Document:

Exhibit 10.40

Exhibit 10.40

WILLBROS GROUP, INC.

2010 MANAGEMENT SEVERANCE PLAN

FOR EXECUTIVES

 

 

 

WILLBROS GROUP, INC.

2010 MANAGEMENT SEVERANCE PLAN

FOR EXECUTIVES

Table of Contents

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	ARTICLE I. DEFINITIONS
	 	 	1	 
	 
	 	 	 	 
	ARTICLE II. ELIGIBILITY
	 	 	9	 
	 
	 	 	 	 
	ARTICLE III. SEVERANCE BENEFIT
	 	 	9	 
	 
	 	 	 	 
	ARTICLE IV. WELFARE PLAN AND SUMMARY PLAN DESCRIPTION
	 	 	14	 
	 
	 	 	 	 
	ARTICLE V. NO SET-OFF OR MITIGATION
	 	 	14	 
	 
	 	 	 	 
	ARTICLE VI. RESTRICTIVE COVENANTS
	 	 	15	 
	 
	 	 	 	 
	ARTICLE VII. NON-EXCLUSIVITY OF RIGHTS
	 	 	20	 
	 
	 	 	 	 
	ARTICLE VIII. PARTICIPATING EMPLOYERS
	 	 	20	 
	 
	 	 	 	 
	ARTICLE IX. SUCCESSOR TO EMPLOYER
	 	 	20	 
	 
	 	 	 	 
	ARTICLE X. DURATION AND AMENDMENT
	 	 	20	 
	 
	 	 	 	 
	ARTICLE XI. ADMINISTRATION
	 	 	21	 
	 
	 	 	 	 
	ARTICLE XII. MISCELLANEOUS
	 	 	27	 
	 
	 	 	 	 
	EXHIBIT A ADDITIONAL PROVISIONS OF THE SUMMARY PLAN DESCRIPTION OF THE PLAN
	 	 	A-1	 
	 
	 	 	 	 
	EXHIBIT B WILLBROS GROUP, INC. WAIVER AND RELEASE AGREEMENT
	 	 	B-1	 

 

 

 

WILLBROS GROUP, INC.

2010 MANAGEMENT SEVERANCE PLAN

FOR EXECUTIVES

(Effective October 26, 2010)

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

ARTICLE I. DEFINITIONS

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

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

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

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

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

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

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

(b) Participant’s willful or reckless material misconduct in the performance of
his duties;

 

 

 

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

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

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

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

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

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

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

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

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

 

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1.1.6 “Change in Control” means and shall be deemed to have occurred if (i) any
Person, other than the Company or a Related Party, is or becomes the “beneficial owner” (as
defined in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company
representing fifty percent (50%) or more of the total voting power of all the then
outstanding Voting Securities, (ii) any Person, other than the Company or a Related Party,
purchases or otherwise acquires under a tender offer, securities of the Company
representing fifty percent (50%) or more of the total voting power of all the then
outstanding Voting Securities, (iii) during any period of two (2) consecutive years,
individuals who at the beginning of such period constituted the Board (together with any
new directors whose election by the Board or nomination for election by the Company’s
stockholders was approved by a vote of at least two-thirds (2/3) of the directors of the
Company then still in office who either were directors at the beginning of such period or
whose election or nomination for election was previously so approved) cease for any reason
to constitute a majority of the members of the Board, (iv) the consummation of a merger,
consolidation, recapitalization or reorganization of the Company, other than a merger,
consolidation, recapitalization or reorganization which would result in the Voting
Securities outstanding immediately prior thereto continuing to represent, either by
remaining outstanding or by being converted into voting securities of the surviving entity
(or if the surviving entity is a subsidiary of another entity, then of the parent entity of
such surviving entity), at least sixty percent (60%) of the total voting power represented
by the voting securities of the surviving entity (or parent entity) outstanding immediately
after such merger, consolidation, recapitalization or reorganization, (v) the stockholders
approve a plan of complete liquidation of the Company or an agreement for the sale or
disposition by the Company (in one transaction or a series of related transactions) of all
or substantially all of the Company’s assets to any Person, other than a Related Party, or
(vi) the Board or the appropriate committee thereof adopts a resolution to the effect that
a Change in Control has occurred. Any event, transaction or series of events or
transactions that would constitute a Change in Control under this definition and that
relates to, results from or constitutes a part of the insolvency of, or a bankruptcy,
bankruptcy reorganization or receivership of, the Company shall not constitute a Change in
Control.

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

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

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

 

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

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

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

 

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

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

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

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

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

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

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

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

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

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

 

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

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

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

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

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

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

1.1.19 “Notice of Consideration” see Section 3.2.1.

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

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

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

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

 

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

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

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

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

 

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

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

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

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

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

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

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

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

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

 

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

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

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

ARTICLE II. ELIGIBILITY

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

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

ARTICLE III. SEVERANCE BENEFIT

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

3.1.1 Separation from Service following a Change in Control. If, within one (1) year
following a Change in Control, a Participant incurs an involuntary Separation from Service
by action of the Employer other than for Cause or voluntarily incurs a Separation
from Service for Good Reason, the Participant shall be entitled to (i) a lump sum cash
payment in an amount equal to two hundred percent (200%) of the Participant’s Severance
Compensation, which shall be paid on the Payment Date, and (ii) the amounts set forth in
Section 3.1.3, payable as described in Section 3.1.3.

 

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3.1.2 Separation from Service prior to a Change in Control. If, prior to a Change in
Control, a Participant incurs an involuntary Separation from Service by action of the
Employer other than for Cause, the Participant shall be entitled to a lump sum cash payment
in an amount equal to one hundred percent (100%) of the Participant’s Severance Compensation
under Section 1.1.29(i) only (but not under Section 1.1.29(ii)) which shall be paid on the
Payment Date.

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

(i) a lump sum cash payment, which shall be paid on the Payment Date, in an
amount equal to the following formula: (a) the deemed aggregate annual target
opportunity measured under all applicable Incentive Plans that could have been
earned by such Participant for the fiscal year of the Employer during which such
Participant’s Termination Date occurs (determined as if all applicable goals and
targets had been satisfied in full), multiplied by (b) a fraction, the numerator of
which is the number of days during the period beginning on the first day of such
fiscal year and ending on the date such Participant’s Termination Date takes
effect, and the denominator of which is 365;

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

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

 

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

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

3.2.1 Procedural Requirements for Termination for Cause. For any Separation from
Service for Cause following a Change in Control, the Willbros Parties shall strictly observe
each of the following substantive and procedural provisions:

(i) The Board shall call a meeting for the stated purpose of determining whether
Participant’s acts or omissions satisfy the requirements of the definition of “Cause” and,
if so, whether to terminate Participant’s employment for Cause.

(ii) Not less than fifteen (15) days prior to the date of such meeting, the Board shall
provide or cause to be provided Participant and each member of the Board written notice (a
“Notice of Consideration”) of: (A) a detailed description of the acts or omissions alleged
to constitute Cause, (B) the date of such meeting of the Board, and (C) Participant’s rights
under clauses (iii) and (iv) below.

(iii) Participant shall have the opportunity to present to the Board a written response
to the Notice of Consideration, but shall not have the right to appear in person or by
counsel before the Board.

(iv) Participant’s employment may be terminated for Cause only if: (A) the acts or
omissions specified in the Notice of Consideration did in fact occur and such actions or
omissions do constitute Cause as defined in this Plan, (B) the Board, by affirmative vote of
a simple majority of its members, makes a specific determination to such effect and to the
effect that Participant’s employment should be terminated for Cause (“Cause Determination”),
and (C) the Company or the Employer thereafter provides Participant with a Notice of
Termination that specifies in specific detail the basis of such Separation from Service for
Cause and which Notice shall be consistent with the reasons set forth in the Notice of
Consideration.

(v) In the event that the existence of Cause shall become an issue in any action or
proceeding between Participant, on the one hand, and any one or more of the
Willbros Parties, on the other hand, the Cause Determination shall be final and binding
on all parties, except as provided in Section 3.2.2 below.

Nothing in this Section 3.2.1 shall preclude the Board, by majority vote, from
suspending Participant from his duties, with pay, at any time.

 

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3.2.2 Standard of Review. In the event that the existence of Cause shall become
an issue in any action or proceeding between a Participant following a Change in Control, on
the one hand, and any one or more of the Willbros Parties on the other hand, the Willbros
Parties, as applicable, shall, notwithstanding the Cause Determination, have the burden of
establishing that the actions or omissions specified in the Notice of Consideration did in
fact occur and do constitute Cause and that the Willbros Parties have satisfied all
applicable substantive and procedural requirements of this Section.

3.3 Code Section 280G Cutback. Notwithstanding any provision of this Plan to the contrary, if
any amount or benefit to be paid under Article III of this Plan would be an “excess parachute
payment” (within the meaning of Section 280G of the Code, or any successor provision thereto) but
for the application of this sentence, then the payment to be paid or provided under this Plan will
be reduced to the minimum extent necessary (but in no event to less than zero) so that no portion
of any such payment, as so reduced, constitutes an excess parachute payment. Whether requested by
the Participant or the Company, the determination of whether any reduction in such payment or
benefit to be provided under this Plan or otherwise is required pursuant to the preceding sentence
will be made at the expense of the Company by the Company’s independent accountants. The fact that
Participant’s right to payment or benefit may be reduced by reason of the limitations contained in
this Section 3.3 will not of itself limit or otherwise affect any rights the Participant has other
than pursuant to this Plan. In the event that any payment or benefit intended to be provided under
this Plan is required to be reduced pursuant to this Section 3.3, the Company will reduce
Participant’s payment and/or benefit, to the extent required, in the following order: (i) the lump
sum payment described in Section 3.1.1 or 3.1.2 (as the case may be), (ii) the lump sum payment
described in Section 3.1.3(i), and (iii) the health and life continuation benefits set forth in
Sections 3.1.3(ii) and (iii). The Company and Participant agree that the value attributable to the
restrictive covenants of Article VI is an amount equal to the sum of (i) the Participant’s Annual
Base Compensation and (ii) the amount payable under Section 3.1.3(i), for the requisite period that
such restrictions are in effect following the Separation from Service.

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

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

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

 

12

 

ARTICLE IV. WELFARE PLAN AND SUMMARY PLAN DESCRIPTION

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

ARTICLE V. NO SET-OFF OR MITIGATION

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

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

 

13

 

ARTICLE VI. RESTRICTIVE COVENANTS

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

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

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

 

14

 

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

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

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

 

15

 

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

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

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

6.4 Intellectual Property.

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

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

 

16

 

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

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

6.5 Non-Disparagement.

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

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

 

17

 

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

6.6 Reasonableness of Restrictive Covenants.

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

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

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

6.7 Right to Injunction; Survival of Undertakings.

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

 

18

 

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

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

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

ARTICLE VII. NON-EXCLUSIVITY OF RIGHTS

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

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

 

19

 

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

ARTICLE VIII. PARTICIPATING EMPLOYERS

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

ARTICLE IX. SUCCESSOR TO EMPLOYER

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

ARTICLE X. DURATION AND AMENDMENT

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

 

20

 

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

10.3 Notices. All notices and other communications under this Plan shall be in writing and
delivered by hand, by a nationally-recognized delivery service that promises overnight delivery, or
by first-class registered or certified mail, return receipt requested, postage prepaid, addressed
as follows:

If to Participant:

to Participant at his most recent home address on file with the
Company.

If to the Company or the Employer:

Willbros Group, Inc.

4400 Post Oak Parkway, Suite 1000

Houston, TX 77027

Attention: General Counsel

or to such other address as either party shall have furnished to the other in writing. Notice and
communications shall be effective when actually received by the addressee.

ARTICLE XI. ADMINISTRATION

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

 

21

 

11.2 Allocation of Responsibilities.

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

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

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

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

11.3 Provisions Concerning the Committee.

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

11.3.2 Duties of the Committee. The Committee shall administer the Plan in accordance
with its terms and shall have all the powers necessary to carry out such terms. The
Committee shall execute any certificate, instrument or other written direction on behalf of
the Plan and may make any payment on behalf of the Plan. All interpretations of the Plan,
and questions concerning its administration and application, shall be determined by the
Committee (or its delegate). The Committee may appoint such accountants, counsel,
specialists, and other persons as it deems necessary or desirable in connection with the
administration of the Plan. Such accountants and counsel may, but need not, be accountants
and counsel for the Company or a Related Party.

 

22

 

11.4 Delegation of Responsibilities; Bonding.

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

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

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

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

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

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

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

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

 

23

 

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

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

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

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

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

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

 

24

 

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

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

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

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

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

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

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

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

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

 

25

 

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

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

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

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

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

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

 

26

 

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

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

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

ARTICLE XII. MISCELLANEOUS

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

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

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

 

27

 

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

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

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

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

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

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

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

	 	 	 	 	 
	 	WILLBROS GROUP, INC.

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

 

28

 

EXHIBIT A

ADDITIONAL PROVISIONS OF THE SUMMARY PLAN

DESCRIPTION OF THE PLAN

I. General Plan Information:

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

Plan Sponsor and Employer Identification Number:

Willbros Group, Inc.

4400 Post Oak Parkway, Suite 1000

Houston, TX 77027

EIN: 30-0513080

Plan
Number: Plan #502

Type
of Plan: Welfare Benefits

Type of Administration: Plan Administrator

Plan Administrator (and Agent for Service of Legal Process):

Willbros Executive Leadership Team

4400 Post Oak Parkway, Suite 1000

Houston, TX 77027

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

II. The Statement of ERISA Rights.

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

Receive Information About Your Plan and Benefits

	 	*	 	Examine, without charge, at the Plan Administrator’s office and at other
specified locations, such as worksites, all documents governing the Plan and a copy of
the latest annual report (Form 5500 Series), if applicable, filed by the Plan with the
U.S. Department of Labor and available at the Public Disclosure Room of the Pension and
Welfare Benefit Administration.

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

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

 

A-1

 

Prudent Actions by Plan Fiduciaries

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

Enforce Your Rights

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

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

Assistance with Your Questions

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

 

A-2

 

EXHIBIT B

WILLBROS GROUP, INC. WAIVER AND

RELEASE AGREEMENT

This agreement, waiver and release (this “Agreement”), made as of the
 _____ 
day of
                    , 20_____ 
(the “Effective Date”), is made by and among Willbros Group, Inc. (together
with all successors thereto, “Company”) and [INSERT PARTICIPANT NAME] (“Participant”).

WHEREAS, the Participant is eligible for a benefit under that certain Willbros Group, Inc.
2010 Management Severance Plan for Executives (“Severance Plan”);

NOW THEREFORE, in consideration for receiving benefits and severance under the Severance Plan
and in consideration of the representations, covenants and mutual promises set forth in this
Agreement, the parties agree as follows:

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

 

B-1

 

prohibiting employment discrimination and/or governing the
payment of wages, benefits, and other forms of compensation, and any claims for wrongful discharge, breach of
contract, breach of the implied covenant of good faith and fair dealing, fraud, discrimination,
harassment, defamation, infliction of emotional distress, termination in violation of public
policy, retaliation, including workers’ compensation retaliation under state statutes, tort law,
contract law, libel. slander, or claims for retaliation, or other claims arising under any local,
state or federal regulation, statute or common law. This Release does not apply to the payment of
any and all benefits and/or monies earned, accrued, vested or otherwise owing, if any, to the
Participant under the terms of a Company-sponsored tax qualified retirement or savings plan, except
that the Participant hereby releases and waives any claims that his termination was to avoid
payment of such benefits or payments, and that, as a result of his termination, he is entitled to
additional benefits or payments. Additionally, this Release does not apply to any of Participant’s
rights or obligations with respect to indemnification or directors’ and officers’ liability
coverage to which Participant is entitled or subject in his capacity as a former officer or
employee of the Company. This Release does not apply to any claim or rights which might arise out
of the actions of the Company after the date the Participant signs this Agreement. Further,
notwithstanding anything herein to the contrary, nothing herein or otherwise shall release the
Company from any claims, rights or damages that may not be released or waived as a matter of law.

2. No Inducement. Participant agrees that no promise or inducement to enter into this
Agreement has been offered or made except as set forth in this Agreement, that the Participant is
entering into this Agreement without any threat or coercion and without reliance or any statement
or representation made on behalf of the Company or by any person employed by or representing the
Company, except for the written provisions and promises contained in this Agreement.

3. Damages. The parties agree that damages incurred as a result of a breach of this
Agreement will be difficult to measure. It is, therefore, further agreed that, in addition to any
other remedies, equitable relief will be available in the case of a breach of this Agreement. It
is also agreed that, in the event Participant files a claim against the Company with respect to a
claim released by Participant herein (other than a proceeding before the EEOC), the Company may
withhold, retain, or require reimbursement of all or any portion of the benefits and severance
payments under the Severance Plan until such claim is withdrawn by Participant.

4. Advice of Counsel; Time to Consider; Revocation. Participant acknowledges the
following:

(a) Participant has read this Agreement, and understands its legal and binding effect.
Participant is acting voluntarily and of Participant’s own free will in executing this
Agreement.

(b) Participant has been advised to seek and has had the opportunity to seek legal
counsel in connection with this Agreement.

(c) Participant was given at least twenty-one (21) days to consider the terms of
this Agreement before signing it.

 

B-2

 

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

5. No Admission. This Agreement shall not be construed as an admission by the Company
of any liability whatsoever, or as an admission by the Company of any violation of rights, or of
the Participant’s rights, or of any person, or any violation of any order, law, statute, duty or
contract.

6. Severability. If all or any part of this Agreement is declared by any court or
governmental authority to be unlawful or invalid, such unlawfulness or invalidity shall not
invalidate any other portion of this Agreement. Any section or a part of a section declared to be
unlawful or invalid shall, if possible, be construed in a manner which will give effect to the
terms of the section to the fullest extent possible while remaining lawful and valid.

7. Amendment. This Agreement shall not be altered, amended, or modified except by
written instrument executed by the Company and the Participant. A waiver of any portion of this
Agreement shall not be deemed a waiver of any other portion of this Agreement.

8. Counterparts. This Agreement may be executed in several counterparts, each of
which shall be deemed to be an original, but all of which together will constitute one and the same
instrument.

9. Headings. The headings of this Agreement are not part of the provisions hereof and
shall not have any force or effect.

10. Rules of Construction. Reference to a specific law shall include such law, any
valid regulation promulgated thereunder, and any comparable provision of any future legislation
amending, supplementing or superseding such section.

11. Applicable Law. The provisions of this Agreement shall be interpreted and
construed in accordance with the laws of the State of Texas without regard to its choice of law
principles.

 

B-3

 

IN WITNESS WHEREOF, the parties have executed this Agreement as of the dates specified below.

	 	 	 	 	 
	 

	 	[INSERT PARTICIPANT NAME]	 	 
	 
	 	 	 	 
	 

	 	 

	 	 
	 

	 	Date:
	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

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

	 	By:	 	 
	 

	 	 

	 	 
	 

	 	Title:	 	 
	 

	 	 

	 	 
	 

	 	Date:	 	 
	 

	 	 

	 	 

 

B-4

 

A C K N O W L E D G M E N T

I HEREBY ACKNOWLEDGE that Willbros Group, Inc. (the “Company”), in accordance with the Age
Discrimination in Employment Act of 1967, as amended by the Older Workers Benefit Protection Act of
1990, informed me in writing that:

(1) I should consult with an attorney before signing the Waiver and Release Agreement
(“Agreement”) that was provided to me.

(2) I may review the Agreement for a period of up to twenty-one (21) days prior to
signing the Agreement. If I choose to take less than twenty-one (21) days to review the
Agreement, I do so knowingly, willingly and on advice of counsel.

(3) For a period of seven days following the signing of the Agreement, I may revoke the
Agreement, and that the Agreement will not become effective or enforceable until the seven
day revocation period has elapsed.

(4) The Company shall not accept my signed Agreement prior to the last day of my
employment.

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

	 	 	 	 	 
	WITNESS:
	 	 	 	 
	 
	 	 	 	 
	 

	 	 

[INSERT PARTICIPANT’S NAME]Exhibit 10.41

Exhibit 10.41

WILLBROS GROUP, INC.

NONQUALIFIED DEFERRED COMPENSATION PLAN

Effective January 1, 2011

 

 

 

WILLBROS GROUP, INC.

NONQUALIFIED DEFERRED COMPENSATION PLAN

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page	 
	 
	 	 	 	 
	SECTION 1 INTRODUCTION
	 	 	1	 
	1.1 The Plan and Its Effective Date
	 	 	1	 
	1.2 Purpose
	 	 	1	 
	1.3 Definitions
	 	 	1	 
	SECTION 2 ELIGIBILITY, CONTRIBUTIONS AND BENEFITS
	 	 	6	 
	2.1. Eligibility for Benefits
	 	 	6	 
	2.2 Amount of Benefits
	 	 	6	 
	2.3 Accounts and Income Credits
	 	 	6	 
	2.4 Vesting
	 	 	7	 
	2.5 Funding
	 	 	7	 
	2.6 Deferral Elections
	 	 	7	 
	2.7 Deemed Investment of Accounts
	 	 	8	 
	SECTION 3 DISTRIBUTION OF BENEFITS
	 	 	8	 
	3.1 Payment of Benefits
	 	 	8	 
	3.2 Form and Date of Payment of Benefits
	 	 	9	 
	3.3 Distributions for Unforeseeable Emergency
	 	 	9	 
	3.4 Delay of Certain Payments for Specified Employees
	 	 	9	 
	SECTION 4 ADMINISTRATION OF THE PLAN
	 	 	10	 
	4.1 Appointment of the Committee
	 	 	10	 
	4.2 Operation of the Committee
	 	 	10	 
	4.3 Powers and Duties of the Committee
	 	 	10	 
	4.4 Compensation; Expenses
	 	 	11	 
	4.5 Indemnification
	 	 	11	 
	4.6 Claims Procedure and Review
	 	 	12	 
	SECTION 5 MISCELLANEOUS
	 	 	13	 
	5.1 Employment Rights
	 	 	13	 
	5.2 Interests Not Transferable
	 	 	13	 
	5.3 Unclaimed Amounts
	 	 	13	 
	5.4 Controlling Law
	 	 	13	 
	5.5 Gender and Number
	 	 	14	 
	5.6 Compliance with Code Section 409A
	 	 	14	 
	SECTION 6 AMENDMENT AND TERMINATION
	 	 	14	 
	SECTION 7 PARTICIPATING EMPLOYERS
	 	 	14	 
	SECTION 8 SUCCESSOR TO EMPLOYER
	 	 	15	 

 

 

 

WILLBROS GROUP, INC.

NONQUALIFIED DEFERRED COMPENSATION PLAN

SECTION 1

INTRODUCTION

1.1 The Plan and Its Effective Date. The Plan is established by the Company, effective
January 1, 2011.

1.2 Purpose. ERISA and the Code permit the provision of Benefits under an unfunded,
nonqualified plan maintained by an employer primarily for the purpose of providing deferred
compensation for a select group of management or highly compensated Employees. The purpose of the
Plan is to provide the Participants deferred compensation in compliance with Section 409A of the
Code.

1.3 Definitions.

Capitalized words and phrases used in this Plan shall have the meanings set forth below or as
otherwise set forth in the Plan.

1.3.1 “Account” shall mean a hypothetical, internal bookkeeping account established in the
records of the Company to record contributions made on behalf of Participants; provided, however,
such account shall exist for internal bookkeeping purposes only and shall not constitute a
segregated fund or trust designed to secure payment of a Participant’s Benefits under the Plan.

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

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

1.3.4 “Annual Base Compensation” shall mean an amount a Participant is entitled to receive as
wages or salary on an annualized basis, excluding all bonus, overtime and incentive compensation,
payable by an Employer as consideration for the Participant’s services.

1.3.5 “Benefit” means the amount distributable to a Participant under the Plan calculated by
(i) adding all Employee Contributions, plus all Employer contributions, if any,
plus
any deemed investment gains under Section 2.7, and (ii) subtracting any deemed investment losses
under Section 2.7

 

1

 

1.3.6 “Board of Directors” or “Board” shall mean the Board of Directors of the
Company.

1.3.7 “Bonus Compensation” shall mean any compensation payable to a Participant under an
Incentive Plan.

1.3.8 “Change in Control” means and shall be deemed to have occurred if (i) any Person, other
than the Company or a Related Party, is or becomes the “beneficial owner” (as defined in Rule 13d-3
under the Act), directly or indirectly, of securities of the Company representing fifty percent
(50%) or more of the total voting power of all the then outstanding Voting Securities, (ii) any
Person, other than the Company or a Related Party, purchases or otherwise acquires under a tender
offer, securities of the Company representing fifty percent (50%) or more of the total voting power
of all the then outstanding Voting Securities, (iii) during any period of two (2) consecutive
years, individuals who at the beginning of such period constituted the Board (together with any new
directors whose election by the Board or nomination for election by the Company’s stockholders was
approved by a vote of at least two-thirds (2/3) of the directors of the Company then still in
office who either were directors at the beginning of such period or whose election or nomination
for election was previously so approved) cease for any reason to constitute a majority of the
members of the Board, (iv) the consummation of a merger, consolidation, recapitalization or
reorganization of the Company, other than a merger, consolidation, recapitalization or
reorganization which would result in the Voting Securities outstanding immediately prior thereto
continuing to represent, either by remaining outstanding or by being converted into voting
securities of the surviving entity (or if the surviving entity is a subsidiary of another entity,
then of the parent entity of such surviving entity), at least sixty percent (60%) of the total
voting power represented by the voting securities of the surviving entity (or parent entity)
outstanding immediately after such merger, consolidation, recapitalization or reorganization, (v)
the stockholders approve a plan of complete liquidation of the Company or an agreement for the sale
or disposition by the Company (in one transaction or a series of related transactions) of all or
substantially all of the Company’s assets to any Person, other than a Related Party, or (vi) the
Board or the appropriate committee thereof adopts a resolution to the effect that a Change in
Control has occurred. Any event, transaction or series of events or transactions that would
constitute a Change in Control under this definition and that relates to, results from or
constitutes a part of the insolvency of, or a bankruptcy, bankruptcy reorganization or receivership
of, the Company shall not constitute a Change in Control. Notwithstanding the foregoing, no Change
in Control shall be deemed to occur unless the events constituting such Change in Control are also
a “change in the ownership or effective control of a corporation, or a change in the ownership of a
substantial portion of the assets of a corporation,” within the meaning of Treas. Reg. § 1.409A-3
and applicable Treasury guidance.

 

2

 

1.3.9 “Code” shall mean the Internal Revenue Code of 1986, as amended.

1.3.10 “Committee” shall have the meaning set forth in Section 4.1 hereof.

1.3.11 “Compensation” shall mean Annual Base Compensation and/or Bonus Compensation.

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

1.3.13 “Disability” shall mean that a Participant (i) is unable to engage in any substantial
gainful activity by reason of any medically determinable physical or mental impairment which can be
expected to result in death or can be expected to last for a continuous period of not less than
twelve (12) months, or (ii) is, by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous
period of not less than twelve (12) months, receiving income replacement benefits for a period of
not less than three (3) months under an accident and health plan covering Employees of the Company.

1.3.14 “Distribution Event” shall mean the earliest to occur of:

(i) the Participant’s death while employed by an Employer;

(ii) the Participant’s Disability while employed by an Employer;

(iii) the termination of the Plan by the Company in accordance with Section 6;

(iv) the Participant’s Separation from Service;

(v) a Change in Control; or

(vi) an Unforeseeable Emergency.

1.3.15 “Employee” means a common law Employee of an Employer.

1.3.16 “Employee Contributions” shall mean any Employee pre-tax contribution amounts credited
to a Participant’s Account on a basis under Section 2.2, by reason of an election by a Participant
to defer Annual Base Compensation or Bonus Compensation which is not currently available to the
Participant on the date the Participant makes such election.

 

3

 

1.3.17 “Employer” means the Company or, if the Participant is not employed by the Company, a
Subsidiary that employs the Participant and which has adopted the Plan pursuant to Section 8
hereof, and the successor of either (provided, in the case of a Subsidiary, that such successor is
also a Subsidiary).

1.3.18 “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.

1.3.19 “Incentive Plan” means any of the Company’s management incentive plans, sales incentive
plans and other incentive or bonus plans or arrangements (but excluding any long-term incentive
awards), or any additional or successor plans in effect from time to time.

1.3.20 “Insolvent” shall mean that the Company is unable to pay its debts as they become due
or that the Company is subject to a pending proceeding as a debtor under the United States
Bankruptcy Code.

1.3.21 “Participant” means (i) an Employee selected for participation in the Plan on an annual
basis who is one of a select group of management or highly compensated Employees and (ii) an
Employee formerly selected for participation who has an undistributed Account under the Plan.

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

1.3.23 “Plan” shall mean the Willbros Group, Inc. Nonqualified Deferred Compensation Plan,
effective January 1, 2011 as amended from time to time.

1.3.24 “Plan Year” shall mean the calendar year beginning January 1 and ending December 31 of
each year.

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

1.3.26 “Separation from Service” means a Participant’s termination or deemed termination from
employment with the Employer. For purposes of determining whether a Separation from Service has
occurred, the employment relationship is treated as continuing intact while the Participant is on
military leave, sick leave or other bona fide leave of absence if the period of such leave does not
exceed six (6) months, or if longer, so long as the Participant retains a right to reemployment
with his Employer under an applicable statute or by contract. For this purpose, a leave of absence
constitutes a bona fide leave of absence only if there is a

 

4

 

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

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

1.3.28 “Trust” shall mean the Trust Under the Willbros Group, Inc. Nonqualified Deferred
Compensation Plan, if any.

1.3.29 “Unforeseeable Emergency” shall mean a severe financial hardship to a Participant
resulting from an illness or accident of the Participant, the Participant’s spouse, or a dependent
(within the meaning of Code Section 152 without regard to Sections 152(b)(1), (b)(2) and (d)(1)(B))
of the Participant, loss of the Participant’s property due to casualty (including the need to
rebuild a home following damage to a home not covered by insurance, for example, not as a result of
a natural disaster), or other similar extraordinary and unforeseeable circumstances arising as a
result of events beyond the control of the Participant. The imminent foreclosure of or eviction
from the Participant’s primary residence shall constitute an Unforeseeable Emergency. The need to
pay for medical expenses, including non-refundable deductibles, as well as for the costs of
prescription drug medication, shall constitute an Unforeseeable Emergency. The need to pay for the
funeral expenses of a spouse, a beneficiary, or a dependent (as defined in Section
152, without regard to Section 152(b)(1), (b)(2), and (d)(1)(B)) shall also constitute an
Unforeseeable Emergency. Except as otherwise provided herein, the purchase of a home and the
payment of college tuition are not Unforeseeable Emergencies. The provisions of Treas. Reg. §
1.409A-3 shall govern in the interpretation of whether an Unforeseeable Emergency exists. The
parties intend that the Plan shall provide for a distribution upon request of a Participant with
respect to all Unforeseeable Emergencies which are permitted under such Treasury Regulation.

 

5

 

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

SECTION 2

ELIGIBILITY, CONTRIBUTIONS AND BENEFITS

2.1. Eligibility for Benefits. Prior to the beginning of each Plan Year, the Committee may
designate one or more Employees as eligible to become Participants. An eligible Employee becomes a
Participant in the Plan on the date that the eligible Employee executes the forms provided by the
Committee to elect to participate in the Plan, provided that such forms are timely executed as
provided in Section 2.6 for each Plan Year. A person who becomes a Participant shall remain a
Participant until all amounts credited to his Account under the Plan have been distributed;
provided, however, that no Employee Contributions shall be made for any Plan Year with respect to
such Participant unless such Participant is designated for participation with respect to such Plan
Year.

2.2 Amount of Benefits. A Participant’s Account shall be credited with the amount of any
Employee Contributions made by a Participant with respect to Annual Base Compensation and Bonus
Compensation which is not currently available to the Participant on the date deferral of such
Contributions is elected; provided, however, that the total annual Employee Contributions amount
which may be elected for deferral for a Plan Year shall not exceed (i) seventy-five percent (75%)
of the Participant’s Annual Base Compensation for that calendar year and/or (ii) up to one hundred
percent (100%) of the Participant’s Bonus Compensation for the Plan Year. The Company shall have
discretion to make Company contributions to this Plan in any amount with respect to any
Participant. An Eligible Participant who does not have a timely deferral election in effect under
Section 2.6 with respect to a Plan Year shall not be credited with any Employee Contributions or
Employer Contributions hereunder for such Plan Year.

2.3 Accounts and Income Credits. Amounts credited to a Participant’s Account shall be
credited with earnings as provided in Section 2.7.

 

6

 

2.4 Vesting. All Employee Contributions credited to a Participant’s Account and the earnings
thereon shall be fully vested and nonforfeitable as between the Company and the Participant;
provided, however, that all amounts credited to Participants’ Accounts are subject to the creditors
of the Company in the event that the Company becomes Insolvent. Any discretionary Company
contributions to the Plan shall be subject to such vesting schedule and other payment conditions as
the Committee shall designate in writing with respect to each such discretionary Company
contribution.

2.5 Funding. Any Benefit payable under the Plan to any person shall be paid directly by the
Company. The Company shall not be required to fund or otherwise segregate assets to be used for
payment of Benefits under the Plan. Notwithstanding the foregoing, the Company may maintain the
Trust to hold assets to be used for payment of Benefits under the Plan subject to the creditors of
the Company in the event the Company becomes Insolvent. The Company may maintain more than one
such “rabbi trust”, in its discretion. Any payments by the Trust or such other trust of Benefits
provided to a Participant under the Plan shall be considered payment by the Company and shall
discharge the Company from any further liability for the payments made by such trust.

2.6 Deferral Elections.

(a) Each person who is designated by the Committee as a Participant with respect to each Plan
Year may elect, by filing a duly executed written election with the Committee in accordance with
such rules and procedures as the Committee shall establish, before the beginning of such Plan Year,
to have the Employee Contributions described in Section 2.2, if any, credited to his Account;
provided, however, that any Employee Contributions shall be credited only with respect to Annual
Base Compensation or Bonus Compensation for services performed after the election is received by
the Committee.

(b) Persons who are initially designated as Participants during a Plan Year may elect, by
filing a written election with the Committee in accordance with such rules and procedures as the
Committee shall establish, within thirty (30) days of the date of his designation as a Participant,
to have the Employee Contributions described in Section 2.2, if any, credited to his Account;
provided, however, that any Employee Contributions shall only be credited with respect to Annual
Base Compensation or Bonus Compensation for services performed after the election is received by
the Committee. This Subsection (b) shall only apply to a Participant whose employment by the
Company or any other Employer commences during the same calendar year in which his or her initial
designation as a Participant occurs.

(c) If a Participant has a deferral election in effect for a current Plan Year and is again
designated as a Participant in the Plan for the next Plan Year, but fails to timely make a new
deferral election for the next Plan Year, the deferral election in effect for the current Plan
Year shall carryover automatically (for any number of ensuing Plan Years). If such Participant
does not have in effect an election pursuant to this Section 2.6 for the Plan Year, no deferrals
shall be credited to his Account under this Plan for such Plan Year.

 

7

 

(d) An election by a Participant to defer Annual Base Compensation and/or Bonus Compensation
becomes irrevocable as to the applicable year upon receipt by the Committee. If the Participant
wishes to terminate or change his or her deferral as to any subsequent year, such termination or
revised deferred election must be in writing, duly signed and delivered to the Committee not later
than the last day of the calendar year preceding the year as to which the termination or revised
deferral election will apply.

2.7 Deemed Investment of Accounts. For purposes of calculating the Benefit distributable to a
Participant under the Plan, all amounts allocated to a Participant’s Account shall be deemed
invested and reinvested in the investment funds designated by the Committee, which may include
investment options available under the Willbros Employees’ 401(k) Investment Plan, or in such
additional investment options as the Committee may from time to time make available, in accordance
with the Participant’s deemed investment directions hereunder. Each Participant shall designate
how, and in what percentage, amounts credited to his Account (and the investment earnings or losses
thereon) shall be deemed to be invested. Each Participant shall be entitled to make deemed
investment elections with respect to his Account separate from his investment election with respect
to his accounts, if any, under the Willbros Employees’ 401(k) Investment Plan; provided, however,
that any deemed investment election made pursuant to this Section 2.7 shall be completed, delivered
to the Committee (or to the Committee’s designee) and made effective in such manner and at such
time as the Committee (or such designee) shall determine in accordance with its rules concerning
the manner of making investment elections under the Plan. A Participant may change his deemed
investment elections from time to time in such manner as determined by the Committee or its
designee.

SECTION 3

DISTRIBUTION OF BENEFITS

3.1 Payment of Benefits. The Participant’s Benefits held in the Trust shall be paid to, as
applicable, the Participant or (i) in the event of the Participant’s death, to the designated
beneficiary of the Participant or (ii) in the event of the Participant’s Disability, to the
Participant’s personal representative, if any, following the occurrence of a Distribution Event, in
accordance with the provisions of this Section 3. In the event the Participant fails to designate
a beneficiary for purposes of this Plan, the Committee
shall pay the Benefits due hereunder to the Participant’s surviving spouse, if any, or, if
none, to the personal representative of the Participant’s estate in the event of the Participant’s
death.

 

8

 

3.2 Form and Date of Payment of Benefits. Except as set forth in Section 3.4, benefit
payments from the Trust shall be made in accordance with the Participant’s irrevocable election in
(a) a single lump sum payment on the first day of the month following the occurrence of a
Distribution Event or (b) in the number of substantially equal monthly installments, but not more
than sixty (60), elected by the Participant in the deferral election form beginning on the first
day of the first month next following the occurrence of a Distribution Event or such later month
(but not more than twenty-four (24) months following the Distribution Event) elected by the
Participant in such deferral election form; provided, however, that benefit payments made pursuant
to Section 3.3 on account of a Distribution Event which is an Unforeseeable Emergency shall only be
made if the Participant requests such a distribution and shall be made in a single lump sum.

3.3 Distributions for Unforeseeable Emergency. A Participant may receive one or more
distributions with respect to an Unforeseeable Emergency by requesting the same from the Committee;
provided, that the amount of each such distribution shall be only for the amounts reasonably
necessary to satisfy such emergency (which shall include the amounts necessary to pay any Federal,
state, local or foreign taxes or penalties reasonably anticipated to result from the distribution).
The determination of whether a Participant has incurred an Unforeseeable Emergency and satisfied
the foregoing conditions shall be an objective determination which shall not involve any discretion
of the Committee. Whether a Participant is faced with an Unforeseeable Emergency permitting a
distribution under this Section 3.3 is to be determined based on the relevant facts and
circumstances of each case, but, in any case, a distribution on account of Unforeseeable Emergency
may not be made to the extent that such emergency is or may be relieved through reimbursement or
compensation from insurance or otherwise, by liquidation of the Participant’s assets, to the extent
the liquidation of such assets would not cause severe financial hardship. The determination of
amounts reasonably necessary to satisfy the emergency need shall not take into account any
additional compensation that is available from a qualified employer plan as defined in Treas. Reg.
§ 1.409A-1(a)(2) (including any amount available by obtaining a loan under the plan), or that due
to the Unforeseeable Emergency is available under another nonqualified deferred compensation plan
(including a plan that would provide for deferred compensation except due to the application of the
effective date provisions under Treas. Reg. § 1.409A-6). There shall not be a minimum or maximum
allowable in-service distribution in the event of an Unforeseeable Emergency. A Participant has
discretion as to whether to apply for a distribution upon an Unforeseeable Emergency.

3.4 Delay of Certain Payments for Specified Employees. Notwithstanding any contrary provision
in this Plan, any payment(s) of nonqualified deferred compensation (within the
meaning of Code Section 409A) that is otherwise required to be made under this Plan to a
Participant who is a “specified employee” (as defined under Code Section 409A) as a result of
Separation from Service (other than a payment(s) that is excepted from or otherwise not subject to
Code Section 409A) shall be delayed for the first six (6) months following such Separation from
Service and shall instead be paid on the first (1st) business day following the
expiration of such six (6) month period, in a single lump sum and in the aggregate amount of all
payments so delayed. Any remaining payments not so delayed shall continue to be paid pursuant to
the payment schedule, if any, specified herein.

 

9

 

SECTION 4

ADMINISTRATION OF THE PLAN

4.1 Appointment of the Committee. The Plan shall be administered by the Committee. The
Committee shall consist of the Willbros Executive Leadership Team. Any Committee member may resign
by delivering a written resignation to the Committee and such resignation shall be effective upon
receipt, or at any subsequent date specified in the written resignation. If no Committee is
appointed, references herein to the Committee shall refer to the Employee Benefits Committee of the
Company.

4.2 Operation of the Committee.

(a) The Committee shall act by a majority of its members constituting a quorum and
such action may be taken either by a vote in a meeting or in writing without a meeting. A
quorum shall consist of a majority of the members of the Committee. No Committee member
shall act upon any question pertaining solely to himself, and with respect to any such
question only the other Committee members shall act.

(b) The Committee may allocate responsibility for the performance of any of its duties
or powers to one or more Committee members or Employees of the Company.

(c) The Committee or its designee shall keep such books of account, records and other
data as may be necessary for the proper administration of the Plan.

4.3 Powers and Duties of the Committee. The Committee shall be generally responsible for the
operation and administration of the Plan. To the extent that powers are not delegated to others
pursuant to provisions of this Plan, the Committee shall have such powers as may be necessary to
carry out the provisions of the Plan and to perform its duties hereunder, including, without
limiting the generality of the foregoing, the power:

(a) To appoint, retain and terminate such persons as it deems necessary or advisable to
assist in the administration of the Plan or to render advice with respect to the
responsibilities of the Committee under the Plan, including accountants, administrators,
and attorneys;

(b) To make use of the services of the Employees of the Company in administrative
matters;

 

10

 

(c) To obtain and act on the basis of all tables, valuations, certificates, opinions,
and reports furnished by the persons described in paragraph (a) or (b) above;

(d) To determine all Benefits and resolve all questions pertaining to the
administration and interpretation of the Plan provisions, either by rules of general
applicability or by particular decisions based on the objective provisions of the Plan and
without the exercise of discretion. To the maximum extent permitted by law, all
interpretations of the Plan and other decisions of the Committee shall be conclusive and
binding on all parties;

(e) To adopt such forms, rules and regulations as it shall deem necessary or
appropriate for the administration of the Plan and the conduct of its affairs, provided that
any such forms, rules and regulations shall not be inconsistent with the provisions of the
Plan;

(f) To remedy any inequity resulting from incorrect information received or
communicated or from administrative error; and

(g) To commence or defend any litigation arising from the operation of the Plan in any
legal or administrative proceeding.

4.4 Compensation; Expenses. All expenses incident to the operation and administration of the
Plan and the Trust reasonably incurred, including, without limitation by way of specification, the
fees and expenses of attorneys and advisors, and for such other professional, technical and
clerical assistance as may be required, shall be paid by the Company. Members of the Committee
shall not be entitled to any compensation by virtue of their services as such nor be required to
give any bond or other security; provided, however, that they shall be entitled to reimbursement by
the Company for all reasonable expenses which they may incur in the performance of their duties
hereunder and in taking such action as they deem advisable hereunder within the limits of the
authority given them by the Plan and by law.

4.5 Indemnification. To the extent coverage is not provided by any applicable insurance
policy, the Company hereby agrees to indemnify the
Committee and each of its members, the Board of Directors and each of its members, as well as
each Employee performing services with respect to this Plan, and to hold all of them harmless
against all liability, joint and several, for their acts, omissions and conduct and for the acts,
omissions and conduct of their duly appointed agents made in good faith pursuant to the provisions
of the Plan, including any out-of-pocket expenses reasonably incurred in the defense of any claim
relating thereto; provided, however, that no indemnitee shall voluntarily assume or admit any
liability, nor, except at its or his own cost, shall any of the foregoing make any payment, assume
any obligations or incur any expense without the prior written consent of the Board of Directors.
The Company may purchase, at its expense, liability insurance to protect the Company and the
persons indemnified hereunder from liability incurred in the good faith administration of this
Plan.

 

11

 

4.6 Claims Procedure and Review.

(a) Claims for Benefits under the Plan shall be filed in writing by a claimant with the
Committee. Within sixty (60) days after receipt of such claim, the Committee shall act on
the claim and shall notify the claimant in writing as to whether the claim has been granted
in whole or in part; provided, however, if the claimant has not received written notice of
such decision within such sixty (60)-day period, the claimant shall, for the purpose of
subsection (c) of this Section 4.6, regard his claim as having been denied.

(b) Any notice of denial of a claim in whole or in part shall set forth, in a manner
calculated to be understood by the claimant, (i) the specific reason or reasons for the
denial, (ii) specific reference to pertinent Plan provisions on which the denial is based,
(iii) a description of any additional material or information necessary for the claimant to
perfect the claim, and (iv) an explanation of the Plan’s claim and review procedure.

(c) Any claimant (or his duly authorized representative) who has been denied a claim in
whole or in part under the Plan shall be entitled, upon the filing of a written request for
review with the Committee within sixty (60) days after receipt by the claimant of written
notice of denial of his claim (or, if the claimant had not received written notice of
decision within the sixty (60)-day period described in subsection (a) of this Section 4.6,
within one hundred-twenty (120) days of receipt of the claim form by the Committee), to
appeal the denial of his claim to the Committee.

(d) The claimant or his duly authorized representative shall be entitled in connection
with such appeal to examine pertinent documents and submit issues and comments in writing to
the Committee. Any decision on review by the Committee shall be in writing, shall include
specific reasons for the decision (including reference to the pertinent Plan provisions on
which the decision is based) and shall be written in a manner calculated to be understood by
the claimant. Such decision shall be made by the
Committee not later than sixty (60) days after receipt by it of the claimant’s or his
duly authorized representative’s request for review.

 

12

 

SECTION 5

MISCELLANEOUS

5.1 Employment Rights. Establishment of the Plan shall not be construed to give the
Participant the right to be retained in the Company’s service or to any Benefits not specifically
provided by the Plan.

5.2 Interests Not Transferable. Except as to withholding of any tax under the laws of the
United States or any state or locality, no Benefit payable at any time under the Plan shall be
subject in any manner to alienation, sale, transfer, assignment, pledge, attachment, or other legal
process or encumbrance of any kind. Any attempt to alienate, sell, transfer, assign, pledge or
otherwise encumber any such Benefits, whether currently or thereafter payable, shall be void. No
Benefit shall, in any manner, be liable for or subject to the debts or liabilities of any person
entitled to such benefits. If any person shall attempt to, or shall alienate, sell, transfer,
assign, pledge or otherwise encumber his Benefits under the Plan, or if by reason of his bankruptcy
or other event happening at any time, such Benefits would devolve upon any other person or would
not be enjoyed by the person entitled thereto under the Plan, then the Company, in its discretion,
may terminate the interest in any such Benefits of the person entitled thereto under the Plan and
hold or apply them to or for the benefit of such person entitled thereto under the Plan or his
spouse, children or other dependents, or any of them, in such manner as the Company may deem
proper.

5.3 Unclaimed Amounts. Unclaimed amounts shall consist of the Benefits of the Participant
which cannot be distributed because of the Committee’s inability, after a reasonable search, to
locate the Participant or his beneficiary, as applicable, within a period of two (2) years after
the payment of Benefits becomes due. Unclaimed amounts shall be forfeited at the end of such two
(2) year period. These forfeitures will reduce the obligations of the Company under the Plan.
After an unclaimed amount has been forfeited, the Participant or beneficiary, as applicable, shall
have no further right to his Account.

5.4 Controlling Law. The law of the State of Texas, except its law with respect to choice of
law, shall be controlling in all matters relating to the Plan to the extent not preempted by
Federal law.

 

13

 

5.5 Gender and Number. Words in the masculine gender shall include the feminine (and vice
versa), and the plural shall include the singular (and vice versa).

5.6 Compliance with Code Section 409A. The provisions of this Plan are intended to fully
comply with Code Section 409A, applicable Treasury guidance with respect to such Code Section, and
the final
Regulations, as amended, under such Code Section. As a result, the provisions of this Plan shall
be construed to effect the intent of Code Section 409A, applicable Treasury guidance with respect
to such Code Section, and the final Regulations, as amended, under such Code Section, and,
accordingly, the Committee may, in order to carry out such intent, without the consent of any
Participant, amend, modify, confirm or clarify any provision of this Plan, but only and solely to
cause the Plan to conform with such Code Section, such applicable Treasury guidance, and such final
Regulations, in order to avoid any excise tax thereunder being imposed on a Participant.

SECTION 6

AMENDMENT AND TERMINATION

The Company intends the Plan to be permanent, but reserves the right at any time by action of
its Board of Directors to modify or amend the Plan without the consent of any Participant, but only
if such modification or amendment would not adversely affect any Participant other than to cause
the distribution of the Participant’s Account. The Company has the right, without any
Participant’s consent, to terminate the Plan. Any such termination shall comply with Code Section
409A, applicable Treasury guidance thereunder and the final Regulations, as amended, under such
Code Section, including, without limitation, any applicable requirement to delay distribution of
Participant’s Benefits under the Plan.

SECTION 7

PARTICIPATING EMPLOYERS

This Plan may be adopted by any Subsidiary. Upon such adoption, the Subsidiary shall become
an Employer and the provisions of the Plan shall be fully applicable to the Employees of that
Subsidiary who are designated Participants by the Committee. The Company agrees unconditionally to
guarantee the performance by, and obligation of, each Employer under the Plan.

 

14

 

SECTION 8

SUCCESSOR TO EMPLOYER

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

Executed this 24th day of January, 2011, to be effective as of January 1, 2011.

	 	 	 	 	 
	 	WILLBROS GROUP, INC.,

 	 
	 	By:  	/s/ Lori Pinder
 	 
	 	Its: 	Secretary 	 

 

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