Document:

EX-10.3

 Exhibit 10.3 

FIRST AMENDMENT TO LOAN, SECURITY AND GUARANTY AGREEMENT 

This FIRST AMENDMENT TO LOAN, SECURITY AND GUARANTY AGREEMENT (this “Amendment”) is entered into as of August 30, 2013,
among WILLBROS UNITED STATES HOLDINGS, INC., a Delaware corporation (“Holdings”), BEMIS, LLC, a Vermont limited liability company (“Bemis”), CHAPMAN CONSTRUCTION CO., L.P., a Texas limited partnership
(“Chapman Construction”), CHAPMAN CONSTRUCTION MANAGEMENT CO., INC., a Texas corporation (“Chapman Management”), CONSTRUCTION & TURNAROUND SERVICES, L.L.C., an Oklahoma limited liability company
(“Construction & Turnaround”), HALPIN LINE CONSTRUCTION LLC, a New York limited liability company (“Halpin”), HAWKEYE, LLC, a New York limited liability company (“Hawkeye”), LINEAL
INDUSTRIES, INC., a Pennsylvania corporation (“Lineal”), PREMIER UTILITY SERVICES, LLC, a New York limited liability company (“Premier Utility”), PREMIER WEST COAST SERVICES, INC., an Oklahoma corporation
(“Premier West Coast”), TRAFFORD CORPORATION, a Pennsylvania corporation (“Trafford”), UTILX CORPORATION, a Delaware corporation (“Utilx”), WILLBROS CONSTRUCTION (U.S.), LLC, a Delaware limited
liability company (“Willbros Construction (U.S.)”), WILLBROS CONSTRUCTION CALIFORNIA (U.S.), INC., a Delaware corporation (“Willbros Construction California”), WILLBROS DOWNSTREAM OF OKLAHOMA, INC., an Oklahoma
corporation (“Willbros Downstream Oklahoma”), WILLBROS DOWNSTREAM, LLC, an Oklahoma limited liability company (“Willbros Downstream”), WILLBROS ENGINEERING CALIFORNIA (U.S.), INC., a Delaware corporation
(“Willbros Engineering California”), WILLBROS ENGINEERS (U.S.), LLC, a Delaware limited liability company (“Willbros Engineers (U.S.)”), WILLBROS ENGINEERS, LLC, a Louisiana limited liability company
(“Willbros Engineers Louisiana”), WILLBROS GOVERNMENT SERVICES (U.S.), LLC, a Delaware limited liability company (“Willbros Government Services”), WILLBROS MANAGEMENT SERVICES, LLC, a Delaware limited liability
company (“Willbros Management Services”), WILLBROS PROJECT SERVICES (U.S.), LLC, a Delaware limited liability company (“Willbros Project Services”), WILLBROS T&D SERVICES, LLC, a Delaware limited liability
company (“Willbros T&D Services” and together with Holdings, Bemis, Chapman Construction, Chapman Management, Construction & Turnaround, Halpin, Hawkeye, Lineal, Premier Utility, Premier West Coast, Trafford, Utilx,
Willbros Construction (U.S.), Willbros Construction California, Willbros Downstream Oklahoma, Willbros Downstream, Willbros Engineering California, Willbros Engineers (U.S.), Willbros Engineers Louisiana, Willbros Government Services, Willbros
Management Services and Willbros Project Services, the “U.S. Borrowers”), WILLBROS CONSTRUCTION SERVICES (CANADA) L.P., a limited partnership organized under the laws of Alberta, Canada (“Canadian Borrower” and,
together with the U.S. Borrowers, the “Borrowers” and each, a “Borrower”), WILLBROS GROUP, INC., a Delaware corporation (the “Parent”), and the other Persons party to this Amendment as Guarantors,
the financial institutions party to this Amendment as lenders (collectively, “Lenders”), and BANK OF AMERICA, N.A., a national banking association, in its capacity as collateral agent and administrative agent for itself and the
other Secured Parties (the “Agent”). 

  
 1 

 RECITALS: 

A. Borrowers, Guarantors, Agent, Bank of America, N.A., as a U.S. Lender (“BOA”), Bank of America, N.A. (acting through its
Canada branch), as a Canadian Lender (“BOA (Canada)”), and Capital One Leverage Finance Corp., as a U.S. Lender (together with BOA and BOA (Canada), the “Existing Lenders”), are parties to that certain Loan,
Security and Guaranty Agreement dated as of August 7, 2013 (the “Loan Agreement”), pursuant to which the Existing Lenders agreed to make Loans and provide certain other credit accommodations to the Borrowers. Unless otherwise
defined herein, all terms used herein with their initial letter capitalized shall have the meaning given such terms in the Loan Agreement. 

B. BOA desires to assign, and Wells Fargo Bank, National Association and SunTrust Bank (together, the “U.S. Additional
Lenders”) each desires to assume, a portion of BOA’s U.S. Revolver Commitment under the Loan Agreement. 
 C. BOA (Canada)
desires to assign, and Wells Fargo Capital Finance Corporation Canada and SunTrust Bank (together, the “Canadian Additional Lenders” and collectively with the U.S. Additional Lenders, the “Additional Lenders”) each
desires to assume, a portion of BOA (Canada)’s Canadian Revolver Commitment under the Loan Agreement. 
 D. Agent and Borrower Agent
have each approved the assignments to the Additional Lenders as required by the definition of “Eligible Assignee” as set forth in Section 1.1 of the Loan Agreement. 

E In connection with such assignments and assumptions, the Additional Lenders have requested, and the Obligors and the Existing Lenders have
agreed to, certain amendments to the Loan Agreement as more fully set forth herein. 
 NOW THEREFORE, for and in consideration of the mutual
covenants and agreements herein contained and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Borrowers, Guarantors, Agent and Lenders hereby agree as follows: 

Section 1. Assignments to Additional Lenders. 

1.1 Assignment and Assumption. Effective as of the First Amendment Effective Date (defined below), (a) BOA hereby assigns to each
U.S. Additional Lender, and each U.S. Additional Lender hereby purchases and assumes from BOA, such percentage of BOA’s rights and obligations under the Loan Agreement as a U.S. Lender (including, without limitation, such percentage interest in
the U.S. Revolving Loans owing to BOA and BOA’s participation with respect to any U.S. LC Obligations, in each case as of the date hereof (prior to the effectiveness of this Amendment)) that would result in BOA and the U.S. Additional Lenders
having the respective U.S. Revolver Commitments set forth on Schedule 1.1(b) attached hereto and (b) BOA (Canada) hereby assigns to each Canadian Additional Lender, and each Canadian Additional Lender hereby purchases and assumes from
BOA (Canada), such percentage of BOA (Canada)’s rights and obligations under the Loan Agreement as a Canadian Lender (including, without limitation, such percentage interest in the Canadian Revolving Loans owing to BOA (Canada) and BOA
(Canada)’s participation with respect to any Canadian LC Obligations, in each case as of the date hereof (prior to the effectiveness of this Amendment)) that would result in BOA (Canada) and the Canadian Additional Lenders having the respective
Canadian Revolver 

  
 2 

 
Commitments set forth on Schedule 1.1(a) attached hereto (the foregoing items being, collectively, the “Assigned Interest”), in each case together with an interest in the
Loan Documents corresponding to the Assigned Interest. From and after the First Amendment Effective Date, each Additional Lender hereby expressly assumes, and undertakes to perform, all of BOA’s and BOA (Canada)’s, as applicable,
obligations in respect of the Assigned Interest acquired by such Additional Lender, and all principal, interest, fees and other amounts which would otherwise be payable to or for BOA’s and BOA (Canada)’s, as applicable, account in respect
of the Assigned Interest acquired by such Additional Lender shall be payable to or for such Additional Lender’s account, to the extent such amounts accrue on or after the First Amendment Effective Date. For the avoidance of doubt, the
assignment and assumption provided herein applies only to BOA’s rights and obligations under the Loan Documents as a U.S. Lender and not in its capacity as Agent. 

1.2 Representations and Warranties by BOA and BOA (Canada); Disclaimer. BOA (a) represents that as of the First Amendment
Effective Date, prior to giving effect to the assignments in Section 1.1, its U.S. Revolver Commitment is $90,000,000 and the outstanding balance of its U.S. Revolver Loans and participations in U.S. LC Obligations is $69,299,450.13;
(b) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Loan Agreement or the execution, legality, validity, enforceability,
genuineness, sufficiency or value of the Loan Agreement or any other instrument or document furnished pursuant thereto, other than that BOA is the legal and beneficial owner of the interest being assigned by it hereunder and that such interest is
free and clear of any adverse claim; and (c) makes no representation or warranty and assumes no responsibility with respect to the financial condition of Borrowers or the performance by Borrowers of their obligations under the Loan Documents.
BOA (Canada) (a) represents that as of the First Amendment Effective Date, prior to giving effect to the assignments in Section 1.1 its Canadian Revolver Commitment is $25,000,000 and the outstanding balance of its Canadian Revolver Loans
and participations in Canadian LC Obligations is $15,312,267.40; (b) makes no representation or warranty and assumes no responsibility with respect to any statements, warranties or representations made in or in connection with the Loan
Agreement or the execution, legality, validity, enforceability, genuineness, sufficiency or value of the Loan Agreement or any other instrument or document furnished pursuant thereto, other than that BOA (Canada) is the legal and beneficial owner of
the interest being assigned by it hereunder and that such interest is free and clear of any adverse claim; and (c) makes no representation or warranty and assumes no responsibility with respect to the financial condition of Borrowers or the
performance by Borrowers of their obligations under the Loan Documents. 
 1.3 Representations and Warranties by Additional Lenders.
Each Additional Lender (a) represents and warrants that it is legally authorized to enter into this Amendment and to purchase and assume the Assigned Interest acquired by it; (b) confirms that it has received copies of the Loan Agreement
and such other Loan Documents and information as it has deemed appropriate to make its own credit analysis and decision to enter into this Amendment and to assume the Assigned Interest acquired by it; (c) agrees that it shall, independently and
without reliance upon BOA or BOA (Canada) and based on such documents and information as it shall deem appropriate at the time, continue to make its own credit decisions in taking or not taking action under the Loan Documents; (d) confirms that
it is an Eligible Assignee; (e) appoints and 

  
 3 

 
authorizes Agent to take such action as agent on its behalf and to exercise such powers under the Loan Agreement as are delegated to Agent by the terms thereof, together with such powers as are
incidental thereto; (f) agrees that it will observe and perform all obligations that are required to be performed by it as a “Lender” and a “U.S. Lender” or “Canadian Lender” (as applicable) under the Loan
Documents; and (g) represents and warrants that the assignment evidenced hereby will not result in a non-exempt “prohibited transaction” under Section 406 of ERISA. 

1.4 Addresses for Notices. The address of each Additional Lender to which notices and information are to be sent under the terms of the
Loan Agreement is set forth on the signature pages to this Amendment. 
 1.5 Lender Reallocation. After giving effect to this
Amendment and any Loans made on the First Amendment Effective Date, (a) the Commitment of each Lender will be as set forth on Schedules 1.1(a) and 1.1(b) attached hereto, (b) each Lender who holds Loans in an aggregate amount
less than its Pro Rata share (after giving effect to this Amendment) of all Loans shall advance new Loans that shall be disbursed to the Agent and used to repay Loans outstanding to each Lender who holds Loans in an aggregate amount greater than its
Pro Rata share of all Loans, (c) each Lender’s participation in each Letter of Credit, if any, shall be automatically adjusted to equal its Pro Rata share (after giving effect to this Amendment) and (d) such other adjustments shall be
made as the Agent shall specify to effectuate the intent and purposes of the assignments contemplated by this Section 1. The transactions described in the foregoing sentence or any other transaction effected in connection with this
Section 1 shall not be subject to Section 3.9 of the Loan Agreement. 
 1.6 Reaffirmation of Obligations to Lenders.
Each Obligor hereby acknowledges, agrees and confirms that, by its execution of this Amendment, it accepts each Additional Lender as a Lender for all purposes of the Loan Agreement (as amended hereby) and reaffirms its Obligations to the Lenders
(including the Additional Lenders) under the Loan Agreement (as amended hereby) and the other Loan Documents. 
 Section 2.
Amendments. In reliance on the representations, warranties, covenants and agreements contained in this Amendment, the Loan Agreement shall be amended effective as of the First Amendment Effective Date in the manner provided in this
Section 2. 
 2.1 Amendment to the Definition of Availability Block. The definition of “Availability Block” set
forth in Section 1.1 of the Loan Agreement shall be restated in its entirety to read as follows: 
 Availability Block: zero
Dollars. 
 2.2 Amendment to the Definitions of Canadian Borrowing Base and U.S. Borrowing Base. The definitions of “Canadian
Borrowing Base” and “U.S. Borrowing Base” set forth in Section 1.1 of the Loan Agreement each shall be amended to add the following sentence to the end thereof: 

Notwithstanding the foregoing, the aggregate amount of the Canadian Borrowing Base and the U.S. Borrowing Base that is attributable to Eligible
Accounts and Eligible Unbilled Accounts constituting progress billings, milestone billings, retainage and billings under other performance-based benchmarks shall not exceed $35,000,000 at any time. 

  
 4 

 2.3 Amendments to the Definition of Canadian Eligible Accounts. The definition of
“Canadian Eligible Accounts” set forth in Section 1.1 of the Loan Agreement shall be amended to restate clauses (c) and (q) thereof in their entirety to read as follows: 

(c) when aggregated with other Accounts owing by the Account Debtor and its Affiliates, it exceeds 20% of the aggregate Eligible Accounts (or
such higher percentage as Required Lenders may establish for such Account Debtor from time to time) but ineligibility shall be limited to the extent of such excess; 

(q) unless otherwise agreed to by Supermajority Lenders, it arises under a contract for performance of services for which the anticipated
completion date is more than 90 days from the commencement date; provided that any Account arising from performance of services under such contract within the 90-day period preceding the anticipated completion date therefor may be eligible if
such Account otherwise constitutes a Canadian Eligible Account; or 
 2.4 Additional Definition of Supermajority Lenders. The
following definition shall be added to Section 1.1 of the Loan Agreement in alphabetical order: 
 Supermajority Lenders: at any
time of determination hereof, two or more Lenders holding more than 66.6% of (a) the aggregate outstanding Commitments; or (b) following termination of the Commitments, the aggregate outstanding Loans and LC Obligations or, if all Loans
and LC Obligations have been satisfied by Full Payment thereof, the aggregate remaining Obligations; provided, that Commitments, Loans and other Obligations held by a Defaulting Lender and its Affiliates shall be disregarded in making such
calculation, but any related Fronting Exposure shall be deemed held as a Loan or LC Obligation by the Lender that funded the applicable Loan or issued the applicable Letter of Credit; provided, further that for purposes of determining
the number of Lenders hereunder, a Lender and its Affiliates that are also Lenders shall be treated as one Person. 
 2.5 Amendments to
the Definition of U.S. Eligible Accounts. The definition of “U.S. Eligible Accounts” set forth in Section 1.1 of the Loan Agreement shall be amended to restate clauses (c) and (q) thereof in their entirety to read as
follows: 
 (c) (i) with respect to Accounts owing by Oncor Electric Delivery Company LLC, when aggregated with other Accounts owing by
Oncor Electric Delivery Company LLC, it exceeds 25% of the aggregate Eligible Accounts (or such higher percentage as Required Lenders may establish for Oncor Electric Delivery Company LLC from time to time) but ineligibility shall be limited to the
extent of such excess, and (ii) with respect to Accounts owing by any other Account Debtor, when aggregated with other Accounts owing by such Account Debtor and its Affiliates, it exceeds 20% of the aggregate Eligible Accounts (or such higher
percentage as Required Lenders may establish for such Account Debtor from time to time) but ineligibility shall be limited to the extent of such excess; 

  
 5 

 (q) unless otherwise agreed to by Supermajority Lenders, it arises under a contract for
performance of services for which the anticipated completion date is more than 90 days from the commencement date; provided that any Account arising from performance of services under such contract within the 90-day period preceding the
anticipated completion date therefor may be eligible if such Account otherwise constitutes a U.S. Eligible Account; or 
 2.6 Amendment
to Section 14.1.1. Clause (d)(ii)(B) of Section 14.1.1 of the Loan Agreement shall be restated in its entirety to read as follows: 

(B) amend the definitions of Pro Rata, Required Lenders, Supermajority Lenders or Excess Availability, 

2.7 Replacement of Schedules 1.1(a) and 1.1(b). Schedules 1.1(a) and 1.1(b) to the Loan Agreement shall be restated in their entirety
in the form of Schedules 1.1(a) and 1.1(b), respectively, to this Amendment. 
 Section 3. Conditions Precedent. The assignment
and assumption contained in Section 1 hereof and the amendments contained in Section 2 hereof are subject to the satisfaction of each of the following conditions precedent (the date on which all such conditions are satisfied,
the “First Amendment Effective Date”): 
 3.1 First Amendment. Agent shall have received counterparts of this
Amendment executed on behalf of Agent and each Borrower, Guarantor and Lender (including each Additional Lender). 
 3.2 Representations
and Warranties. The representations and warranties of each Obligor contained in the Loan Agreement (as amended hereby), this Amendment and the other Loan Documents shall be true and correct in all material respects (except to the extent that any
representation and warranty is qualified by materiality in which case it shall be true and correct in all respects) on and as of the date hereof (except for representations and warranties that expressly relate to an earlier date in which case such
representations and warranties shall be true and correct in all material respects (except to the extent that any such representation and warranty is qualified by materiality in which case it shall be true and correct in all respects) as of such
earlier date). 
 3.3 No Defaults. No Default or Event of Default shall have occurred and be continuing. 

Section 4. Representations and Warranties. To induce Lenders and Agent to enter into this Amendment, each Obligor hereby represents and warrants
to Lenders and Agent as follows: 
 4.1 Loan Document Representations and Warranties. Each representation and warranty of such Obligor
contained in the Loan Agreement and the other Loan Documents is true and correct in all material respects (except to the extent that any such representation and warranty is qualified by materiality in which case it shall be true and correct in all
respects) on the date hereof (except for representations and warranties that expressly relate to an earlier date in which case such representations and warranties shall be true and correct in all material respects (except to the extent that any such
representation and warranty is qualified by materiality in which case it shall be true and correct in all respects) as of such earlier date). 

  
 6 

 4.2 Power and Authority; No Contravention; Authorizations and Approvals. The execution,
delivery and performance by such Obligor of this Amendment are within such Obligor’s organizational powers, have been duly authorized by all necessary organizational action on the part of such Obligor, require no action by or in respect of, or
filing with, any Governmental Authority except actions by, and notices to or filings with, Governmental Authorities (including, without limitation, the SEC) that may be required in the Ordinary Course of Business from time to time or that may be
required to comply with the express requirements of the Loan Documents and do not violate any provision of Applicable Law in any material respect or contravene the terms of any Organic Document binding upon such Obligor. 

4.3 Enforceable Obligations. This Amendment is a legal, valid and binding obligation of such Obligor enforceable in accordance with its
terms, except as enforceability may be limited by any applicable Debtor Relief Laws or general principles of equity. 
 Section 5.
Miscellaneous. 
 5.1 Reaffirmation of Loan Documents. All of the terms and provisions of the Loan Agreement and the other
Loan Documents shall, except as amended and modified hereby, remain in full force and effect and are hereby ratified and affirmed by the Obligors. The amendments contemplated hereby shall not limit or impair any Liens securing the Obligations, which
Liens are hereby ratified and affirmed by the Obligors. This Amendment is a Loan Document. 
 5.2 Reaffirmation of Guaranty. Each
Guarantor hereby ratifies and affirms its guaranty obligations under Section 5.10 of the Loan Agreement and agrees that such Guarantor continues to unconditionally and irrevocably guarantee the prompt payment and performance of the Obligations
thereunder. 
 5.3 Parties in Interest. All of the terms and provisions of this Amendment shall bind and inure to the benefit of the
parties hereto and their respective successors and assigns. 
 5.4 Legal Expenses. As provided in Section 3.4 of the Loan
Agreement, Borrowers hereby agree to pay on demand all reasonable fees and expenses of counsel to Agent incurred by Agent in connection with the preparation, negotiation and execution of this Amendment and all related documents. 

5.5 Counterparts; Execution. This Amendment may be executed in counterparts, and all parties need not execute the same counterpart;
however, no party shall be bound by this Amendment until all Borrowers, all Guarantors, all Lenders (including the Additional Lenders) and Agent have executed a counterpart. Facsimiles or other electronic transmissions (e.g., .pdf) shall be
effective as originals. 

  
 7 

 5.6 Entire Agreement. THIS AMENDMENT, THE LOAN AGREEMENT AND THE OTHER LOAN DOCUMENTS
REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR ORAL AGREEMENTS BETWEEN THE PARTIES. THERE ARE NO UNWRITTEN AGREEMENTS BETWEEN THE PARTIES. 

5.7 Headings. The headings, captions and arrangements used in this Amendment are, unless specified otherwise, for convenience only and
shall not be deemed to limit, amplify or modify the terms of this Amendment, nor affect the meaning thereof. 
 5.8 Governing Law.
This Amendment shall be governed by the laws of the State of New York, without giving effect to any conflict of law principles (but giving effect to federal laws relating to national banks). 

  
 8 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed by their
respective authorized officers effective as of the date and year first above written. 
  

	
	U.S. BORROWERS:
	
	WILLBROS UNITED STATES HOLDINGS, INC., a Delaware Corporation
	BEMIS, LLC, a Vermont Limited Liability Company
	CHAPMAN CONSTRUCTION CO., L.P., a Texas Limited Partnership
	CHAPMAN CONSTRUCTION MANAGEMENT CO., INC., a Texas Corporation
	CONSTRUCTION & TURNAROUND SERVICES, L.L.C., an Oklahoma Limited Liability Company
	 HALPIN LINE CONSTRUCTION LLC, a New York Limited Liability Company

HAWKEYE, LLC, a New York Limited Liability Company

LINEAL INDUSTRIES, INC., a Pennsylvania Corporation

	PREMIER UTILITY SERVICES, LLC, a New York Limited Liability Company
	PREMIER WEST COAST SERVICES, INC., an Oklahoma Corporation
	TRAFFORD CORPORATION, a Pennsylvania Corporation
	 UTILX CORPORATION, a Delaware Corporation

WILLBROS CONSTRUCTION (U.S.), LLC, a Delaware Limited Liability Company

	WILLBROS CONSTRUCTION CALIFORNIA (U.S.), INC., a Delaware Corporation
	WILLBROS DOWNSTREAM OF OKLAHOMA, INC., an Oklahoma Corporation
	WILLBROS DOWNSTREAM, LLC, an Oklahoma Limited Liability Company
	WILLBROS ENGINEERING CALIFORNIA (U.S.), INC., a Delaware Corporation
	WILLBROS ENGINEERS (U.S.), LLC, a Delaware Limited Liability Corporation
	WILLBROS ENGINEERS, LLC, a Louisiana Limited Liability Company        

  
 [Signature Page] 

FIRST AMENDMENT TO LOAN, SECURITY AND
GUARANTY AGREEMENT 
 WILLBROS UNITED STATES
HOLDINGS, INC., ET AL. 

	
	WILLBROS GOVERNMENT SERVICES (U.S.), LLC, a Delaware Limited Liability Company
	WILLBROS MANAGEMENT SERVICES, LLC, a Delaware Limited Liability Company
	WILLBROS PROJECT SERVICES (U.S.), LLC, a Delaware Limited Liability Company
	WILLBROS T&D SERVICES, LLC, a Delaware Limited Liability Company
	
	
By: /s/ Richard W. Russler                  
                          

Name: Richard W. Russler
 Title: Treasurer of each of the above
listed entities

	
	 CANADIAN BORROWER:

	
	WILLBROS CONSTRUCTION SERVICES (CANADA), L.P., an Alberta Limited Partnership, by its General Partner, WILLBROS (CANADA) GP I LIMITED
	
	
By: /s/ Richard W. Russler                  
                          

Name: Richard W. Russler
 Title: Treasurer

	
	 U.S. FACILITY GUARANTORS:

	
	WILLBROS GROUP, INC., a Delaware Corporation
	WILLBROS MIDSTREAM SERVICES (U.S.), LLC, a Delaware Limited Liability Company
	WILLBROS REFINERY AND MAINTENANCE SERVICES (U.S.), LLC, a Delaware Limited Liability Company
	WILLBROS UTILITY T&D HOLDINGS, LLC, a Delaware Limited Liability Company
	CHAPMAN HOLDING CO., INC., a Nevada Corporation
	WILLBROS UTILITY T&D GROUP COMMON PAYMASTER, LLC, a Delaware Limited Liability Company
	SKIBECK PIPELINE COMPANY, INC., a New York Corporation
	UTILX OVERSEAS HOLDINGS, INC., a Delaware Corporation

  
 [Signature Page] 

FIRST AMENDMENT TO LOAN, SECURITY AND
GUARANTY AGREEMENT 
 WILLBROS UNITED STATES
HOLDINGS, INC., ET AL. 

  

	
	
	
By: /s/ Richard W. Russler                  
                          

Name: Richard W. Russler
 Title: Treasurer of each of the above
listed entities

	
	 CANADIAN FACILITY GUARANTORS

	
	WILLBROS CANADA HOLDINGS ULC, a British Columbia Unlimited Liability Company
	WILLBROS (CANADA) GP I LIMITED, a British Columbia Corporation
	WILLBROS (CANADA) GP III LIMITED, a British Columbia Corporation
	WILLBROS (CANADA) GP IV LIMITED, a British Columbia Corporation
	WILLBROS (CANADA) GP V LIMITED,
a British Columbia Corporation
	0795781 B.C. LTD., a British Columbia Corporation
	P/L EQUIPMENT LP, an Alberta Limited Partnership, by its General Partner, 0795781 B.C. LTD.
	WILLBROS FACILITIES & TANKS (CANADA) LP, an Alberta Limited Partnership, by its General Partner, WILLBROS (CANADA) GP IV LIMITED
	WILLBROS PSS MIDSTREAM (CANADA) LP, an Alberta Limited Partnership, by its General Partner, WILLBROS (CANADA) GP V LIMITED
	
	 By:
/s/ Richard W. Russler                                   
         
 Name: Richard W. Russler

Title: Treasurer of each of the above listed entities

  
 [Signature Page] 

FIRST AMENDMENT TO LOAN, SECURITY AND
GUARANTY AGREEMENT 
 WILLBROS UNITED STATES
HOLDINGS, INC., ET AL. 

 
	
	
	 AGENT AND LENDERS:

	
	 BANK OF AMERICA, N.A.,
 as Agent,
a U.S. Lender and U.S. Issuing Bank

	
	
By: /s/ Laura K. Wieland                  
                          

Name: Laura K. Wieland
 Title: Vice President

  
 [Signature Page] 

FIRST AMENDMENT TO LOAN, SECURITY AND
GUARANTY AGREEMENT 
 WILLBROS UNITED STATES
HOLDINGS, INC., ET AL. 

 
	
	
	 CAPITAL ONE LEVERAGE FINANCE

CORP., as a U.S. Lender

	
	
By: /s/ illegible                     
                                       

Title: Senior Vice President

  
 [Signature Page] 

FIRST AMENDMENT TO LOAN, SECURITY AND
GUARANTY AGREEMENT 
 WILLBROS UNITED STATES
HOLDINGS, INC., ET AL. 

 
	
	
	 BANK OF AMERICA, N.A. (acting through its

Canada branch), as a Canadian Lender

	
	
By: /s/ Medina Sales De Andrade                
                
 Title: Vice President

  
 [Signature Page] 

FIRST AMENDMENT TO LOAN, SECURITY AND
GUARANTY AGREEMENT 
 WILLBROS UNITED STATES
HOLDINGS, INC., ET AL. 

 
	
	
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as a U.S. Lender

	
	
By: /s/  illegible                    
                                         
         
 Title: Authorized Signatory

	
	 Address:
 2450 Colorado Ave.

Suite 3000W
 Santa Monica, CA 90404

Attn: Loan Portfolio Manager -
Willbros                           

Telecopy: (866) 615-7803               
                                    

  
 [Signature Page] 

FIRST AMENDMENT TO LOAN, SECURITY AND
GUARANTY AGREEMENT 
 WILLBROS UNITED STATES
HOLDINGS, INC., ET AL. 

 
	
	
	 SUNTRUST BANK,
 as a U.S. Lender
and a Canadian Lender

	
	
By: /s/  illegible                    
                                         
         
 Title: Senior Vice President

	
	 Address:
 200 Crescent Court

Suite 850
 Dallas, Texas 75201

Attn: Chris Jensen                      
                                         
  

Telecopy: 214-468-9218                      
                                 

  
 [Signature Page] 

FIRST AMENDMENT TO LOAN, SECURITY AND
GUARANTY AGREEMENT 
 WILLBROS UNITED STATES
HOLDINGS, INC., ET AL. 

	
	
	 WELLS FARGO CAPITAL FINANCE

CORPORATION CANADA, as a Canadian Lender

	
	
By:   Domenic Cosentino                   
                             

Title: Vice President, Wells Fargo Capital Finance
 Corporation
Canada

	
	 By:
                                         
                             

	 Title:
                                         
                           

	
	 Address:

40 King St. W., Suite 2500                  
                               

Toronto, Ontario
 M5H 3Y2

Attn:                        
                                         
    

Telecopy:                       
                                      

  
 [Signature Page] 

FIRST AMENDMENT TO LOAN, SECURITY AND
GUARANTY AGREEMENT 
 WILLBROS UNITED STATES
HOLDINGS, INC., ET AL. 

 SCHEDULE 1.1(a) 

to 
 Loan, Security and Guaranty
Agreement 
 CANADIAN REVOLVER COMMITMENTS 
  

					
	 Canadian Lender
	  	Canadian Revolver Commitment	 
	 Bank of America, N.A. (acting through its Canada branch)
	  	$	15,000,000	  
	 Wells Fargo Capital Finance Corporation Canada
	  	$	5,833,333	  
	 SunTrust Bank
	  	$	4,166,667	  
		  	  
	  
	 
	 Total
	  	$	25,000,000	  
		  	  
	  
	 

  
 Schedule 1.1(a) 

 SCHEDULE 1.1(b) 

to 
 Loan, Security and Guaranty
Agreement 
 U.S. REVOLVER COMMITMENTS 
  

					
	 U.S. Lender
	  	U.S. Revolver Commitment	 
	 Bank of America, N.A.
	  	$	40,000,000	  
	 Capital One Leverage Finance Corp.
	  	$	35,000,000	  
	 Wells Fargo Bank, National Association
	  	$	29,166,667	  
	 SunTrust Bank
	  	$	20,833,333	  
		  	  
	  
	 
	 Total
	  	$	125,000,000	  
		  	  
	  
	 

  
 Schedule 1.1(b)QCOM 9.29.13 EX 10.115

EXHIBIT 10.115

QUALCOMM INCORPORATED
2006 LONG-TERM INCENTIVE PLAN
EXECUTIVE PERFORMANCE STOCK UNIT GRANT NOTICE

Qualcomm Incorporated (the “Company”), pursuant to its 2006 Long-Term Incentive Plan (the “Plan”) hereby grants you the number of Performance Stock Units set forth below, each of which is a bookkeeping entry representing the equivalent in value of one (1) share of the Company’s common stock.  The Performance Stock Unit Award is subject to all of the terms and conditions as set forth herein and the Executive Performance Stock Unit Agreement (attached hereto) and the Plan1, which are incorporated herein in their entirety.  Capitalized terms not otherwise defined in this Grant Notice or the Executive Performance Stock Unit Agreement shall have the meaning set forth in the Plan.

Participant:  «First_Name» «Last_Name»    Grant No.:  «Number»

		
	Emp #:  «ID»
	Number of Performance Stock Units: «Shares_Granted»

Date of Grant:  «Grant_Date»

		
	Performance Period:
	From and including September 30, 2013 through and including September 27, 2015

		
	First Measurement Period:
	From and including September 30, 2013 through and including March 29, 2015

		
	Second Measurement Period:
	From and including September 30, 2013 through and including September 27, 2015

Vesting Date:  Except as otherwise provided in the Plan or the Executive Performance Stock Unit Agreement, this Performance Stock Unit Award will vest on the last day of the Performance Period, so long as your Service (as defined in the Plan) is continuous from the Date of Grant through that date.

Additional Terms/Acknowledgments:  By accepting this Performance Stock Unit Award (in the form determined by the Company) you acknowledge receipt of and represent that you have read, understand, accept and agree to the terms and conditions of, the following:  this Grant Notice, the Executive Performance Stock Unit Agreement and the Plan (including, but not limited to, the binding arbitration provision in Section 3.7 of the Plan).  In addition, by accepting this Performance Stock Unit Award you agree to all of its terms and conditions and further acknowledge that as of the Date of Grant, this Grant Notice, the Executive Performance Stock Unit Agreement and the Plan set forth the entire understanding between you and the Company regarding the acquisition of stock in the Company and supersede all prior oral and written agreements pertaining to this particular Performance Stock Unit Award.
Qualcomm Incorporated:

By: 
_____________________________________
Dr. Paul E. Jacobs    Signature
Chairman of the Board and
Chief Executive Officer                _____________________________________
Dated:  «Grant_Date»    Date

Attachment:    Executive Performance Stock Unit Agreement

QUALCOMM INCORPORATED 
2006 LONG-TERM INCENTIVE PLAN 
EXECUTIVE PERFORMANCE STOCK UNIT AGREEMENT
Pursuant to the Grant Notice and this Executive Performance Stock Unit Agreement (the “Agreement”), Qualcomm Incorporated (the “Company”) has granted you a Performance Stock Unit Award with respect to the number of shares of the Company’s common stock (“Stock”) indicated in the Grant Notice.  Capitalized terms not explicitly defined in this Agreement but defined in the Qualcomm Incorporated 2006 Long-Term Incentive Plan (the “Plan”) shall have the same definitions as in the Plan.
The details of this Performance Stock Unit Award are as follows:
1.SERVICE AND VESTING.
1.1    SERVICE.  As provided in the Plan and notwithstanding any other provision of this Agreement, the Company reserves the right, in its sole discretion, to determine when your Service has terminated, including in the event of any leave of absence or part-time Service.
1.2    VESTING.  Except to the extent that your Performance Stock Units may vest earlier as provided in Section 2.4(a) through (d) and Section 6.1, your Performance Stock Units will vest if and to the extent that you continue in Service through the Vesting Date specified in the Grant Notice (the “Vesting Date”).  Except to the extent that your Performance Stock Units may vest earlier as provided in Section 2.4(a) through (d) and Section 6.1, if your Service terminates before the Vesting Date, all of your Performance Stock Units shall be forfeited.  Notwithstanding any other provision of the Plan or this Agreement, the Company reserves the right, in its sole discretion, to suspend vesting of this Performance Stock Unit Award in the event of any leave of absence or part-time Service.
2.    SETTLEMENT OF THE PERFORMANCE STOCK UNITS.
2.1    FORM AND TIMING OF PAYMENT.  Subject to the other terms of the Plan and this Agreement, any Performance Stock Units that vest and become nonforfeitable in accordance with the Grant Notice will be paid to you in whole shares of Stock, in the amount specified in Section 2.2 and Section 2.3, no later than 30 days after the later of (i) the Vesting Date specified in the Grant Notice or (ii) the date on which the Committee certifies in writing the number of Shares (if any) that are payable under this Agreement based on the terms and conditions set forth in Section 2.2 and Section 2.3, which certification and determination shall be made by the Committee no later than the November 30th that next follows the end of the Performance Period.  Failure to achieve the minimum Performance Target necessary for payment under Section 2.2 shall result in the forfeiture of all Performance Stock Units.
2.2    AMOUNT OF PAYMENT.  Subject to modification under Section 2.3 and Section 2.4, the number of shares of Stock that shall be issued to you by the Company on the date specified in Section 2.1 is the sum of the Shares Earned for each Measurement Period.  The “Shares Earned” for each Measurement Period is equal to the amount determined by multiplying the Target Shares for the Measurement Period by the Payout Percentage, rounding up to the nearest whole share.  The “Target Shares” for each Measurement Period is a number of shares of Stock equal to 50% of the Number of Performance Stock Units specified in the Grant Notice.  For purposes of this Section 2.2, the following additional definitions apply:
(a)    “Beginning Period Average Price” means the average official closing price per share of the issuer over the 20-consecutive-trading days ending with and including the first day of the Measurement Period (if the applicable day is not a trading day, the immediately preceding trading day).
(b)    “Ending Period Average Price” means the average official closing price per share of the issuer over the 20-consecutive-trading days ending with and including the last day of the Measurement Period (if the applicable day is not a trading day, the immediately preceding trading day).
(c)    “Measurement Period” means each period specified in the Grant Notice.

(d)    “Nasdaq-100 Companies” means the companies that are included in the NASDAQ-100 Index (published by The NASDAQ Stock Market, or its successor) continuously from the beginning through the end of the relevant Measurement Period. The Committee shall have the authority to make appropriate adjustments to the extent necessary to account for extraordinary, unusual and infrequently occurring events and transactions involving that company.
(e)    “Payout Percentage” means the percentage that corresponds to the TSR Percentile Rank specified below:
	
		
	TSR Percentile Rank
	Payout Percentage

	90th percentile and above
	200%

	75th percentile
	150%

	60th percentile
	100% (Target)

	50th percentile
	75%

	33rd percentile
	33%

	Below 33rd percentile
	0

Between the levels specified above, the Payout Percentage is interpolated linearly at a ratio of three-and-one-third (3-1/3) percentage points for each percentile that the TSR Percentile Rank is greater than the 60th percentile, and two-and-one-half (2-1/2) percentage points for each percentile that the TSR Percentile Rank is less than the 60th percentile, in each case rounded up to the nearest decimal point.
(f)    “Performance Period” means the period specified in the Grant Notice, which begins on the first day of the first Measurement Period and ends on the last day of the last Measurement Period.
(g)    “TSR” means total shareholder return as determined by dividing (i) the sum of (A) the Ending Period Average Price minus the Beginning Period Average Price plus (B) all dividends and other distributions paid on the issuer’s shares during the Measurement Period by (ii) the Beginning Period Average Price. In calculating TSR, all dividends are assumed to have been reinvested in shares when paid. The Committee shall have the authority to make appropriate equitable adjustments to account for extraordinary items affecting a company’s TSR for the relevant Measurement Period.
(h)    “TSR Percentile Rank” means the Company’s percentile ranking relative to the Nasdaq-100 Companies, based on TSR. TSR Percentile Rank is determined by ordering the Nasdaq-100 Companies (plus the Company if the Company is not one of the Nasdaq‐100 Companies) from highest to lowest based on TSR for the relevant Measurement Period and counting down from the company with the highest TSR (ranked first) to the Company’s position on the list. If two companies are ranked equally, the ranking of the next company shall account for the tie, so that if one company is ranked first, and two companies are tied for second, the next company is ranked fourth. After this ranking, the TSR Percentile Rank will be calculated using the following formula, rounded to the nearest whole percentile by application of regular rounding:
	
			
	TSR Percentile Rank =
	(N – R)
	* 100

	N

“N” represents the number of Nasdaq-100 Companies for the relevant Measurement Period (plus the Company if the Company is not one of the Nasdaq-100 Companies for that Measurement Period).
“R” represents the Company’s ranking among the Nasdaq-100 Companies (plus the Company if the Company is not one of the Nasdaq-100 Companies for the relevant Measurement Period).
For example, if there are 100 Nasdaq-100 Companies (including the Company), and the Company ranked 40th, the TSR Percentile Rank would be at the 60th percentile: 
60 = (100 – 40)/100 * 100.

2.3    LIMITATION ON AMOUNT OF PAYMENT.  Notwithstanding anything in this Agreement to the contrary, if the Company’s TSR is negative for the Performance Period, then the maximum number of shares of Stock that shall be issued to you by the Company on the date specified in Section 2.1 will be equal to the Number of Performance Stock Units specified in the Grant Notice.  Likewise, if your Service terminates in the first Measurement Period under the circumstances specified in Section 2.4 and the Company’s TSR is negative for that Measurement Period, then the maximum number of shares of Stock that shall be issued to you by the Company pursuant to Section 2.4 will be equal to the number of Target Shares for that Measurement Period.
2.4    EFFECT OF TERMINATION OF SERVICE.  Except as otherwise expressly set forth in this Section 2.4, in the event of the termination of your Service for any reason, whether voluntary or involuntary, all unvested Performance Stock Units shall be immediately forfeited without consideration.
(a)    Disability.  If your Service with the Employer terminates because of your Disability, the vesting of your Performance Stock Units shall be accelerated in full effective as of the date on which your Service terminates due to your Disability, but the number of shares of Stock that shall be issued to you by the Company under this Agreement shall be prorated and paid as follows.  The Company shall issue to you, within 30 days after the end of the Measurement Period during which your Service terminates due to your Disability, the number of shares (rounded up to the nearest whole Share) equal to the sum of (i) the Shares Earned for any Measurement Period prior to the Measurement Period during which your Service terminates due to your Disability, plus (ii) the Target Shares for the Measurement Period during which your Service terminates.
(b)    Death.  If your Service with the Employer terminates because of your death, the vesting of the Performance Stock Units shall be accelerated in full effective upon your death, but the number of shares of Stock that shall be issued to you by the Company under this Agreement shall be prorated as follows.  The Company shall issue to your estate, personal representative, or beneficiary to whom the Performance Stock Units may be transferred by will or by the laws of descent and distribution, within 30 days after the end of the Measurement Period during which your death occurs, the number of shares (rounded up to the nearest whole Share) equal to the sum of (i) the Shares Earned for any Measurement Period prior to the Measurement Period during which your death occurs, plus (ii) the Target Shares for the Measurement Period during which your death occurs.  If your Service with the Employer terminates because of your Disability, and you are entitled to payment under Section 2.4(a), and you later die in a subsequent Measurement Period covered by this Agreement, your estate, personal representative, or beneficiary to whom the Performance Stock Units may be transferred by will or by the laws of descent and distribution shall receive within 30 days of the end of the Measurement Period during which your death occurs, rounded up, equal to the Target Shares for the Measurement Period during which your death occurs.
(c)    Normal Retirement Age.  If your Service with the Employer terminates at or after Normal Retirement Age, the vesting of your Performance Stock Units shall be accelerated in full effective as of the date on which your Service terminates, but the number of shares of Stock that shall be issued to you by the Company under this Agreement shall be prorated and paid as follows.  The Company shall issue to you, within 30 days after the end of the Measurement Period during which your Service terminates at or after Normal Retirement Age, the number of shares (rounded up to the nearest whole Share) equal to the sum of (i) the Shares Earned for any Measurement Period prior to the Measurement Period during which your Service terminates at or after Normal Retirement Age, plus (ii) the Shares Earned for the Measurement Period during which your Service terminates multiplied by a fraction the numerator of which is the number of whole and partial months (rounded up) from the beginning of that Measurement Period until the date your Service terminates, and the denominator of which is the number of months in that Measurement Period.
(d)    Termination After Change in Control.  If your Service with the Employer terminates as a result of Termination After Change in Control (as defined below), the vesting of any Performance Stock Units that remained outstanding after the Change in Control shall be accelerated in full effective as of the date on which your Service terminates, but the number of shares of Stock that shall be issued to you by the Company under this Agreement shall be prorated and paid as follows.  The Company shall issue to you, within 30 days after the end of the Measurement Period during which your Service terminates, the number of shares (rounded up to the nearest whole Share) equal to the sum of (i) the Shares Earned for any Measurement Period prior to the Measurement Period during which your Service terminates, plus (ii) the Shares Earned for the Measurement Period during 

which your Service terminates multiplied by a fraction the numerator of which is the number of whole and partial months (rounded up) from the beginning of that Measurement Period until the date your Service terminates, and the denominator of which is the number of months in that Measurement Period.
(e)    Certain Definitions.
(i)    “Cause” shall mean any of the following: (1) your theft of, dishonesty with respect to, or falsification of any Participating Company documents or records; (2) your improper use or disclosure of a Participating Company’s confidential or proprietary information; (3) any action by you which has a detrimental effect on a Participating Company’s reputation or business; (4) your failure or inability to perform any reasonable assigned duties after written notice from a Participating Company of, and a reasonable opportunity to cure, such failure or inability; (5) any material breach by you of any employment or service agreement between you and a Participating Company, which breach is not cured pursuant to the terms of such agreement; (6) your conviction (including any plea of guilty or nolo contendere) of any criminal act which impairs your ability to perform your duties with a Participating Company; or (7) violation of a material Company or Participating Company policy.
(ii)    “Good Reason” shall mean any one or more of the following:
a)    without your express written consent, the assignment to you of any duties, or any limitation of your responsibilities, substantially inconsistent with your  positions, duties, responsibilities and status with the Participating Company Group immediately prior to the date of a Change in Control;
b)    without your express written consent, the relocation of the principal place of your employment or service to a location that is more than fifty (50) miles from your principal place of employment or service immediately prior to the date of a Change in Control, or the imposition of travel requirements substantially more demanding of you than such travel requirements existing immediately prior to the date of the Change in Control;
c)    any failure by the Participating Company Group to pay, or any material reduction by the Participating Company Group of, (A) your base salary in effect immediately prior to the date of a Change in Control (unless reductions comparable in amount and duration are concurrently made for all other employees of the Participating Company Group with responsibilities, organizational level and title comparable to yours), or (B) your bonus compensation, if any, in effect immediately prior to the date of a Change in Control (subject to applicable performance requirements with respect to the actual amount of bonus compensation earned by you);
d)    any failure by the Participating Company Group to (A) continue to provide you with the opportunity to participate, on terms no less favorable than those in effect for the benefit of any employee or service provider group which customarily includes a person holding the employment or service provider position or a comparable position with the Participating Company Group then held by you, in any benefit or compensation plans and programs, including, but not limited to, the Participating Company Group’s life, disability, health, dental, medical, savings, profit sharing, stock purchase and retirement plans, if any, in which you were participating immediately prior to the date of the Change in Control, or their equivalent, or (B) provide you with all other fringe benefits (or their equivalent) from time to time in effect for the benefit of any employee group which customarily includes a person holding the employment or service provider position or a comparable position with the Participating Company Group then held by you;
e)    any breach by the Participating Company Group of any material agreement between you and a Participating Company concerning your employment; or

f)    any failure by the Company to obtain the assumption of any material agreement between you and the Company concerning your employment by a successor or assign of the Company.
(iii)    “Termination After Change in Control” shall mean either of the following events occurring within twenty-four (24) months after a Change in Control:
a)    termination by the Participating Company Group of your Service with the Participating Company Group for any reason other than for Cause; or
b)    your resignation for Good Reason from all capacities in which you are then rendering Service to the Participating Company Group within a reasonable period of time following the event constituting Good Reason.
Notwithstanding any provision herein to the contrary, Termination After Change in Control shall not include any termination of your Service with the Participating Company Group which (1) is for Cause; (2) is a result of your death or Disability; (3) is a result of your voluntary termination of Service other than for Good Reason; or (4) occurs prior to the effectiveness of a Change in Control.
2.5    TAX WITHHOLDING.  You acknowledge that the Company and/or the Participating Company that employs you (the “Employer”) may be subject to withholding tax obligations arising by reason of the vesting and/or payment of this Performance Stock Unit Award.  You authorize your Employer to satisfy the withholding tax obligations by one or a combination of the following methods, as selected by the Company in its sole discretion:  (a) withholding from your pay and any other amounts payable to you; (b) withholding of Stock and/or cash from the payment of the Performance Stock Units; (c) arranging for the sale of shares of Stock payable in connection with the Performance Stock Units (on your behalf and at your direction which you authorize by accepting this Performance Stock Unit Award); or (d) any other method allowed by the Plan or applicable law.  If your Employer satisfies the withholding obligations by withholding a number of whole shares of Stock as described in subsection (b) herein, you will be deemed to have been issued the full number of shares of Stock subject to this Performance Stock Unit Award, notwithstanding that a number of shares is held back in order to satisfy the withholding obligations.  The “Fair Market Value” of any Stock withheld pursuant to this Section 2.5 shall be equal to the closing price of a share of Stock as quoted on any national or regional securities exchange or market system constituting the primary market for the Stock on the date of determination (or, if there is no closing price on that day, the last trading day prior to that day) or, if the Stock is not listed on a national or regional securities exchange or market system, the value of a share of Stock as determined by the Committee in good faith without regard to any restriction other than a restriction which, by its terms, will never lapse.  The Company shall not be required to issue any shares of Stock pursuant to this Agreement unless and until the withholding obligations are satisfied.
3.    TAX ADVICE.  You represent, warrant and acknowledge that the Company and, if different, your Employer, has made no warranties or representations to you with respect to the income tax consequences of the transactions contemplated by this Agreement, and you are in no manner relying on the Company, your Employer or their representatives for an assessment of such tax consequences.  YOU UNDERSTAND THAT THE TAX LAWS AND REGULATIONS ARE SUBJECT TO CHANGE.  YOU SHOULD CONSULT YOUR OWN TAX ADVISOR REGARDING THE TAX TREATMENT OF ANY PERFORMANCE STOCK UNITS.  NOTHING STATED HEREIN IS INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, FOR THE PURPOSE OF AVOIDING TAXPAYER PENALTIES.
4.    DIVIDEND EQUIVALENTS.  If the Board declares a cash dividend on the Company’s Stock, you will be entitled to Dividend Equivalents on the dividend payment date established by the Company equal to the cash dividends payable on the same number of shares of Stock as the number of Shares Earned and the number of any Target Shares to which you are entitled upon termination of Service due to death or Disability (“Target Shares Earned”) subject to this Performance Stock Unit Award on the dividend record date established by the Company.  Any such Dividend Equivalents will be in the form of additional Shares Earned and/or Target Shares Earned, will be subject to the same terms and vesting dates as the underlying Shares Earned and/or Target Shares Earned, and will be paid at the same time and in the same manner as the underlying Shares Earned and/or Target Shares Earned originally subject to this Performance Stock Unit Award, except that any fractional shares attributable to Dividend Equivalents will be paid in cash within thirty (30) days following the date of payment of the Shares Earned and/or Target Shares Earned based on the Fair Market Value (as specified in Section 2.5, above) on the date of payment of the Shares Earned and/or Target Shares Earned.  The number of additional Shares Earned and/or Target Shares Earned credited as Dividend Equivalents on the dividend payment date will 

be determined by dividing (1) the product of (a) the number of your Shares Earned and/or Target Shares Earned as of the corresponding dividend record date (including any unvested Shares Earned and/or Target Shares Earned previously credited as a result of prior payments of Dividend Equivalents) and (b) the per-share cash dividend paid on the dividend payment date, by (2) the per-share Fair Market Value (as specified in Section 2.5, above) of Stock on the dividend payment date. The Dividend Equivalents will accrue on Shares Earned and/or Target Shares Earned calculated from the Date of Grant.
5.    SECURITIES LAW COMPLIANCE.  Notwithstanding anything to the contrary contained herein, no shares of Stock will be issued to you upon vesting of this Performance Stock Unit Award unless the Stock is then registered under the Securities Act or, if such Stock is not then so registered, the Company has determined that such vesting and issuance would be exempt from the registration requirements of the Securities Act.  By accepting this Performance Stock Unit Award, you agree not to sell any of the shares of Stock received under this Performance Stock Unit Award at a time when applicable laws or Company policies prohibit a sale.
6.    CHANGE IN CONTROL.  In the event of a Change in Control, the surviving, continuing, successor, or purchasing corporation or other business entity or parent thereof, as the case may be (the “Acquiring Corporation”), may, without your consent, either assume the Company’s rights and obligations under this Performance Stock Unit Award or substitute for this Performance Stock Unit Award a substantially equivalent award for the Acquiring Corporation’s stock.
6.1    Payout Pursuant to a Change in Control.  In the event the Acquiring Corporation elects not to assume or substitute for this Performance Stock Unit Award in connection with a Change in Control, the vesting of this Performance Stock Unit Award, so long as your Service has not terminated prior to the date of the Change in Control, shall be accelerated, effective as of the date ten (10) days prior to the date of the Change in Control, and the number of shares of Stock that shall be issued to you by the Company under this Agreement shall be determined and paid as follows.  The Company shall issue to you, within 30 days after the Change in Control, the number of shares (rounded up to the nearest whole Share) equal to the sum of (a) the Shares Earned for any Measurement Period prior to the Measurement Period during which the Change in Control occurs, plus (b) the Shares Earned for any subsequent Measurement Period as if the Payout Percentage were 100% and the last day of each Measurement Period were the last business day before the date of the Change in Control.
6.2    Vesting Contingent Upon Consummation.  The vesting of any Performance Stock Units and any shares of Stock acquired upon the settlement thereof that was permissible solely by reason of this Section 6 shall be conditioned upon the consummation of the Change in Control.
6.3    Applicability of Agreement.  Notwithstanding the foregoing, shares of Stock acquired upon settlement of this Performance Stock Unit Award prior to the Change in Control and any consideration received pursuant to the Change in Control with respect to such shares shall continue to be subject to all applicable provisions of this Agreement except as otherwise provided in this Agreement.
6.4    Continuation of Award.  Notwithstanding the foregoing, if the corporation the stock of which is subject to this Performance Stock Unit Award immediately prior to an Ownership Change Event constituting a Change in Control is the surviving or continuing corporation and immediately after such Ownership Change Event, less than fifty percent (50%) of the total combined voting power of its voting stock is held by another corporation or by other corporations that are members of an affiliated group within the meaning of Section 1504(a) of the Internal Revenue Code of 1986, as amended (the “Code”), without regard to the provisions of Section 1504(b) of the Code, this Performance Stock Unit Award shall not terminate unless the Committee otherwise provides in its discretion.
7.    TRANSFERABILITY.  Prior to the issuance of shares of Stock in settlement of a Performance Stock Unit Award, the Award shall not be subject in any manner to anticipation, alienation, sale, exchange, transfer, assignment, pledge, encumbrance, or garnishment by your creditors or by your beneficiary (if any), except (i) transfer by will or by the laws of descent and distribution or (ii) to the extent permitted by the Company, transfer by written designation of a beneficiary, in a form acceptable to the Company, with such designation taking effect upon your death.  All rights with respect to the Performance Stock Units shall be exercisable during your lifetime only by you or your guardian or legal representative.  Prior to actual payment of any vested Performance Stock Units, such Performance Stock Units will represent an unsecured obligation of the Company, payable (if at all) only from the general assets of the Company.

8.    PERFORMANCE STOCK UNITS NOT A SERVICE CONTRACT.  This Performance Stock Unit Award is not an employment or service contract and nothing in this Agreement, the Grant Notice or the Plan shall be deemed to create in any way whatsoever any obligation on your part to continue in the Service of a Participating Company, or of a Participating Company to continue your Service with the Participating Company.  In addition, nothing in your Performance Stock Unit Award shall obligate the Company, its stockholders, Board, Officers or Employees to continue any relationship which you might have as a Director or Consultant for the Company.
9.    RESTRICTIVE LEGEND.  Stock issued pursuant to the vesting of the Performance Stock Units may be subject to such restrictions upon the sale, pledge or other transfer of the Stock as the Company and the Company’s counsel deem necessary under applicable law or pursuant to this Agreement.
10.    REPRESENTATIONS, WARRANTIES, COVENANTS, AND ACKNOWLEDGMENTS. You hereby agree that in the event the Company and the Company’s counsel deem it necessary or advisable in the exercise of their discretion, the transfer or issuance of the shares of Stock issued pursuant to the vesting of the Performance Stock Units may be conditioned upon you making certain representations, warranties, and acknowledgments relating to compliance with applicable securities laws.
11.    VOTING AND OTHER RIGHTS.  Subject to the terms of this Agreement, you shall not have any voting rights or any other rights and privileges of a shareholder of the Company unless and until shares of Stock are issued upon payment of the Performance Stock Units.
12.    CODE SECTION 409A.  It is the intent that the vesting or the payment of the Performance Stock Units as set forth in this Agreement shall qualify for exemption from the requirements of Section 409A of the Code, and any ambiguities herein will be interpreted to so comply.  The Company reserves the right, to the extent the Company deems necessary or advisable in its sole discretion, to unilaterally amend or modify this Agreement as may be necessary to ensure that all vesting or payments provided for under this Agreement are made in a manner that qualifies for exemption from Section 409A of the Code; provided, however, that the Company makes no representation that the vesting or payments of Performance Stock Units provided for under this Agreement will be exempt from Section 409A of the Code and makes no undertaking to preclude Section 409A of the Code from applying to the vesting or payments of Performance Stock Units provided for under this Agreement.
13.    NOTICES.  Any notices provided for in this Agreement, the Grant Notice or the Plan shall be given in writing and shall be deemed effectively given upon receipt or, in the case of notices delivered by the Company to you, five (5) days after deposit in the United States mail, postage prepaid, addressed to you at the last address you provided to the Company.
14.    NATURE OF GRANT.  In accepting the Performance Stock Unit Award, you acknowledge and agree that:
(a)    the Plan is established voluntarily by the Company, it is discretionary in nature and it may be modified, amended, suspended or terminated by the Company at any time, (subject to any limitations set forth in the Plan);
(b)    the award of Performance Stock Units is voluntary and occasional and does not create any contractual or other right to receive future awards of Performance Stock Units, or benefits in lieu of Performance Stock Units, even if Performance Stock Units or other Awards have been awarded repeatedly in the past;
(c)    all decisions with respect to future Awards, if any, will be at the sole discretion of the Company;
(d)    your participation in the Plan is voluntary;
(e)    the Performance Stock Unit Award and the shares of Stock subject to the Performance Stock Unit Award are extraordinary items that do not constitute compensation of any kind for Services of any kind rendered to the Company or the Employer, and which are outside the scope of your employment or service contract, if any;
(f)    the Performance Stock Unit Award and the shares of Stock subject to the Performance Stock Unit Award are not intended to replace any pension rights or compensation;

(g)    the Performance Stock Unit Award and the shares of Stock subject to the Performance Stock Unit Award are not part of normal or expected compensation or salary for any purposes, including, but not limited to, calculating any severance, resignation, termination, redundancy, dismissal, end of service payments, bonuses, long-service awards, pension or retirement or welfare benefits or similar payments and in no event should be considered as compensation for, or relating in any way to, past services for the Company, the Employer or any Participating Company;
(h)    the future value of the underlying shares of Stock is unknown and cannot be predicted with certainty; further, neither the Company, the Employer nor any Participating Company is liable for any foreign exchange fluctuation between your Employer’s local currency and the United States Dollar that may affect the value of this Performance Stock Unit Award;
(i)    no claim or entitlement to compensation or damages shall arise from forfeiture of your Performance Stock Units resulting from termination of your Service (for any reason whatsoever and whether or not in breach of local labor laws or later found invalid), and in consideration of the grant of the Performance Stock Units to which you are otherwise not entitled, you irrevocably agree never to institute any claim against the Company, waive your ability, if any, to bring any such claim, and release the Company from any such claim; if, notwithstanding the foregoing, any such claim is allowed by a court of competent jurisdiction, then, by participating in the Plan, you shall be deemed irrevocably to have agreed not to pursue such claim and agree to execute any and all documents necessary to request dismissal or withdrawal of such claim; 
(j)    the Performance Stock Unit Award and the benefits evidenced by this Agreement do not create any entitlement, not otherwise specifically provided for in the Plan or provided by the Company in its discretion, to have the Performance Stock Unit Award or any such benefits transferred to, or assumed by, another company, nor to be exchanged, cashed out or substituted for, in connection with any corporate transaction affecting the Company’s Stock; and
(k)    the Company is not providing any tax, legal or financial advice, nor is the Company making any recommendations regarding your participation in the Plan, or your acquisition or sale of the underlying shares of Stock; you are hereby advised to consult with your own personal tax, legal and financial advisors regarding your participation in the Plan before taking any action related to the Plan.
15.    APPLICABLE LAW.  This Agreement shall be governed by the laws of the State of California as if the Agreement were between California residents and as if it were entered into and to be performed entirely within the State of California.
16.    ARBITRATION.  Any dispute or claim concerning any Performance Stock Units granted (or not granted) pursuant to the Plan and any other disputes or claims relating to or arising out of the Plan shall be fully, finally and exclusively resolved by binding arbitration conducted by the American Arbitration Association pursuant to the commercial arbitration rules in San Diego, California.  By accepting this Performance Stock Unit Award, you and the Company waive your respective rights to have any such disputes or claims tried by a judge or jury.
17.    AMENDMENT.  Your Performance Stock Unit Award may be amended as provided in the Plan at any time, provided no such amendment may adversely affect this Performance Stock Unit Award without your consent unless such amendment is necessary to comply with any applicable law or government regulation, or is contemplated in Section 12 hereof.  No amendment or addition to this Agreement shall be effective unless in writing or in such electronic form as may be designated by the Company.
18.    GOVERNING PLAN DOCUMENT.  Your Performance Stock Unit Award is subject to this Agreement, the Grant Notice and all the provisions of the Plan, the provisions of which are hereby made a part of this Agreement, and is further subject to all interpretations, amendments, rules and regulations which may from time to time be promulgated and adopted pursuant to the Plan.  In the event of any conflict between the provisions of this Agreement, the Grant Notice and those of the Plan, the provisions of the Plan shall control.
19.    SEVERABILITY.  If any provision of this Agreement is held to be unenforceable for any reason, it shall be adjusted rather than voided, if possible, in order to achieve the intent of the parties to the extent possible.  In any event, all other provisions of this Agreement shall be deemed valid and enforceable to the full extent possible.

20.    DESCRIPTION OF ELECTRONIC DELIVERY.  The Plan documents, which may include but do not necessarily include: the Plan, the Grant Notice, this Agreement, and any reports of the Company provided generally to the Company’s shareholders, may be delivered to you electronically.  In addition, if permitted by the Company, you may deliver electronically the Grant Notice to the Company or to such third party involved in administering the Plan as the Company may designate from time to time.  Such means of electronic delivery may include but do not necessarily include the delivery of a link to a Company intranet or the internet site of a third party involved in administering the Plan, the delivery of the document via electronic mail (“e-mail”) or such other means of electronic delivery specified by the Company.
21.    WAIVER.  The waiver by the Company with respect to your (or any other Participant’s) compliance of any provision of this Agreement shall not operate or be construed as a waiver of any other provision of this Agreement, or of any subsequent breach of such party of a provision of this Agreement.
22.    REPAYMENT/FORFEITURE.  Any benefits you may receive hereunder shall be subject to repayment or forfeiture as may be required to comply with (a) any applicable listing standards of a national securities exchange adopted in accordance with Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (regarding recovery of erroneously awarded compensation) and any implementing rules and regulations of the U.S. Securities and Exchange Commission adopted thereunder, (b) similar rules under the laws of any other jurisdiction and (c) any policies adopted by the Company to implement such requirements, all to the extent determined by the Company in its discretion to be applicable to you.

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