Document:

Exhibit
10.2

FORM
OF

 

 

Landwin
Realty Trust, Inc.

 

2015
Equity Compensation Plan

 

 

    	 

    	 

    

 

LANDWIN
REALTY TRUST, INC.

 

2015
Equity Compensation Plan

 

	1.	Purpose

 

Landwin
Realty Trust, Inc., a Maryland corporation (the “Company”), hereby adopts this Landwin Realty Trust, Inc. 2015 Equity
Compensation Plan effective as of ________ __, 2015. This Plan is intended to encourage equity ownership of the Company by persons
providing services to the Company and/or its subsidiaries, including directors, employees, advisers and consultants of the Company
and/or its subsidiaries, and to provide additional incentives for them to promote the success of the business of the Company.

 

	2.	Definitions

 

As
used in this Plan, the following terms shall have the following meanings:

 

2.1Accelerate,
when used with respect to an Award (other than Restricted Stock), means that as of the time of reference the Award will vest and,
if applicable, will become exercisable with respect to some or all of the Common Stock, Units or cash equivalent for which such
Award was not then otherwise exercisable by its terms, and, when used with respect to Restricted Stock, means that the Risk of
Forfeiture otherwise applicable to the Common Stock shall expire with respect to some or all of the Common Stock then otherwise
subject to the Risk of Forfeiture.

 

2.2Affiliate
means, with respect to any Person, any other Person that directly or indirectly through one or more intermediaries controls,
is controlled by or is under common control with the Person in question. As used herein, “control” means
the possession, direct or indirect, of the power to direct or cause the direction of management and policies of a Person,
whether through ownership of voting securities, by contract or otherwise.

 

2.3Award
means any grant or sale pursuant to the Plan of Options, Restricted Stock, or other Stock-Based Awards.

 

2.4Award
Agreement means an agreement, instrument or other document between the Company and the recipient of an Award, setting forth
the terms and conditions of the Award.

 

2.5Beneficial
Owner shall have the meaning set forth in Rule 13d-3 under the Exchange Act.

 

2.6Board
means the Board of Directors of the Company.

 

2.7Cause
means, unless otherwise provided in an applicable Award Agreement, a termination of employment or service, based on a finding
by the Committee, that the Participant engaged in conduct (a) which involves fraud, moral turpitude, willful misconduct, bad
faith or commission of a crime that is classified as a felony under New York law and in the reasonable opinion of the Board
is injurious to the Company or its Affiliates, or (b) that constitutes grounds for termination for cause under the
Participant’s employment, consulting or service agreement with the Company or its Affiliates, to the extent applicable,
or under any policies in effect applicable to the Participant and relating to his or her employment by, or association with,
the Company or its Affiliates.

 

2.8Change
in Control shall have the meaning set forth in Section 8.2 hereof.

 

2.9Common
Stock means Common stock, par value $0.01 per share, of the Company.

 

2.10Code
means the Internal Revenue Code of 1986, as amended from time to time, or any successor statute thereto, and any
regulations issued from time to time thereunder. To the extent that reference is made to any particular section of the Code,
such reference shall be, where the context so admits, to any corresponding provisions of any succeeding law.

 

    	 

    	 

    

 

2.11Committee
means any committee of the Board that is delegated responsibility for the administration of the Plan, as provided in Section
4; provided, that such committee shall be comprised solely of directors of the Company who are (a) “non-employee
directors” under Rule 16b-3 of the Exchange Act, (b) “outside directors” under Code Section 162(m) and (c)
“independent directors” pursuant to New York Stock Exchange requirements.

 

2.12Company
means Landwin Realty Trust, Inc., a corporation organized under the laws of the State of Maryland.

 

2.13Covered
Employee shall have the meaning set forth in Section 162(m)(3) of the Code.

 

2.14Effective
Date means the date this Plan is adopted by the Board, on behalf of the Company.

 

2.15Exchange
Act means the Securities Exchange Act of 1934, as amended from time to time, and as now or hereafter construed, interpreted
and applied by regulations, rulings and cases.

 

2.16Exercise
Price means the price per share of Common Stock at which a holder of an Award granted hereunder may purchase the Common Stock
issuable upon exercise of such Award.

 

2.17Fair
Market Value of a share of Common Stock on any given date means: (i) if the Common Stock is listed for trading on the New
York Stock Exchange, the closing sale price per share of Common Stock on the New York Stock Exchange on that date (or, if no closing
sale price is reported, the last reported sale price), (ii) if the Common Stock is not listed for trading on the New York Stock
Exchange, the closing sale price (or, if no closing sale price is reported, the last reported sale price) as reported on that
date in composite transactions for the principal national securities exchange registered pursuant to Section 6(g) of the Exchange
Act on which the Common Stock is listed, (iii) if the Common Stock is not so listed on a national securities exchange, the last
quoted bid price for the Common Stock on that date in the over-the-counter market as reported by Pink Sheets LLC or a similar
organization, or (iv) if the Common Stock is not so quoted by Pink Sheets LLC or a similar organization such value as the Committee,
in its sole discretion, shall determine in good faith.

 

2.18Grant
Date means the date as of which an Option is granted, as determined under Section 6.1(a).

 

2.19ISO
means any Option to acquire Common Stock intended to be and designated as an incentive stock option within the meaning
of Section 422 of the Code.

 

2.20NQSO
means any Option that is designated as a nonqualified stock option.

 

2.21Option
means an option to purchase Common Stock, in the form of an ISO or a NQSO, or an option to purchase Units.

 

2.22Optionee
means a Participant to whom an Option shall have been granted under the Plan.

 

2.23Participant
means any holder of an outstanding Award under the Plan.

 

2.24Performance
Goals means performance goals based on one or more of the following criteria: (i) earnings including operating income, economic
income, economic net income, earnings before or after taxes, earnings before or after interest, depreciation, amortization, or
extraordinary or special items or book value per share (which may exclude nonrecurring items); (ii) pre-tax income or after-tax
income; (iii) earnings per common share (basic or diluted); (iv) operating profit; (v) revenue, revenue growth or rate of revenue
growth; (vi) return on assets (gross or net), return on investment, return on capital, or return on equity; (vii) returns on sales
or revenues; (viii) operating expenses; (ix) stock price appreciation; (x) cash flow, free cash flow, cash flow return on investment
(discounted or otherwise), net cash provided by operations, or cash flow in excess of cost of capital; (xi) implementation or
completion of critical projects or processes; (xii) economic value created; (xiii) cumulative earnings per share growth; (xiv)
operating margin or profit margin; (xv) common stock price or total stockholder return; (xvi) cost targets, reductions and savings,
productivity and efficiencies; (xvii) strategic business criteria, consisting of one or more objectives based on meeting specified
market penetration, geographic business expansion, customer satisfaction, employee satisfaction, human resources management, supervision
of litigation, information technology, and goals relating to acquisitions, divestitures, joint ventures and similar transactions,
and budget comparisons; (xviii) personal professional objectives, including any of the foregoing performance goals, the implementation
of policies and plans, the negotiation of transactions, the development of long-term business goals, formation of joint ventures,
research or development collaborations, and the completion of other corporate transactions; and (xix) any combination of any of
the foregoing.

 

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Where
applicable, the Performance Goals may be expressed in terms of attaining a specified level of the particular criteria or the attainment
of a percentage increase or decrease in the particular criteria, and may be applied to one or more of the Company or an Affiliate,
or a division or strategic business unit of the Company, or may be applied to the performance of the Company relative to a market
index, a group of other companies or a combination thereof, or other pre-established target or designated comparison group, all
as determined by the Committee. The Performance Goals may include a threshold level of performance below which no payment will
be made (or no vesting will occur), levels of performance at which specified payments will be made (or specified vesting will
occur), and a maximum level of performance above which no additional payment will be made (or at which full vesting will occur).
Each of the foregoing Performance Goals shall, as selected by the Committee, be determined in accordance with generally accepted
accounting principles or non-GAAP financial measures, and shall be subject to certification by the Committee; provided that, to
the extent an Award is intended to satisfy the performance-based compensation exception to the limits of Section 162(m) of the
Code and then to the extent consistent with such exception, the Committee shall have the authority to make equitable adjustments
to the Performance Goals in recognition of unusual or non-recurring events affecting the Company or any Affiliate or the financial
statements of the Company or any Affiliate, in response to changes in applicable laws or regulations, or to account for items
of gain, loss or expense determined to be extraordinary or unusual in nature or infrequent in occurrence or related to the disposal
of a segment of a business or related to a change in accounting principles.

 

2.25Person
means any individual, corporation, firm, partnership, joint venture, limited liability company, estate, trust, business
association, organization, or other entity.

 

2.26Plan
means this Landwin Realty Trust, Inc. 2015 Equity Compensation Plan, as amended from time to time, and including any
attachments or addenda hereto.

 

2.27Restricted
Stock means an Award of shares of Common Stock to a Participant under Section 6.2 that may be subject to certain restrictions
and to a Risk of Forfeiture.

 

2.28Restriction
Period means the period of time, established by the Committee in connection with an Award of Restricted Stock, during which
such Restricted Stock are subject to a Risk of Forfeiture described in the applicable Award Agreement.

 

2.29Risk
of Forfeiture means a limitation on the right of the Participant to retain Restricted Stock, including a right in the Company
to reacquire the Restricted Stock at less than their then Fair Market Value or for no consideration, arising because of the occurrence
or non-occurrence of specified events or conditions.

 

2.30Securities
Act means the Securities Act of 1933, as amended from time to time.

 

2.31Stock
Appreciation Right or SAR means the right pursuant to an Award granted under Section 6.4 below to receive an amount
equal to the excess, if any, of (i) the aggregate Fair Market Value, as of the date of such SAR or portion thereof is surrendered,
of the Common Stock or Unit covered by such right or such portion thereof, over (ii) the aggregate Exercise Price of such right
or portion thereof.

 

2.32Stock-Based
Award means an Award granted to a Participant pursuant to Section 6.4 hereof, that may be denominated or payable in, valued
in whole or in part by reference to, or otherwise based on, or related to, Common Stock including but not limited to performance
units and Stock Appreciation Rights, and which may be subject to the attainment of Performance Goals or a period of continued
employment or other terms and conditions as permitted under the Plan.

 

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The
definition of terms herein shall apply equally to the singular and plural forms of the terms defined. Whenever the context may
require, any pronoun shall include the corresponding masculine, feminine and neuter forms. The words “include”, “includes”
and “including” shall be deemed to be followed by the phrase “without limitation”. Unless the context
requires otherwise (i) any definition of or reference to any agreement, instrument or other document herein shall be construed
as referring to such agreement, instrument or other document as from time to time amended, restated, supplemented or otherwise
modified (subject to any restrictions on such amendments, restatements, supplements or modifications set forth therein or herein),
(ii) references to any law, constitution, statute, treaty, regulation, rule or ordinance, including any section or other part
thereof shall refer to it as amended from time to time and shall include any successor law, (iii) the words “herein”,
“hereof” and “hereunder”, and words of similar import, shall be construed to refer to this Plan in its
entirety and not to any particular provision hereof and (iv) all references herein to Sections shall be construed to refer to
Sections to this Plan.

 

	3.	Term
                                         of the Plan

 

Unless
the Plan shall have been earlier terminated by the Company, Awards may be granted under this Plan at any time in the period commencing
on the date of approval of the Plan by the Company and ending immediately prior to the tenth anniversary of such date. Awards
granted pursuant to the Plan within that period shall not expire solely by reason of the termination of the Plan.

 

	4.	Administration

 

The
Plan shall be administered by the Committee; provided, however, that the Committee may delegate to one or more “executive
officers” (as defined under applicable rules promulgated under the Exchange Act) the authority to grant Awards hereunder
to employees who are not executive officers, and to consultants and advisers, in accordance with such guidelines as the Committee
shall set forth at any time or from time to time. Subject to the provisions of the Plan, the Committee shall have complete authority,
in its discretion, to make or to select the manner of making all determinations with respect to each Award to be granted by the
Company under the Plan including the director, employee, adviser or consultant to receive the Award and the form of Award. In
making such determinations, the Committee may take into account the nature of the services rendered by such directors, employees,
advisers and consultants, their present and potential contributions to the success of the Company, and such other factors as the
Committee in its discretion shall deem relevant. Subject to the provisions of the Plan, the Committee shall also have complete
authority to interpret the Plan, to prescribe, amend and rescind rules and regulations relating to it, to determine the terms
and provisions of the respective Award Agreements (which need not be identical), and to make all other determinations necessary
or advisable for the administration of the Plan. The Committee’s determinations made in good faith on matters referred to
in the Plan shall be final, binding and conclusive on all persons having or claiming any interest under the Plan or an Award made
pursuant hereto.

 

	5.	Authorization
                                         of Grants

 

5.1Eligibility.
The Committee may grant from time to time and at any time prior to the termination of the Plan one or more Awards, either alone
or in combination with any other Awards, to any service provider to the Company or any of its Affiliates, including directors,
officers, employees, advisers and consultants of the Company and/or its Affiliates.

 

5.2General
Terms of Awards. Each grant of an Award shall be subject to all applicable terms and conditions of the Plan (including but
not limited to any specific terms and conditions applicable to that type of Award set out in Section 6 or in the Award Agreement),
and such other terms and conditions, not inconsistent with the terms of the Plan, as the Committee may prescribe.

 

5.3Non-Transferability
of Awards. Awards shall not be transferable, and no Awards or interest therein may be sold, transferred, pledged, assigned,
or otherwise alienated or hypothecated, other than by will or by the laws of descent and distribution, and all of a Participant’s
rights in any Award may be exercised during the life of the Participant only by the Participant or the Participant’s legal
representative.

 

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5.4Conditions
to Receipt of Awards. Unless otherwise waived by the Committee, no prospective Participant shall have any rights with respect
to an Award unless and until such Participant has executed an Award Agreement evidencing the Award, delivered a fully executed
copy thereof to the Company, and otherwise complied with the applicable terms and conditions of such Award.

 

5.5Equity
Subject to Plan. The maximum number of shares of Common Stock reserved for the grant or settlement of Awards under the Plan
shall be a number equal to 50,0000 and shall be subject to adjustment as provided herein. If any shares of Common Stock subject
to an Award are forfeited, canceled, exchanged or surrendered or if an Award otherwise terminates or expires without a distribution
of Common Stock to the Participant, the Common Stock with respect to such Award shall, to the extent of any such forfeiture, cancellation,
exchange, surrender, termination or expiration, again be available for Awards under the Plan. Notwithstanding the foregoing, Common
Stock that is exchanged by a Participant or withheld by the Company as full or partial payment in connection with any Award under
the Plan, as well as any Common Stock exchanged by a Participant or withheld by the Company to satisfy the tax withholding obligations
related to any Award under the Plan, shall not be available for subsequent Awards under the Plan.

 

5.6Covered
Employees. From and after the date that the grant of an Award to a Covered Employee is subject to Section 162(m) of the Code,
the aggregate Awards granted during any fiscal year to any single individual who is likely to be a Covered Employee shall not
exceed 30,000 shares of Common Stock Equity Units. Determinations made in respect of the limitation set forth in the preceding
sentence shall be made in a manner consistent with Section 162(m) of the Code.

 

5.7Authorized
Shares. Shares of Common Stock issued under the Plan may, in whole or in part, be authorized but unissued shares of Common
Stock or shares that have been or may be reacquired by the Company in the open market, in private transactions or otherwise.

 

	6.	Specific
                                         Terms of Awards

 

6.1Options.

 

(a)Date
of Grant. The granting of an Option shall take place at the time specified in the Award Agreement.

 

(b)Exercise
Price. The price at which a share of Common Stock may be acquired under each Option shall be no less than 100% of the Fair
Market Value of such Common Stock on the Grant Date.

 

(c)Option
Period. The exercise period with respect to each Option shall be determined in the sole discretion of the Committee and specified
in each Award Agreement; provided, however, that no Option may be exercised on or after the tenth anniversary of the Grant
Date.

 

(d)Exercisability.
An Option may be immediately exercisable or become exercisable in such installments, cumulative or non-cumulative, as the Committee
may determine and as set forth in each Award Agreement. In the case of an Option not otherwise immediately exercisable in full,
the Committee may Accelerate such Option in whole or in part at any time.

 

(e)ISOs.
No ISO shall be granted to any employee of the Company, if such employee owns, or is deemed to own, immediately prior to the grant
of the ISO, stock representing more than 10% of the total combined voting power of the Company or its Affiliates, or more than
10% of the value of all classes of stock of the Company or its Affiliates, unless the purchase price for the stock under such
ISO shall be at least 110% of its Fair Market Value at the time such ISO is granted and the ISO, by its terms, shall not be exercisable
more than five years from the date it is granted. In determining the stock ownership under this paragraph, the provisions of Section
424(d) of the Code shall be controlling.

 

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(f)Termination
of Association with the Company — Generally. Unless the Committee shall provide otherwise for any Award with respect
to any Option as set forth in the Award Agreement for such Option, if the Optionee’s employment or other association with
the Company ends for any reason, any outstanding Option of the Optionee shall cease to be exercisable in any respect and shall
terminate not later than 90 days following that event and, for the period it remains exercisable following that event, shall be
exercisable only to the extent exercisable at the date of that event (and to the extent not then exercisable, shall terminate
as of the date of such event). Military or sick leave or other bona fide leave shall not be deemed a termination of employment
or other association, provided that it does not exceed the longer of ninety (90) days or the period during which the absent
Optionee’s reemployment rights, if any, are guaranteed by statute or by contract.

 

(g)Method
of Exercise. An Option may be exercised by the Optionee giving written notice, in the manner provided in Section 14 or as
otherwise set forth in an Award Agreement, specifying the number of shares of Common Stock or Units with respect to which the
Option is then being exercised. Where the exercise of an Option is to be accompanied by payment, the Committee may determine the
required or permitted forms of payment, subject to the following: (a) all payments will be by cash or check acceptable to the
Committee; or (b) if so permitted by the Committee, (i) through the delivery of Common Stock that has a Fair Market Value equal
to the exercise price, except where payment by delivery of Common Stock would adversely affect the Company’s results of
operations under U.S. generally accepted accounting principles or where payment by delivery of Common Stock outstanding for less
than six months would require application of securities laws relating to profit realized on such Common Stock, (ii) by other means
acceptable to the Committee, or (iii) by means of withholding of Common Stock with an aggregate Fair Market Value equal to (A)
the aggregate exercise price and (B) unless the Company is precluded or restricted from doing so under debt covenants, minimum
statutory withholding taxes with respect to such exercise, or (iv) by any combination of the foregoing permissible forms of payment.
The delivery of Common Stock in payment of the exercise price under clause (g)(i) above may be accomplished either by actual delivery
or by constructive delivery through attestation of ownership, subject to such rules as the Committee may prescribe.

 

(h)Rights
Pending Exercise. No Participant holding an Option shall be deemed for any purpose to be a stockholder of the Company with
respect to any shares of Common Stock, except to the extent that the Option shall have been exercised with respect thereto.

 

6.2Restricted
Stock.

 

(a)Purchase
Price. Common Stock or Restricted Stock may be issued under the Plan for such consideration, in cash, other property or services,
or any combination thereof, as is determined by the Committee.

 

(b)Restrictions
and Restriction Period. During the Restriction Period applicable to Restricted Stock, such Restricted Stock shall be subject
to limitations on transferability and a Risk of Forfeiture arising on the basis of such conditions related to the performance
of services, Company performance or otherwise as the Committee may determine and provide for in the applicable Award Agreement.
Any such Risk of Forfeiture may be waived or terminated, or the Restriction Period shortened, at any time by the Committee on
such basis as it deems appropriate. Certificates for shares issued pursuant to Restricted Stock Awards shall bear an appropriate
legend referring to such restrictions, and any attempt to dispose of any such shares in contravention of such restrictions shall
be null and void and without effect. Such certificates may, if so determined by the Committee, be held in escrow by an escrow
agent (which may be the Company) appointed by the Committee, to be held for the benefit of the Participant for such period in
the discretion of the Committee until the applicable Restriction Period lapses.

 

(c)Rights
Pending Lapse of Risk of Forfeiture or Forfeiture of Award. Except as otherwise provided in the Plan or the applicable Award
Agreement, at all times prior to lapse of any Risk of Forfeiture applicable to, or forfeiture of, an Award of Restricted Stock,
the Participant shall have all of the rights of a holder of Common Stock, including, but not limited to, the right to vote and
the right to receive any dividends or distributions with respect to the Restricted Stock.

 

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(d)Termination
of Association with the Company. Unless the Committee shall provide otherwise in the applicable Award Agreement for any Award
of Restricted Stock, upon termination of a Participant’s employment or other association with the Company and its Affiliates
for any reason during the Restriction Period, all Restricted Stock still subject to Risk of Forfeiture shall be forfeited or otherwise
subject to return to or repurchase by the Company on the terms specified in the Award Agreement; provided, however, that
military or sick leave or other bona fide leave shall not be deemed a termination of employment or other association if it does
not exceed the longer of ninety (90) days or the period during which the absent Participant’s reemployment rights, if any,
are guaranteed by statute or by contract.

 

6.3Common
Stock Grants. Common Stock Grants may be awarded solely in recognition of significant contributions to the success of the
Company or its Affiliates in lieu of compensation otherwise already due and in such other limited circumstances as the Committee
deems appropriate. Common Stock Grants shall be made without forfeiture conditions of any kind.

 

6.4Stock-Based
Awards. The Committee, in its sole discretion, may grant Awards of phantom shares of Common Stock, SARs and other Awards that
are valued in whole or in part by reference to, or are otherwise based on the Fair Market Value of a share of Common Stock. Such
Stock-Based Awards shall be in such form, and dependent on such conditions, as the Committee shall determine, including, without
limitation, the right to receive shares of Common Stock (or the equivalent cash value of such Common Stock) upon the completion
of a specified period of service, the occurrence of an event and/or the attainment of Performance Goals. Stock-Based Awards may
be granted alone or in addition to any other Awards granted under the Plan. Subject to the provisions of the Plan, the Committee
shall determine: (a) the number of shares of Common Stock to be awarded under (or otherwise related to) such Stock-Based Awards;
(b) whether such Stock-Based Awards shall be settled in cash, shares of Common Stock or a combination of cash and Common Stock;
and (c) all other terms and conditions of such Stock-Based Awards (including, without limitation, the vesting provisions thereof).

 

6.5Awards
to Participants Outside the United States. The Committee may modify the terms of any Award under the Plan granted to a Participant
who is, at the time of grant or during the term of the Award, resident or primarily employed outside of the United States in any
manner deemed by the Committee to be necessary or appropriate in order that the Award shall conform to laws, regulations, and
customs of the country in which the Participant is then resident or primarily employed, or so that the value and other benefits
of the Award to the Participant, as affected by foreign tax laws and other restrictions applicable as a result of the Participant’s
residence or employment abroad, shall be comparable to the value of such an Award to a Participant who is resident or primarily
employed in the United States. The Committee may establish supplements to, or amendments, restatements, or alternative versions
of the Plan for the purpose of granting and administrating any such modified Award, none of which shall require prior approval
of the stockholders of the Company except for stockholder approval as may be necessary for the Plan or Award to comply with applicable
law.

 

	7.	Adjustment
                                         Provisions

 

7.1Adjustment
for Company Actions. If subsequent to the adoption of the Plan by the Company the outstanding Common Stock are increased,
decreased, or exchanged for a different number or kind of stock, units or other securities, or if additional shares, units or
new or different shares, units or other securities are distributed with respect to Common stock or Units through merger, consolidation,
sale of all or substantially all the property of the Company, reorganization, recapitalization, reclassification, dividend, stock
or unit split, reverse stock or unit split, or other similar distribution with respect to such Common Stock, the Committee shall
make an adjustment, to the extent appropriate and proportionate, in (i) the numbers and kinds of Common Stock or other securities
subject to the then outstanding Awards, and (ii) the exercise price for each Common Stock or other securities subject to then
outstanding Options (without change in the aggregate purchase price as to which such Options remain exercisable).

 

7.2Related
Matters. Any adjustment in Awards made pursuant to this Section 7 shall be determined and made, if at all, by the Committee
and shall include any correlative modification of terms, including of Exercise Prices, rates of vesting or exercisability, Risks
of Forfeiture and applicable repurchase prices for Restricted Stock and Stock-Based Awards, which the Committee may deem necessary
or appropriate so as to ensure the rights of the Participants in their respective Awards are not substantially diminished nor
enlarged as a result of the adjustment and Company action other than as expressly contemplated in this Section 7. No fraction
of a shares of Common Stock shall be issued or purchasable or deliverable upon exercise, but in the event any adjustment hereunder
of the number of shares of Common Stock covered by an Award shall cause such number to include a fraction, such number of shares
of Common Stock shall be adjusted to the nearest smaller whole number of shares of Common Stock.

 

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	8.	Change
                                         in Control Provisions

 

8.1Unless
otherwise determined by the Committee or evidenced in an applicable Award Agreement or employment or other agreement, in the event
of a Change in Control, the Committee shall have the discretion, exercisable either in advance of such Change in Control or at
the time thereof, to provide for one or more of the following:

 

(a)the
continuation of outstanding Awards after the Change in Control without change;

 

(b)the
cash-out of outstanding Options as of the time of the transaction as part of the transaction for an amount equal to the difference
between the price that would have been paid for the shares of Common Stock subject to such outstanding Options if such Options
were exercised upon the closing of such transaction and the exercise price of such outstanding Options; provided that if the exercise
price of the Options exceeds the price that would have been paid for the shares of Common Stock or Units subject to the outstanding
Options if such Options were exercised upon the closing of the transaction, then such Options may be cancelled without making
a payment to the Optionees;

 

(c)a
requirement that the buyer in the transaction assume outstanding Awards;

 

(d)a
requirement that the buyer in the transaction substitute outstanding Options with comparable options to purchase the equity interests
of the buyer or its parent and/or substitute outstanding Restricted Stock, Restricted Units, LTIP Units, Stock-Based Awards, and/or
Unit-Based Awards with comparable restricted stock or units of the buyer or its parent; and

 

(e)the
Acceleration of outstanding Options, Restricted Stock, and Stock-Based Awards.

 

Notwithstanding
any other provision of the Plan, in the event of a Change in Control in which the consideration paid to the holders of shares
of Common Stock is solely cash, the Committee may, in its discretion, provide that each Award shall, upon the occurrence of a
Change in Control, be canceled in exchange for a payment, in cash or Common Stock, in an amount equal to (i) the excess of the
consideration paid per share of Common Stock and Units in the Change in Control over the exercise or purchase price (if any) per
share of Common Stock or Unit subject to the Award multiplied by (ii) the number of shares of Common Stock granted under the Award.

 

8.2A
“Change in Control” shall be deemed to have occurred if the event set forth in any one of the following paragraphs
shall have occurred:

 

(a)any
Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not including in the securities
beneficially owned by such Person any securities acquired directly from the Company or its Affiliates) representing 50% or more
of the combined voting power of the Company’s then outstanding securities, excluding any Person who becomes such a Beneficial
Owner in connection with a transaction described in clause (I) of paragraph (c) below;

 

(b)during
any period of twelve (12) month period, individuals who at the beginning of such period constitute the Board, and any new director
(other than a director whose initial assumption of office is in connection with an actual or threatened election contest, including
but not limited to a consent solicitation, relating to the election of directors of the Company) whose election by the Board or
nomination for election by the Company’s shareholders was approved by a majority vote 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 approved,
cease for any reason to constitute at least a majority of the Board;

 

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(c)there
is consummated a merger or consolidation of the Company with any other corporation or other entity, other than (I) a merger or
consolidation which results in (A) the voting securities of the Company outstanding immediately prior to such merger or consolidation
continuing to represent (either by remaining outstanding or by being converted into voting securities of the surviving entity
or any parent thereof), in combination with the ownership of any trustee or other fiduciary holding securities under an employee
benefit plan of the Company, at least 50% of the combined voting power of the securities of the Company or such surviving entity
or any parent thereof outstanding immediately after such merger or consolidation and (B) the individuals who comprise the Board
immediately prior thereto constituting immediately thereafter at least a majority of the board of directors of the Company, the
entity surviving such merger or consolidation or, if the Company or the entity surviving such merger is then a subsidiary, the
ultimate parent thereof, or (II) a merger or consolidation effected to implement a recapitalization of the Company (or similar
transaction) in which no Person is or becomes the Beneficial Owner, directly or indirectly, of securities of the Company (not
including in the securities Beneficially Owned by such Person any securities acquired directly from the Company or its Affiliates)
representing 50% or more of the combined voting power of the Company’s then outstanding securities; or

 

(d)the
stockholders of the Company approve a plan of complete liquidation or dissolution of the Company or there is consummated an agreement
for the sale or disposition by the Company of all or substantially all of the assets of the Company (it being conclusively presumed
that any sale or disposition is a sale or disposition by the Company of all or substantially all of its assets if the consummation
of the sale or disposition is contingent upon approval by the Company’s stockholders unless the Board expressly determines
in writing that such approval is required solely by reason of any relationship between the Company and any other Person or an
Affiliate of the Company and any other Person), other than a sale or disposition by the Company of all or substantially all of
the Company’s assets to an entity (i) at least 50% of the combined voting power of the voting securities of which are owned
by stockholders of the Company in substantially the same proportions as their ownership of the Company immediately prior to such
sale or disposition and (ii) the majority of whose board of directors immediately following such sale or disposition consists
of individuals who comprise the Board immediately prior thereto.

 

8.3Notwithstanding
Section 8.2 to the contrary, a “Change in Control” shall not be deemed to have occurred by virtue of the consummation
of any transaction or series of integrated transactions immediately following which the record holders of the capital stock of
the Company immediately prior to such transaction or series of transactions continue to have substantially the same proportionate
ownership in an entity which owns all or substantially all of the assets of the Company immediately following such transaction
or series of transactions.

 

	9.	Settlement
                                         of Awards

 

9.1Violation
of Law. Notwithstanding any other provision of the Plan or the relevant Award Agreement, if, at any time, in the reasonable
opinion of the Committee, the issuance of Common Stock covered by an Award may constitute a violation of law, then the Company
may delay such issuance and the delivery of such Common Stock until approval shall have been obtained from such governmental agencies
as may be required under any applicable law, rule, or regulation, and the Company shall take all reasonable efforts to obtain
such approval.

 

9.2Unfunded
Status of Awards. The Plan is intended to constitute an “unfunded” plan for incentive and deferred compensation.
With respect to any payments not yet made to a Participant pursuant to an Award, nothing contained in the Plan or any Award shall
give any such Participant any rights that are greater than those of a general creditor of the Company.

 

9.3No
Fractional Shares. No fractional shares of Common Stock shall be issued or delivered pursuant to the Plan or any Award. The
Committee shall determine whether cash, other Awards, or other property shall be issued or paid in lieu of such fractional shares
or whether such fractional shares or any rights thereto shall be forfeited or otherwise eliminated.

 

9.4Investment
Representations. The Company shall not be under any obligation to issue Common Stock covered by any Award unless the intended
recipient has made such written representations to the Company (upon which the Company believes it may reasonably rely) as the
Company may deem necessary or appropriate for purposes of confirming that the issuance of such Common Stock will be exempt from
the registration requirements of the Securities Act and any applicable state securities laws and otherwise in compliance with
all applicable laws, rules and regulations, including but not limited to that the Participant is acquiring the Common Stock for
his or her own account for the purpose of investment and not with a view to, or for sale in connection with, the distribution
of any such Common Stock.

 

    	9

    	 

    

 

9.5Registration.
In the event that the disposition of Common Stock acquired pursuant to the Plan is not covered by a then current registration
statement under the Securities Act, and is not otherwise exempt from such registration, such Common Stock shall be restricted
against transfer to the extent required by the Securities Act or regulations thereunder, and the Committee may require a Participant
receiving Common Stock pursuant to the Plan, as a condition precedent to receipt of such Common Stock, to represent to the Company
in writing that the Common Stock acquired by such Participant is acquired for investment only and not with a view to distribution.

 

9.6Tax
Withholding. Whenever Common Stock is issued or to be issued pursuant to Awards granted under the Plan, the Company shall
(i) have the right to require the recipient to remit to the Company in cash an amount sufficient to satisfy federal, state, local
or other withholding tax requirements if, when, and to the extent required by law (whether so required to secure for the Company
an otherwise available tax deduction or otherwise) coincident with the recipient’s exercise of such Option or receipt of
Common Stock; or (ii) to the extent permitted by applicable law, withhold a number of Common Stock having an aggregate Fair Market
Value equal to an amount sufficient to satisfy any federal, state, local or other withholding requirements. The obligations of
the Company under the Plan shall be conditional on satisfaction of all such withholding obligations and the Company shall, to
the extent permitted by law, have the right to deduct any such taxes from any payment of any kind otherwise due to the recipient
of an Award.

 

	10.	No
                                         Special Employment or Other Rights

 

Nothing
contained in the Plan or in any Award Agreement shall confer upon any recipient of an Award any right with respect to the continuation
of his or her employment or other association with the Company or any of its Affiliates, or interfere in any way with the right
of the Company or any of its Affiliates, subject to the terms of any separate employment or consulting agreement, any provision
of law, at any time to terminate such employment or consulting agreement or to increase or decrease, or otherwise adjust, the
other terms and conditions of the recipient’s employment or other association with the Company or any Affiliate.

 

	11.	Nonexclusivity
                                         of the Plan

 

The
adoption of the Plan by the Company shall not be construed as creating any limitations on the power of the Company to adopt such
other incentive arrangements as it may deem desirable, including without limitation, the granting of options and restricted units
other than under the Plan, and such arrangements may be either applicable generally or only in specific cases.

 

	12.	No
                                         Corporate Action Restriction

 

The
existence of the Plan, the Award Agreements and the Awards granted hereunder shall not limit, affect or restrict in any way the
right or power of the Board or shareholders of the Company to make or authorize: (i) any adjustment, recapitalization, reorganization
or other change in the capital structure or business of the Company or any subsidiary, (ii) any merger, amalgamation, consolidation
or change in the ownership of the Company or any subsidiary, (iii) any issue of bonds, debentures, capital, preferred or prior
preference stock ahead of affecting the capital stock (or rights thereof) of the Company or any subsidiary, (iv) any dissolution
or liquidation of the Company or any subsidiary, (v) any sale or transfer of all or any part of the assets or business of the
Company or any subsidiary, or (vi) any other corporate act or proceeding by the Company or any subsidiary. No Participant, beneficiary
or any other Person shall have any claim under any Award or Award Agreement against any member of the Board or the Committee,
or the Company or any employee, officer or agent of the Company or any subsidiary, as a result of such action.

 

    	10

    	 

    

 

	13.	Section
                                         409A of the Code

 

This
Plan is intended to comply and shall be administered in a manner that is intended to comply with Section 409A of the Code and
shall be construed and interpreted in accordance with such intent. To the extent that an Award, issuance and/or payment is subject
to Section 409A of the Code, it shall be awarded and/or issued or paid in a manner that will comply with Section 409A of the Code,
including proposed, temporary or final regulations or any other guidance issued by the Secretary of the Treasury and the Internal
Revenue Service with respect thereto. Any provision of this Plan that would cause an Award, issuance and/or payment to fail to
satisfy Section 409A of the Code shall have no force and effect until amended to comply with Code Section 409A (which amendment
may be retroactive to the extent permitted by applicable law).

 

	14.	Termination
                                         and Amendment of the Plan and Awards

 

The
Company may at any time terminate the Plan or make such modifications of the Plan as it shall deem advisable. Unless the Company
otherwise expressly provide, or may deem necessary or appropriate to comply with applicable law, including without limitation
the provisions of Section 409A of the Code, no termination or amendment of the Plan may adversely affect the rights of the recipient
of an Award previously granted hereunder without the consent of the recipient of such Award.

 

The
Plan shall take effect on the Effective Date but the Plan (and any grants of Awards made prior to the stockholder approval mentioned
herein) shall be subject to the requisite approval of the stockholders of the Company, which approval must occur within twelve
(12) months of the date that the Plan is adopted by the Board. In the event that the stockholders of the Company do not ratify
the Plan at a meeting of the stockholders at which such issue is considered and voted upon, then upon such event the Plan and
all rights hereunder shall immediately terminate and no Participant (or any permitted transferee thereof) shall have any remaining
rights under the Plan or any Award Agreement entered into in connection herewith. The Board may amend, alter or discontinue the
Plan, but no amendment, alteration, or discontinuation shall be made that would impair the rights of a Participant under any Award
theretofore granted without such Participant’s consent, or that without the approval of the stockholders of the Company
would, except as provided in Section 7, increase the total number of Awards reserved for the purpose of the Plan. In addition,
approval by the stockholders of the Company shall be required with respect to any amendment that materially increases benefits
provided under the Plan or materially alters the eligibility provisions of the Plan or with respect to which stockholder approval
is required under the rules of any stock exchange on which the Common Stock is then listed. Unless sooner terminated by the Board,
the Plan shall terminate on the tenth anniversary of the Effective Date. The Board reserves the right to terminate the Plan at
any time. No Awards shall be granted under the Plan after such termination date. The Plan shall remain in effect with respect
to Awards made under the Plan prior to the termination of the Plan until such Awards have been satisfied or terminated in accordance
with the terms of the Plan and the applicable Award Agreements.

 

The
Committee may amend the terms of any Award theretofore granted, prospectively or retroactively, provided that the Award
as amended is consistent with the terms of the Plan, and further provided that, other than as the Committee may deem necessary
or appropriate to comply with applicable law, including without limitation the provisions of Section 409A of the Code, no amendment
or modification of an outstanding Award may adversely affect the rights of the recipient of such Award without his or her consent.
An amendment or modification to an Award that is necessary or appropriate to comply with applicable law or that does not adversely
affect the rights of the recipient of such Award may be made without the consent of such recipient.

 

	15.	Notices
                                         and Other Communications

 

Any
notice, demand, request or other communication hereunder to any party shall be deemed to be sufficient if contained in a written
instrument delivered in person or duly sent by first class registered, certified or overnight mail, postage prepaid, or by facsimile
with a confirmation copy by regular, certified or overnight mail, addressed or sent by facsimile, as the case may be, (i) if to
the recipient of an Award, at his or her residence address last filed with the Company, and (ii) if to the Company, at its principal
place of business or to such other address or facsimile number, as the addressee may have designated by notice to the addressor.
All such notices, requests, demands and other communications shall be deemed to have been received: (x) in the case of personal
delivery, on the date of such delivery, (y) in the case of mailing, when received by the addressee, and (z) in the case of facsimile
transmission, when confirmed by facsimile machine report.

 

	16.	Governing
                                         Law

 

The
Plan and all Award Agreements and actions taken thereunder shall be governed, interpreted and enforced in accordance with the
laws of the State of New York without regard to the conflict of laws principles thereof.

 

Adopted
by resolution of the Board of Directors of the Company as of _________ __, 2015.

 

    	113.31.2015 - Exhibit 10.4

Exhibit 10.4

WILLBROS GROUP, INC.

WAIVER AND RELEASE AGREEMENT

This Waiver and Release Agreement (this “Agreement”), made as of the 10th day of February, 2015 and effective as of the Effective Date, defined below,  is made by and among Willbros Group, Inc., acting on behalf of itself and its subsidiaries and affiliates (together with all successors thereto, “Company”), and James L. Gibson (“Participant”). 
WHEREAS, Participant is eligible for a benefit under that certain Willbros Group, Inc. 2010 Management Severance Plan for Executives (“Severance Plan”) by reason of Participant’s termination of employment on March 31, 2015 (the “Termination Date”); 

WHEREAS, Participant is willing to forego severance benefits otherwise owing to him under the Severance Plan, in consideration  of (i) the Company’s subsidiary, Willbros United States Holdings, Inc. (“WUSH”), entering into a consulting agreement as set forth in Exhibit A attached hereto, (ii) the elimination of the period of duration of certain of the post-employment covenants under Article VI of the Severance Plan, as provided in Section 3 of this Agreement, and (iii) the other terms and conditions of this Agreement, including, but not limited to, the timely execution, return and non-revocation of this Agreement and the First Acknowledgment and Signature by the First Release Deadline (defined below) and the timely execution, return and non-revocation of the Second Acknowledgment, Release and Signature by the Second Release Deadline (defined below); and

WHEREAS, the provisions of the Severance Plan continue in effect as of and after the Termination Date, except to the extent such provisions are modified in this Agreement;

NOW THEREFORE, in consideration of the representations, covenants and mutual promises set forth in this Agreement, the parties agree as follows: 

1.Waiver of Severance Benefit.  Participant agrees to waive, and does hereby forfeit and waive, any and all rights to any Severance Benefit (as defined in the Severance Plan) under the Severance Plan.
Except as modified by Participant’s waiver of any and all Severance Benefit and the Company’s waiver of certain provisions of Article VI of the Severance Plan (as provided in paragraph 3 below), the terms and conditions of the Severance Plan, continue in full force and effect.
		
	2.
	Stock Awards; Annual Bonus. 

1

(a)  Time-Based Restricted Stock.    Participant previously has been granted forty-nine thousand two hundred sixty-three (49,263) shares of time-based restricted stock under the Willbros Group, Inc. 2010 Stock and Incentive Compensation Plan, as amended (the “2010 Stock Plan”), the ownership of which has not yet vested in Participant as of the date this Agreement is executed by Participant, pursuant to the terms of the Restricted Stock Award Agreements evidencing such grants.  All such shares of restricted stock granted to Participant that have not yet vested prior to the Termination Date shall vest in full on the Termination Date. Participant acknowledges that withholding taxes will be due on such shares when vested.  Participant may satisfy the withholding requirement in whole by paying cash to the Company to discharge the withholding obligation, such payment to be made no later than twelve (12) days following the Termination Date.  If Participant does not elect to satisfy the withholding requirement by paying cash in accordance with the preceding sentence, Participant hereby agrees that the Company  may withhold shares of restricted stock having a Fair Market Value (as defined in the 2010 Stock Plan) equal to the minimum statutory total tax which is to be withheld on the transaction.  
(b)  Unvested Performance-Based Restricted Stock Units.  Participant previously has earned and been granted fifteen thousand eighty-four (15,084) restricted stock units under the 2010 Stock Plan, the ownership of which has not yet vested in Participant as of the date this Agreement is executed by Participant, pursuant to the terms of the Restricted Stock Unit Award Agreements evidencing such grants.  All such restricted stock units granted to Participant that have not yet vested prior to the Termination Date shall vest in full on the Termination Date. Participant acknowledges that withholding taxes will be due on such units when vested.  Participant may satisfy the withholding requirement in whole by paying cash to the Company to discharge the withholding obligation, such payment to be made no later than twelve (12) days following the date on which Participant is notified that units have vested.  If Participant does not elect to satisfy the withholding requirement by paying cash in accordance with the preceding sentence, Participant hereby agrees that the Company may withhold shares from such units having a Fair Market Value (as defined in the 2010 Stock Plan) equal to the minimum statutory total tax which is to be withheld on the transaction. 
(c)  Unearned Performance-Based Restricted Stock Units.    Participant is party with the Company to three Restricted Stock Unit Award Agreements dated May 20, 2014 (the “2014 RSU Award Agreements”), under which he may become entitled to awards of restricted stock units under the 2010 Stock Plan.   Each of the 2014 RSU Award Agreements remains in effect in accordance with its terms.
(d)    Participant is a participant in the Company’s Amended and Restated Management Incentive Compensation Program.  Participant’s participation in that program remains in effect in accordance with its terms.

2

3.    Post-employment Restrictive Covenants of Severance Plan. Provided that Participant timely executes and returns the Second Acknowledgement, Release and Signature and the same becomes non-revocable, Company agrees that, effective as of the Effective Date, it does hereby waive and release Participant from, and Company will not enforce, Sections 6.2 (Non-Competition), and 6.3.4 (Non-Solicitation) of the Severance Plan.  All other post-employment provisions and restrictions and other terms and conditions of the Severance Plan which survive termination of employment shall continue to apply to the Participant.
4.     Health Coverage. Health coverage under the Willbros United States Holdings, Inc.  Comprehensive Welfare Benefits Plan and the Willbros United States Holdings, Inc. Executive Benefits Plan will terminate at the end of the month in which Termination Date occurs.  Participant and his dependents will be eligible to elect to continue coverage for the applicable period of time pursuant to the Consolidated Omnibus Budget Reconciliation Act of 1985, as described in information concerning coverage continuation rights which will be separately mailed to Participant.  
5.    Consulting Agreement.  WUSH  and  Participant shall enter into the Consulting Agreement attached hereto as Exhibit A, effective as of April 1, 2015; provided that the Consulting Agreement will not be effective (and no compensation thereunder will be paid or payable) until the Second Acknowledgment, Release and Signature has been executed and becomes non-revocable, and, provided, further that Participant  shall have resigned, effective as of the Termination Date, from all appointments or positions which he may then hold with the Company or any of its affiliates.
6.    Public Information. The Company agrees to allow Participant’s prior review and comment on any press release, 8‐K filing, and WG Connect posting relating to the termination of his employment with the Company. The Company reserves the right to make any disclosure required by law and/or the rules of the New York Stock Exchange.
7.    Continuing Cooperation.  Participant acknowledges that the above recited consideration is consideration to which he is not otherwise entitled and therefore comprise adequate consideration for Participant’s fulfillment of the obligations below. Accordingly, Participant shall comply with the following continuing obligations for a period of three (3) years from the Termination Date:
(a)    Cooperation:  Participant agrees to be available by email or telephone to provide transitional information, advice and counsel to Company in matters related to Participant’s former responsibilities.
(b)    Litigation Assistance:  Participant shall, upon reasonable notice and written request, and subject to Participant’s availability, furnish such information and assistance to the Company as may reasonably be required by litigation, investigations, arbitrations, and/or other fact-finding or adjudicative proceedings involving the Company.  This obligation 

3

includes, without limitation, meeting with counsel for the Company at reasonable times upon request, and providing testimony in court, before an arbitrator, or other convening authority, or upon deposition that is truthful, accurate, and complete, according to information known to Participant.  Company agrees it will reimburse Participant for all reasonable out-of-pocket expenses incurred in rendering such assistance upon Participant’s submission of expense records in accordance with Company’s expense reimbursement policy.
8.    Release. Except with respect to all of the Company’s obligations  hereunder and under the Severance Plan (to the extent the same are not modified herein), 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 Texas Pay Day Law; and all other federal, state or local laws or regulations prohibiting employment discrimination, 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 

4

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. 
9.    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. 
10.    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 or retain, or require reimbursement of all or any portion of the benefits under this Agreement or the Consulting Agreement until such claim is withdrawn by Participant.  
11.    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. If Participant elects to take less than twenty-one (21) days to consider this Agreement, he does so knowingly, willingly and on the advice of counsel, with full understanding that he is waiving a statutory right to take the full twenty-one (21) days.

5

(d)    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 (7) period. Participant understands that this Agreement, and the First Acknowledgment and Signature, attached hereto, will not be effective until after the seven (7) day period has expired.  THE PROVISIONS OF THIS AGREEMENT SHALL BE EFFECTIVE ON THE EIGHTH (8TH) DAY FOLLOWING THE DATE ON WHICH EMPLOYEE SIGNS THIS AGREEMENT (the “Effective Date”).
(e)    Participant further acknowledges that he has been advised that if he exercises his right to revoke this Agreement after signing it, he will not be eligible for the other benefits described herein to which he is not otherwise lawfully entitled as of the Termination Date.
(f)    The First Release Deadline is the twenty-first (21st) day from the date of this Agreement, which is the date that this Agreement was provided to Participant. 
(g) Participant agrees to execute and return to the Company the Second Acknowledgment, Release and Signature attached hereto, within twenty-one (21) days of the Termination Date (the “Second Release Deadline”) and acknowledges that the release which is  Annex A to the Second Acknowledgement, Release and Signature is a separate, second release effective as of the Termination Date.
12.    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. 
13.    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. 
14.    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. 
15.    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. 
16.    Headings. The headings of this Agreement are not part of the provisions hereof and shall not have any force or effect. 

6

17.    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. 
18.    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. 
IN WITNESS WHEREOF, the parties have executed this Agreement as of the dates specified below. 
 JAMES L. GIBSON

/s/ J. L. Gibson                    

Date: 9 Feb 2015                                       

WILLBROS GROUP, INC., acting on behalf of itself and its Subsidiaries and Affiliates 
By:      /s/ Lori Pinder                    
Title:    Corporate Secretary                
Date:     9 Feb 2015                    

7

FIRST AKNOWLEDGMENT AND SIGNATURE
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 (7) 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 (7) day revocation period has elapsed. 
I HEREBY FURTHER ACKNOWLEDGE receipt of the Agreement on the 9th day of February, 2015.  
Accepted this  9 day of   Feb , 2015.

/s/ J. L. Gibson                                    
             JAMES L. GIBSON

WITNESS: 
Lisa Miller    2/9/15                                        

8

SECOND ACKNOWLEDGMENT, RELEASE AND SIGNATURE
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 Second Acknowledgment, Release and Signature, which includes the release attached hereto as Exhibit B, effective as of the Termination Date that was provided to me. 
(2) I may review the Second Acknowledgement, Release and Signature for a period of up to twenty-one (21) days after the Termination Date prior to signing the Second Acknowledgement, Release and Signature. If I choose to take less than twenty-one (21) days to review the Second Acknowledgment, Release and Signature, I do so knowingly, willingly and on advice of counsel. 
(3) For a period of seven (7) days following the signing of the Second Acknowledgment, Release and Signature, I may revoke the execution of the Second Acknowledgment, Release and Signature, and that the Second Acknowledgment, Release and Signature will not become effective or enforceable until the seven (7) day revocation period has elapsed. 
(4) The Company shall not accept my signed Second Acknowledgment, Release and Signature prior to my Termination Date. 
(5) Capitalized terms which are not defined in this Second Acknowledgment, Release and Signature and the Annex A hereto have the meaning assigned in the Agreement.
Accepted this  1 day of  April , 2015.

/s/ J. L. Gibson                                               
             JAMES L. GIBSON

WITNESS: 
/s/ Lisa Miller                                                

 ANNEX A TO SECOND ACKNOWLEDGMENT, RELEASE AND SIGNATURE

9

SECOND RELEASE
Except with respect to all of the Company’s obligations  under the Agreement and under the Severance Plan (to the extent the same are not modified  in the Agreement), 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 the Termination Date 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 Texas Pay Day Law; and all other federal, state or local laws or regulations prohibiting employment discrimination, 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 

10

claim or rights which might arise out of the actions of the Company after the date the Participant signs this Second Acknowledgment, Release and Signature. 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. 

11

Exhibit A

CONSULTING AGREEMENT
(For Services Within the United States and Canada Only)

This Consulting Agreement ("Agreement") is effective this 9th day of April, 2015 (the “Effective Date”), by and between PM Resources Consulting, LLC (“Consultant”), owned by James L. Gibson, an individual residing at 1408 Crocker Street, Houston, TX 77019 and Willbros United States Holdings, Inc.  ("Company"), a corporation duly formed under the laws of Delaware. Consultant and Company are hereinafter sometimes referred to individually as a "Party" and collectively as the "Parties".

W I T N E S S E T H :

In consideration of their mutual covenants hereunder, the Parties agree as follows:

		
	1.
	Scope of Services.  Company may from time to time request that Consultant provide to Company certain services as detailed in Exhibit “A” (the "Services"). Consultant warrants that the Services shall be performed with that degree of skill and judgment normally exercised by those performing services of a similar nature and shall meet all standards of Company as advised and applied by Company, acting reasonably, from time to time. Consultant shall be entitled to determine how and when the Services are performed so long as Consultant meets any and all deadlines which may be imposed or requested by Company from time to time, acting reasonably. If Consultant provides personnel, it  shall provide all necessary personnel appropriately qualified to provide the Services in a safe and efficient manner.

		
	2.
	Charges and Invoices.  Charges for Services, payment and travel expense will be made as detailed in Exhibit B. Company shall not be billed for any of Consultant’s overhead or office expenses. Consultant shall maintain accurate, written books and records regarding all activities and charges incurred pursuant to this Agreement. Company shall have the right to cause an audit of the Consultant’s books and records at any time upon reasonable notice for 12 months from the Effective Date or three months from the termination of this Agreement, Consultant shall cooperate fully with any such audit.

		
	3.
	Health, Safety and Environmental Compliance Consultant shall place the highest priority on health, safety and protection of the environment.  It is the responsibility of the Consultant to provide and maintain a safe working environment for itself or any of its employees during the performance of the Services, and to protect the health and safety of itself, its employees and subcontractors, the employees of Company and Company’ clients (“Owner”), and the public at large, to the extent they may be affected by the Services.  All methods, tools, 

 
equipment, facilities, and vehicles used by Consultant in performing the Services must be operated safely and in a manner so as to avoid, to the fullest extent possible, any degradation of the physical environment.  Consultant is responsible for ensuring safe working conditions and compliance with Company’s, and Owner’s, safety rules and procedures applicable to a specific project and compliance with all health, safety and environmental laws, rules and regulations.  Consultant warrants that it, and its employees as applicable, have received all occupational safety and health mandated training necessary for the provision of the Services including the operation of vehicles, tools and equipment utilized to perform the Services and that Consultant has all necessary permits and authorizations to perform the Services. 

		
	4.
	Relationship. The relationship between Company and Consultant shall be that of independent contractor, and neither Consultant, nor any of Consultant’s personnel or subcontractors, as applicable, shall be deemed to be a partner, agent, or employee of Company. This Agreement shall not in any way be construed or interpreted as creating a joint venture or partnership between the Parties. Consultant shall not be entitled to bind Company or enter into any contracts or agreements with any third parties on behalf of Company, whether in the performance of the Services or otherwise, unless specifically authorized by Company.  Consultant will provide its own tools, equipment, personal protection equipment, and office space necessary for the performance of the Services unless otherwise specifically agreed with Company. Consultant agrees that Consultant, and any of its personnel as applicable, will not be eligible to participate in any employee benefit plans generally available to the staff of Company, including, without limitation, life insurance, health care, disability insurance, dental, savings, and pension plans. Notwithstanding any provision of this Agreement to the contrary, Consultant may, following six months of the Effective Date of the Agreement, in its unfettered discretion, accept concurrent retainers or engagements from other parties during the Term of this Agreement (as defined below). 

		
	5.
	Taxes and other Statutory Deductions. 

a)    No payroll or employment taxes of any kind shall be withheld or paid by Company with respect to the Services rendered or payments to Consultant hereunder, except as Company may be instructed by tax authorities having jurisdiction.  Consultant shall make all appropriate deductions and payments related to Consultant, and any employees of Consultant, including without limitation, for FICA, FUTA, federal, state and local personal income tax, state disability insurance tax, state unemployment tax, and any other taxes (“Taxes”) that may become due and payable.  Consultant shall not be eligible to participate in any employee pension, insurance or other fringe benefit plan of Company.  Likewise, no workers’ compensation insurance has been or will be 

1

obtained by Company for Consultant or its employees.  Consultant covenants to comply with all applicable laws in that regard.
b)     Consultant hereby agrees to protect, indemnify and hold Company, its parent companies, subsidiaries, affiliates and co-venturer’s and their respective employees, officers, directors and assigns (“Company Indemnitees”) harmless from and against any and all claims, liabilities, demands, and causes of action arising in connection with Taxes and workers’ compensation.  Consultant assumes the risk of traveling to other locations in and out of the U.S. in connection with its provision of the Services.
c)    Consultant represents and warrants to Company that if it is a company,  it is a registered company or corporation duly organized, validly existing and in good standing. Consultant covenants and agrees to pay and be responsible for all customary corporate source deductions payable by Consultant in connection with the delivery of the Services. 

		
	6.
	 Sales Taxes.  If the Services provided hereunder are subject to  sales tax or other sales,  value-added, or excise tax as may be applicable under local law, the taxes shall be invoiced in addition to the charges for the Services and invoices shall clearly identify the amount relating to taxes.

		
	7.
	Insurance.    At its sole cost and expense, Consultant shall maintain throughout the term of this agreement the insurance coverage set out in Exhibit C. 

		
	8.
	Liens. Consultant shall promptly pay all money owing to its personnel utilized in the performance of the Services under this Agreement and Consultant shall not file nor permit any liens to be filed by Consultant, Consultant’s personnel supplied to Company or by Consultant’s other contractors or subcontractors, if any, against Company or its affiliates or clients. Consultant shall prevent such liens or immediately act to have such liens released at Consultant’s expense. 

		
	9.
	Ownership of Work Product.  All reports, designs, inventions, CADD and other electronic files, sketches, working drawings, and other tangible items of work product prepared by Consultant hereunder in relation to the performance of the Services shall be the property of Company.

  
		
	10.
	Confidential Information.  All information and data received or compiled by Consultant while performing the Services shall be treated as confidential for the benefit of Company and shall not be disclosed or made known by Consultant to third parties without the prior written consent of Company. Company retains all right, title and interest to all Confidential Information.  Consultant agrees that, in the event of any breach or threatened breach of this confidentiality undertaking by Consultant, Company shall be entitled to damages and 

 
equitable relief, including specific performance and injunctive relief. This Section shall survive the termination of this Agreement.

		
	11.
	Compliance with Laws.  Consultant represents and warrants that Consultant, its personnel and its subcontractors, will:

a.comply with all licensing requirements applicable to Consultant’s trade(s) or profession(s),
b.comply with all applicable laws, rules, codes and regulations of all applicable government agencies, including federal, state, and local having jurisdiction over the Services or any part thereof (hereinafter referred to as “Laws”), which are now or may become applicable to this Agreement or the performance of the Services hereunder.
		
	12.
	Business Ethics.

a.    Willbros Values. Company, as a subsidiary of Willbros Group, Inc.  (“Willbros”) is committed to safety, honesty and integrity, respect for our people and customers, superior financial performance, vision and innovation and effective communications (“Willbros Values”).  Consultant agrees that in performing the Services, it will conduct itself in a manner consistent with the Willbros Values. 
b.    Code of Conduct. The Willbros Code of Business Conduct and Ethics (“Code of Conduct”) governs the manner in which Willbros conducts business. A copy of the Code of Conduct can be found at www.willbros.com. In conducting the Services, Consultant agrees to act in a manner consistent with the Code of Conduct, particularly its provisions relating to confidentiality, disclosure and avoidance of conflicts of interest, anti-corruption, antitrust and competition, anti-money laundering and international trade control laws.  Any failure to comply with the Code of Conduct shall be a default and material breach and shall entitle Company to immediately terminate this Agreement. 
c.    Consultant represents and warrants that it is not a government official or political candidate and that none of its partners, shareholders, employees or representatives are, or will become, a government official or political candidate during the Term of this Agreement and will apprise Company if there is a change in its status. 
d.    In performing the Services hereunder, Consultant covenants that it shall not pay, offer to pay or give any bribe or other thing of value to or for the benefit of any government official, political party, political candidate, or public international organization or to any private company or person if such payment, promise  or offer is done with the purpose of securing an improper advantage for Consultant or Company in relation to the performance of the Services or in obtaining or retaining business.
e.    Should Consultant provide any Services outside of the United States, prior to mobilization it shall receive 

2

training by the Company on the Foreign Corrupt Practices Act, provide background information as requested by Company, be provided with the Company’s policies related to anti-corruption and will undergo further training as requested by Company. The Parties further consent to the amendment of this Agreement so it contains the Company’s standard compliance language for international agreements.

		
	13.
	INDEMNIFICATION.

a.    INDEMNIFICATION BY CONSULTANT. CONSULTANT SHALL DEFEND, INDEMNIFY AND HOLD COMPANY, ITS PARTNERS, SHAREHOLDERS, SUBSIDIARIES AND AFFILIATES, AND THEIR RESPECTIVE DIRECTORS, OFFICERS, SHAREHOLDERS, EMPLOYEES, SUBCONTRACTORS AND AGENTS, HARMLESS FROM AND AGAINST LIABILITY, LOSS, DAMAGES, PENALTIES AND EXPENSE, INCLUDING REASONABLE LEGAL FEES AND COSTS, (COLLECTIVELY “CLAIMS”) ARISING OUT OF OR RESULTING FROM:
		
	i.
	OBLIGATIONS PURSUANT TO THIS AGREEMENT. CONSULTANT’S PERFORMANCE OR FAILURE TO PROPERLY PERFORM ITS OBLIGATIONS PURSUANT TO THIS AGREEMENT, 

		
	ii.
	INJURIES AND DAMAGE TO CONSULTANT’S PROPERTY. PERSONAL INJURY, DISEASE OR DEATH OF  CONSULTANT, CONSULTANT PERSONNEL OR ITS SUBCONTRACTOR’S PERSONNEL OR THE DAMAGE, DESTRUCTION OR LOSS OF USE OF CONSULTANT’S, OR ITS SUBCONTRACTOR’S, PROPERTY WHETHER OR NOT SUCH CLAIMS ARE DUE TO AN ACT, OMISSION, NEGLIGENCE (WHETHER CONTRIBUTORY, JOINT OR SOLE) OR STRICT LIABILITY OF COMPANY, BUT EXCLUDING ONLY THOSE CLAIMS DUE TO THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF COMPANY, AND

b.    INDEMNIFICATION BY COMPANY. COMPANY SHALL DEFEND, INDEMNIFY AND HOLD CONSULTANT AND ITS DIRECTORS, OFFICERS, SHAREHOLDERS, EMPLOYEES, SUBCONTRACTORS AND AGENTS, HARMLESS FROM AND AGAINST LIABILITY, LOSS, DAMAGES, PENALTIES AND EXPENSE, INCLUDING REASONABLE LEGAL FEES AND COSTS, (COLLECTIVELY “CLAIMS”) ARISING OUT OF OR RESULTING FROM:

		
	i.
	OBLIGATIONS PURSUANT TO THIS AGREEMENT. COMPANY’ PERFORMANCE OR FAILURE TO 

 
PROPERLY PERFORM ITS OBLIGATIONS PURSUANT TO THIS AGREEMENT, 
		
	ii.
	INJURIES AND DAMAGE TO COMPANY PROPERTY. INJURY, DISEASE, OR DEATH OF COMPANY PERSONNEL OR THE DAMAGE, DESTRUCTION OR LOSS OF USE OF COMPANY PROPERTY, WHETHER OR NOT SUCH CLAIMS ARE DUE TO AN ACT, OMISSION, NEGLIGENCE (WHETHER CONTRIBUTORY, JOINT OR SOLE) OR STRICT LIABILITY OF CONSULTANT, BUT EXCLUDING ONLY THOSE CLAIMS DUE TO THE GROSS NEGLIGENCE OR WILLFUL MISCONDUCT OF CONSULTANT, AND

		
	iii.
	LOSS TO THIRD PARTIES. DAMAGE OR DESTRUCTION OF PROPERTY (INCLUDING POLLUTION, CONTAMINATION AND CLEANUP) OR PERSONAL INJURY TO, DISEASE OR DEATH OF ANY THIRD PARTY (OTHER THAN TO CONSULTANT) TO THE EXTENT ARISING OUT OF OR RESULTING FROM THE NEGLIGENCE, GROSS NEGLIGENCE, OR WILLFUL MISCONDUCT OF COMPANY, INCLUDING THE EXTENT TO WHICH THE THIRD PARTY’S CLAIM IS ATTRIBUTABLE TO CONSULTANT’S NEGLIGENCE, WILLFUL MISCONDUCT, BREACH OF CONTRACT, OR STRICT LIABILITY IMPOSED ON CONSULTANT AS A MATTER OF LAW, DURING CONSULTANT’S PERFORMANCE OF SERVICES UNDER THIS AGREEMENT.

 
c.    NOTIFICATION OF INDEMNIFICATION CLAIM. EACH PARTY SHALL ADVISE THE OTHER PARTY PROMPTLY IN WRITING OF A CLAIM WHICH COULD GIVE RISE TO A RIGHT OF INDEMNIFICATION HEREUNDER, AND THE INDEMNIFIED PARTY SHALL BE ENTITLED TO PARTICIPATE IN THE DEFENSE OF SUCH CLAIM AT ITS OWN EXPENSE.

d.    WAIVER OF CONSEQUENTIAL DAMAGES. NOTWITHSTANDING ANY OTHER PROVISION OF THIS AGREEMENT, IN NO EVENT SHALL COMPANY (AND ANY AFFILIATED ENTITY) OR CONSULTANT BE RESPONSIBLE, ONE TO THE OTHER, FOR ANY INDIRECT, SPECIAL, INCIDENTAL OR CONSEQUENTIAL LOSS OR DAMAGE, HOWEVER CAUSED, INCLUDING WITHOUT LIMITATION, ANY INCREASED OPERATING EXPENSE, LOSS OF ANTICIPATED REVENUE OR PROFIT OR LOSS OF GOODWILL.

e.    SURVIVAL. THE PARTIES’ OBLIGATIONS CONTAINED HEREIN SHALL SURVIVE ANY TERMINATION OR EXPIRY OF THIS AGREEMENT. 

3

		
	14.
	Term and Termination.  This Agreement shall commence on the Effective Date and continue thereafter for a period of twelve months or until terminated (the “Term”) by either Party providing to the other twenty business days’ notice of termination in writing.  This Agreement may also be terminated without notice by either Party for just cause, including material breach of this Agreement. Other than as described above, upon termination of this Agreement, Company shall not be required to make any further payments to Consultant other than for monies owing at the date of termination.

		
	15.
	Notices.  Any notices or communications required or permitted to be given hereunder shall be given in writing by delivery in person or by first class mail addressed to the Party, postage prepaid, or by facsimile or email at the following addresses, or such other address(es) as a Party may, from time to time, designate in writing:

If to Consultant:
PM Resources Consulting, LLC
Telephone:      
Facsimile:          
Email:      
Attention: James L. Gibson     
        
If to Company:
Willbros United States Holdings, Inc.
4400 Post Oak Parkway, Ste. 1000
Houston, Texas 77027
Telephone: 713-403-8000
Facsimile: 713-403-8136
Email: lori.pinder@willbros.com    
Attention:    Corporate Secretary/Lori Pinder

Invoicing
Willbros United States Holdings, Inc.
Accounts Payable Department
PO Box 56607
Houston, Texas 77256    
Email: vendor.services@willbros.com
Attention: Mike Fournier

		
	16.
	Severability.  In the event any portion of this Agreement is held to be unenforceable or invalid, the validity and enforceability of the remainder of this Agreement shall be unaffected.

		
	17.
	Interpretation. In this Agreement, unless otherwise specified, the use of any gender includes the other gender and the use of the terms “it, its, their or theirs” shall include a gender,  if applicable. 

		
	18.
	Time of the Essence. Time shall be of the essence of this Agreement.

 

		
	19.
	Assignments and Subcontracts.  This Agreement shall inure to the benefit of and bind the Parties, their successors, and permitted assigns.  Neither Party shall assign all or any part of this Agreement, except to an affiliate, without the prior written consent of the other Party.

		
	20.
	Governing Law.  This Agreement shall be governed and constructed in accordance with the laws of the State of Texas and all disputes shall be resolved by the courts in Harris County. 

		
	21.
	Entire Agreement.  This Agreement and all exhibits attached constitute the entire agreement between the Parties relating to the subject matter hereof, and supersedes all previous bids, proposals, contracts, understandings, and other agreement between the Parties.  This Agreement may not be amended except in writing signed by both Parties.  In the event of a conflict between this Agreement and any “job order” or “authorization letter” issued in connection herewith, the provisions of this Agreement shall prevail.

		
	22.
	Multiple Originals. This Agreement may be executed in multiple counterparts each of which shall constitute an original agreement as to the Party signing same, but all of which shall constitute a single agreement.

		
	23.
	Independent Legal Advice. The Parties hereto acknowledge that they have not relied upon the other Party to this Agreement for advice, whether legal or otherwise, in connection with this Agreement and the Parties hereto further acknowledge that they have each been advised to seek independent legal advice with respect to same. 

In Witness Whereof, the Parties hereto have executed this Agreement as of the Effective Date.

PM RESOURCES CONSULTING, LLC

By:      ________________________________        
Name:    James L. Gibson            

WILLBROS UNITED STATES HOLDINGS, INC.

By:      _______________________________            
Name:     Lori Pinder        
Title:      Corporate Secretary

            

By:    _______________________________
Name:    John McNabb
Title:    CEO    

4

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