Document:

Opinion of Arnold & Porter LLP

 Exhibit 4.6 
 [Letterhead of Arnold & Porter LLP] 
 June 22, 2006 
 Ministry of Economy and Finance 
 of the Republic of Panama 
 P.O. Box 2694, Zona 3 
 Panama, Republic of Panama 
 Dear Ladies and Gentlemen: 
 We have acted as special United States counsel to the Republic of Panama
(“Panama”) in connection with the preparation of the registration statement under Schedule B (the “Registration Statement”) filed on the date hereof with the Securities and Exchange Commission (the “Commission”) under
the Securities Act of 1933, as amended (the “Act”), pursuant to which Panama is registering $1,500,000,000 aggregate principal amount of its debt securities and warrants (the “Securities”) to be offered and sold from time to time
as set forth in the Registration Statement and the prospectus (the “Prospectus”) contained therein. We are familiar with (a) the form of Fiscal Agency Agreement (including the forms of Note), as amended by Amendment No. 1 dated
as of September 4, 2003, previously filed as part of Panama’s Registration Statement on Schedule B (Registration No. 333-8558) and made a part of the Registration Statement (the “Fiscal Agency Agreement”), and (b) the
form of Underwriting Agreement previously filed as part of Panama’s Registration Statement on Schedule B (Registration No. 333-8558) and made a part of the Registration Statement (together with the Fiscal Agency Agreement, the
“Agreements”). 
 In rendering the opinion expressed below, we have examined such certificates of public officials, government
documents and records and other certificates and instruments furnished to us, and have made such other investigations, as we have deemed necessary in connection with the opinion set forth herein. Furthermore, we have assumed the genuineness of all
signatures, the authenticity of all documents submitted to us as originals, the authority of Panama to enter into the Agreements and cause the issuance of the Securities, and the conformity to authentic originals of all documents submitted to us as
copies. As to any document originally prepared in any language other than English and submitted to us in translation, we have assumed the accuracy of the English translation. 
 This opinion is limited to the federal laws of the United States and the laws of the State of New York, and we do not express any opinion herein
concerning the laws of any other jurisdiction. Insofar as the opinion set forth herein relates to matters of the laws of Panama, we have relied upon the opinion of Oscar Ceville, Procurador de la Administración of Panama, a 

 Ministry of Economy and Finance 
 June 22, 2006 
 Page 2 
 copy of which is being filed as an exhibit to the Registration Statement, and our opinion herein is subject to any and all exceptions and
reservations set forth therein. 
 Based upon and subject to the foregoing, we are of the opinion that when the Securities have been duly
authorized, issued, and executed by Panama and authenticated, delivered, and paid for as contemplated by the Agreements, the Prospectus and any amendment and supplement thereto, the Securities will constitute valid and legally binding obligations of
Panama under the laws of the State of New York. 
 We hereby consent to the filing of this opinion as an exhibit to the Registration
Statement and to the references to this firm under the heading “Validity of the Securities” in the Registration Statement. In giving the foregoing consent, we do not thereby admit that we are within the category of persons whose consent is
required under Section 7 of the Act or the rules and regulations of the Commission thereunder. 
  

	
	 Very truly yours,

	
	 /s/ Arnold & Porter LLPConsent of the Minister of Economy and Finance of the Republic of Panama

 Exhibit 4.8 
 [Letterhead of Ministry of Economy and Finance] 
 June 22, 2006 
 CONSENT 
 I, Carlos A. Vallarino,
Minister of Economy and Finance of the Republic of Panama, hereby consent to the reference to my name, in my official capacity, as the Minister of Economy and Finance under the caption “Official Statements” in the Prospectus included in
this Registration Statement of the Republic of Panama filed with the United States Securities and Exchange Commission. 
  

	
	
	/s/    CARLOS A.
VALLARINO        
	 Carlos A. Vallarino
 Minister of Economy and Finance of the Republic of PanamaAmendment No. 1 to Employment Agreement

 EXHIBIT 10.1 
 AMENDMENT NO. 1 
 TO 
 EMPLOYMENT AGREEMENT 
 THIS AMENDMENT NO. 1 TO EMPLOYMENT AGREEMENT (this
“Amendment Agreement”) is made and entered into as of the 16th day of June, 2006, by and between Willbros USA, Inc., a Delaware corporation (the “Corporation”), and Robert R. Harl (the “Executive”). 
 RECITALS 
 WHEREAS, on
January 20, 2006, the Executive and the Corporation entered into an Employment Agreement (the “Employment Agreement”) (terms used herein and not defined herein shall have the meanings ascribed to them in the Employment Agreement); and

 WHEREAS, the Executive and the Corporation have determined that an amendment to the Employment Agreement is appropriate; 
 NOW THEREFORE, in consideration of the mutual covenants and representations contained herein, and the mutual benefits derived herefrom, the parties agree
as follows: 
  

	 	1.	Surrender of Restricted Stock Shares. Contemporaneously with the execution and delivery of the Employment Agreement the Executive was awarded 100,000 restricted stock shares
subject to all of the terms and provisions of the WGI 1996 Stock Plan, the Executive’s execution and delivery of a Restricted Stock Award Agreement substantially in the form of Exhibit A to the Employment Agreement, and the terms and
provisions of the Employment Agreement. The Executive and the Corporation agree that the Employment Agreement and such Restricted Stock Award Agreement are hereby amended to reflect that (i) the award of restricted stock shares to the Executive
under Paragraph 1 of such Restricted Stock Award Agreement was to purchase up to 50,000 rather than 100,000 shares of common stock, (ii) the restrictions on such restricted stock shares, which are described in Section 4(b) of such
Restricted Stock Award Agreement, shall lapse pursuant to Section 5(a) of such Restricted Stock Award Agreement as to 10,000 restricted stock shares on each of December 31, 2006, December 31, 2007, December 31,
2008, December 31, 2009, and December 31, 2010, and (iii) in all other respects the terms and provisions of the Employment Agreement and such Restricted Stock Award Agreement remain in force. 

  

	 	2.	2006 Change In Control Make Whole Payment. Under the Employment Agreement, if, as a result of a Change in Control the Employment Agreement is terminated during 2006, the
vesting of all restricted stock shares awarded to the 

 Executive on January 20, 2006 is accelerated to the date of the termination of the Employment
Agreement. In consideration of the surrender by the Executive of 50,000 of the restricted stock shares awarded on January 20, 2006, the Corporation agrees that if, as a result of a Change in Control the Employment Agreement is terminated during
2006, then within fifteen days following such termination, the Corporation will pay to the Executive as compensation an amount equal to the “fair market value” multiplied times 50,000. For purposes of this Amendment Agreement “fair
market value” means the average of the high and low per share sale prices for a share of the common stock, par value $.05 per share, of the Corporation as of the day of the termination of the Employment Agreement on the composite tape for
securities listed on the New York Stock Exchange, Inc., except that such average price shall be rounded up (if necessary) to the nearest cent. 
  

	 	3.	Award of Restricted Stock Shares. The Corporation will award to the Executive on January 1, 2007, 50,000 additional restricted stock shares (in addition to the 50,000
shares of restricted stock to be awarded to the Executive pursuant to the terms of the Employment Agreement before its amendment pursuant to this Amendment Agreement) subject to (i) all of the terms and provisions of the WGI 1996 Stock Plan,
(ii) the Executive’s execution and delivery of a Restricted Stock Award Agreement substantially in the form of Exhibit A attached hereto, and (iii) Section 4.3 of the Employment Agreement. The restrictions on such restricted
stock shares, which are described in Section 4(b) of Exhibit A and will be described in the Restricted Stock Award Agreement to be executed by the Executive and the Corporation on January 1, 2007, shall lapse as described in
Section 5(a) of such Exhibit A and pursuant to Section 5(a) of such Restricted Stock Award Agreement as to 10,000 restricted stock shares on the day such Restricted Stock Award Agreement is executed and delivered by the Executive, and as
to an additional 10,000 restricted stock shares on each of January 20, 2007, December 31, 2007, December 31, 2008, December 31, 2009, and December 31, 2010. 

  

	 	4.	Entire Agreement. This Amendment Agreement constitutes the entire understanding of the Executive and the Corporation with respect to the subject matter hereof and supersedes
any and all prior understandings on the subjects contained herein, written or oral, and all amendments. 

  

	 	5.	Modification. Except as provided in the following two sentences, this Amendment Agreement shall not be varied, altered, modified, canceled, changed, or in any way amended,
nor any provision hereof waived, except by mutual agreement of the parties in a written instrument executed by the parties hereto or their legal representatives. 

  

	 	6.	Severability. In the event that any provision or portion of this Amendment Agreement shall be determined to be invalid or unenforceable for any reason, the remaining
provisions of this Amendment Agreement shall be unaffected thereby and shall remain in full force and effect. 

  

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	 	7.	Governing Law. The provisions of this Amendment Agreement shall be construed and enforced in accordance with the laws of the State of Texas, without regard to any otherwise
applicable principles of conflicts of laws. 

 IN WITNESS WHEREOF, the parties have executed and delivered this Amendment
Agreement on the date first above written. 
  

			
	WILLBROS USA, INC.
		
	By:	 	 /s/ Dennis G. Berryhill

	Name:	 	Dennis G. Berryhill
	Its:	 	Vice President and Secretary
	
	EXECUTIVE
	
	 /s/ Robert R. Harl

	Robert R. Harl

  

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