Document:

Exhibit

Exhibit 10.61

WILLBROS GROUP, INC.
 
2010 MANAGEMENT SEVERANCE PLAN

FOR SENIOR MANAGEMENT 

WILLBROS GROUP, INC.
 
2010 MANAGEMENT SEVERANCE PLAN

FOR SENIOR MANAGEMENT 

Table of Contents
Page

ARTICLE I. DEFINITIONS1
ARTICLE II. ELIGIBILITY9
ARTICLE III. SEVERANCE BENEFIT9
ARTICLE IV.  WELFARE PLAN AND SUMMARY PLAN DESCRIPTION12
ARTICLE V.  NO SET-OFF OR MITIGATION12
ARTICLE VI.  RESTRICTIVE COVENANTS13
ARTICLE VII.  NON-EXCLUSIVITY OF RIGHTS18
ARTICLE VIII. PARTICIPATING EMPLOYERS19
ARTICLE IX. SUCCESSOR TO EMPLOYER19
ARTICLE X. DURATION AND AMENDMENT19
ARTICLE XI. ADMINISTRATION21
ARTICLE XII. MISCELLANEOUS26

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EXHIBIT A  ADDITIONAL PROVISIONS OF THE SUMMARY PLAN DESCRIPTION OF THE PLANA-1
EXHIBIT B  WILLBROS GROUP, INC. WAIVER AND RELEASE AGREEMENTB-1

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WILLBROS GROUP, INC.
 
2010 MANAGEMENT SEVERANCE PLAN

FOR SENIOR MANAGEMENT
 
_________________________

(Effective October 26, 2010)

WILLBROS GROUP, INC. (the “Company”) hereby adopts the 2010 WILLBROS GROUP, INC. MANAGEMENT SEVERANCE PLAN FOR SENIOR MANAGEMENT, hereinafter referred to as the “Plan,” for the benefit of certain designated participants.

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ARTICLE I. DEFINITIONS

1.1     Definitions.  In addition to the terms defined elsewhere herein, the following words and phrases, when used herein with initial capital letters, shall have the following respective meanings:

1.1.1     “Act” means the United States Securities Exchange Act of 1934, as amended.

1.1.2    “Affiliate” means any Person (including a Subsidiary) that directly or indirectly through one or more intermediaries, controls, or is controlled by or is under common control with the Company.  For purposes of this definition the term “control” with respect to any Person means the power to direct or cause the direction of management or policies of such Person, directly or indirectly, whether through the ownership of voting securities, by contract or otherwise.

1.1.3     “Annual Base Compensation” means the amount a Participant is entitled to receive as wages or salary on an annualized basis, excluding all bonus, overtime and incentive compensation, payable by an Employer as consideration for the Participant’s services, in effect on the Termination Date but disregarding any reduction that would qualify as Good Reason.

1.1.4     “Board” means the Board of Directors of the Company.

1.1.5    “Cause” means any one or more of the following:

(a)    Participant’s conviction or a plea of nolo contendere to a felony or other crime involving fraud, dishonesty or moral turpitude;

(b)    Participant’s willful or reckless material misconduct in the performance of his duties;
(c)    Participant’s willful or reckless violation or disregard of any covenants of Article VI of the Plan, the code of business conduct and ethics of the Company or an Affiliate or, if applicable, the code of ethics for CEO and senior financial officers;

(d)    Participant’s material willful or reckless violation or disregard of a policy of the Company or an Affiliate; or

(e)    Participant’s habitual or gross neglect of duties;

provided, however, that for purposes of clauses (b) and (e), Cause shall not include any one or more of the following:

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(i)    bad judgment or negligence, other than Participant’s habitual neglect of duties or gross negligence;

(ii)    any act or omission in compliance with law and policies of the Company and its Affiliates that is reasonably believed by the Participant in good faith, after reasonable  investigation, to have been in or not opposed to the best interest of the Company or an Affiliate (without intent of the Participant to gain, directly or indirectly, a profit to which Participant was not legally entitled);

(iii)    any act or omission with respect to which a determination could properly have been made by the Board that Participant had satisfied the applicable standard of conduct for indemnification or reimbursement under the Company’s certificate of incorporation, by-laws, Board resolutions, any applicable indemnification agreement, or applicable law, in each case as in effect at the time of such act or omission; or

(iv)    during the period after a Change in Control, failure to meet performance goals, objectives or measures following good faith efforts to meet such goals, objectives or measures; and

further provided that, for purposes of clauses (b) through (e), if an act, or a failure to act, which was done, or omitted to be done, by Participant in good faith and with a reasonable belief, after reasonable investigation, that Participant’s act, or failure to act, was in the best interest of the Company or an Affiliate or was required by applicable law or administrative regulation, such breach shall not constitute Cause if, within ten (10) business days after Participant is given written notice of such breach that specifically refers to this Section, Participant cures such breach to the fullest extent that it is curable.  With respect to the above definition of Cause, no act or conduct by Participant will constitute Cause if Participant acted: (i) in accordance with the instructions or advice of counsel representing the Company or if there was a conflict such that Participant could not consult with counsel representing the Company, other qualified counsel, or (ii) as required by legal process.

1.1.6     “Change in Control” means and shall be deemed to have occurred if (i) any Person, other than the Company or a Related Party, is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company representing fifty percent (50%) or more of the total voting power of all the then outstanding Voting Securities, (ii) any Person, other than the Company or a Related Party, purchases or otherwise acquires under a tender offer, securities of the Company representing fifty percent (50%) or more of the total voting power of all the then outstanding Voting Securities, (iii) during any period of two (2) consecutive years, individuals who at the beginning of such period constituted the Board (together with any new directors whose election by the Board or nomination for election by the Company’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors of the Company then still in office who either were directors at the beginning of such period or whose election or nomination for election 

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was previously so approved) cease for any reason to constitute a majority of the members of the Board, (iv) the consummation of a merger, consolidation, recapitalization or reorganization of the Company, other than a merger, consolidation, recapitalization or reorganization which would result in the Voting Securities outstanding immediately prior thereto continuing to represent, either by remaining outstanding or by being converted into voting securities of the surviving entity (or if the surviving entity is a subsidiary of another entity, then of the parent entity of such surviving entity), at least sixty percent (60%) of the total voting power represented by the voting securities of the surviving entity (or parent entity) outstanding immediately after such merger, consolidation, recapitalization or reorganization, (v) the stockholders approve a plan of complete liquidation of the Company or an agreement for the sale or disposition by the Company (in one transaction or a series of related transactions) of all or substantially all of the Company’s assets to any Person, other than a Related Party, or (vi) the Board or the appropriate committee thereof adopts a resolution to the effect that a Change in Control has occurred.  Any event, transaction or series of events or transactions that would constitute a Change in Control under this definition and that relates to, results from or constitutes a part of the insolvency of, or a bankruptcy, bankruptcy reorganization or receivership of, the Company shall not constitute a Change in Control.

1.1.7    “Code” means the United States Internal Revenue Code of 1986, as amended.

1.1.8    “Committee” means all of the members of the Willbros Executive Leadership Team, as the same shall be composed from time to time.

1.1.9    “Company” means Willbros Group, Inc., a Delaware corporation, and any successor thereto.

1.1.10     “Competitive Business” means, as of any date, any individual or entity (and any branch, office, or operation thereof) which engages in, or proposes to engage in (with Participant’s assistance) any of the following in which the Participant has been engaged in the twelve (12) months preceding the Termination Date: (i) engineering, construction, turnaround, maintenance, life cycle extension services or facilities development or operations services to the oil, gas, power, refining or petrochemical industries, including, without limitation, designing, constructing, upgrading or repairing midstream infrastructure such as pipelines, compressor stations or related facilities for onshore and coastal locations as well as downstream facilities, such as refineries; (ii) engineering or construction services for the electric power transmission and distribution markets; and (iii) any other business actively engaged in by the Company or any Affiliate which represents for any calendar year or is projected by the Company or any Affiliate (as reflected in a business plan adopted by the Company or any Affiliate before Participant’s Termination Date) to yield during any year during the first three fiscal year periods commencing on or after Participant’s Termination Date, more than 5% of the gross revenue of the Willbros Parties, and, in either case, which is located (x) anywhere in the United States or Canada, or (y) anywhere outside of the United States or Canada where the Company or any Affiliate is then engaged in, or 

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proposes as of the Termination Date to engage in to the knowledge of the Participant, any of such activities.  

1.1.11    “Confidential and Proprietary Information” means any non-public information of any kind or nature in the possession of the Company or any Affiliate, including, without limitation, ideas, processes, methods, systems, procedures, designs, innovations, devices, inventions, discoveries, know-how, data, techniques, models, lists of former, present and prospective customers, vendors, suppliers and employees, marketing, business or strategic plans, pricing structure, financial information, research and development information, trade secrets or other subject matter relating to the Company’s or an Affiliate’s products, services, businesses, operations, employees, customers or suppliers, whether in tangible or intangible form, including:  (i) any information that gives the Company or any Affiliate a competitive advantage in the businesses in which the Company or an Affiliate is engaged, or (ii) any information obtained by the Company or any Affiliate from  third parties to which the Company or an Affiliate owes a duty of confidentiality, or (iii) any information that was learned, discovered, developed, conceived, originated or prepared during or as a result of the Participant’s performance of any services on behalf of the Company or any Affiliate. Notwithstanding the foregoing, “Confidential and Proprietary Information” shall not include: (i) information that is or becomes generally known to the public through no fault of Participant; (ii) information obtained on a non-confidential basis from a third party other than the Company or any Affiliate, which third party disclosed such information without breaching any legal, contractual or fiduciary obligation; or (iii) information approved for release by written authorization of the Company.

1.1.12    “Disability” means any medically determinable physical or mental impairment of Participant where he: (a) is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, or (b) is, by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than twelve (12) months, receiving income replacement benefits for a period of not less than three (3) months under an accident and health plan covering employees of Participant’s Employer.  Notwithstanding the foregoing, all determinations of whether a Participant is Disabled shall be made in accordance with Section 409A of the Code.

1.1.13     “Effective Date” means October 26, 2010 as to this Plan with respect to the Company and each Subsidiary that adopts the Plan as of such date. If a Subsidiary adopts the Plan after such date, then the Effective Date for such Subsidiary and its Employees who are Participants shall be the date specified in the document by which the Subsidiary adopts the Plan. 

1.1.14    “Employee” means a common law employee of an Employer.

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1.1.15     “Employer” means the Company or,  if Participant is not employed by the Company, a Subsidiary that employs the Participant and which has adopted the Plan pursuant to Article VIII hereof, and the successor of either (provided, in the case of a Subsidiary, that each successor is also a Subsidiary).

1.1.16     “ERISA” means the United States Employee Retirement Income Security Act of 1974, as amended.

1.1.17     “Good Reason” means a Separation from Service by a Participant in accordance with the substantive and procedural provisions of this Section.

(a)    Separation from Service by a Participant for “Good Reason” means a Separation from Service initiated by the Participant on account of any one or more of the following actions or omissions that, unless otherwise specified, occurs following a Change in Control:

(i)           a reduction in the rate of the Participant’s Annual Base Compensation, except that a reduction in the rate of the Participant’s Annual Base Compensation is not Good Reason if it is made as part of an across-the-board salary reduction that affects all of the senior managment peers of the Participant;

(ii)           a change in the location of a Participant’s principal place of employment by the Employer by fifty (50) miles or more from the location where he was principally employed immediately prior to the date on which a Change in Control occurs;

(iii)          a significant reduction in the nature or scope of a Participant’s authorities or duties from those applicable to such Participant immediately prior to the date on which a Change in Control occurs; or

(iv)    the failure at any time of the successor to the Participant’s Employer explicitly to assume and agree to be bound by this Plan. 

(b)    Notwithstanding anything in this Plan to the contrary, no act or omission shall constitute grounds for “Good Reason”:

(i)    unless the Participant gives a Notice of Termination to the Employer thirty (30) days prior to his intent to terminate his employment for Good Reason which describes the alleged act or omission given rise to Good Reason; 

(ii)    unless such Notice of Termination is given within ninety (90) days of the Participant’s first actual knowledge of such act or omission; and

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(iii)    unless the Employer fails to cure such act or omission within the thirty (30) day period after receiving the Notice of Termination.

(c)    No act or omission shall constitute grounds for “Good Reason”, if the Participant has consented in writing to such act or omission in a document that makes specific reference to this Section.

1.1.18     “Incentive Plan” means any of the Company’s management incentive plans, sales incentive plans and other incentive or bonus plans or arrangements in existence on October 26, 2010 (but excluding any long-term incentive awards), or any additional or successor plans in effect on or before the relevant Termination Date and providing substantially equivalent or better incentive opportunities for Employees.

1.1.19    “Notice of Termination” means a written notice of a Separation from Service, if applicable, given in accordance with Section 10.3 that sets forth: (a) the specific termination provision in the Plan relied on by the party giving such notice, (b) in reasonable detail the specific facts and circumstances claimed to provide a basis for such Separation from Service, and (c) if the Termination Date is other than the date of receipt of such Notice of Termination, the Termination Date.

1.1.20     “Participant” means an Employee selected for participation in the Plan pursuant to Section 2.1 hereof.

1.1.21    “Payment Date” means the date which is the sixtieth (60th) day after the date of a Separation from Service as to which a Severance Benefit is payable.

1.1.22     “Person” shall have the meaning assigned in the Act.

1.1.23 “Plan” means the 2010 Willbros Group, Inc. Management Severance Plan for Senior Management, effective October 26, 2010, as amended from time to time.

1.1.24 “Related Party” means (i) a Subsidiary, (ii) any employee benefit plan (including an employee stock ownership plan) sponsored by the Company or any Subsidiary, or (iii) a corporation owned directly or indirectly by the stockholders of the Company in substantially the same proportion as their ownership of stock of the Company.

1.1.25  “Sale of a Business” means the Company has sold or otherwise disposed of a Subsidiary, branch or other business unit (or all or substantially all of the assets thereof), in which the Participant was employed before such sale or disposition, to any Person, other than the Company or an Affiliate, and the Participant has been offered employment with the acquirer of such Subsidiary, branch or unit on substantially the same terms and conditions under which the Participant worked for the Participant’s Employer.

1.1.26    “Separation from Service” means a Participant’s termination or deemed termination from employment with the Employer.  For purposes of determining whether a 

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Separation from Service has occurred, the employment relationship is treated as continuing intact while the Participant is on military leave, sick leave or other bona fide leave of absence if the period of such leave does not exceed six (6) months, or if longer, so long as the Participant retains a right to reemployment with his Employer under an applicable statute or by contract.  For this purpose, a leave of absence constitutes a bona fide leave of absence only if there is a reasonable expectation that the Participant will return to perform services for the Employer.  If the period of leave exceeds six (6) months and the Participant does not retain a right to reemployment under an applicable statute or by contract, the employment relationship will be deemed to terminate on the first date immediately following such six (6) month period.  Notwithstanding the foregoing, if a leave of absence is due to any medically determinable physical or mental impairment that can be expected to result in death or can be expected to last for a continuous period of not less than six (6) months, and such impairment causes the Participant to be unable to perform the duties of the Participant’s position of employment or any substantially similar position of employment, a twenty-nine (29) month period of absence shall be substituted for such six (6) month period.  For purposes of this Plan, a Separation from Service occurs at the date as of which the facts and circumstances indicate either that, after such date: (A) the Participant and Employer reasonably anticipate the Participant will perform no further services for the Company or an Affiliate (whether as an employee or an independent contractor), or (B) that the level of bona fide services the Participant will perform for the Company or any Affiliate (whether as an employee or independent contractor) will permanently decrease to no more than 20% of the average level of bona fide services performed over the immediately preceding thirty-six (36) month period or, if the Participant has been providing services to the Company, the Employer or an Affiliate for less than thirty-six (36) months, the full period over which the Participant has rendered services, whether as an employee or independent contractor.  The determination of whether a Separation from Service has occurred shall be governed by the provisions of Treasury Regulation § 1.409A-1, as amended, taking into account the objective facts and circumstances with respect to the level of bona fide services performed by the Participant after a certain date.

1.1.27     “Severance Benefit” means the amounts payable and benefits provided in accordance with Section 3.1 hereof.

1.1.28     “Severance Compensation” means, with respect to each Participant, the sum of the following:

(i)the greater of such Participant’s Annual Base Compensation at the rate in effect (a) immediately prior to the date of the Change in Control, or (b) on the date of such Participant’s Separation from Service; plus

(ii)the Participant’s greatest annual cash bonus received during the thirty-six (36) month period ending on (a) the date of the Change in Control, with respect to a Separation from Service following the date of a Change in Control or (b) the date of Separation from Service, with respect to a Separation from Service occurring prior to the date of a Change in Control.

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1.1.29     “Subsidiary” means any corporation, partnership, limited liability company or joint venture in which the Company, directly or indirectly, holds a majority of the voting power of such corporation’s outstanding shares of capital stock or a majority of the capital or profits interests of such partnership, limited liability company, or joint venture.

1.1.30    “Termination Date” means the date of the receipt of the Notice of Termination by Participant (if such notice is given by Participant’s Employer) or by Participant’s Employer (if such notice is given by Participant), or any later date, not more than thirty (30) days after the giving of such notice, specified in such notice; provided, however, that:

(a)    if Participant’s employment is terminated by reason of death or Disability, the Termination Date shall be the date of Participant’s death or the date of deemed termination of employment due to Disability, as applicable, regardless of whether a Notice of Termination has been given; and

(b)     if no Notice of Termination is given, the Termination Date shall be the last date on which the Participant is employed by an Employer; and

(c)    for purposes of Article VI (Restrictive Covenants) if the Participant does not have a Separation from Service, the Termination Date shall be the date the entity that employs the Participant ceases to be a Subsidiary, or the date of the Sale of a Business.

1.1.31     “Voting Securities” means any securities of the Company which carry the right to vote generally in the election of directors.

1.1.32    “Willbros Party” means each of the Company or an Affiliate.

1.1.33 “Work Product” means any and all work product, including, but not limited to, documentation, tools, templates, processes, procedures, discoveries, inventions, innovations, technical data, concepts, know-how, methodologies, methods, drawings, prototypes, trade secrets, notebooks, reports, findings, business plans, recommendations and memoranda of every description, that Participant makes, conceives, discovers or develops alone or with others during the course of Participant’s employment with an Employer or during the one (1) year period following Participant’s Termination Date (whether or not protectable upon application by copyright, patent, trademark, trade secret or other proprietary rights). 

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ARTICLE II. ELIGIBILITY

2.1     Participation. An Employee shall be entitled to be a Participant if the Employee is selected for participation by the Board and signs an Acceptance of Participation, in a form acceptable to the Company, at any date prior to the date  of an event (i.e., prior to a Change in Control for purposes of Section 3.1.1 and prior to Separation from Service for purposes of Section 3.1.2) which would cause the Employee to be entitled to a Severance Benefit.  The Company shall provide a notice to each Employee who is designated to be a Participant.  

2.2     Duration of Participation.  A Participant shall cease to be a Participant when the Participant incurs a Separation from Service, unless such Participant is then entitled to a Severance Benefit.  A Participant entitled to a Severance Benefit shall remain a Participant until the full amount of the Severance Benefit has been provided to such Participant.  The Board may, from time to time, determine that a Participant  shall no longer be a Participant; provided, however, that the Board shall not change the status of a Participant in any manner as of, after, or in anticipation of a Separation from Service or a Change in Control.  The Company shall provide a notice to each Participant of any revocation of Participant status.

ARTICLE III. SEVERANCE BENEFIT 
 
3.1     Right to Severance Benefit.  Subject to Sections 3.5 and 3.6, a Participant shall be entitled to receive a Severance Benefit from the Participant’s Employer or the Company, as follows: 

3.1.1    Separation from Service following a Change in Control.  If, within one (1) year following a Change in Control,  a Participant incurs an involuntary Separation from Service by action of the Employer other than for Cause or voluntarily incurs a Separation from Service for Good Reason, the Participant shall be entitled to (i) a lump sum cash payment in an amount equal to one hundred percent (100%) of the Participant’s Severance Compensation, which shall be paid on the Payment Date, and (ii) the amounts set forth in Section 3.1.3, payable as described in Section 3.1.3.

3.1.2    Separation from Service prior to a Change in Control.  If, prior to a Change in Control, a Participant incurs an involuntary Separation from Service by action of the Employer other than for Cause, the Participant shall be entitled to a lump sum cash payment in an amount equal to one hundred percent (100%) of the Participant’s Severance Compensation under Section 1.1.28(i) only (but not under Section 1.1.28(ii)), which shall be paid on the Payment Date.  

3.1.3    Additional Severance Benefit.  In addition to the amounts payable under Section 3.1.1, each Participant entitled to a Severance Benefit under Section 3.1.1 (but not under Section 3.1.2) shall receive:

(i)    a lump sum cash payment, which shall be paid on the Payment Date, in an amount equal to the following formula: (a) the deemed aggregate annual target 

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opportunity measured under all applicable Incentive Plans that could have been earned by such Participant for the fiscal year of the Employer during which such Participant’s Termination Date occurs (determined as if all applicable goals and targets had been satisfied in full), multiplied by (b) a fraction, the numerator of which is the number of days during the period beginning on the first day of such fiscal year and ending on the date such Participant’s Termination Date takes effect, and the denominator of which is 365;

(ii)an amount equal to (a) the actual cost incurred by such Participant for health continuation coverage under Part 6 of Title I of ERISA (including coverage of the Participant’s spouse and dependents, as the case may be) for a period of twelve (12) months from the Termination Date less (b) the cost the Participant would have incurred for comparable health coverage for such twelve (12) month period had the Participant been an employee during such period. Such amount shall be paid monthly on the first day of the month following the month in which the Participant pays the applicable premium for such health continuation coverage for such month, beginning on the Payment Date.  Participant acknowledges that the actuarially determined value of such coverage, which may exceed the normal COBRA premium, will be taxable income to Participant.  Nothing herein shall be deemed to adversely affect in any way the rights that a Participant may have for health continuation coverage under Part 6 of Title I of ERISA; and

(iii)an amount equal to the Participant’s costs for life insurance benefits, for a period of twelve (12) months following the Termination Date, under the life insurance benefit plans maintained by the Employer on the day prior to such Participant’s Termination Date, which amount will be paid directly by the Employer on the Payment Date.

3.1.4     The Severance Benefit under Sections 3.1.1, 3.1.2 and 3.1.3 shall be payable in addition to, and not in lieu of, all other accrued or vested or earned but deferred compensation, rights, options and other benefits which may be owed to a Participant under any other plan or arrangement following termination, including, but not limited to, accrued vacation or sick pay, amounts or benefits payable under any incentive plan, any life insurance plan, health plan, disability plan, or any similar or successor plans.

3.2    Terminations Which Do Not Give Rise to a Severance Benefit.  If a Participant dies, becomes Disabled, incurs a Separation from Service from the Employer for Cause or by reason of the Participant’s voluntary Separation from Service (other than for Good Reason), or incurs a Separation from Service due to the Sale of a Business, the Participant shall not be entitled to a Severance Benefit, regardless of the occurrence of a Change in Control.

3.3    Code Section 280G Cutback.  Notwithstanding any provision of this Plan to the contrary, if any amount or benefit to be paid under Article III of this Plan would be an “excess parachute payment” (within the meaning of Section 280G of the Code, or any successor provision thereto) but for the application of this sentence, then the payment to be paid or provided under this 

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Plan will be reduced to the minimum extent necessary (but in no event to less than zero) so that no portion of any such payment, as so reduced, constitutes an excess parachute payment.  Whether requested by the Participant or the Company, the determination of whether any reduction in such payment or benefit to be provided under this Plan or otherwise is required pursuant to the preceding sentence will be made at the expense of the Company by the Company’s independent accountants.  The fact that Participant’s right to  payment or benefit may be reduced by reason of the limitations contained in this Section 3.3 will not of itself limit or otherwise affect any rights the Participant has other than pursuant to this Plan.  In the event that any payment or benefit intended to be provided under this Plan is required to be reduced pursuant to this Section 3.3, the Company will reduce Participant’s payment and/or benefit, to the extent required, in the following order:  (i) the lump sum payment described in Section 3.1.1 or 3.1.2 (as the case may be), (ii) the lump sum payment described in Section 3.1.3(i), and (iii) the health and life continuation benefits set forth in Sections 3.1.3(ii) and (iii).  The Company and Participant agree that the value attributable to the restrictive covenants of Article VI is an amount equal to the sum of (i) the Participant’s Annual Base Compensation and (ii) the amount payable under Section 3.1.3(i), for the requisite period that such restrictions are in effect following the Separation from Service.

3.4     Payment Date Limitation.  Notwithstanding anything to the contrary in this Plan, no payment under the Plan shall be paid later than the December 31 of the second calendar year following the calendar year in which the Separation from Service occurs.

3.5     Waiver and Release.  Notwithstanding anything to the contrary in this Plan, in the event that the Participant becomes entitled to a Severance Benefit, no Willbros Party shall have any obligation to the Participant unless and until the Participant executes and delivers to the Company within sixty (60)-days after Separation from Service a release and waiver substantially in the form attached hereto as Exhibit B, or as otherwise mutually acceptable.

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3.6     Breach of Covenants.  If a court determines that the Participant has breached any covenants of Article VI or other obligation entered into at any time between the Participant and any Willbros Party, then no Willbros Party shall have any obligation to pay or provide any Severance Benefits under Article III of the Plan.

ARTICLE IV.  WELFARE PLAN AND SUMMARY PLAN DESCRIPTION

4.1    Welfare Plan and Summary Plan Description.  This Plan is intended to be a welfare plan under Section 3(1) of ERISA, and if this Plan were found to be a pension plan under Section 3(2) of ERISA, the Plan is intended to qualify as a plan maintained for the purpose of providing deferred compensation for a select group of management or highly compensated employees, within the meaning of Sections 201(2), 301(3) and 401(a)(1) of ERISA.  This Plan also is intended to be a summary plan description under Section 102 of ERISA.  The Plan, as a summary plan description, has been written in a manner calculated to be understood by the average Participant of the Plan and to reasonably apprise the Participants and their beneficiaries of their rights and obligations under the Plan.  Additional provisions of the Plan which are intended to satisfy the requirements of a summary plan description under Section 102 of ERISA are set out in Exhibit A, attached hereto and made a part hereof.  A copy of the Plan shall be provided to each Participant.

ARTICLE V.  NO SET-OFF OR MITIGATION

5.1    No Set-off.  The Participant’s right to receive when due the payments and other benefits provided for under this Plan is absolute, unconditional and subject to no setoff, counterclaim, recoupment, or other claim, right or action that any Willbros Party may have against Participant or others, except as expressly provided in this Section 5.1 or as specifically otherwise provided in this Plan.  Notwithstanding the prior sentence, any Willbros Party shall have the right to deduct any amounts outstanding on any loans or other extensions of credit to Participant from a Willbros Party from the Participant’s payments and other benefits (if any) provided for under this Plan.  Notwithstanding any provision of this Plan to the contrary, the Participant acknowledges that any incentive-based compensation paid to the Participant under this Plan may be subject to recovery by the Company under any clawback policy which the Company may adopt from time to time, including, without limitation, any policy which the Company may be required to adopt under Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act and the rules and regulations of the United States Securities and Exchange Commission thereunder or the requirements of any national securities exchange on which the Company’s common stock may be listed.  The Participant agrees to promptly return any such incentive-based compensation which the Company determines it is required to recover from the Participant under any such clawback policy.  Time is of the essence in the performance by the Willbros Parties of their respective obligations under this Plan. 

5.2    No Mitigation.  The Participant shall not have any duty to mitigate the amounts payable by any Willbros Party under this Plan by seeking new employment or self-employment following termination.  Except as specifically otherwise provided in this Plan, all amounts payable pursuant to this Plan shall be paid without reduction regardless of any amounts of salary, 

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compensation or other amounts which may be paid or payable to the Participant as the result of Participant’s employment by another employer or self-employment.

ARTICLE VI.  RESTRICTIVE COVENANTS

6.1    Confidential and Proprietary Information.  The Participant agrees that Confidential and Proprietary Information constitutes valuable, special and unique assets of the Company and its Affiliates, developed at great expense by the Company and its Affiliates, and that competitors can reap potential or real economic benefits from the possession of such information that is not otherwise available to them.  The Participant acknowledges that in the course of performing services for a Willbros Party, the Participant may create (alone or with others), learn of, have access to, receive and be provided training in the handling of Confidential and Proprietary Information.  Each Participant recognizes that all such Confidential and Proprietary Information constitutes a legitimate business interest of the Company and its Affiliates and is the sole and exclusive property of the Company and its Affiliates or of third parties to which the Company or an Affiliate owes a duty of confidentiality, that it is the Company’s policy to safeguard and keep confidential all such Confidential and Proprietary Information, and that disclosure of Confidential and Proprietary Information to an unauthorized third party would cause irreparable harm to the Company and its Affiliates.   Each Participant agrees that, except as required by the duties of the Participant’s employment with the Company or any of its Affiliates and except in connection with enforcing Participant rights under this Plan or if compelled by a court or governmental agency, in each case provided that prior written notice is given to the Company, the Participant will not, without the written consent of the Company, willfully disseminate or otherwise disclose, directly or indirectly, any Confidential and Proprietary Information disclosed to Participant or otherwise obtained by Participant during his employment with the Company or its Affiliates, and will take all necessary precautions to prevent disclosure to any unauthorized individual or entity (whether or not such individual or entity is employed or engaged by, or is otherwise affiliated with, the Company or any Affiliate), and will use the Confidential and Proprietary Information solely for the benefit of the Company and its Affiliates and will not use the Confidential and Proprietary Information for the benefit of any other Person nor permit its use for the benefit of Participant.  These obligations shall continue during and after the termination of Participant’s employment for any reason and for so long as the Confidential and Proprietary Information remains Confidential and Proprietary Information.

6.2    Non-Competition.  The Participant acknowledges and agrees that, as an employee and representative of the Company or an Affiliate, Participant has been and will be given specialized training and/or information regarding the Company’s and its Affiliates’ business methods and access to certain Confidential and Proprietary Information.  Participant therefore acknowledges and agrees that the protection of such information constitutes a legitimate business interest of the Company and its Affiliates. Consequently, and as ancillary covenants to the terms, conditions and promises set forth elsewhere in this Plan, and in particular the covenants set forth in this Article VI, Participant agrees to this non-competition covenant.  During the period beginning on the Effective Date and ending on the first anniversary of the date of Separation from Service, regardless of the reason for Participant’s Separation from Service, Participant agrees that without the written consent of the Company, Participant shall not at any time, directly or indirectly, in any capacity:

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6.2.1    engage or participate in, become employed by, serve as a director of, or render advisory or consulting or other services in connection with, any Competitive Business; provided, however, that after Participant’s Separation from Service, this Section 6.2 shall not preclude Participant from:  (i) being an employee of, or consultant to, any business unit of a Competitive Business but only if:  (A) such business unit does not qualify as a Competitive Business in its own right, and (B) Participant does not have any direct or indirect involvement in, or responsibility for, any operations of such Competitive Business that cause it to qualify as a Competitive Business, or (ii) with the approval of the Company, being a consultant to, an advisor to, a director of, or an employee of, a Competitive Business. This restriction applies regardless of geographic location, it being acknowledged by both the Company and the Participant that the Company’s and its Affiliates’ competitors are not confined to a particular geographic area; or

6.2.2    make or retain any financial investment, whether in the form of equity or debt, or own any interest, in any Competitive Business.  Nothing in this Section 6.2.2 shall, however, restrict the Participant from making an investment in any Competitive Business if such investment does not:  (i) represent more than 1% of the aggregate market value of the outstanding capital stock or debt (as applicable) of such Competitive Business, (ii) give Participant any right or ability, directly or indirectly, to control or influence the policy decisions or management of such Competitive Business, or (iii) create a conflict of interest between Participant’s duties to the Company and its Affiliates or under this Plan and his interest in such investment.

6.3    Non-Solicitation.  The Participant acknowledges and agrees that, as an employee and representative of the Company or an Affiliate, Participant has been and will be given specialized training and/or information and materials belonging to the Company, its Affiliates and to third parties, including but not limited to, clients, vendors, suppliers and customers, who have furnished such information and materials to the Company and its Affiliates under obligations of confidentiality.  Participant acknowledges and agrees that this creates a special relationship of trust and confidence between the Company, its Affiliates, Participant and the Company’s established vendors, suppliers, and customers.  Participant further acknowledges and agrees that there is a high risk and opportunity for any person given such training and information to misappropriate the relationship and goodwill existing between the Company and its Affiliates and the Company’s established clients, vendors, suppliers, and customers. Consequently, and as ancillary covenants to the terms, conditions and promises set forth elsewhere in this Plan, and in particular the covenants set forth in this Article VI, Participant agrees to this non-solicitation covenant.   During the period beginning on the Effective Date and ending on the first anniversary of the date of Separation from Service, regardless of the reason for Participant’s Separation from Service, the Participant shall not, directly or indirectly:

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6.3.1    other than in connection with the good-faith performance of his duties as an officer of the Company or its Affiliates, cause or attempt to cause any employee, director or consultant of the Company or an Affiliate to terminate his relationship with the Company or an Affiliate;

6.3.2    solicit the employment or engagement as a consultant or adviser, of any employee of the Company or an Affiliate (other than by the Company or its Affiliates), or cause or attempt to cause any Person to do any of the foregoing;

6.3.3    establish (or take preliminary steps to establish) a business with, or cause or attempt to cause others to establish (or take preliminary steps to establish) a business with, any employee of the Company or an Affiliate, if such business is or will be a Competitive Business; or

6.3.4    solicit the purchase or sale of goods, services or combination of goods and services from the established customers of the Company or an Affiliate. For the purpose of this provision, “established customers” shall be deemed to include any entity or Person which has been a customer or supplier of the Company or an Affiliate within twelve (12) months of the date of Participant’s Separation from Service with the Company or an Affiliate. This restriction applies regardless of geographic location, it being acknowledged by both the Company and the Participant that the Company’s and its Affiliates’ established customers are not confined to a particular geographic area.

6.4    Intellectual Property.  

6.4.1    During the period of Participant’s employment  with the Company or any Affiliate, and thereafter upon the Company’s request, regardless of the reason for Participant’s Separation from Service, Participant shall disclose immediately to the Company all Work Product that:  (i) relates to the business of the Company or any Affiliate or any customer or supplier to the Company or an Affiliate or any of the products or services being developed, manufactured, sold or otherwise provided by the Company or an Affiliate or that may be used in relation therewith; or (ii) results from tasks or projects assigned to Participant by the Company or an Affiliate; or (iii) results from the use of the premises or personal property (whether tangible or intangible) owned, leased or contracted for by the Company or an Affiliate.  Participant agrees that any Work Product shall be the property of the Company and, if subject to copyright, shall be considered a “work made for hire” within the meaning of the Copyright Act of 1976, as amended.  If and to the extent that any such Work Product is not a “work made for hire” within the meaning of the Copyright Act of 1976, as amended, Participant hereby assigns, and agrees to assign, to the Company all right, title and interest in and to the Work Product and all copies thereof, and all copyrights, patent rights, trademark rights, trade secret rights and all other proprietary and intellectual property rights in the Work Product, without further consideration, free from any claim, lien for balance due, or rights of retention thereto on the part of Participant. 

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6.4.2    Notwithstanding the foregoing, the Company agrees and acknowledges that the provisions of Section 6.4.1 relating to ownership and disclosure of Work Product do not apply to any inventions or other subject matter for which no equipment, supplies, facility, or trade secret information of the Company or an Affiliate was used and that are developed entirely on Participant’s own time, unless: (i) the invention or other subject matter relates:  (a) to the business of the Company or an Affiliate, or (b) to the actual or demonstrably anticipated research or development of the Company or any Affiliate, or (ii) the invention or other subject matter results from any work performed by Participant for the Company or any Affiliate.

6.4.3    The Participant agrees that, upon disclosure of Work Product to the Company, Participant will, during his employment by the Company or an Affiliate and at any time thereafter, at the request and cost of the Company, execute all such documents and perform all such acts as the Company or an Affiliate (or their respective duly authorized agents) may reasonably require:  (i) to apply for, obtain and vest in the name of the Company alone (unless the Company otherwise directs) letters patent, copyrights or other intellectual property  protection in any country throughout the world, and when so obtained or vested to renew and restore the same; and (ii) to prosecute or defend any opposition proceedings in respect of such applications and any opposition proceedings or petitions or applications for revocation of such letters patent, copyright or other intellectual property  protection, or otherwise in respect of the Work Product.

6.4.4    In the event that the Company is unable, after reasonable effort, to secure the Participant’s execution of such documents as provided in Section 6.4.3, whether because of Participant’s physical or mental incapacity or for any other reason whatsoever, Participant hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as his agent and attorney-in-fact, to act for and on his behalf to execute and file any such application or applications and to do all other lawfully permitted acts to further the prosecution, issuance and protection of letters patent, copyright and other intellectual property protection with the same legal force and effect as if personally executed by Participant.  

6.5    Non-Disparagement.  

6.5.1    On and after any Separation from Service, Participant shall not make, or cause to be made, any statement, observation or opinion, or communicate any information (whether oral or written, directly or indirectly) that: (i) accuses or implies that the Company and/or any of its Affiliates, together with their respective present or former officers, directors, partners, stockholders, employees and agents, and each of their predecessors, successors and assigns, engaged in any wrongful, unlawful or improper conduct, whether relating to Participant’s employment (or the termination thereof), the business or operations of the Company and/or an Affiliate, or otherwise; or (ii) disparages, impugns or in any way reflects adversely upon the business or reputation of the Company and/or any of its Affiliates, together with their respective present or former officers, directors, partners, stockholders, employees and agents, and each of their predecessors, successors and assigns.  

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6.5.2    The Company agrees not to authorize any statement, observation or opinion, or communicate any information (whether oral or written, direct or indirect) that:  (i) accuses or implies that Participant engaged in any wrongful, unlawful or improper conduct relating to Participant’s employment or termination thereof with the Company or any Affiliate, or otherwise; or (ii) disparages, impugns or in any way reflects adversely upon the reputation of Participant.

6.5.3    Notwithstanding anything to the contrary in this Plan, nothing herein shall be deemed to preclude Participant or the Company and its Affiliates from providing truthful testimony or information pursuant to subpoena, court order or other similar legal or regulatory process, provided, that to the extent permitted by law, Participant will promptly inform the Company of any such obligation prior to participating in any such proceedings.

6.6    Reasonableness of Restrictive Covenants.

6.6.1    Participant acknowledges that the covenants contained in this Plan are reasonable in the scope of the activities restricted, the geographic area covered by the restrictions, and the duration of the restrictions, and that such covenants are reasonably necessary to protect the Company’s and its Affiliates’ legitimate interests in their Confidential and Proprietary Information, their proprietary work, and in their relationships with their employees, customers, suppliers and agents.

6.6.2    The Company has, and Participant has had an opportunity to, consult with their respective legal counsel and to be advised concerning the reasonableness and propriety of such covenants.  Participant acknowledges that his observance of the covenants contained herein will not deprive Participant of the ability to earn a livelihood or to support his dependents.

6.6.3    Participant understands he is bound by the terms of this Article VI, whether or not he receives severance payments under this Plan or otherwise.

6.7    Right to Injunction; Survival of Undertakings.

6.7.1    In recognition of the confidential nature of the Confidential and Proprietary Information, and in recognition of the necessity of the limited restrictions imposed by this Plan, Participant and the Company agree that it would be impossible to measure solely in money the damages which the Company and its Affiliates would suffer if Participant were to breach any of his obligations hereunder.  Participant acknowledges that any breach of any provision of this Plan would irreparably injure the Company and its Affiliates.  Accordingly, Participant agrees that if he breaches any of the provisions of this Plan, the Company and its Affiliates shall be entitled, in addition to any other remedies to which the Company and its Affiliates may be entitled under this Plan or otherwise, to an injunction to be issued by a court of competent jurisdiction, to restrain any breach, or threatened breach, of any provision of this Plan without the necessity of posting a bond or other security therefor, 

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and Participant hereby waives any right to assert any claim or defense that the Company and its Affiliates have an adequate remedy at law for any such breach.

6.7.2    The covenants in this Article VI are severable and separate, and the unenforceability of any specific covenant shall not affect the provisions of any other covenant. In the event any  court of competent jurisdiction determines that any covenant included in this Article VI is unenforceable in whole or in part because of such covenant’s duration or geographical or other scope, it is the intention of the Company and the Participant that the court shall  modify such restrictions, as the case may be, so as to cause such covenant as so modified to be enforceable, and this Plan shall thereby be reformed.

6.7.3    All of the provisions of this Plan shall survive any Separation from Service of Participant, without regard to the reasons for such termination.  Notwithstanding anything to the contrary in this Plan, in addition to any other rights it may have, neither the Company nor any Affiliate shall have any obligation to pay or provide severance or other benefits (except as may be required under ERISA) after the date of Separation from Service if Participant has materially breached any of Participant’s obligations under this Plan.

6.7.4    All covenants in this Article VI shall be construed as an agreement independent of any other provision in this Plan, and the existence of any claim or cause of action of the Participant against the Company or an Affiliate, whether predicated on this Plan, or otherwise, shall not constitute a defense to the enforcement by the Company or an Affiliate of such covenants.  

ARTICLE VII.  NON-EXCLUSIVITY OF RIGHTS

7.1    Waiver of Certain Other Rights.  To the extent that Participant shall have received severance payments or other severance benefits under any other plan, program, policy, practice or procedure or agreement of any Willbros Party prior to receiving severance payments or other severance benefits pursuant to Article III, the severance payments or other severance benefits under such other plan, program, policy, practice or procedure or agreement shall reduce (but not below zero) the corresponding severance payments or other benefits to which Participant shall be entitled under Article III.  To the extent that Participant accepts payments made pursuant to Article III, he shall be deemed to have waived his right to receive a corresponding amount of future severance payments or other severance benefits under any other plan, program, policy, practice or procedure or agreement of any Willbros Party.  

7.2    Other Rights.  Except as expressly provided in this Plan, the Participant’s participation in the Plan shall not prevent or limit Participant’s continuing or future participation in any benefit, bonus, incentive or other plan, program, policy, practice or procedure provided by a Willbros Party and for which Participant may qualify, nor shall this Plan limit or otherwise affect such rights as Participant may have under any other plans with a Willbros Party.  Amounts that are vested benefits or that Participant is otherwise entitled to receive under any plan, program, policy, practice or procedure and any other payment or benefit required by law at or after the date of 

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Separation from Service shall be payable in accordance with such plan, program, policy, practice or procedure or applicable law except as expressly modified by this Plan.

7.3    No Right to Continued Employment.  Nothing in this Plan shall guarantee the right of Participant to continue in employment, and the Company and the Employer retain the right to terminate Participant’s employment at any time for any reason or for no reason.

ARTICLE VIII. PARTICIPATING EMPLOYERS

This Plan may be adopted by any Subsidiary. Upon such adoption, the Subsidiary shall become an Employer and the provisions of the Plan shall be fully applicable to the Employees of that Subsidiary who are designated Participants by the Board.  This Plan establishes and vests in each Participant a contractual right to the relevant benefits hereunder, enforceable by the Participant against the Participant’s Employer.  The Company agrees unconditionally to guarantee the performance by, and obligation of, each Employer under the Plan.

ARTICLE IX. SUCCESSOR TO EMPLOYER

This Plan shall bind any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) which becomes such after a Change in Control has occurred in the same manner and to the same extent that the Employer would be obligated under this Plan if no succession had taken place.  In the case of any transaction in which a successor (which becomes such after a Change in Control has occurred) would not by the foregoing provision or by operation of law be bound by this Plan, the Employer shall require such successor expressly and unconditionally to assume and agree to perform the Employer’s obligations under this Plan, in the same manner and to the same extent that the Employer would be required to perform if no such succession had taken place.  The terms “Company” and “Employer,” as used in this Plan, shall mean the Company or an Employer, respectively, as hereinbefore defined and any successor or assignee to the business or assets which by reason hereof becomes bound by this Plan.

ARTICLE X. DURATION AND AMENDMENT

10.1     Duration.  The initial term of the Plan shall be the period beginning on the Effective Date and ending on (and including) December 31, 2010.  Beginning on the last day of such initial term, and on each successive anniversary of such date, the term of the Plan shall be extended automatically for an additional successive one (1)-year term; provided, however, that if, at least three (3) months prior to the last day of any such term, the Company shall give to the Participants written notice that no such automatic extension shall occur, then this Plan shall terminate on the last day of such term.  This Plan shall remain in effect until so terminated by the Company.  Failure of the Company to provide the required notice to Participants shall be considered as an extension of this Plan for an additional one (1)-year term. Notwithstanding anything to the contrary contained in this “sunset provision,” if a Change in Control occurs while this Plan is in effect, then this Plan shall not be subject to termination under this “sunset provision,” and this Plan shall remain in force for a period of one (1) year after such Change in Control, and if within said one (1)-year period the contingency factors occur which would entitle a Participant to the benefits as provided herein, 

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then this Plan shall remain in effect in accordance with its terms. If, within such one (1) year after a Change in Control, the contingency factors that would entitle a Participant to said benefits do not occur, thereupon this Plan shall terminate at the expiration of one (1) year after such Change in Control.

10.2     Amendment.  The Plan may not be amended except for: (i) an amendment that increases the benefits payable under the Plan or otherwise constitutes a bona fide improvement of a Participant’s rights under the Plan, or (ii) an amendment which decreases the benefits of a Participant that is consented to in writing by such Participant or that is required in order for the Plan to comply with applicable law or regulation. The parties intend that all payments and reimbursements made under this Plan be excepted from Section 409A of the Code, and the regulations and other guidance promulgated thereunder (collectively, “Section 409A”) and, if not excepted, be compliant with Section 409A.  Accordingly, in the event of any ambiguity in this Plan, this Plan shall be interpreted and administered so as to be excepted from or, if not excepted from, compliant with, Section 409A to the fullest extent possible.  In the event  the Company determines that a payment or reimbursement or a series of payments or reimbursements is neither excepted from nor compliant with 409A, notwithstanding anything in this Plan to the contrary, the Company shall have the unilateral right to modify or amend this Plan as it deems reasonably appropriate with respect to Section 409A and other applicable law to render such payment excepted or compliant so as, to the extent possible, to avoid any adverse tax consequences to either any Willbros Party or the Participants. Each payment under this Plan shall be deemed a separate payment for purposes of Section 409A. 

10.3    Notices.  All notices and other communications under this Plan shall be in writing and delivered by hand, by a nationally-recognized delivery service that promises overnight delivery, or by first-class registered or certified mail, return receipt requested, postage prepaid, addressed as follows:
If to Participant:
to Participant at his most recent home address on file with the Company.
If to the Company or the Employer:
Willbros Group, Inc.
4400 Post Oak Parkway, Suite 1000
Houston, TX  77027

Attention:  General Counsel
or to such other address as either party shall have furnished to the other in writing.  Notice and communications shall be effective when actually received by the addressee.
ARTICLE XI. ADMINISTRATION

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11.1     Fiduciaries.  Under certain circumstances, the Board or the Committee may be determined by a court of law to be a fiduciary with respect to a particular action under the Plan.  As authorized by ERISA, to prevent any two parties to the Plan from being deemed co-fiduciaries with respect to a particular function, the Plan is intended, and should be construed, to allocate to each party to the Plan only those specific powers, duties, responsibilities, and obligations as are specifically granted to it under the Plan.

11.2    Allocation of Responsibilities.

11.2.1     Board of Directors.  The Board shall have exclusive authority and responsibility for:

(i)    The amendment or termination of this Plan in accordance with Sections 10.1 and 10.2; and

(ii)    The delegation to the Committee of any authority and responsibility reserved herein to the Board.

11.2.2     Committee.  The Committee shall serve as plan administrator and shall have exclusive authority and responsibility for those functions set forth in Section 11.3, in other provisions of this Plan, and in provisions of a trust used to pay benefits under this Plan.

11.3    Provisions Concerning the Committee.

11.3.1    Membership and Voting.  The Committee shall consist of not less than three (3) members.  The Committee shall act by a majority of its members at the time in office, and such action may be taken by a vote at a meeting, in writing without a meeting, or by telephonic communications.  Attendance at a meeting, in person or by telephone, shall constitute waiver of notice thereof.  A member of the Committee who is a Participant of the Plan shall not vote on any question relating specifically to such Participant.  Any such action shall be voted or decided by a majority of the remaining members of the Committee.  The Committee may designate one of its members as the Chairman and may appoint a Secretary who may, but need not, be a member thereof. The Committee may appoint from its members such subcommittees with such powers as the Committee shall determine.

11.3.2     Duties of the Committee.  The Committee shall administer the Plan in accordance with its terms and shall have all the powers necessary to carry out such terms.  The Committee shall execute any certificate, instrument or other written direction on behalf of the Plan and may make any payment on behalf of the Plan.  All interpretations of the Plan, and questions concerning its administration and application, shall be determined by the Committee (or its delegate).  The Committee may appoint such accountants, counsel, specialists, and other persons as it deems necessary or desirable in connection with the 

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administration of the Plan.  Such accountants and counsel may, but need not, be accountants and counsel for the Company or a Related Party.

11.4    Delegation of Responsibilities; Bonding.

11.4.1     Delegation and Allocation.  The Board and the Committee, respectively, shall have the authority to delegate or allocate, from time to time, by a written instrument, all or any part of their responsibilities under the Plan to such person or persons as each may deem advisable and in the same manner to revoke any such delegation or allocation of responsibility.  Any action of a person in the exercise of such delegated or allocated responsibility shall have the same force and effect for all purposes hereunder as if such action had been taken by the Board or the Committee, as the case may be. Neither the Company, any Employer, the Board, the Committee nor any member thereof shall be liable for any acts or omissions of any such person, who shall periodically report to the Board or the Committee, as applicable, concerning the discharge of the delegated or allocated responsibilities.

11.4.2     Bonding. The members of the Committee shall serve without bond (except as expressly required by federal law) and without compensation for their services as such.

11.5     No Joint Fiduciary Responsibilities.  This Plan is intended to allocate to each named fiduciary the individual responsibility for the prudent execution of the functions assigned to it, and none of such responsibilities and no other responsibility shall be shared by two or more of such named fiduciaries unless such sharing is provided for by a specific provision of the Plan.  Whenever one named fiduciary is required herein to follow the directions of another named fiduciary, the two named fiduciaries shall not be deemed to have been assigned a shared responsibility, but the responsibility of a named fiduciary receiving such directions shall be to follow them insofar as such instructions are on their face proper under applicable law.

11.6     Information to be Supplied by Employer.  Each Employer shall provide to the Committee or its delegate such information as it shall from time to time need in the discharge of its duties.

11.7    Fiduciary Capacity.  Any person or group of persons may serve in more than one fiduciary capacity with respect to the Plan.

11.8    Claims Procedures.  Generally, a Participant will not need to file a claim for a Severance Benefit in order to receive benefits payable under the Plan.  If, however, a Participant believes that  the Participant has not received Severance Benefits to which the Participant believes the Participant is entitled, including a disagreement with respect to the amount of the Severance Benefit paid, then the Participant may file a claim for benefits as follows below.

11.8.1     Definitions.  For purposes of this Section 11.8, the following terms, when capitalized, will be defined as follows:

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(i)Adverse Benefit Determination:  Any denial, reduction or termination of or failure to provide or make payment (in whole or in part) for a Plan benefit, including any denial, reduction, termination or failure to provide or make payment that is based on a determination of a Claimant’s eligibility to participate in the Plan. Further, any invalidation of a claim for failure to comply with the claim submission procedure will be treated as an Adverse Benefit Determination.

(ii)Benefits Administrator:  The person or office, if any, to whom the Committee has delegated day-to-day Plan administration responsibilities and who, pursuant to such delegation, processes Plan benefit claims in the ordinary course.

(iii)     Claimant:  A Participant or beneficiary or an authorized representative of such Participant or beneficiary who has filed or desires to file a claim for a Plan benefit.

11.8.2     Filing of Benefit Claim.  A Claimant must file with the Committee (or the Benefits Administrator) a written claim for benefits under the Plan on the form provided by, or in any other manner approved by, the Committee.  (For purposes of applying the time periods for benefit determination pursuant to Section 11.8.4, filing a claim with the Willbros Benefits Administrator will be treated as filing a claim with the Committee.)  In connection with the submission of a claim, the Claimant may examine the Plan and any other relevant documents relating to the claim, and may submit written comments relating to such claim to the Committee coincident with the filing of the benefit claim form.  Failure of a Claimant to comply with the claim submission procedure will invalidate such claim unless the Committee in its discretion determines that it was not reasonably possible to provide such proof or comply with such procedure.

11.8.3     Processing of Benefit Claim.  Upon receipt of fully completed benefit claim forms from a Claimant, the Committee (or the Benefits Administrator) shall process such benefit claim considering (i) all materials submitted by the Claimant in connection with the claim, (ii) all Plan provisions pertaining to the benefit claim, and (iii) where appropriate, all information as to whether such Plan provisions have in the past been consistently applied with respect to other similarly situated Claimants.  The Committee (or the Benefits Administrator) shall process the claim within the time frame provided in Section 11.8.4.

11.8.4     Notification of Adverse Benefit Determination.  In any case of an Adverse Benefit Determination of a claim for a Plan benefit, the Committee shall furnish written notice to the affected Claimant within a reasonable period of time but not later than ninety (90) days after receipt of such claim for Plan benefits (or within one hundred and eighty (180) days if special circumstances necessitate an extension of the ninety (90)-day period and the Claimant is informed of such extension in writing within the ninety (90)-day period and is provided with an extension notice consisting of an explanation of the special circumstances requiring the extension of time and the date by which the benefit determination will be rendered).  Any notice that denies a benefit claim of a Claimant in whole or in part shall, in a manner calculated to be understood by the Claimant:

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(i)    State the specific reason or reasons for the Adverse Benefit Determination;

(ii)    Provide specific reference to pertinent Plan provisions on which the Adverse Benefit Determination is based;

(iii)Describe any additional material or information necessary for the Claimant to perfect the claim and explain why such material or information is necessary; and

(iv)Describe the Plan’s review procedures and the time limits applicable to such procedures, including a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA following an Adverse Benefit Determination on review.

11.8.5     Review of Adverse Benefit Determination.  A Claimant has the right to have an Adverse Benefit Determination reviewed in accordance with the following claims review procedure:

(i)The Claimant must submit a written request for such review to the Committee not later than sixty (60) days following receipt by the Claimant of the Adverse Benefit Determination notification;

(ii)The Claimant shall have the opportunity to submit written comments, documents, records, and other information relating to the claim for benefits to the Committee;

(iii)The Claimant shall have the right to have all comments, documents, records, and other information relating to the claim for benefits that have been submitted by the Claimant considered on review without regard to whether such comments, documents, records or information were considered in the initial benefit determination; and

(iv)The Claimant shall have reasonable access to, and copies of, all documents, records, and other information relevant to the claim for benefits free of charge upon request, including (a) documents, records or other information relied upon for the benefit determination, (b) documents, records or other information submitted, considered or generated without regard to whether such documents, records or other information were relied upon in making the benefit determination, and (c) documents, records or other information that demonstrates compliance with the standard claims procedure.

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The decision on review by the Committee will be binding and conclusive upon all persons, and the Claimant shall neither be required nor be permitted to pursue further appeals to the Committee.

11.8.6     Notification of Benefit Determination on Review.  Notice of the Committee’s final benefit determination regarding an Adverse Benefit Determination will be furnished in writing or electronically to the Claimant after a full and fair review. Notice of an Adverse Benefit Determination upon review will:

(i)    State the specific reason or reasons for the Adverse Benefit Determination;

(ii)Provide specific reference to pertinent Plan provisions on which the Adverse Benefit Determination is based;

(iii)State that the Claimant is entitled to receive, upon request and free of charge, reasonable access to, and copies of, all documents, records, and other information relevant to the Claimant’s claim for benefits including (a) documents, records or other information relied upon for the benefit determination, (b) documents, records or other information submitted, considered or generated without regard to whether such documents, records or other information were relied upon in making the benefit determination, and (c) documents, records or other information that demonstrates compliance with the standard claims procedure; and

(iv)Describe the Claimant’s right to bring an action under Section 502(a) of ERISA.

The Committee shall notify a Claimant of its determination on review with respect to the Adverse Benefit Determination of the Claimant within a reasonable period of time but not later than sixty (60) days after the receipt of the Claimant’s request for review unless the Committee determines that special circumstances require an extension of time for processing the review of the Adverse Benefit Determination.  If the Committee determines that such extension of time is required, written notice of the extension (which shall indicate the special circumstances requiring the extension and the date by which the Committee expects to render the determination on review) shall be furnished to the Claimant prior to the termination of the initial sixty (60)-day review period. In no event shall such extension exceed a period of sixty (60) days from the end of the initial sixty (60)-day review period.  In the event such extension is due to the Claimant’s failure to submit necessary information, the period for making the determination on a review will be tolled from the date on which the notification of the extension is sent to the Claimant until the date on which the Claimant responds to the request for additional information.

25

11.8.7     Exhaustion of Administrative Remedies. Completion of the claims procedures described in this Section 11.8 will be a condition precedent to the commencement of any legal or equitable action in connection with a claim for benefits under the Plan by a Claimant or by any other person or entity claiming rights individually or through a Claimant; provided, however, that the Committee may, in its sole discretion, waive compliance with such claims procedures as a condition precedent to any such action.

11.8.8     Payment of Benefits.  If the Committee (or the Benefits Administrator) determines that a Claimant is entitled to a benefit hereunder, payment of such benefit will be made to such Claimant (or commence, as applicable) as soon as administratively practicable after the date the Committee (or the Benefits Administrator) determines that such Claimant is entitled to such benefit or on such other date as may be established pursuant to the Plan provisions or, as applicable, designated by the Committee.

11.8.9     Authorized Representatives.  An authorized representative may act on behalf of a Claimant in pursuing a benefit claim or an appeal of an Adverse Benefit Determination.  An individual or entity will only be determined to be a Claimant’s authorized representative for such purposes if the Claimant has provided the Committee with a written statement identifying such individual or entity as the Claimant’s authorized representative and describing the scope of the authority of such authorized representative.  In the event a Claimant identifies an individual or entity as an authorized representative in writing to the Committee but fails to describe the scope of the authority of such authorized representative, the Committee shall assume that such authorized representative has full powers to act with respect to all matters pertaining to the Claimant’s benefit claim under the Plan or appeal of an Adverse Benefit Determination with respect to such benefit claim.

ARTICLE XII. MISCELLANEOUS

12.1     Indemnification.  If a Participant institutes any legal action in seeking to obtain or enforce, or is required to defend in any legal action the validity or enforceability of, any right or benefit provided by the Plan, the Participant’s Employer shall, if the Participant prevails in such action, pay for all reasonable legal fees and expenses incurred by such Participant.

12.2     Employment Status.  The Plan does not constitute a contract of employment or impose on the Participant or the Participant’s Employer any obligation to retain the Participant as an Employee, any restriction on changing the status of the Participant’s employment, or any restriction on changing the policies of the Company or its Affiliates regarding termination of employment.

12.3     Validity and Severability.  The invalidity or unenforceability of any provision of the Plan shall not affect the validity or enforceability of any other provision of the Plan, which shall remain in full force and effect, and any prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction.

26

12.4     Governing Law.  The validity, interpretation, construction and performance of the Plan shall in all respects be governed by the laws of the United States and, to the extent not preempted by such laws, by the laws of the State of Texas, without regard to choice of law principles.

12.5     Withholding and Payment of Taxes.  The Company or its Affiliates may withhold from any amounts payable under the Plan all federal, state, local and/or other taxes as shall be legally required. In addition, except as otherwise provided herein, each Participant shall be solely responsible for the payment of all income, excise and other taxes which are individually levied on the Participant by any taxing authority with respect to any amount paid to such Participant under the Plan.

12.6     Obligations Unfunded.  All benefits due a Participant under the Plan are unfunded and unsecured and are payable out of the general funds of the Employers.  One or more Employers may establish a “grantor trust” for the payment of benefits and obligations hereunder, the assets of which shall be at all times subject to the claims of creditors as provided for in such trust.

12.7    Construction.  For purposes of the Plan, the following rules of construction shall apply:

12.7.1     The word “or” is disjunctive but not necessarily exclusive.

12.7.2     Words in the singular include the plural; words in the plural include the singular; and words in the neuter gender include the masculine and feminine genders.

The Plan has been adopted by the Company to be effective as of the 26th day of October, 2010.

WILLBROS GROUP, INC.

By:     /s/ Van A. Welch    
Name: Van A. Welch
Title: Senior Vice President and Chief
        Financial Officer    

27

EXHIBIT A 
 
ADDITIONAL PROVISIONS OF THE SUMMARY PLAN 
DESCRIPTION OF THE PLAN

I.General Plan Information:

Name of Plan:  Willbros Group, Inc. 2010 Management Severance Plan for Senior Management (the “Plan”) 

Plan Sponsor and Employer Identification Number:
Willbros Group, Inc.
4400 Post Oak Parkway, Suite 1000 Houston, TX 77027
EIN: 30-0513080

Plan Number:    Plan #503

Type of Plan:    Welfare Benefits

Type of Administration:    Plan Administrator

Plan Administrator (and Agent for Service of Legal Process):
Willbros Executive Leadership Team
4400 Post Oak Parkway, Suite 1000 
Houston, TX 77027

Plan Year: The Plan Year ends on the 31st day of December of each year.

II.The Statement of ERISA Rights.

As a Participant in the Plan, you are entitled to certain rights and protections under ERISA. ERISA provides that all Plan Participants shall be entitled to:

Receive Information About Your Plan and Benefits

		
	* 
	Examine, without charge, at the Plan Administrator’s office and at other specified locations, such as worksites, all documents governing the Plan and a copy of the latest 

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annual report (Form 5500 Series), if applicable, filed by the Plan with the U.S. Department of Labor and available at the Public Disclosure Room of the Pension and Welfare Benefit Administration.

		
	*
	Obtain, upon written request to the Plan Administrator, copies of documents governing the operation of the Plan and copies of the latest annual report (Form 5500 Series), if applicable, and of the updated summary plan description. The Plan Administrator may make a reasonable charge for the copies.

		
	* 
	Receive a summary of the Plan’s annual financial report, if applicable. The Plan Administrator is required by law to furnish each Participant with a copy of this summary annual report.

Prudent Actions by Plan Fiduciaries

In addition to creating rights for Plan Participants, ERISA imposes duties upon the people who are responsible for the operation of the employee benefit plan. The people who operate your Plan, called “fiduciaries” of the Plan, have a duty to do so prudently and in the interest of you and other Plan Participants and beneficiaries. No one, including your employer, your union, or any other person, may fire you or otherwise discriminate against you in any way to prevent you from obtaining a welfare benefit or exercising your rights under ERISA.

Enforce Your Rights

If your claim for a welfare benefit is denied or ignored, in whole or in part, you have a right to know why this was done, to obtain copies of documents relating to the decision without charge, and to appeal any denial, all within certain time schedules.

Under ERISA, there are steps you can take to enforce the above rights.  For instance, if you request a copy of Plan documents or the latest annual report from the Plan and do not receive them within 30 days, you may file suit in a Federal court.  In such a case, the court may require the Plan Administrator to provide the materials and pay you up to $110 a day until you receive the materials, unless the materials were not sent because of reasons beyond the control of the Plan Administrator.  If you have a claim for benefits which is denied or ignored, in whole or in part, you may file suit in a state or Federal court.  If it should happen that Plan fiduciaries misuse the Plan’s money, or if you are discriminated against for asserting your rights, you may seek assistance from the U.S. Department of Labor, or you may file suit in a Federal court.  The court will decide who should pay court costs and legal fees.  If you are successful, the court may order the person you have sued to pay these costs and fees.  If you lose, the court may order you to pay these costs and fees, for example, if it finds your claim is frivolous.

Assistance with Your Questions

If you have any questions about your Plan, you should contact the Plan Administrator.  If you have any questions about this statement or about your rights under ERISA, or if you need 

A-29

assistance in obtaining documents from the Plan Administrator, then you should contact the nearest office of the Employee Benefits Security Administration, U.S. Department of Labor, listed in your telephone directory or the Division of Technical Assistance and Inquiries, Employee Benefits Security Administration, U.S. Department of Labor, 200 Constitution Avenue N.W., Washington, D.C. 20210.  You may also obtain certain publications about your rights and responsibilities under ERISA by calling the publications hotline of the Employee Benefits Security Administration.

A-30

EXHIBIT B 
 
WILLBROS GROUP, INC. WAIVER AND 
RELEASE AGREEMENT

 
This agreement, waiver and release (this “Agreement”), made as of the ___ day of ________________, 20___ (the “Effective Date”), is made by and among Willbros Group, Inc. (together with all successors thereto, “Company”) and [INSERT PARTICIPANT NAME] (“Participant”). 
WHEREAS, the Participant is eligible for a benefit under that certain Willbros Group, Inc. 2010 Management Severance Plan for Senior Management (“Severance Plan”);
NOW THEREFORE, in consideration for receiving benefits and severance under the Severance Plan and in consideration of the representations, covenants and mutual promises set forth in this Agreement, the parties agree as follows:
1.    Release.  Except with respect to all of the Company’s obligations under the Severance Plan, the Participant, and Participant’s heirs, executors, assigns, agents, legal representatives, and personal representatives, hereby release, acquit and forever discharge the Company, its predecessors, successors, parent, subsidiaries, affiliates, operating units and their respective officers, directors, agents, servants, employees, attorneys, stockholders, successors, assigns and affiliates, of and from any and all claims, liabilities, demands, obligations, promises, acts, agreements, causes of action, costs, expenses, attorneys fees, damages, indemnities and obligations of every kind and nature, in law, equity, or otherwise, known and unknown, suspected and unsuspected, disclosed and undisclosed, arising out of or in any way related to agreements, events, acts or conduct at any time prior to the day prior to execution of this Agreement that arose out of or were related to the Participant’s employment with the Company or the Participant’s termination of employment with the Company including, but not limited to, any and all claims or demands pursuant to Title VII of the Civil Rights Act of 1964 as amended by the Civil Rights Act of 1991, 42 U.S.C. § 2000e, et seq., which prohibits discrimination in employment based on race, color, national origin, religion or sex; the Civil Rights Act of 1866, 42 U.S.C. § 2000e, et seq., 42 U.S.C. §1981, 1983 and 1985, which prohibits violations of civil rights; the Equal Pay Act of 1963, 29 U.S.C. § 206(d)(1), which prohibits unequal pay based upon gender; the Age Discrimination in Employment Act of 1967, as amended, and as further amended by the Older Workers Benefit Protection Act, 29 U.S.C. § 621, et seq., which prohibits age discrimination in employment; the Employee Retirement Income Security Act of 1974, as amended, 29 U.S.C. §1001, et seq., which protects certain employee benefits; the Americans with Disabilities Act of 1990, as amended, 42 U.S.C. § 12101, et seq. and the Rehabilitation Act of 1973, which prohibit discrimination against the disabled; the Family and Medical Leave Act of 1993, as amended 29 U.S.C. § 2601, et seq., which provides medical and family leave; the federal Worker Adjustment and Retraining Notification Act (as amended) and similar laws in other jurisdictions; the Fair Labor Standards Act, 29 U.S.C. § 201, et seq., including the Wage and Hour Laws relating to payment of wages, including, but not limited to, vacation pay, commissions, and bonuses; the Texas Pay Day Law; and all other federal, state or local laws or 

B-31

regulations prohibiting employment discrimination and/or governing the payment of wages, benefits, and other forms of compensation, and any claims for wrongful discharge, breach of contract, breach of the implied covenant of good faith and fair dealing, fraud, discrimination, harassment, defamation, infliction of emotional distress, termination in violation of public policy, retaliation, including workers’ compensation retaliation under state statutes, tort law. contract law, libel, slander, or claims for retaliation, or other claims arising under any local, state or federal regulation, statute or common law.  This Release does not apply to the payment of any and all benefits and/or monies earned, accrued, vested or otherwise owing, if any, to the Participant under the terms of a Company-sponsored tax qualified retirement or savings plan, except that the Participant hereby releases and waives any claims that his termination was to avoid payment of such benefits or payments, and that, as a result of his termination, he is entitled to additional benefits or payments.  Additionally, this Release does not apply to any of Participant’s rights or obligations with respect to indemnification or directors’ and officers’ liability coverage to which Participant is entitled or subject in his capacity as a former officer or employee of the Company. This Release does not apply to any claim or rights which might arise out of the actions of the Company after the date the Participant signs this Agreement.  Further, notwithstanding anything herein to the contrary, nothing herein or otherwise shall release the Company from any claims, rights or damages that may not be released or waived as a matter of law.  
2.    No Inducement.  Participant agrees that no promise or inducement to enter into this Agreement has been offered or made except as set forth in this Agreement, that the Participant is entering into this Agreement without any threat or coercion and without reliance or any statement or representation made on behalf of the Company or by any person employed by or representing the Company, except for the written provisions and promises contained in this Agreement.
3.    Damages.  The parties agree that damages incurred as a result of a breach of this Agreement will be difficult to measure.  It is, therefore, further agreed that, in addition to any other remedies, equitable relief will be available in the case of a breach of this Agreement.  It is also agreed that, in the event Participant files a claim against the Company with respect to a claim released by Participant herein (other than a proceeding before the EEOC), the Company may withhold, retain, or require reimbursement of all or any portion of the benefits and severance payments under the Severance Plan until such claim is withdrawn by Participant.
4.    Advice of Counsel; Time to Consider; Revocation.  Participant acknowledges the following:
(a)    Participant has read this Agreement, and understands its legal and binding effect.  Participant is acting voluntarily and of Participant’s own free will in executing this Agreement.
(b)    Participant has been advised to seek and has had the opportunity to seek legal counsel in connection with this Agreement.
(c)    Participant was given at least twenty-one (21) days to consider the terms of this Agreement before signing it.  

B-32

Participant understands that, if Participant signs this Agreement, Participant may revoke it within seven days after signing it by delivering written notification of intent to revoke within that seven day period.  Participant understands that this Agreement will not be effective until after the seven (7) day period has expired.

5.    No Admission.  This Agreement shall not be construed as an admission by the Company of any liability whatsoever, or as an admission by the Company of any violation of rights, or of the Participant’s rights, or of any person, or any violation of any order, law, statute, duty or contract.
6.    Severability.  If all or any part of this Agreement is declared by any court or governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not invalidate any other portion of this Agreement.  Any section or a part of a section declared to be unlawful or invalid shall, if possible, be construed in a manner which will give effect to the terms of the section to the fullest extent possible while remaining lawful and valid.
7.    Amendment.  This Agreement shall not be altered, amended, or modified except by written instrument executed by the Company and the Participant.  A waiver of any portion of this Agreement shall not be deemed a waiver of any other portion of this Agreement.
8.    Counterparts.  This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, but all of which together will constitute one and the same instrument. 
9.    Headings.  The headings of this Agreement are not part of the provisions hereof and shall not have any force or effect.
10.    Rules of Construction.  Reference to a specific law shall include such law, any valid regulation promulgated thereunder, and any comparable provision of any future legislation amending, supplementing or superseding such section.
11.    Applicable Law.  The provisions of this Agreement shall be interpreted and construed in accordance with the laws of the State of Texas without regard to its choice of law principles. 

B-33

IN WITNESS WHEREOF, the parties have executed this Agreement as of the dates specified below.
[INSERT PARTICIPANT NAME]

    

Date:         
WILLBROS GROUP, INC., acting on behalf of itself and its Subsidiaries and Affiliates
By:     

Title:         

Date:    __________________________________

A C K N O W L E D G M E N T
I HEREBY ACKNOWLEDGE that Willbros Group, Inc. (the “Company”), in accordance with the Age Discrimination in Employment Act of 1967, as amended by the Older Workers Benefit Protection Act of 1990, informed me in writing that:
(1)    I should consult with an attorney before signing the Waiver and Release Agreement ("Agreement") that was provided to me.
(2)    I may review the Agreement for a period of up to twenty-one (21) days prior to signing the Agreement. If I choose to take less than twenty-one (21) days to review the Agreement, I do so knowingly, willingly and on advice of counsel.
(3)    For a period of seven days following the signing of the Agreement, I may revoke the Agreement, and that the Agreement will not become effective or enforceable until the seven day revocation period has elapsed.
(4)    The Company shall not accept my signed Agreement prior to the last day of my employment.

B-34

I HEREBY FURTHER ACKNOWLEDGE receipt of the Agreement on the ____ day of ____________, 20___.

WITNESS:

            
[INSERT PARTICIPANT’S NAME]Exhibit 10.5

 

INDEMNIFICATION AGREEMENT

 

This Indemnification
Agreement (“Agreement”), dated as of [DATE] (the “Effective Date”), is by
and between Sensus Healthcare, Inc., a Delaware corporation (the “Corporation”), and [NAME OF INDEMNITEE]
(“Indemnitee”). The Corporation and Indemnitee are sometimes referred to in this Agreement as each, individually,
a “Party” and, collectively, the “Parties.”

 

RECITALS:

 

A.           Indemnitee
is a director, officer, employee, or agent of the Corporation.

 

B.           Both
the Corporation and Indemnitee recognize the increased risk of litigation and other claims being asserted against directors, officers,
employees, and agents of public and other entities.

 

C.           The
board of directors of the Corporation (the “Board”) has determined that enhancing the ability of the Corporation
to retain and attract as directors, officers, employees, and agents the most capable persons is in the best interests of the Corporation
and that the Corporation therefore should seek to assure such persons that indemnification is available.

 

D.           In
recognition of the need to provide Indemnitee with substantial protection against personal liability and enhance Indemnitee’s
ability to serve the Corporation in an effective manner, and in order to provide such protection pursuant to express contract
rights (intended to be enforceable irrespective of, among other things, any amendment to the Corporation’s certificate of
incorporation or bylaws (collectively, the “Constituent Documents”), any change in the composition of the Board,
or any change in control or business combination transaction relating to the Corporation), the Corporation desires to provide
in this Agreement for the indemnification of, and the advancement of Expenses (as defined below) to, Indemnitee as set forth in
this Agreement.

 

NOW, THEREFORE,
in consideration of the foregoing and Indemnitee’s agreement to provide services to the Corporation, the receipt and
adequacy of which is hereby conclusively acknowledged, the Parties agree as follows:

 

1.           Definitions.
For purposes of this Agreement, the following terms will have the following meanings:

 

(a)          “Beneficial
Owner” has the meaning given to the term “beneficial owner” in Rule 13d-3 under the Securities Exchange
Act of 1934, as amended (the “Exchange Act”).

 

(b)          “Change
in Control” means the occurrence of any of the following events after the Effective Date:

 

(i)          any
Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Corporation representing 50% or more of
the Corporation’s then-outstanding Voting Securities, unless the change in relative Beneficial Ownership of the Corporation’s
securities by any Person results solely from a reduction in the aggregate number of outstanding shares of securities entitled
to vote generally in the election of directors;

 

(ii)         the
consummation of a reorganization, merger or consolidation, unless immediately following such reorganization, merger or consolidation,
all of the Beneficial Owners of the Voting Securities of the Corporation immediately prior to such transaction beneficially own,
directly or indirectly, more than 50% of the combined voting power of the outstanding Voting Securities of the entity resulting
from such transaction;

 

    	 	 	 

     

    

 

(iii)        during
any period of two (2) consecutive years, not including any period prior to the execution of this Agreement, individuals who at
the beginning of such period constituted the Board (including for this purpose any new directors whose election by the Board or
nomination for election by the Corporation’s stockholders was approved by a vote of at least two-thirds (2/3) of the directors
then still in office who either were directors at the beginning of the period or whose election or nomination for election was
previously so approved) cease for any reason to constitute at least a majority of the Board;

 

(iv)        the
stockholders of the Corporation approve a plan of complete liquidation or dissolution of the Corporation; or

 

(v)         the
consummation of a sale or disposition by the Corporation of all or substantially all of the Corporation’s assets.

 

(c)          “Claim”
means:

 

(i)          any
threatened, pending, or completed action, suit, proceeding, or alternative dispute resolution mechanism, whether civil, criminal,
administrative, arbitrative, investigative, or other, and whether made pursuant to federal, state, or other law; or

 

(ii)         any
inquiry, hearing, or investigation that Indemnitee determines might lead to the institution of any such action, suit, proceeding,
or alternative dispute resolution mechanism.

 

(d)          “Corporate
Member” means a person who is or was a director, officer, employee, or agent of the Corporation or, while a director,
officer, employee, or agent of the Corporation, is or was serving at the request of the Corporation as a director, officer, employee,
or agent of another corporation or of a partnership, joint venture, trust, enterprise, or nonprofit entity, including service
with respect to employee benefit plans.

 

(e)          “Disinterested
Director” means a director of the Corporation who is not and was not a party to the Claim in respect of which indemnification
is sought by Indemnitee.

 

(f)          “Expenses”
means any and all actually and reasonably incurred expenses, including attorneys’ and experts’ fees, court costs,
transcript costs, travel expenses, duplicating, printing and binding costs, telephone charges, and all other costs and expenses
incurred in connection with investigating, defending, being a witness in or participating in (including on appeal), or preparing
to defend, be a witness, or participate in, any Claim. Expenses also include (i) Expenses incurred in connection with any appeal
resulting from any Claim, including the premium, security for, and other costs relating to any cost bond, supersedeas bond, or
other appeal bond or its equivalent; and (ii) for purposes of Section 3(c) only, Expenses incurred by Indemnitee in connection
with the interpretation, enforcement, or defense of Indemnitee’s rights under this Agreement, by litigation or otherwise.
Expenses, however, will not include amounts paid in settlement by Indemnitee or the amount of judgments or fines against Indemnitee.

 

(g)          “Expense
Advance” means any payment of Expenses advanced to Indemnitee by the Corporation pursuant to Section 3 of this
Agreement.

 

    	 	 	 

     

    

 

(h)          “Indemnifiable
Event” means any event or occurrence, whether occurring [before,] on or after the Effective Date, by reason of
the fact that Indemnitee is or was a Corporate Member or by reason of an action or inaction by Indemnitee in any such capacity
(whether or not serving in such capacity at the time any Loss is incurred for which indemnification can be provided under this
Agreement).

 

(i)          “Independent
Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither
presently performs, nor in the past three (3) years has performed, services for either: (i) the Corporation or Indemnitee (other
than in connection with matters concerning Indemnitee under this Agreement or of other indemnitees under similar agreements);
or (ii) any other party to the Claim giving rise to a claim for indemnification under this Agreement. Notwithstanding the foregoing,
the term “Independent Counsel” will not include any person who, under the applicable standards of professional
conduct then prevailing, would have a conflict of interest in representing either the Corporation or Indemnitee in an action to
determine Indemnitee’s rights under this Agreement.

 

(j)          “Losses”
means any and all actually and reasonably incurred Expenses, damages, losses, liabilities, judgments, fines, penalties (whether
civil, criminal, or other), ERISA excise taxes, amounts paid, or payable in settlement, including any interest, assessments, and
all other charges paid or payable in connection with investigating, defending, being a witness in or participating in (including
on appeal), or preparing to defend, be a witness, or participate in, any Claim.

 

(k)          “Person”
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business association,
organization, governmental entity, or other entity and includes the meaning set forth in Sections 13(d) and 14(d) of the Exchange
Act.

 

(l)          “Standard
of Conduct Determination” will have the meaning ascribed to it in Section 6(b) below.

 

(m)          “Voting
Securities” means any securities of the Corporation that vote generally in the election of directors.

 

2.           Services
to the Corporation. Indemnitee agrees to serve as a director, officer, employee, or agent of the Corporation
for so long as Indemnitee is duly elected or appointed or until Indemnitee tenders [his/her] resignation or is no longer
serving in such capacity. Indemnitee may at any time and for any reason resign from such position (subject to any other contractual
obligation or any obligation imposed by operation of law), in which event the Corporation will have no obligation whatsoever under
this Agreement to continue Indemnitee in any such position. This Agreement will not be deemed an employment agreement between
the Corporation (or any of its subsidiaries or affiliates) and Indemnitee. Indemnitee specifically acknowledges that, subject
to the terms of any employment agreement with the Corporation, Indemnitee’s service to the Corporation or any of its subsidiaries
or affiliates is at will and Indemnitee may be discharged at any time for any reason, with or without cause, subject to any other
contractual obligation or any obligation imposed by operation of law.

 

3.           Indemnification
and Advancement of Expenses. Subject to Sections 4 through 8 of this Agreement:

 

(a)          Indemnification.
Provided that Indemnitee has not been terminated for “Cause,” as defined in Indemnitee’s employment agreement
with the Corporation, if any, the Corporation will indemnify and hold harmless, to the fullest extent permitted by applicable
law as it presently exists or may be amended after the Effective Date, Indemnitee against any and all Losses to the extent Indemnitee
was or is made or is threatened to be made a party or is otherwise involved in any Claim related to an Indemnifiable Event, including
Claims brought by or in the right of the Corporation, Claims brought by third parties, and Claims in which Indemnitee is solely
a witness.

 

    	 	 	 

     

    

 

(b)          Advancement
of Expenses. The Corporation will pay Indemnitee the Expenses in connection with any Claim for which indemnification of Indemnitee
is required pursuant to Section 3(a) in advance of the final disposition of such Claim. A plea of guilty to a felony charge
arising out of misconduct committed by Indemnitee in Indemnitee’s capacity as a Corporate Member will, for purposes of the
mandatory advancement of expenses provided in this Section 3(b), constitute a final disposition of a Claim. Execution and
delivery to the Corporation of this Agreement by Indemnitee constitutes an undertaking by Indemnitee to repay any and all amounts
paid, advanced, or reimbursed by the Corporation pursuant to this Section 3(b) if it is ultimately determined that Indemnitee
is not entitled to be indemnified with respect to the Expenses related to, arising out of, or resulting from any Claim. Indemnitee’s
right to such advancement of Expenses is not subject to the satisfaction of any standard of conduct.

 

(c)          Claims
By Indemnitee Against the Corporation. The Corporation will also, to the fullest extent permitted by applicable law as it
presently exists or may be amended after the Effective Date, indemnify against, and, if requested by Indemnitee, will advance
to Indemnitee subject to and in accordance with Section 3(b), any Expenses in connection with any Claim by Indemnitee against
the Corporation for indemnification or reimbursement or advance payment of Expenses under this Agreement or under any of the Constituent
Documents; provided, however, that in the event that Indemnitee is ultimately determined not to be entitled to such
indemnification, as the case may be, then all amounts advanced under this Section 3(c) must be repaid to the Corporation
by Indemnitee.

 

(d)          Partial
Indemnification. If Indemnitee is entitled under this Agreement to indemnification by the Corporation for a portion of any
Losses in respect of a Claim related to an Indemnifiable Event, but not for the total amount of such Losses, the Corporation will
nevertheless indemnify Indemnitee for the portion of such Losses to which Indemnitee is entitled.

 

4.           Procedure
upon Application for Indemnification. In order to obtain indemnification or Expense Advances pursuant to this Agreement,
Indemnitee must submit to the Corporation a written request for indemnification or Expense Advances, as applicable, in substantially
the same form as attached to this Agreement as Exhibit A, including in such request (a) such documentation and information
as is reasonably available to Indemnitee and is reasonably necessary to determine whether and to what extent Indemnitee is entitled
to indemnification following the final disposition of the Claim or Expense Advances prior to the final disposition of the Claim;
and (b) a confirmation of the undertaking agreed to by Indemnitee in Section 3(b), subject to any additional terms and
conditions of repayment as the Parties may agree upon from time to time. The Secretary of the Corporation will, promptly upon
receipt of such a request for indemnification or Expense Advances, advise the Board in writing of such request.

 

5.           Payment
of Indemnification and Expense Advances.

 

(a)          Payment
of Indemnification. If, in regard to any Losses, Indemnitee has submitted a written request for indemnification in accordance
with Section 4 and:

 

(i)          Indemnitee
is entitled to indemnification pursuant to Section 6(a);

 

(ii)         no
Standard Conduct Determination is legally required as a condition to indemnification of Indemnitee under this Agreement; or

 

    	 	 	 

     

    

 

(iii)        Indemnitee
has been determined or deemed pursuant to Section 6(b) or Section 6(c) to have satisfied the Standard of Conduct
Determination,

 

then the Corporation
will pay an amount equal to such Losses to Indemnitee within thirty (30) days of the earliest date on which the applicable criterion
specified in clause (i), (ii), or (iii) is satisfied.

 

(b)          Payment
of Expense Advances. The Corporation will pay Indemnitee the Expenses in connection with any Claim for which indemnification
of Indemnitee is required pursuant to Section 3(a) within thirty (30) days of receipt of the written request for advancement
of Expenses in accordance with Section 4.

 

6.           Determination
of Right to Indemnification.

 

(a)          Mandatory
Indemnification; Indemnification as a Witness. 

 

(i)          To
the extent that Indemnitee is successful on the merits or otherwise in defense of any Claim relating to an Indemnifiable Event
or any portion of such Claim, including dismissal with or without prejudice, Indemnitee will be indemnified against all Losses
relating to such Claim in accordance with Section 3.

 

(ii)         To
the extent that Indemnitee’s involvement in a Claim relating to an Indemnifiable Event is to prepare to serve and serve
as a witness, and not as a party, Indemnitee will be indemnified against all Losses incurred in connection with such Claim in
accordance with Section 3.

 

(b)          Standard
of Conduct. To the extent that the provisions of Section 6(a) are inapplicable to a Claim related to an Indemnifiable
Event that will have been finally disposed of, any determination of whether Indemnitee has satisfied any applicable standard of
conduct under Delaware law that is a legally required condition to indemnification of Indemnitee against Losses relating to such
Claim and any determination that Expense Advances must be repaid to the Corporation (a “Standard of Conduct Determination”)
will be made as follows:

 

(i)          if
no Change in Control has occurred, (A) by a majority vote of the Disinterested Directors, even if less than a quorum of the Board;
(B) by a committee of Disinterested Directors designated by a majority vote of the Disinterested Directors, even though less than
a quorum; or (C) if there are no such Disinterested Directors, by Independent Counsel in a written opinion addressed to the Board,
a copy of which will be delivered to Indemnitee; and

 

(ii)         if
a Change in Control has occurred, (A) if Indemnitee so requests in writing, by a majority vote of the Disinterested Directors,
even if less than a quorum of the Board; or (B) otherwise, by Independent Counsel in a written opinion addressed to the Board,
a copy of which will be delivered to Indemnitee.

 

(c)          Making
the Standard of Conduct Determination.

 

(i)          The
Corporation will use its reasonable best efforts to cause any Standard of Conduct Determination required under Section 6(b)
to be made as promptly as practicable. If the Person designated to make the Standard of Conduct Determination under Section
6(b) will not have made a determination within thirty (30) days after the later of (A) receipt by the Corporation of a written
request from Indemnitee for indemnification pursuant to Section 4 (the date of such receipt being the “Notification
Date”); and (B) the selection of an Independent Counsel, if such determination is to be made by Independent Counsel,
then Indemnitee will be deemed to have satisfied the applicable standard of conduct; provided, however, that such
thirty-day period may be extended for a reasonable time, not to exceed an additional thirty (30) days, if the Person making such
determination in good faith requires such additional time to obtain or evaluate information relating to such determination.

 

    	 	 	 

     

    

 

(ii)         Indemnitee
will cooperate with the Person making the Standard of Conduct Determination with respect to Indemnitee’s entitlement to
indemnification, including providing to such Person upon reasonable request any documentation or information which is not privileged
or otherwise protected from disclosure and which is reasonably available to Indemnitee. The Corporation will indemnify and hold
harmless Indemnitee against and, if requested by Indemnitee, will reimburse Indemnitee for, or advance to Indemnitee, within thirty
(30) days of such request, any and all Expenses incurred by Indemnitee in cooperating with the Person making the Standard of Conduct
Determination.

 

(iii)        Notwithstanding
anything in this Agreement to the contrary, no determination as to entitlement of Indemnitee to indemnification under this Agreement
will be required to be made prior to the final disposition of any Claim.

 

(d)          Selection
of Independent Counsel for Standard of Conduct Determination. In the event the determination of entitlement to indemnification
is to be made by Independent Counsel pursuant to Section 6(b), the Independent Counsel will be selected as provided in
this Section 6(d). If no Change of Control has occurred, the Independent Counsel will be selected by the Board, and the
Corporation will give written notice to Indemnitee advising Indemnitee of the identity of the Independent Counsel so selected.
If a Change of Control has occurred, the Independent Counsel will be selected by Indemnitee (unless Indemnitee requests that such
selection be made by the Board, in which event the preceding sentence will apply), and Indemnitee will give written notice to
the Corporation advising it of the identity of the Independent Counsel so selected. In either event, Indemnitee or the Corporation,
as the case may be, may, within seven (7) days after receipt of such written notice of selection, deliver to the Corporation or
to Indemnitee, as the case may be, a written objection to such selection. Such objection may be asserted only on the ground that
the Independent Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Section
1 of this Agreement, and the objection must set forth with particularity the factual basis of such assertion. If such written
objection is made, the Independent Counsel so selected may not serve as Independent Counsel unless and until a court has determined
that such objection is without merit. If, within thirty (30) days after submission by Indemnitee of a written request for indemnification
pursuant to Section 4, no Independent Counsel has been selected and not objected to, either the Corporation or Indemnitee
may petition the Court of Chancery of the State of Delaware for resolution of any objection which has been made by the Corporation
or Indemnitee to the other’s selection of Independent Counsel or for the appointment of a Person as Independent Counsel
selected by such court or by such other Person as such court will designate, and the Person with respect to whom an objection
is so resolved or the Person so appointed will act as Independent Counsel under Section 6(b). The Corporation will pay
any and all reasonable fees and expenses of the Independent Counsel incurred in connection with acting pursuant to this Agreement,
and the Corporation will pay all reasonable fees and expenses incident to the procedures of this Section 6(d), unless any
objection by Indemnitee was frivolous and not in good faith. Upon the due commencement of any judicial proceeding pursuant to
Section 6(e)(i) of this Agreement, Independent Counsel will be discharged and relieved of any further responsibility in
such capacity (subject to the applicable standards of professional conduct then prevailing).

 

    	 	 	 

     

    

 

(e)          Presumptions
and Defenses. 

 

(i)          Indemnitee’s
Entitlement to Indemnification. In making any Standard of Conduct Determination, the Person making such determination will
presume that Indemnitee has satisfied the applicable standard of conduct and is entitled to indemnification, and the Corporation
will have the burden of proof to overcome that presumption and establish that Indemnitee is not so entitled. Any Standard of Conduct
Determination that is adverse to Indemnitee may be challenged by Indemnitee in the Court of Chancery of the State of Delaware
within one hundred and eighty (180) days following the date on which Indemnitee first has the right to commence such proceeding
pursuant to this Section 6(e)(i). No determination by the Corporation (including by its directors or any Independent Counsel)
that Indemnitee has not satisfied any applicable standard of conduct may be used as a defense to any legal proceedings brought
by Indemnitee to secure indemnification or Expenses Advances by the Corporation under this Agreement or create a presumption that
Indemnitee has not met any applicable standard of conduct.

 

(ii)         Reliance
as a Safe Harbor. For purposes of this Agreement, and without creating any presumption as to a lack of good faith if the following
circumstances do not exist, Indemnitee will be deemed to have acted in good faith and in a manner Indemnitee reasonably believed
to be in or not opposed to the best interests of the Corporation if Indemnitee’s actions or omissions to act are taken in
good faith reliance upon the records of the Corporation, including its financial statements, or upon information, opinions, reports,
or statements furnished to Indemnitee by the officers or employees of the Corporation or any of its subsidiaries in the course
of their duties, or by committees of the Board or by any other Person (including legal counsel, accountants, and financial advisors)
as to matters Indemnitee reasonably believes are within such other Person’s professional or expert competence and who has
been selected with reasonable care by or on behalf of the Corporation. In addition, the knowledge or actions, or failures to act,
of any director, officer, agent, or employee of the Corporation will not be imputed to Indemnitee for purposes of determining
the right to indemnity under this Agreement.

 

(iii)        No
Other Presumptions. For purposes of this Agreement, the termination of any Claim by judgment, order, settlement (whether with
or without court approval), or conviction, or upon a plea of nolo contendere or its equivalent, will not (except as otherwise
expressly provided in this Agreement) of itself create a presumption that Indemnitee did not meet any applicable standard of conduct
or have any particular belief, or that indemnification under this Agreement is otherwise not permitted.

 

(iv)        Defense
to Indemnification and Burden of Proof. It will be a defense to any action brought by Indemnitee against the Corporation to
enforce this Agreement (other than an action brought to enforce a claim for Losses incurred in defending against a Claim related
to an Indemnifiable Event in advance of its final disposition) that it is not permissible under applicable law for the Corporation
to indemnify Indemnitee for the amount claimed. In connection with any such action or any related Standard of Conduct Determination,
the burden of proving such a defense or that Indemnitee did not satisfy the applicable standard of conduct will be on the Corporation.

 

7.           Exclusions
from Indemnification. Notwithstanding anything in this Agreement to the contrary, the Corporation will not be obligated
to:

 

(a)          make
any payment to Indemnitee in respect of any Losses to the extent Indemnitee has otherwise received payment under any insurance
policy, the Constituent Documents, the Other Indemnity Provisions, or otherwise (including any payment from any other corporation,
partnership, joint venture, trust, enterprise, or nonprofit entity) of the amounts otherwise indemnifiable by the Corporation
under this Agreement;

 

(b)          indemnify
or advance funds to Indemnitee for Expenses or Losses with respect to proceedings initiated by Indemnitee, including any proceedings
against the Corporation or its directors, officers, employees, agents, or other indemnitees and not by way of defense, except
(i) proceedings referenced in Section 3(c); or (ii) where the Corporation has joined in or the Board has consented to the
initiation of such proceedings;

 

    	 	 	 

     

    

 

(c)          indemnify
or advance funds to Indemnitee for Expenses or Losses where such indemnification or advance would be inconsistent with (i) a provision
of the Constituent Documents, a resolution of the stockholders, or an agreement in effect at the time of the accrual of the alleged
cause of the action asserted in the proceeding in which the expenses were incurred or other amounts were paid, which prohibits
or otherwise limits indemnification or advancement of expense; or (ii) any condition expressly imposed by a court in approving
a settlement;

 

(d)          indemnify
Indemnitee if a final decision by a court of competent jurisdiction determines that such indemnification is prohibited by applicable
law;

 

(e)          indemnify
Indemnitee for the disgorgement of profits arising from the purchase or sale by Indemnitee of securities of the Corporation in
violation of Section 16(b) of the Exchange Act, or any similar successor statute; or

 

(f)          indemnify
or advance funds to Indemnitee for Indemnitee’s reimbursement to the Corporation of any bonus or other incentive-based or
equity-based compensation previously received by Indemnitee or payment of any profits realized by Indemnitee from the sale of
securities of the Corporation, as required in each case under the Exchange Act (including any such reimbursements under (i) Section
304 of the Sarbanes-Oxley Act of 2002 in connection with an accounting restatement of the Corporation or the payment to the Corporation
of profits arising from the purchase or sale by Indemnitee of securities in violation of Section 306 of the Sarbanes-Oxley Act
of 2002; and (ii) any rules or listing standards adopted, promulgated, or to be adopted or promulgated after the Effective Date,
as applicable, under or as a result of Section 954 of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010).

 

8.           Notification
and Defense of Claims.

 

(a)          Notification
of Claims. Indemnitee will notify the Corporation in writing as soon as practicable of any Claim which could relate to an
Indemnifiable Event or for which Indemnitee could seek Expense Advances, including a brief description (based upon information
then available to Indemnitee) of the nature of, and the facts underlying, such Claim. The failure by Indemnitee to timely notify
the Corporation under this Agreement will not relieve the Corporation from any liability under this Agreement, unless such failure
materially prejudices the Corporation.

 

(b)          Defense
of Claims. The Corporation may, in its sole discretion, participate in the defense of any Claim relating to an Indemnifiable
Event at its own expense and, except as otherwise provided below, to the extent the Corporation so wishes, it may assume the defense
of such Claim with counsel reasonably satisfactory to Indemnitee. After notice from the Corporation to Indemnitee of its election
to assume the defense of any such Claim, the Corporation will not be liable to Indemnitee under this Agreement or otherwise for
any Expenses subsequently directly incurred by Indemnitee in connection with Indemnitee’s defense of such Claim other than
reasonable costs of investigation or as otherwise provided below. Indemnitee will have the right to employ its own legal counsel
in such Claim, but all Expenses related to such counsel incurred after notice from the Corporation of its assumption of the defense
will be at Indemnitee’s own expense; provided, however, that if (i) Indemnitee’s employment of its own
legal counsel has been authorized by the Corporation; (ii) Indemnitee has reasonably determined that there may be a conflict of
interest between Indemnitee and the Corporation in the defense of such Claim; (iii) after a Change in Control, Indemnitee’s
employment of its own counsel has been approved by the Independent Counsel; or (iv) the Corporation will not in fact have employed
counsel to assume the defense of such Claim, then Indemnitee will be entitled to retain its own separate counsel (but not more
than one law firm plus, if applicable, local counsel in respect of any such Claim) and all reasonable Expenses related to such
separate counsel will be paid by the Corporation.

 

    	 	 	 

     

    

 

9.           Settlement
of Claims. The Corporation will not be liable to Indemnitee under this Agreement for any amounts paid in settlement
of any threatened or pending Claim related to an Indemnifiable Event effected without the Corporation’s prior written consent,
which will not be unreasonably withheld; provided, however, that if a Change in Control has occurred, the Corporation
will be liable for indemnification of Indemnitee for amounts paid in settlement if an Independent Counsel has approved the settlement.
The Corporation will not settle any Claim related to an Indemnifiable Event in any manner that would impose any Losses on Indemnitee,
without Indemnitee’s prior written consent, which will not be unreasonably withheld.

 

10.         Duration.
All agreements and obligations of the Corporation contained in this Agreement will terminate upon the later of (a) ten (10) years
after the date that Indemnitee ceases to serve as a director, officer, employee, or agent, as applicable, of the Corporation;
and (b) throughout the pendency of any proceeding (including any rights of appeal to such proceeding) commenced by Indemnitee
to enforce or interpret Indemnitee’s rights under this Agreement, even if, in either case, Indemnitee ceases to serve in
such capacity at the time of any such Claim or proceeding.

 

11.         Non-Exclusivity.
The rights of Indemnitee under this Agreement will be in addition to any other rights Indemnitee may have under the Constituent
Documents, the General Corporation Law of the State of Delaware, any other contract, or otherwise (collectively, the “Other
Indemnity Provisions”).

 

12.         Insurance.
Indemnitee acknowledges and agrees that the Corporation may purchase and maintain insurance on behalf of Indemnitee against any
Losses asserted against Indemnitee and incurred by Indemnitee as a Corporate Member, or arising out of Indemnitee’s status
as a Corporate Member, whether or not the Corporation would have the power to indemnify Indemnitee against such Losses under this
Agreement or the Other Indemnity Provisions.

 

13.         Subrogation.
In the event of payment to Indemnitee under this Agreement, the Corporation will be subrogated to the extent of such payment to
all of the rights of recovery of Indemnitee. Indemnitee will execute all papers required and will do everything that may be necessary
or reasonable to secure such rights, including the execution of such documents necessary to enable the Corporation effectively
to bring suit to enforce such rights.

 

14.         Recitals;
Interpretation. The recitals to this Agreement are hereby incorporated by reference into the Agreement for all purposes. For
purposes of this Agreement: (a) the words “include,” “includes” and “including” will be deemed
to be followed by the words “without limitation”; (b) the word “or” is not exclusive; and (c) the words
“herein,” “hereof,” “hereby,” “hereto” and “hereunder” refer to this
Agreement as a whole. Unless the context otherwise requires, references in this Agreement: (x) to Sections and Exhibits mean the
Sections of, and Exhibits to, this Agreement; (y) to an agreement, instrument or other document means such agreement, instrument,
or other document as amended, supplemented and modified from time to time to the extent permitted by the provisions thereof; and
(z) to a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations
promulgated thereunder. The Exhibits referred to in this Agreement will be construed with, and as an integral part of, this Agreement
to the same extent as if they were set forth verbatim in this Agreement.

 

    	 	 	 

     

    

 

15.         No
Construction Against Draftsmen. The Parties acknowledge that this is a negotiated agreement, and that in no event will the
terms of this Agreement be construed against any Party on the basis that such Party, or its counsel, drafted this Agreement.

 

16.         Headings.
The headings in this Agreement are for reference only and will not affect the interpretation of this Agreement.

 

17.         Amendments;
Waiver. No supplement, modification, or amendment of this Agreement will be binding unless executed in writing by both
of the Parties. Any repeal or modification of the provisions of this Agreement will not adversely affect any right or protection
of Indemnitee provided in this Agreement with respect to any act or omission occurring prior to the time of such repeal or modification.
No waiver of any of the provisions of this Agreement will be binding unless in the form of a writing signed by the party against
whom enforcement of the waiver is sought, and no such waiver will operate as a waiver of any other provisions of this Agreement
(whether or not similar), nor will such waiver constitute a continuing waiver. Except as specifically provided in this Agreement,
no failure to exercise or any delay in exercising any right or remedy under this Agreement will constitute a waiver of any such
right or remedy.

 

18.         Binding
Effect. This Agreement is binding upon and inure to the benefit of and be enforceable by the Parties and their respective
successors (including any direct or indirect successor by purchase, merger, consolidation or otherwise to all or substantially
all of the business or assets of the Corporation), assigns, spouses, heirs, and personal and legal representatives. The Corporation
will require and cause any successor (whether direct or indirect by purchase, merger, consolidation or otherwise) to all, substantially
all or a substantial part of the business or assets of the Corporation, by written agreement in form and substances satisfactory
to Indemnitee, expressly to assume and agree to perform this Agreement in the same manner and to the same extent that the Corporation
would be required to perform if no such succession had taken place.

 

19.         Severability.
If any term or provision of this Agreement is invalid, illegal, or unenforceable in any jurisdiction, such invalidity, illegality
or unenforceability will not affect any other term or provision of this Agreement or invalidate or render unenforceable such term
or provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal, or unenforceable,
the Parties will negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely
as possible.

 

20.         Notices.
All notices, requests, demands, or other communications that are required or may be given pursuant to the terms of this Agreement
will be in writing and will be deemed to have been duly given: (a) on the date of delivery, if personally delivered by hand;
(b) upon the third day after such notice is deposited in the United States mail, if mailed by registered or certified mail,
postage prepaid, return receipt requested; or (c) upon the date scheduled for delivery after such notice is sent by a nationally
recognized overnight express courier. Notice of change of address will be effective only when given in accordance with this Section.
Subject to the provisions of this Section 20, each such notice will be sent to the following addresses (as applicable):

 

if to Indemnitee,
to:

_____________________

_____________________

 

    	 	 	 

     

    

 

if to the
Corporation, to:

 

Sensus Healthcare,
Inc.

Attn: [_________________],
Secretary

851 Broken Sound Pkwy NW #215

Boca Raton, FL 33487

 

21.         Governing
Law and Forum. This Agreement will be governed by and construed and enforced in accordance with the laws of the State
of Delaware applicable to contracts made and to be performed in such state without giving effect to its principles of conflicts
of laws. The Corporation and Indemnitee hereby irrevocably and unconditionally agree that any action or proceeding arising out
of or in connection with this Agreement will be brought only in the Court of Chancery in the State of Delaware; provided,
however, that, in the event that the Court of Chancery of the State of Delaware lacks subject matter jurisdiction over
any such action or proceeding, the sole and exclusive forum for such action or proceeding will be another state or federal court
located within the State of Delaware. Each Party consents to the jurisdiction of such court in any such civil action or legal
proceeding and waives any objection to the laying of venue of any such civil action or legal proceeding in such court. Service
of any court paper may be effected on such Party by mail, as provided in this Agreement, or in such other manner as may be provided
under Laws.

 

22.         JURY
WAIVER. IN ANY CIVIL ACTION, COUNTERCLAIM, OR PROCEEDING, WHETHER AT LAW OR IN EQUITY, WHICH ARISES OUT OF, CONCERNS, OR RELATED
TO THIS AGREEMENT, THE PERFORMANCE OF THIS AGREEMENT, OR THE RELATIONSHIP CREATED BY THIS AGREEMENT, WHETHER SOUNDING IN CONTRACT,
TORT, STRICT LIABILITY, OR OTHERWISE, TRIAL WILL BE TO A COURT OF COMPETENT JURISDICTION AND NOT TO A JURY. EACH PARTY HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY. ANY PARTY MAY FILE AN ORIGINAL COUNTERPART OR A COPY OF THIS AGREEMENT
WITH ANY COURT, AS WRITTEN EVIDENCE OF THE CONSENT OF THE PARTIES TO THIS AGREEMENT OF THE WAIVER OF THEIR RIGHT TO TRIAL BY JURY.
NEITHER PARTY HAS MADE OR RELIED UPON ANY ORAL REPRESENTATIONS TO OR BY ANY OTHER PARTY REGARDING THE ENFORCEABILITY OF THIS SECTION
22. EACH PARTY HAS READ AND UNDERSTANDS THE EFFECT OF THIS SECTION 22. EACH PARTY ACKNOWLEDGES THAT IT HAS BEEN ADVISED
BY ITS OWN COUNSEL WITH RESPECT TO THIS AGREEMENT AND SPECIFICALLY WITH RESPECT TO THE TERMS OF THIS SECTION 22.

 

23.         Counterparts;
Effectiveness. This Agreement may be executed in one (1) or more counterparts, each of which will be an original. Any such
counterpart, to the extent delivered by means of a facsimile machine or by .pdf, .tif, .gif, .jpeg or similar attachment to an
electronic mail message (any such delivery, an “Electronic Delivery”), will be treated in all manner and respects
as an original executed counterpart and will be considered to have the same binding legal effect as if it were the original signed
version of such counterpart delivered in person. No Party will raise the use of Electronic Delivery to deliver a signature or
the fact that any signature or agreement or instrument was transmitted or communicated through the use of Electronic Delivery
as a defense to the formation of a contract, and each such Party forever waives any such defense, except to the extent such defense
relates to lack of authenticity.

 

24.         Entire
Agreement. This Agreement, together, with any Exhibits to this Agreement, constitutes the sole and entire agreement of the
Parties with respect to the subject matter contained in this Agreement and in such exhibits, and supersedes all prior and contemporaneous
representations, warranties, understandings and agreements, both written and oral, with respect to such subject matter.

 

[signature
page follows]

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Parties have executed this Agreement as of the Effective Date.

 

	 	THE CORPORATION:
	 	 
	 	Sensus Healthcare, Inc.
	 	 
	 	By: _____________________
	 	Name: ___________________
	 	Title: ____________________

 

	 	INDEMNITEE:
	 	 
	 	__________________________
	 	[Name]

 

Signature Page to Indemnification
Agreement

 

    	 	 	 

     

    

 

EXHIBIT
A

 

FORM OF REQUEST FOR INDEMNIFICATION
OR ADVANCEMENT OF EXPENSES

 

[DATE] 

 

Sensus Healthcare, Inc.

Attn: [_______________],
Secretary

851 Broken Sound Pkwy NW #215

Boca Raton, FL 33487

 

		RE:	Request for Indemnification or Advancement
                                         of Expenses

 

Dear Mr./Ms. ______________:

 

This letter is being
provided pursuant to that certain Indemnification Agreement, dated as of [DATE], by and between Sensus Healthcare, Inc.,
a Delaware corporation (the “Corporation”), and the undersigned as Indemnitee (the “Indemnification
Agreement”). Terms used in this letter and not otherwise defined will have the meanings ascribed to them in the
Indemnification Agreement. Pursuant to the Indemnification Agreement, among other things, I am entitled to the advancement of
Expenses paid or incurred in connection with Claims relating to Indemnifiable Events.

 

I have become subject
to [DESCRIPTION OF PROCEEDING] (the “Proceeding”) based on my status as a Corporate Member or alleged
actions or failures to act in my capacity as a Corporate Member. This letter also constitutes notice to the Corporation of the
Proceeding pursuant to Section 8 of the Indemnification Agreement. The following is a brief description of the Proceeding:

 

[DESCRIPTION OF
PROCEEDING]

 

Pursuant to Section
3 of the Indemnification Agreement, the Corporation can (a) pay such Expenses on my behalf; (b) advance funds in an amount sufficient
to pay such Expenses; or (c) reimburse me for such Expenses. Pursuant to Section 3 of the Indemnification Agreement, I hereby
request an Expense Advance in connection with the Proceeding. The Expenses for which advances are requested are as follows:

 

[DESCRIPTION OF
EXPENSES]

 

In connection with
the request for Expense Advances set out above, I hereby confirm my undertaking set forth in the Indemnification Agreement to
repay any and all Expense Advances to the extent that it is ultimately determined that I am not entitled to indemnification under
the Indemnification Agreement, the Constituent Documents, or applicable laws, regulations, or rules. [To secure my obligation
to repay of any and all Expense Advances, I agree as follows:]

 

[INSERT ANY TERMS
AND CONDITIONS TO EXPENSE ADVANCES]

 

This letter will be
governed by and construed in accordance with the laws of the State of Delaware, without regard to the principles of conflicts
of laws.

 

[SIGNATURE PAGE FOLLOWS]

 

    	 	 	 

     

    

 

	 	Very truly yours,
	 	 
	 	________________
	 	[Name]
	 	[Title]

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