 1.1(b)(iv)).

 

(ii)                                  Prior to any sale of shares of Common Stock
subject to these provisions, the Seller shall notify the Company in writing of
the proposed sale.  Such notice (the “Seller’s
Notice”) shall set forth: (A) the number of shares of Common Stock subject
to the proposed sale, (B) the name and address of the proposed purchaser, and
(C) the proposed amount of consideration and terms and conditions of payment
offered by such proposed purchaser.  The
Company shall promptly, and in any event within 15 days of the Company’s
receipt of the Seller’s Notice, deliver or cause to be delivered the Seller’s
Notice to each Holder.  A Holder may
exercise the tag-along right by delivery of a written notice (the “Tag-Along
Notice”) to the Seller within 15 days of the date the Company delivered or
caused to be delivered the Seller’s Notice. 
The Tag-Along Notice shall state the number of shares of Common Stock
that the Holder proposes to include in the proposed sale, up to the maximum pro
rata share described above.  If a Holder
entitled to participate therein delivers a Tag-Along Notice, such holder shall
be obligated to sell that number of shares of Common Stock specified in the
Tag-Along Notice upon the same terms and conditions as those under which the
Seller is selling, conditioned upon and contemporaneously with completion of
the Seller’s sale of its shares of Common Stock.  If no Tag-Along Notice is received during the
15-day period referred to above, the Seller shall have the right for a 60-day
period to effect the proposed sale of shares of Common Stock on terms and
conditions no more favorable to the Seller than those stated in the Seller’s
Notice and in accordance with the provisions of this Section 2.3.

 

(iii)                               Notwithstanding anything herein to the contrary,
a Seller may make any of the following Transfers without offering the Holders
the opportunity to participate: (A) Transfers by a Seller to any Permitted
Transferee, provided that the proposed Permitted Transferee (except a
Permitted Transferee by virtue of Section 1.1(b)(iv) hereof) agrees in
writing to be bound by the provisions of this Agreement; (B) sales pursuant to
an effective registration statement under the Securities Act; and (C) sales in
connection with an Approved Sale.

 

8

 

(iv)                              Each Investor acknowledges for itself and its
transferees that any of the JCP Funds may grant in the future tag-along rights
relating to shares of Common Stock to other holders of Common Stock and such
holders will (A) have the same opportunity to participate in sales by such JCP
Fund as provided to the parties hereto, and (B) be included in the calculation
of the pro rata basis upon which Holders may participate in a sale.

 

(v)                                 Each
of the parties hereto acknowledges that the Company (A) may issue Securities to
persons in the future and (B) has adopted an incentive compensation plan
pursuant to which employees of the Company or its subsidiaries or other persons
may be granted, subject to the terms of such plan, shares of restricted Common
Stock, and that such persons or participants may become subject to this
Agreement and may be “Holders” for purposes of this Section 2.3.

 

(vi)                              The
tag-along obligations of the Sellers provided under this Section 2.3 shall
terminate upon the earlier of (A) the consummation of a Public Offering, and (B)
as to the JCP Funds, the day after the date on which the JCP Funds collectively
own less than 20% of the outstanding Common Stock.  Upon the termination of such obligations, the
rights of Holders with respect thereto shall also terminate.

 

(vii)                           Notwithstanding
the requirements of this Section 2.3, a Seller may sell shares of Common
Stock at any time without complying with the requirements of the above
provisions of this Section 2.3 so long as the Seller deposits into escrow
with an independent third party at the time of the sale that amount of the
consideration received in the sale equal to the Escrow Amount.  The “Escrow Amount” shall equal the
amount of consideration as all the Holders would have been entitled to receive
if they had the opportunity to participate in the sale on a pro rata basis,
determined as if each Holder (A) delivered a Tag-Along Notice to the Seller in
the time period set forth in Section 2.3(a)(ii) and (B) proposed to
include all of its Securities which it would have been entitled to include in
the sale.  No later than the date of the
sale, the Seller shall notify the Company in writing of the proposed sale.  Such notice (the “Escrow Notice”)
shall set forth the information required in the Seller’s Notice, and in
addition, such notice shall state the name of the escrow agent and the account
number of the escrow account.  The
Company shall promptly, and in any event within 10 days, deliver or cause to be
delivered the Escrow Notice to each Holder. 
A Holder may exercise the tag-along right described in this clause
(viii) by delivery to the Seller, within 15 days of the date the Company
delivered or caused to be delivered the Escrow Notice, of (I) a written notice
specifying the number of shares of Common Stock it proposes to sell, and (II)
the certificates representing such shares of Common Stock, with transfer powers
duly endorsed in blank.  Promptly after
the expiration of the 15th day after the Company has delivered or caused to be
delivered the Escrow Notice, (x) the Seller shall purchase that number of
shares of Common Stock as Seller would have been required to include in the
sale had Seller complied with the provisions of Section 2.3(a) (ii),
(y) the Company shall cause to be released from the escrow to the Holder
from whom the Seller purchases shares of Common Stock pursuant to clause (x) of
this paragraph the applicable amount of consideration due to such Holder
together with any interest thereon, and (z) all remaining funds and other consideration
held in escrow shall be released to the Seller. 
If the

 

9

 

Seller received
consideration other than cash in the sale, the Seller shall purchase the shares
of Common Stock tendered by paying to the Holders cash and non-cash
consideration in the same proportion as received by the Seller in the sale.

 

2.4.                              Corporate Opportunity.  To the
fullest extent permitted by any applicable law, the doctrine of corporate
opportunity, or any other analogous doctrine, shall not apply with respect to
any of the JCP Funds or their Affiliates or representatives (including any
directors of the Company designated by such persons).  In particular, (a) any of the JCP Funds and
their respective Affiliates shall have the right to engage in business
activities, whether or not in competition with the Company or its subsidiaries
or the Company’s or its subsidiaries’ business activities, without consulting
any other Investor, and (b) none of the JCP Funds shall have any obligation to
any other Investor with respect to any opportunity to acquire property or make
investments at any time.

 

ARTICLE III.

 

CORPORATE ACTIONS

 

3.1.                              Amended and Restated Articles of Incorporation
and Bylaws.  Each
Investor has reviewed the Amended and Restated Articles of Incorporation and
Bylaws of the Company in the forms attached hereto as Exhibits A and B,
respectively, and hereby approves and ratifies the same.

 

3.2.                              Directors and Voting Agreements.

 

(a)                                  Each Investor and Permitted Transferee agrees
that it shall take, at any time and from time to time, all action necessary
(including voting the Common Stock entitled to vote owned by him, her or it,
calling special meetings of stockholders and executing and delivering written
consents) to ensure that the Board of Directors of the Company is composed of
such number of directors as determined by ING Furman Selz on behalf of itself
and the other JCP Funds.  The initial
Board of Directors shall be composed of: 
Nicholas Daraviras, James L. Luikart and Daniel J. O’Leary.

 

(b)                                 Each Investor and Permitted Transferee agrees to
take all necessary action to cause the composition of the Board of Directors of
the Company to remain in accordance with Section 3.2(a) hereof (including,
without limitation, voting or causing to vote or acting by written consent with
respect to, all shares of Common Stock entitled to vote thereon or any other
voting capital stock of the Company now or hereafter owned or held by such
Investor or Permitted Transferee in favor of such persons) and to act itself
(if a member of the Board of Directors) or cause its designee (if any) on the
Board of Directors to vote or act by written consent to cause the Board of
Directors of the Company to be in accordance with Section 3.2(a) hereof.

 

(c)                                  Any
of the rights to designate directors of the Company of any of the JCP Funds set
forth in paragraph (a) above shall terminate on such date as the JCP Funds,
together

 

10

 

with their
respective Affiliates and Permitted Transferees, collectively own less than 5%
of the outstanding Common Stock.

 

3.3.                              Right to Remove Certain of the Company’s
Directors.  ING Furman Selz (on behalf of the JCP Funds)
may request that any director be removed (with or without cause) by written
notice to the other Investors, and, in any such event, each Investor and
Permitted Transferee shall promptly consent in writing or vote or cause to be
voted all shares of Common Stock entitled to vote thereon now or hereafter
owned or controlled by it for the removal of such person as a director.

 

3.4.                              Right to Fill Certain Vacancies in Company’s
Board.  In the
event that a vacancy is created on the Company’s Board of Directors at any time
by the death, disability, retirement, resignation or removal (with or without
cause) or if otherwise there shall exist or occur any vacancy on the Company’s
Board of Directors, such vacancy shall not be filled by the remaining members
of the Company’s Board of Directors, but each Investor and Permitted Transferee
hereby agrees promptly to consent in writing or vote or cause to be voted all
shares of Common Stock entitled to vote thereon or any other voting capital
stock of the Company now or hereafter owned or controlled by it to elect that
individual designated to fill such vacancy and serve as a director, as shall be
designated by the Investor or Investors then entitled to designate such
director under Section 3.2 hereof.

 

3.5.                              Directors of Subsidiaries.  If
requested by any of the JCP Funds (so long as the requesting party, together
with its respective Affiliates or Permitted Transferees, owns not less than 5%
of the outstanding Common Stock, the Company shall cause the Board of Directors
of any Subsidiary (defined as “a corporation, partnership, limited
liability or other business entity with respect to which the Company (or
another Subsidiary) owns 50% or more of the total combined voting power of all
classes of stock (or other voting interests)) to be identical to the Board of Directors of the Company, except in the
case of Edgen Canada Inc. which Board of Directors may contain additional
members in order to comply with Canadian law.

 

3.6.                              Amendment of Certificate and Bylaws.  Each
Investor and Permitted Transferee agrees that it shall not consent in writing
or vote or cause to be voted any shares of Common Stock now or hereafter owned
or controlled by it in favor of any amendment, repeal, modification, alteration
or rescission of, or the adoption of any provision in the Company’s Amended and
Restated Certificate of Incorporation or Bylaws inconsistent with Article III
of this Agreement unless the JCP Funds consent in writing thereto.

 

3.7.                              Termination of Voting Agreements.  If not
earlier terminated under Section 3.2, the voting agreements in Sections
3.2, 3.3, 3.4, 3.5 and 3.6 hereof shall terminate on the date the Company
consummates a Public Offering (if requested by the underwriter with respect to
such offering).

 

3.8.                              Officers.  Each Investor approves the
election of such officers as may be elected or appointed by the Company or its
Board of Directors.

 

11

 

ARTICLE IV.

 

MISCELLANEOUS

 

4.1.                              Amendment and Modification.  This Agreement may be amended or
modified, or any provision hereof may be waived, provided that such amendment,
modification or waiver is set forth in a writing executed by the Company and
the Required Holders; provided, however, that any amendment of
this Agreement which materially adversely affects any Investor in a manner
materially different from other Investors (other than due to any difference in
the number of shares owned by any such Investor) shall require the prior
written consent of such Investor.  No
course of dealing between or among any persons having any interest in this
Agreement will be deemed effective to modify, amend or discharge any part of
this Agreement or any rights or obligations of any person under or by reason of
this Agreement.

 

4.2.                              Successors and Assigns.  This
Agreement shall be binding upon and inure to the benefit of and be enforceable
by the successors and permitted assigns and executors, administrators and heirs
of each party hereto.  Except as
contemplated hereby within this Section 4.2 or in connection with
Transfers of Securities, this Agreement, and any rights or obligations existing
hereunder, may not be assigned or otherwise transferred by any party without
the prior written consent of the other parties hereto; provided that upon the
merger of the Company into Edgen, Edgen as the surviving corporation in the
Merger, shall automatically succeed to all the rights and obligations of the
Company hereunder.

 

4.3.                              Separability.  In the
event that any provision of this Agreement or the application of any provision
hereof is declared to be illegal, invalid or otherwise unenforceable by a court
of competent jurisdiction, the remaining provisions shall remain in full force
and effect unless deletion of such provision causes this Agreement to become
materially adverse to any party, in which event the parties shall use
reasonable efforts to arrive at an accommodation which best preserves for the
parties the benefits and obligations of the offending provision.

 

4.4.                              Notices.  All notices provided for or
permitted hereunder shall be made in writing by hand-delivery, registered or
certified first-class mail, fax or reputable courier guaranteeing overnight
delivery to the other party at the following addresses (or at such other
address as shall be given in writing by any party to the others):

 

	
  If to the
  Company:

  	
   

  
	
   

  	
   

  
	
  Edgen
  Acquisition Corporation

  
	
  c/o Jefferies
  Capital Partners

  
	
  520 Madison
  Avenue

  
	
  12th Floor

  
	
  New York, NY
  10022

  
	
  Attention:

  	
  James Luikart and Nicholas Daraviras

  
	
  Telephone:

  	
  (212) 284-1700

  
	
  Fax:

  	
  (212) 284-1717

  
			

 

12

 

	
  and

  	
   

  
	
   

  	
   

  
	
  Edgen Corporation

  
	
  c/o Jefferies Capital Partners

  
	
  520 Madison Avenue

  
	
  8th Floor

  
	
  New York, NY 10022

  
	
  Attention:

  	
  David Laxton

  
	
  Telephone:

  	
  (225) 756-7223

  
	
  Fax:

  	
  (225) 756-7953

  
	
   

  	
   

  
	
  with a required copy to:

  
	
   

  	
   

  
	
  Dechert LLP

  
	
  4000 Bell Atlantic Tower

  
	
  1717 Arch Street

  
	
  Philadelphia, PA 19103

  
	
  Attention:

  	
  Carmen J. Romano, Esq.

  
	
  Telephone:

  	
  (215) 994-4000

  
	
  Fax:

  	
  (215) 994-2222

  
	
   

  	
   

  
	
  If to any of the JCP Funds, to:

  
	
   

  	
   

  
	
  c/o Jefferies
  Capital Partners

  
	
  520 Madison
  Avenue

  
	
  12th Floor

  
	
  New York, NY
  10022

  
	
  Attention:

  	
  James Luikart and Nicholas Daraviras

  
	
  Telephone:

  	
  (212) 284-1700

  
	
  Fax:

  	
  (212) 284-1717

  
	
   

  	
   

  
	
  with a required copy to:

  
	
   

  	
   

  
	
  Dechert LLP

  
	
  4000 Bell Atlantic Tower

  
	
  1717 Arch Street

  
	
  Philadelphia, PA 19103

  
	
  Attention:

  	
  Carmen J. Romano, Esq.

  
	
  Telephone:

  	
  (215) 994-4000

  
	
  Fax:

  	
  (215) 994-2222

  

 

If to any of the Management Investors, to such
Management Investor’s address as set forth on the signature page hereto or such
other address as may be specified from time to time in writing to the Company
by any Management Investor.

 

13

 

All such notices shall be deemed to have been duly
given: when delivered by hand, if personally delivered; four business days
after being deposited in the mail, postage prepaid, if mailed; when
confirmation of transmission is received, if faxed during normal business hours
(or, if not faxed during normal business hours, the next business day after
confirmation of transmission); and on the next business day, if timely
delivered to a reputable courier guaranteeing overnight delivery.

 

4.5.                              Governing Law.  This
Agreement shall be governed by and construed in accordance with the internal
laws of the State of New York, without giving effect to principles of conflicts
of law.

 

4.6.                              Headings.  The headings preceding the text
of the sections and subsections of this Agreement are for convenience of
reference only and shall not constitute a part of this Agreement, nor shall
they affect its meaning, construction or effect.

 

4.7.                              Counterparts.  This
Agreement may be executed in two or more counterparts and by the parties hereto
in separate counterparts, each of which when so executed shall be deemed to be
an original, and all of which taken together shall constitute one and the same
instrument.

 

4.8.                              Further Assurances.  Each party
shall cooperate and take such action as may be reasonably requested by another
party in order to carry out the provisions and purposes of this Agreement and
the transactions contemplated hereby.

 

4.9.                              Termination.  This
Agreement shall terminate on the written agreement of the Investors who are
parties hereto or when all the Investors except any one Investor no longer hold
any Securities.

 

4.10.                        Remedies.  In the event of a breach or a threatened
breach by any party to this Agreement of its obligations under this Agreement,
any party injured or to be injured by such breach, in addition to being
entitled to exercise all rights granted by law, including recovery of damages,
will be entitled to specific performance of its rights under this Agreement.  The parties agree that the provisions of this
Agreement shall be specifically enforceable, it being agreed by the parties
that the remedy at law, including monetary damages, for breach of such
provision will be inadequate compensation for any loss and that any defense in
any action for specific performance that a remedy at law would be adequate is
waived.

 

4.11.                        Party No Longer Owning Securities.  If a party hereto ceases to own
any Securities, such party will no longer be deemed to be an Investor or
Management Investor for purposes of this Agreement.

 

4.12.                        No Effect on Employment.  Nothing
herein contained shall confer on the Management Investor the right to remain in
the employ or service of the Company or any of its subsidiaries or Affiliates.

 

4.13.                        Pronouns.  Whenever the context may require, any
pronouns used herein shall be deemed also to include the corresponding neuter,
masculine or feminine forms.

 

14

 

4.14.                        Future Individual Investors.  The parties hereto agree that any current or
future employee of the Company or other person who purchases Securities from
the Company subsequent to the date hereof may become a signatory to this
Agreement by executing a written instrument setting forth that such person agrees
to be bound by the terms and conditions of this Agreement and this Agreement
will be deemed to be amended to include such person as a Management Investor
(or Investor, as the case may be) and the number of Securities purchased by him
or her.  Without limiting the generality
of the foregoing, any person who has received an award of restricted Common
Stock under the Edgen Corporation Incentive Plan shall be bound by the terms
and conditions of the Agreement as a Management Investor.

 

4.15.                        Entire Agreement.  This
Agreement sets forth the entire agreement and understanding among the parties
and supersedes all prior agreements and understandings, written or oral,
relating to the subject matter of this Agreement, it being understood the
Investors are contemporaneously entering into other agreements and instruments
in connection with the consummation of the Acquisition, including the Securities
Purchase Agreements and the Registration Rights Agreement.

 

15

 

IN WITNESS WHEREOF, the parties hereto have executed
this Securities Holders Agreement the day and year first above written.

 

	
   

  	
  EDGEN ACQUISITION
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/
  NICHOLAS DARAVIRAS

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Nicholas Daraviras

  
	
   

  	
   

  	
  Title:

  	
  President

  
					

 

 

	
   

  	
  ING FURMAN SELZ
  INVESTORS III L.P.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   FS PRIVATE
  INVESTMENTS III LLC,

  
	
   

  	
   

  	
   its Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JAMES L. LUIKART

  	
   

  
	
   

  	
   

  	
  Name:  James L. Luikart

  
	
   

  	
   

  	
  Title:  Managing Member

  

 

 

	
   

  	
  ING BARINGS GLOBAL
  LEVERAGED EQUITY

  PLAN LTD.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   FS PRIVATE
  INVESTMENTS III LLC,

  
	
   

  	
   

  	
   its Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JAMES L. LUIKART

  	
   

  
	
   

  	
   

  	
  Name:  James L. Luikart

  
	
   

  	
   

  	
  Title:  Managing Member

  

 

 

	
   

  	
  ING BARINGS U.S.
  LEVERAGED EQUITY PLAN

  LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   FS PRIVATE
  INVESTMENTS III LLC,

  
	
   

  	
   

  	
   its Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JAMES L. LUIKART

  	
   

  
	
   

  	
   

  	
  Name:  James L. Luikart

  
	
   

  	
   

  	
  Title:  Managing Member

  

 

 

	
   

  	
  MANAGEMENT INVESTORS:

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
    /s/ JEFFREY
  L. BIKSHORN

  	
   

  
	
   

  	
  Jeffrey
  L. Bikshorn

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Telephone No.:

  	
   

  
				

 

 

	
   

  	
    /s/  DOUGLAS J. DALY JR.

  	
   

  
	
   

  	
  Douglas J. Daly Jr.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Telephone No.:

  	
   

  
				

 

 

	
   

  	
    /s/  ROBERT L. GILLELAND

  	
   

  
	
   

  	
  Robert L. Gilleland

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Telephone No.:

  	
   

  
				

 

 

	
   

  	
    /s/  RANDALL C. HARLESS

  	
   

  
	
   

  	
  Randall C. Harless

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Telephone No.:

  	
   

  
				

 

 

	
   

  	
    /s/  DANIEL D. KEATON

  	
   

  
	
   

  	
  Daniel D. Keaton

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Telephone No.:

  	
   

  
				

 

 

	
   

  	
    /s/  CRAIG STEPHEN KIEFER

  	
   

  
	
   

  	
  Craig Stephen Kiefer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Telephone No.:

  	
   

  
				

 

 

	
   

  	
    /s/  DAVID L. LAXTON, III

  	
   

  
	
   

  	
  David L. Laxton, III

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Telephone No.:

  	
   

  
				

 

 

	
   

  	
    /s/  ROY J. MEREDITH

  	
   

  
	
   

  	
  Roy J. Meredith

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Telephone No.:

  	
   

  
				

 

 

	
   

  	
    /s/  DANIEL J. O’LEARY

  	
   

  
	
   

  	
  Daniel J. O’leary

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Address:

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Telephone No.:Exhibit 10.12

 

Execution Version

 

 

 

SECURITIES PURCHASE AGREEMENT

 

by and among

 

EDGEN ACQUISITION CORPORATION,

 

ING FURMAN SELZ INVESTORS III L.P.,

 

ING BARINGS GLOBAL LEVERAGED EQUITY
PLAN LTD.,

 

and

 

ING BARINGS U.S. LEVERAGED EQUITY PLAN
LLC

 

Dated as of February 1, 2005

 

 

 

 

TABLE OF CONTENTS

 

	
  ARTICLE I

  	
   

  	
   

  	
  PURCHASE OF
  SECURITIES

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.1.

  	
   

  	
  Sale and Purchase of Common Stock and Preferred
  Stock

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.2.

  	
   

  	
  Closing

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.3.

  	
   

  	
  Conditions to the Investor’s Obligations

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  1.4.

  	
   

  	
  Conditions to the Company’s Obligations

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE II

  	
   

  	
   

  	
  REPRESENTATIONS,
  WARRANTIES AND COVENANTS OF THE COMPANY

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  2.1.

  	
   

  	
  Representations, Warranties and Covenants of the
  Company

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE III

  	
   

  	
   

  	
  REPRESENTATIONS,
  WARRANTIES AND COVENANTS OF INVESTORS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  3.1.

  	
   

  	
  Representations, Warranties and Covenants of Each
  Investor

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ARTICLE IV

  	
   

  	
   

  	
  MISCELLANEOUS

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.1.

  	
   

  	
  Legend

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.2.

  	
   

  	
  Amendment and Modification

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.3.

  	
   

  	
  Survival of Representations and Warranties

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.4.

  	
   

  	
  Successors and Assigns

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.5.

  	
   

  	
  Separability

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.6.

  	
   

  	
  Notices

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.7.

  	
   

  	
  Governing Law

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.8.

  	
   

  	
  Headings

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.9.

  	
   

  	
  Counterparts

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.10.

  	
   

  	
  Further Assurances

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  4.11.

  	
   

  	
  Entire Agreement

  	
   

  	
   

  
									

 

i

 

EXHIBITS

 

	
  Exhibit A

  	
   

  	
  Form of
  Securities Holders Agreement

  
	
  Exhibit B

  	
   

  	
  Form of
  Registration Rights Agreement

  
	
  Exhibit C

  	
   

  	
  Amended and
  Restated Articles of Incorporation of the Company

  
	
  Exhibit D

  	
   

  	
  Bylaws of the Company

  

 

SCHEDULES

 

	
  Schedule I

  	
   

  	
  Investors
  and Securities Purchased

  

 

1

 

DEFINED TERMS

 

	
  Agreement

  	
   

  	
  1

  
	
  Closing

  	
   

  	
  2

  
	
  Closing Date

  	
   

  	
  2

  
	
  Common Stock

  	
   

  	
  1

  
	
  Company

  	
   

  	
  1

  
	
  Edgen

  	
   

  	
  1

  
	
  ING Barings Global

  	
   

  	
  1

  
	
  ING Barings U.S.

  	
   

  	
  1

  
	
  ING Furman Selz

  	
   

  	
  1

  
	
  Investor

  	
   

  	
  1

  
	
  Investors

  	
   

  	
  1

  
	
  JCP Funds

  	
   

  	
  1

  
	
  Management Investors

  	
   

  	
  1

  
	
  person

  	
   

  	
  5

  
	
  Registration Rights Agreement

  	
   

  	
  1

  
	
  Securities

  	
   

  	
  2

  
	
  Securities Act

  	
   

  	
  5

  
	
  Securities Holders Agreement

  	
   

  	
  1

  
	
  Series A Preferred Stock

  	
   

  	
  5

  
	
  Stock Purchase Agreement

  	
   

  	
  1

  

 

2

 

SECURITIES PURCHASE AGREEMENT

 

THIS IS A SECURITIES PURCHASE AGREEMENT, dated as of February 1,
2005 (the “Agreement”), by and among Edgen Acquisition Corporation, a
Delaware corporation (the “Company”), ING Furman Selz Investors III
L.P., a Delaware limited partnership (“ING Furman Selz”), ING Barings
Global Leveraged Equity Plan Ltd., a Bermuda corporation, (“ING Barings
Global”), ING Barings U.S. Leveraged Equity Plan LLC, a Delaware limited
liability company (“ING Barings U.S.” and, together with ING Furman Selz
and ING Barings Global, the “JCP Funds”).  The JCP Funds are sometimes referred to
herein individually as an “Investor” and collectively as the “Investors.”

 

Background

 

A.                                   This
Agreement is being entered into in connection with the consummation of the
transactions contemplated by the Stock Purchase Agreement, dated as of December 31,
2004 (the “Stock Purchase Agreement”), by and among Edgen Corporation, a
Nevada corporation (“Edgen”), the Company and the other parties thereto,
pursuant to which the Company will acquire all of the outstanding capital stock
of Edgen.  Immediately after the
acquisition, the Company will merge with Edgen with Edgen remaining as the
surviving entity.

 

B.                                     Pursuant
to the terms hereof, in connection with the consummation of the transactions
contemplated by the Stock Purchase Agreement, the Company desires to sell, and
the Investors desire to purchase for cash, (i) the number of shares of the
Company’s Preferred Stock, par value $.01 per share (“Preferred Stock”) and
(ii) the number of shares of Common Stock of the Company, par value $.01 per
share (“Common Stock”) in each case as set forth opposite such Investor’s name
on Schedule I hereto.

 

C.                                     Also
in connection with the transactions contemplated by the Stock Purchase
Agreement, pursuant to a separate Securities Purchase Agreement, the Company
intends to sell for cash additional shares of Preferred Stock and Common Stock,
to the officers and directors of Edgen who are parties thereto (the “Management
Investors”).

 

D.                                    Immediately
following the purchase and sale of securities referred to above, the Company
will use such cash proceeds in part to acquire, pursuant to the Stock Purchase
Agreement, the outstanding capital stock of Edgen.

 

E.                                      In
connection with the execution and delivery of this Agreement, the Investors,
the Management Investors and the Company are also entering into a Securities
Holders Agreement (the “Securities Holders Agreement”) and a
Registration Rights Agreement (the “Registration Rights Agreement”)
substantially in the forms of Exhibit A and Exhibit B hereto,
respectively, in order to set forth more fully certain agreements regarding
their future relationships and their rights and obligations with respect to
Securities of the Company.

 

 

F.                                      As
used herein, the term “Securities” shall mean Common Stock, Preferred
Stock, and any other shares of capital stock of the Company, and any securities
convertible into or exchangeable for such capital stock, and any options
(including any options now or hereafter issued to Management Investors),
warrants or other rights to acquire such capital stock or securities, now or
hereafter held by any party hereto, including all other securities of the
Company (or a successor to the Company) received on account of ownership of
Common Stock or Preferred Stock, including all securities issued in connection
with any merger, consolidation, stock dividend, stock distribution, stock
split, reverse stock split, stock combination, recapitalization,
reclassification, subdivision, conversion or similar transaction in respect
thereof.

 

Terms

 

In consideration of the mutual covenants contained
herein, and intending to be legally bound hereby, the parties hereto agree as
follows:

 

ARTICLE I

 

PURCHASE OF SECURITIES

 

1.1.                              Sale and Purchase of Common Stock and Preferred
Stock.  (a) 
Subject to the terms and conditions set forth herein, at the Closing (as
defined in Section 1.2), the Company will issue and sell to each Investor,
and each Investor will purchase, the number of shares of Preferred Stock and
Common Stock set forth opposite the name of such Investor on Schedule I
hereto.

 

(b)                                 The per share purchase price for the Preferred
Stock and Common Stock to be purchased under this Section 1.1 shall be
$1,000 per share and $1 per share, respectively.  The aggregate purchase price to be paid by
each Investor purchasing stock pursuant to this Section 1.1 is set forth
opposite such Investor’s name on Schedule I hereto.  The Investors shall pay the purchase price
for the shares of Preferred Stock and/or Common Stock purchased by them
hereunder by wire transfer of immediately available funds to an account
designated by the Company.

 

(c)                                  The obligations of the Investors purchasing
Securities under this Section 1.1 are several in nature, and no Investor
shall have any obligation to purchase any Securities subscribed for hereunder
by any other Investor.

 

1.2.                              Closing.  (a)  The closing (the “Closing”) of the
purchase and sale of the Securities referred to in Section 1.1 will take
place concurrently with the Closing of the Stock Purchase Agreement or at such
other time or on such other date as may be agreed by the parties hereto.  The date such Closing occurs is referred to
herein as the “Closing Date.”

 

(b)                                 At the Closing, the Company will deliver to each
Investor certificates evidencing the number of shares of Preferred Stock and
Common Stock to be purchased by such

 

2

 

Investor as set forth opposite such Investor’s
name on Schedule I hereto, registered in such Management Investor’s
name, against payment of the purchase price therefor in cash, by wire transfer
of immediately available funds, with confirmed receipt.

 

1.3.                              Conditions to the Investor’s Obligations.  The
obligation of each Investor to purchase such Investor’s Securities at the
Closing is subject to the satisfaction on or prior to the date hereof of the
following conditions:

 

(a)                                  The representations and warranties of the Company
set forth in Article II hereof shall be true and correct in all material
respects on and as of the Closing Date as though then made, and all covenants
of the Company set forth in Article I required to be performed on or prior
to the Closing shall have been performed in all material respects.

 

(b)                                 No
preliminary or permanent injunction or order, decree or ruling of any nature
issued by any court or governmental agency of competent jurisdiction, nor any
statute, rule, regulation or executive order promulgated or enacted by any
United States federal, state or local governmental authority, shall be in
effect, that would prevent the consummation of the transactions contemplated by
this Agreement or the Stock Purchase Agreement.

 

(c)                                  All
of the conditions to effecting the transactions contemplated by the Stock
Purchase Agreement shall have been fulfilled or waived in accordance with the
terms of the Stock Purchase Agreement.

 

(d)                                 The
Company shall have executed and delivered the Securities Holders Agreement and
the Registration Rights Agreement.

 

(e)                                  The Company’s Amended and Restated Articles of
Incorporation and Bylaws shall be substantially in the forms of Exhibit C
and Exhibit D hereto, respectively.

 

(f)                                    All corporate and other proceedings, if any,
taken or to be taken by the Company in connection with the transactions
contemplated hereby shall have been taken.

 

1.4.                              Conditions to the Company’s Obligations.  The
obligations of the Company to issue and sell the Securities to each Investor as
set forth herein at the Closing are subject to the satisfaction on or prior to
the Closing of the following conditions:

 

(a)                                  The representations and warranties of each
Investor set forth in Article III hereof shall be true and correct in all
material respects at and as of the Closing Date as though then made, and all
covenants of each Investor required to be performed at or prior to the Closing
shall have been performed in all material respects.

 

(b)                                 Such Investor shall have delivered the cash
purchase price required to be delivered by such Investor under this Article I.

 

3

 

(c)                                  No
preliminary or permanent injunction or order, decree or ruling of any nature
issued by any court or governmental agency of competent jurisdiction, nor any
statute, rule, regulation or executive order promulgated or enacted by any
United States federal, state or local governmental authority, shall be in
effect, that would prevent the consummation of the transactions contemplated by
this Agreement or the Stock Purchase Agreement.

 

(d)                                 All
of the conditions to effecting the transactions contemplated by the Stock
Purchase Agreement shall have been fulfilled or waived in accordance with the
terms of the Stock Purchase Agreement.

 

(e)                                  Such
Investor shall have executed and delivered each of the Securities Holders
Agreement and the Registration Rights Agreement.

 

ARTICLE II

 

REPRESENTATIONS, WARRANTIES AND

COVENANTS OF THE COMPANY

 

2.1.                              Representations, Warranties and Covenants of the
Company.  The Company represents and warrants to, and
covenants and agrees with, each of the Investors as follows:

 

(a)                                  The Company is a corporation duly organized,
validly existing and in good standing under the laws of the State of Nevada.

 

(b)                                 The Company has all requisite corporate power and
corporate authority to execute, deliver and perform this Agreement and to
consummate the transactions provided for herein.

 

(c)                                  The execution, delivery and performance by the
Company of this Agreement and the consummation by the Company of the
transactions contemplated hereby, including, but not limited to, the issuance
and sale of the Securities to be issued by it hereunder, have been duly
authorized, and this Agreement constitutes the valid and binding obligation of
the Company, enforceable against it in accordance with the terms hereof.

 

(d)                                 The Securities issued to the Investors under Article I
hereof, when issued in compliance with the provisions of this Agreement, will
be validly issued, fully paid and non-assessable.

 

(e)                                  As of the date hereof and after giving effect to
the transactions contemplated by this Agreement and the Securities Purchase
Agreement with the Management Investors, but excluding the restricted Common
Stock issued or to be issued under the Edgen Corporation Incentive Plan, (i) the
authorized capital stock of the Company consists of five million one
hundred thousand (5,100,000) shares, divided into two (2) classes consisting of
five million (5,000,000) shares of Common Stock, 2,400,000 shares of which are
issued and outstanding; and one hundred thousand (100,000) shares of Preferred
Stock, of which forty

 

4

 

thousand (40,000) are designated as Series A 81⁄2% Cumulative Compounding
Preferred Stock (“Series A Preferred Stock”)  and 21,600 shares of which
Series A Preferred Stock are issued and outstanding; and (ii) the shares of Common Stock and Preferred Stock
held by the Investors, together with the shares of Common Stock and Preferred
Stock to be issued under the Securities Purchase Agreement to the Management
Investors, constitute all of the issued and outstanding shares of the Company’s
capital stock.

 

ARTICLE III

 

REPRESENTATIONS, WARRANTIES 

AND COVENANTS OF INVESTORS

 

3.1.                              Representations, Warranties and Covenants of Each
Investor.  Each of the Investors severally and as to
itself represents and warrants to, and covenants and agrees with, the Company
that:

 

(a)                                  Such Investor has the requisite legal right,
power and authority (including, if applicable, the due authorization by all
necessary corporate action) to enter into this Agreement and to perform such
Investor’s obligations hereunder and to consummate the transactions provided
for herein, without the need for the consent of any other person (other than
such consents as have heretofore been obtained); this Agreement has been duly
authorized, executed and delivered by such Investor; and this Agreement
constitutes the valid and binding obligation of such Investor, enforceable
against such Investor in accordance with the terms hereof.  As used herein, the term “person”
means an individual or a corporation, partnership, limited liability company,
joint venture, trust, regulatory or governmental agency or authority or other
organization or entity of any kind.

 

(b)                                 No
consent, approval or authorization of, or registration, qualification or filing
with, any governmental agency or authority is required for the execution and
delivery of this Agreement by such Investor or for the consummation by such
Investor of the transactions contemplated hereby, except where the failure to
obtain any such consent, approval or authorization or to so register, qualify
or file would not reasonably be expected to materially and adversely affect
such Investor’s ability to consummate the transactions contemplated hereby.

 

(c)                                  No
action, suit, proceeding or investigation is pending or, to such Investor’s
knowledge, threatened, against such Investor with respect to his or her
execution and delivery of this Agreement or the consummation by such Investor
of the transactions contemplated hereby.

 

(d)                                 The Securities are being purchased by such
Investor hereunder for investment, and not with a view to any distribution
thereof that would violate the Securities Act or the applicable state
securities laws of any state.  Such
Investor will not distribute the Securities in violation of the Securities Act
of 1933, as amended (the “Securities Act”) or the applicable securities
laws of any state.

 

5

 

(e)                                  Such Investor understands that the Securities
have not been registered under the Securities Act or the securities laws of any
state and must be held indefinitely unless subsequently registered under the
Securities Act and any applicable state securities laws or unless an exemption
from such registration becomes or is available.

 

(f)                                    Such
Investor qualifies as an “Accredited Investor” under Regulation D promulgated
under the Securities Act.  Such Investor
agrees to furnish such documents and to comply with such reasonable requests of
the Company as may be necessary to substantiate the Investor’s status as a
qualifying investor in connection with this private offering of Preferred Stock
and Common Stock to the Investor.  Each
Investor represents and warrants that all information contained in such
documents and any other written materials concerning the status of such
Investor furnished by such Investor to the Company in connection with such
requests will be true, complete and correct in all material respects.

 

ARTICLE IV

 

MISCELLANEOUS

 

4.1.                              Legend.  All certificates representing
the Securities shall bear the following legend in addition to any other legend
required under applicable law:

 

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED
UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR THE
SECURITIES LAWS OF ANY STATE AND MAY NOT BE SOLD, TRANSFERRED, ASSIGNED OR
OTHERWISE DISPOSED OF WITHOUT REGISTRATION UNDER THE SECURITIES ACT AND ANY
APPLICABLE STATE SECURITIES LAWS OR THE DELIVERY TO THE COMPANY OF AN OPINION
OF COUNSEL, REASONABLY SATISFACTORY TO THE COMPANY, THAT SUCH REGISTRATION IS
NOT REQUIRED.

 

THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE ALSO
SUBJECT TO THE TERMS AND CONDITIONS OF A SECURITIES HOLDERS AGREEMENT BY AND
AMONG THE COMPANY AND THE HOLDERS SPECIFIED THEREIN, AS AMENDED FROM TIME TO
TIME (THE “SECURITIES HOLDERS AGREEMENT”), A COPY OF WHICH AGREEMENT IS ON FILE
AT THE PRINCIPAL OFFICE OF THE COMPANY. 
THE SALE, TRANSFER, ASSIGNMENT OR OTHER DISPOSITION OF THE SECURITIES IS
SUBJECT TO THE TERMS OF SUCH AGREEMENT AND THE SECURITIES ARE TRANSFERABLE OR
OTHERWISE DISPOSABLE ONLY UPON PROOF OF COMPLIANCE THEREWITH.

 

4.2.                              Amendment and Modification.  This
Agreement may be amended or modified, or any provision hereof may be waived,
provided that such amendment, modification or waiver is

 

6

 

set forth in a writing executed by (i) the
Company and (ii) the holders of the majority of the shares of Common Stock then
held by the JCP Funds; provided, however, that any amendment of
this Agreement which materially adversely affects any Investor in a manner
materially different from other Investors (other than due to any difference in
the number of shares owned by any such Investor) requires the consent of such
Investor.  No course of dealing between
or among any persons having any interest in this Agreement will be deemed
effective to modify, amend or discharge any part of this Agreement or any
rights or obligations of any person under or by reason of this Agreement.

 

4.3.                              Survival of Representations and Warranties.  The
representations, warranties, covenants and agreements set forth in this
Agreement shall survive the Closing.

 

4.4.                              Successors and Assigns.  This
Agreement shall be binding upon and inure to the benefit of and be enforceable
by the successors and permitted assigns and executors, administrators and heirs
of each party hereto.  This Agreement,
and any rights or obligations existing hereunder, may not be assigned or
otherwise transferred by any party without the prior written consent of the
other parties hereto.

 

4.5.                              Separability.  In the event that any provision
of this Agreement or the application of any provision hereof is declared to be
illegal, invalid or otherwise unenforceable by a court of competent
jurisdiction, the remaining provisions shall remain in full force and effect
unless deletion of such provision causes this Agreement to become materially
adverse to any party, in which event the parties shall use reasonable efforts
to arrive at an accommodation which best preserves for the parties the benefits
and obligations of the offending provision.

 

4.6.                              Notices.  All notices provided for or
permitted hereunder shall be made in writing by hand-delivery, registered or
certified first-class mail, fax or reputable courier guaranteeing overnight
delivery to the other party at the following addresses (or at such other
address as shall be given in writing by any party to the others):

 

	
  If to the Company:

  
	
   

  
	
  Edgen
  Acquisition Corporation

  
	
  c/o Jefferies Capital Partners

  
	
  520 Madison Avenue

  
	
  12th Floor

  
	
  New York, NY 10022

  
	
  Attention:

  	
  James Luikart and Nicholas Daraviras

  
	
  Telephone:

  	
  (212) 284-1700

  
	
  Fax:

  	
  (212) 284-1717

  
	
   

  
	
  with a required copy to:

  
	
   

  
	
  Dechert LLP

  

 

7

 

	
  4000 Bell Atlantic Tower

  
	
  1717 Arch Street

  
	
  Philadelphia, PA 19103

  
	
  Attention:

  	
  Carmen J. Romano, Esq.

  
	
  Telephone:

  	
  (215) 994-4000

  
	
  Fax:

  	
  (215) 994-2222

  
	
   

  
	
  If to any of the JCP Funds, to:

  
	
   

  
	
  c/o Jefferies Capital Partners

  
	
  520 Madison Avenue

  
	
  8th Floor

  
	
  New York, NY 10022

  
	
  Attention:

  	
  James Luikart and Nicholas Daraviras

  
	
  Telephone

  	
  (212) 284-1700

  
	
  Fax:

  	
  (212) 284-1717

  
	
   

  
	
  with a required copy to:

  
	
   

  
	
  Dechert LLP

  
	
  4000 Bell Atlantic Tower

  
	
  1717 Arch Street

  
	
  Philadelphia, PA 19103

  
	
  Attention:

  	
  Carmen J. Romano, Esq.

  
	
  Telephone:

  	
  (215) 994-4000

  
	
  Fax:

  	
  (215) 994-2222

  

 

All such notices shall be deemed to have been duly
given: when delivered by hand, if personally delivered; four business days
after being deposited in the mail, postage prepaid, if mailed; when
confirmation of transmission is received, if faxed during normal business hours
(or, if not faxed during normal business hours, the next business day after
confirmation of transmission); and on the next business day, if timely
delivered to a reputable courier guaranteeing overnight delivery.

 

4.7.                              Governing Law.  This Agreement shall be governed
by and construed in accordance with the internal laws of the State of New York,
without giving effect to principles of conflicts of law.

 

4.8.                              Headings.  The headings preceding the text
of the sections and subsections of this Agreement are for convenience of
reference only and shall not constitute a part of this Agreement, nor shall
they affect its meaning, construction or effect.

 

4.9.                              Counterparts.  This Agreement may be executed
in two or more counterparts and by the parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original, and all of
which taken together shall constitute one and the same instrument.

 

8

 

4.10.                        Further Assurances.  Each party shall cooperate and take such
action as may be reasonably requested by another party in order to carry out
the provisions and purposes of this Agreement and the transactions contemplated
hereby.

 

4.11.                        Entire Agreement.  This Agreement sets forth the entire
agreement and understanding among the parties and supersedes all prior
agreements and understandings, written or oral, relating to the subject matter
of this Agreement, it being understood the Investors are contemporaneously
entering into other agreements and instruments in connection with the
consummation of the transactions contemplated by the Stock Purchase Agreement,
including the Securities Holders Agreement and the Registration Rights
Agreement.

 

9

 

IN WITNESS WHEREOF, the parties hereto have executed
this Securities Purchase Agreement the day and year first above written.

 

 

	
   

  	
  EDGEN ACQUISITION
  CORPORATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
     /s/ NICHOLAS DARAVIRAS

  	
   

  
	
   

  	
   

  	
  Name: Nicholas
  Daraviras

  
	
   

  	
   

  	
  Title:   President

  

 

10

 

	
   

  	
  ING FURMAN SELZ
  INVESTORS III L.P.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  FS PRIVATE INVESTMENTS
  III LLC,

  
	
   

  	
   

  	
  its Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JAMES LUIKART

  	
   

  
	
   

  	
   

  	
  Name: James Luikart

  
	
   

  	
   

  	
  Title    Managing
  Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ING BARINGS GLOBAL
  LEVERAGED EQUITY PLAN LTD.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  FS PRIVATE INVESTMENTS
  III LLC,

  
	
   

  	
   

  	
  its Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JAMES LUIKART

  	
   

  
	
   

  	
   

  	
  Name: James Luikart

  
	
   

  	
   

  	
  Title    Managing
  Member

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  ING BARINGS U.S.
  LEVERAGED EQUITY PLAN LLC

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  FS PRIVATE INVESTMENTS
  III LLC,

  
	
   

  	
   

  	
  its Manager

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ JAMES LUIKART

  	
   

  
	
   

  	
   

  	
  Name: James Luikart

  
	
   

  	
   

  	
  Title    Managing
  Member

  
					

 

11

 

Schedule I

 

Investors and Securities Purchased 

 

	
  Investor

  	
   

  	
  Common Stock

  Purchase Price

  ($1 per share)

  	
   

  	
  Preferred Stock

  Purchase Price

  ($1000 per share)

  	
   

  	
  Number of Shares of

  Common Stock

  Received

  	
   

  	
  Number of

  Shares of

  Preferred Stock

  Received

  	
   

  	
  Aggregate

  Purchase Price

  	
   

  
	
  ING Furman Selz Investors III L.P.

  	
   

  	
  $

  	
  1,505,774

  	
   

  	
  13,552,000

  	
   

  	
  1,505,774

  	
   

  	
  13,552

  	
   

  	
  $

  	
  15,057,774

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ING Barings Global Leveraged Equity Plan Ltd.

  	
   

  	
  $

  	
  122,102

  	
   

  	
  $

  	
  1,099,000

  	
   

  	
  122,102

  	
   

  	
  1,099

  	
   

  	
  $

  	
  1,221,102

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  ING Barings U.S. Leveraged Equity Plan LLC

  	
   

  	
  $

  	
  533,124

  	
   

  	
  $

  	
  4,798,000

  	
   

  	
  533,124

  	
   

  	
  4,798

  	
   

  	
  $

  	
  5,331,124

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Total

  	
   

  	
  $

  	
  2,161,000

  	
   

  	
  $

  	
  19,449,000

  	
   

  	
  2,161,000

  	
   

  	
  19,449

  	
   

  	
  $

  	
  21,610,000

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00083-of-00352.parquet"}]]