Document:

exv10w2

 

Exhibit 10.2

EMPLOYMENT AGREEMENT

     THIS AGREEMENT dated May 18, 2006 is entered into by Newpark Resources, Inc. (the “ Company
”), a Delaware corporation, and Sean Mikaclian (the “ Executive ”) and is intended to incorporate
and accurately reflect all prior negotiations, discussions, or agreements between the parties.

     WHEREAS, the Company desires to employ a President of Newpark Mats and Integrated Services to
enhance shareholder value and grow the mats business to its maximum potential, and as Executive has
represented himself as qualified to achieve these objectives, and as the parties mutually desire
and agree to enter into an employment relationship by means of this Employment Agreement.

     NOW, THEREFORE in consideration of the promises and mutual covenants herein contained, and
other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, it is mutually covenanted and agreed by and between the parties as follows:

1. Employment of Executive

     1.1 Employment Term. The Company hereby offers to employ Executive, and Executive hereby
accepts employment by the Company, as its President of Newpark Mats on the terms and conditions set
forth in this Agreement. The period during which Executive is employed hereunder shall be referred
to as the “Employment Term.” The Executive’s Employment Term under this Agreement shall commence on
May 18, 2006 (“Employment Date”), and shall continue for a period of three (3) years subject to the
provisions of Section 2 “Termination of Employment”.

1.2 Compensation and Benefits.

     (a) Base Salary. During the Employment Term, the Company will pay Executive a base monthly
salary at an annualized rate of at least Two Hundred and Thirty Thousand Dollars ($230,000) per
year (“Base Salary”). The Company will review annually Executive’s Base Salary and, at its
reasonable discretion, may increase such Base Salary as it deems appropriate, provided Executive’s
Base Salary for any subsequent twelve month year shall not be less than the preceding twelve month
year except with Executive’s prior written agreement. Adjustments in Base Salary shall be
automatically incorporated herein by reference and be contractual obligations of Company. Such Base
Salary shall be paid in accordance with the Company’s standard payroll practice for its senior
staff.

     (b) Signing bonus. Executive will receive a signing bonus of $75,000 to be paid no later than
the end of June, 2006. In the event that Executive voluntarily terminates this Agreement or is
terminated for cause Executive will repay this signing bonus on a pro-rata basis based on the
number of completed months of the thirty six months of this Agreement. For example, if Executive
voluntarily terminates this Agreement after having completed 24 months of employment Executive will
be responsible for repaying 12/36 of the bonus, i.e. $25,000.

     (c) Incentive Compensation. In addition to the Base Salary, during the Employment Period
Executive shall be eligible for participation in the 2003 Executive Incentive Plan (“EICP”) and the
2003 Long Term Incentive Plan (“LTIP”), subject to any amendments made at Board’s discretion as
provided herein, in each of the years ending December 31, 2006, 2007, and 2008. Performance
measures and goals will be set by the Compensation Committee of the Board. The Target Award is
equal to forty (40%) percent of Base Salary with a maximum limitation of eighty percent (80%) of
Executive’s actual Base Salary paid for that calendar year. Any payout for 2006 performance shall
be based on the Company performance prorated for the eligible period. Payout under the E1CP for a
particular year will be made in cash by March 31 of the next year, e.g. payout for 2006 will occur
prior to March 31, 2007. Actual awards, in accordance with the Board approved plan and any
amendments, are at the discretion of the Compensation Committee, provided the Company represents
and warrants to the Executive that the terms

			
	 	 	 
	Employment Agreement — Sean Mikaelian
	 	Page 1 of 21

 

 

of the EICP and LTIP will not be amended, modified, changed, or interpreted or applied to
make them less generous than they are on May 18, 2006, without prior written notice.

     (d) Stock Options and Share Awards. In addition, Executive shall receive such number of
stock options and performance restricted share awards as are granted by the Compensation Committee
in accordance with the Board approved plans (all such plans being referred to as the “ Plans ”).
You will be eligible to participate in the June 2006 option grant. Vesting shall be as provided in
these existing plans, and subject to any amendments. When used in this Agreement “stock” and
“shares” mean the Company’s publicly traded common stock, $.01 par value. Further, throughout this
Agreement, the words “stock options, awards, and grants” are used separately or in various
combinations to describe awards of shares or the right to acquire shares of Company stock under
various benefit plans or this Agreement, or both.

     (e) Employment Inducement Awards. As an incentive to accepting employment with Company and
entering into this Agreement, Executive will be awarded upon execution of this Agreement and the
Company will take any and all necessary action to make such award at no cost to Executive: (l)
twenty five thousand (25,000) fair market value options at the market price on the day this
Agreement is dated which will vest ratably over three (3) years with the first year being the
anniversary of this Employment Agreement.

     (f) Benefit Plans and Vacation. Subject to the terms of such Plans, throughout his
employment under this Agreement, Executive shall be entitled to participate in any and all employee
benefits plans or programs of the Company to the extent that he is otherwise eligible to
participate under the terms of those plans, including participation in any welfare benefit programs
provided by the Company (including, without limitation, medical, prescription, dental disability,
employee life, group life, accidental death and travel accident insurance programs), and fringe
benefits and perquisites available generally to Presidents of Company subsidiaries, including the
provision of a company car and rights to indemnification. The Company shall not be obligated to
institute, maintain, or refrain from changing, amending, or discontinuing any benefit plan, or
perquisite, so long as such changes are similarly applicable to other Presidents of Company
subsidiaries.

     During the Employment Term, Executive shall be entitled to 12 days paid vacation in 2006 and
four (4) weeks paid vacation each calendar year beginning in 2007 in accordance with the Company’s
policies in effect from time to time, provided the four (4) of weeks of vacation provided in this
paragraph shall not be reduced under such policies.

     (g) Expense Reimbursement. The Company will reimburse Executive in full for all
reasonable and necessary business, entertainment and travel expenses incurred or expended by
Executive in the performance of the duties hereunder in accordance with the Company’s customary
practices applicable to its senior staff.

     (h) Relocation, Commuting and Temporary Housing Expenses. For the first six monthsof the
Employment Term, the Executive will be based at the Company’s offices in Lafayette, Louisiana.
After that time the Executive will be based in Houston, Texas and will relocate to the Houston
area. Therefore for the first six months of the Employment Term, Company will assist Executive with
finding temporary’ housing and with the reasonable cost of such housing in the Lafayette area, and
reimburse reasonable commercial transportation expenses for Executive or his wife between Lafayette
and their home in Michigan up to three (3) times per month for a maximum of 6 months or relocation
to Houston, whichever occurs first. Costs of relocation to the Houston area will be in accordance
with the provisions set out in your offer letter of April 28, 2006 and the appropriate company
policies. In addition to those set out in the offer letter, you will receive a lump sum equivalent
to one month’s salary at the closing on the purchase of a home in the Houston area for incidental
expenses. All expenses related to temporary housing commuting, relocation, etc will be grossed
up. For the purposes of determining the amount of the Gross-Up Payment. the Executive will be
deemed to pay federal income taxes at the highest marginal rate of federal income taxation in the
calendar year in which the Gross-Up Payment is to be made, and state and local income taxes at the
highest marginal rate of taxation in the state and locality of the Executive’s

			
	 	 	 
	Employment Agreement  — Sean Mikaelian
	 	Page 2 of 21

 

 

residence, net of the maximum reduction in federal income taxes which could be obtained from
deduction of such state and local taxes.

     (i) Schedule of Compensation and Benefit Plans. Attached to this Agreement is a schedule of
the compensation and benefit plans by name or description that the Company and Executive
understand and intend to cover Executive. The terms and provisions of the items listed on
the Schedule, as modified by this Agreement, are incorporated herein by reference (whether
or not the actual plan documents are attached as exhibits) and are contractual by and
between Company and Executive.

     1.3 Extent of Services; Conflicts of Interest.

     (a) Executive shall devote substantially all of his working time, attention and energies to
the business of the Company, and its affiliated entities. Executive may be involved in charitable
and professional activities, trade and industry associations and the like providing these do not
interfere with the requirements of employment with the Company.

     (b) During the term of his employment under this Agreement, Executive shall not, directly or
indirectly, without the prior consent of the Chief Executive Officer of Company, render any
services to any other person or entity or acquire any interests of any type in any other entity,
that might be deemed in competition with the Company or any of its subsidiaries or affiliates or in
conflict with his position, provided, however, that the foregoing shall not be deemed to prohibit
Executive from (a) acquiring, solely as an investment, any securities of a partnership, trust,
limited liability company, corporation or other entity (i) so long as he remains a passive investor
in such entity, (ii) so long as he does not become part of any control group thereof, and (iii) so
long as such entity is not, directly or indirectly, in competition with the Company or any of its
subsidiaries or affiliates, or (b) serving as a consultant, advisor or director of any corporation
which has a class of outstanding equity securities registered under Sections 12(b) or 12(g) of the
Securities Exchange Act of 1934, as amended (the “ Exchange Act “), and which is not in competition
with the Company or any of its subsidiaries or affiliates.

     (c) Executive shall execute simultaneously with this Agreement, the two Unfair Competition,
Confidentiality and Non-Competition Agreements attached as Appendix A and Appendix B.

     (d) The Company shall execute simultaneously with this Agreement the Indemnification
Agreement attached as Appendix C.

     1.4 Change of Control

The Company policy related to Change of Control provisions is currently under review. At the
completion of that review, the Executive will receive Change of Control terms, if any, no less
favorable than other Divisional Presidents.

2. Termination of Employment.

     2.1 Termination. Executive’s employment by the Company shall be terminated (1)
automatically,
upon the death or disability (as defined below), of Executive, or (2) at the election of
Executive upon 30
days written notice to the Company by Executive for Good Reason (as defined below) or his
voluntary
resignation at his election and without Good Reason, (3) by the Company for Cause (as defined
below), (4)
by the Company without Cause, or (5) at the end of the Employment Term as defined in Section
1.1(a).

     2.2 Early Termination. if Executive’s employment is terminated by Executive at any time
before the end of the Employment Term for any reason other than for Good Reason, Executive shall
be entitled to receive only (i) his Base Salary and other earned compensation through the date of
termination and (n) such stock options, share awards, and grants as shall have fully vested before
the date of termination.

			
	 	 	 
	Employment Agreement — Sean Mikaelian
	 	Page 3 of 21

 

 

     2.3 Termination by Executive for Good Reason or by Company without Cause. It Executive’s
employment is terminated by Executive for Good Reason or by the Company without Cause, then
Executive shall be entitled to receive: (i) in a lump sum payment within thirty (30) days of the
date of termination, an amount equal to the greater of (A) Executive’s current annual Base Salary
as provided herein plus Target Award incentive (40%) for the remaining period of the Employment
Term or (D) Executive’s current annual Base Salary as provided herein plus Target Award incentive
(40%) for one year; (ii) full vesting of all time related Options awarded at commencement of
employment, provided however, there will be no vestine of annual stock awards in the
post-employment exercise period in accordance with the Plans; (iii) the Company will pay the COBRA
premium to continue the same coverage under the Company’s group medical insurance program period
for the greater of the remaining period of the Employment Term or twelve (12) months subject to an
overall maximum of eighteen (18) months and; (iv) direct payment by the Company for the costs of
outplacement services obtained by the Executive within the one (1) year period after termination,
not to exceed $20,000.

     2.4 Termination for Cause. If Executive’s employment is terminated at any time during the
Employment Term for Cause (as defined herein), then Executive shall be entitled to receive only (i)
his Base Salary through the date of termination and (ii) such stock options, awards, and grants as
shall have fully vested before the date of termination. In any such event, Executive shall be
ineligible for and shall forfeit all rights with respect to options and grants that have not vested
as of the time of termination for Cause.

     2.5 Termination as a Result of Death. If Executive dies during the Employment Term, the
Company shall pay to Executive’s surviving spouse or such other person or estate as the
Executive may
from time to time designate by written notice to the Company, or such other person as may be
required by
law the Company will pay the following amounts: (i) any unpaid Base Salary or other
compensation for
services rendered to the date of death, and any unpaid expenses required to be reimbursed
under this
Agreement, and any earned but unpaid bonuses for any prior period: (ii) as of the date of
termination by
reason of Executive’s death, stock options previously awarded to Executive that have vested as
of the date
of death in keeping with the governing Plans. No awards or grants contemplated by this
Agreement, but
not yet awarded to Executive as of the time of his death shall be granted

     2.6 Termination as a Result of Disability. The Company may terminate Executive’s employment
hereunder upon Executive becoming “Totally Disabled.” For purposes of this Agreement, Executive
shall be considered “Totally Disabled” if Executive has been physically or mentally incapacitated
so as to render Executive incapable of performing the essential functions of Executive’s position
with or without reasonable accommodation. Executive’s receipt of disability benefits for total
disability under the Company’s long-term disability plan or receipt of Social Security total
disability benefits shall be deemed conclusive evidence of Total Disability for purposes of this
Agreement. However, in the absence of Executive’s receipt of such long-term disability benefits or
Social Security benefits, the Chief Executive Officer in “good faith may determine that the
Executive is disabled due to the needs of the business and the unacceptable unavailability of
Executive which is expected to last for a continuous period of not less than six (6) months. In the
event of such disability. Executive will continue to receive his Base Salary for six (6) months or
until benefits become payable to the Executive under the terms of the Company’s disability policy,
whichever first occurs.

     2.7 No Setoff. The Company’s obligation to make payments provided for in this Agreement and
otherwise to perform its obligations hereunder shall not be affected by any set-off counterclaim,
recoupment, defense or other claim, right, or action which Company may have against the Executive
or others. In no event shall the Executive be obligated to seek other employment or take any
other action by way of mitigation of the amounts payable, or benefits to be provided to the
Executive under any of the provisions of this Agreement, and such amounts shall not be reduced
whether or not the Executive obtains or seeks to obtain other employment.

     3. Miscellaneous Matters.

			
	 	 	 
	Employment Agreement — Sean Mikaelian
	 	Page 4 of 21

 

 

     3.1 Exclusive Dispute Resolution Procedure. In the event either party contends the other
has not complied with a provision of this Agreement or asserts any claims under ERISA, other than
the Non-Compete Agreements (which are specifically excluded from this procedure), prior to seeking
arbitration as provided for below, the party claiming a violation of this Agreement, shall advise
the other party, in writing of the specifics of the claim, including the specific provision alleged
to have been violated, as well as provide the other party with any supporting documentation the
party desires to produce at that time. It the Company is disputing amounts that Executive contends
are due to him, the Company shall provide a complete statement of the amount it is disputing, the
reason it is disputing it, and supporting documentation upon request by Executive. The parties will
thereafter meet and attempt to resolve their differences in a period not to exceed thirty (30)
days, unless the parties agree in writing to mutually extend the time for one additional thirty
(“SO) day period. Following such attempts to resolve any such dispute, either party may require
arbitration of the other. In order to do so, the request must be timely made, in writing, and
delivered to the other party (Executive or the Chief Executive Officer) within thirty (30) days
following the end of the resolution period (or any valid extension thereof) referenced herein
above. The parties hereto agree that any controversy or claim arising out of or relating to this
Agreement, or any dispute arising out of the interpretation or application of this Agreement, which
the parties hereto are unable to resolve as provided for above, shall be finally resolved and
settled exclusively by arbitration in the city where the Company’s headquarters are then located or
such other location as the parlies may agree, by a single arbitrator in accordance with the
substantive laws of the State of Texas to the extent not preempted by the Employee Retirement
Income Security Act, which shall govern all applicable benefits issues, in Keeping with the above
required procedure. If the parties cannot agree upon an arbitrator, then each party shall choose
its own independent representative, and those independent representatives shall choose the single
arbitrator within thirty (30) days of the date of the selection of the first independent
representative. The legal expenses of each party shall be borne by them respectively. However, the
cost and expenses of the arbitrator in any such action shall be borne equally by the parties. The
arbitrator’s decision, judgment and award shall be final, binding and conclusive upon the parties
and may be entered in the highest court, state or federal having jurisdiction. The arbitrator to
which any such dispute shall be submitted in accordance with the provision of this Article shall
only have jurisdiction and authority to interpret, apply or determine compliance with the
provisions of this Agreement, but shall not have jurisdiction or authority to add to, subtract
from, or alter in any way the provisions of this Agreement.

     3.2 Headings. Section and other headings contained in this Agreement are for reference only
and shall not affect in any way the meaning or interpretation of this Agreement.

     3.3 Notices. Any notice, communication, request reply or advice (here severally and
collectively called “ Notice “) required or permitted to be given under this Agreement must be in
writing and is effectively given by deposit in the same in the United States mail, postage
pre-paid and registered or certified with return receipt requested, by national commercial courier
for next day delivery, or by delivering in person the same to the address of the person or entity
to be notified. Notice deposited in the mail in the manner herein above described shall be
effective 48 hours after such deposit, Notice sent by national commercial courier for next day
delivery shall be effective on the date delivered, and Notice delivered in person shall be
effective at the time of delivery. For purposes of Notice, the address of the parties shall, until
changed as hereinafter provided, be as follows:

(a) If to the Company:

Newpark Resources, Inc.

3850 Causeway Blvd., Suite 5770

Metairie, LA 70002-1752

Attention: Chief Executive Officer

or at such address as the Company may have advised Executive in writing; and

(b) If to Executive:

			
	 	 	 
	Employment Agreement — Sean Mikaelian
	 	Page 5 of 21

 

 

Sean Mikaelian

7196 Brass Creek Drive

Dexter, MI 48130

or at such other address as Executive may have advised the Company in writing.

     3.4 Waiver. The failure by any party to enforce any of its rights under this Agreement shall
not be deemed to be a waiver of such rights, unless such waiver is an express written waiver which
has been signed by the waiving party. Waiver of any one breach shall not be deemed to be a waiver
of and other breach of the same or any other provision of this Agreement.

     3.5 Choice of Law. The validity of the agreement, the construction of its terms and
the determination of the rights and duties of the parties hereto shall be governed by and
construed in accordance with the laws of the State of Texas without regard to choice of
law principles.

     3.6 Invalidity of Provisions. If any provision of this Agreement is adjudicated to be
invalid, illegal or unenforceable under applicable law, the validity or enforceability of the
remaining provisions shall be unaffected To the extent that any provision of this Agreement is
adjudicated to be invalid, illegal or unenforceable because it is overbroad, that provision shall
not be void but rather shall be limited only to the extent required by applicable law and enforced
as so limited.

     3.7 Entire Agreement: Written Modifications. This Agreement, the Non-Compete Agreements, and
the specific documents referred to and incorporated herein by reference (whether or not copies
thereof are attached to this Agreement) together contain the entire agreement between the parties
and supersedes all prior or contemporaneous representations, promises, understandings and
agreements between Executive and the Company.

     3.8 No Assignments; Assumption by Successor. This Agreement is personal to the Company and
the Executive and may not be assigned by either party without the prior written consent of the
other. The Company will require any successor (whether direct or indirect by purchase, merger,
consolidation or otherwise) to all or substantially all of the business and/or assets of Company to
(i) expressly assume and agree to perform this Agreement in the same manner and the same extent the
Company would be required to perform it as if no such succession had taken place; and (ii) notify
the Executive of the assumption of this Agreement within ten days of such assumption. Failure of
the Company to obtain such assumption and agreement prior to the effectiveness of any such
succession shall be considered a Good Reason for the Executive to resign from the Company. As
used in this Agreement, Company shall mean Newpark Resources. Inc.. and any successor to its
business and/or assets as aforesaid which assumes and agrees to perform this agreement by operation
of law or otherwise. However, this agreement shall inure to the benefit of and be enforceable by
the Executive’s personal or legal representatives, executors, administrators’ successors, heirs,
and distributes, devisees, and legatees.

     3.9 Attorney’s Fees. The prevailing party in any action brought to enforce this Agreement
shall be
entitled, in addition to such other relief that may be granted, to a reasonable sum for
attorney’s fees and
costs incurred by such party in enforcing or defending against an action to enforce this
Agreement.

3.10 Definitions. In this Agreement:

     (a) “Cause” when used with reference to termination of the employment of Executive by
the Company for “Cause”, shall mean:

	 	(1)	 	Executive’s conviction by a court of competent jurisdiction of, or
entry of a plea of guilty or nolo contendere for an act on the Executive’s part
constituting a felony; or
	 
	 	(2)	 	dishonesty; willful misconduct or gross neglect by Executive of his obligations
under this

			
	Employment Agreement — Sean Mikaelian
	 	Page 6 of 21

 

 

	 	 	 	Agreement that results in material injury to the Company;
	 
	 	(3)	 	appropriation (or an overt act attempting appropriation) by
Executive of a material business opportunity of the Company;
	 
	 	(4)	 	theft, embezzlement or other similar misappropriation of funds or
property of the Company by Executive; or
	 
	 	(5)	 	the failure of Executive to follow the reasonable and lawful written
instructions or policy of the Company with respect to the services to be
rendered and the manner of rendering such services by Executive provided
Executive has been given reasonable and specific written notice of such
failure and opportunity to cure and no cure has been effected or initiated
within a reasonable time, but not less than 90 days, after such notice.

     (b) “ Good Reason ” means any of the following:

	 	(1)	 	the Company adversely changes Executive’s title or changes in any
material respect the responsibilities, authority or status of Executive
without prior notice and acceptance;
	 
	 	(2)	 	the substantial or material failure of the Company to comply with
its obligations under this Agreement or any other agreement that may be in
effect that is not remedied within a reasonable time after specific written
notice thereof by Executive to the Company;
	 
	 	(3)	 	the diminution of the Executive’s salary and or a material
diminution of the Executive’s benefits without prior notice and acceptance;
	 
	 	(4)	 	the failure of the Company to obtain the assumption of this
Agreement by any successor or assignee of the Company
	 
	 	(5)	 	Requiring Executive to relocate more than 50 miles from Houston, Texas
	 
	 	(6)	 	provided that in any of the above situations, Executive has given
reasonable and specific written notice to the Chief Executive Officer of such
failure and the Company has been given a reasonable opportunity to cure and
no cure has been effected or initiated within a reasonable time after such
notice.

Executed as of the date first written above.

	 	 	 	 	 	 	 	 	 	 	 
	Signed:

	 	/s/ Sean Mikaelian
	 	 	 	Signed:
	 	/s/ Paul L. Howes	 	 
	 

	 	 

Sean Mikaelian (Executive)
	 	 	 	 	 	 

Paul L. Howes
	 	 
	 

	 	 	 	 	 	 	 	Chief Executive Office	 	 
	 

	 	 	 	 	 	 	 	Newpark Resources, Inc	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	Witness:

	 	/s/ W.T. Ballantine
	 	 	 	Witness:
	 	/s/ Doug Absttine	 	 
	 

	 	 
	 	 	 	 	 	 	 	 
	 

	 	Name  W.T. Ballantine
	 	 	 	 	 	Name Doug Absttine	 	 

			
	 	 	 
	Employment Agreement — Sean Mikaelian
	 	Page 7 of 21

 

 

APPENDIX A

ANCILLARY LOUISIANA UNFAIR COMPETITION, CONFIDENTIALITY AND

NON-COMPETITION AGREEMENT

     THIS LOUISIANA UNFAIR COMPETITION, CONFIDENTIALITY AND NON-
COMPETITION AGREEMENT (this “ Ancillary Agreement”) dated and effective as of May 18, 2006
is made by Sean Mikaelian (“ Executive ”) and Newpark Resources, Inc. (the “ Company ”).

RECITALS:

     WHEREAS Executive and the Company have entered into an Agreement dated this date (the “
Employment Agreement”), to which this Agreement is ancillary and incorporated by reference,
pursuant to which, among other things, the Company agrees to make certain payments to Executive;
and

     WHEREAS , pursuant to the Employment Agreement, the Company and Executive have agreed to enter
into this Ancillary Agreement; and

     NOW THEREFORE , in consideration of Executive’s Employment Agreement and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Executive and
the Company hereby covenant and agree as follows:

     1. Definitions. Each capitalized term not defined herein shall have the meaning assigned
to that term in the Employment Agreement.

     2 Confidentiality. Executive acknowledges that in the course of his relationship with the
Company and its related entities Newpark Drilling Fluids, Newpark Environmental Services, SOLOCO
Newpark Canada, and Newpark Water (the “ Related Entities” or referred to collectively with
Newpark Resources as the “ Company ”) he has in the past received, and may in the future
receive certain trace secrets programs lists of customers and other confidential or proprietary
information and knowledge concerning The business of the Company and its Related Entities
(hereinafter collective referred to as “ Confidential Information ”) which the Company desires to
protect. Executive understands that the Information is confidential and he agrees not to reveal
the Confidential Information to anyone outside the Company so long as the confidential or secret
nature of the Confidential Information shall continue, other than such disclosure as authorized by
the Company or is made to a person transacting business with the Company who has reasonable need
for such Confidential Information. Executive further agrees that he will at no time use the
Confidential Information for or on behalf of any person other than the Company for any purpose
Executive further agrees to comply with the confidentiality and other provisions set forth in his
Agreement the terms of which are supplemental to any statutory or fiduciary or other obligations
relating to these matters. On the termination of employment or his Employment Agreement, Executive
snail surrender to the Company all papers, documents, writings and other property produced by him
or coming into his possession by or through his relationship with the Company or relating to the
Confidential Information and Executive agrees that all such materials will at all times remain the
property of the Company.

     3. Specific Covenants.

          (a) This Agreement. The terms of this Agreement constitute Confidential Information, which
Executive shall not disclose to anyone other than his spouse, attorney, accountant, or as may be
required by the Company or by law.

          (b) Company Property. All written materials, customer or other lists or data bases,
records, data, and other documents prepared or possessed by you during your employment with the

			
	 	 	 
	Appendix B — Scan Mikaelian
	 	Page 8 of 21

 

 

Company are the Company’s property. All information, ideas, concepts, improvements,
discoveries, and inventions that are conceived, made, developed, or acquired by you individually or
in conjunction with others during your employment (whether during business hours and whether on the
Company’s premises or otherwise) which relate to the Company’s business, products, or services are
the Company’s sole and exclusive property. All memoranda, notes, records, files, correspondence,
drawings, manuals, models, specifications, computer programs, maps, and all other documents, data,
or materials of any type embodying such information; ideas, concepts, recipes, inventory, prices,
improvements, discoveries, and inventions are the Company’s property. At the termination of
Executive’s employment with the Company for any reason Executive shall return all of the Company’s
documents, data, or other Company Property to the Company. Included in the above arc all such data
that Executive had access to, over, or possessed. The Company desires by this Agreement to protect
its economic investment in its current and future operations and business.

          (c) Confidential Information; Non-Disclosure. Executive acknowledges and
stipulates that the business of the Company is highly competitive, cost and price sensitive
and that he in
connection with his work and job have had access to Confidential Information relating to the
Company’s
businesses and their methods and operations. For purposes of this Agreement, “ Confidential Information ” means and includes the Company’s confidential and/or proprietary information and/or trade
secrets that
have been developed or used and/or will be developed and that cannot be obtained readily by
third parties
from outside sources. Confidential Information includes, by way of example and without
limitation, the
following information regarding customers, employees, contractors, its operations and its
markets and the
industry not generally known to the public; strategies, methods, books, records, and
documents; recipes,
technical information concerning products, equipment, services, and processes; procurement
procedures
and pricing techniques; the names of and other information concerning customers and those
being solicited
to be customers, investors, and business relations (such as contact name, service provided,
pricing for that
customer type and amount of product used, credit and financial data, and/or other information
relating to
the Company’s relationship with that customer); pricing strategies and price curves; positions
plans, and
strategies for expansion or acquisitions; budgets; customer lists; research; financial and
sales data; raw
materials purchasing or trading methodologies and terms; evaluations, opinions, and
interpretations of
information and data; marketing and merchandising techniques; prospective customers’ names and
locations; grids and maps; electronic databases; models; specifications; computer programs;
internal
business records; contracts benefiting or obligating the Company; bids or proposals submitted
to any third
party technologies and methods; training methods and training processes; organizational
structure;
personnel information, including salaries of personnel; labor or employee relations or
agreements; payment
amounts or rates paid to consultants or other service providers; and other such confidential
or proprietary
information. Information need not qualify as a trade secret to be protected as Confidential
Information
under this Agreement, and the authorized and controlled disclosure of Confidential Information
to
authorized parties by Company in the pursuit of its business will not cause the information to
lose its
protected stairs under this Agreement. Executive acknowledges and stipulates that this
Confidential
Information constitutes a valuable, special, and unique asset used by the Company in its
businesses to
obtain a competitive advantage over its competitors. Executive further acknowledges that
protection of
such Confidential Information against unauthorized disclosure and use is of critical
importance to the
Company in maintaining its competitive position and economic investment, as well as work for
its
employees.

          (d) Unfair Competition Restrictions. Executive agrees that for a period of twenty-
four (24) months following the date of his termination (“Restricted Term”), he will
not. directly or
indirectly for himself or for others, anywhere in those areas where the Company currently
(including the
City of New Orleans and its surrounding parishes, and in those cities or parishes listed in
Attachment “A-1
attached hereto) (the “ Restricted Area ”) conducts or is seeking to conduct business
of the same nature as
the Company, including the Related Entities, do any of the following, unless expressly
authorized by the
Chief Executive Officer of the Company: Engage in, or assist any person, entity, or business
engaged in,
the selling or providing of products or services that would displace the products or services
that (i) the
Company is currently in the business of providing and was in the business of providing, or is
planning to be
in the business of providing, at the time of the execution of this Agreement, or (ii) that
Executive had

			
	 	 	 
	Appendix B — Sean Mikaelian
	 	Page 9 of 21

 

 

involvement in, access to, or received Confidential Information about in the course of
employment. The foregoing is expressly understood to include, without limitation, the business of
the manufacturing, selling and/or providing products or services of the same type offered and/or
sold by the Company.

     4. Prohibition on Circumvention. It is further agreed that during the Restricted Term,
Executive cannot circumvent these covenants by alternative means or engage in any of the enumerated
prohibited activities in the Restricted Area by means of telephone, telecommunications, satellite
communications, correspondence, or other contact from outside the Restricted Area. Executive
further understands that the foregoing restrictions may limit his ability to engage in certain
businesses during the Restricted Term, but acknowledge that these restrictions are necessary to
protect the Confidential Information and business interests of the Company.

     5. Proviso. It is agreed that these covenants do not prevent Executive from using and
offering the general management or other skills that he possessed prior to receiving access to
Confidential Information and knowledge from the Company. This Agreement creates an advance approval
process, and nothing herein is intended, or will be construed as, a general restriction against
Executive’s pursuit of lawful employment in violation of any controlling state or federal laws.
Executive is permitted to engage in activities that would otherwise be prohibited by this covenant
if such activities are determined in the sole discretion of the Chief Executive Officer of the
Company, and authorized in writing, to be of no material threat to the legitimate business
interests of the Company.

     6. Non-Solicitation of Customers. For a period of twenty-four (24) months following
Executive’s termination of employment or employment agreement, Executive agrees not to call on,
service, or solicit competing business from customers of the Company, in the Restricted Area, whom
he, within the previous twenty-four (24) months, (i) had or made contact with, or (ii) had access
to information and files about; or. induce or encourage any such customer or other source of
ongoing business to stop doing business with the Company. This provision does not prohibit
Executive from managing or providing other services or products that are not a product or services
currently offered by the Company.

     7. Non-Solicitation of Employees. For a period of twenty-four (24) months following the date
of Executive’s termination of employment or employment agreement, Executive will not, either
directly or indirectly, call on, solicit, encourage, or induce any other employee or officer of the
Company, whom he had contact with, knowledge of, or association within the course of employment
with the Company to discontinue his or her employment, and will not assist any other person or
entity in such a solicitation.

     8. Non-Disparagement. Executive covenants and agrees he will not engage in any pattern of
conduct that involves the making or publishing of written or oral statements or remarks (including,
without limitation, the repetition or distribution of derogatory rumors, allegations, negative
reports or comments) which are disparaging, deleterious or damaging to the integrity, reputation or
good will of the Company or its respective management or products and services,

     9. Separability of Covenants. The covenants contained in Section 3 herein constitute a
series of separate but ancillary covenants, one for each applicable parish in the State of
Louisiana set forth in this Agreement or Attachment “A-l” hereto. If in any judicial proceeding, a
court shall hold that any of the covenants set forth in Section 3 exceed the time, geographic, or
occupational limitations permitted by applicable law, Executive and the Company agree that such
provisions shall and are hereby reformed to the maximum time, geographic, or occupational
limitations permitted by such laws, Further, in the event a court shall hold unenforceable any of
the separate covenants deemed included herein, then such unenforceable covenant or covenants shall
be deemed eliminated from the provisions of this Agreement for the purpose of such proceeding to
the extent necessary to permit the remaining separate covenants to be enforced in such proceeding.
Executive and the Company further agree that the covenants in Section 3 shall each be construed as
a separate agreement independent of any other provisions of this Agreement, and the existence of
any claim or cause of action by Executive against the Company, whether predicated on this

			
	 	 	 
	Appendix B — Sean Mikaelian
	 	Page 10 of 21

 

 

Agreement, his Employment Agreement or otherwise, shall not constitute a defense to the
enforcement by the Company of any of the covenants of Section 3.

     10. Consideration. Executive acknowledges and agrees that no other consideration for
Executive’s covenants in this Agreement, other than that specifically referred to in Section 1 of
the Employment Agreement, has or will be paid or furnished to him by the Company or the Related
Entities.

     11. Return of Items. Upon termination and/or retirement, Executive will return any computer
related hardware or software, cell phone, keys, or other data or company property in his possession
or control, including all customer list(s), pricing documents, etc., to the Company, except as may
be specifically provided for to the contrary in the Employment Agreement.

     12. Meaning of Certain Terms. All non-capitalized terms in Sections 3 and 4 are intended to
and shall have the same meanings that those terms (to the extent they appear therein) have in La.
R. S. 23:92 IC. Subject to and only to the extent not consistent with the foregoing sentence, the
parties understand the following phrases to have the following meanings:

          (a) The phrase “ carrying on or engaging in a business similar to the business of the
Company ” includes engaging, as principal, executive, employee, agent, trustee, advisor,
consultant or through the agency of any corporation, partnership, association or agent or agency,
in any business which conducts business in competition with the Company (including its Related
Entities) or being the owner of more than 1% of the outstanding capital stock of any corporation,
or an officer, director, or employee of any corporation or other entity, (other than the Company or
a corporation or other entity, affiliated with the Company) or a member or employee or any
partnership, or an owner or employee of any other business, which conducts a business or provides a
service in the Restricted Area in competition with the Company or any affiliated corporation or
other entity. Moreover, the term also includes (i) directly or indirectly inducing any current
customers of the Company, or any affiliated corporation or other entity, to patronize any product
or service business in competition with the Company or any affiliated corporation or other entity,
(ii) canvassing, soliciting, or accepting any product or service business of the type conducted by
the Company or any affiliated corporation or other entity (iii) directly or indirectly requesting
or advising any current customers of the Company or any affiliated corporation or other entity, to
withdraw, curtail or cancel such customer’s business with the Company or any affiliated corporation
or other entity; or (iv) directly or indirectly disclosing to any other person, firm, corporation
or entity, the names or addresses of any of the current customers of the Company or any affiliated
corporation or other entity or the rates or other terms on which the Company provides services to
its customers. In addition, the term includes directly or indirectly, through any person, firm,
association, corporation or other entity with which Executive is now or may hereafter become
associated, causing or inducing any present employee of the Company or any affiliated corporation
or other entity to leave the employ of the Company or any affiliated corporation or other entity to
accept employment with Executive or with such person, firm, association, corporation, or other
entity.

          (b) The phrase “ a business similar to the business of the Company ” means
environmental services to the exploration, production and maritime industries, mat sales and
rentals, drilling fluids, and water treatment and related technology; and, heavy oil and air
treatment.

          (c) The phrase “ carries on a like business ” includes, without limitation, actions
taken by or through a wholly-owned subsidiary or other affiliated corporation or entity.

          (d) All references to the Company shall also be deemed to refer to and include the
Related Entities.

     13. Reasonable Restrictions. Executive represents to the Company that the enforcement of
the restrictions contained in this Agreement would not be unduly burdensome to Executive and
acknowledges that Executive is willing and able, subject to the Restricted Area as defined
herein, to

			
	 	 	 
	Appendix B — Sean Mikaelian
	 	Page 11 of 21

 

 

compete in other geographical areas not prohibited by this Agreement. The parties to this
Agreement hereby agree that the covenants contained in this Agreement are reasonable.

     14. Entire Agreement. Except with respect to the Employment Agreement executed concurrently
herewith, and with respect to certain matters included in a separate Agreement being entered into
between Executive and the Company on the date of this Agreement (“ Appendix B and B-l ”), this
Agreement constitutes the entire agreement between the parties hereto with respect to the subject
matter of this Agreement and supersedes and is in full substitution for any and all prior
agreements and understandings whether written or oral between said parties relating to the subject
matter of this Agreement. This Agreement shall not supersede or substitute for, nor be superseded
or substituted by, the Employment Agreement, but shall have full force and effect concurrently
therewith.

     15. Amendment. This Agreement may not be amended or modified in any respect except by an
agreement in writing executed by the parties in the same manner as this Agreement except as
provided in Section 18 of this Agreement.

     16. Assignment. This Agreement (including, without limitation, Executive’s obligations under
Sections 3 and 4) may not be assigned by the Company in a manner inconsistent with 3.8 of
Executive’s Employment Agreement without the consent of Executive in connection with the sale,
transfer or other assignment of all or substantially all of the capital stock or assets of, or the
merger of, the Company, provided that the party acquiring such capital stock or assets or into
which the company merges assumes in writing the obligations of the Company hereunder and provided
further that no such assignment shall release the Company from its obligations hereunder. This
Agreement (including, without limitation, Executive’s obligations under Sections 3 and 4) may not
be assigned or encumbered in any way by-Executive without the written consent of the Company.

     17. Successors. This Agreement (including, without limitation, Executive’s obligations
under Sections 3 and 4) shall be binding upon and shall inure to the benefit of and be enforceable
by each of the parties and their respective successors and assigns.

     18. Unenforceable Provisions. If, and to the extent that, any section, paragraph, part, term
and/or provision of this Agreement would otherwise be found null, void, or unenforceable under
applicable law by any court of competent jurisdiction, that section, paragraph, part, term and/or
provision shall automatically not constitute part of this Agreement. Each section, paragraph, part,
term and/or provision of this Agreement is intended to be and is severable from the remainder of
this Agreement. If, for any reason, any section, paragraph, part, term and/or provision herein is
determined not to constitute part of this Agreement or to be null, void, or unenforceable under
applicable law by any court of competent jurisdiction, the operation of the other sections,
paragraphs, parts, terms and/or provisions of this Agreement as may remain otherwise intelligible
shall not be impaired or otherwise affected and shall continue to have full force and effect and
bind the parties hereto.

19. Remedies.

          (a) Executive agrees that a breach or violation of Section 3 or 4 of this Agreement
by
Executive shall entitle the Company as a matter of right, to an injunction, without necessity of
posting bond, issued by any court of competent jurisdiction, restraining any further or continued
breach or violation of such provisions.’ Such right to an injunction shall be cumulative and in
addition, and not in lieu of, any other remedies to which the Company may show themselves justly
entitled, including, but not limited to, specific performance and damages. The parties specifically
agree that the remedy of damages alone is inadequate.

          (b) In the event that Executive knowingly and intentionally fails in any material respect to
perform any of his material obligations under this Agreement, the Company may elect (i) to cease
any payments under the Employment Agreement and recover all payments made to Executive under

			
	 	 	 
	Appendix B — Sean Mikaelian
	 	Page 12 of 21

 

 

the Employment Agreement on or subsequent to the date of the failure, (ii) obtain an injunction
and/or (iii) exercise any and all other remedies available by law.

          (c) Notwithstanding the foregoing subsection (b), Executive will have no liability or
responsibility for: (i) inadvertent disclosure or use of the Information if (x) he uses the same
degree of care in safeguarding the Information that the Company uses to safeguard information of
like importance and (y) upon discovery of such inadvertent disclosure or use of such material,
Executive immediately uses his best efforts, including the commencement of litigation, if
necessary, to prevent any use thereof by the person or persons to whom it has been disclosed and to
prevent any further incidental disclosure thereof; and (it), disclosure of Information (x) that is
required by law, (y) that is made pursuant to a proper subpoena from a court or administrative
agency of competent jurisdiction from a court or administrative agency of competent jurisdiction or
(z) that is made upon written demand of an official involved in regulating you if before disclosure
is made, Executive immediately notifies the Company of the requested disclosure by the most
immediate means of communication available and confirms in writing such notification within one
business day thereafter.

     20. Notice. All notices, consents, requests, approvals or other communications in connection
with this Agreement and all legal process in regard hereto shall be in writing and shall be
deemed validly
delivered, if delivered personally or sent by certified mail, postage prepaid. Unless changed
by written
notice pursuant hereto, the address of each party for the purposes hereof is as follows:

	 	 	 	 	 
	 

	 	If to Executive :
	 	If to the Company :
	 

	 	Sean Mikaelian
	 	3850 Causeway Blvd., Suite 1770
	 

	 	7196 Brass Creek Drive
	 	Metairie, LA 70002-1752
	 

	 	Dexter. MI 48130
	 	Attn: Chief Executive Officer

Notice given by mail as set out above shall be deemed delivered only when actually received.

     21, Descriptive Headings. The descriptive headings of the several sections of this Agreement
are inserted for convenience only and shall not control or affect the meaning or construction of
any of the provisions hereof.

     22, Governing Law. This Agreement shall be governed by and construed and enforced in
accordance with the laws of the State of Louisiana without regard to conflicts of law principles.

IN WITNESS WHEREOF , the parties have duly executed this Louisiana Unfair Competition,
Confidentiality and Noncompetition Agreement as of the date first above written.

.

	 	 	 	 	 	 	 	 	 	 	 
	Signed:

	 	/s/ Sean Mikaelian
	 	 	 	Signed:
	 	/s/ Paul L. Howes	 	 
	 

	 	 

Sean Mikaelian (Executive)
	 	 	 	 	 	 

Paul L. Howes
	 	 
	 

	 	 	 	 	 	 	 	Chief Executive Officer	 	 
	 

	 	 	 	 	 	 	 	Newpark Resources, Inc	 	 

ATTACHMENT A-l (Restricted Areas)

States and areas in which Newpark Resources, Inc. currently does business:

	 	 	 	 	 	 	 	 	 
	1.

	 	Louisiana
	 	 	5.	 	 	Montana
	2.

	 	Texas
	 	 	6.	 	 	Colorado
	3.

	 	Nevada
	 	 	7.	 	 	South Dakota
	4.

	 	Wyoming
	 	 	8.	 	 	Oklahoma

			
	 	 	 
	Appendix B — Sean Mikaelian
	 	Page 13 of 21

 

 

Other areas:

9. The Gulf of Mexico, off what is commonly the “ Gulf Coast ”

10. Western Canada

Louisiana Parishes in which Newpark Resources, Inc currently does business:

	 	 	 	 	 	 	 	 	 
	1.

	 	Acadia
	 	 	17.	 	 	Lafayette
	2.

	 	Allen
	 	 	18.	 	 	Lafourche
	3.

	 	Assumption
	 	 	19.	 	 	Livingston
	4.

	 	Avoyelles
	 	 	20.	 	 	Plaquemine
	5.

	 	Beauregard
	 	 	21.	 	 	Pointe Coupee
	6.

	 	Bossier
	 	 	22.	 	 	Rapides
	7.

	 	Calcasieu
	 	 	23.	 	 	Richland
	8.

	 	Cameron
	 	 	24.	 	 	St. Charles
	9.

	 	East Ascension
	 	 	25.	 	 	St. James
	10.

	 	East Baton Rouge
	 	 	26.	 	 	St. Landry
	11.

	 	Evangeline
	 	 	27.	 	 	St. Martin
	12.

	 	Grant
	 	 	28.	 	 	St, Mary
	13.

	 	Iberia
	 	 	29.	 	 	St. Tammany
	14.

	 	Iberville
	 	 	30.	 	 	Terrebonne
	15.

	 	Jeff Davis
	 	 	31.	 	 	Vermilion
	16.

	 	Jefferson
	 	 	32.	 	 	Washington

			
	 	 	 
	Appendix B — Sean Mikaelian
	 	Page 14 of 21

 

 

APPENDIX B

TEXAS AND NON-LOUISIANA UNFAIR COMPETITION, CONFIDENTIALITY AND

NON-COMPETITION AGREEMENT

     THIS UNFAIR COMPETITION, CONFIDENTIALITY AND NONCOMPETITION AGREEMENT (this “ Ancillary
Agreement ”) dated and effective as of May 18, 2006 is made by Sean Mikaelian (“
Executive ”) and Newpark Resources, Inc. (the “ Company ”).

RECITALS:

     WHEREAS , Executive and the Company have entered into an Agreement dated this date (the “
Employment Agreement ”), to which this Agreement is ancillary and incorporated by
reference, pursuant to which, among other things, the Company agrees to make certain payments to
Executive; and

     WHEREAS , pursuant to the Employment and Settlement Agreement, the Company and Executive have
agreed to enter into this Ancillary Agreement; and

     NOW, THEREFORE , in consideration of Executive’s Employment Agreement and other good and
valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Executive and
the Company hereby covenant and agree as follows:

     1. Definitions.  Each capitalized term not defined herein shall have the meaning
assigned to

     that term in the Employment Agreement.

     2. Confidentiality.  Executive acknowledges that in the course of his relationship
with the Company and its related entities Newpark Drilling Fluids, Newpark Environmental Services,
SOLOCO, Newpark Canada, and Newpark Water (the “ Related Entities ” or referred to
collectively with Newpark Resources as the “ Company”) he has in the past received, and may
in the future receive, certain trade secrets, programs, lists of customers and other confidential
or proprietary information and knowledge concerning the business of the Company and its Related
Entities (hereinafter collective referred to as “ Confidential Information ”) which the
Company desires to protect. Executive understands that the information is confidential and he
agrees not to reveal the Confidential Information to anyone outside the Company so long as the
confidential or secret nature of the Confidential Information shall continue, other than such
disclosure as authorized by the Company or is made to a person transacting business with the
Company who has reasonable need for such Confidential Information. Executive further agrees that
he will at no time use the Confidential Information for or on behalf of any person other than the
Company for any purpose. Executive further agrees to comply with the confidentiality and other
provisions set forth in this Agreement, the terms of which are supplemental to any statutory or
fiduciary or other obligations relating to these matters. On the termination of employment or his
Employment Agreement, Executive shall surrender to the Company all papers, documents, writings and
other property produced by him or coming into his possession by or through his relationship with
the Company or relating to the Confidential Information and Executive agrees that all such
materials will at all times remain the property of the Company.

     3. Specific Covenants.

          (a) This Agreement. The terms of this Agreement constitute Confidential Information, which
Executive shall not disclose to anyone other than his spouse, attorney, accountant, or as may be
required by the Company or by law.

          (b) Company Property. All written materials, customer or other lists or data bases, records,
data, and other documents prepared or possessed by you during your employment with the

			
	 	 	 
	Appendix B — Sean Mikaelian
	 	Page 15 of 21

 

 

Company are the Company’s property. All information, ideas, concepts, improvements,
discoveries, and inventions that are conceived, made, developed, or acquired by you individually or
in conjunction with others during your employment (whether during business hours and whether on the
Company’s premises or otherwise) which relate to the Company’s business, products, or services are
the Company’s sole and exclusive property. All memoranda, notes, records, files, correspondence,
drawings, manuals, models, specifications, computer programs, maps, and all other documents, data,
or materials of any type embodying such information, ideas, concepts, recipes, inventory, prices,
improvements, discoveries, and inventions are the Company’s property. At the termination of
Executive’s employment with the Company for any reason, Executive shall return all of the Company’s
documents, data, or other Company Property to the Company. Included in. the above are all such data
that Executive had access to, over, or possessed The Company desires by this Agreement to protect
its economic investment in its current and future operations and business.

          (c) Confidential Information; Non-Disclosure. Executive acknowledges and
stipulates that the business of the Company is highly competitive, cost and price sensitive,
and that he in
connection with his work and job have had access to Confidential Information relating to the
Company
Resource’s businesses and their methods and operations. For purposes of this Agreement, “
Confidential
Information ” means and includes the Company’s confidential and/or proprietary
information and/or trade
secrets that have been developed or used and/or will be developed and that cannot be obtained
readily by
third parties from outside sources. Confidential Information includes, by way of example and
without
limitation, the following information regarding customers, employees, contractors, its
operations and its
markets and the industry not generally known to the public; strategies, methods, books,
records, and
documents; recipes, technical information concerning products, equipment, services, and
processes;
procurement procedures and pricing techniques; the names of and other information concerning
customers
and those being solicited to be customers, investors, and business relations (such as contact
name, service
provided, pricing for that customer, type and amount of product used, credit and financial
data, and/or other
information relating to the Company’s relationship with that customer); pricing strategies and
price curves;
positions, plans, and strategies for expansion or acquisitions; budgets; customer lists;
research; financial
and sales data; raw materials purchasing or trading methodologies and terms; evaluations,
opinions, and
interpretations of information and data; marketing and merchandising techniques; prospective
customers’
names and locations; ends and maps; electronic databases; models; specifications; computer
programs;
internal business records; contracts benefiting or obligating the Company; bids or proposals
submitted to
any third party; technologies and methods; training methods and training processes;
organizational
structure; personnel information, including salaries of personnel; labor or employee relations
or
agreements; payment amounts or rates paid to consultants or other service providers; and other
such
confidential or proprietary information. Information need not qualify as a trade secret to be
protected as
Confidential Information under this Agreement, and the authorized and controlled disclosure of
Confidential Information to authorized parties by Company in the pursuit of its business will
not cause the
information to lose its protected status under this Agreement. Executive acknowledges and
stipulates that
this Confidential Information constitutes a valuable, special, and unique asset used by the
Company in its
businesses to obtain a competitive advantage over its competitors. Executive further
acknowledges that
protection of such Confidential Information against unauthorized disclosure and use is of
critical
importance to the Company in maintaining its competitive position and economic investment, as
well as
work for its employees.

          (d) Unfair Competition Restrictions. Executive agrees that for a period of
twenty-four (24) months following the date of his termination or such lesser period of time as
is the
maximum amount permitted by law (“ Restricted Term ”), he will not, directly or
indirectly, for himself or
for others, anywhere in those areas where the Company currently (including the City of Houston
and its
surrounding counties, and in those cities or counties or states listed in Attachment “B-l”
attached hereto)
(the “ Restricted Area ”) conducts or is seeking to conduct business of the same
nature as Newpark
Resources and its Related Entities, do any of the following, unless expressly authorized by
the Chief
Executive Officer of the Company: Engage in, or assist any person, entity, or business engaged
in, the
selling or providing of products or services that would displace the products or services that
(i) the
Company is currently in the business of providing and was in the business of providing, or is
planning to be

			
	 	 	 
	Appendix B — Sean Mikaelian
	 	Page 16 of 21

 

 

in the business of providing, at the time of the execution of this Agreement, or (ii) that
Executive had involvement in, access to. or received Confidential Information about in the course
of employment. The foregoing is expressly understood to include, without limitation, the business
of the manufacturing, selling and/or providing products or services of the same type offered and/or
sold by the Company.

     4. Prohibition on Circumvention. It is further agreed that during the Restricted Term,
Executive cannot circumvent these covenants by alternative means or engage in any of the enumerated
prohibited activities in the Restricted Area by means of telephone, telecommunications, satellite
communications, correspondence, or other contact from outside the Restricted Area. Executive
further understands that the foregoing restrictions may limit his ability to engage in certain
businesses during the Restricted Term, but acknowledge that these restrictions are necessary to
protect the Confidential Information and business interests of the Company.

     5. Proviso. It is agreed that these covenants do not prevent Executive from using and offering
the general management or other skills that he possessed prior to receiving access to Confidential
Information and knowledge from the Company. This Agreement creates an advance approval process, and
nothing herein is intended, or will be construed as, a general restriction against Executive’s
pursuit of lawful employment in violation of any controlling state or federal laws. Executive is
permitted to engage in activities that would otherwise be prohibited by this covenant if such
activities are determined in the sole discretion of the Board of the Company, and authorized in
writing, to be of no material threat to the legitimate business interests of the Company.

     6. Non-Solicitation of Customers. For a period of twenty-four (24) months following
Executive’s termination of employment or employment agreement, Executive agrees not to call on,
service, or solicit competing business from customers of the Company, in the Restricted Area, whom
he, within the previous twenty-four (24) months, (i) had or made contact with, or (ii) had
access to information and files about; or, induce or encourage any such customer or other source of
ongoing business to stop doing business with the Company. This provision does not prohibit
Executive from managing or providing other services or products that are not a product or services
currently offered by the Company.

     7. Non-Solicitation of Employees. For a period of twenty-four (24) months following the date
of Executive’s termination of employment or employment agreement, Executive will not, either
directly or indirectly, call on, solicit, encourage, or induce any other employee or officer of the
Company, whom he had contact with, knowledge of, or association within the course of employment
with the Company to discontinue his or her employment, and will not assist any other person or
entity in such a solicitation.

     8. Non-Disparagement. Executive covenants and agrees he will not engage in any pattern of
conduct that involves the making or publishing of written or oral statements or remarks (including,
without limitation, the repetition or distribution of derogatory rumors, allegations, negative
reports or comments) which are disparaging, deleterious or damaging to the integrity, reputation or
good will of the Company or its respective management or products and services.

     9. Separability of Covenants. The covenants contained in Section 3 herein constitute a
series of separate but ancillary covenants, one for each applicable county in the State of Texas
and/or each area of operation in each state,’ county, and area as set forth in this Agreement or
Attachment “B- 1” hereto. If in any judicial proceeding, a court shall hold that any of the
covenants set forth in Section 3 exceed the time, geographic, or occupational limitations permitted
by applicable law, Executive and the Company agree that such provisions shall and are hereby
reformed to the maximum time, geographic, or occupational limitations permitted by such laws.’
Further, in the event a court shall hold unenforceable any of the separate covenants deemed
included herein, then such unenforceable covenant or covenants shall be deemed eliminated from the
provisions of this Agreement for the purpose of such proceeding to the extent necessary to permit
the remaining separate covenants to be enforced in such proceeding. Executive and the Company
further agree that the covenants in Section 3 shall each be construed as a separate agreement
independent of any other provisions of this Agreement, and the existence of any claim or cause of
action by

			
	 	 	 
	Appendix B — Sean Mikaelian
	 	Page 17 of 21

 

 

Executive against the Company, whether predicated on this Agreement or Employment
Agreement or otherwise, shall not constitute a defense to the enforcement by the Company of
any of the covenants of Section 3.

     10. Consideration. Executive acknowledges and agrees that no other consideration for
Executive’s covenants in this Agreement, other than that specifically referred to in Section 1
of the Employment Agreement, has or will be paid or furnished to him by the Company or the
Related Entities,

     11. Return of Items. Upon termination and/or retirement, Executive will return any computer
related hardware or software, cell phone, keys, or other data or company property in his possession
or control, including all customer list(s), pricing documents, etc., to the Company, except as may
be specifically provided for to the contrary in Executive’s Employment Agreement,

     12. Meaning of Certain Terms. The parties understand the following phrases to have the
following meanings:

          (a) The phrase “ carrying on or engaging in a business similar to the business
of
the Company” includes engaging, as principal, executive, employee, agent, trustee, advisor,
consultant or through the agency of any corporation, partnership, association or agent or agency,
in any business which conducts business in competition with the Company (including its Related
Entities) or being the owner of more than 1% of the outstanding capital stock of any corporation,
or an officer, director, or employee of any corporation or other entity, (other than the Company or
a corporation or other entity, affiliated with the Company) or a member or employee or any
partnership, or an owner or employee of any other business, which conducts a business or provides a
service in the Restricted Area in competition with the Company or any affiliated corporation or
other entity, Moreover, the term also includes (i) directly or indirectly inducing any current
customers of the Company, or any affiliated corporation or other entity, to patronize any product
or service business in competition with the Company or any affiliated corporation or other entity,
(ii) canvassing, soliciting, or accepting any product or service business of the type conducted by
the Company or any affiliated corporation or other entity (iii) directly or indirectly requesting
or advising any current customers of the Company or any affiliated corporation or other entity, to
withdraw, curtail or cancel such customer’s business with the Company or any affiliated corporation
or other entity; or (iv) directly or indirectly disclosing to any other person, firm, corporation
or entity, the names or addresses of any of the current customers of the Company or any affiliated
corporation or other entity or the rates or other terms on which the Company provides services to
its customers. In addition, the term includes directly or indirectly, through any person, firm,
association, corporation or other entity with which Executive is now or may hereafter become
associated, causing or inducing any present employee of the Company or any affiliated corporation
or other entity to leave the employ of the Company or any affiliated corporation or other entity to
accept employment with Executive or with such person, firm, association, corporation, or other
entity.

          (b) The phrase “ a bussiness.similar to the business of the Company ” means
environmental services to the exploration, production and maritime industries, mat sales and
rentals, drilling fluids, and water treatment and related technology; and, heavy oil and air
treatment.

          (c) The. phrase “ carries on a like business ” includes, without limitation, actions
taken by or through a wholly-owned subsidiary or other affiliated corporation or entity.

          (d) All references to the Company shall also be deemed to refer to and include the
Related Entities

     13. Reasonable Restrictions. Executive represents to the Company that the enforcement of the
restrictions contained in this Agreement would not be unduly burdensome to Executive and
acknowledges that Executive is willing and able, subject to the Restricted Area as defined herein,
to

			
	 	 	 
	Appendix B — Sean Mikaelian
	 	Page 18 of 21

 

 

compete in other geographical areas not prohibited by this Agreement. The parties to this
Agreement hereby agree that the covenants contained in this Agreement are reasonable.

     14. Entire Agreement. Except with respect to the Employment Agreement executed concurrently
herewith, and with respect to certain matters included in a separate Agreement being entered into
between Executive and the Company on the date of this Agreement (“ Appendix B and B-l ”), this
Agreement constitutes the entire agreement between the parties hereto with respect to the subject
matter of this Agreement and supersedes and is in full substitution for any and ail prior
agreements and understandings whether written or oral between said parties relating to the subject
matter of this Agreement. This Agreement shall not supersede or substitute for, nor be superseded
or substituted by, the Employment Agreement, but shall have full force and effect concurrently
therewith.

     15. Amendment. This Agreement may not be amended or modified in any respect except by an
agreement in writing executed by the parties in the same manner as this Agreement except as
provided in Section 18 of this Agreement.

     16. Assignment. This Agreement (including, without limitation, Executive’s obligations under
Sections 3 and 4) may not be assigned by the Company in a manner inconsistent with 3.8 of
Executive’s Employment Agreement without the consent of Executive in connection with the sale,
transfer or other assignment of all or substantially all of the capital stock or assets of, or the
merger of, the Company provided that the party acquiring such capital stock or assets or into which
the company merges assumes in writing the obligations of the Company hereunder and provided further
that no such assignment shall release the Company from its obligations hereunder. This Agreement
(including, without limitation, Executive’s obligations under Sections 3 and 4) may not be assigned
or encumbered in any way by Executive without the written consent of the Company.

     17. Successors. This Agreement (including, without limitation, Executive’s obligations under
Sections 3 and 4) shall be binding upon and shall inure to the benefit of and be enforceable by
each of the parties and their respective successors and assigns.

     18. Unenforceable Provisions. If, and to the extent that, any section, paragraph, part, term
and/or provision of this Agreement would otherwise be found null, void, or unenforceable under
applicable law by any court of competent jurisdiction, that section, paragraph, part, term and/or
provision shall automatically not constitute part of this Agreement. Each section, paragraph, part,
term and/or provision of this Agreement is intended to be and is severable from the remainder of
this Agreement. If, for any reason, any section, paragraph, part, term and/or provision herein is
determined not to constitute part of this Agreement or to be null, void, or unenforceable under
applicable law by any court of competent jurisdiction, the operation of the other sections,
paragraphs, parts, terms and/or provisions of this Agreement as may remain otherwise intelligible
shall not be impaired or otherwise affected and shall continue to have full force and effect and
bind the parties hereto.

19. Remedies.

          (a) Executive agrees that a breach or violation of Section 3 or 4 of this Agreement
by
Executive shall entitle the Company as a matter of right, to an injunction, without necessity of
posting bond, issued by any court of competent jurisdiction, restraining any further or continued
breach or violation of such provisions.” Such right to an injunction shall be cumulative and in
addition, and not in lieu of, any other remedies to which the Company may show themselves justly
entitled, including, but not limited to, specific performance and damages. The parties specifically
agree that the remedy of damages alone is inadequate.

          (b) In the event that Executive knowingly and intentionally fails in any material
respect to perform any of his material obligations under this Agreement, the Company may elect (i)
to cease any payments due under the Employment Agreement and recover all payments made to
Executive

			
	 	 	 
	Appendix- Sean Mikaelian
	 	Page 19 of 21

 

 

under the Employment Agreement on or subsequent to the date of the failure, (ii) obtain an
injunction and/or (iii) exercise any and all other remedies available by law.

Notwithstanding the foregoing subsection (b), Executive will have no liability or responsibility
for: (i) inadvertent disclosure or use of the Information if (x) he uses the same degree of care in
safeguarding the Information that the Company uses to safeguard information of like importance and
(y) upon discovery of such inadvertent disclosure or use of such material, Executive immediately
uses his best efforts, including the commencement of litigation, if necessary, to prevent any use
thereof by the person or persons to whom it has been disclosed and to prevent any farther
incidental disclosure thereof; and (ii), disclosure of Information (x) that is required by law, (y)
that is made pursuant to a proper subpoena from a court or administrative agency of competent
jurisdiction from a court or administrative agency of competent jurisdiction or (z) that is made
upon written demand of an official involved in regulating Executive if before disclosure is made,
Executive immediately notifies the Company of the requested disclosure by the most immediate means
of communication available and confirms in writing such notification within one business day
thereafter.

     20. Notice. All notices, consents, requests, approvals or other communications in connection
with this Agreement and all legal process in regard hereto shall be in writing and shall be
deemed validly
delivered, if delivered personally or sent by certified mail, postage prepaid. Unless changed
by written
notice pursuant hereto, the address of each party for the purposes hereof is as follows:

	 	 	 	 	 
	 

	 	If to Executive :
	 	If to the Company :
	 

	 	Mr. Sean Mikaelian
	 	3850 Causeway Blvd., Suite 1770
	 

	 	7196 Brass Creek Drive
	 	Metairie, LA 70002-1752
	 

	 	Dexter, MI 48130
	 	Attn: Chief Executive Officer

29

Notice given by mail as set out above shall be deemed delivered only when actually received.

     21. Descriptive Headings. The descriptive headings of the several sections of this Agreement
are inserted for convenience only and shall not control or affect the meaning or constriction of
any of the provisions hereof.

     22. Governing Law. This Appendix B shall be governed by and construed and enforced in
accordance with the laws of the State of Texas (other than the choice of law principles thereof).

IN WITNESS WHEREOF, the parties have duly executed this Unfair Competition, Confidentiality

     and Non-competition Agreement as of the date first above written.

	 	 	 	 	 	 	 	 	 	 	 
	Signed:

	 	/s/ Sean Mikaelian
	 	 	 	Signed:
	 	/s/ Paul L. Howes	 	 
	 

	 	 

Sean Mikaelian (Executive)
	 	 	 	 	 	 

Paul L. Howes
	 	 
	 

	 	 	 	 	 	 	 	Chief Executive Office	 	 
	 

	 	 	 	 	 	 	 	Newpark Resources, Inc	 	 

ATTACHMENT B-I (Restricted Areas)

Areas in which Newpark Resources, Inc. currently does business:

	 	 	 	 	 	 	 	 	 
	1.

	 	Louisiana
	 	 	5.	 	 	Wyoming
	2.

	 	Texas
	 	 	6.	 	 	Utah

			
	 	 	 
	Appendix B — Sean Mikaelian
	 	Page 20 of 21

 

 

	 	 	 	 	 	 	 	 	 
	3.

	 	Oklahoma
	 	 	7.	 	 	Nevada
	4.

	 	Colorado
	 	 	8.	 	 	Montana

Other states or areas in which Newpark Resources, Inc currently does business:

9. Western Canada

10, Gulf of Mexico (off the “ Gulf Coast ”)

Texas Counties in which Newpark Resources, Inc currently does business;

	1.	 	Andrews
	 
	2.	 	Aransas
	 
	3.	 	Austin
	 
	4.	 	Bee
	 
	5.	 	Bienville
	 
	6.	 	Borden
	 
	7.	 	Brazoria
	 
	8.	 	Brazos
	 
	9.	 	Brooks
	 
	10.	 	Burleson
	 
	11.	 	Calhoun
	 
	12.	 	Cameron
	 
	13.	 	Chambers
	 
	14.	 	Cochran
	 
	15.	 	Colorado
	 
	16.	 	Crane
	 
	17.	 	Crockett
	 
	18.	 	Culberson
	 
	19.	 	Dewitt
	 
	20.	 	Duval
	 
	21.	 	Ector
	 
	22.	 	Fayette
	 
	23.	 	Fort Bend
	 
	24.	 	Freestone
	 
	25.	 	Gaines
	 
	26.	 	Galveston
	 
	27.	 	Glasscock
	 
	28.	 	Goliad
	 
	29.	 	Gregg
	 
	30.	 	Hardin
	 
	31.	 	Harris
	 
	32.	 	Harrison
	 
	33.	 	Hidalgo
	 
	34.	 	Hockley
	 
	35.	 	Houston
	 
	36.	 	Howard
	 
	37.	 	Jackson
	 
	38.	 	Jefferson
	 
	39.	 	Jim Hogg
	 
	40.	 	Jim Wells
	 
	41.	 	Karnes
	 
	42.	 	Kenedy
	 
	43.	 	Kleberg
	 
	44.	 	Lavaca
	 
	45.	 	Leon
	 
	46.	 	Liberty
	 
	47.	 	Limestone
	 
	48.	 	Live Oak
	 
	49.	 	Loving
	 
	50.	 	Lubbock
	 
	51.	 	Marion
	 
	52.	 	Matagorda
	 
	53.	 	McMullen
	 
	54.	 	Motley
	 
	55.	 	Nacogdoches
	 
	56.	 	Navarro
	 
	57.	 	Newton
	 
	58.	 	Nueces
	 
	59.	 	Orange
	 
	60.	 	Panola
	 
	61.	 	Pecos
	 
	62.	 	Polk
	 
	63.	 	Reagan
	 
	64.	 	Reeves
	 
	65.	 	Robertson
	 
	66.	 	Roosevelt
	 
	67.	 	Rusk
	 
	68.	 	San Patricio
	 
	69.	 	Schleicher
	 
	70.	 	Scurry
	 
	71.	 	Shelby
	 
	72.	 	Snyder
	 
	73.	 	Starr
	 
	74.	 	Sterling
	 
	75.	 	Terrell
	 
	76.	 	Terry
	 
	77.	 	Titus
	 
	78.	 	Tom Green
	 
	79.	 	Upshur
	 
	80.	 	Upton
	 
	81.	 	ValVerde
	 
	82.	 	Victoria
	 
	83.	 	Waller
	 
	84.	 	Washington
	 
	85.	 	Webb
	 
	86.	 	Wharton
	 
	87.	 	Winkler
	 
	88.	 	Yoakum
	 
	89.	 	Zapata

			
	 	 	 
	Appendix B — Sean Mikaelian
	 	Page 21 of 21exv10w3

 

Exhibit
10.3

EXECUTION COPY

     CONSENT AND WAIVER, dated as of April 26, 2007 (this “Consent”), with respect to the
Credit Agreement, dated as of August 18, 2006 (the “Credit Agreement”), by and among
Newpark Resources, Inc. (the “Borrower”), the other Loan Parties, the Lenders, Wilmington
Trust Company, as the Collateral Agent, and JPMorgan Chase Bank, N.A., as the Administrative Agent.

WITNESSETH:

     WHEREAS, the Borrower, certain Subsidiaries, the Lenders and the Administrative
Agent are parties to the Credit Agreement;

     WHEREAS, one of the Loan Parties effected a name change from “NMIS LLC” to “Newpark Mats &
Integrated Services LLC” (the “Name Change”), and the Borrower amended and restated its
by-laws as annexed hereto as Exhibit “A” (the “Amended and Restated By-Laws”), which
changes did not and do not negatively affect the Borrower’s or any other Loan Party’s ability to
perform their respective obligations under the Credit Agreement or any other of the Loan Documents;

     WHEREAS, the Borrower has requested that the Lenders and the Administrative Agent (i) consent
to the Name Change and the Amended and Restated By-Laws and the Borrower’s adoption thereof and
(ii) waive any noncompliance with the Credit Agreement and the other Loan Documents in connection
therewith (including any failure to provide prior notice thereof); and

     WHEREAS, the Administrative Agent and the Lenders have agreed so to do and to such waivers,
but only on and subject to the terms and conditions as set forth herein;

     NOW THEREFORE, in consideration of the premises and the mutual covenants herein contained, the
parties hereto hereby agree as follows:

     1. Defined Terms. Unless otherwise defined herein, terms which are defined in the
Credit Agreement and used herein (and in the recitals and preamble hereto) as defined terms are so
used as so defined.

     2. Consent and Waiver. The Administrative Agent and the Lenders hereby consent to the
Name Change and the Amended and Restated By-Laws, and waive any noncompliance under or pursuant to
the Credit Agreement and the other Loan Documents in connection with the Name Change and the
Amended and Restated By-Laws and including, without limitation, any and all requirements for the
Borrower or any other Loan Party to provide prior notice of the Name Change or the Amended and
Restated By-Laws. The Administrative Agent and the Lenders further waive any and all Defaults and
Events of Default in connection with the Name Change and Amended and Restated By-Laws, including,
without limitation, pursuant to clause (e) of Article VII of the Credit Agreement and any and all
requirements for the Borrower or any other Loan Party to provide prior notice of the Name Change or
the Amended and Restated By-Laws. For the avoidance of doubt, the Administrative Agent and the
Lenders hereby agree and acknowledge that the Name Change does not in and of itself cause any
noncompliance with the Credit Agreement or any other of the Loan Documents, but herein waive any
Default or Event of Default caused under clause (e) of Article VII resulting therefrom.

1

 

     3. Continuing Effect; No Other Waivers. The terms and provisions set forth in this
Consent shall modify and supersede all inconsistent terms and provisions set forth in the Credit
Agreement and the other Loan Documents and except as expressly consented to or waived hereunder,
all terms, conditions and provisions of the Loan Documents are and shall remain in full force and
effect. The consent and waiver provided for herein is limited to the consents and waivers as
specified herein and shall not constitute a consent, waiver, release or amendment of, or an
indication of the Administrative Agent’s or the Lenders’ willingness to consent to any action
requiring consent or release under any other provisions of the Loan Documents and shall not be
construed as a consent, waiver, release or amendment of any subsequent breach of failure of the
same term or condition.

     4. Representations and Warranties. The Borrower represents and warrants to the
Administrative Agent and the Lenders that as of the date hereof and after giving effect to this
Consent, no Default or Event of Default has occurred and is continuing and the representations and
warranties made by the Borrower or any of its Subsidiaries in or pursuant to the Credit Agreement
or any other Loan Document are true and correct in all material respects on and as of the date
hereof as if made on such date, except to the extent that any such representations and warranties
(i) expressly relate to an earlier date, in which case such representations and warranties were
true and correct in all material respects on and as of such earlier date or (ii) relate to any
matter with respect to which written notice has been provided by the Loan Parties pursuant to and
in accordance with the Credit Agreement.

     5. Conditions Precedent to Effectiveness. This Consent shall become effective on the
date on which the Administrative Agent shall have received counterparts hereof duly executed and
delivered by the Borrower and the Required Lenders.

     6. Expenses. The Borrower agrees to promptly pay and/or reimburse the Administrative
Agent for its invoiced out-of-pocket expenses in connection with this Consent (including the
reasonable fees, charges and disbursements of Simpson Thacher & Bartlett LLP, counsel for the
Administrative Agent).

     7. Counterparts. This Consent may be executed in any number of counterparts by the
parties hereto (including by facsimile transmission or other electronic transmission (e.g. a “pdf”
or “tif”)), each of which counterparts when so executed shall be an original, but all the
counterparts shall together constitute one and the same instrument.

     8. Notice. This Consent shall constitute delivery of a notice by Loan Parties pursuant
to the Credit Agreement (and any other Loan Document requiring any such notice) of the events of
noncompliance, the Defaults and Events of Default described or referred to hereinabove, and of the
circumstances relating thereto.

     9. Severability. Any provision of this Consent held by a court of competent
jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder hereof and
the effect thereof shall be confined to the provisions so held to be invalid or unenforceable.
Furthermore, in lieu of each such invalid or unenforceable provisions there shall be added
automatically a valid and enforceable provisions that comes closest to expressing the intention of
such invalid unenforceable provision.

2

 

     10. Successors and Assigns. Subject to the provisions of clause (a) of Article
XII of the Credit Agreement, this Consent is binding upon an shall inure to the benefit of the
Agents, the Lenders, the Borrower and the other Loan Parties.

     11. GOVERNING LAW. THIS CONSENT SHALL BE GOVERNED BY, AND CONSTRUED AND INTERPRETED IN
ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

[remainder of page intentionally left blank]

3

 

     IN WITNESS WHEREOF, the parties hereto have caused this Consent to be duly executed and
delivered by their duly authorized officers as of the day and year first above written.

	 	 	 	 	 
	 	NEWPARK RESOURCES, INC.,

as Borrower

 	 
	 	By:  	
 	 
	 	 	Name:  	JAMES E. BRAUN 	 
	 	 	Title:  	VP & CFO 	 
	 
	 	BATSON MILL LLC,

COMPOSITE MAT SOLUTIONS L.L.C.,

DURA-BASE NEVADA, INC.,

EXCALIBAR MINERALS LLC,

NEWPARK DRILLING FLUIDS LLC,

NEWPARK ENVIRONMENTAL SERVICES LLC,

NEWPARK ENVIRONMENTAL

MANAGEMENT COMPANY, L.L.C.,

NEWPARK ENVIRONMENTAL WATER SOLUTIONS L.L.C.,

NEWPARK MATS & INTEGRATED SERVICES LLC,

NEWPARK TEXAS, L.L.C., AND

SOLOCO TX LLC,

as Loan Parties

 	 
	 	By:  	
 	 
	 	 	Name:  	JAMES E. BRAUN 	 
	 	 	Title:  	VP & CFO 	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	Acknowledged to as of the date first written above and the Administrative Agent authorizes and
directs the Collateral
 Agent to take all actions necessary in connection hereto
 and in connection
with the Transactions:

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 	 	 
	By:  	
 	 	 
	 	Name:  	J. Charles Facel, Jr.	 	 
	 	Title:  	Senior Vice President 	 	 
	 

 

 

	 	 	 	 	 	 	 
	GULF STREAM-COMPASS CLO 2002-1 LTD

	 	 
	 	GULF STREAM-COMPASS CLO
2005-II LTD
	 	 
	By: Gulf Stream Asset Management, LLC

	 	 	 	By: Gulf Stream Asset Management, LLC	 	 
	As Collateral Manager

	 	 	 	As Collateral Manager	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	Illegible 

	 	 	 	GULF STREAM-SEXTANT CLO 2006-1 LTD	 	 
	By: Gulf Stream Asset Management, LLC

	 	 	 	By: Gulf Stream Asset Management, LLC	 	 
	As Collateral Manager

	 	 	 	As Collateral Manager	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

	 	 	 	 	 
	 	as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	Barry Love 	 
	 	 	Title:  	Chief Credit Officer 	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	PIMCO Floating Rate Income Fund	 
	 	By:  	Pacific Investment Management Company LLC, as its Investment Advisor, acting through Investors Fiduciary Trust Company in the Nominee Name of IFTCO

 	 
	 	By  	
 	 
	 	 	Arthur Y. D. Ong 	 
	 	 	Senior Vice President 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	PIMCO Floating Rate Strategy Fund	 
	 	By:  	Pacific Investment Management Company LLC, as its Investment Advisor, acting through Investors Fiduciary Trust Company in the Nominee Name of IFTCO

 	 
	 	By  	
 	 
	 	 	Arthur Y. D. Ong 	 
	 	 	Senior Vice President 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	AMMC CLO III, LIMITED	 
	 	By:  	American Money Management Corp.,

as Collateral Manager
 	 
	 	as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	Chester M. Eng 	 
	 	 	Title:  	Senior Vice President 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	AMMC CLO IV, LIMITED	 
	 	By:  	American Money Management Corp.,

as Collateral Manager
 	 
	 	as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	Chester M. Eng 	 
	 	 	Title:  	Senior Vice President 	 
	 

 [Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	AMMC CLO V, LIMITED	 
	 	By:  	American Money Management Corp.,

as Collateral Manager
 	 
	 	as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	Chester M. Eng 	 
	 	 	Title:  	Senior Vice President 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	AMMC CLO VI, LIMITED	 
	 	By:  	American Money Management Corp.,

as Collateral Manager
 	 
	 	as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	Chester M. Eng 	 
	 	 	Title:  	Senior Vice President 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	AMMC  VII, LIMITED	 
	 	By:  	American Money Management Corp.,

as Collateral Manager
 	 
	 	as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	Chester M. Eng 	 
	 	 	Title:  	Senior Vice President 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	J.P. Morgan Whitefriars Inc.,

as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	Virginia R. Conway 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	Alaska CBNA Loan Funding LLC,

as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	Richard Newcomb  	 
	 	 	Title:  	Attorney-in-fact 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	Bismarck CBNA Loan Funding LLC,

as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	Richard Newcomb  	 
	 	 	Title:  	Attorney-in-fact 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	 PIMCO Floating Rate Income Fund
 	 
	 	By: 	 	Pacific Investment Management Company LLC, as its Investment Advisor, acting through Investors
Fiduciary Trust Company in the Nominee Name of IFTCO
 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Arthur Y. D. Ong  	 
	 	 	Senior Vice President 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	PIMCO Floating Rate Strategy Fund
 	 
	 	By: 	 	Pacific Investment Management Company LLC, as its Investment Advisor, acting through Investors
Fiduciary Trust Company in the Nominee Name of IFTCO
 	 
	 
	 	 	 
	 	By:  	
 	 
	 	 	Arthur Y. D. Ong  	 
	 	 	Senior Vice President 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	Waterfront CLO 2007 — 1,

as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	Dean R Graves 	 
	 	 	Title:  	Senior Vice President 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	Silverado CLO 2007 — I by

Wells Capital Management

as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	WELLS CAPITAL MANAGEMENT 	 
	 	 	Title:  	GILBERT L. SOUTHWELL III

VICE PRESIDENT 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	Silverado CLO 2006 — II by

Wells Capital Management

as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	WELLS CAPITAL MANAGEMENT 	 
	 	 	Title:  	GILBERT L. SOUTHWELL III

VICE PRESIDENT 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	Global Leveraged Capital Credit Opportunity Fund

I, as a Lender

Global Leveraged Capital Management, LLC, as

Collateral Manager

 	 
	 	By:  	
 	 
	 	 	Name:  	Andy Cai 	 
	 	 	Title:  	Analyst 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	RiverSource Bond Series, Inc.- 

Riversource Floating Rate Fund,

as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	Yvonne E. Stevens 	 
	 	 	Title:  	Assistant Vice President 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	Atlas Loan Funding (CENT I) LLC

By: RiverSource Investments, LLC

Attorney in Fact,

as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	Traci D. Garcia 	 
	 	 	Title:  	Sr. Business Analyst 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	Centurion CDO II, Ltd.

By: RiverSource Investments,

LLC as Collateral Manager,

as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	Traci D. Garcia 	 
	 	 	Title:  	Sr. Business Analyst 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	Sequils-Centurion V, Ltd.

By: RiverSource Investments,

LLC as Collateral Manager,

as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	Traci D. Garcia 	 
	 	 	Title:  	Sr. Business Analyst 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	BELHURST CLO LTD. 

By: INVESCO Senior Secured Management, Inc.

       As Collateral Manager

 	 
	 	By:  	
 	 
	 	 	Name:  	Peter C. Wollman 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	ALZETTE EUROPEAN CLO S.A.

By: INVESCO Senior Secured Management, Inc.

       As Colleteral Manager

       as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	Peter C. Wollman 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	AIM FLOATING RATE FUND

By: INVESCO Senior Secured Management, Inc.

       As Sub-Adviser

 	 
	 	By:  	
 	 
	 	 	Name:  	Peter C. Wollman 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	KATONAH V, LTD.

By: INVESCO Senior Secured Management, Inc.

       As Investment Manager

 	 
	 	By:  	
 	 
	 	 	Name:  	Peter C. Wollman 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	NAUTIQUE FUNDING LTD.

By: INVESCO Senior Secured Management, Inc.

       As Collateral Manager

 	 
	 	By:  	
 	 
	 	 	Name:  	Peter C. Wollman 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	Atlas Loan Funding (Navigator), LLC

By: Atlas Capital Funding, Ltd.

By: Structured Asset Investors, LLC

Its Investment Manager,	 
	 	
as a Lender
 
	 
	 	By:  	
 	 
	 	 	Name:  	Diana M. Himes 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	Acknowledged to as of the date first written above 

and the Administrative Agent authorizes and directs

the Collateral Agent to take all actions necessary in

connection hereto and in connection with the

Transactions:

JPMORGAN CHASE BANK, N.A.,

as Administrative Agent

 	 	 
	By:  	
 	 	 
	 	Name:  	J. Charles Facel, Jr. 	 	 
	 	Title:  	Senior Vice President 	 	 

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	Cent CDO 12 Limited

By: RiverSource Investments,

LLC as Collateral Manager,

as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	Traci D. Gracia 	 
	 	 	Title:  	Sr. Business Analyst 	 
	 

[Signatuer Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	 	Cent CDO 14 Limited

By: RiverSource Investments,

LLC as Collateral Manager,

as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	Traci D. Gracia 	 
	 	 	Title:  	Sr. Business Analyst 	 
	 

[Signature Page to the Consent and Waiver]

 

 

	 	 	 	 	 
	BABSON CLO LTD. 2003-I 

BABSON CLO LTD. 2004-I

BABSON CLO LTD. 2004-II

BABSON CLO LTD. 2005-I

BABSON CLO LTD. 2005-II

BABSON CLO LTD. 2005-III

BABSON CLO LTD. 2006-I

BABSON CLO LTD. 2006-II

BABSON CLO LTD. 2007-I

BABSON MID-MARKET CLO LTD. 2007-II

SAPPHIRE VALLEY CDO I, LTD.

SUFFIELD CLO, LIMITED

By: Babson Capital Management LLC as Collateral Manager

 	 	 
	By  	
 	 	 
	 
	MASSACHUSETTS MUTUAL LIFE INSURANCE COMPANY

By: Babson Capital Management LLC as Investment Adviser

 	 	 
	By  	
 	 	 
	 
	BILL & MELINDA GATES FOUNDATION TRUST

By: Babson Capital Management LLC as Investment Adviser

 	 	 
	By  	
 	 	 
	 	MARCUS G. SOWELL 	 	 
	 	Managing Director 	 	 

 

 

	 	 	 	 	 
	 	LANDMARK II CDO LTD 

By Aladdin Capital Management as Manager,

as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	Stephen H. Hooker, CFA  	 
	 	 	Title:  	Director 	 
	 
	 	LANDMARK III CDO LTD

By Aladdin Capital Management as Manager,

as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	Stephen H. Hooker, CFA  	 
	 	 	Title Director 	 
	 
	 	LANDMARK VIII CDO LTD

By Aladdin Capital Management as Manager,

as a Lender

 	 
	 	By:  	
 	 
	 	 	Name:  	Stephen H. Hooker, CFA  	 
	 	 	Title Director 	 
	 

[Signature Page to the Consent and Waiver]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00122-of-00352.parquet"}]]