Document:

Exhibit 10.2

Exhibit 10.2

ESCROW AGREEMENT

This Escrow Agreement is made and entered into this 11th day of March, 2011 (this
“Agreement”) by and among NBTY FLORIDA, INC., a Delaware corporation (“Buyer”), VITARICH
LABORATORIES, INC., a Delaware corporation (“Seller”), and FARRELL FRITZ, P.C. (“Escrow Agent”) and
solely for purposes of Section 17 hereof, ARGAN, INC., a Delaware corporation.

RECITALS

A. Buyer and Seller are parties to an Asset Purchase Agreement, dated as of the date hereof
(the “Purchase Agreement”), pursuant to which Buyer is, contemporaneously with its execution and
delivery of this Agreement, acquiring from Seller the Acquired Assets (as defined in the Purchase
Agreement”);

B. Pursuant to Section 3.4 of the Purchase Agreement, Seller and Buyer have agreed to enter
into this Agreement and to have Buyer provide the Escrow Amount (as hereinafter defined) to Escrow
Agent; and

C. Escrow Agent is willing to act as escrow agent pursuant to the terms and conditions of this
Agreement;

NOW, THEREFORE, in consideration of the mutual promises of the parties hereto and the terms
and conditions hereof, the parties hereto hereby agree as follows:

1. Definitions. Defined terms used but not otherwise defined herein have the meanings
given them in the Purchase Agreement.

2. Appointment of Escrow Agent. Buyer and Seller hereby appoint Farrell Fritz, P.C.,
as escrow agent, to act in accordance with the terms and conditions set forth in this Agreement,
and Escrow Agent hereby accepts such appointment and agrees to act in accordance with such terms
and conditions.

3. Establishment of Escrow.

(a) Buyer has deposited with Escrow Agent, contemporaneously with the execution and delivery
hereof, $2,300,000 by wire transfer of immediately available funds (the “Escrow Amount”; the Escrow
Amount and all Interest (as hereinafter defined) not theretofore distributed pursuant to Section 5
hereof being referred to herein as the “Escrow Fund”).

(b) Escrow Agent agrees to hold the Escrow Fund in a separate bank account, in trust for the
benefit of Buyer and Seller in accordance with the terms hereof.

 

 

 

4. Receipt and Investment of Funds.

(a) Escrow Agent hereby acknowledges receipt of the Escrow Amount from Buyer on the date
hereof and agrees to hold such funds in an interest bearing account at People’s United Bank in the
name of Escrow Agent, from and after the date hereof, or in such other account or such investments
as may be designated in a joint notice of Buyer and Seller and agreed to by Escrow Agent, such
agreement not to be unreasonably withheld. Escrow Agent agrees to hold all interest and other
distributions or gains derived from such investments and reinvestment, if any (collectively,
“Interest”), in escrow hereunder and upon receipt Escrow Agent shall cause such Interest to be
added to the Escrow Fund.

(b) Escrow Agent shall have the right to liquidate any investments held hereunder, but only if
necessary to make payments required under this Agreement. Escrow Agent shall not have any
liability for any loss sustained as a result of any investment made pursuant to the instructions of
the parties hereto or in accordance with the provisions hereof, or as a result of any liquidation
of any investment prior to its maturity in accordance with the provisions hereof or for the failure
of the parties to give Escrow Agent instructions to invest or reinvest the Escrow Fund or any
earnings thereon.

5. Distribution of the Escrow Fund.

(a) Escrow Agent is authorized by all of the parties hereto to disburse the Escrow Fund as
follows:

(i) in accordance with the instructions set forth in any written letter of direction
executed by both Buyer and Seller;

(ii) Escrow Agent shall disburse to Buyer all or any portion of the Escrow Fund if so
instructed by Seller pursuant to a written letter of direction executed by Seller, a copy of
which shall be delivered by Seller to Buyer;

(iii) Escrow Agent shall disburse to Seller all or any portion of the Escrow Fund if so
instructed by Buyer pursuant to a written letter of direction executed by Buyer, a copy of
which shall be delivered by Buyer to Seller;

(iv) Escrow Agent shall disburse to Buyer on the twentieth (20th) Business
Day following Escrow Agent’s receipt from Buyer of a copy of a written notice which
certifies that such notice constitutes a notice of claim or demand which has given rise to,
or is expected to give rise to, a claim by Buyer for indemnification under the Purchase
Agreement delivered by Buyer pursuant to Section 9.4.1 of the Purchase Agreement along with
a written request from Buyer addressed to both Escrow Agent and Seller for such payment from
the Escrow Fund (a “Release Request”), all or any portion of the Escrow Fund as is specified
in such Release Request, unless prior to such twentieth (20th) Business Day
Escrow Agent receives a written notice from Seller requesting that Escrow Agent not make all
or a portion of such disbursement to Buyer because Seller is in good faith disputing such
claim or such portion thereof (in which case Escrow Agent shall retain such disputed portion
of the Escrow Fund until such date as Buyer and Seller
shall have resolved any dispute related to any disputed portion of any claim to which such
Release Request applies and, upon written notice thereof from Buyer and Seller, Escrow Agent
shall distribute to Buyer the amount to which such resolution applies); or

 

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(v) Escrow Agent shall disburse the Escrow Fund as follows:

	 	1.	 	During the period commencing on the date hereof and
ending on the nine (9) month anniversary thereof, Escrow Agent shall
disburse to Seller in accordance with the written instructions of Buyer, an
amount equal to the Inventory Value of the Acquired Inventory sold, used or
consumed and Acquired A/R collected during the immediately preceding
calendar quarter, less (x) any amount by which the aggregate
Assumed A/P paid by Buyer from and after the date hereof exceeds $685,000,
as reflected in the quarterly Post Closing Statement delivered to Seller
pursuant to Section 4.3 of the Purchase Agreement, and less (y) the
aggregate amount of any claims for which Escrow Agent has received copies
of Release Requests which are then pending including any Release Requests
or portions thereof subject to dispute under clause (iv) above. All amounts
pursuant to subsections (x) and (y) of this paragraph are collectively
referred to herein as “Disbursement Deductions.”

	 
	 	2.	 	Promptly on December 12, 2011, Escrow Agent shall
release to Buyer the then existing balance of the Escrow Fund, less
any Disbursement Deductions, and less any amounts set forth in a
written notice delivered by Seller to Buyer and Escrow Agent (a “Seller
Objection Notice”) which Seller Objection Notice shall state that Seller
challenges the amounts described in one or more of the Post-Closing
Statements. The Seller Objection Notice shall specify the amount that
Seller asserts is payable to Seller pursuant to Section 4.3 of the Purchase
Agreement and shall describe in reasonable detail the basis for Seller’s
objection.

	 
	 	3.	 	Any Disbursement Deductions or other funds continuing
to be held by Escrow Agent following December 12, 2011, shall only be
disposed of as otherwise provided in clauses (i) through (iv) of this
Section 5(a).

(b) Copies of all notices or other documents received by Escrow Agent from Seller or Buyer
pursuant to this Agreement shall be delivered by facsimile and overnight next Business Day delivery
service to Buyer or Seller, respectively, within two (2) Business Days after receipt thereof by
Escrow Agent.

(c) If a dispute arises between Buyer and Seller with respect to the Escrow Fund, the Escrow
Agent may (but without obligation to do so) institute an appropriate interpleader action in any
court of competent jurisdiction. The Escrow Fund shall be deposited with the court in which such
interpleader action is filed and, in such event, Escrow Agent shall be relieved of and discharged
from any and all obligations and liabilities under and pursuant to this Agreement with respect to
that portion of the Escrow Fund.

 

3

 

(d) Upon the written request of any party hereto, Escrow Agent shall promptly mail to the
requesting party copies of any or all bank statements received by Escrow Agent with respect to the
Escrow Fund.

(e) Escrow Agent, in the exercise of its sole discretion, may at any time, with thirty (30)
days prior written notice to Buyer and Seller, resign as Escrow Agent hereunder. If by the
thirtieth (30th) day after the giving of such notice a successor Escrow Agent has been
appointed and accepted appointment, Escrow Agent shall deliver the Escrow Fund to such successor.
If by the thirtieth (30th) day after the giving of such notice no successor has been
appointed and accepted appointment, Escrow Agent may institute an appropriate interpleader action,
and deposit the Escrow Fund with the court in which such interpleader action is filed. In either
of the foregoing events (i.e., the institution of the interpleader action or delivery of the Escrow
Fund to a successor Escrow Agent), Escrow Agent shall be relieved of and discharged from any and
all obligations and liabilities under and pursuant to this Agreement.

6. Exculpation and Indemnification of Escrow Agent.

(a) Escrow Agent will have no duties or responsibilities other than those expressly set forth
herein. Escrow Agent will be under no liability to any Person by reason of any failure on the part
of any party hereto (other than Escrow Agent) or any maker, endorser or other signatory of any
other document to perform such Person’s obligations hereunder or under any such other document.
Except for this Agreement and instructions to Escrow Agent pursuant to the terms of this Agreement,
Escrow Agent is not obligated to recognize any agreement between or among any or all of the Persons
referred to herein, notwithstanding its knowledge thereof.

(b) Escrow Agent will not be liable for any action taken or omitted by it, or any action
suffered by it to be taken or omitted, in good faith and in the exercise of its own best judgment,
and may rely conclusively on, and will be protected in acting upon, any order, notice, demand,
certificate, or opinion or advice of counsel (including counsel chosen by Escrow Agent), statement,
instrument, report or other paper or document (not only as to its due execution and the validity
and effectiveness of its provisions, but also as to the truth and acceptability of any information
therein contained) which is reasonably believed by Escrow Agent to be genuine and to be signed or
presented by the proper Person or Persons. Escrow Agent shall not incur any liability for
following the instructions herein contained or expressly provided for, or written instructions
given by the parties hereto in accordance with the provisions hereof.

(c) Escrow Agent will be indemnified and held harmless jointly and severally by all of the
other parties to this Agreement from and against any expenses, including reasonable counsel fees
and disbursements, damages or losses suffered by Escrow Agent in connection with any claim or
demand which in any way, directly or indirectly, arises out of or relates to this Agreement or the
services of Escrow Agent hereunder (the “Losses”); except, if Escrow Agent is guilty of willful
misconduct, fraud or gross negligence under this Agreement. If Escrow Agent shall be determined by
a final and non-appealable judgment of a court of competent jurisdiction to have been guilty of
willful misconduct, fraud or gross negligence it will be liable for resulting damages, provided
that under no

 

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circumstances will Escrow Agent have any liability for punitive or consequential damages. Promptly after the receipt by Escrow Agent of notice of any such
demand or claim or the commencement of any action, suit or proceeding related to such demand or
claim, Escrow Agent will notify the other parties hereto in writing, but failure by Escrow Agent to
so notify the other parties hereto shall not affect the duties or obligations of such parties
unless such party is prejudiced hereby. For the purposes hereof, Losses will include, among other
things, all amounts paid or payable to satisfy any such claim or demand, or in settlement of any
such claim, demand, action, suit or proceeding settled with the express written consent of the
parties hereto, and all costs and expenses, including, but not limited to, reasonable counsel fees
and disbursements, paid or incurred in investigating or defending against any such claim, demand,
action, suit or proceeding.

7. Compensating of Escrow Agent. Each of Seller and Buyer will pay one-half of the
compensation that Escrow Agent will be entitled to receive for all services rendered by it
hereunder (which compensation is described in Schedule I hereto), and out-of-pocket expenses paid
or incurred by Escrow Agent in the administration of its duties hereunder, including, but not
limited to, all reasonable counsel, advisors’ and agents’ fees and disbursements.

8. Method of Disbursement by Escrow Agent. All payments by Escrow Agent to any party
to this Agreement will be made by wire transfer of immediately available funds to an account
designated in writing by such party. In the event any payment or disbursement is required by the
terms hereof to be made on a date that is not a Business Day, such payment or disbursement shall be
made on the next succeeding Business Day.

9. Records. Escrow Agent shall maintain accurate records of all transactions
hereunder. The authorized representatives of Buyer and Seller shall also have access to such books
and records at all reasonable times during normal business hours upon reasonable notice to Escrow
Agent.

10. Notice. All notices hereunder shall be sufficiently given for all purposes
hereunder if in writing and delivered personally, sent by documented overnight delivery service or,
to the extent receipt is confirmed, telefax or other electronic transmission service to be the
appropriate address or number as set forth below.

If to Seller, to:

VITARICH LABORATORIES, INC.

c/o ARGAN, INC.

One Church Street, Suite 201

Rockville, Maryland 20850

Facsimile No.: (301) 315-0064

Attention: Chairman and Chief Executive Officer

 

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With a copy (which shall not constitute notice) to:

ROBINSON & COLE LLP

1055 Washington Boulevard

Stamford, CT 06901

Facsimile: (203) 462-7599

Attention: Richard A. Krantz, Esq.

or at such other address and to the attention of such other person as Seller may designate
by written notice to Buyer and Escrow Agent.

If to Buyer, to:

NBTY FLORIDA, INC.

c/o NBTY, INC.

2100 Smithtown Avenue

Ronkonkoma, NY 11779

Attn: President

Facsimile: (631) 567-7148

With a copy (which shall not constitute notice) to:

FARRELL FRITZ, P.C.

1320 RXR Plaza

Uniondale, NY 11556

Attn: Robert C. Creighton, Esq.

Facsimile: (516) 336-2205

or at such other address and to the attention of such other person as Buyer may designate by
written notice to Seller and Escrow Agent.

Notices to Escrow Agent shall be addressed to:

FARRELL FRITZ, P.C.

1320 RXR Plaza

Uniondale, NY 11556

Attn: Robert C. Creighton, Esq.

Facsimile: (516) 336-2205

or at such other address and to the attention of such other person as Escrow Agent may designate by
written notice to Seller and Buyer.

11. Counterparts and Facsimile. This Agreement may be executed in one or more
counterparts, and by the parties hereto in separate counterparts, each of which, when executed,
shall be deemed an original, but all of which taken together shall constitute one and the same
agreement. Any such counterpart signature page may be attached to the body of a copy of this
Agreement to form a complete, integrated whole. Delivery of an executed signature page by facsimile
transmission or PDF file shall be effective delivery of a manually signed counterpart of this
Agreement.

 

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12. Monetary Units. All amounts referred to herein are expressed in United States
dollars and all payments by Escrow Agent shall be made in such dollars.

13. Assignment and Modification. This Agreement shall be binding upon and inure to
the benefit of the parties hereto and their respective successors and assigns; provided,
however, that no party hereto will assign its rights or delegate its obligations under this
Agreement without the express prior written consent of the other parties hereto, except that any
successor in interest to Escrow Agent shall be considered a successor in interest to Escrow Agent
with respect to this Agreement, without the necessity of obtaining such prior written consent. This
Agreement may be changed or modified only in writing signed by all the parties hereto.

14. Choice of Law; Headings. This Agreement will be governed by and construed in
accordance with the laws of the State of New York (without reference to the principles of conflicts
of laws). Headings in this Agreement are for the purposes of reference only and shall not limit or
otherwise affect any of the terms hereof.

15. Tax Matters. Escrow Agent shall promptly forward to the other parties a copy of
any Internal Revenue Service Form(s) that Escrow Agent receives from People’s United Bank regarding
the Escrow Funds, including, among others, forms reporting interest income earned by the Escrow
Fund. All interest earned on any funds held by Escrow Agent pursuant to this Agreement shall be
considered the currently reportable income of Seller for federal income tax purposes. Should
Escrow Agent become liable for the payment for taxes, including withholding taxes, relating to
income derived from any funds held by it pursuant to this Agreement or any payment made hereunder,
Escrow Agent may request payment for such taxes from the party for whose benefit the applicable
income was derived and, if such party does not comply with such request, pay such taxes from such
funds and the party for whose benefit such taxes were paid shall replenish the funds by such
amount.

16. Certain Rights of Escrow Agent. In the event that Escrow Agent shall be uncertain
as to its duties or rights hereunder or shall receive instructions, claims or demands from any
party hereto which, in its opinion, conflict with any of the provisions of this Agreement, it shall
be entitled to refrain from taking any action and its sole obligations shall be to perform its
obligations set forth in Section 4(a) and to keep safely all property held in escrow until it shall
be directed otherwise in writing by all of the other parties hereto or by a final order or judgment
of a court of competent jurisdiction or until such matter is otherwise resolved to Escrow Agent’s
satisfaction.

17. Waiver; Consent. The parties to this Escrow Agreement and Argan, Inc., the parent
of Seller (a) acknowledge that Escrow Agent represents Buyer and has in the past represented NBTY,
Inc., the parent of Buyer and (b) agree that Escrow Agent’s services under this Escrow Agreement
shall not prevent Escrow Agent from representing Buyer or NBTY, Inc. in any other matter unrelated
to the subject matter of this Escrow Agreement, and (c) consent to Escrow Agent’s representation of
Buyer or NBTY, Inc. in any other matter unrelated to the subject matter of this Escrow Agreement.

 

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[SIGNATURE PAGE FOLLOWS THIS PAGE]

 

8

 

IN WITNESS WHEREOF, the parties hereto have duly executed this Agreement on the date first
above written.

	 	 	 	 	 
	 	NBTY FLORIDA, INC.

 	 
	 	By:  	
 	 
	 	Name:  	 
	 	Title:  	 	 
	 

	 	 	 	 	 
	 	

VITARICH LABORATORIES, INC.

 	 
	 	By:  	
 	 
	 	Name:  	 
	 	Title:  	 	 
	 

	 	 	 	 	 
	 	FARRELL FRITZ, P.C.,

as Escrow Agent

 	 
	 	By:  	
 	 
	 	Name:  	 
	 	Title:  	 	 
	 

	 	 	 	 	 
	 	Solely As to Section 17

ARGAN, INC.

 	 
	 	By:  	
 	 
	 	Name:  	 
	 	Title:  	 	 

 

9

 

	 	 	 	 	 

SCHEDULE I

none

 

10exv10w1

Exhibit 10.1

 

February 25, 2011

PERSONAL & CONFIDENTIAL

Mr. James J. Doré

Dear Jim:

     In recent weeks, we have had a number of conversations about your desire to cease full-time
employment and move towards retirement. We also discussed the need for an orderly transition of
your management responsibility in view of your executive role with Global and your industry
experience. Following these discussions, I believe we have now fully discussed the nature of your
future responsibilities to Global Industries, Ltd. (“Global” or the “Company”) as well as the terms
under which you will terminate your full-time active employment with the Company in the next month
and provide consulting services during a transition period. However, to avoid any
misunderstandings, I thought it prudent to reduce our understandings to writing and formalize this
matter. Jim, in making these arrangements, we have carefully considered the contributions you have
made while working at Global over the last thirty-two years. Your efforts on behalf of Global are
appreciated and I believe that the Company’s regard for you is reflected in this Agreement through
which you will receive retirement and other benefits for which you are not otherwise eligible.

     Special Retirement Award. In recognition of your retirement after thirty-two years of
service to the Company and your extraordinary efforts in building and providing leadership to our
diving operations across the world, the Compensation Committee of the Board of Directors has
granted you a special cash bonus of $300,000 and a grant of 32,500 shares of Global common stock.
This award will be subject to normal tax withholding and will be paid within thirty (30) days of
your retirement effective April 1, 2011.

     Salary and Benefit Continuation. We have agreed that you will terminate your
full-time active employment with the Company effective March 31, 2011. However, in consideration
of your agreement to provide consulting services to Global as provided herein, you will continue to
receive your full salary ($27,250.00 per month) until March 31, 2013 as long as you are in
compliance with the terms and conditions of this Agreement. Salary continuation payments will be
paid at regular salary intervals. In the event of your death during this period, payment will be
made to your surviving spouse or estate.

     As a Global executive, you currently participate in several welfare benefit plans, including
medical, dental and life insurance. During the period you are providing consulting services, you
will remain eligible for the welfare benefit plans (including Exec-U-Care) on the same basis as
active executives of the Company. Then, for up to eighteen (18) months following

 

 

Mr. James J. Doré

February 25, 2011

Page 2

the end of your consulting services (April 1, 2013 — October 31, 2014), you will be eligible
to continue to participate in the medical and dental plans on the same basis as active employees of
the Company under COBRA provided you continue to pay the required active employee contributions for
this coverage. If at any time you lose coverage under any welfare plan because you failed to pay
applicable contributions on a timely basis, you will forfeit any rights to future coverage for
which you may otherwise be eligible pursuant to the Agreement. Your eligibility to participate in
such welfare benefit plans will terminate when you become eligible to participate in a medical plan
sponsored by another employer through your employment with that employer, even if such coverage is
not as comprehensive or costs more than the Global medical plan. On and after April 1, 2011, you
will not be eligible to participate in any voluntary or supplemental welfare coverages offered by
the Company and eligibility for short and long term disability benefits and supplemental life
insurance coverage will cease.

     As a Global employee, you have been eligible to participate in the Global 401(k) Plan.
Effective April 1, 2011, you will no longer be eligible to participate in the 401(k) Plan because
you will no longer be in active service.

     Consulting Services. In consideration of the salary continuation and benefits
provided hereunder, you have agreed to provide consulting services to the Company equal to five (5)
days per month at no cost for each full month you are paid a salary following the termination of
your full-time active service. As noted below, this period will commence on April 1, 2011 and
conclude on March 31, 2013. Such consultation services, if requested, will be performed by you at
reasonable times and places and will not unreasonably interfere with your efforts to secure or
perform new employment. Reasonable out-of-pocket expenses incurred by you in performing
consultation services will be reimbursed by the Company in accordance with standard policy.

     Annual Bonus Incentive Plan. Due to the cessation of your active employment, you will
not be eligible for any bonus award under the Management Incentive Plan for 2011.

     Auto Allowance. Due to the cessation of your active employment, your automotive
allowance with cease as of April 1, 2011.

     Paid Time Off (PTO). On April 15, 2011, you will receive a lump sum payment for eight
(8) days of accrued but unused 2011 PTO. (This assumes that you will not use any PTO in March. If
you elect to do so, the payment to you will be adjusted accordingly.) No additional PTO will be
earned during the period salary continuation is being provided to you.

     Stock Options. All Global stock options previously awarded have already vested and
will remain available for exercise for the full-term of the option award in accordance with the
terms of the options except such exerciseability will not be affected by you ceasing active
employment.

     Restricted Stock. The forfeiture restrictions on the 10,000 shares of restricted
stock awarded to you on March 24, 2010 will lapse as scheduled on March 24, 2011 after which time
you will hold such shares on an unrestricted basis.

 

 

Mr. James J. Doré

February 25, 2011

Page 3

     Performance Share Awards. As a Global executive, you were awarded Performance Share
Units in each of the last several years. We have agreed that you will continue to be eligible to
earn a full share of the awards for the 2010-2011 cycle depending upon the Company’s results in the
cycle without pro-ration for your active-service period. Performance shares earned by you, if any,
will be distributed to you at the same time and on the same terms as the other participants. In
addition, in February 2011, you received 27,090 shares earned pursuant to the 2009 performance
share award cycle.

     Relocation. We have agreed that reasonable costs for relocations from Houston to the
Lafayette, Louisiana area will be paid by Global. These costs will include professional movers and
temporary storage of personal possessions but will not include closing costs or loss on sale of
your Houston residence.

     Change-In-Control. On January 1, 2010, you entered into a Change-In-Control Agreement
with the Company which would provide you with certain benefits in the event your employment
terminated following a change-in-control of the Company. This Agreement will terminate effective
April 1, 2011.

     Covenant Not to Compete. In our conversations, you acknowledged that the restrictions
on your activities contained in this paragraph are in consideration of the Company’s agreement to
provide you with the separation benefits outlined herein.

     So long as you are receiving the Additional Separation Benefits outlined herein, you shall not
assist in any way, serve in any capacity with, or own, directly or indirectly, any interest in, a
competitor of the Company for which you are employed (except that you may hold an interest in a
publicly traded competitor not exceeding one (1) percent of the competitor’s outstanding stock).
This restriction on competition shall apply to service with a competitor of the Company with
respect to those customers, markets, products and/or services for which you held responsibility
during your employment and shall apply to competition conducted in the specific geographic areas(s)
or territories which you engaged in business on behalf of the Company.

     As used herein, “competitor” of the Company shall include only those organizations named on
the attached Exhibit A, including any and all parent corporations, subsidiaries, joint ventures,
and successors. As such, the restriction on competition set forth herein shall only apply with
respect to those listed entities and their parent corporation, subsidiaries, joint ventures and
successors.

     The Company’s obligation to continue making salary continuation payments under this Agreement
and to permit exercise of stock options is conditioned upon your compliance with the foregoing
paragraphs regarding competition. If any provision in this covenant or the non-solicitation
covenant is found to be unenforceable, or if you challenge the enforceability of any such
provision, you shall not be entitled to salary continuation payments, exercise of stock options or
receipt of Company stock issued under the Plan. In the event this restriction is deemed
unreasonable by any court, you and the Company agree that the court may reduce such restriction to
one it deems reasonable to protect the Company.

 

 

Mr. James J. Doré

February 25, 2011

Page 4

     Non-Solicitation of Employees. For the two (2) year period commencing April 1, 2011,
you shall not, on behalf of yourself or any other person, firm, company business or other legal
entity, directly or indirectly, solicit, influence or attempt to influence any management, sales,
technical design or engineering employee, representative or advisor of the Company (i) to terminate
his or her employment relationship with the Company and/or (ii) to work in any manner for you, or
any entity affiliated with you. In the event any court deems this restriction unreasonable, you
and the Company agree that the court may reduce such restriction to one it deems reasonable to
protect the Company.

     Arbitration. Any claim or dispute arising in connection with the Agreement which is
not settled by the parties within sixty (60) days of notice thereof first being given by either
party to the other shall be finally settled by arbitration (under the Employment Dispute Resolution
Rules of the American Arbitration Association), and judgment upon the award rendered by the
arbitrator may be entered in any court having jurisdiction over it. There shall be one arbitrator,
who shall be compensated at his normal hourly or per diem rate for all time spent in connection
with the arbitration proceedings and pending final award appropriate compensation and expenses
shall be advanced equally by the parties. The arbitrator shall actively manage the arbitration to
make it fair, expeditious, economical and less burdensome and adversarial than litigation, and the
award rendered shall not include punitive damages and shall state its reasoning. The arbitrator’s
fees and expenses shall be shared equally by each party. This provision is intended to conform to
Texas law and said law may be substituted for any term of this provision that does not conform to
that law.

     Entire Agreement. This Agreement sets forth the entire agreement of the parties
hereto in respect to the subject matter contained herein and supersedes all prior agreements
(except stock option, restricted stock and performance share unit awards agreements, all of which
remain in effect), promises, covenants, arrangements, communications, representations, or
warranties, whether oral or written, by any officer, employee, or representative of any party
hereto.

     Governing Law and Venue. This Agreement shall be governed by, and construed and
enforced in accordance with, the laws of the State of Texas including all matters of construction,
validity and performance. Subject to the arbitration provisions set forth herein, the parties
further agree that any lawsuit under this Agreement must be brought in state or federal court in
Harris County, Texas.

     The salary and benefit continuance and special retirement award described above represent
benefits for which you are not normally eligible. As a condition of receiving these benefits, you
must sign and return the attached Waiver and Release and Acceptance of Additional Separation
Benefits to my attention within twenty-one (21) days (i.e., on or before March 18, 2011). Payment
of the Additional Separation Benefits will then be processed after expiration of an additional
seven (7) days revocation period.

 

 

Mr. James J. Doré

February 25, 2011

Page 5

     Please contact me if you have questions regarding the terms, conditions and entitlements in
conjunction with your separation. We recognize and appreciate your service in support of Global
Industries and wish you the best in your future.

	 	 	 	 	 
	 	Sincerely,

 	 
	 	/s/ John B. Reed
 	 
	 	John B. Reed 	 
	 	Chief Executive Officer

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