Document:

exv10w2

 

Exhibit 10.2

Amendment No. 1 

To

AGREEMENT

THIS AMENDMENT NO. 1 (this “Amendment”) is dated as of this 15th day of November, 2005 between
Timothy W. Miciotto and Global Industries Offshore, L.L.C., a Louisiana limited liability company
(“Global Offshore”), and is effective as of the effective date as set forth herein.

WITNESSETH:

Whereas, Mr. Miciotto is an employee of Global Offshore and serves as Chief Financial Officer of
Global Offshore’s parent, Global Industries, Ltd. (hereinafter, together with its subsidiaries and
affiliates referred to as “the Company”) but desires to retire from the Company; and

Whereas, Mr. Miciotto and the Company entered into that certain Agreement dated June 9, 2005 (the
“Agreement”) whereby Mr. Miciotto agreed to continue his employment with the Company until the end
of the current year to assist with the transition after his retirement; and

Whereas, Mr. Miciotto and the Company now desire to amend the Agreement to continue Mr. Miciotto’s
employment with the Company from the end of the current year through December 31, 2006 as Sr. Vice
President and Financial Advisor to the President (“Financial Advisor”);

Now, therefore, in consideration of the above premises, the agreements and covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:

	 	1.	 	Paragraph 1 of the Agreement is hereby amended in its entirety to read as
follows:

Mr. Miciotto agrees to continue his employment with the Company as Financial
Advisor or in such other capacity as the Company shall direct with duties as
are appropriate to an executive officer or senior financial officer through
December 31, 2006. Except as provided in paragraph 3 of this Agreement, Mr.
Miciotto acknowledges and agrees that he will continue to devote his full
professional time, efforts, skills and attention to the affairs of the Company
on a full-time basis.

	 	2.	 	Paragraph 2 of the Agreement is hereby amended in its entirety to read as
follows:

Mr. Miciotto will be paid at his current annual base salary through December
31, 2006 in accordance with the Company’s past practice and policies and will
receive the following additional compensation upon satisfactory completion of
his employment through December 31, 2005, or if he is involuntarily separated
from the Company prior to December 31, 2005 by the Company other than “for
cause” (as defined in paragraph 3 hereof), then:

	 	A.	 	The Company will pay to Mr. Miciotto a lump
sum payment of $101,610. This amount shall be paid as soon as
administratively feasible, but in no event later than March 15, 2006.

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	 	B.	 	The Company will pay or reimburse 50% of
the cost of Execucare COBRA premiums for up to 18 months beginning
with the date Mr. Miciotto separates from the Company, but
conditioned upon Mr. Miciotto’s election of, and continued
eligibility for and participation in, COBRA coverage.
	 
	 	C.	 	In connection with any sale of his
residence for which the Company is obligated to reimburse realtor
commissions and closing costs, the Company will pay for or reimburse
Mr. Miciotto for the actual reasonable costs of shipment of his
household goods within a 500 mile radius of Lake Charles, Louisiana.

	 	3.	 	Paragraph 3 of the Agreement is hereby amended in its entirety to read as
follows:

If Mr. Miciotto voluntarily terminates his employment with the Company
prior to December 31, 2005, then, in lieu of the payments and benefits
that might otherwise become due pursuant to paragraph 2 or any plan or
policy of the Company, he will receive severance pay equal to $46,305.
Such amount shall be paid in a lump sum as soon as administratively
feasible after separation from the Company, but in no event later than
March 15, 2006. If Mr. Miciotto’s employment is terminated by the Company
“for cause” prior to December 31, 2005, then he shall not be entitled to
receive and the Company shall not be obligated to provide any of the
payments or benefits that might otherwise become due under paragraph 2
hereof or the first sentence of this paragraph 3.

If Mr. Miciotto voluntarily terminates his employment with the Company
after December 31, 2005 but prior to December 31, 2006 for “good reason”
or if the Company terminates Mr. Miciotto’s employment with the Company
after December 31, 2005 but prior to December 31, 2006 other than “for
cause”, then the Company agrees to pay monthly the full amount of his
current base salary through December 31, 2006; provided, that if Mr.
Miciotto terminates his employment for good reason, then Mr. Miciotto
agrees to be available through December 31, 2006 to render services to the
Company as a financial advisor or in such other capacity as the Company
shall direct with duties as are appropriate to an executive officer or
senior financial officer.

If Mr. Miciotto voluntarily terminates his employment with the Company
after December 31, 2005 but prior to December 31, 2006 other than for
“good reason” or if the Company terminates Mr. Miciotto’s employment with
the Company after December 31, 2005 but prior to December 31, 2006 “for
cause”, then Mr. Miciotto shall not be entitled to any further
compensation from and after the date Mr. Miciotto separates from the
Company.

For purposes of this Agreement “for cause” shall mean termination due to
willful misconduct, gross negligence, acts of dishonesty against the
Company or illegal acts related to his employment or the Company’s
business.

For purposes of this Agreement “good reason” shall mean termination due
to: (i) a material change in Mr. Miciotto’s duties as Financial Advisor;
or (ii) if the Company requires Mr. Miciotto to change his principal place
of employment by more than 50 miles from its current location in Carlyss,
Louisiana.

	 	4.	 	Except as expressly modified and amended herein, all terms and conditions of
the Agreement shall remain in full force and effect.

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EACH OF THE PARTIES ACKNOWLEDGE AND AGREE TO THE TERMS OF THIS AMENDMENT. THIS 15th DAY OF
NOVEMBER, 2005. UNLESS REVOKED PRIOR THERETO BY EITHER PARTY, THIS AMENDMENT SHALL BE EFFECTIVE AT
THE CLOSE OF BUSINESS ON NOVEMBER 23, 2005.

	 	 	 	 	 
	WITNESS:
	 	 	 	 
	 
	 	 	 	 
	 
	 	/s/ Timothy W. Miciotto
	 	 	 
	 	 	Timothy W. Miciotto
	 
	 	 	 	 
	WITNESS:
	 	 	 	 
	 
	 	 	 	 
	 

	 	BY:	 	/s/ Mike J. Buckley 
	 

	 	 	 	 
	 

	 	 	 	Mike J. Buckley
	 

	 	 	 	Sr. Vice President — Human Resources

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                                                                   Exhibit 10.14

                              WILLBROS GROUP, INC.

                        RESTRICTED STOCK AWARD AGREEMENT

                                     [DATE]

[Name]
[Address]
[Address]

Dear __________________:

     1. RESTRICTED STOCK AWARD. Willbros Group, Inc., a Republic of Panama
corporation (the "Company"), hereby grants to you an aggregate of ______ shares
of Common Stock, par value $.05 per share, of the Company (the "Restricted
Shares"). This award is subject to your acceptance of and agreement to all of
the applicable terms, conditions, and restrictions described in the Company's
1996 Stock Plan, as amended (the "Plan"), a copy of which, along with the
Prospectus for the Plan, are attached hereto, and to your acceptance of and
agreement to the further terms, conditions, and restrictions described in this
Restricted Stock Award Agreement (this "Award Agreement"). To the extent that
any provision of this Award Agreement conflicts with the expressly applicable
terms of the Plan, it is hereby acknowledged and agreed that those terms of the
Plan shall control and, if necessary, the applicable provisions of this Award
Agreement shall be hereby deemed amended so as to carry out the purpose and
intent of the Plan.

     2. POSSESSION OF CERTIFICATES. The Company shall issue a certificate or
certificates for the Restricted Shares in your name and shall retain the
certificate(s) for the period during which the restrictions described in Section
4(b) are in effect. You shall execute and deliver to the Company a stock power
or stock powers in blank for the Restricted Shares. You hereby agree that the
Company shall hold the certificate(s) for the Restricted Shares and the related
stock power(s) pursuant to the terms of this Award Agreement until such time as
the restrictions described in Section 4(b) lapse as described in Section 5 or
the Restricted Shares are canceled pursuant to the terms of Section 4(b).

     3. OWNERSHIP OF RESTRICTED SHARES. You shall be entitled to all the rights
of absolute ownership of the Restricted Shares, including the right to vote such
shares and to receive dividends therefrom if, as, and when declared by the
Company's Board of Directors, subject, however, to the terms, conditions, and
restrictions described in the Plan and in this Award Agreement.

<PAGE>

     4. RESTRICTIONS.

          (a) Your ownership of the Restricted Shares shall be subject to the
restrictions set forth in subsection (b) of this Section until such restrictions
lapse pursuant to the terms of Section 5, at which time the Restricted Shares
shall no longer be subject to the applicable restrictions.

          (b) The restrictions referred to in subsection (a) of this Section are
as follows:

               (1) At the time of your "Termination of Employment" (as defined
          in Section 10(b)), other than a Termination of Employment that occurs
          as a result of an event described in Section 5(b)(1) or a Termination
          of Employment that is described in Section 5(b)(2), you shall forfeit
          the Restricted Shares to the Company and all of your rights thereto
          shall terminate without any payment of consideration by the Company.
          If you forfeit any Restricted Shares and your interest therein
          terminates pursuant to this paragraph, such Restricted Shares shall be
          canceled.

               (2) You may not sell, assign, transfer, pledge, hypothecate, or
          otherwise dispose of the Restricted Shares.

     5. LAPSE OF RESTRICTIONS.

          (a) The restrictions described in Section 4(b) shall lapse with
respect to _____ of the Restricted Shares on the first anniversary of the date
hereof, another _____ of the Restricted Shares on the second anniversary of the
date hereof, another _____ of the Restricted Shares on the third anniversary of
the date hereof, and the last _____ of the Restricted Shares on the fourth
anniversary of the date hereof. Following the lapse of such restrictions with
respect to any Restricted Shares, such Restricted Shares shall no longer be
subject to the restrictions described in Section 4(b).

          (b) Notwithstanding the provisions of subsection (a) of this Section,
the restrictions described in Section 4(b) shall lapse with respect to all the
Restricted Shares at the time of the occurrence of any of the following events:

               (1) Your death, "Disability" (as defined in the Plan) or
          "Retirement" (as defined in Section 10(c));

               (2) Your Termination of Employment, but only if such Termination
          of Employment is the result of a dismissal or other action by the
          Company or any of its Subsidiaries and does not constitute a
          "Termination for Cause" (as defined in Section 10(a)); or

               (3) A "Change of Control" (as defined in the Plan) of the
          Company.

                                       2

<PAGE>

     6. AGREEMENT WITH RESPECT TO TAXES; SHARE WITHHOLDING.

          (a) You agree that (1) you will pay to the Company or a Subsidiary, as
the case may be, or make arrangements satisfactory to the Company or such
Subsidiary regarding the payment of any foreign, federal, state, or local taxes
of any kind required by law to be withheld by the Company or any of its
Subsidiaries with respect to the Restricted Shares, and (2) the Company or any
of its Subsidiaries shall, to the extent permitted by law, have the right to
deduct from any payments of any kind otherwise due to you any foreign, federal,
state, or local taxes of any kind required by law to be withheld with respect to
the Restricted Shares.

          (b) With respect to withholding required upon the lapse of
restrictions or upon any other taxable event arising as a result of the
Restricted Shares awarded, you may elect, subject to the approval of the
committee of the Board of Directors of the Company that administers the Plan, to
satisfy the withholding requirement, in whole or in part, by having the Company
withhold Restricted Shares having a Fair Market Value on the date the tax is to
be determined equal to the minimum statutory total tax which could be withheld
on the transaction. All such elections shall be irrevocable, made in writing,
signed by you, and shall be subject to any restrictions or limitations that such
committee, in its sole discretion, deems appropriate.

     7. ADJUSTMENT OF SHARES. The number of Restricted Shares subject to this
Award Agreement shall be adjusted as provided in Section 13 of the Plan. Any
shares or other securities received by you as a stock dividend on, or as a
result of stock splits, combinations, exchanges of shares, reorganizations,
mergers, consolidations or otherwise with respect to the Restricted Shares shall
have the same terms, conditions and restrictions and bear the same legend as the
Restricted Shares.

     8. AGREEMENT WITH RESPECT TO SECURITIES MATTERS. You agree that you will
not sell or otherwise transfer any Restricted Shares except pursuant to an
effective registration statement under the U.S. Securities Act of 1933, as
amended, or pursuant to an applicable exemption from such registration.

     9. RESTRICTIVE LEGEND. You hereby acknowledge that the certificate(s) for
the Restricted Shares will bear a conspicuous legend referring to the terms,
conditions, and restrictions described in the Plan and this Award Agreement. Any
attempt to dispose of any Restricted Shares in contravention of the terms,
conditions, and restrictions described in the Plan or this Award Agreement shall
be ineffective.

     10. CERTAIN DEFINITIONS. As used in this Award Agreement, the following
terms shall have the respective meanings indicated:

          (a) "Termination for Cause" shall mean a Termination of Employment as
a result of (1) your willful and continued failure substantially to perform your
duties (other than any such failure resulting from your incapacity due to
physical or mental illness), (2) your conviction for a felony, proven or
admitted fraud, misappropriation, theft or embezzlement by you, your inebriation
or use of illegal drugs in the course of, related to or connected with the
business of the Company or any of its Subsidiaries, or your willful engaging in
misconduct that is materially injurious to the Company or any of its
Subsidiaries, monetarily or otherwise, or (3) if you have entered into an
employment agreement or contract with the Company or any of

                                       3

<PAGE>

its Subsidiaries, any other action or omission that is identified in such
agreement or contract as giving rise to "Cause" for the termination of your
employment with the Company or any of its Subsidiaries. For this purpose, no
act, or failure to act, on your part shall be considered "willful" unless done,
or omitted, by you not in good faith and without reasonable belief that your
action or omission was in the best interest of Company or any of its
Subsidiaries.

          (b) "Termination of Employment" shall mean the termination of your
full-time employment with the Company or any of its Subsidiaries for any reason
other than your death, Disability or Retirement.

          (c) "Retirement" shall mean the voluntary termination of your
full-time employment with the Company or any of its Subsidiaries after you are
at least 62 years of age and have a minimum of four consecutive years of
continuous service with the Company or any of its Subsidiaries.

     Capitalized terms used in this Award Agreement and not otherwise defined
herein shall have the respective meanings provided in the Plan.

     If you accept this Restricted Stock Award and agree to the foregoing terms
and conditions, please so confirm by signing and returning the duplicate copy of
this Award Agreement enclosed for that purpose.

                                         WILLBROS GROUP, INC.

                                         By:
                                             -----------------------------------
                                         Name:
                                               ---------------------------------
                                         Title:
                                                --------------------------------

     The foregoing Restricted Stock Award is accepted by me as of the _____ day
of __________, _____, and I hereby agree to the terms, conditions, and
restrictions set forth above and in the Plan.

                                         ---------------------------------------
                                         [Name]

                                       4

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