Document:

exv10w3

 

Exhibit 10.3

ORION MARINE GROUP, INC.

AMENDED AND RESTATED REDEMPTION AGREEMENT

     This Amended and Restated Redemption Agreement (this “Amendment”), dated as of May 7, 2007,
(i) amends and restates in its entirety the Redemption Agreement (the “Agreement”), dated as of
March 27, 2007 by and among Orion Marine Group, Inc. (formerly Hunter Acquisition Corp.), a
Delaware corporation (“Company”), and the holders of the Company’s capital stock (the “Stock”) set
forth on Exhibit A hereto (individually, a “Seller”, and together, the “Sellers”), and (ii)
is entered into by and among the Company and the Sellers holding at least a majority of the Shares.

RECITALS

     WHEREAS, each of the Sellers owns the number of shares of Class A Stock, par value $0.01 per
share (“Class A Stock”), and Class B Stock, par value $0.01 per share (“Class B Stock” and,
together with the Class A Stock owned by the Stockholders, the “Shares”) in each case as set forth
on Exhibit A;

     WHEREAS, the Company is proposing to sell equity securities to new investors (the
“Financing”) pursuant to a Purchase/Placement Agreement to be entered into by and between
the Company and Friedman, Billings, Ramsey & Co., Inc. (“FBR;” and such agreement being the “FBR
Agreement”), and the Company expects to close such Financing within ninety (90) days after the
execution of the Agreement;

     WHEREAS, upon the terms and conditions set forth herein, each Seller desires to tender, and
Company desires to redeem (the “Redemption”), all of such Seller’s Shares at the Redemption Price
(as defined below);

     WHEREAS, the Company and the Sellers also desire to terminate the Securities Purchase and
Exchange Agreement, dated as of October 14, 2004 (the “Purchase Agreement”), among the Company and
the Sellers, the Stockholders’ Agreement, dated as of October 14, 2004 (as amended, the
“Stockholders’ Agreement”), among the Company and the Sellers, the Registration Rights Agreement,
dated of October 14, 2004 (the “Registration Rights Agreement”), among the Company and the Sellers,
the letter regarding management rights, dated as of October 14, 2004 (the “Management Rights
Letter”), from the Company to Austin Ventures VII, L.P. and Austin Ventures VIII, L.P., and the
Management Agreement, dated as of October 14, 2004 (the “Management Agreement” and, together with
the Purchase Agreement, the Stockholders’ Agreement, the Registration Rights Agreement and the
Management Rights Letter, the “Terminated Agreements”), between the Company and Capture 2004, L.P.,
in each case on the terms, subject to the conditions and with such exceptions set forth below; and

     WHEREAS, as a result of developments in the Financing, the undersigned Sellers desire to amend
and restate the Agreement in its entirety, which amendment and restatement will be binding on all
Sellers upon execution of this Amendment by the Sellers holding at least a majority of the Shares
pursuant to Section 7 of the Agreement.

     NOW, THEREFORE, in consideration of the foregoing and the mutual covenants and agreements
hereinafter set forth, the parties hereto agree as follows:

1

 

AGREEMENT

     1. Closings; Closing Dates. Subject to the terms and conditions herein, the initial
closing of the redemption (the “Initial Closing”) shall occur promptly (and in any event within
three business days) following the closing of the Financing or such other date as agreed to between
the Company and the holders of a majority in voting power of the Stock (the “Initial Closing
Date”). Thereafter, subject to the terms and conditions herein, subsequent closings (each, a
“Subsequent Closing” and, together with the Initial Closing, each a “Closing”) shall occur promptly
(and in any event within three business days) after the closing of each exercise by FBR of its
option to purchase additional shares pursuant to the terms of the FBR Agreement (each, a
“Subsequent Closing Date” and, together with the Initial Closing Date, each a “Closing Date”).

          1.1 Effective upon the Initial Closing, except as otherwise set forth in the Employment
Agreement dated as of March 27, 2007 between the Company and Russell B. Inserra (the “Employment
Agreement”), the Company shall pay on the Initial Closing Date the respective Redemption Price, by
check or wire transfer, to each Seller, and the Attorney (as defined below) shall surrender and
deliver to the Company for cancellation the stock certificates representing (a) all Class A Stock
and (b) a number of shares of Class B Stock equal to (i) the net proceeds to the Company from the
closing of Financing (after purchaser’s discount, placement fees and all other expenses related to
the Financing) divided by (ii) the Redemption Price for the Class B Stock, such redeemed Class B
Stock to be allocated among the Sellers in accordance with the number of shares of Class B Stock
held by them immediately prior to such Initial Closing; provided, that for purposes of the
Employment Agreement, the Class B Stock to be redeemed from Mr. Inserra shall be allocated first,
to the outstanding shares of Class B Stock held by Mr. Inserra on the date hereof (other than the
Unvested Shares, as defined in the Employment Agreement), second, to the Unvested Shares and third
to any shares of Class B Stock purchased by Mr. Inserra pursuant to options outstanding on the date
hereof. The “Redemption Price” shall mean (A) with respect to each Share that is Class A Stock, an
amount equal to $1,000 (as adjusted for any stock splits, stock dividends, recapitalizations,
combinations or similar transactions with respect to the Class A Stock after the date hereof and on
or prior to the Closing Date) plus all accrued or declared but unpaid dividends on such share of
Class A Stock to and including the Closing Date, and (B) with respect to each Share that is Class B
Stock, an amount equal to the net proceeds per share (after purchaser’s discount and placement
fees, but before other expenses) to the Company in the Financing.

          1.2 Effective upon each Subsequent Closing, except as otherwise set forth in the Employment
Agreement, the Company shall pay on such Subsequent Closing Date the respective Redemption Price,
by check or wire transfer, to each Seller, and the Attorney (as defined below) shall surrender and
deliver to the Company for cancellation the stock certificates representing a number of shares of
Class B Stock (not greater than the aggregate number of Shares that are Class B Stock outstanding
immediately prior to such Subsequent Closing Date) equal to (i) the net proceeds to the Company
from the exercise by FBR of its option to purchase additional shares (after purchaser’s discount,
placement fees and all other expenses related thereto) divided by (ii) the Redemption Price for the
Class B Stock, such redeemed Class B Stock to be allocated among the Sellers in accordance with the
number of shares of Class B Stock held by them immediately prior to such Subsequent Closing;
provided, that for purposes of the Employment Agreement, the Class B Stock to be redeemed
from Mr. Inserra shall be allocated first, to the outstanding shares of Class B Stock held by Mr.
Inserra on the date hereof (other than the Unvested Shares, as defined in the Employment
Agreement), second, to the Unvested Shares and third to any shares of Class B Stock purchased by
Mr. Inserra pursuant to options outstanding on the date hereof.

          1.3 At each Closing, for value received, each of the Sellers sells, assigns and transfers unto
the Company the Shares redeemed at such Closing set forth opposite such Seller’s name on

2

 

Exhibit A standing in such Seller’s name on the books of the Company and does hereby
irrevocably constitute and appoint the Secretary of the Company agent to cancel said Shares on the
books of the Company with full power of substitution in the premises.

     2. Surrender of Certificates; Power of Attorney. Upon execution of the Agreement,
each Seller shall deliver to the Company, as escrow agent, all stock certificates representing the
Shares for delivery to the Company and cancellation upon Closing. To the extent such Shares are
uncertificated, each Seller hereby authorizes the Company to cancel such Seller’s Shares on the
books of the Company on the Closing Date. The deposited certificates shall remain in
escrow until the earlier of the termination of this Agreement or the Closing. Upon termination of
this Agreement, the Company shall promptly deliver the certificates representing any unredeemed
Shares to each applicable Seller. At each Closing the escrowed certificates for the Shares
redeemed at such Closing shall be cancelled by the Company concurrently with the payment to Sellers
of the Redemption Price for such Shares, and the Sellers shall cease to have any further rights or
claims with respect to such redeemed Shares. To insure the performance of each Seller with the
agreements set forth in this Agreement, each Seller hereby appoints the Secretary of the Company or
its designee (the “Attorney”), as his, her, or its true and lawful attorney in fact, with full
power of substitution and resubstitution, to transfer and deliver to the Company all Shares and
certificates representing Shares, subject to the provisions of this Agreement, for cancellation at
each Closing concurrently with the payment to Sellers of the Redemption Price for such Shares. The
powers granted by each Seller pursuant to the preceding sentence are coupled with an interest and
are given to secure the performance of such Seller’s commitments under this Agreement. Such powers
shall be irrevocable for the term of this Agreement and shall survive the death, incompetency,
disability, dissolution or winding up of such Seller. Except as provided above, no Seller shall
grant a proxy or power of attorney with respect to the transfer, voting or other control over, or
create any right to vote or dispose of any of the Shares without the prior written consent of the
Company. Until the termination of this Agreement, no Seller shall transfer any Shares or any
interest in any Shares, except pursuant to the terms of this Agreement.

     3. Termination of the Terminated Agreements. Immediately prior to, and conditioned
upon, the closing of the Financing, each of the Terminated Agreements shall be terminated in their
entirety and of no further force or effect; provided, that Sections 8.14 and
9.15 of the Purchase Agreement, Section 9 of the Stockholders’ Agreement, the
second to last paragraph of the Management Rights Letter and Section 4 of the Management
Agreement shall each survive such termination.

     4. Termination of the Agreement. The Agreement shall terminate upon the expiration of
FBR’s option under the FBR Agreement to purchase additional stock from the Company. Sections
3, 5, and 7 through 17 shall survive such termination.

     5. Representations and Warranties.

          5.1 Seller Representations and Warranties to Company. Each Seller, severally and not
jointly, hereby represents and warrants to the Company on the date hereof and on each Closing Date
as follows:

               5.1.1 Power and Authority. The Seller has the power and authority to execute and
deliver this Agreement and to perform such Seller’s obligations hereunder and to consummate the
transaction contemplated hereby. This Agreement has been duly executed and delivered by the Seller
and, assuming the due authorization, execution, and delivery by the Company, constitutes the legal,
valid and binding obligation of the Seller enforceable against the Seller in accordance with its
terms (subject to bankruptcy, insolvency, reorganization or other similar laws affecting the
enforcement of creditors’ rights generally or by principles governing the availability of equitable
remedies).

3

 

               5.1.2 Ownership. The Seller is the owner, beneficially and of record of, and has good
and marketable title to, the Shares, free and clear of any liens, charges, options, pledges,
encumbrances, conditions or claims. The Seller has not pledged, assigned or otherwise transferred
the Shares. Other than Seller’s title to the Shares, the Seller does not hold (beneficially or
otherwise) or have any other rights or interest in or to any capital stock of the Company or its
subsidiaries, including (without limitation) any options, warrants, subscriptions, rights
(including conversion or preemptive rights), obligations or agreements (contingent or otherwise)
for the purchase or acquisition of any shares of capital stock of the Company or any of its
subsidiaries.

               5.1.3 Noncontravention. Neither the execution and delivery of this Agreement by the
Seller nor the performance by the Seller of such Seller’s or obligations contemplated by this
Agreement will: (i) require on the part of the Seller any filing with, or any permit,
authorization, consent or approval of, any court, arbitrational tribunal, administrative agency or
commission or other governmental or regulatory authority or agency or (ii) result in the imposition
of any encumbrance upon, or Security Interest (as defined below) on, the Shares. “Security
Interest” means any mortgage, pledge, security interest, encumbrance, charge or other lien (whether
arising by contract or by operation of law), other than (i) mechanic’s, materialmen’s, and similar
liens, (ii) liens arising under worker’s compensation, unemployment insurance, social security,
retirement, and similar legislation, (iii) liens on goods in transit incurred pursuant to
documentary letters of credit, and (iv) statutory liens with respect to current taxes not yet due
and payable, and in each case arising in the ordinary course of business consistent with past
practice, including with respect to frequency and amount.

               5.1.4 Brokers. The Seller has not dealt with a broker or finder in connection with
the transaction contemplated in this Agreement and no broker or other person is entitled to any
commission or finder’s fee in connection with the Redemption.

               5.1.5 Information. The Seller has received from the Company all information that such
Seller has requested or deems necessary in connection with Seller’s decision to enter into this
Agreement and perform Seller’s obligations hereunder.

          5.2 Company Representations and Warranties to Sellers. The Company represents and
warrants to each Seller on the date hereof and on each Closing Date as follows:

               5.2.1 Organization. The Company is duly organized, validly existing and in good
standing in the State of Delaware.

               5.2.2 Authority. The Company has the requisite legal power, authority and capacity to
execute, deliver and perform this Agreement. All action of the Company’s Board of Directors and
its stockholders necessary to authorize the transactions contemplated hereby have been duly and
validly taken and all requisite consents of third parties have been obtained. The execution,
delivery and performance of this Agreement and the consummation of the transactions contemplated
hereby, including the Redemption, payment of the aggregate Redemption Price, (i) have not and will
not conflict with or result in a breach of the provisions of its Certificate of Incorporation, as
amended, or its Bylaws, as amended, (ii) have not resulted, and will not (with or without the lapse
of time or the giving of notice or both) result, in any default or breach or give rise to any right
of termination, acceleration or cancellation under any of the terms, conditions, or provisions of
any note, deed of trust, bond, mortgage, indenture, instrument, agreement, license or permit to
which it is a party or by which it or any of its assets may be bound or result in the imposition of
any encumbrance upon, or Security Interest on, any of the Corporation’s assets, (iii) have not
violated, and will not violate, any rule, regulation, judgment, decree or order by which it may be
bound; or (iv) have not, and will not, require on the part of the Corporation any

4

 

filing with, or any permit, authorization, consent or approval of, any court, arbitrational
tribunal, administrative agency or commission or other governmental or regulatory authority or
agency.

               5.2.3 Validity. This Agreement has been duly and validly executed and delivered by
the Company and constitutes a valid and binding obligation enforceable in accordance with its terms
(subject to bankruptcy, insolvency, reorganization or other similar laws affecting the enforcement
of creditors’ rights generally or by principles governing the availability of equitable remedies).

               5.2.4 Offering Memorandum. Capitalized terms not defined herein have the meanings
ascribed to such terms in the FBR Agreement.

                    (a) The Preliminary Memorandum did not, as of its date, contain an untrue statement of a
material fact or omit to state a material fact necessary in order to make the statements therein,
in the light of the circumstances under which they were made, not misleading; and the Final
Memorandum did not, as of its date, at the Closing Time and each Extended Closing Time (if any) and
each Secondary Closing Time (if any), contain an untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided, however, that this
representation and warranty does not apply to any statement in or omission from the Preliminary
Memorandum or Final Memorandum made in reliance upon and in conformity with information furnished
to the Company in writing by FBR or any Seller expressly for use therein; and

                    (b) The Preliminary Memorandum included, as of its date, and the Final Memorandum include, as
of its date, at the Closing Time, Extended Closing Time (if any) and at each Secondary Closing Time
(if any), the information required by Rule 144A, Regulation S and Regulation D;

               5.2.5 Solvency. After giving effect to the transactions contemplated by this
Agreement, including the payment of the aggregate Redemption Price: (i) the Company’s fair value of
its property will be greater than its total amount of liabilities, including, without limitation,
its contingent liabilities; (ii) the present fair salable value of the Company’s assets will be
greater than the amount that will be required for the Company to pay the probable liability on its
debts as they become absolute and matured; (iii) the Company is not engaged in business or a
transaction, and will not be engaged in business or a transaction, for which the Company’s property
would constitute an unreasonably small capital.

               5.2.6 Surplus. The redemption complies with the Delaware General Corporation Laws and
the Company’s payment of the Redemption Price shall not cause an impairment to the Company’s
capital. At each Closing Date, the Company shall have sufficient surplus (as determined in
accordance with Delaware General Corporation Laws) or net profits for 2006 and/or 2007 to pay the
Redemption Price in full.

          5.3 Seller Representations and Warranties to other Sellers. Capitalized terms not
defined herein have the meanings ascribed to such terms in the FBR Agreement. Each Seller,
severally and not jointly, hereby represents and warrants to each other Seller, on the date hereof
and on each Closing Date, that to the knowledge of Seller (i) the Preliminary Memorandum did not,
as of its date, contain an untrue statement of a material fact or omit to state a material fact
necessary in order to make the statements therein, in the light of the circumstances under which
they were made, not misleading; and (ii) the Final Memorandum did not, as of its date, at the
Closing Time and each Extended Closing Time (if any) and each Secondary Closing Time (if any),
contain an untrue statement of a material fact or omit

5

 

to state a material fact necessary in order to make the statements therein, in the light of
the circumstances under which they were made, not misleading; provided, however, that this
representation and warranty does not apply to any statement in or omission from the Preliminary
Memorandum or Final Memorandum made in reliance upon and in conformity with information furnished
to the Company in writing by FBR or any other Seller expressly for use therein.

     6. Conditions to Closing.

          6.1 Sellers’ Conditions to Closing. The obligation of the Sellers to close the
Redemption is subject to the fulfillment on or prior to each Closing Date, to the satisfaction of
or waiver by the Sellers holding a majority in voting power of the Shares, of each of the following
conditions:

               6.1.1 Representations and Warranties. Each representation and warranty made by the
Company in Section 5 above shall be true and correct on in all material respects on the
Closing Date with the same force and effect as if such representation and warranty had been made on
and as of the Closing Date.

               6.1.2 Performance. All covenants, agreements and conditions contained in this
Agreement to be performed or complied with by the Company on or prior to the Closing Date shall
have been performed or complied with by the Company in all material respects.

               6.1.3 Consents and Waivers. The Company shall have obtained all consents and waivers
necessary to execute this Agreement and any other agreements or instruments contemplated herein and
to carry out the transactions contemplated hereby and thereby.

               6.1.4 Authorizations. All authorizations, approvals or permits, if any, of any
governmental authority or regulatory body that are required in connection with the lawful
Redemption pursuant to this Agreement shall have been duly obtained and shall be effective on and
as of the Closing.

               6.1.5 Compliance Certificate. The Company shall have delivered to the Sellers a
certificate signed by the President of the Company, dated the Closing Date, certifying to the
fulfillment of the conditions specified above.

          6.2 Company’s Conditions to Closing. The obligation of the Company to close the
Redemption is subject to the fulfillment on or prior to each Closing Date, to the satisfaction of
or waiver by the Company, of each of the following conditions:

               6.2.1 Representations and Warranties. Each representation and warranty made by the
Sellers in Section 5 above shall be true and correct on in all material respects on the
Closing Date with the same force and effect as if such representation and warranty had been made on
and as of the Closing Date.

               6.2.2 Performance. All covenants, agreements and conditions contained in this
Agreement to be performed or complied with by the Sellers on or prior to the Closing Date shall
have been performed or complied with by the Sellers in all material respects.

               6.2.3 Financing Complete. The Company shall have closed the Financing or the
additional sale of shares to FBR, as applicable, and received the proceeds therefrom.

6

 

               6.2.4 Consents and Waivers. The Company shall have obtained all consents and waivers
necessary to execute this Agreement and any other agreements or instruments contemplated herein and
to carry out the transactions contemplated hereby and thereby.

               6.2.5 Authorizations. All authorizations, approvals or permits, if any, of any
governmental authority or regulatory body that are required in connection with the lawful
Redemption pursuant to this Agreement shall have been duly obtained and shall be effective on and
as of the Closing.

     7. Form W-9. Each Seller has duly completed and executed the attached Substitute Form
W-9.

     8. Entire Agreement. This Agreement constitutes the entire agreement between the
parties with respect to its subject matter and may not be modified or amended, except by written
agreement of the Company and the Sellers holding at least a majority of the Shares. Any amendment,
waiver, discharge or termination not in compliance with this Section 8 shall be void.

     9. General Release of Claims. Effective upon each Closing, each Seller, on behalf of
itself and its subsidiaries, affiliates, parents, officers, directors, shareholders, employees,
agents, attorneys, successors and assigns, both present and former, if any and in each case other
than the Company and its subsidiaries (collectively, the “Releasing Parties”), irrevocably and
unconditionally release, acquit, covenant not to sue (directly or derivatively) and forever hold
harmless the other Releasing Parties of and from any and all manner of action and actions, cause
and causes of action, suits, debts, controversies, damages, judgments, executions, losses, claims,
demands and attorneys’ fees and expenses whatsoever, (whether asserted or unasserted, known or
unknown, foreseeable or unforeseeable, and whether accrued or that may accrue in the future) in
contract, tort, law or in equity which the Releasing Parties ever had, now have or may in the
future have against the other Releasing Parties based upon, arising out of, relating to, by reason
of (i) the Financing, (ii) the transactions contemplated by this Agreement including without
limitation the Redemption and (iii) any acts or omissions of the Company or its affiliates in
connection with (i) and (ii) above; provided however, that the release, acquittal and covenants not
to sue (directly or derivatively) and forever hold harmless in this Section 9 shall not
apply to claims based upon, arising out of, relating to, by reason of Section 5.3.

     10. Non-waiver. No delay or failure by any party to exercise any right under this
Agreement, and no partial or single exercise of that right, shall constitute a waiver of that or
any other right, unless otherwise expressly provided herein.

     11. Independent Counsel. Each party acknowledges and agrees that such party has been
represented by and consulted with, or has had reasonable opportunity to be represented by and
consulted with, independent counsel of its own choosing throughout all negotiations that preceded
the execution and delivery of this Agreement.

     12. Headings. Headings in this Agreement are for convenience only and shall not be
used to interpret or construe its provisions.

     13. Further Assurances. Each party to this Agreement hereby covenants and agrees,
without the necessity of any further consideration, to execute and deliver any and all such further
documents and take any and all such other actions as may be necessary or appropriate to carry out
the intent and purposes of this Agreement and to consummate the transactions contemplated herein.

     14. Governing Law. This Agreement shall be construed in accordance with and governed
by the laws of the State of Delaware.

7

 

     15. Counterparts. This Agreement may be executed in two or more counterparts, each of
which shall be deemed an original but all of which together shall constitute one and the same
instrument.

     16. Binding Effect. Upon the execution hereof by the Company and the Sellers holding
at least a majority of the Shares, the provisions of this Amendment and the Agreement shall be
binding upon and inure to the benefit of each of the Company and each Seller and their respective
successors and assigns.

     17. Facsimile Signatures. This Agreement may be executed and transmitted by
facsimile, which signature shall be binding upon the parties as if they were original signatures.

Signature page follows.

8

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as
of the date first written above.

	 	 	 	 	 	 	 
	 	 	COMPANY:	 	 
	 
	 	 	 	 	 	 
	 	 	ORION MARINE GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ J. Michael Pearson 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: J. Michael Pearson, President	 	 
	 
	 	 	 	 	 	 
	 	 	SELLERS:	 	 
	 
	 	 	 	 	 	 
	 	 	AUSTIN VENTURES VIII, L.P.	 	 
	 
	 	 	 	 	 	 
	 	 	By: AV Partners VIII, LP, its General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Joseph C. Aragona 	 	 
	 

	 	 	 	 	 	 
	 	 	Joseph C. Aragona, General Partner	 	 
	 
	 	 	 	 	 	 
	 	 	AUSTIN VENTURES VII, L.P.	 	 
	 
	 	 	 	 	 	 
	 	 	By: AV Partners VII, LP, its General Partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Joseph C. Aragona 	 	 
	 

	 	 	 	 	 	 
	 	 	Joseph C. Aragona, General Partner	 	 
	 
	 	 	 	 	 	 
	 	 	CAPTURE 2004, L.P.	 	 
	 
	 	 	 	 	 	 
	 	 	By: JSB 2004, Inc., its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Barry C. Twomey 	 	 
	 

	 	 	 	 	 	 
	 	 	Barry C. Twomey, Managing Director	 	 

Signature page to Amended and Restated Redemption Agreement

 

 

	 	 	 	 	 	 	 
	 	 	2004 ORION, LLP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/
Barry C. Twomey 	 	 
	 
	 	 	 	 	 	 
	 	 	Barry C. Twomey, Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	ORION INCENTIVE EQUITY, LP	 	 
	 
	 	 	 	 	 	 
	 	 	By: Capture 2004, L.P., its general partner	 	 
	 
	 	 	 	 	 	 
	 	 	By: JSB 2004, Inc., its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/
Barry C. Twomey 	 	 
	 

	 	 	 	 	 	 
	 	 	Barry C. Twomey, Managing Director	 	 
	 
	 	 	 	 	 	 
	 	 	RUSSELL INSERRA	 	 
	 
	 	 	 	/s/ Russell B. Inserra 	 	 
	 	 	 	 	 
	 	 	Russell B. Inserra	 	 

Signature page to Amended and Restated Redemption Agreement

 

 

EXHIBIT A

Class A Stock

	 	 	 	 	 	 	 	 	 	 	 
	Date	 	Holder	 	Certificate No.	 	Number of Shares
	10/14/04

	 	2004 Orion LLP
	 	 	01	 	 	 	1,000	 
	1014/04

	 	Austin Ventures VII, L.P.
	 	 	02	 	 	 	11,437.5	 
	10/14/04

	 	Austin Ventures VIII, L.P.
	 	 	03	 	 	 	19,062.5	 
	10/14/04

	 	Russell B. Inserra
	 	 	04	 	 	 	3,500	 

Class B Stock

	 	 	 	 	 	 	 	 	 	 	 
	Date	 	Holder	 	Certificate No.	 	Number of Shares
	10/14/04

	 	2004 Orion LLP
	 	 	01	 	 	 	819,000	 
	10/14/04

	 	Austin Ventures VII, L.P.
	 	 	02	 	 	 	9,380,000	 
	10/14/04

	 	Austin Ventures VIII, L.P.
	 	 	03	 	 	 	15,631,000	 
	10/14/04

	 	Orion Incentive Equity, L.P.
	 	 	04	 	 	 	2,520,000	 
	10/14/04

	 	Capture 2004, L.P.
	 	 	05	 	 	 	3,150,000	 
	10/14/04

	 	Russell B. Inserra
	 	 	06	 	 	 	3,500,000	 
	5/3/05

	 	Russell B. Inserra
	 	 	07	 	 	 	750,000	 
	 

	 	Russell B. Inserra
	 	 	 	 	 	50,0001

 

			
	1	 	Pursuant to the Employment Agreement of even
date herewith between the Company and Mr. Inserra, options to acquire 50,000
shares of Class B Stock will vest on March 31, 2007. Subject to the vesting of
such options and Mr. Inserra’s exercise of such options and payment of
the exercise price therefore on or prior to the Closing Date, the 50,000 shares
issuable upon exercise of such options will be subject to redemption under this
Agreement.exv10w4

 

Exhibit 10.4

LEASE

     LEASE AGREEMENT effective as of the 13th day of September, 2006, between F. Miller
Construction, L.L.C. (I. D. No.
                                        ) as lessee (“Lessee”) and Joe T. Miller, Sr., referred to as lessor (“Lessor”).

WITNESSETH:

ARTICLE I

LEASED PREMISES

     Lessor does hereby demise and lease unto Lessee, and Lessee does hereby hire and take from
Lessor those certain premises (the “Leased Premises”) described as follows:

Commencing on the North right-of-way line of U. S. Highway No. 90 a
distance of 461.4 feet Southeasterly from intersection of North line
of U. S. Highway No. 90 and West line of Section Thirty-six (36),
Township Nine (9) South, Range Eight (8) West, La. Mer., thence
North 0° 44’ West along the East line of property allotted to Mrs.
May Thelma Lamb 1400 feet, more or less, to South right-of-way line
of Southern Pacific Railroad, thence East along South right-of-way
line of Southern Pacific Railroad 453.45 feet to Northwest corner of
property allotted to Herman Collins House, thence South 0° 44’ East
along West line of property allotted to Herman Collins House 800
feet, thence North 80° 56’ West 361.4 feet parallel to U. S. Highway
No. 90, thence South 0° 44’ East 670 feet to North right-of-way line
of U. S. Highway No. 90, thence North 80° 56’ West along the North
side of U. S. Highway No. 90 a distance of 100 feet to the point of
commencement.

     Lessor has full right and authority to enter into this Lease and to grant to Lessee the estate
and all rights purported to be herein granted without the prior consent or approval of any third
party.

 

 

ARTICLE II

TERM

     The primary term of this Lease shall commence the 15th day of September, 2006 and shall
continue until the 31st day of August, 2007, subject to all other provisions of this Lease. Lessee
shall have the option to renew this Lease for five (5) additional successive renewal terms of one
(1) year each, if Lessee gives Lessor written notice by certified or registered mail of its
intention to renew at least ninety (90) days prior to the expiration of the primary term, or
renewal term, as applicable, of this Lease. If Lessee timely exercises the options to renew granted
in this Lease, then this Lease shall continue upon the same terms and provisions contained in this
Lease (including rental).

ARTICLE III

RENT

     (a) Amount. Lessee shall pay to the Lessor a monthly rental of $3,500.00, in advance,
on September 15, 2006 and then on the first day of each month thereafter through August 31, 2007.
Rent for any period of early occupancy or for any partial calendar month during the term shall be
prorated.

     (b) Address for Payment:

     Each rental payment shall be made payable to the following person and delivered to it at the following address:

Joe T. Miller, Sr.

3400 Holly Hill Road

Lake Charles, LA 70605

Each person may change the address for payment by notice to Lessee delivered on or before thirty
(30) days prior to the rent due date.

2

 

ARTICLE IV

UTILITIES

     Lessee agrees to pay for all of the utility expenses, including gas, electrical and
water, which are related to the Leased Premises are located. Lessee agrees all utilities will be
listed in the name of Lessee and billed to Lessee.

ARTICLE V

REAL ESTATE TAXES

     Lessee shall pay all taxes, including ad valorem taxes, on the Leased Premises and on
Lessee’s improvements, equipment and other property on the Leased Premises and shall further pay
for its occupational licenses and fees levied by any governmental bodies. PROVIDED, HOWEVER, ad
valorem taxes and other taxes shall be prorated for the first and final years of the lease term.

     The aforesaid items are to be paid by Lessee are a part of the rent for the Leased Premises,
and a default in the payment of same shall be considered as a default in the payment of rental.

ARTICLE VI

MAINTENANCE AND REPAIR

     (a) Lessee’s Duties. By entry hereunder, Lessee acknowledges that the Leased Premises
and appurtenances are in good, clean and sanitary order and repair, and accepts the Leased Premises
in the condition delivered. Lessee shall, solely at its cost and expense, maintain the entire
Leased Premises, including the roof and the structural components of the Leased Premises, in the
same condition or state of repair (reasonable wear and tear excepted) than exists at the
commencement of this

3

 

Lease. Lessee shall be responsible for maintaining existing exterior and interior walls, doors, and
the interior and exterior of the Leased Premises, including all plumbing, electrical systems,
piping, fixtures, equipment, heating and air conditioning equipment and shall replace all damaged
or broken glass; provided, however, Lessee shall not be responsible for any repairs not occasioned
by a casualty in excess of $10,000 per occurrence. In said maintenance, Lessee shall have the right
to any warranties obtained by Lessor from subcontractors, materialmen or suppliers that relate to
Lessor’s construction of the Leased Premises. Lessee covenants and agrees to tender to the Lessor
the Leased Premises at the end of the Lease in good clean and sanitary order and repair; and in the
same condition as at the commencement of the Lease, reasonable wear and tear only excepted.

     (b) Lessor’s Duties. The Lessor shall not be responsible for any maintenance of the
Leased Premises. If a repair or replacement, not occasioned by a casualty, is required and will
exceed $10,000 in cost, Lessor shall have the option to make that repair or replacement or cancel
and terminate this lease as of the end of the month in which it is required to be made.

     (c) No representation or Warranties. Lessor has made no representations or promises
with respect to this Lease, with respect to the Leased Premises or with respect to any matter
related thereto, other than as expressly set forth herein.

     (d) Indemnity. Lessee hereby agrees to hold Lessor harmless and otherwise indemnify
Lessor for any liability to persons or property arising from all defects other than latent

4

 

defects in the Leased Premises and/or completed or incomplete repairs which are the obligation of
Lessee to undertake.

     (e) Access. Lessor shall have the right to reasonable access to the Leased Premises
throughout the term of this Lease for the purposes of repair or inspection.

     (f) Casualty or Expropriation. If as a result of a casualty to or expropriation of
the Leased Premises, the Leased Premises cannot reasonably be occupied and used by Lessee, Lessee
may cancel and terminate this Lease on thirty (30) days advance written notice to Lessor.

ARTICLE VII

INSURANCE

     Lessee shall, at its own cost and expense, keep and maintain in full force during the term of
this Lease, insurance as follows:

     (a) Against public liability claims (including Workmen’s Compensation Claims), against Lessor
and Lessee, and all other claims against Lessor and Lessee as owners and/or landlords resulting
from any accident occurring at, on or in any other way related to the Leased Premises, or any part
thereof; said insurance to provide coverage covering property damage, bodily injuries, including
death resulting therefrom, to the extent of $1,000,000.00 per accident and $1,000,000.00 per
person and liability for damage to property of others caused thereby to the extent of
$1,000,000.00 per accident;

     (b) Against the perils of fire, flood and hazards ordinarily included under the standard
extended coverage endorsements cover the full insurable value of the Leased

5

 

Premises, which the parties recognize is $750,000 on the date hereof; and,

     (c) The Lessor shall be named as an additional insured in any policy maintained pursuant to
this Lease, and each such policy shall contain provisions against cancellation except upon thirty
(30) days prior notice to Lessor.

     Policies and/or certificates of such insurance coverage shall be provided at Lessor’s
request.

ARTICLE VIII

USE OF LEASED PREMISES

     Lessee shall use the Leased Premises exclusively as a construction company office, and Lessee
is bound not to use the leased premises for any purpose that is unlawful or that tends to injure
or depreciate the property.

     Lessee shall comply with all federal, state and/or local laws, rules, regulations and/or
orders with respect to the storage, use, discharge and/or removal of any chemical substances,
including any “Hazardous Substances,” “Pollutants”, or “Contaminants” (as such terms are defined in
the Comprehensive Environmental Response, Compensation and Liability Act of 1980, as amended
(“CERCLA”)) in connection with its use of the Leased Premises. The Lessee shall be responsible for
the removal of any Hazardous Substances, Pollutants or Contaminants stored in or on the Leased
Premises by Lessee during the term of this Lease and/or if required by any federal, state and/or
local laws, rules, regulations and/or orders resulting from the Lessee’s use of the Leased
Premises.

     Lessee shall immediately notify Lessor, in writing, of any violation or suspected violation
of any federal, state and/or

6

 

local law, rule, regulation and/or order dealing with Hazardous Substances, Pollutants or
Contaminants.

     Lessor and Lessee acknowledge and agree that the Leased Premises have heretofore been occupied
by Lessor or an affiliate of Lessor. Notwithstanding any provision to the contrary contained
herein, in no event shall Lessee be liable for any acts or omissions of Lessor or any prior tenant
or occupant, nor for the presence at the Leased Premises of any Hazardous Substances, Pollutants or
Contaminants if not stored in or on the Leased Premises by Lessee during the term of this Lease or
if not resulting from the Lessee’s use of the Leased Premises.

ARTICLE IX

INDEMNIFICATION

     Lessee covenants that it will hold and save Lessor harmless from any and all loss, cost,
liability, damage or expense, including without limitation, attorney’s fees and disbursements,
caused by or arising from or in connection with the injury or death to persons or damage to
property in, upon or about the Leased Premises or caused by or arising from or in connection with
activities conducted thereon, or any act or omission of Lessee, its agents, employees, contractors,
licenses and invitees, including without limitation, injury or death of Lessee’s agents, employees,
licensees, and invitees and damage to their property; provided, however, that Lessee shall be
required to indemnify Lessor only for the negligence of the Lessee, its agents, employees,
licensees and invitees, and Lessee shall not be required to indemnify Lessor for any damage or
injury of any kind arising out of the negligence of third parties, the Lessor, its agents or
employees.

7

 

     Lessor shall not be liable for any damage to property or persons caused by, or arising out of
water coming from the roof, water pipes, boilers, heating pipes, plumbing fixtures, waste pipes or
any other source whatsoever whether within or without the Leased Premises.

     All properties of Lessee and others, placed or allowed to remain on the Leased Premises by
Lessee or with its consent, shall remain on the Leased Premises at the sole risk of Lessee and
Lessor shall not have any responsibility therefor or obligation to Lessee or any other party with
respect thereto. Lessee shall comply with all applicable insurance and fire prevention
regulations.

     The obligations of indemnity and assumption of responsibility on the part of Lessee set forth
herein shall, to the extent of the obligations therein expressed, shall constitute an assumption of
responsibility for the Leased Premises with the meaning of LSA-R.S. 9:3221 or other applicable law.

ARTICLE X

ASSIGNMENT

     Lessee shall not assign or sublease the Leased Premises in whole or in part, unless prior
written consent of the Lessor is obtained. Such consent shall not be unreasonably withheld,
provided that the Lessee shall remain primarily liable for the payment of the rent and the
performance of the terms and conditions of this Lease.

8

 

ARTICLE XI

SUBORDINATION

     This Lease and all of Lessee’s rights, title and interest in and under this Lease shall be
subject, subordinated and inferior to the lien of any and all mortgages which now exist or which
Lessor may in the future place upon the Leased Premises; however, Lessee’s quiet enjoyment of the
Leased Premises shall not be disturbed provided that Lessee is not in default under this Lease and
agrees to attorn to Lessor’s successor in title in the event of a foreclosure. If requested by
Lessee, the Mortgagor, Lessor and Lessee shall enter into an agreement reflecting the
subordination, non-disturbance and attornment provisions of this paragraph.

ARTICLE XII

DEFAULT AND REMEDIES THEREFOR

     (a) Default. Any of the following shall constitute a default by Lessee:

     (1) Failure to pay any rental, provide the insurance required for this lease or to pay the
other expenses or obligations assumed under this Lease within fifteen (15) days after the due date.

     (2) Any violation at any time of any other condition of this Lease if such violation continues
for thirty (30) days after written notice of such violation is mailed by Lessor to Lessee.

     (3) The filing in any court of a petition in bankruptcy, receivership, reorganization, for
respite, or for any other debtor’s proceedings by or against Lessee.

9

 

     (4) Any seizure of Lessee’s interest in this Lease under any writ of seizure of execution.

     (b) Remedies. If any default shall occur, then, in addition, to any other rights which
Lessor may have under law or under the provisions of this Lease, Lessor shall have the following
options:

     (1) To proceed for past due installment only, reserving its rights to proceed later for the
remaining installments and to exercise any other option granted by this Lease.

     (2) To cancel this Lease and to proceed for past due installments.

     (3) To accelerate the rental for unexpired term of the Lease.

     However, Lessor agrees that in the event of any default other than the default described in
(a)(1) above, Lessor will provide the Lessee with written notice of the default, and Lessee shall
have thirty (30) days thereafter within which to correct the default.

     Lessee waives any putting in default for any such breach, except as expressly required by this
Lease. Failure strictly and promptly to enforce the conditions set forth above shall not operate as
a waiver of Lessor’s rights. The acceptance of rent by Lessor shall not waive any preceding breach
by Lessee of any term or condition of this Lease, other than the failure of Lessee to pay the
particular rental so accepted, regardless of Lessor’s knowledge of the preceding breach at the time
of the acceptance of such rent. Receipt by Lessor of a partial rental payment, even with special
endorsement thereon, shall not

10

 

constitute a waiver of any of Lessor’s rights hereunder. The waiver by Lessor or Lessee of any
breach of this Lease shall not be deemed a waiver of any subsequent breach of the same of any other
term or condition of this Lease. In the event of the failure of the Lessee to perform any of its
obligations under this Lease, Lessor may, but shall not be obligated to, cause such obligations to
be performed and shall have the right to collect such sums of money as may be expended by Lessor
therefor from Lessee, together with interest at the rate of ten (10%) percent per annum until paid.
Such performance by the Lessor shall not constitute a wavier of any default occasioned by Lessee’s
nonperformance. If Lessor employs an attorney to collect rent or any other sum due by Lessee, or if
suit is brought to recover possession of the Leased Premises, or because of the breach of this
Lease by Lessee (and a breach shall be established), Lessee shall pay to Lessor all expense
reasonably incurred therefor, including a reasonable attorney’s fees for such suit or collection.

     (c) Default by Lessor. In the event Lessor fails to fulfill any of its obligations
under this Lease, Lessee agrees to provide Lessor, and any Mortgagee of the Leased Premises of
which Lessee has been notified, with notice of the default and shall allow Lessor, or Mortgagee at
Mortgagee’s option, twenty (20) days within which said default may be cured. In the event said
default is not cured during this period, Lessee shall have the right to enforce any and all
remedies granted by this Lease Agreement or by law against Lessor.

11

 

ARTICLE XIII

TERMINATION AND HOLDING OVER

     Upon termination, Lessee shall deliver the Leased Premises in good condition, ordinary wear
and tear accepted. In the event the Lessee holds the Lease over, upon the termination or
expiration of this Lease, the holding over shall operate to extend the Lease on a month to month
basis and shall thereafter constitute this Lease a lease from month to month. In the event the
Lessee does elect to hold the Lease over, either party shall have the right during the holdover
period to terminate the continuation of the holding over by giving the other party thirty (30)
days written notice. All the other terms and conditions of this Lease shall remain in effect
during the holding over period. During the term of this Lease, the Lessor shall have the right to
show the Leased Premises for sale, or rent.

ARTICLE XIV

NOTICES

     All notices, certificates or other communications hereunder shall be sufficiently given and
shall be deemed given when mailed by registered or certified mail, postage prepaid, or sent by
telegram, addressed as follows:

     If to the Lessor:

Joe T. Miller, Sr.

3400 Holly Hill Road

Lake Charles, LA 70605

     If to the Lessee:

F. Miller Construction, LLC

Attn: Mr. Mark Stauffer, Vice-President

12550 Fuqua

Houston, TX 77034

12

 

ARTICLE XV

BINDING EFFECT

     This Lease shall inure to the benefit of and shall be binding upon the Lessor, the Lessee and
their respective successors and assigns, subject, however, to the limitations contained in Article
XI hereof.

ARTICLE XVI

SEVERABILITY

     If any clause, paragraph or part of this Lease, for any reason, be finally adjudged by any
court of competent jurisdiction to be unconstitutional or invalid, such judgment shall not affect,
impair or invalidate the remainder of this Lease but shall be confined in its operation to the
clause, sentence, paragraph or any part thereof directly involved in the controversy in which such
judgment has been rendered. The unconstitutionality, invalidity or ineffectiveness of any one or
more provisions or covenants contained in this Lease shall not relieve the Lessee from liability to
make the payments of rental provided for in this Lease.

ARTICLE XVII

CAPTIONS

     The captions or headings in this Lease are for convenience only and in no way define, limit
or described the scope or intent of any provision of this Lease.

ARTICLE XVIII

EXECUTION OF COUNTERPARTS

     This Lease may be executed in several counterparts, each of which shall be an original and
all of which shall constitute but one of the same instrument.

13

 

ARTICLE XIX

LAW GOVERNING CONSTRUCTION OF AGREEMENT

     This Lease is prepared and entered into with the intention that the law of the State of
Louisiana shall govern its construction

ARTICLE XX

NET LEASE

     This agreement shall be deemed and construed to be a “net lease” and the Lessee shall
pay absolutely net during the Lease Term and rent and all other payments required hereunder,
free of any deductions, without abatement, diminution or set-off other than those herein
expressly provided.

     IN WITNESS WHEREOF, the parties hereto have caused these presents to be duly signed on
the dates shown below.

	 	 	 	 	 	 	 	 	 	 	 	 	 
	WITNESSES:

	 	 	 	LESSOR:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	   	 	 
	Print Name:	 	 	 	JOE T. MILLER, SR.	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	DATE:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	,	 2006	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 
	Print Name:

	 	 	 	 	 	 	 	 	 	 	 	 
	 
 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	LESSEE:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	F. MILLER CONSTRUCTION, LLC	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	   	 	 
	Print Name:	 	 	 	 	 	Mark Stauffer, Vice-President
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 
	 	 	 	DATE:	 	 	 	 	 	 
	 

	 	 	 	 	 	 	,	 2006	 	 	 	 
	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Print Name:

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 	 	 	 	 	 	 

14

 

SOLIDARY GUARANTEE

     The undersigned, Orion Marine Group Holdings, Inc., herewith guarantees the performance of
all of Lessee’s obligations under the foregoing Lease, including the payment of all amounts of
rent, taxes, maintenance expenses and insurance, solidarily, binding itself in solido,
unconditionally and as original promissor.

     This                      day of September, 2006.

	 	 	 	 	 	 	 
	 	 	ORION MARINE GROUP HOLDINGS, INC.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 

Russell Inserra,
	 	 
	 

	 	 	 	Chief Executive Officer	 	 

15

 

ACKNOWLEDGMENT

STATE OF LOUISIANA

PARISH OF EAST BATON ROUGE

     BEFORE ME, the undersigned Notary Public, duly commissioned and qualified in and for the
aforesaid Parish and State, personally came and appeared                                         , who by me
being sworn, deposed and said that he witnessed the execution of the foregoing instrument by
Mark Stauffer, Vice-President of F. Miller Construction, LLC and Russell Inserra, Chief
Executive Officer Orion Marine Group Holdings, Inc., who in their official capacities executed
the foregoing instruments of their own free will, act and deed on behalf of those entities for
the uses, purposes and considerations therein expressed.

	 	 	 
	Sworn to and subscribed before me,

this                      day of September, 2006.
 
	 	 

	 
	 
	 
	 

NOTARY PUBLIC

	 	 

16

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}]]