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                                                                   Exhibit 10.18

                              CONSULTING AGREEMENT

     This Consulting Agreement (the "Agreement") is made and entered into as of
August 12, 2002, by and between Angelo and Maxie's, Inc., a Delaware corporation
(the "Company"), and Thomas J. Walters, an individual whose residence is located
at 860 Beverly Place, Lake Forest, Illinois 60045 (the "Consultant").

                                   WITNESSETH:

     WHEREAS, the Consultant has agreed to provide to the Company, and the
Company has agreed to avail itself of, the consulting services described herein,
all upon the terms and conditions set forth herein.

     NOW, THEREFORE, in consideration of the mutual promises and covenants set
forth herein and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, it is agreed as follows:

                                    ARTICLE I
                               CONSULTING SERVICES

     1.1   TERM. The Company hereby retains the Consultant to perform the
services described in SECTION 1.2 of this Agreement for a term of three months
commencing on the date hereof and ending on the three month anniversary of the
date hereof or upon earlier termination in accordance with SECTION 2.1 of this
Agreement (the "Consulting Term"). Thereafter, provided this Agreement is still
in effect, this Agreement, including the Consulting Term, shall automatically be
renewed for additional periods of three months each unless notice of non-renewal
is given in writing by one party to the other at least fourteen days prior the
expiration date of the then current Consulting Term.

     1.2   PERFORMANCE OF CONSULTING SERVICES.

           (a)   During the Consulting Term, and provided that the Company is
not in breach of any material obligation to Consultant, Consultant agrees to
provide the Company the following services (together, the "Consulting
Services"):

                 (i)     consultation via telephone, as and when needed, with
respect to matters relating to the operating procedures and staffing
requirements of the Company's Angelo and Maxie's restaurants (the "A&M
Restaurants");

                 (ii)    visits to the A&M Restaurants located in New York,
New York; Phoenix, Arizona; West Palm Beach, Florida; Reston, Virginia; and
Washington, DC, it being understood that Consultant shall average one such visit
per week over any twelve week period; the Consultant's schedule shall reasonably
accommodate the needs of the A&M Restaurants; and visits to New York, New York
and Reston, Virginia/Washington, DC shall be for no less than three full days
and visits to West Palm Beach, Florida and Phoenix, Arizona shall be for no less
than two full days, in each case, including travel time;

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                 (iii)   attendance and participation at semi-monthly meetings
with the Chief Executive Officer and Corporate Controller of the Company
regarding the financial results, projections, operations, and human resources
of, and other similar matters relating to, the A&M Restaurants;

                 (iv)    attendance at and participation in each of the
Company's management presentations to prospective purchasers of one or more of
the A&M Restaurants; provided, however, that the Consultant shall not be
required to attend or participate in any management presentations involving a
prospective purchaser represented by or otherwise including the Consultant; and

                 (v)     provision of such other consulting services as are
reasonably requested by the Company relating to the A&M Restaurants.

           (b)   The Consultant shall devote such time during the Consulting
Term as is necessary or desirable for the satisfactory performance of the
Consulting Services.

     1.3   REPRESENTATIONS, WARRANTIES AND COVENANTS OF CONSULTANT.

           (a)   The Consultant hereby represents and warrants that the
execution, delivery and performance of this Agreement by the Consultant does not
violate any contract or agreement, whether written or oral, with any other
person, firm, partnership, corporation or other entity to which he is a party or
by which he is bound and will not violate or interfere with the rights of any
other person, firm, partnership, corporation or other entity.

           (b)   The Consultant hereby covenants to the Company that during the
Consulting Term, and subject to Section 4.2 below, the Consultant shall
faithfully serve and further the interests of the Company in every lawful way,
giving honest, diligent, loyal and cooperative service to the Company, and shall
comply with all reasonable rules and policies which, from time to time, may be
adopted by the Company and made known to the Consultant in writing and which are
not inconsistent with the provisions of this Agreement.

     1.4   CONSULTANT'S RELATIONSHIP TO THE COMPANY.

           (a)   The Consultant's relationship to the Company hereunder is one
of independent contractor and nothing contained in this Agreement shall be
construed to imply that the Consultant is an agent of the Company for any
purpose, including, without limitation, withholding for purposes of Social
Security or income taxes, or entitlement to any insurance, retirement or other
employee benefits offered by the Company. The Consultant shall have no right,
power or authority to create any obligation, expressed or implied, or to make
any representation on behalf of the Company, except as may be expressly
authorized in writing from time to time by the Company and then only to the
extent of such written authorization.

           (b)   The Company shall indemnify and hold the Consultant harmless
against reasonable expenses (including attorneys' fees), judgments, fines and
amounts paid in settlement actually and reasonably incurred by the Consultant in
connection with any action, suit or proceeding, (other than an action by or in
the right of the Company) arising by reason of Consultant's services hereunder,
except to the extent that such expenses, judgments, fines and

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amounts paid are incurred as a result of the gross negligence or willful
misconduct of the Consultant. This obligation shall survive termination of this
Agreement.

                                   ARTICLE II
                                   TERMINATION

     2.1   TERMINATION OF AGREEMENT.

           (a)   The Consulting Term may be terminated (i) by either party, for
any reason, upon provision of fourteen days prior written notice to the other
party; or (ii) by the Company at any time and without notice for cause. For
purposes of this SECTION 2.1, "for cause" shall mean (i) the conviction of the
Consultant for a felony or a crime involving moral turpitude, or (ii) the
commission of any other act or omission involving personal dishonesty, theft, or
fraud by the Consultant with respect to the Company.

           (b)   The Consulting Term shall automatically terminate without
notice in the event a written proposal to acquire one or more of the A&M
Restaurants is received by the Company and such proposal is from a party or
investor group represented by or otherwise including the Consultant as confirmed
in writing by the Consultant.

           (c)   On the date of expiration or earlier termination of the
Consulting Term for any reason, all of the respective rights, duties,
obligations and covenants of the parties, as set forth herein, shall, except as
specifically provided herein to the contrary, cease and be of no further force
or effect as of the date of said termination, and shall only survive as
expressly provided for herein.

     2.2   COMPENSATION UPON TERMINATION. Upon any termination of the Consulting
Term, the Consultant shall be entitled to receive compensation and reimbursement
of expenses through the date of termination.

                                   ARTICLE III
                                  COMPENSATION

     3.1   COMPENSATION. In consideration for the Consultant's performance of
the Consulting Services pursuant to this Agreement, the Company agrees to pay
the Consultant, provided that the Consultant is not in breach of any material
obligation to the Company, $12,500.00 per month, payable in arrears in
semi-monthly amounts of $6,250 on the business day closest to the 15th and last
day of each month during the Consulting Term.

     3.2   PAYMENT OF EXPENSES. The Company shall reimburse Consultant for all
reasonable, ordinary and necessary out-of-pocket expenses incurred by Consultant
in connection with providing the Consulting Services, including, without
limitation, travel, lodging, meals and entertainment expenses, which are
substantiated and documented by the Consultant. Unless otherwise agreed, travel
expenses shall be arranged for by, and directly billed to, the Company.
Reimbursement for such expenses not directly paid by the Company shall be made
by the Company on a timely basis, consistent with the Company's customary
practices, after receipt by the Company of a written invoice for such expenses,
together with written evidence of such expenses, from the Consultant. Without
limiting the foregoing, (i) the Company shall provide to

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the Consultant parking at the Company's corporate offices and a laptop computer
for use by the Consultant in the performance of the Consulting Services
hereunder; and (ii) the Company shall pay, or reimburse Consultant pursuant to
Section 3.2 below, for mobile telephone expenses incurred by the Consultant in
the performance of the Consulting Services hereunder.

                                   ARTICLE IV
                            CONFIDENTIAL INFORMATION

     4.1   NON-DISCLOSURE OF CONFIDENTIAL INFORMATION. Any business, technical
and financial information (including, without limitation, the identity of and
information relating to customers, suppliers and employees) respecting the
business or prospects of the Company, its subsidiaries or any third party
developed, learned or obtained by the Consultant in connection with performing
Consulting Services pursuant to this Agreement shall constitute "Confidential
Information" and shall be and remain the property of the Company. The Consultant
shall hold in confidence, and not disclose, any Confidential Information, until
the second anniversary of the termination of this Agreement. Confidential
Information shall not include (a) information previously known to the Consultant
free of any obligation to keep it confidential, or information subsequently made
public by the Company, any of its subsidiaries or a third party which has or had
the right to disclose the Confidential Information, or (b) information the
Consultant is required to disclose to any governmental authority, or to
officials or officers of any court or arbitrators, with valid and competent
jurisdiction thereof. The Consultant shall return all items and copies
containing or embodying Confidential Information to the Company upon any
termination of the Consulting Term and as otherwise requested by the Company.
The Consultant shall use Confidential Information only for the purposes of
performing the Consulting Services hereunder.

     4.2   COVENANT-NOT-TO-COMPETE. The Consultant shall not, during the term of
this Agreement, directly or indirectly, as a partner, joint venturer, employer,
employee, consultant, shareholder, principal, agent or otherwise, own, manage,
operate, render services to, become interested in or associated with, join in,
control, participate in, or otherwise carry on any Competing Business. As used
herein, "Competing Business" shall mean any restaurant business provided,
however, that in no event shall an investment by the Consultant in up to 5% of
the voting securities of a publicly held company engaged in a business that
competes with the Company constitute a Competing Business. It is hereby
acknowledged and agreed that Consultant may explore and possibly participate in
a consortium attempting to acquire all, or substantially all, of the Company's
assets, with Consultant participating in management and/or as an investor. No
such participation, and no related activities and discussions directed at
exploring and proceeding with any such offer shall be deemed to violate this or
any other provision of the Agreement provided, however, that all members of the
consortium are bound by a Confidentiality Agreement with the Company.

     4.3   ENFORCEMENT. In the event the Consultant breaches any of the terms of
SECTION 4.1 or SECTION 4.2 of this Agreement, the Consultant acknowledges and
agrees that said breach may result in immediate and irreparable harm to the
business and goodwill of the Company and that damages, if any, and remedies at
law for such breach may be inadequate and not determinable.

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The Company, upon a breach or violation of SECTION 4.1 or SECTION 4.2 of this
Agreement by the Consultant shall be entitled to (a) apply for and receive from
any court of competent jurisdiction equitable relief by way of temporary or
permanent injunction to restrain any violation of this Agreement and for such
further relief as the court may deem just and proper, at law or in equity,
without the need to post any bond or surety, and (b) in the event that the
Company shall prevail in enforcing any of its rights hereunder, the Company's
reasonable costs and expenses in enforcing such rights under SECTION 4.1 or
SECTION 4.2 of this Agreement (including court costs and reasonable legal fees
and expenses).

     4.4   CONTINUING OBLIGATION. The obligations, duties and liabilities of the
Consultant pursuant to SECTION 4.1 and SECTION 4.2 of this Agreement are
continuing, absolute and unconditional and shall remain in full force and effect
as provided herein notwithstanding any other limitation or termination of the
obligations, duties and liabilities of either of the parties to this Agreement.

                                    ARTICLE V
                                  MISCELLANEOUS

     5.1   INDEPENDENT AGREEMENT. The Company and Consultant hereby acknowledge
that certain severance letter agreement, dated July 15, 2002, between the
Company and Consultant (the "Severance Agreement") pursuant to which, among
other things, the Company agreed to pay to Consultant certain severance and
supplemental pay amounts, all in accordance with and subject to the terms
thereof. The Severance Agreement is hereby reaffirmed by the Company and
Consultant and acknowledged to be a continuing obligation of the Company and
Consultant, notwithstanding the execution of this Agreement. The Severance
Agreement shall survive, in accordance with its terms, termination of this
Agreement for any reason, including, without limitation, expiration in
accordance with the terms hereof or termination of Consultant's consulting
obligations hereunder at the election of the Consultant or at the election of
the Company, whether for "cause" or without "cause", or otherwise. Under no
circumstance shall any breach or alleged breach of this Agreement by Consultant,
or any misconduct or alleged misconduct by Consultant, constitute grounds for
the withholding by the Company of, or the exercise of offset rights against, any
amounts owed to Consultant under the Severance Agreement. The foregoing shall
not be interpreted as superseding any provision of the Severance Agreement; it
being agreed and understood that although the Company shall be entitled to
enforce the Severance Agreement and pursue any remedies available thereunder in
accordance with the terms thereof, under no circumstances shall the Company have
offset rights hereunder with respect to amounts owing under the Severance
Agreement.

     5.2   NOTICES. All notices or other communications required or permitted
hereunder shall be in writing and shall be deemed given, delivered and received
(a) when delivered personally, (b) four days after mailing, when sent by
registered or certified mail, return receipt requested and postage prepaid, (c)
one business day after delivery to a private courier service, when delivered to
a private courier service providing documented overnight service, and (d) on the
date of delivery if delivered by facsimile, receipt confirmed; provided that a
confirmation copy is sent on the next business day by first class mail, postage
prepaid, in each case addressed as follows:

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If to the Consultant:     Mr. Thomas J. Walters
                          860 Beverly Place
                          Lake Forest, Illinois 60045

If to the Company:        Angelo and Maxie's, Inc.
                          640 North LaSalle Street, Suite 295
                          Chicago, Illinois 60610
                          Attention: Company President
                          Facsimile: (312) 649-6941

or to such other address as the recipient party may indicate by a notice
delivered to the sending party (such change of address notice to be deemed
given, delivered and received only upon actual receipt thereof by the recipient
of such notice).

     5.3   ASSIGNMENT AND SUCCESSION. The rights and obligations of the Company
under this Agreement shall inure to the benefit of and be binding upon its
respective successors and assigns. The Consultant may not assign any of his
rights or obligations under this Agreement without the prior written consent of
the Company.

     5.4   APPLICABLE LAW. This Agreement shall at all times be governed by, and
construed in accordance with, the laws of the State of Illinois without regard
to the conflict of laws provisions thereof. Any action or proceeding seeking to
enforce any provision of, or based on any right arising out of, this Agreement
may be brought against any of the parties in any federal or state court located
in Chicago, Illinois, and each of the parties consents to the jurisdiction of
such courts in any such action or proceeding and waives any objection to venue
laid therein.

     5.5   ENTIRE AGREEMENT; AMENDMENTS. This Agreement contains the entire
understanding of the parties hereto with regard to the subject matter contained
herein, and supersedes all prior agreements and understandings between the
parties hereto. This Agreement may be amended, modified or supplemented only by
a written instrument executed by both parties hereto.

     5.6   WAIVERS. Any term of this Agreement may be waived by the party or
parties entitled to the benefits thereof but only by a writing executed by such
party. No waiver of any breach of this Agreement shall be held to constitute a
waiver of any other or subsequent breach.

     5.7   INTERPRETATION. Article titles and headings to Sections herein are
inserted for convenience of reference only and shall not be a part of or affect
the meaning or interpretation of this Agreement.

     5.8   UNENFORCEABILITY; SEVERABILITY. If any phrase, clause or provision of
this Agreement is declared invalid or unenforceable by a court or arbitrator of
competent jurisdiction, such phrase, clause or provision shall be deemed severed
from this Agreement, and all other provisions of this Agreement shall remain in
full force and effect. If any restriction or limitation in this Agreement is
deemed to be unreasonable, onerous and unduly restrictive by a court or
arbitrator of competent jurisdiction, it shall not be stricken in its entirety
and held totally void and unenforceable, but shall remain effective to the
maximum extent permissible.

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     5.9   COUNTERPARTS. This Agreement may be executed in one or more
counterparts, each of which shall be considered an original instrument, but all
of which shall be considered one and the same agreement, and shall become
binding when one or more counterparts have been signed and delivered by each of
the parties hereto.

     IN WITNESS WHEREOF, the undersigned have executed this Consulting Agreement
as of the day and year first above written.

                                ANGELO AND MAXIE'S, INC.

                                By: /s/ KENNETH R. POSNER
                                   -------------------------
                                Name: Kenneth R. Posner
                                Its:  President and Chief Executive Officer

                                /s/ THOMAS J. WALTERS
                                ------------------------
                                THOMAS J. WALTERS

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Exhibit 10.18    
  

 
 

LONE STAR TECHNOLOGIES, INC. AMENDED AND RESTATED
  DEFERRED COMPENSATION PLAN    
  

        THIS PLAN, made and executed at Dallas, Texas, by LONE STAR TECHNOLOGIES, INC., a Delaware corporation, is being established primarily for the purpose of
providing deferred compensation for a select group of management or highly compensated employees of Lone Star Technologies, Inc. and its participating subsidiaries. 

 
 

ARTICLE I.
  
    DEFINITIONS    
  

        Section 1.1    Definitions.    Unless the context clearly indicates otherwise, when used in this Plan: 

        (a)  "Account"
means a Deferral Account or Matching Account, as the context requires. 

        (b)  "Affiliated
Company" means any corporation or organization, other than an Employer, which is a member of a controlled group of corporations (within the meaning of
Section 414(b) of the Internal Revenue Code of 1986, as amended (the "Code")) or of an affiliated service group (within the meaning of Section 414(m) of the Code) with respect to which
an Employer is also a member, and any other incorporated or unincorporated trade or business which along with an Employer is under common control (within the meaning of Section 414(c) of the
Code). 

        (c)  "Committee"
means the committee designated pursuant to Plan Section 2.1 to administer this Plan. 

        (d)  "Company"
means Lone Star Technologies, Inc. 

        (e)  "Deferral
Account" means an account established and maintained on the books of an Employer pursuant to Plan Section 3.2 to record a Participant's interest under
this Plan attributable to amounts credited to such Participant pursuant to Plan Section 3.2(a). 

        (f)    "Election
Period" means the period prior to the beginning of a Plan Year (or, with respect to the Plan's first Plan Year, the period prior to June 10, 2000) which
is specified by the Committee for the making of deferral elections for such year pursuant to Plan Section 3.1. 

        (g)  "Eligible
Employee" means, with respect to a Plan Year, the Chief Executive Officer of the Company and any other employee of an Employer (i) whose annual base
salary as of the first day of such year (as estimated by the Committee during the Election Period for such year) will be at least equal to the greater of $85,000 or the compensation threshold amount
applicable in determining a highly compensated employee for such year under Section 414(q)(1) of the Code, and (ii) who is designated by the Chief Executive Officer of the Company as an
Eligible Employee for such year for the purposes of this Plan. 

        (h)  "Employer"
includes the Company and any other incorporated or unincorporated trade or business which may adopt this Plan with the consent of the Chief Executive Officer
of the Company. 

        (i)    "Matching
Account" means an account established and maintained on the books of an Employer pursuant to Plan Section 3.2 to record a Participant's interest under
this Plan attributable to amounts credited to such Participant pursuant to Plan Section 3.2(b). 

        (j)    "Participant"
means an Eligible Employee or former Eligible Employee for whom an Account is being maintained under this Plan. 

        (k)  "Plan"
means this Lone Star Technologies, Inc. Deferred Compensation Plan as in effect from time to time. 

 

        (l)    "Plan
Year" means the 7-month period commencing June 1, 2000, and ending December 31, 2000, and the 12-month period commencing on
each subsequent January 1 and ending on the following December 31. 

        (m)  "Retirement"
means the termination of a Participant's employment with an Employer or Affiliated Company for any reason other than death or transfer to the employ of
another Employer or Affiliated Company either (i) on or after attaining the age of 65 years, or (ii) with the consent of the Committee, on or after attaining the age of
55 years. 

        (n)  "Unit"
means a fictional deferred compensation unit used solely for accounting purposes under this Plan to determine the number of shares of Company common stock to be
distributed to a Participant pursuant to this Plan. 

        (o)  "Unit
Value" means an amount equal to (i) if Company common stock is listed or admitted to trading on a securities exchange registered under the Securities
Exchange Act of 1934, the average of the closing sale prices per share of such stock as reported on the principal such exchange for the immediately preceding 5 days on which a sale of such
stock was reported on such exchange, (ii) if Company common stock is not listed or admitted to trading on any such exchange, but is listed as a national market security by the National
Association of Securities Dealers, Inc. Automated Quotations System ("NASDAQ") or any similar system then in use, the average of the closing sale prices per share of such stock as reported on
NASDAQ or such system for the immediately preceding 5 days on which a sale of such stock was reported on NASDAQ or such system, and (iii) if Company common stock is not listed or
admitted to trading on any such exchange and is not listed as a national market security on NASDAQ or any similar system then in use, but is quoted on NASDAQ or any similar system then in use, the
average of the mean between the closing high bid and low asked quotations per share for such stock as reported on NASDAQ or such system for the immediately preceding 5 days on which bid and
asked quotations for such stock were reported on NASDAQ or such system. 

 
 

ARTICLE II.
  
    PLAN ADMINISTRATION    
  

        Section 2.1    Committee.    This Plan shall be administered by a Committee composed of at least three
individuals appointed by the Chief Executive Officer of the Company. Each member of the Committee so appointed shall serve in such office until his or her death, resignation or removal by the Chief
Executive Officer of the Company. The Committee shall have discretionary and final authority to
interpret and implement the provisions of the Plan. The Committee shall act by a majority of its members at the time in office and such action may be taken either by a vote at a meeting or in writing
without a meeting. The Committee may adopt such rules and procedures for the administration of the Plan as are consistent with the terms hereof and shall keep adequate records of its proceedings and
acts. Every interpretation, choice, determination or other exercise by the Committee of any power or discretion given either expressly or by implication to it shall be conclusive and binding upon all
parties having or claiming to have an interest under the Plan or otherwise directly or indirectly affected by such action, without restriction, however, on the right of the Committee to reconsider and
redetermine such action. The Employers shall indemnify and hold harmless each member of the Committee against any claim, cost, expense (including attorneys' fees), judgment or liability (including any
sum paid in settlement of a claim with the approval of the Company) arising out of any act or omission to act as a member of the Committee under this Plan, except in the case of willful misconduct. 

2

 
 
 

ARTICLE III.
  
    DEFERRED COMPENSATION PROVISIONS    
  

        Section 3.1    Deferral Election.    Subject to such conditions, limitations and procedures as the Committee
may prescribe from time to time for the purposes of this Plan: 

        (a)  During
the Election Period for the Plan Year commencing June 1, 2000, an Eligible Employee may elect to have the payment of any specified portion of the annual
base salary otherwise payable by an Employer to him or her during such year deferred for future payment by such Employer in such manner and at such time or times permitted under Plan
Section 3.5 as shall be specified by such Eligible Employee in such election; provided, however, that the amount of annual base salary so deferred shall not exceed 25% of the aggregate amount
of (i) any cash bonus paid by an Employer to such Eligible Employee after December 31, 1999, and prior to June 1, 2000, and (ii) the annual base salary otherwise payable by
an Employer to such Eligible Employee during the 2000 calendar year. 

        (b)  During
the Election Period for each Plan Year commencing after December 31, 2000, an Eligible Employee may elect to have the payment of (i) up to 25% of
the annual base salary otherwise payable by an Employer to him or her during such year, and (ii) any specified portion of any cash bonus otherwise payable by an Employer to him or her during
such year which, when added to the amount to be deferred for such year pursuant to clause (i) of this Plan Section 3.1, does not exceed 25% of the aggregate amount of the annual base
salary and cash bonuses otherwise payable by an Employer to him or her during such year, deferred for future payment by such Employer in such manner and at such time or times permitted under Plan
Section 3.5 as shall be specified by such Eligible Employee in such election. 

All
elections made pursuant to this Plan Section 3.1 shall be made in writing on a form prescribed by and filed with the Committee and shall be irrevocable. 

        Section 3.2    Participant Accounts.    For each Plan Year an Employer shall establish and maintain on its
books a Deferral Account and a Matching Account for each Eligible Employee employed by such Employer who elects to defer the receipt of compensation for such year pursuant to Plan Section 3.1.
Each such Account shall be designated by the name of the Participant for whom established and the Plan Year to which it relates, and shall be credited in accordance with the following provisions: 

        (a)  The
amount of compensation otherwise payable by an Employer to a Participant during a Plan Year that such Participant has elected to defer pursuant to Plan
Section 3.1 shall be credited (as a dollar amount) by such Employer to such Participant's Deferral Account for that year no later than 15 days after the end of the month during which
such amount would otherwise have been paid by such Employer to such Participant. 

        (b)  No
later than 15 days after the end of each quarter during a Plan Year, a dollar amount equal to 50% of the compensation otherwise payable by an Employer to a
Participant during that quarter which is deferred by such Participant pursuant to Plan Section 3.2(a) shall be credited by such Employer to such Participant's Matching Account for that year;
provided, however, that (i) the credit referred to in this Plan Section 3.4(b) shall be made for a Participant only if he or she is in the employ of (or on authorized leave of absence
from) an Employer or Affiliated Company on the last day of such quarter, and (ii) the total dollar amount credited to a Participant's Matching Account for any Plan Year pursuant to this first
sentence of Plan Section 3.4(b) shall not exceed $25,000. On or before the last day of each Plan Year quarter, the Chief Executive Officer of the Company shall determine and notify the
Committee as to whether the dollar amounts to be credited to Matching Accounts with respect to compensation deferred during that quarter shall remain credited to such Matching Accounts as dollar
amounts or be converted into Units. If the dollar amount credited to a Matching Account with respect to compensation deferred during a Plan Year quarter is to be converted into Units, such dollar
amount shall be converted into Units by dividing such dollar amount by the Unit Value on the 

3

 

last day of such quarter. Any provision of this Plan to the contrary notwithstanding, for the purposes of this Plan the period commencing June 1, 2000, and ending September 30, 2000,
shall be treated as a Plan Year quarter. 

If
a Participant contributes at least 6% of his or her eligible compensation to the Employer's 401(k) plan during a calendar year beginning on or after January 1, 2003 and if the amount
deferred by such Participant pursuant to Plan Section 3.2(a) reduces his or her eligible compensation under such 401(k) plan for such year to an amount less than the Maximum Eligible
Compensation ($183,333 or, if higher, the maximum annual amount of an employer's 401(k) matching contribution for such year divided by .06), an additional amount equal to 6% of the lower of
(x) the amount deferred during such Plan Year by such Participant pursuant to Plan Section 3.2(a) or (y) the amount that the Maximum Eligible Compensation exceeds such
Participant's actual eligible compensation under such 401(k) plan shall be
credited by such Employer to such Participant's Matching Account. Such additional amount shall be credited to the Matching Account no later than 15 days after the end of such Plan Year, and the
total dollar amount credited to such Participant's Matching Account for such Plan Year pursuant to this Plan Section 3.2(b), including such additional amount, shall not exceed $28,000. 

If
there is a termination of a Participant's employment with his or her Employer, other than a termination by such Employer without Cause or a termination due to death, Disability, Retirement, or a
transfer to the employment of another Employer or Affiliated Company, prior to the beginning of the third Plan Year commencing after the end of the Plan Year to which a Matching Account relates, the
full amount of such Matching Account, including all adjustments made pursuant to Plan Section 3.3, shall thereupon be forfeited to such Employer. This provision shall only apply to Matching
Accounts for a Plan Year beginning on or after January 1, 2003. 

"Cause"
for termination of a Participant's employment means his or her conviction of any act of fraud, embezzlement or theft or any felony involving moral turpitude, his or her illegal conduct or
gross misconduct that in either case is willful and results in a material damage to his or her Employer's business or reputation or his or her willful failure or refusal to perform his or her duties
or obligations to such Employer or to comply in all material respects with the lawful directives of such Employer's Chief Executive Officer or Board of Directors, provided that the Participant has
received written notice from such Employer stating the nature of such failure or refusal and has reasonable opportunity to correct the stated deficiency. 

"Disability"
means the Participant's inability to perform his or her essential job functions, even with reasonable accommodation, for more than 60 consecutive calendar days or more than 90 calendar
days in any 6 month period. 

The
definition of "Retirement" is set forth in Plan Section 1.1(m). 

        Section 3.3    Account Adjustments.    Subject to such conditions, limitations and procedures as the Committee
may prescribe from time to time for the accounting purposes of this Plan, at the end of each Plan Year quarter (and at such other times as the Committee may prescribe) the amount credited as a dollar
amount to each Account maintained by an Employer for a Participant shall be adjusted as a dollar amount to reflect the investment results that would be attributable to the hypothetical investment of
such credited amount in accordance with investment directions given by such Participant. The investment directions given and the hypothetical investments made pursuant to this Plan Section 3.3
are fictitional devices established solely for the accounting purposes of this Plan, and shall not require any Employer to make any actual investment or otherwise set aside or earmark any asset for
the purposes of this Plan. 

        Section 3.4    Additional Matching Account Adjustments.    If a cash dividend is paid on Company common stock,
on the date said dividend is paid each Matching Account which is then credited with Units shall be further credited with the number of Units equal to the amount of said dividend per 

4

 

share of Company common stock multiplied by the number of Units then credited to such Matching Account, with the product thereof divided by the Unit Value on the date such dividend is paid. If the
Company effects a split of its shares of common stock or pays a dividend in the form of shares of Company common stock, or if the outstanding shares of Company common stock are combined into a smaller
number of shares, the number of Units then credited to each Matching Account shall be increased or decreased to reflect proportionately the increase or decrease in the number of outstanding shares of
Company common stock resulting from such split, dividend or combination. In the event of a reclassification of shares of Company common stock not covered by the foregoing, or in the event of a
liquidation, separation or reorganization (including, without limitation, a merger, consolidation or sale of assets) involving the Company, the Board of Directors of the Company shall make such
adjustments, if any, to each Matching Account then credited with Units as such Board in its absolute discretion may deem appropriate. 

        Section 3.5    Account Payments.    The amount credited to each Account maintained by an Employer for a
Participant (i) shall become distributable to such Participant pursuant to this Plan Section 3.5 on the first to occur of (A) the date specified by such Participant in his or her
election filed with the Committee for such Account during the Election Period for the Plan Year to which such Account relates (which date, with respect to a Deferral Account established for a Plan
Year commencing on or after January 1, 2003 or a Matching Account, shall not be prior to the beginning of the third Plan Year commencing after the end of the Plan Year to which such Deferral
Account or Matching Account relates), (B) the date as of which such Participant's employment with an Employer or Affiliated Company terminates for any reason other than Retirement, death or
transfer to the employ of another Employer or Affiliated Company, or (C) the date after such Participant's Retirement which is specified by the Committee in its discretion as the date such
Account shall become distributable, and (ii) shall be distributed to such Participant either in a single distribution or in approximately equal annual installments over a period of up to
10 years, such form of distribution to be made in accordance with such Participant's election filed with the Committee for such Account during the Election Period for the Plan Year to which
such Account relates. When an amount credited as a dollar amount to an Account maintained by an Employer for a Participant becomes distributable, such amount shall be paid by such Employer to such
Participant in cash and charged against such Account. When Units credited to an Account maintained by an Employer for a Participant become distributable, such Units shall be canceled and the Employer
maintaining such Account shall deliver or cause to be delivered to such Participant a stock certificate evidencing the Participant's ownership of one share of Company common stock for each Unit so
canceled. If the amount credited to an Account is paid in installments over a period of years, the provisions of Plan Sections 3.3 and 3.4 shall continue to apply to the amount credited to such
Account from time to time. 

        Section 3.6    Death of Participant.    Upon the death of a Participant, the dollar amount and Units credited
to each Account maintained by an Employer for such Participant shall be converted by such Employer into cash and shares of Company common stock as provided in Plan Section 3.5, and shall be
distributed by such Employer in a single distribution to the beneficiary or beneficiaries designated by such Participant. Such designation of beneficiary or beneficiaries shall be made in writing on a
form prescribed by and filed with the Committee and shall remain in effect until changed by such Participant by the filing of a new beneficiary designation form with the Committee. If a Participant
fails to so designate a beneficiary, or in the event all of the designated beneficiaries are individuals who either predecease the Participant or survive the Participant but die prior to receiving the
full amount payable under this Plan, any remaining amount payable under this Plan shall be paid to such Participant's
estate. All distributions under this Plan Section 3.6 shall be made as soon as practicable following a Participant's death. 

        Section 3.7    Hardship Distributions.    If a Participant encounters an unanticipated severe financial
emergency which is caused by an event or series of events beyond the control of such Participant and 

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which has or will result in a severe financial hardship to such Participant if he or she does not receive an early distribution from an Account being maintained for such Participant under this Plan,
the Committee in its absolute discretion may direct the Employer maintaining such Account to pay to such Participant and charge against such Account such portion of the amount then credited to such
Account (including, if appropriate, the entire balance thereof) as the Committee shall determine to be necessary to alleviate the severe financial hardship of such Participant. No distribution shall
be made to a Participant pursuant to this Plan Section 3.7 unless such Participant requests such a distribution in writing and provides to the Committee such information and documentation with
respect to his or her financial emergency and hardship as may be requested by the Committee. In no event shall a distribution be made pursuant to this Plan Section 3.7 with respect to any
Matching Account established for a Plan Year commencing on or after January 1, 2003 if such distribution would be on a date that is prior to the beginning of the third Plan Year commencing
after the end of the Plan Year to which such Matching Account relates. 

        Section 3.8    Elective Withdrawals and Forfeitures.    At the end of any month during a Plan Year, a
Participant may withdraw from the Plan: 

        (a)  All
or any portion of the amount credited to any Matching Account maintained by an Employer for such Participant which relates to a Plan Year that ended at least
2 years prior to the beginning of the Plan Year that includes the effective date of such withdrawal; and 

        (b)  All
or any portion of the amount credited to any Deferral Account maintained by an Employer for such Participant; 

provided,
however, that any provision of this Plan to the contrary notwithstanding, (i) no such withdrawal may be made unless written notice of such withdrawal is given by the withdrawing
Participant to the Committee at least 15 days prior to the effective date thereof, and (ii) upon making a withdrawal from any Account maintained by an Employer, the withdrawing
Participant (A) shall thereupon forfeit to such Employer 10% of the amount such Participant elected to withdraw from such Account, and (B) shall be ineligible to defer any base salary or
cash bonus otherwise payable by an Employer to him or her after the effective date of such withdrawal and prior to the beginning of the third Plan Year commencing after the end of the Plan Year that
includes the effective date of such withdrawal. 

 
 

ARTICLE IV.
  
    AMENDMENT AND TERMINATION    
  

        Section 4.1    Amendment and Termination.    The Board of Directors of the Company shall have the right and
power at any time and from time to time to amend this Plan, in whole or in part, on behalf of all Employers, and at any time to terminate this Plan or any Employer's participation hereunder; provided,
however, that no such amendment or termination shall reduce the amounts actually credited to a Participant's Accounts as of the date of such amendment or termination, or further defer the dates for
the payment of such amounts, without the consent of the affected Participant. 

 
 

ARTICLE V.
  
    MISCELLANEOUS PROVISIONS    
  

        Section 5.1    Nature of Plan and Rights.    This Plan is unfunded and maintained by the Employers primarily
for the purpose of providing deferred compensation for a select group of management or highly compensated employees of the Employers. The Units credited and Accounts maintained under this Plan are
fictional devices used solely for the accounting purposes of this Plan to determine an amount of money to be paid and a number of shares of Company common stock to be delivered by an Employer to a
Participant pursuant to this Plan, and shall not be deemed or construed to create a trust 

6

 

fund or security interest of any kind for or to grant a property interest of any kind to any Participant, designated beneficiary or estate. The amounts credited by an Employer to Accounts maintained
under this Plan are and for all purposes shall continue to be a part of the general liabilities of such Employer, and to the extent that a Participant, designated beneficiary or estate acquires a
right to receive a payment or payments from such Employer pursuant to this Plan, such right shall be no greater than the right of any unsecured general creditor of such Employer. 

        Section 5.2    Spendthrift Provision.    No Account balance or other right or interest under this Plan of a
Participant, designated beneficiary or estate may be assigned, transferred or alienated, in whole or in part, either directly or by operation of law, and no such balance, right or interest shall be
liable for or subject to any debt, obligation or liability of such Participant, designated beneficiary or estate. 

        Section 5.3    Employment Noncontractual.    The establishment of this Plan shall not enlarge or otherwise
affect the terms of any Participant's employment with an Employer, and such Employer may terminate the employment of such Participant as freely and with the same effect as if this Plan had not been
established. 

        Section 5.4    Claims Procedure.    If any person (hereinafter called the "Claimant") feels that he or she is
being denied a benefit to which he or she is entitled under this Plan, such Claimant may file a written claim for said benefit with the Committee. Within 60 days of the receipt of such
claim (or within 120 days of the receipt of such claim if special circumstances require an extension of the time for processing the claim, in which event the Committee or its designated
representative will furnish the Claimant with a written notice indicating the special circumstances and the time by which a determination with respect to the claim will be made), the Committee or its
designated representative shall determine and notify the Claimant as to whether he or she is entitled to such benefit. Such notification shall be in writing and, if denying the claim for benefit,
shall set forth the specific reason or reasons for the denial, make specific reference to the pertinent provisions of this Plan, and advise the Claimant that he or she may, within 60 days of
the receipt of such notice, in writing request the Committee to review such denial. In connection with such request for review, the Claimant and/or his or her duly authorized representative may
examine copies of any relevant documents and submit information and comments in writing to support the granting of the benefit being claimed. The final decision of the Committee with respect to the
claim being reviewed shall be made within 60 days following the receipt of the Claimant's request for review unless special circumstances require an extension of time for reviewing the claim,
in which event (i) the Committee or its designated representative will furnish a written notice of such extension to the Claimant, and (ii) the final decision of the Committee shall be
made as soon as possible but in no event later than 120 days after the receipt of the Claimant's request for review. The Committee shall in writing notify the Claimant of its final decision,
again specifying the reasons therefor and the pertinent provisions of this Plan upon which such decision is based. The final decision of the Committee with respect to a claim shall be conclusive and
binding upon the Claimant and all other parties having or claiming to have an interest in such claim. 

        Section 5.5    Applicable Law.    This Plan shall be governed and construed in accordance with the internal
laws (and not the principles relating to conflicts of laws) of the State of Texas, except where superseded by federal law. 

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QuickLinks

Exhibit 10.18

LONE STAR TECHNOLOGIES, INC. AMENDED AND RESTATED DEFERRED COMPENSATION PLAN

ARTICLE I. DEFINITIONS

ARTICLE II. PLAN ADMINISTRATION

ARTICLE III. DEFERRED COMPENSATION PROVISIONS

ARTICLE IV. AMENDMENT AND TERMINATION

ARTICLE V. MISCELLANEOUS PROVISIONS

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