Document:

Incentive Plan

 Exhibit 10.6 
  
  
  
 EDGEN
MURRAY II, L.P. INCENTIVE PLAN 
 Adopted May 11, 2007 

 EDGEN MURRAY II, L.P. INCENTIVE PLAN 
 1. Purpose of the Plan 
 The purpose of the Plan is to assist the Company and its Subsidiaries
in attracting and retaining valued employees and directors by offering them a greater stake in the Company’s success and a closer identity with it, and to encourage ownership of the Company’s common units by such employees and directors.

 2. Definitions 
 2.1
“Approved Sale” means an Approved Sale as that term is defined in the Limited Partnership Agreement. 
 2.2 “Award” means
an award of Restricted Common Units under the Plan. 
 2.3 “Award Agreement” means the Agreement between the Company and a Holder
pursuant to which an Award is granted and which specifies the terms and conditions of that Award, including the vesting requirements applicable to that Award. 
 2.4 “Administrator” means the Company’s General Partner (the “General Partner”) as defined in the Limited Partnership Agreement provided that the General Partner may delegate authority with
respect to Plan administration to the Compensation Committee of, or, if no such committee has been appointed, to the Board of Directors of any corporate Subsidiary. 
 2.5 “Cause” means 
 (a) a conviction of, a plea of nolo contendere, a guilty plea
or confession by the Holder to an act of fraud, misappropriation or embezzlement or to a felony; 

 (b) the commission of a fraudulent act or practice by the Holder affecting the Company or
its Subsidiaries; 
 (c) the willful failure by the Holder to follow the directions of the Administrator; 
 (d) the Holder’s habitual drunkenness or use of illegal substances, each as determined in the reasonable discretion of the
Administrator; 
 (e) the material breach by an Employee of the Employee’s employment agreement with the Company or its
Subsidiaries, if any; or 
 (f) an act of gross neglect or gross or willful misconduct that relates to the affairs of the
Company or its Subsidiaries, which the Administrator, in its reasonable discretion, deems to be good and sufficient cause; 
 provided, that if the Holder
shall receive a Termination Notice with respect to a termination for Cause pursuant to Sections 2.4(c), 2.4(e) and/or 2.4(f), then the Holder shall have thirty (30) days following receipt of the Termination Notice to cure the breach specified
therein, if capable of being cured, to the reasonable satisfaction of the Administrator prior to the Holder’s service being terminated for Cause pursuant thereto; provided, however, the Holder shall have the right to cure any such breach only
one (1) time in any twelve (12) month period. 
 2.6 “Change in Control” means a Person (together with its affiliates),
other than (1) a Person who is currently an equity holder of the Company or a Permitted Transferee under the Limited Partnership Agreement of such equity holder and (2) investment funds managed by Jefferies Capital Partners IV LLC or
Persons affiliated with Jefferies Capital Partners IV LLC, acquires (i) equity securities of the Company representing at least a majority of the economic interests of all outstanding equity securities of the Company or (ii) all or
substantially all of the consolidated assets of the Company. The determination of whether a Change in Control has occurred shall be made by the Administrator in its sole discretion, provided that neither a Recapitalization nor a Reorganization, as
such terms are defined in the Limited Partnership Agreement, shall constitute a Change in Control. 
  

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 2.7 “Code” means the Internal Revenue Code of 1986, as amended. 
 2.8 “Common Units” means the Common Units of the Company as defined in the Limited Partnership Agreement, or such other class or kind of
interests or other securities resulting from the application of Section 7. 
 2.9 “Company” means Edgen Murray II, L.P., a
Delaware limited partnership, or any successor entity. 
 2.10 “Director” mean an individual who is performing services for the
Company or any Subsidiary as a member of its Board of Directors or the equivalent thereof, or who is performing similar services with respect to any Subsidiary for the Company and has been designated a “Director” by the General Partner (as
defined in Section 2.4), and who is not an employee of the Company or any Subsidiary. 
 2.11 “Employee” means an officer or
other key employee of the Company or a Subsidiary, including a director who is such an employee. 
 2.12 “Fair Market Value” means,
on any given date, if the Company’s Common Units are not Publicly Traded, the value of a Common Unit as determined in accordance with Article IX of the Limited Partnership Agreement. If the Company’s Common Units are Publicly Traded,
“Fair Market Value” means (a) if the Common Units are listed on an established stock exchange or exchanges, the closing price of the Common Units on the principal exchange on which it is traded on such date, or if no sale was made on
such date on such principal exchange, on the last preceding day on which the Common Units were traded or (b) if the Common Units are not then listed on an exchange, but are quoted on the NASDAQ Stock Market, Inc. (“NASDAQ”) or a
similar quotation system, the most recent closing price per each Common Unit as quoted on NASDAQ or similar quotation system. 
  

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 2.13 “Holder” means an Employee or Director to whom an Award is made. 
 2.14 “Limited Partnership Agreement” means the Amended and Restated Limited Partnership Agreement of Edgen Murray II, L.P., dated as of
May 11, 2007, as amended from time to time. 
 2.15 “1934 Act” means the Securities Exchange Act of 1934, as amended and, as
applicable, any comparable provisions of the laws of the United Kingdom. 
 2.16 “Master Transaction Agreement” means the Master
Transaction Agreement, dated as of May 11, 2007, by and among Edgen/Murray, L.P., a Delaware limited partnership, Edgen Murray II, L.P., a Delaware limited partnership, the partners of Edgen Murray II, L.P, and others. 
 2.17 “Plan” means the Edgen Murray II, L.P. Incentive Plan herein set forth, as amended from time to time. 
 2.18 “Person” means and includes an individual, a trust, estate, partnership, association, company, including without limitation, a limited
liability company or a corporation. 
 2.19 “Publicly Traded” means that relevant equity securities are listed on an established
stock exchange or exchanges, or are quoted on NASDAQ, the London Alternative Investment Market or a similar quotation system. 
  

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 2.20 “Restricted Common Units” means Common Units distributed to a Holder in accordance with
the Master Transaction Agreement, and so designated under that Master Transaction Agreement or Restricted Common Units awarded by the Administrator under Section 6 of the Plan. 
 2.21 “Restriction Period” means the period during which a Restricted Common Unit awarded under Section 6 of the Plan is subject to
forfeiture. The Restriction Period shall not lapse with respect to any Restricted Common Unit until all conditions imposed under Sections 6.4 or 6.5, or otherwise under this Plan and the Award Agreement, have been satisfied. 
 2.22 “Subsidiary” means any entity (other than the Company) in an unbroken chain beginning at the top of such chain with the Company (or any
successor to the Company) if each of the entities other than the last entity in the unbroken chain owns interests possessing 50% or more of the total combined voting or economic power of all classes of such interests in one of the other entities in
such chain. 
 2.23 “Termination Notice” means a written notice delivered by the Company or any Subsidiary to any Employee or
Director terminating the Employee’s employment or the Director’s services as a Director. 
 3. Eligibility 
 Any Employee of the Company or any of its Subsidiaries, or any Director, is eligible to receive an Award. 
  

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 4. Administration and Implementation of Plan 
 4.1 The Plan shall be administered by the Administrator, which shall have full power to interpret and administer the Plan and full authority to act in
selecting the Holders to whom Awards will be granted, in determining whether, and to what extent, Awards may be transferable by the Holder, in determining the amount of Awards to be granted to each such Holder, in determining the terms and
conditions of Awards granted under the Plan and in determining the terms of the Award Agreements that will be entered into with Holders. 
 4.2 The Administrator shall have the power to adopt regulations for carrying out the Plan and to make changes to such regulations as it shall, from time to time, deem advisable. Any interpretation by the Administrator of the terms and
provisions of the Plan and the administration thereof, and all actions taken by the Administrator, shall be final and binding on Holders. 
 4.3 The Administrator may amend any outstanding Awards without the consent of the Holder to the extent it deems appropriate; provided however, that in the case of amendments adverse to the Holder, the Administrator must obtain the
Holder’s consent to any such amendment. 
 5. Units Subject to the Plan 
 5.1 Subject to adjustment as provided in Section 7, the total number of Common Units available for Awards under the Plan shall be 29,693.3.

 5.2 Any Common Units issued by the Company in connection with the assumption or substitution of outstanding equity or similar grants from
an acquired company shall not reduce the Common Units available for Award under the Plan. If any Common Units subject to any Award granted hereunder are forfeited or such Award otherwise terminates, the Common Units subject to such Award, to the
extent of any such forfeiture or termination, shall again be available for Awards under the Plan. 
  

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 6. Restricted Common Units 
 An Award of a Restricted Common Unit is a grant by the Company of a specified number of Common Units to the Holder, which Common Units are subject to forfeiture during a Restriction Period upon the happening of
specified events or as result of the failure to meet financial targets or performance goals or satisfy other conditions specified in the Award Agreement. Such an Award shall be subject to the following terms and conditions: 
 6.1 Restricted Common Units shall be evidenced by Award Agreements. Such agreements shall conform to the requirements of the Plan and may contain such
other provisions as the Administrator shall deem advisable. 
 6.2 Upon determination of the number of Restricted Common Units to be granted
to the Holder, the Administrator shall if it would otherwise normally issue certificates evidencing the ownership of Common Units direct that a certificate or certificates representing that number of Common Units be issued to the Holder with the
Holder designated as the registered owner. The certificate(s), if any, representing such Common Units shall bear appropriate legends as to sale, transfer, assignment, pledge or other encumbrances to which such Restricted Common Units are subject,
during the Restriction Period and under the Limited Partnership Agreement, and, if issued, such certificates shall be deposited by the Holder, together with an appropriate instrument of assignment endorsed in blank, with the Company, to be held in
escrow during the Restriction Period. 
  

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 6.3 During the Restriction Period the Holder shall have the right to receive the Holder’s allocable
share of any distributions made by the Company on its Common Units and, to the extent such Restricted Common Units have voting power, to vote the such Restricted Common Units. 
 6.4 The Administrator may condition the expiration of the Restriction Period upon: (i) the Holder’s continued service over a period of time
with the Company or its Subsidiaries, (ii) the Company’s or any Subsidiary’s attainment of specified financial targets, (iii) the achievement by the Holder, the Company or any Subsidiary of any other performance goals set by the
Administrator, or (iv) any combination of the above conditions, as specified in the Award Agreement. If the specified conditions are not attained, the Holder shall forfeit the portion of the Award with respect to which those conditions are not
attained, and the underlying Common Units shall be forfeited to the Company. 
 6.5 The Award Agreement shall specify the duration of the
Restriction Period and the financial, performance, service, termination of service or other conditions under which the Restricted Common Units may be forfeited to the Company. At the end of the Restriction Period, when all such conditions have been
satisfied, the restrictions imposed hereunder shall lapse with respect to the number of Restricted Common Units as determined by the Administrator, and any legend described in Section 6.2 that is then no longer applicable, shall be removed and
such number of Common Units delivered to the Holder (or, where appropriate, the Holder’s legal representative). The Company may, in its sole discretion, accelerate the vesting of any Restricted Common Units. 
  

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 6.6 A Holder who is awarded Restricted Common Units shall, regardless of whether the Restriction Period
with regard to such Award has lapsed, be a party to and bound by the Limited Partnership Agreement, as a limited partner thereunder. Accordingly, any Restricted Common Units issued under the Plan shall be held, transferred, sold or otherwise
disposed of only in accordance with the Limited Partnership Agreement. Without limiting the generality of the foregoing, each Holder shall be bound by the provisions set forth in the Limited Partnership Agreement with regard to an Approved Sale, as
well as be bound by any transfer restrictions, tag along rights, restrictive covenants and other obligations delineated in the Limited Partnership Agreement. Any amendment to the Limited Partnership Agreement that effects a provision contained
herein shall be deemed to be an amendment to the Plan. 
 6.7 Upon a Change in Control, and subject to the exercise of the
Administrator’s discretion to vest all Awards under Section 6.5, any then outstanding Awards shall be treated as provided in the applicable Award Agreement. 
 6.8 Unless specifically provided otherwise in an Award Agreement, upon a termination of a Holder’s service for any reason, the Holder shall forfeit any unvested Restricted Common Units, i.e., any Restricted
Common Units with respect to which the Restriction Period has not lapsed. 
 6.9 Notwithstanding any provision in the Plan or in any Award
Agreement to the contrary, upon a termination of the Holder’s service by the Company (or its Subsidiaries) for Cause, the Holder shall forfeit any Restricted Common Units issued under the Plan, regardless of whether such Restricted Common Units
are vested. 
  

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 7. Adjustments upon Changes in Capitalization 
 7.1 In the event of a reorganization, recapitalization, unit split, spin-off, split-off, split-up, unit dividend, issuance of unit rights, combination of
interests, merger, consolidation or any other change in the structure of the Company or any of its Subsidiaries affecting the Common Units, or any distribution to interestholders other than a cash distribution, the Administrator shall make
appropriate adjustment in the number and kind of equity interests authorized by the Plan and any other adjustments to outstanding Awards as it determines appropriate. 
 7.2 Notwithstanding any other provision of this Plan or any Award Agreement, in the event that in connection with a Reorganization within the meaning of Section 10.4 of the Limited Partnership Agreement, a Holder
receives Reclassified Securities (also as defined in Section 10.4 of the Limited Partnership Agreement) with respect to or in exchange for, Restricted Common Units, the terms and conditions of this Plan and of the Award Agreement pertaining to
those Restricted Common Units shall continue to apply to those Reclassified Securities as though they were still Restricted Common Units. 
 8.
Effective Date, Termination and Amendment 
 The Plan shall become effective on May 11, 2007 and shall remain in full force
and effect until the earlier of ten years from the date of its adoption by the Administrator, or the date it is terminated by the Administrator. The Administrator shall have the power to amend, suspend or terminate the Plan at any time, provided
that any such termination of the Plan shall not affect Awards outstanding under the Plan at the time of termination. 
  

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 9. Transferability 
 Except as provided below, Awards may not be pledged, assigned or transferred for any reason during the Holder’s lifetime, and any attempt to do so shall be void and the relevant Award shall be forfeited. The
Administrator may grant Awards that are transferable by the Holder during his lifetime, but such Awards shall be transferable only to the extent permitted by the Limited Partnership Agreement and specifically so provided in an agreement entered into
with the Holder. The transferee of the Holder shall, in all cases, be subject to the Plan, the Limited Partnership Agreement and the provisions of the Award Agreement between the Company and the Holder. 
 10. General Provisions 
 10.1 Nothing
contained in the Plan, or any Award granted pursuant to the Plan, shall confer upon any Holder any right to continued employment by, or service as a Director to, the Company or its Subsidiaries, nor interfere in any way with the right of the Company
or its Subsidiaries to terminate the service of any Holder at any time. 
 10.2 For purposes of this Plan, a transfer of employment among the
Company and its Subsidiaries shall not be deemed a termination of employment. 
 10.3 Holders shall be responsible to make appropriate
provision for all taxes required to be withheld in connection with any Award or the transfer of any Common Units pursuant to this Plan. Such responsibility shall extend to all applicable Federal, state, local or foreign withholding taxes. The
Company shall have the right to retain the number of Common Units whose Fair Market Value equals the amount to be withheld in satisfaction of the applicable withholding taxes. 
  

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 10.4 To the extent that U.S. Federal laws (such as the 1934 Act, the Code or the Employee Retirement
Income Security Act of 1974) or the laws of the United Kingdom do not otherwise control, the Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of Delaware and construed accordingly. 
 IN WITNESS WHEREOF, the undersigned, the General Partner has executed and adopted this Plan, effective May 11, 2007: 
  

					
	EDGEN MURRAY II GP, LLC
		
	By:	 	/s/ David L. Laxton, III
		 	Name:	 	David L. Laxton, III
		 	Title:	 	Executive Vice President of the General Partner

  
  
  

 12Option Plan

 Exhibit 10.7 
 EDGEN MURRAY II, L.P. 
 2007 OPTION PLAN 
 Edgen Murray II, L.P., a Delaware limited partnership, wishes to attract employees to the Company, to induce employees to remain with the Company, to
encourage them to increase their efforts to make the Company’s business more successful and to enhance equity holder value. In furtherance thereof, the Edgen Murray II, L.P. 2007 Option Plan is designed to provide employees of the Company
non-qualified options to acquire Units of the Company. 
 ARTICLE I. 
 DEFINITIONS. 
 Whenever used herein and unless otherwise provided in the
Holder’s Award Agreement, the following terms shall have the meanings set forth below: 
 1.1. “Approved Sale” shall have the
meaning given such term in the Limited Partnership Agreement. 
 1.2. “Award” means a grant of Options under the Plan. 

1.3. “Award Agreement” means the Agreement between the Company or a Subsidiary and a Holder pursuant to which an Award is granted and which
specifies the terms and conditions of that Award, including the vesting requirements applicable to that Award. 
 1.4. “Cause”
shall have the meaning ascribed to it in the Holder’s employment agreement, if applicable or, if no employment agreement is in effect: 
 (a) a conviction of, a plea of nolo contendere, a guilty plea or confession by the Holder to an act of fraud, misappropriation or embezzlement or to a felony; 
 (b) the commission of a fraudulent act or practice by the Holder affecting the Company or its Subsidiaries; 
 (c) the willful failure by the Holder to follow the directions of the Administrator; 
 (d) the Holder’s habitual drunkenness or use of illegal substances, each as determined in the reasonable discretion of the
Administrator; 
 (e) the material breach by Holder of the Holder’s employment agreement with the Company or its
Subsidiaries, if any; or 
 (f) an act of gross neglect or gross or willful misconduct that relates to the affairs of the
Company or its Subsidiaries, which the General Partner, in its reasonable discretion, deems to be good and sufficient cause. 

 1.5. “Code” means the Internal Revenue Code of 1986, as amended. 
 1.6. “Company” means Edgen Murray II, L.P., a Delaware limited partnership, or any successor entity, and shall include any Subsidiary to which
Section 6.1(b) applies. 
 1.7. “Exchange Act” means the Securities Exchange Act of 1934, as amended. 
 1.8. “Exercise Price” means the price per Unit at which a Unit may be purchased upon exercise of an Option, as it may be adjusted under
Section 11.1 of the Plan. 
 1.9. “Fair Market Value” shall be determined by the General Partner in its sole discretion in
accordance with Article IX of the Limited Partnership Agreement using a reasonable valuation method, as that term is defined in Code Section 409A, selected by the General Partner from time to time. 
 1.10. “General Partner” shall have the meaning ascribed to it in the Limited Partnership Agreement. 
 1.11. “Holder” means any employee of the Company or a Subsidiary to whom an Award is made and who holds any unexpired Options. Holder includes
the Successors of the Holder, if the context requires. 
 1.12. “Limited Partnership Agreement” means the Amended and Restated
Limited Partnership Agreement of Edgen Murray II, L.P., dated May 11, 2007, as amended from time to time. 
 1.13. “Option”
means the right to purchase, at Fair Market Value, subject to such limitations and restrictions in the Plan and the applicable Award Agreement, a number of Units determined by the General Partner. 
 1.14. “Units” shall have the meaning given such term in the Limited Partnership Agreement. 
 1.15. “Person” means any individual, partnership, corporation, company, limited liability company, association, trust, joint venture,
unincorporated organization, entity or division, or any government, governmental department or agency or political subdivision thereof. 
 1.16. “Plan” means this Edgen Murray II, L.P. 2007 Option Plan, as amended from time to time. 
 1.17. “Securities
Act” means the Securities Act of 1933, as amended. 
 1.18. “Subsidiary” means any entity in an unbroken chain beginning at
the top of such chain with the Company) (or any successor to the Company) if each of the entities other than the last entity in the unbroken chain owns interests possessing 50% or more of the total combined voting or economic power of all classes of
such interests in one of the other entities in such chain. 
  

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 1.19. “Successor of the Holder” means: (i) the legal representative of the estate of a
deceased Holder or (ii) the person or persons who shall acquire the right to an Award or to exercise an Option by bequest or inheritance or other transfer or by reason of the death of the Holder or (iii) persons who shall acquire the right
to an Award or to exercise an Option on behalf of the Holder as the result of a determination by a court or other governmental agency of the incapacity of the Holder. 
 1.20. “Termination of Service” means a Holder’s termination of employment or other service, as applicable, with the Company and its Subsidiaries for any reason, including death, disability, termination
by the Company with or without Cause and resignation by the Holder. 
 1.21. “Termination Notice” means a written notice delivered
by the Company or any Subsidiary to any employee terminating the employee’s employment. 
 ARTICLE II. 
 EFFECTIVE DATE AND TERMINATION OF PLAN. 
 2.1. “Effective Date” of this Plan is October 1, 2007. The Plan shall terminate five years after its Effective Date and no Award shall be granted hereunder on or after, the fifth anniversary of the Effective Date of the Plan;
provided, however, that the General Partner may at any time prior to that date terminate the Plan. 
 ARTICLE III. 
 ADMINISTRATION OF PLAN. 
 3.1. The Plan
shall be administered by the General Partner, who shall have full responsibility and authority to administer the Plan. The General Partner, or if Section 6.1(b) applies, the Board of Directors of the relevant Subsidiary shall have full
authority to determine to whom Awards will be granted, the type and amount of Awards to be granted, the terms and conditions of Awards granted under the Plan and the terms of Award Agreements to be entered into with Holders. 
 3.2. An Award Agreement shall contain such terms, provisions and conditions not inconsistent herewith as determined by the General Partner. The Holder
shall take whatever additional actions and execute whatever additional documents the General Partner may in its reasonable judgment deem necessary or advisable in order to carry out or effect one or more of the obligations or restrictions imposed on
the Holder pursuant to the express provisions of the Plan and the Award Agreement. 
 ARTICLE IV. 
 ELIGIBILITY. 
 4.1. Any employee of the
Company or of a Subsidiary who is designated by the General Partner (or if Section 6.1(b) applies, the Board of Directors of the relevant Subsidiary) as eligible to participate in the Plan shall be eligible to receive an Award under the Plan.

  

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 ARTICLE V. 
 UNITS SUBJECT TO THE PLAN. 
 5.1. Subject to adjustments as provided in Section 11.1, as of the
effective date of the Plan, the maximum number of Units available for grant under the Plan as Options shall be 11,050, of which no more than 1,000 Options may be issued to any one Person in any one year. Any Units that have been reserved for issue
upon exercise of Options that are later forfeited or for any other reason are not subject to being issued under the Plan may again be made the subject of Awards under the Plan. 
 5.2. Limited Partnership Agreement: Upon grant of an Award under the Plan, the Holder and any Successor of the Holder shall be bound as a Limited Partner
by the Limited Partnership Agreement and, if requested, shall execute a Joinder to the Limited Partnership Agreement. Without limiting the generality of the foregoing, each Holder agrees to any transfer restrictions, repurchase rights and
obligations delineated in the Limited Partnership Agreement. Additionally, any amendment to the Limited Partnership Agreement that effects a provision contained herein shall be deemed to be an amendment to the Plan. 
 5.3. The certificates (if any) for Units issued hereunder upon exercise of an Option may include any legend which the General Partner deems appropriate
to reflect any restrictions on transfer hereunder, under the Limited Partnership Agreement or under the Award Agreement, or as the General Partner may otherwise deem appropriate. 
 ARTICLE VI. 
 OPTIONS. 
 6.1. Grant of Option. 
 (a) Grant by General Partner. Subject to the other terms of the Plan, the General Partner (or if Section 6.1(b) applies, the Board of Directors of the relevant Subsidiary) shall, in its discretion as reflected by the terms of
the applicable Award Agreement: (i) determine and designate from time to time those eligible employees of the Company and its Subsidiaries to whom Options are to be granted subject to Section 4.1 hereof, and the number of Units to be
covered under any Award Agreement granted to each such employee, considering the position and responsibilities of the employee, the nature and value to the Company of the employee’s present and potential contribution to the success of the
Company whether directly or through a Subsidiary and such other factors as the General Partner may deem relevant; (ii) determine the time or times when and the manner and conditions under which each Option shall be exercisable and the duration
of the exercise period; and (iii) determine or impose other conditions to the grant or exercise of Options under the Plan as it may deem appropriate. 
 (b) Delegation of Authority to Grant Options. The General Partner may, at its sole discretion, delegate its authority to grant Options under this Plan to any corporate subsidiary. In the event of any such
delegation, for purposes of construing the terms of this Plan, the term Company shall include such Subsidiary and to the extent necessary to effect such grants, the powers of the General Partner may be exercised by the Board of Directors of such
corporate Subsidiary, provided that, for the avoidance of doubt, the only Options that may be granted under this Section 6.1(b) are Options on Units as defined without regard to any such delegation. 
  

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 6.2. Option Price. The Exercise Price for Options shall be determined by the General Partner or if
Section 6.1(b) applies the Board of Directors of the relevant Subsidiary in its sole discretion and shall be reflected in the Award Agreement but shall in no event be less than the Fair Market Value of a Unit on the date the Option is granted.

 6.3. Terms of Options. Unless otherwise specified in the Award Agreement, the term of each Option shall be ten years from the date
of grant. Unless earlier expired, forfeited or otherwise terminated, each Option shall expire in its entirety upon the day after the last day of its term. The Option shall also expire, be forfeited and terminate at such times and in such
circumstances as otherwise provided hereunder, in the Limited Partnership Agreement or under the Award Agreement. 
 6.4. Vesting and
Exercisability. Each Option, to the extent that the Holder has not had a Termination of Service and the Option has not otherwise lapsed, expired, terminated or been forfeited, shall vest according to the schedule set forth in the Award
Agreement. No Option shall become exercisable until such Option becomes vested. 
 6.5. Termination of Service. A Holder’s Option
shall immediately terminate and be cancelled upon Termination of Service of such Holder, except as otherwise provided herein or in the Award Agreement with such Holder. 
 6.6. Notice of Exercise. 
 (a) Subject to vesting and other restrictions provided for
hereunder or otherwise imposed in accordance herewith, an Option may be exercised, and payment in full of the aggregate Exercise Price made, by a Holder only by written notice (in the form prescribed by the General Partner) to the Company specifying
the number of Units to be purchased. 
 (b) Without limiting the scope of the General Partner’s discretion hereunder, the
General Partner may impose such other reasonable restrictions on the exercise of Options (whether or not in the nature of the foregoing restrictions) as it may deem necessary or appropriate. 
 6.7. Form of Payment. The aggregate Exercise Price shall be paid in full in cash or by a certified or bank cashier’s check made payable to
the Company upon the exercise of the Option. 
 ARTICLE VII. 
 NONTRANSFERABILITY OF AWARD. 
 7.1. Awards may not be pledged, assigned or
transferred for any reason during the Holder’s lifetime (except for those reasons described in Section 1.19(iii)), and any attempt to do so shall be void and the relevant Award shall be forfeited. Any Successor of the Holder shall, in all
cases, be subject to the provisions of the Award Agreement and the Limited Partnership Agreement between the Company and the Holder. Any Successor shall, if requested to do so, 

  

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confirm, in writing, that such Successor is bound by the Award Agreement and the Limited Partnership Agreement. No person who refuses to so confirm shall
become a Successor. The General Partner may, in its sole discretion, permit other transfers of Awards if the General Partner concludes that such transferability does not result in any advance tax consequences and is otherwise appropriate and
desirable. 
 ARTICLE VIII. 
 TAX WITHHOLDING. 
 8.1. The Company shall be entitled to withhold from any payments or deemed payments any amount of tax
withholding determined by the General Partner to be required by law. Without limiting the generality of the foregoing, the General Partner may, in its discretion, require an Holder to pay to the Company at such time as the General Partner determines
the amount that the General Partner deems necessary to satisfy the Company’s obligation to withhold federal, state or local income or other taxes incurred by reason of the vesting or exercise of any Award. 
 ARTICLE IX. 
 REGULATIONS AND
APPROVALS. 
 9.1. The obligation of the Company to issue Units with respect to an Award granted under the Plan shall be subject to all
applicable laws, rules and regulations, including all applicable federal and state securities laws, and the obtaining of all such approvals by governmental agencies as may be deemed necessary or appropriate by the General Partner. 
 9.2. Without in any manner limiting the General Partner’s authority as set forth in Section 11.3, the General Partner may make such changes to
the Plan as may be necessary or appropriate to comply with the rules and regulations of any government authority or to obtain tax benefits applicable to an Award. 
 9.3. Each grant of Awards is subject to the requirement that, if at any time the General Partner determines, in its discretion, that the listing, registration or qualification of Units issuable pursuant to the Plan is
required by any securities exchange or under any state or federal law, or the consent or approval of any governmental regulatory body is necessary or desirable as a condition of, or in connection with, the issuance of Awards, no issuance of Units
shall be made in whole or in part, unless listing, registration, qualification, consent or approval has been effected or obtained free of any conditions in a manner acceptable to the General Partner. 
 9.4. In the event that the disposition of Units acquired pursuant to the Plan is not covered by a then current registration statement under the
Securities Act, and is not otherwise exempt from such registration, such Units shall be restricted against transfer to the extent required under the Securities Act, and the General Partner may require any individual receiving Units pursuant to the
Plan, as a condition precedent to receipt of such Units, to represent to the Company in writing that such Units will be disposed of only if registered for sale under the Securities Act or if there is an available exemption for such disposition.

  

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 ARTICLE X. 
 INTERPRETATION AND AMENDMENTS, OTHER RULES. 
 10.1. The General Partner may make such rules and
regulations and establish such procedures for the administration of the Plan as it deems appropriate. Without limiting the generality of the foregoing and subject to the other terms of the Plan, the General Partner may (i) at the time of grant,
determine the extent, if any, to which Awards shall be forfeited (whether or not such forfeiture is expressly contemplated hereunder); (ii) interpret the Plan and the Award Agreements hereunder, with such interpretations to be conclusive and
binding on all persons and otherwise accorded the maximum deference permitted by law; and (iii) take any other actions and make any other determinations or decisions that it deems necessary or appropriate in connection with the Plan or the
administration or interpretation thereof. Unless otherwise expressly provided hereunder or under the Award Agreement, the General Partner, with respect to any grant, may exercise its discretion hereunder at the time of the grant or thereafter. In
the event of any dispute or disagreement as to the interpretation of the Plan or of any rule, regulation or procedure, or as to any question, right or obligation arising from or related to the Plan, the decision of the General Partner shall be final
and binding upon all persons. The General Partner may amend the Plan as it shall deem advisable, except that no amendment, other than an amendment resulting from an amendment to the Limited Partnership Agreement as described in Section 5.2, may
adversely affect an Holder with respect to an Award previously granted without the Holder’s consent, unless such amendments are required in order to comply with applicable laws. 
 ARTICLE XI. 
 CHANGES IN CAPITAL STRUCTURE; CERTAIN CORPORATE TRANSACTIONS.

 11.1. Changes in Capital Structure. In the event of a reorganization, recapitalization, equity split, spin-off, split-off,
split-up, issuance of equity rights, combination of units or other securities, merger, consolidation or any other change in the structure of the Company or any other event which in the judgment of the General Partner necessitates action by way of
adjusting the terms of the outstanding Awards or the Units, then the General Partner, in its full discretion, shall make appropriate adjustment in the number and kind of Units authorized for use under the Plan and any adjustments to outstanding
Awards as it determines appropriate. The adjustments to outstanding Awards shall include, but not be limited to, the number of Units covered, the respective prices and/or limitations applicable to the outstanding Awards. No fractional Units shall be
issued pursuant to such an adjustment. The Fair Market Value of any fractional Units resulting from adjustments pursuant to this Section 11.1 shall, where appropriate, be paid in cash to the Holder. The determinations and adjustments made by
the General Partner pursuant to this Section 11.1 shall be conclusive. 
 11.2. Approved Sale. In the event of an Approved Sale,
unless otherwise provided in an Award Agreement, the General Partner, at its election may take any of the following actions with respect to an outstanding Award: 
 (a) accelerate the vesting of such Award and terminate the Award immediately prior to the date of any such transaction, provided that the
Holder shall have been given at least twenty (20) days written notice of such transaction and of the General Partner’s intention to cancel any Options that remain unexercised; 
  

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 (b) terminate the Award immediately prior to the date of any such transaction, provided,
the Holder shall have been given at least twenty (20) days written notice of such transaction and of the General Partner’s intention to cancel any Options that remain unexercised; 
 (c) cancel any Options that remain unexercised immediately before such transaction in exchange for a payment in cash of an amount equal to
the excess of the Fair Market Value of the Units over the Exercise Price for such Option. If the Fair Market Value of the Units subject to the Option is less than the Option’s Exercise Price, the Award shall be canceled with no further payment
due the Holder; 
 (d) require that the Award be assumed by the successor entity or that Awards for shares or other interests
in the successor entity with equivalent Fair Market Value be substituted for such Award; or 
 (e) take such other action as
the General Partner shall determine to be reasonable under the circumstances to permit the Holder to realize the Fair Market Value of the Award. 
 The application of the foregoing provisions, including, without limitation, the issuance of any substitute Awards, shall be determined in good faith by the General Partner in its sole discretion. Any adjustment may provide for the
elimination of fractional Units. In taking any action described above, the General Partner may in its discretion determine that the value of a Award equals the excess of the fair market value of the consideration to be received in the merger,
consolidation, combination, sale, reorganization, liquidation or Approved Sale had the Award been exercised with respect to such Units immediately prior thereto, over the Award exercise price of such Award, or such lesser amount as the General
Partner may determine, including, in the case of an unvested Award, or portion thereof, determining a value of zero. 
 For purposes of this
Section 11.2, Fair Market Value shall be determined taking into account an allocable share of any indemnity or other expenses to which Limited Partners are subject under the Limited Partnership Agreement. 
 11.3. Qualified Public Offering. In the event of a Qualified Public Offering, as defined in the Limited Partnership Agreement, the General
Partner, in its discretion, may, but shall not be required to, accelerate the vesting of all or any portion of the then unvested options. 
 11.4. General Partner Authority. 
 The judgment of the General Partner with respect to any matter referred to in this
Section 11 shall be conclusive and binding upon each Holder without the need for any amendment to the Plan. 
  

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 ARTICLE XII. 
 MISCELLANEOUS. 
 12.1. No Rights to Employment or Other Service. Nothing in the Plan or in any
grant made pursuant to the Plan shall confer on any individual any right to continue in the employ or other service of the Company or its Subsidiaries or interfere in any way with the right of the Company or its Subsidiaries and its shareholders to
terminate the individual’s employment or other service at any time. 
 12.2. No Fiduciary Relationship. Nothing contained in the
Plan, and no action taken pursuant to the provisions of the Plan, shall create or shall be construed to create a trust of any kind, or a fiduciary relationship between the Company or its Subsidiaries, or their officers or the General Partner, on the
one hand, and the Holder, the Company, its Subsidiaries or any other person or entity, on the other. 
 12.3. Notices. All notices
under the Plan shall be in writing, and if to the Company, shall be delivered to the General Partner or mailed to its principal office, addressed to the attention of the General Partner; and if to the Holder, shall be delivered personally, sent by
facsimile transmission or mailed to the Holder at the address appearing in the records of the Company. Such addresses may be changed at any time by written notice to the other party given in accordance with this Section 13.3. 
 12.4. Exculpation and Indemnification. The Company shall indemnify and hold harmless any “Covered Person” as defined in the Limited
Partnership Agreement, from and against any and all liabilities, costs and expenses incurred by such persons as a result of any act or omission to act in connection with the performance of such person’s duties, responsibilities and obligations
under the Plan, in accordance with Section 5.3 of the Limited Partnership Agreement. 
 12.5. Captions. The use of captions in
this Plan is for convenience. The captions are not intended to provide substantive rights. 
 12.6. Governing Law. THE PLAN SHALL BE
GOVERNED BY THE LAWS OF THE STATE OF DELAWARE WITHOUT REFERENCE TO PRINCIPLES OF CONFLICTS OF LAWS. 
  

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 IN WITNESS WHEREOF, on behalf of Edgen Murray II, L.P. and pursuant to the direction of the General
Partner, the undersigned hereby adopts the Plan as set forth herein. 
  

			
	EDGEN MURRAY II, L.P.
	
	 Edgen Murray II, G.P. LLC,
     its General Partner

		
	By:	 	/s/ David L. Laxton, III
		
	Name:	 	David L. Laxton, III
		
	Title:	 	Executive Vice President & CFO

  

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