Document:

Eighth Amendment to Amended and Restated Credit Agreement

  
 Exhibit 10.1

 EIGHTH AMENDMENT TO 
 AMENDED AND RESTATED CREDIT AGREEMENT 
 This EIGHTH AMENDMENT TO AMENDED
AND RESTATED CREDIT AGREEMENT (“Amendment”) is entered into effective as of October 15, 2010 (the “Effective Date”), among NORTHWEST PIPE COMPANY, an Oregon corporation (the “Borrower”), and
BANK OF AMERICA, N.A., as Administrative Agent (the “Administrative Agent”). 
 RECITALS 

Borrower, Administrative Agent and certain lenders party thereto from time to time are parties to that certain Amended and Restated
Credit Agreement entered into as of May 31, 2007 (as amended, modified or supplemented from time to time, the “Credit Agreement”). Borrower and Administrative Agent desire to amend the Credit Agreement as set forth herein. The
Required Lenders (as that term is defined in the Credit Agreement), and Bank of America, N.A., as Swing Line Lender and L/C Issuer, have consented to the amendments to the Credit Agreement set forth herein as indicated by their signatures below.

 NOW THEREFORE, the parties agree as follows: 
 AGREEMENT 
 1. Recitals. The Recitals are true. 

2. Definitions. Capitalized terms used herein and not otherwise defined shall have the meanings given in the Credit Agreement.

 3. Amendments to Definitions. 
 (a) The definition of “Consolidated EBITDA” set forth in Section 1.01 of the Credit Agreement is amended in its entirety to read as follows: 

“‘Consolidated EBITDA’ means for any period, for the Borrower and its Subsidiaries on a consolidated basis, an
amount equal to Consolidated Net Income for such period plus (a) the following to the extent deducted in calculating such Consolidated Net Income: (i) Consolidated Interest Charges for such period, (ii) the provision for
federal, state, local and foreign income taxes payable by the Borrower and its Subsidiaries for such period, (iii) depreciation and amortization expense, (iv) non-recurring expenses constituting severance payments to Brian Dunham in
connection with the termination of his employment with Borrower, not to exceed $570,000 in the aggregate, to the extent such expenses are not repaid to Borrower pursuant to the terms of Brian Dunham’s separation agreement with Borrower, and
(v) other expenses in such period reducing Consolidated Net Income for such period 

  
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AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

 
which did not or will not require a cash settlement in such period or any future period (including but not limited to impairment charges, costs associated with exit or disposal activities and
stock based compensation), minus (b) all items increasing Consolidated Net Income for such period which did not or will not result in a cash settlement in such period or any future period, including any gain from the sale of assets. For
purposes of calculating Consolidated EBITDA, EBITDA for permitted acquisitions made by the Borrower, based on financial statements and information reported to the SEC shall be included in the calculation of Consolidated EBITDA. The permitted
acquisitions’ EBITDA shall be incorporated on a decreasing pro-rata basis, with 100% of the permitted acquisitions’ EBITDA included in the calculation for the first calendar quarter end following the close of the acquisition, 75% included
in the second quarter end, 50% included in the third quarter end and 25% included in the fourth quarter end. Beginning with the fifth quarter following the closing of the acquisition, the EBITDA for the acquisitions’ prior fiscal year shall no
longer be incorporated in the calculation of Consolidated EBITDA.” 
 (b) The definition of “Consolidated Net
Income” set forth in Section 1.01 of the Credit Agreement is amended in its entirety to read as follows: 
 “‘Consolidated Net Income’ means, for any period, for Borrower and its Subsidiaries on a consolidated basis, the net income of Borrower and its Subsidiaries for that period,
excluding (a) one-time accounting fees, attorneys fees and similar costs and expenses actually incurred by Borrower during that period in connection with the internal accounting investigation, and the related investigation by the SEC, described
in Borrower’s Form 8-K filed with the SEC on March 16, 2010, (i) during its 2010 fiscal year of up to $7,000,000 in the aggregate, and (ii) during its 2011 fiscal year of up to $3,500,000 in the aggregate, and (b) without
duplication of any losses described in clause (a) above, extraordinary gains and extraordinary losses for that period. The terms ‘extraordinary gains and extraordinary losses’ in this definition include gains and losses from a
material event or transaction that is unusual in nature or occurs infrequently and results in a gain or loss in excess of $2,500,000.” 

  
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AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

  
 (c) The definition of
“Temporary Availability Block” set forth in Section 1.01 of the Credit Agreement is amended in its entirety to read as follows: 
 “‘Temporary Availability Block’ means (a) from October 15, 2010, until delivery by Borrower of (i) the financial statements required to be delivered pursuant to
Section 6.01(a)(i) hereof for Borrower’s fiscal year ending December 31, 2009, (ii) the financial statements required to be delivered pursuant to Section 6.01(b)(i) hereof with respect to the fiscal quarters of
Borrower and its Subsidiaries ending March 31, 2010, and June 30, 2010, and (iii) the financial statements required to be delivered pursuant to Section 6.01(f) hereof, the amount of $15,000,000, (b) from the date of
delivery of the last to be delivered item described in clause (a) above until delivery by Borrower of the Compliance Certificate required to be delivered pursuant to Section 6.02(b) hereof with respect to the fiscal quarter of
Borrower and its Subsidiaries ending March 31, 2011, the amount of $7,500,000, and (c) thereafter, $0.” 
 4.
Amendments to Section 6.01 of the Credit Agreement. 
 (a) Section 6.01(a)(i) of the Credit Agreement is amended
in its entirety to read as follows: 
 “(a)(i) as soon as available, but in any event within 308 days after
the end of Borrower’s 2009 fiscal year, and within 105 days after the end of each other fiscal year of the Borrower, a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal year, and the related
consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal year, setting forth in each case in comparative form the figures for the previous fiscal year, all in reasonable detail and prepared in
accordance with GAAP, such consolidated statements to be audited and accompanied by a report and opinion of an independent certified public accountant of nationally recognized standing reasonably acceptable to the Required Lenders, which report and
opinion shall be prepared in accordance with generally accepted auditing standards and shall not be subject to any “going concern” or like qualification or exception or any qualification or exception as to the scope of such audit;
and” 
 (b) Section 6.01(b)(i) of the Credit Agreement is amended in its entirety to read as follows: 

“(b)(i) as soon as available, but in any event within (x) 218 days after the end of the first fiscal quarter of
Borrower’s 2010 fiscal year, (y) 127 days after the end of the second fiscal quarter of Borrower’s 2010 fiscal year, and (z) 60 days after the end of each of the other first three fiscal quarters of each fiscal year of Borrower,
a consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such fiscal quarter, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal quarter and for the
portion of 

  
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AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

 
the Borrower’s fiscal year then ended, setting forth in each case in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and corresponding portion
of the previous fiscal year, all in reasonable detail and prepared in accordance with GAAP, such consolidated statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of the Borrower as fairly
presenting the financial condition, results of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year end audit adjustments and the absence of footnotes;
and” 
 (c) A new Section 6.01(f) is added to the Credit Agreement, to read in its entirety as follows: 

“(f) as soon as available, but in any event not later than November 4, 2010, a consolidated balance sheet of the
Borrower and its Subsidiaries as at the end of the fiscal quarter of Borrower ending September 30, 2009, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal quarter and for
the portion of the Borrower’s fiscal year then ended, setting forth in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and corresponding portion of the previous fiscal year, and reflecting
Borrower’s restated financial results, all in reasonable detail and prepared in accordance with GAAP, such consolidated statements to be certified by the chief executive officer, chief financial officer, treasurer or controller of the Borrower
as fairly presenting the financial condition, results of operations, shareholders’ equity and cash flows of the Borrower and its Subsidiaries in accordance with GAAP, subject only to normal year end audit adjustments and the absence of
footnotes.” 
 5. Release. As a material part of the consideration of Administrative Agent entering into, and the
Required Lenders consenting to, this Amendment, Borrower hereby releases and forever discharges Administrative Agent, the Lenders and each of their respective successors, assigns, officers, managers, directors, shareholders, employees, agents,
attorneys, representatives, parent corporations, subsidiaries, and affiliates (all the foregoing, collectively, the “Releasees” and individually, a “Releasee”), jointly and severally from any and all claims, counterclaims,
demands, damages, debts, agreements, covenants, suits, contracts, obligations, liabilities, accounts, offsets, rights, actions and causes of action of any nature whatsoever, including all claims, demands, and causes of action for contribution and
indemnity, whether arising at law or in equity, whether presently possessed or possessed in the future, whether known or unknown, whether liability be direct or indirect, liquidated or unliquidated, whether presently accrued or to accrue hereafter,
whether absolute or contingent, foreseen or unforeseen, and whether or not heretofore asserted, which Borrower may have or claim to have against Releasees (or any one or more of them); provided, however, that neither Administrative
Agent 

  
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AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

 
nor any Lender nor any other Releasee shall be released hereby from: (i) any obligation to pay to Borrower any amounts that Borrower may have on deposit with Administrative Agent or any
Lender, in accordance with applicable laws and the terms of the documents establishing any such deposit relationship; or (ii) any claim (including without limitation any claim for breach of the Credit Agreement or other Loan Document) arising
from any action, inaction or conduct of Administrative Agent or the Lenders or the other Releasees after the effective date of this Amendment. 
 6. No Further Amendment, Expenses. Except as expressly modified by this Amendment, the Credit Agreement and the other Loan Documents shall remain unmodified in full force and effect and the parties
hereby ratify their respective obligations thereunder. Without limiting the foregoing, Borrower expressly reaffirms and ratifies its obligation to pay or reimburse Administrative Agent and Lenders on request for all reasonable expenses, including
legal fees actually incurred by Administrative Agent and Lenders in connection with the preparation of this Amendment, any other amendment documents and the closing of the transaction contemplated hereby and thereby. 

7. Miscellaneous. 
 (a) Counterparts. This Amendment may be executed in any number of counterparts and by different 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 Amendment, it being understood that the Administrative Agent may rely on a facsimile counterpart signature page hereof for purpose of determining whether a party hereto has
executed a counterpart hereof. 
 (b) Governing Law. This Amendment and the other agreements provided for herein and the
rights and obligations of the parties hereto and thereto shall be construed and interpreted in accordance with the laws of the State of Oregon. 
 (c) Certain Agreements Not Enforceable. UNDER OREGON LAW, MOST AGREEMENTS, PROMISES AND COMMITMENTS MADE BY THE LENDERS CONCERNING LOANS AND OTHER CREDIT EXTENSIONS WHICH ARE NOT FOR PERSONAL,
FAMILY OR HOUSEHOLD PURPOSES OR SECURED SOLELY BY THE BORROWER’S RESIDENCE MUST BE IN WRITING, EXPRESS CONSIDERATION, AND BE SIGNED BY THE LENDERS TO BE ENFORCEABLE. 
 [Signatures appear on the following page.] 

  
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AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

  
 EXECUTED AND DELIVERED
by the duly authorized officers of the parties as of the date first above written. 
  

			
	BORROWER:	  	NORTHWEST PIPE COMPANY
		
		  	By:
                                         
                                         
              
		
		  	Name:
                                         
                                         
         
		
		  	Title:
                                         
                                         
            
		
	ADMINISTRATIVE AGENT:	  	 BANK OF AMERICA, N.A., as
 Administrative Agent

		
		  	By:
                                         
                                         
              
		
		  	Name:
                                         
                                         
          
		
		  	Title:
                                         
                                         
            
		
	 CONSENTED TO BY THE REQUIRED
 LENDERS:
	  	
		
		  	BANK OF AMERICA, N.A.
		
		  	By:
                                         
                                         
              
		
		  	Name:
                                         
                                         
          
		
		  	Title:
                                         
                                         
            

  
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AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 

  

			
		  	 UNION BANK, N.A., formerly known as
 Union Bank of California, N.A.

		
		  	By:                            
                                         
                            
		
		  	Name:                            
                                         
                       
		
		  	Title:                            
                                         
                          
		
		  	HSBC BANK USA, NATIONAL ASSOCIATION
		
		  	By:                            
                                         
                            
		
		  	Name:                            
                                         
                       
		
		  	Title:                            
                                         
                          
		
		  	U.S. BANK NATIONAL ASSOCIATION
		
		  	By:                            
                                         
                            
		
		  	Name:                            
                                         
                       
		
		  	Title:                            
                                         
                          
		
	 CONSENTED TO BY SWING LINE
 LENDER AND L/C ISSUER
	  	
		
		  	 BANK OF AMERICA, N.A., as Swing Line
 Lender and L/C Issuer

		
		  	By:                            
                                         
                            
		
		  	Name:                            
                                         
                       
		
		  	Title:                            
                                         
                          

  
 Page 7 – EIGHTH
AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENTEighth Amendment to Amended and Restated Note Purchase

  
 Exhibit 10.2

 Prudential Investment Management, Inc. (“PIM”) 

The Prudential Insurance Company of America (“Prudential”) 

Prudential Retirement Insurance and Annuity Company (“PRIAC”) 

Each Prudential Affiliate under the Note Agreement referred to below 

c/o Prudential Capital Group 
 Four Embarcadero Center, Suite 2700 
 San Francisco, California 94111 

October 15, 2010 

NORTHWEST PIPE COMPANY 
 5721 SE Columbia
Way, Suite 200 
 Vancouver, Washington 98661 
  

	 	Re:	Eighth Amendment to Amended and Restated Note Purchase and Private Shelf 

	 	  	Agreement dated as of May 31, 2007 

Ladies and Gentlemen: 

Reference is made to the Amended and Restated Note Purchase and Private Shelf Agreement, dated as of May 31, 2007 (as amended,
restated, supplemented or otherwise modified from time to time, the “Note Agreement”), by and between Northwest Pipe Company, an Oregon corporation (the “Company”), on the one hand, and PIM, Prudential, PRIAC and
each Prudential Affiliate (as therein defined) that becomes bound by certain provisions thereof (together with PIM, Prudential and PRIAC and their respective successors and Transferees, collectively, the “Purchasers”), on the other
hand. Capitalized terms used and not otherwise defined herein shall have the meanings provided in the Note Agreement (after giving effect to any amendments of such terms in this letter agreement). 

1. Amendments. Pursuant to the request of the Company and the provisions of paragraph 11C of the Note Agreement, and subject to
the terms and conditions of this letter agreement, the Purchasers hereby agree with the Company that the Note Agreement shall be amended as follows: 
 (a) Clause (i)(A) of paragraph 5A is hereby amended and restated in its entirety to read as follows: 
 “(i)(A) within (x) 218 days after the end of the first fiscal quarter of the Company’s 2010 fiscal year, (y) 127 days after the end of the second fiscal quarter of the Company’s
2010 fiscal year, and (z) 60 days after the end of each other quarterly fiscal period in each fiscal year of the Company (other than the last quarterly period), segment reporting, consolidated statements of income and cash flows and a
consolidated statement of shareholders’ equity of the Company and its Subsidiaries for the period from the beginning of the current fiscal year to the end of such quarterly period, and a consolidated balance sheet of the Company and its
Subsidiaries as at the end of such quarterly period, setting forth in each case in comparative form figures for the corresponding period in the preceding fiscal year, all in reasonable detail and prepared in accordance with GAAP and certified by an
authorized financial officer of the Company as fairly presenting, in all material respects, the consolidated financial position of the companies being reported on their consolidated results of operations and changes in financial position, subject to
changes resulting from year-end adjustments and the absence of all required footnotes;” 

 Northwest Pipe Company 
 October 15, 2010 
  Page
 2
 
  

  
 (b) Clause (ii)(A)
of paragraph 5A is hereby amended and restated in its entirety to read as follows: 
 “(ii)(A) within 308 days after the end
of the Company’s 2009 fiscal year, and within 105 days after the end of each other fiscal year of the Company, segment reporting, consolidated statements of income and cash flows and a consolidated statement of shareholders’ equity of the
Company and its Subsidiaries for such year, and a consolidated balance sheet of the Company and its Subsidiaries as at the end of such year, setting forth in each case in comparative form corresponding consolidated figures from the preceding annual
audit, all in reasonable detail and prepared in accordance with GAAP and, as to the segment reporting and consolidated statements, reported on by independent public accountants of recognized national standing, selected by the Company whose report
shall be without a “going concern” or like qualification or exception and without limitation as to scope of the audit;” 
 (c) A new clause (v) is hereby added to paragraph 5B in proper numeric order to read as follows: 
 “(v) As soon as available, but in any event not later than November 4, 2010, deliver to each holder of a Note a consolidated balance sheet of the Company and its Subsidiaries as at the end of
the fiscal quarter of the Company ending September 30, 2009, and the related consolidated statements of income or operations, shareholders’ equity and cash flows for such fiscal quarter and for the portion of the Company’s fiscal year
then ended, setting forth in comparative form the figures for the corresponding fiscal quarter of the previous fiscal year and corresponding portion of the previous fiscal year, and reflecting the Company’s restated financial results, all in
reasonable detail and prepared in accordance with GAAP, such consolidated statements to be certified by an authorized financial officer the Company as fairly presenting the financial condition, results of operations, shareholders’ equity and
cash flows of the Company and its Subsidiaries in accordance with GAAP, subject only to normal year end audit adjustments and the absence of footnotes.” 
 (d) The defined term “Consolidated EBITDA” appearing in paragraph 10B is hereby amended and restated in its entirety to read as follows: 

“ “Consolidated EBITDA” shall mean, for any period of determination, net income (or loss) of the Company and its
Subsidiaries on a consolidated basis for such period as determined in accordance with GAAP, plus, to the extent deducted in the calculation thereof, (i) consolidated interest expense, (ii) consolidated depreciation and amortization
expense, (iii) consolidated income tax expense of the Company and its Subsidiaries, (iv) other expenses in such period reducing consolidated net income for such period which did not or will not require a cash settlement in such period or
any future period (including but not 

 Northwest Pipe Company 
 October 15, 2010 
  Page
 3
 
  

 
limited to impairment charges, costs associated with exit or disposal activities and stock based compensation), (v) one-time accounting fees, attorneys fees and similar costs and expenses
actually incurred by the Company in connection with the internal accounting investigation and the related investigation by the U.S. Securities and Exchange Commission, as described in the Company’s Form 8-K filed with the U.S. Securities and
Exchange Commission on March 16, 2010, (A) during its 2010 fiscal year of up to $7,000,000 in the aggregate, and (B) during its 2011 fiscal year of up to $3,500,000 in the aggregate, and (vi) one-time expenses constituting
severance payments to Brian Dunham in connection with the termination of his employment with the Company, not to exceed $570,000 in the aggregate, to the extent such expenses are not repaid to the Company pursuant to the terms of Brian Dunham’s
separation agreement with the Company. Consolidated EBITDA shall not include (a) extraordinary gains; (b) expenses of up to $1,500,000 arising from the sale of the Company’s Riverside, California facility and the consolidation of
those operations with its Adelanto, California facility and incurred within 12 months of the sale, so long as the net proceeds received by the Company from such sale equal or exceed the amount of such expenses; (c) any gains resulting from the
sale or other disposition of capital assets (other than gains on sales related to the sale-leaseback of equipment or assets sold in the ordinary course of business); (d) undistributed earnings of non-Subsidiary investments; (e) gains
arising from changes in accounting principals; (f) gains arising from the write-up of assets (except in the normal course of business related to accounting reconciliation); (g) any gains resulting from the early retirement or
extinguishment of Debt; (h) any earnings of a Foreign Subsidiary of the Company to the extent that such Foreign Subsidiary is not at the time permitted, whether by the terms of its charter or any agreement, instrument, judgment, decree, order,
statute, rule or governmental regulation applicable to such Foreign Subsidiary to convert such earnings into United States currency or repatriate such earnings to the Company or any other Domestic Subsidiary which is the parent corporation of such
Foreign Subsidiary; and (i) all items increasing Consolidated Net Income for such period which did not or will not result in a cash settlement in such period or any future period, including any gain from the sale of assets. Notwithstanding
anything to the contrary herein, if the Company or a Subsidiary divests itself of a Subsidiary or a business unit (it being understood and agreed that the sale of real property no longer used or useful in the ongoing operations shall not be deemed
to constitute the sale of a business unit) or acquires a Person that becomes a Subsidiary or a group of assets constituting a business unit, in either case during the relevant period of computation for Consolidated EBITDA, then, solely for purpose
of determining Consolidated EBITDA, such divestiture or acquisition will be deemed to have been consummated on the first day of the relevant period of computation; provided that Consolidated EBITDA shall include the operating results of such a
Person or business unit prior to the date of its acquisition only if such operating results are based on audited financial statements, pro forma financial reporting for acquisitions or divestitures in accordance with the requirements of the SEC, or
financial statements that are otherwise reasonably satisfactory to the Required Holders. Unless provided otherwise, Consolidated EBITDA shall be calculated at any time of determination for the four consecutive fiscal quarters ended immediately prior
to such time.” 

 Northwest Pipe Company 
 October 15, 2010 
  Page
 4
 
  

  
 2. Limitation
of Modifications. Each amendment and/or other modification set forth in this letter agreement shall be limited precisely as written and shall not be deemed to be (a) an amendment, consent or waiver of any other terms or conditions of the
Note Agreement or any other document related to the Note Agreement or (b) a consent to any future amendment, consent or waiver. Except as expressly set forth in this letter agreement, the Note Agreement and the documents related to the Note
Agreement shall continue in full force and effect. 
 3. Representations and Warranties. The Company hereby represents
and warrants as follows: (a) no Default or Event of Default has occurred and is continuing, or would result from the transactions contemplated by this letter agreement; (b) the Company’s execution, delivery and performance of the Note
Agreement, as modified by this letter agreement, have been duly authorized by all necessary corporate and other action and do not and will not require any registration with, consent or approval of, or notice to or action by, any Person (including
any governmental authority) in order to be effective and enforceable; (c) the Note Agreement, as modified by this letter agreement, constitutes the legal, valid and binding obligation of the Company, enforceable against the Company in
accordance with its terms except as the enforceability thereof may be limited by bankruptcy, insolvency or other similar laws of general application relating to or affecting the enforcement of creditors’ rights or by general principles of
equity; and (d) each of the representations and warranties set forth in paragraph 8 of the Note Agreement is true, correct and complete as of the date hereof (except to the extent such representations and warranties expressly relate to another
date, in which case such representations and warranties are true, correct and complete as of such other date). 
 4.
Conditions to Effectiveness. This letter agreement shall become effective on the date on which: (a) the Purchasers shall have received a fully executed and delivered counterpart of this letter agreement executed by the Company;
(b) the Purchasers shall have received a fully executed and delivered copy of the eighth amendment to Bank Credit Agreement in form and substance satisfactory to the Purchasers, and each of the conditions precedent in such amendment shall have
been previously or concurrently satisfied; and (c) the Company shall have paid Bingham McCutchen LLP in immediately available funds its accrued and unpaid legal fees and expenses. 

5. Release; Covenant Not to Sue. 
 (a) The Company hereby absolutely and unconditionally waives, releases, remises and forever discharges the Purchasers, and any and all of their respective participants, parent corporations, subsidiary
corporations, affiliated corporations, related funds, insurers, indemnitors, officers, directors, shareholders, trustees, agents, employees, consultants, experts, advisors, attorneys, and each of their respective successors and assigns (each a
“Released Party”), from any and all claims, suits, investigations, proceedings, demands, obligations, liabilities, damages, losses, costs, expenses, or causes of action of any kind, nature or description, whether based in law,
equity, contract, tort, implied or express warranty, strict liability, criminal or civil statute, common law, or under any state or federal law or otherwise, of any kind or character, known or unknown, past or present, liquidated or unliquidated,
suspected or unsuspected, which the Company has had, now has, or might hereafter have, or has made claim to have against any such Released Party with respect to the Note Agreement, the Notes or any other Transaction Document that, in each case,
involve events, acts or omissions that have taken place on or before the date hereof, or with respect to the lender-borrower relationship evidenced by the Transaction Documents with respect to acts, omissions or events that have taken place on or
before the date hereof. It is the intention of the Company in providing this release that the same shall be 

 Northwest Pipe Company 
 October 15, 2010 
  Page
 5
 
  

 
effective as a bar to each and every claim, demand and cause of action specified, and in furtherance of this intention it waives and relinquishes all rights and benefits under Section 1542
of the Civil Code of the State of California (or any comparable provision of any other applicable law), which provides: 

“A GENERAL RELEASE DOES NOT EXTEND TO CLAIMS WHICH A CREDITOR DOES NOT KNOW OR SUSPECT TO EXIST IN HIS FAVOR AT THE TIME OF
EXECUTING THE RELEASE, WHICH IF KNOWN BY HIM, MUST HAVE MATERIALLY AFFECTED HIS SETTLEMENT WITH THE DEBTOR.” 
 The Company
acknowledges that it may hereafter discover facts different from or in addition to those now known or believed to be true with respect to such claims, demands, or causes of action and agrees that this instrument shall be and remain effective in all
respects notwithstanding any such differences or additional facts. The Company understands, acknowledges and agrees that the release set forth above may be pleaded as a full and complete defense and may be used as a basis for an injunction against
any action, suit or other proceeding which may be instituted, prosecuted or attempted in breach of the provisions of such release. 
 (b) The Company, on behalf of itself and its successors, assigns, and other legal representatives, hereby absolutely, unconditionally and irrevocably, covenants and agrees with and in favor of each
Released Party above that it will not sue (at law, in equity, in any regulatory proceeding or otherwise) any Released Party on the basis of any claim released, remised and discharged by such Person pursuant to the above release. The Company further
agrees that it shall not dispute the validity or enforceability of the Note Agreement, any of the Notes or any of the other Transaction Documents or any of its obligations thereunder. If the Company, or any of its successors, assigns or other legal
representations violates the foregoing covenant, such Person, for itself and its successors, assigns and legal representatives, agrees to pay, in addition to such other damages as any Released Party may sustain as a result of such violation, all
reasonable attorneys’ fees and costs incurred by such Released Party as a result of such violation. 
 6.
Counterparts. This document may be executed in multiple counterparts, which together shall constitute a single document. 

7. Governing Law. This letter agreement shall be construed and enforced in accordance with, and the rights of the parties shall be
governed by, the internal laws of the State of New York, excluding choice-of-law principles of the law of such state that would require the application of the laws of a jurisdiction other than such state. 

[Remainder of the page intentionally left blank.] 

  
 If you are in
agreement with the foregoing, please sign the enclosed counterpart of this letter in the space indicated below and return it to the Purchasers at the above address whereupon, subject to the conditions expressed herein, it shall become a binding
agreement between the Company, on the one hand, and the Purchasers, on the other hand. 
  

			
	Sincerely,
	
	PURCHASERS
	
	PRUDENTIAL INVESTMENT MANAGEMENT, INC.
		
	By:	 	  

	Title:	 	Vice President
	
	 THE PRUDENTIAL INSURANCE COMPANY
OF
 AMERICA

		
	By:	 	  

	Title:	 	Vice President
	
	 PRUDENTIAL RETIREMENT INSURANCE AND

ANNUITY COMPANY

		
	By:	 	 PRUDENTIAL INVESTMENT MANAGEMENT,

    INC., AS INVESTMENT MANAGER

		
	By:	 	  

	Title:	 	Vice President

  
 Accepted and agreed to as of the date
first appearing above: 
  

			
	NORTHWEST PIPE COMPANY,
	an Oregon corporation
		
	By:	 	  

	Name:	 	Richard A. Roman
	Title:	 	Chief Executive Officer

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