Document:

exv4w1

Exhibit 4.1

Execution Version

 

STOCKHOLDER AGREEMENT

BY AND BETWEEN

WILLBROS GROUP, INC.

AND

INFRASTRUX HOLDINGS, LLC

DATED AS OF MARCH 11, 2010

 

 

 

TABLE OF CONTENTS

	 	 	 	 	 
	 	 	Page
	1. Definitions and Interpretations
	 	 	1	 
	 
	 	 	 	 
	2. Transfer Provisions
	 	 	5	 
	 
	 	 	 	 
	2.1 Restrictions
	 	 	5	 
	2.2 Early Termination of Transfer Restrictions
	 	 	5	 
	2.3 Purported Transfers Void
	 	 	6	 
	2.4 Stock Legends
	 	 	6	 
	 
	 	 	 	 
	3. Board Representation
	 	 	7	 
	 
	 	 	 	 
	3.1 Initial Appointment of Investor Designees
	 	 	7	 
	3.2 Approval of Change in Board Size
	 	 	7	 
	3.3 Right to Appoint Investor Designees
	 	 	7	 
	3.4 Resignation of Investor Designees
	 	 	8	 
	3.5 Change in Shares or Size of Board
	 	 	9	 
	3.6 Right to Replace Investor Designees
	 	 	9	 
	3.7 Majority Voting
	 	 	9	 
	3.8 Board Committee Representation
	 	 	9	 
	3.9 Director Compensation; D&O Insurance
	 	 	10	 
	 
	 	 	 	 
	4. Voting
	 	 	10	 
	 
	 	 	 	 
	5. Standstill Agreement
	 	 	11	 
	 
	 	 	 	 
	6. Access to Information
	 	 	12	 
	 
	 	 	 	 
	7. Registration Rights
	 	 	12	 
	 
	 	 	 	 
	7.1 Shelf Registration
	 	 	12	 
	7.2 Underwritten Offerings
	 	 	14	 
	7.3 Piggy-Back Offerings
	 	 	14	 
	7.4 Holdback
	 	 	16	 
	 
	 	 	 	 
	8. Registration Procedures
	 	 	16	 
	 
	 	 	 	 
	8.1 Filings; Information
	 	 	16	 
	8.2 Registration Expenses
	 	 	19	 
	8.3 Information
	 	 	19	 

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	 	 	Page
	9. Indemnification
	 	 	20	 
	 
	 	 	 	 
	9.1 Investor Indemnified Parties
	 	 	20	 
	9.2 Company Indemnified Parties
	 	 	20	 
	9.3 Third Party Claims
	 	 	21	 
	9.4 Contribution
	 	 	21	 
	9.5 Survival
	 	 	22	 
	 
	 	 	 	 
	10. Share Repurchases
	 	 	22	 
	 
	 	 	 	 
	11. Miscellaneous
	 	 	22	 
	 
	 	 	 	 
	11.1 Charter and Bylaws
	 	 	22	 
	11.2 Representations of the Company
	 	 	22	 
	11.3 Representations of the Investor
	 	 	22	 
	11.4 Notices
	 	 	23	 
	11.5 Interpretation
	 	 	23	 
	11.6 Headings
	 	 	24	 
	11.7 Severability
	 	 	24	 
	11.8 Entire Agreement
	 	 	24	 
	11.9 Assignment
	 	 	24	 
	11.10 Parties in Interest
	 	 	24	 
	11.11 Mutual Drafting
	 	 	24	 
	11.12 Governing Law; Consent to Jurisdiction; Waiver of Trial by Jury
	 	 	24	 
	11.13 Counterparts
	 	 	25	 
	11.14 Specific Performance
	 	 	26	 
	11.15 Amendment
	 	 	26	 
	11.16 Delays or Omissions
	 	 	26	 
	11.17 Termination
	 	 	26	 

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STOCKHOLDER AGREEMENT

     This Stockholder Agreement (this “Agreement”) is made as of March 11, 2010 between
Willbros Group, Inc., a Delaware corporation (the “Company”), and InfrastruX Holdings, LLC,
a Delaware limited liability company (the “Investor”).

     WHEREAS, concurrently herewith, the Company, Co Merger Sub I, Inc., Ho Merger Sub II, LLC and
InfrastruX Group, Inc., have entered into an Agreement and Plan of Merger, dated as of the date
hereof (the “Merger Agreement”), pursuant to which, among other things, the Investor shall
be entitled to receive Shares (the “Initial Shares”) in connection with the transactions
contemplated thereby;

     WHEREAS, the execution and delivery of this Agreement and the consummation of the transactions
contemplated hereby are a condition of, and a material inducement to, the Company’s willingness to
enter into the Merger Agreement and undertake to consummate the transactions contemplated therein
and the Investor’s willingness to deliver the Company Shareholder Written Consent; and

     WHEREAS, the parties hereto desire to enter into this Agreement to establish certain
arrangements with respect to the Shares to be Beneficially Owned (as such terms are defined below)
by the Investor and any Affiliate Transferees (as defined below) pursuant to Section 2.1(a)
(each a member of the “Investor Group”), following the Closing, including certain
restrictions on the transfer and resale of the Shares and on certain other actions of the Investor
Group, and to provide for, among other things, certain corporate governance rights and registration
rights.

     NOW, THEREFORE, in consideration of the premises and of the mutual covenants and obligations
hereinafter set forth, the parties hereto hereby agree as follows:

          1. Definitions and Interpretations. As used in this Agreement, the following terms
shall have the following respective meanings:

     “Adverse Disclosure” means public disclosure of material, non-public information,
which, in the reasonable good faith judgment of the chief executive officer or the chief financial
officer of the Company, after consultation with outside counsel to the Company: (a) would be
required to be made in any registration statement of the Company filed with, or to be filed with,
the Commission under the Securities Act or otherwise filed with the Commission by the Company so
that such registration statement would not be materially misleading or so that such registration
statement would otherwise comply with the Securities Act or Applicable Law; (b) would not be
required to be made at such time but for the filing or existence of such registration statement;
and (c) the Company has a bona fide business purpose for not disclosing publicly.

     “Affiliate” means, with respect to any Person, any other Person directly or indirectly
controlling, controlled by, or under common control with, such Person. For purposes of this
definition, “control” (including, with correlative meanings, the terms “controlled by” and “under
common control with”), as used with respect to any Person, means the possession, directly or

 

 

indirectly, of the power to direct or cause the direction of the management and policies of such
Person, whether through the ownership of voting securities, by contract or otherwise.

     “Affiliate Transferee” has the meaning set forth in Section 2.1(a).

     “Agreement” has the meaning set forth in the Preamble.

     “Applicable Law” means, with respect to any Person: (i) any foreign, national,
federal, provincial, state, municipal or local law, statute, constitution, principle of common law,
resolution, ordinance, code, edict, treaty, decree, rule, regulation, ruling or other similar
requirement enacted, adopted, promulgated, applied or otherwise put into effect by or under the
authority of a Governmental Entity that is binding upon or applicable to such Person, assets or set
of facts; and (ii) the rules, regulations and listing agreements of any national securities
exchange or automated quotation system on which securities of such Person are traded or listed.

     “Beneficial Owner” has the meaning set forth in Rule 13d-3 and Rule 13d-5 under the
Exchange Act. The terms “Beneficially Owns”, “Beneficially Owned” and “Beneficial Ownership” have
corresponding meanings.

     “Board” means the board of directors of the Company.

     “Board Representation Percentage” means the number, expressed as a percentage,
determined by dividing the number of Investor Designees the Investor was entitled to designate
prior to the change in the size of the Board by the total number of directors that comprised the
full Board (including in this total any vacancies) prior to the change in the size of the Board.

     “Change in Control” has the meaning set forth in the Merger Agreement.

     “Closing” has the meaning set forth in the Merger Agreement.

     “Commission” means the Securities and Exchange Commission or any other federal agency
at the time administering the Securities Act.

     “Company” has the meaning set forth in the Preamble.

     “Company Default Event” means either of the following events:

     (i) failure of any Investor Designee to be elected to the Board within 45 calendar days
following any annual or special meeting of stockholders of the Company at which such
individual stood for election but was nevertheless not elected, provided that there shall be
no Company Default Event as a result of this clause (i) if such individual (or an alternate
designated by the Investor) is elected or appointed to the Board (regardless of whether such
individual accepts such appointment or complies with any obligations relating to such
individual’s appointment or service) prior to the expiration of such 45-day period; or

     (ii) the removal of an Investor Designee from the Board without cause other than by
action, or at the request or direction, directly or indirectly, of the Investor.

2

 

     “Company Indemnified Party” has the meaning set forth in Section 9.2.

     “Company Shareholder Written Consent” has the meaning set forth in the Merger
Agreement.

     “Early Termination Event” has the meaning set forth in Section 2.2.

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

     “Governmental Entity” means any government, any governmental, regulatory or
administrative entity or body, department, commission, board, agency or instrumentality, any court,
tribunal or judicial body or any other governmental, self-regulatory or quasi-governmental
authority of any nature (including any governmental department, division, agency, bureau, office,
branch, court, commission, tribunal, or other governmental instrumentality) or any political or
other subdivision or part of any of the foregoing, in each case whether federal, state,
territorial, commonwealth, province, county, provincial, municipal, district, local or foreign.

     “Group” has the meaning set forth in Rule 13d-5 under the Exchange Act.

     “Holdback Period” means, with respect to any Underwritten Offering: (a) 90 days after
and during the seven days before, the effective date of the related prospectus and other documents
filed with the Commission to effect a registration under the Securities Act or, in the case of a
takedown from a shelf registration statement, 90 days after the date of the prospectus supplement
filed with the Commission in connection with such takedown and during such prior period (not to
exceed 10 days) as the Company has given reasonable written notice to the Investor; or (b) such
shorter period as the Investor, the Company and the Underwriter of such offering, if any, shall
agree.

     “Holdback Request” has the meaning set forth in Section 7.4.

     “Independent Director” has the meaning set forth in Section 3.1.

     “Information” has the meaning set forth in Section 6.

     “Initial Shares” has the meaning set forth in the Recitals.

     “Investor” has the meaning set forth in the Preamble.

     “Investor Designee(s)” has the meaning set forth in Section 3.1.

     “Investor Group” has the meaning set forth in the Recitals.

     “Investor Indemnified Party” has the meaning set forth in Section 9.1.

     “Investor Shares” means any Shares held or Beneficially Owned by any member of the
Investor Group which are acquired at the Closing or otherwise received pursuant to the Merger
Agreement.

     “Maximum Number of Shares” has the meaning set forth in Section 7.2(b).

3

 

     “Merger Agreement” has the meaning set forth in the Recitals.

     “Notice” has the meaning set forth in Section 7.1(c).

     “Person” means any natural person, individual, corporation, partnership, joint
venture, limited liability company, trust or unincorporated organization, joint venture, joint
stock company or Governmental Entity.

     “Pro Rata” means as to a particular Person, pro rata in accordance with the number of
Shares that each such Person has requested be included in a respective registration, regardless of
the number of Shares held by each such Person.

     “Registration Period” means the period (i) beginning upon the filing of the Shelf
Registration and (ii) ending three months after the later of (A) the date that the Investor Group
ceases to be the Beneficial Owner of 10% or more of the outstanding Shares and (B) the date that
the Investor Group ceases to have the opportunity to receive additional Shares pursuant to the
Merger Agreement that, along with the Shares then Beneficially Owned by the Investor Group, would
equal 10% or more of the then-outstanding Shares.

     “Registration Statement” means a registration statement on Form S-1 or any similar
long-form registration statement or, if available, a registration statement on Form S-3 or any
similar short-form registration statement.

     “Securities Act” means the Securities Act of 1933, as amended.

     “Shares” means (i) shares of the Company’s common stock, par value $0.05 per share, or
(ii) any securities issued in respect of or in substitution for the Company’s common stock in
connection with any stock split, dividend or combination, or any reclassification,
recapitalization, merger, consolidation, exchange or similar reorganization.

     “Shelf Registration” has the meaning set forth in Section 7.1(a).

     “Shelf Suspension” has the meaning set forth in Section 7.1(c).

     “Standstill Termination Date” means the date that is six months after the date on
which the Investor Group ceases to be the Beneficial Owner of 10% or more of the outstanding
Shares.

     “Transfer” has the meaning set forth in Section 2.1.

     “Underwriter” or “Underwriters” means a securities dealer or dealers who
purchases any Investor Shares and/or any securities of the Company from the Company as principal in
an underwritten offering and not as part of such dealer or dealers’ market-making activities.

     “Underwritten Demand” has the meaning set forth in Section 7.2(a).

     “Underwritten Offering” means a sale of securities of the Company to an Underwriter or
Underwriters for reoffering to the public.

4

 

     “Violation” has the meaning set forth in Section 9.1.

          2. Transfer Provisions.

               2.1 Restrictions. During the period beginning at the Closing and ending on the first
date thereafter when the Investor Group no longer holds or Beneficially Owns 5% or more of the
then-outstanding Shares, the Investor Group shall not, directly or indirectly, sell or otherwise
transfer (collectively, “Transfer”) all or any portion of the Investor Shares, other than
by means of:

               (a) a Transfer to an Affiliate of the Investor (an “Affiliate Transferee”) that
agrees in writing with the Investor (i) that such Affiliate Transferee shall be bound by the
provisions and entitled to the rights of this Agreement as if it were the Investor and (ii)
to promptly Transfer such Investor Shares back to the Investor if such Affiliate ceases to
be an Affiliate of the Investor;

               (b) a Transfer:

                    (i) other than one in which the Investor sells (A) to any one Person or Group (except
in multiple open market transactions) more than 4.99% of the then-outstanding Shares, (B) in
one transaction or a series of related private transactions, more than 4.99% of the
then-outstanding Shares, or (C) any Shares to any one Person or Group who is known to
Beneficially Own 5% or more of the then outstanding Shares pursuant to a then current
Schedule 13D or Schedule 13G on file with respect to the Shares (except in open market
transactions); and

                    (ii) that (A) occurs during the period between 180 days after the Closing and the first
anniversary of the Closing which when combined with all other Transfers during such period
does not exceed in the aggregate $50,000,000 based on the prices at which such Investor
Shares are sold by the Investor Group (net of any selling commissions incurred in connection
therewith) or (B) occurs after the first anniversary of the Closing;

               (c) a Transfer made pursuant to a merger transaction or other business combination or a
tender offer for outstanding Shares which is recommended to the stockholders of the Company
generally by at least a majority of the entire Board, on the terms and conditions of such
transaction available to all other holders of Shares; or

               (d) a Transfer otherwise approved by the Board.

               2.2 Early Termination of Transfer Restrictions. The obligations of the Investor Group
under Section 2.1 shall terminate early upon the occurrence of any of the following events
(each, an “Early Termination Event”):

               (a) the Company shall be in material breach of any of its obligations to the Investor
or any other member of the Investor Group under this Agreement or the Merger Agreement and
such breach shall not have been cured within 15 days after receipt by the Company from the
Investor of a written notice specifying

5

 

such breach and requiring it to be remedied, and the
Company shall not in good faith be contesting whether such breach has occurred;

               (b) a Change in Control;

               (c) a Company Default Event;

               (d) the Company or any of its subsidiaries shall file a petition in bankruptcy or for
reorganization or for an arrangement or any composition, readjustment, liquidation,
dissolution or similar relief pursuant to Title 11 of the United States Code or under any
similar present or future federal law or the law of any other jurisdiction or shall be
adjudicated a bankrupt or insolvent, or consent to the appointment of or taking possession
by a receiver, liquidator, assignee, trustee, custodian, sequestrator (or other similar
official) of the Company or for all or any substantial part of its property, or shall make a
general assignment for the benefit of its creditors; or

               (e) a petition or answer shall be filed proposing the adjudication of the Company or
any of its subsidiaries as bankrupt or its reorganization or arrangement, or any
composition, readjustment, liquidation, dissolution or similar relief with respect to it
pursuant to Title 11 of the United States Code or under any similar present or future
federal law or the law of any other jurisdiction, and the Company shall consent to or
acquiesce in the filing thereof, or such petition or answer shall not be discharged or
denied within 60 days after the filing thereof.

               2.3 Purported Transfers Void. Any Transfer or purported Transfer made in violation of
this Agreement shall be null and void, and the Company shall not be required to record any such
Transfer or purported Transfer in its books and records or to recognize the purported transferee of
such Investor Shares as a stockholder. The Investor Group consents to the Company making a
notation on its books and records and giving instructions to any transfer agent of the Investor
Shares in order to implement the restrictions on Transfer established in this Agreement.

               2.4 Stock Legends.

               (a) Each certificate representing Investor Shares shall be stamped or otherwise
imprinted with legends substantially in the following form (in addition to any legend
required under applicable state securities laws or the Company’s certificate of
incorporation or bylaws):

“THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS OF
A STOCKHOLDER AGREEMENT BETWEEN THE COMPANY AND THE STOCKHOLDER, A COPY OF
WHICH IS ON FILE WITH THE SECRETARY OF THE COMPANY. THE STOCKHOLDER
AGREEMENT CONTAINS RESTRICTIONS ON THE SALE OR TRANSFER OF SUCH SECURITIES
AND A VOTING AGREEMENT.”

6

 

               (b) The Company shall remove such portion of the foregoing legend as is appropriate in
the circumstances from any Investor Shares as promptly as practicable upon request to enable
Transfers permitted by Section 2.1.

          3. Board Representation.

               3.1 Initial Appointment of Investor Designees. Upon the Closing, the Company shall
increase the size of the Board by two directors so that, upon such increase: (i) the Board shall
consist of ten directors and (ii) the Board shall appoint as directors to fill the two vacancies
Alan B. Levande and Daniel E. Lonergan (each an “Investor Designee” and, together with any
other directors that may be designated by the Investor pursuant to this Section 3, the
“Investor Designees”) to serve as directors in the classes of directors whose terms expire
at the first two annual meetings of the Company following the Closing. Based on information
provided as of the date hereof, the Board has determined that each of Alan B. Levande and Daniel E.
Lonergan qualifies as an Independent Director. As used herein, “Independent Director” means
any director who is or would be an “independent director” with respect to the Company pursuant to
Section 303A.02 of the New York Stock Exchange Listed Company Manual, Section 10A of the Exchange
Act (or any successor provisions), and the categorical standards utilized by the Board when
determining director independence, in each case as amended from time to time. Investor Designees
shall comply with the provisions of the corporate governance documents of the Board as in effect as
of the date hereof including the requirement in the Corporate Governance Guidelines to tender
irrevocable resignations promptly following their appointment to the Board and after the annual
meeting at which they are elected or re-elected, to be held until such resignations are effective
as provided in the Corporate Governance Guidelines in the event an incumbent director fails to
receive the required number of votes for re-election.

               3.2 Approval of Change in Board Size. Subject to Section 3.4, after effecting
the increase in the Board pursuant to Section 3.1, for so long as the Investor is entitled
to designate at least one Person to the Board pursuant to Section 3.3, the Company shall
not increase or decrease the size of the board without the approval of each of the Investor
Designees then serving on the Board.

               3.3 Right to Appoint Investor Designees. Subject to Section 3.5:

               (a) From the Closing Date through the second anniversary thereof (the “Director
Continuation Date”), for so long as the Investor Group Beneficially Owns all of the
Initial Shares, at the time of a meeting of the Board the agenda for which includes
nominating a slate of directors for election to the Board, the Investor shall have the right
to designate such number of Investor Designees for nomination by the Board that, together
with the Investor Designees serving in a class or classes of directors whose terms are not
expiring at the upcoming annual meeting of the Company, results in a total of two Investor
Designees, and the Board shall nominate and recommend such Investor Designees for election
as directors of the Company;

               (b) following the earlier of the Director Continuation Date or the time when the
Investor Group no longer Beneficially Owns all of the Initial Shares, for so long as the
Investor Group Beneficially Owns a number of Shares equal to at least

7

 

15% of all Shares
then-outstanding, at the time of a meeting of the Board the agenda for which includes
nominating a slate of directors for election to the Board, the Investor shall have the right
to designate such number of Investor Designees for nomination by the Board that, together
with the Investor Designees serving in a class or classes of directors whose terms are not
expiring at the upcoming annual meeting of the Company, results in a total of two Investor
Designees, and the Board shall nominate and recommend such Investor Designees for election
as directors of the Company; and

               (c) following the earlier of the Director Continuation Date or the time when the
Investor Group no longer Beneficially Owns all of the Initial Shares, for so long as the
Investor Group Beneficially Owns a number of Shares equal to at least 10% of all Shares
then-outstanding, but less than 15% of all Shares then-outstanding, at the time of a meeting
of the Board the agenda for which includes nominating a slate of directors for election to
the Board, the Investor shall have the right to designate such number, if any, of Investor
Designees for nomination by the Board that, together with the Investor Designees serving in
a class or classes of directors whose terms are not expiring at the upcoming annual meeting
of the Company, results in a total of one Investor Designee, and the Board shall nominate
and recommend such Investor Designee for election as a director of the Company.

In every case, other than the initial Investor Designees set forth in Section 3.1: (i) each
of the Investor Designees being nominated must be an Independent Director and reasonably acceptable
to the Nominating/Corporate Governance Committee of the Board and (ii) the Company will use its
reasonable best efforts to cause the election of such Investor Designees as directors of the
Company.

               3.4 Resignation of Investor Designees. Subject to Section 3.5:

               (a) following the earlier of the Director Continuation Date or the time when the
Investor Group no longer Beneficially Owns all of the Initial Shares, if at any time the
Investor Group does not Beneficially Own a number of Shares equal to at least 15% of all
Shares then-outstanding, then one Investor Designee, which Investor
Designee shall be determined by the Investor in its sole discretion, shall immediately
resign from the Board so that one Investor Designee shall remain; and

               (b) following the earlier of the Director Continuation Date or the time when the
Investor Group no longer Beneficially Owns all of the Initial Shares, if at any time the
Investor Group does not Beneficially Own a number of Shares equal to at least 10% of all
Shares then-outstanding, then all of the remaining Investor Designees shall immediately
resign from the Board.

In the event of an Investor Designee resignation pursuant to this Section 3.4, the Company
shall reduce the size of the Board to the number of directors in office immediately following such
resignation. In the event that an Investor Designee fails to deliver his or her prompt resignation
as required pursuant to this Section 3.4, the parties hereto shall take all necessary
action permitted by Applicable Law to cause such Investor Designee to be removed from the Board,
including seeking equitable relief such as an injunction. For purposes of clarity, when and if the

8

 

number of Investor Designees is reduced pursuant to this Section 3.4, such reduction shall
not be permanent and the number of Investor Designees and the size of the Board may thereafter be
increased if the Investor Group becomes entitled to appoint additional Investor Designees pursuant
to Section 3.3.

               3.5 Change in Shares or Size of Board.

               (a) In the event the Shares are changed into a different number of shares or a
different class, by reason of any stock dividend, subdivision, reclassification,
recapitalization, split, combination or exchange of shares, or any similar event occurs,
then any number or amount contained herein which is based upon the number of Shares Investor
Beneficially Owned or Beneficially Owns shall be appropriately adjusted.

               (b) In the event that the Board determines, subject to Section 3.2, to increase
or decrease the size of the Board during any period in which the Investor has the right to
nominate at least one director pursuant to this Section 3, the Investor’s right to
designate Investor Designees for nomination by the Board shall be adjusted such that the
Investor shall be entitled to designate a number of Investor Designees equal to the Board
Representation Percentage multiplied by the new total number of directors (including in this
total any vacancies) on the Board (rounding up to the nearest whole number of directors in
the event of a decimal equal to or greater than 0.5).

               3.6 Right to Replace Investor Designees. The Investor shall have the right to
designate a replacement Investor Designee, who must be an Independent Director and reasonably
acceptable to the Nominating/Corporate Governance Committee of the Board, for each Investor
Designee designated in accordance with this Section 3 at the expiration or termination of
such Investor Designee’s term (provided, at such time, that the Investor retains the right to
designate an Investor Designee) or upon death, resignation, retirement, disqualification, removal
from office or other cause. The Board shall
appoint or nominate, as the case may be, each Investor Designee so designated pursuant to this
Section 3.6.

               3.7 Majority Voting. In the event any Investor Designee is required to submit his or
her resignation to the Chairman of the Board for consideration by the Nominating/Corporate
Governance Committee pursuant to the Board’s policy on majority voting, the Nominating/Corporate
Governance Committee makes a recommendation to the Board concerning the acceptance or rejection of
such resignation and the Board decides to accept such Investor Designee’s resignation, then (i) the
Board shall not reduce the size of the Board to eliminate the vacancy created thereby, (ii) the
Investor shall have the right to designate a replacement Investor Designee and (iii) the Board and
the Investor Group shall take such actions necessary to appoint such replacement Investor Designee
as a director to fill such vacancy; provided, however, that the replacement Investor Designee is an
Independent Director and reasonably acceptable to the Nominating/Corporate Governance Committee of
the Board.

               3.8 Board Committee Representation. Upon the Closing, the Company shall increase the
size of each of the Audit, Compensation, and Nominating/Corporate Governance Committees of the
Board by one member, and for so long as the Investor is entitled

9

 

to designate at least one Person
to the Board pursuant to Section 3.3, the Board shall appoint one Investor Designee as a
member of each such committee (as designated by the Investor, subject to the reasonable approval of
the Nominating/Corporate Governance Committee of the Board); provided, that an Investor Designee
shall not be appointed to one or more committees of the Board if outside counsel to the Company
advises the Investor and the Company that the appointment of such Investor Designee to a committee
of the Board would violate Applicable Law, any rule or regulation of a stock exchange on which the
Company’s Shares are listed or the Company’s committee charters as in effect on the date hereof;
provided further, that, subject to the foregoing, the Investor, subject to the reasonable approval
of the Nominating/Corporate Governance Committee of the Board, shall designate one of the other
Investor Designees, if any, to be appointed to such committee. In addition, for so long as the
Investor is entitled to designate at least one Person to the Board pursuant to Section 3.3,
the Investor shall have the right to have one Investor Designee (as designated by the Investor,
subject to the reasonable approval of the Nominating/Corporate Governance Committee of the Board)
appointed to any other committee of the Board (other than the above specifically enumerated
committees in this Section 3.8 and other than the Executive Committee), and the Board shall
appoint such Investor Designees to any such committee. The Company shall take all steps necessary
to effect the Investor’s right pursuant to the preceding sentence, including increasing the size of
a committee of the Board so as to be able to appoint such Investor Designee.

               3.9 Director Compensation; D&O Insurance. From and after the Closing, the Company
(i) agrees that any Investor Designees serving on the Board shall be entitled to the same rights,
privileges and compensation as the other members of the Board in their capacity as such, including
with respect to insurance coverage and
reimbursement for Board participation and related expenses and (ii) shall purchase and
maintain, at its own expense, directors and officers liability insurance coverage, on behalf of and
covering the individuals who at any time on or after the Closing are or become directors of the
Company, against expenses, liabilities or losses asserted against or incurred by such individual in
such capacity or arising out of such individual’s status as such, subject to customary exclusions.
Notwithstanding clause (i) above, upon election or appointment to the Board, and as a condition to
such election or appointment, the Investor Designees and any replacement Investor Designee
designated pursuant to Section 3.6 shall decline any “Initial Award” (as such term is
defined in the Company’s Amended and Restated 2006 Director Restricted Stock Plan) of Company
restricted stock or restricted stock rights.

          4. Voting. Except as otherwise agreed, the Investor Group shall be entitled to one
vote for each Share Beneficially Owned by the Investor Group. The Investor covenants and agrees
that, so long as the Investor shall be entitled to designate one Person for nomination and election
to the Board pursuant to Section 3:

               (a) on any action to elect or appoint any directors of the Company, all of the Shares
that are Beneficially Owned by the Investor Group shall be voted, in Person or by proxy, or
by written consent (if applicable), to cause the election of each of the Investor Designees
and the other nominees selected by the Nominating/Corporate Governance Committee, as
applicable, when nominated for election to the Board; and

10

 

               (b) the Investor Group shall be present, in Person or by proxy, at all meetings of the
stockholders of the Company so that all such securities Beneficially Owned by the Investor
Group may be counted for the purposes of determining the presence of a quorum at such
meeting.

The Investor covenants and agrees that no member of the Investor Group shall (i) grant any proxy or
proxies with respect to the Shares Beneficially Owned by the Investor Group (other than to the
Company or other Persons designated by the Company or to another member of the Investor Group) to
vote at any meeting of the stockholders of the Company, or (ii) deposit any Shares Beneficially
Owned by the Investor Group into a voting trust or subject any of such Shares to any similar
arrangement (other than with respect to another member of the Investor Group), in each case, other
than as provided under this Agreement.

          5. Standstill Agreement. Except as expressly provided in this Agreement or as
otherwise requested or consented to by the Company or required by Applicable Law, the Investor
covenants and agrees that, from and after the date hereof until the Standstill Termination Date,
neither the Investor nor any member of the Investor Group shall, singly or as part of a
partnership, limited partnership, syndicate or other group (as those terms are used in Section
13(d)(3) of the Exchange Act), directly or indirectly:

               (a) acquire, offer to acquire, or agree to acquire, by purchase, gift or otherwise,
directly or indirectly, the beneficial ownership of any additional equity securities of the
Company (or any warrants, options, or other rights to purchase or acquire, or any securities
convertible into, or exchangeable for, any equity securities of the Company) that has or
could have the effect of increasing the Beneficial Ownership of the Investor Group on a
percentage basis in the outstanding Shares above the percentage interest held by the
Investor Group as of the Closing (other than any Shares acquired by the Investor pursuant to
any provision of the Merger Agreement), except pursuant to a stock split, stock dividend,
rights offering, recapitalization, reclassification or similar transaction or grant or
issuance approved by the Board;

               (b) make, or in any way participate, directly or indirectly, in any “solicitation” of
“proxies” to vote (as such terms are defined in Rule 14a-1 under the Exchange Act), solicit
any consent or communicate with or seek to advise or influence any Person with respect to
the voting of any securities of the Company or become a “participant” (as such term is
defined in Schedule 14A under the Exchange Act) in any election contest with respect to the
Company;

               (c) form, join, encourage or in any way participate in the formation of, any “person”
or “group” within the meaning of Section 13(d)(3) of the Exchange Act (other than the
Investor Group) with respect to any Shares;

               (d) initiate, propose or otherwise solicit stockholders of the Company for the approval
of any stockholder proposal with respect to the Company as described in Rule 14a-8 under the
Exchange Act or otherwise or induce or attempt to induce any other person to initiate any
stockholder proposal;

11

 

               (e) seek election to or seek to place a representative on the Board (other than in
accordance with the provisions of this Agreement) or seek removal of any member of the
Board;

               (f) seek to have called any meeting of the stockholders of the Company;

               (g) make any public announcement or proposal whatsoever with respect to, any form of
business combination transaction involving the Company (other than the transactions
contemplated by the Merger Agreement), including a merger, exchange offer, or sale or
liquidation of the Company’s assets, or any restructuring, recapitalization or similar
transaction with respect to the Company;

               (h) seek publicly to have the Company waive, amend or modify any of the provisions
contained in this Section 5;

               (i) publicly disclose or announce any intention, plan or arrangement to do any of the
foregoing; or

               (j) advise, assist, instigate or knowingly encourage any third party to do any of the
foregoing;

provided, however, that this Section 5 shall not prohibit or restrict (i) any action taken
by the Investor Designees as members of the Board in such capacity, or (ii) the exercise by
Investor and the Investor Group of their voting rights with regard to Shares to the extent
contemplated by Section 4.

          6. Access to Information. For so long as the Investor is entitled to designate at
least one Person to the Board pursuant to Section 3.3, the Company will, and will cause its
subsidiaries to, provide each Investor Designee during normal business hours after reasonable prior
written notice from the Investor with (i) access to the books and records of the Company and its
subsidiaries and information relating to the Company and its subsidiaries and their respective
properties, operations, financial condition and affairs (“Information”), and (ii) the
opportunity to consult with management of the Company and its subsidiaries from time to time
regarding the Company and its subsidiaries and their respective properties, operations, finances
and affairs.

          7. Registration Rights.

               7.1 Shelf Registration.

               (a) Filing. The Company will prepare and file by the earlier of (i) 105 days
after the Closing or (ii) as promptly as practicable after an Early Termination Event, a
Registration Statement on Form S-3 or any form for which the Company then qualifies and
which form shall be available for the resale of all Investor Shares by the Investor Group
from time to time in accordance with reasonable and customary methods of distribution as set
forth in such registration statement (the “Shelf Registration”), and

12

 

will use its
best efforts to have the Shelf Registration declared effective under the Securities Act
within 180 days after the Closing.

               (b) Continued Effectiveness. Subject to Section 7.1(c), so long as
permitted by Applicable Law, the Company shall use its reasonable best efforts to keep the
Shelf Registration continuously effective, supplemented and amended as necessary to ensure
that it is available for resales of Investor Shares by the Investor Group and to ensure that
it conforms with the requirements of this Agreement, the Securities Act and the policies,
rules and regulations of the Commission as announced from time to time, until the expiration
of the Registration Period. Following the expiration of the Registration Period, the
Company shall have the right to terminate the effectiveness of the Shelf Registration.

               (c) Suspension of Use of Shelf Registration. Upon delivery to the Investor of
a certificate signed by the chief executive officer or chief financial officer of the
Company stating that the continued use of the Shelf Registration would require the Company
to make an Adverse Disclosure (the “Notice”), the Company may suspend the Investor
Group’s use of the Shelf Registration (a “Shelf Suspension”):

                    (i) for as long as necessary to avoid the Adverse Disclosure as determined in good
faith by the chief executive officer or chief financial officer of the Company, after
consultation with the Company’s legal counsel, but in no event longer than 25 calendar days;
and

                    (ii) for as long as necessary to avoid the Adverse Disclosure as determined in good
faith by the Board, after consultation with the Company’s legal counsel, at a properly
convened meeting thereof or by unanimous written consent;

provided that during any 365-day period a Shelf Suspension may only be in effect for an
aggregate of 90 days.

Except as required by Applicable Law, no member of the Investor Group nor any of their
Affiliates shall make any public disclosure regarding, and shall treat as confidential, any
Shelf Suspension or Notice. In the event of a Shelf Suspension, Investor agrees that the
Investor Group shall suspend use of the prospectus related to the Shelf Registration in
connection with any sale or purchase of or offer to sell or purchase Investor Shares upon
receipt of the Notice. The Company shall promptly notify the members of the Investor Group
upon the termination of any Shelf Suspension and promptly amend or supplement the Shelf
Registration following the termination of such Shelf Suspension, if necessary, so it does
not contain any untrue statement of a material fact or omit to state a material fact
required to be stated therein in order to make the statements therein not misleading.

               (d) Certain Actions. Investor agrees that neither Investor nor any member of
the Investor Group will take, directly or indirectly, during the Registration Period, any
action designed to stabilize or manipulate the price of any security of the Company, except
in each case as may be permitted by Applicable Law.

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               7.2 Underwritten Offerings.

               (a) Underwritten Demands. At any time and from time to time after the
effectiveness of the Shelf Registration, the Investor, acting on behalf of the Investor
Group, may make a written demand for an Underwritten Offering in order to sell all or part
of the Investor Group’s Investor Shares (an “Underwritten Demand”). Any
Underwritten Demand shall specify the number of Investor Shares held by each member of the
Investor Group proposed to be sold under the Shelf Registration. Upon any such request,
each member of the Investor Group shall be entitled to have its Investor Shares included in
the Underwritten Demand, subject to Section 7.2(b); provided, however, the Company
shall not be obligated to (i) effect an Underwritten Offering if the value of the Investor
Shares that the Investor Group proposes to sell in such Underwritten Demand is less than
$50,000,000 or (ii) effect more than four Underwritten Demands under this Section
7.2(a). An Underwritten Offering will count as an Underwritten Demand regardless of
whether it is later withdrawn by the Investor Group, if the Company undertakes a road show
with respect thereto. The Company and the members of the
Investor Group participating in any Underwritten Demand shall enter into an
underwriting agreement in customary form with the Underwriter(s) selected for such
underwriting. The Underwriter(s) in any Underwritten Offering pursuant to an Underwritten
Demand shall be mutually determined by the Company and the Investor.

               (b) Cutbacks. In the event that the managing Underwriters of any Underwritten
Offering contemplated by Section 7.2(a) inform the Company and the holder or holders
of Investor Shares requesting the inclusion of the Investor Shares in such offering in
writing that the dollar amount or number of Shares that have been requested to be sold in
such Underwritten Offering exceeds the maximum dollar amount or maximum number of shares
that can be sold in such offering without adversely affecting the proposed offering price,
the timing, the distribution method, or the probability of success of such offering (such
maximum dollar amount or maximum number of shares, as applicable, the “Maximum Number of
Shares”), then the Company shall include in such offering: (i) first, the Investor
Shares as to which the Underwritten Demand has been requested by the Investor Group that can
be sold without exceeding the Maximum Number of Shares, allocated Pro Rata among
participating members of the Investor Group; and (ii) second, to the extent that the Maximum
Number of Shares has not been reached under the foregoing clause (i), equity securities
proposed to be sold by the Company for its own account and the equity securities of any
other stockholder who has the right and who has requested to have equity securities included
in such Underwritten Offering that can be sold without exceeding the Maximum Number of
Shares.

               7.3 Piggy-Back Offerings.

               (a) Notification. If the Company at any time during the period between 180
days after the Closing and the expiration of the Registration Period proposes an
Underwritten Offering of its equity securities for sale for its own account or for the
account of any other stockholder of the Company, each such time it will give notice to the
members of the Investor Group of its intention to do so. Upon the written request of the
Investor on behalf of the Investor Group, the Company will use its reasonable best

14

 

efforts
to include in such Underwritten Offering all Investor Shares which the Company has been so
requested to include by a member of the Investor Group, subject to Section 7.3(b);
provided, that, if, at any time after giving written notice of its intention to effect such
an Underwritten Offering and prior to the effective date of the underwriting agreement
entered into in connection with such Underwritten Offering, the Company shall determine for
any reason not to proceed with such Underwritten Offering or to delay such Underwritten
Offering, the Company shall give written notice of such determination to the Investor on
behalf of the Investor Group, and, thereupon: (i) in the case of a determination not to
proceed, shall not be obligated to include any Investor Shares in, and proceed with, such
Underwritten Offering, and (ii) in the case of a determination to delay such Underwritten
Offering, shall delay including any Investor Shares for the same period as the delay in
proceeding with such Underwritten Offering.

               (b) Cutback. In the event that the managing Underwriters of any Underwritten
Offering contemplated by Section 7.3(a) inform the Company and the holder or holders
of Investor Shares requesting the inclusion of the Investor Shares in such offering in
writing that the dollar amount or number of Shares that have been requested to be sold in
such Underwritten Offering exceeds the Maximum Number of Shares, then the Company shall
include in such offering:

                    (i) in the event such Underwritten Offering was proposed by the Company to sell its
equity securities for its own account: (i) first, equity securities proposed to be sold by
the Company for its own account, and (ii) second, to the extent that the Maximum Number of
Shares has not been reached under the foregoing clause (i), Investor Shares which the
Investor Group has requested be included in such Underwritten Offering and the equity
securities of any other stockholder who has the right and who has requested to have equity
securities included in such Underwritten Offering that can be sold without exceeding the
Maximum Number of Shares, allocated Pro Rata among each such holder of Investor Shares and
each such other participating stockholder; and

                    (ii) in the event such Underwritten Offering was proposed by another stockholder who
has the right to request an Underwritten Offering: (i) first, equity securities of such
stockholder, (ii) second, to the extent that the Maximum Number of Shares has not been
reached under the foregoing clause (i), equity securities proposed to be sold by the Company
for its own account, and (iii) third, to the extent that the Maximum Number of Shares has
not been reached under the foregoing clauses (i) and (ii), Investor Shares which the
Investor Group has requested be included in such Underwritten Offering that can be sold
without exceeding the Maximum Number of Shares, allocated Pro Rata among each such holder of
Investor Shares.

The holder or holders of Investor Shares to be distributed by such Underwriters shall be
parties to the underwriting agreement between the Company and such Underwriters and any
necessary or appropriate custody agreements, shall execute appropriate powers of attorney,
and shall take all such actions as are reasonably requested by the managing Underwriters in
order to expedite or facilitate the registration or the disposition of such Investor Shares.

15

 

               7.4 Holdback. In consideration for the Company agreeing to its obligations under this
Agreement and the Merger Agreement, during the Registration Period, the Investor agrees in
connection with any Underwritten Offering (whether or not the Investor Group is participating in
such Underwritten Offering), upon the request of the Company and the Underwriters managing such
Underwritten Offering (a “Holdback Request”), not to effect (other than pursuant to such
Underwritten Offering) any public sale or distribution of the Investor Shares, including any sale
pursuant to Rule 144 or Rule 144A under the Securities Act or pursuant to the Shelf Registration,
or make any short sale of, loan, grant any option for the purchase of, or otherwise dispose of any
of the Investor Shares, any other equity securities of the Company or any securities convertible
into or exchangeable or exercisable for any equity securities of the Company without the prior
written consent of the Company or such Underwriters, as the case may be, during the Holdback
Period; provided, that only one Holdback Request may be made in any 365-day period with respect to
any Underwritten Offering in which the Investor Group does not participate.

          8. Registration Procedures.

               8.1 Filings; Information. In connection with the registration of Investor Shares
pursuant to Section 7, the Company shall (subject to Sections 7.2(b) and
7.3(b)) use its reasonable best efforts to effect the registration and sale of such
Investor Shares in accordance with the intended method(s) of distribution thereof as expeditiously
as practicable, and in connection therewith:

               (a) Copies. The Company shall, prior to filing a Registration Statement or
prospectus, or any amendment or supplement thereto, furnish without charge to the Investor
included in such registration, and, if requested in writing by the Investor or its legal
counsel, copies of such Registration Statement as proposed to be filed, each amendment and
supplement to such Registration Statement (in each case including all exhibits thereto and
documents incorporated by reference therein), the prospectus included in such Registration
Statement (including each preliminary prospectus) and such other documents as are included
in such registration or legal counsel for the Investor Group may reasonably request in order
to facilitate the disposition of the Investor Shares owned by the Investor Group.

               (b) Notification.

                    (i) After the filing of a Registration Statement, the Company shall promptly, and in no
event more than two business days after such filing, notify the members of the Investor
Group included in such Registration Statement of such filing, and shall further notify such
members of the Investor Group promptly in writing in all events within two business days of
the occurrence of any of the following: (A) when such Registration Statement becomes
effective; (B) when any post-effective amendment to such Registration Statement becomes
effective; (C) the issuance or threatened issuance by the Commission of any stop order (and
the Company shall take all actions required to prevent the entry of such stop order or to
remove it if entered); and (D) any request by the Commission for (x) any amendment or
supplement to such

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Registration Statement or any prospectus relating thereto or
(y) additional information of the occurrence of an event requiring the preparation of a
supplement or amendment to such prospectus so that, as thereafter delivered to the
purchasers of the securities covered by such Registration Statement, such prospectus will
not contain an untrue statement of a material fact or omit to state any material fact
required to be stated therein or necessary to make the statements therein not misleading.
The Company shall promptly make available to the members of the Investor Group included in
such Registration Statement any such supplement or amendment.

                    (ii) Before filing with the Commission a Registration Statement or prospectus or any
amendment or supplement thereto, the Company shall furnish to the members of the Investor
Group included in such Registration Statement and to the legal counsel for any such holders,
copies of all such documents proposed to be filed sufficiently in advance of filing to
provide such holders and their legal counsel with a reasonable opportunity to review such
documents and comment thereon.

               (c) Securities Laws Compliance. The Company shall use its reasonable best
efforts to (i) register or qualify the Investor Shares covered by the Registration Statement
under such securities or “blue sky” laws of such jurisdictions (domestic or foreign) as the
members of the Investor Group included in such Registration Statement (in light of the
intended plan of distribution) may reasonably request and (ii) take such action necessary to
cause such Investor Shares covered by the Registration Statement to be registered with or
approved by such other Governmental Entity as may be necessary by virtue of the business and
operations of the Company and do any and all other acts and things that may be necessary or
advisable to enable such members of the Investor Group to consummate the disposition of such
Investor Shares in such jurisdictions; provided, however, that the Company shall not be
required to qualify generally to do business in any jurisdiction where it would not
otherwise be required to qualify but for this paragraph or subject itself to taxation in any
such jurisdiction or take any action which would subject it to general service of process in
any such jurisdiction where it is not then so subject.

               (d) Agreements for Disposition. The Company shall enter into customary
agreements (including, if applicable, an underwriting agreement in customary form) and take
such other actions as are reasonably required in order to expedite or facilitate the
disposition of such Investor Shares. No member of the Investor Group included in such
Registration Statement shall be required to make any representations or warranties in the
underwriting agreement except, if applicable, with respect to such holder’s organization,
good standing, authority, title to Investor Shares, lack of conflict of such sale with such
holder’s material agreements and organizational documents, with respect to written
information relating to such holder that it has furnished in writing expressly for inclusion
in such Registration Statement, and any other customary representations or warranties
requested by the Underwriter(s) selected for such underwriting.

               (e) Cooperation. The principal executive officer of the Company, the principal
financial officer of the Company, the principal accounting officer

17

 

of the Company and other
appropriate officers and members of the management of the Company shall cooperate reasonably
in any offering of Investor Shares hereunder, which cooperation shall include the
preparation of the Registration Statement with respect to such offering and all other
offering materials and related documents and participation in meetings with Underwriter(s),
prospective purchasers, attorneys, accountants and the Investor, including participation in
customary road shows, investor conferences and other similar presentations.

               (f) Records. The Company shall make reasonably available for inspection by the
members of the Investor Group included in such Registration Statement, any Underwriter(s)
participating in any disposition pursuant to such Registration Statement and any attorney,
accountant or other professional retained by the Investor Group or any Underwriter, all
Information reasonably requested by any member of the Investor Group included in such
Registration Statement or any Underwriter, and cause the Company’s officers, directors and
employees to supply all information so requested by any of them in connection with such
Registration Statement.

               (g) Opinions and Comfort Letters. The Company shall furnish to each member of
the Investor Group included in any Registration Statement a signed counterpart, addressed to
such member of the Investor Group, of (i) any opinion of counsel to the Company delivered to
any Underwriter and (ii) any comfort letter from the Company’s independent registered public
accountants delivered to any Underwriter, to the extent permitted by the professional
standards governing the accounting profession at the time.

               (h) Earnings Statement. The Company shall comply with all applicable rules and
regulations of the Commission and the Securities Act, and make available to its
stockholders, as soon as practicable, an earnings statement covering a period of twelve
months, beginning as soon as practicable (and in any event within three months after the
effective date of the Registration Statement), which earnings statement shall satisfy the
provisions of Section 11(a) of the Securities Act and Rule 158 thereunder.

               (i) Listing. The Company shall use its best efforts to cause all Investor
Shares included in any registration to be listed (or continue to be listed) on such
exchanges or otherwise designated for trading in the same manner as similar securities
issued by the Company are then listed or designated.

               (j) Deemed Underwriter or Controlling Person. If any such Registration
Statement or comparable filing refers to any member of the Investor Group by name and if
such member of the Investor Group, in its sole and exclusive judgment, is or might be deemed
to be an underwriter or a controlling Person of the Company, such member of the Investor
Group shall have the right to require (i) the insertion therein of language, in form and
substance reasonably satisfactory to such holder and presented to the Company in writing, to
the effect that the holding by such member of the Investor Group of such Shares is not to be
construed as a recommendation by such member of the Investor Group of the investment quality
of the Company’s securities covered thereby, and that such holding does

18

 

not imply that such
member of the Investor Group shall assist in meeting any future financial requirements of
the Company, or (ii) in the event that such reference to such member of the Investor Group
by name or otherwise is not required by the Securities Act or any similar federal or state
statute then in force, the deletion of the reference to such member of the Investor Group.

               8.2 Registration Expenses. The Company shall bear all costs and expenses incurred in connection with any registration
pursuant to Section 7, and all expenses incurred in performing or complying with its other
obligations under this Agreement, whether or not the Registration Statement becomes effective,
including: (i) all registration and filing fees; (ii) fees and expenses of compliance with
securities or “blue sky” laws (including fees and disbursements of counsel in connection with blue
sky qualifications of the Investor Shares); (iii) printing expenses; (iv) the Company’s internal
expenses (including all salaries and expenses of its officers and employees); (v) the fees and
expenses incurred in connection with the listing of the Investor Shares as required by Section
8.1(i); (vi) Financial Industry Regulatory Authority fees; (vii) fees and disbursements of
counsel for the Company and fees and expenses for independent registered public accountants
retained by the Company (including the expenses or costs associated with the delivery of any
opinions or comfort letters requested pursuant to Section 8.1(g)); (viii) the fees and
expenses of any special experts retained by the Company in connection with such registration;
(ix) the reasonable fees and expenses of legal counsel (one firm) selected by the Investor on
behalf of the Investor Group; and (x) fees and expenses incurred by the Company or by any
Underwriter(s) if and to the extent that any member of the Investor Group would otherwise be
responsible for in connection with the marketing and disposition of Investor Shares in an
Underwritten Offering in the manner reasonably requested by the Underwriters for such Underwritten
Offering, including through the use of customary road shows, investor conferences and other similar
presentations in accordance with Section 8.1(e). The Company shall have no obligation to
pay any underwriting discounts or selling commissions attributable to the Investor Shares being
sold by any member of the Investor Group, which underwriting discounts or selling commissions shall
be borne by each member of the Investor Group included in such Registration Statement individually.
Additionally, in an Underwritten Offering which includes Investor Shares, the selling members of
the Investor Group and the Company shall bear Pro Rata the expenses of the Underwriter(s) to be
borne by the selling members of the Investor Group and the Company, if any.

               8.3 Information. The Investor shall provide such information as may reasonably be
requested by the Company, or the managing Underwriter, if any, in connection with the preparation
of any Registration Statement pursuant to Section 7, including amendments and supplements
thereto, in order to effect the registration of any Investor Shares under the Securities Act
pursuant to Section 7 and in connection with the Company’s obligation to comply with
federal and applicable state securities laws. At least 10 business days prior to the first
anticipated filing date of any such Registration Statement, the Company shall notify the Investor
of the information the Company requires from the Investor Group and each member of the Investor
Group shall provide such information to the Company at least four business days prior to the first
anticipated filing date of such Registration Statement. The Company shall have the right to
exclude any member of the Investor Group that does not comply with the Company’s request for
information pursuant to this Section 8.3 from the requisite Registration Statement and to
preclude such member of the Investor Group from selling Investor Shares thereunder.

19

 

          9. Indemnification.

               9.1 Investor Indemnified Parties. The Company will indemnify and hold harmless each
member of the Investor Group included in a Registration Statement, each such member of the Investor
Group’s officers, employees, affiliates, partners, members, attorneys, agents and directors and
each Person, if any, who controls each such member of the Investor Group, within the meaning of the
Securities Act or the Exchange Act (each, an “Investor Indemnified Party”), against any
losses, expenses, judgments, actions, claims, damages, or liabilities (joint or several) to which
they may become subject, insofar as such losses, expenses, judgments, actions, claims, damages, or
liabilities (or actions in respect thereof) arise out of or are based upon any of the following
statements, omissions or violations (collectively, a “Violation”): (i) any untrue
statement or alleged untrue statement of a material fact contained in any registration statement or
related preliminary, final or summary prospectus, including any amendments or supplements thereto
incident to any such registration, (ii) the omission or alleged omission to state in any
registration statement or related preliminary, final or summary prospectus, including any
amendments or supplements thereto incident to any such registration, of a material fact required to
be stated therein, or necessary to make the statements therein, in light of the circumstances in
which they were made, not misleading or any violation by the Company of the Securities Act or any
rule or regulation promulgated thereunder applicable to the Company and relating to action or
inaction required of the Company in connection with any such registration; and the Company shall
promptly reimburse each Investor Indemnified Party for any legal or other expenses reasonably
incurred by it in connection with investigating or defending any such loss, expense, judgment,
claim, damage, liability or action; provided, however, that the indemnity agreement contained in
this Section 9.1 shall not apply to any such loss, expense, judgment, claim, damage,
liability or action to the extent that it arises out of or is based upon a Violation which occurs
in reliance upon written information furnished for use in connection with such registration by any
Investor Indemnified Party.

               9.2 Company Indemnified Parties. Each member of the Investor Group included in a
Registration Statement will, severally and not jointly, indemnify and hold harmless the Company,
each of the Company’s directors, officers, employees, affiliates, partners, members, attorneys and
agents and each Person, if any, who controls the Company within the meaning of the Securities Act,
any Underwriter, each of the Underwriter’s officers, directors and partners, and any controlling
Person of any such Underwriter (“Company Indemnified Party”), against any losses, expenses,
judgments, actions, claims, damages, or liabilities (joint or several) to which any of the
foregoing Persons may become subject, under the Securities Act, the Exchange Act or other
Applicable Law, insofar as such losses, expenses, judgments, actions, claims, damages, or
liabilities (or actions in respect thereto) arise out of or are based upon any Violation, in each
case to the extent that such Violation occurs in reliance upon written information furnished by
such member of the Investor Group expressly for use in connection with registration pursuant to any
registration statement or related preliminary, final or summary prospectus, including any
amendments or supplements thereto; and such member of the Investor Group shall promptly pay any
legal or other expenses reasonably incurred by the Company Indemnified Party in connection with
investigating or defending any such loss, expense, judgment, claim, damage, liability or action.

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               9.3 Third Party Claims. Promptly after receipt by an indemnified party under this
Section 9 of notice of the commencement of any action (including any governmental action),
such indemnified party will, if a claim in respect thereof is to be made against any indemnifying
party under this Section 9, deliver to the indemnifying party a written notice of the
commencement thereof and the indemnifying party shall have the right to participate in, and, to the
extent the indemnifying party so desires, jointly with any other indemnifying party similarly
noticed, to assume the defense thereof with counsel mutually and reasonably satisfactory to the
parties (and such indemnifying party shall not be liable to the indemnified party under this
Section 9 for any legal or other expenses subsequently incurred by the indemnified party in
connection with the defense thereof); provided, however, that the indemnified parties shall have
the right to retain separate counsel and participate in such defense but the fees and expenses of
such counsel shall be at the expense of such indemnified party unless such indemnified party shall
have reasonably concluded, based on advice of counsel, that representation of such indemnified
parties by the counsel retained by the indemnifying party would be inappropriate due to actual or
potential conflicts of interest between such indemnified parties and the indemnifying party in such
proceeding, in which case the fees and expenses of one such separate counsel (as well as one local
counsel, as applicable) shall be paid by the indemnifying party. The failure to deliver written
notice to the indemnifying party within a reasonable time of the commencement of any such action,
if prejudicial to its ability to defend such action, shall relieve such indemnifying party, to the
extent prejudiced, of any liability to the indemnified party under this Section 9, but the
omission to so deliver written notice to the indemnifying party will not relieve it of any
liability that it may have to any indemnified party otherwise than under this Section 9. No
indemnifying party shall, without the written consent of the indemnified party, effect the
settlement or compromise of, or consent to the entry of any judgment with respect to, any pending
or threatened action or claim in respect of which indemnification or contribution may be sought
hereunder (whether or not the indemnified party is an actual or potential party to such action or
claim) unless such settlement, compromise or judgment (i) includes an unconditional release of the
indemnified party from all liability arising out of such action or claim and (ii) does not include
a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any
indemnified party.

               9.4 Contribution. If the indemnification provided for in this Section 9 is
held by a court of competent jurisdiction to be unavailable to an indemnified party with respect to
any loss, expense, judgment, action, liability, claim, damage, or expense referred to therein, then
the indemnifying party, in lieu of indemnifying such indemnified party hereunder, shall contribute
to the amount paid or payable by such indemnified party as a result of such loss, expense,
judgment, action, liability, claim, damage, or expense in such proportion as is appropriate to
reflect the relative fault of the indemnifying party on the one hand and of the indemnified party
on the other in connection with the Violation that resulted in such loss, expense, judgment,
action, liability, claim, damage, or expense as well as any other relevant equitable
considerations. The relative fault of the indemnifying party and of the indemnified party shall be
determined by reference to, among other things, whether the untrue or alleged Violation relates to
information supplied by the indemnifying party or by the indemnified party and the parties’
relative intent, knowledge, access to information, and opportunity to correct or prevent such
statement or omission.

21

 

               9.5 Survival. The obligations of the Company and the members of the Investor Group
included in a Registration Statement under this Section 9 shall survive the completion of
any offer or sale of Investor Shares pursuant to a Registration Statement.

          10. Share Repurchases. If the Company acquires Shares in any Share repurchase program
(other than acquisitions of Shares in the open market and repurchases made under the terms of any
stock plan, stock option agreement, restricted stock agreement, or similar agreement) during the
Registration Period, the Investor Group shall have the right, but not the obligation, to
participate in such Share repurchase, pro rata based on the percentage that the aggregate number of
Investor Shares represents of all of the outstanding Shares, by selling Investor Shares to the
Company on mutually agreeable terms and conditions that are no less favorable to the terms offered
to any other stockholder of the Company.

          11. Miscellaneous.

               11.1 Charter and Bylaws. The parties shall take or cause to be taken all lawful
action necessary to ensure at all times as of and following the Closing that the certificate of
incorporation and bylaws of the Company are not inconsistent with the provisions of this Agreement
or the transactions contemplated hereby.

               11.2 Representations of the Company. The Company hereby represents and warrants that
(i) it has all necessary corporate power and authority to execute and deliver this Agreement and to
perform its obligations hereunder, (ii) the execution and delivery of this Agreement by the Company
have been duly and validly authorized by all necessary corporate action on the part of the Company,
and (iii) this Agreement has been duly executed and delivered by the Company and constitutes a
legally valid and binding obligation of the Company, enforceable against the Company in accordance
with its terms, except as such enforceability may be limited by bankruptcy, insolvency,
reorganization, preference, fraudulent transfer, moratorium or other similar laws relating to or
affecting the rights and remedies of creditors and by general principles of equity regardless of
whether enforcement is considered in a proceeding in equity or at law, concepts of materiality,
reasonableness, good faith and fair dealing, and the discretion of the court before which any
proceeding therefore may be brought.

               11.3 Representations of the Investor. The Investor hereby represents and warrants that (i)
it has all necessary corporate or similar power and authority to execute and deliver this Agreement
and to perform its obligations hereunder, (ii) the execution and delivery of this Agreement by the
Investor have been duly and
validly authorized by all necessary corporate action on the part of the Investor, and (iii) this
Agreement has been duly executed and delivered by the Investor and constitutes a legally valid and
binding obligation of the Investor, enforceable against the Investor in accordance with its terms,
except as such enforceability may be limited by bankruptcy, insolvency, reorganization, preference,
fraudulent transfer, moratorium or other similar laws relating to or affecting the rights and
remedies of creditors and by general principles of equity regardless of whether enforcement is
considered in a proceeding in equity or at law, concepts of materiality, reasonableness, good faith
and fair dealing, and the discretion of the court before which any proceeding therefor may be
brought.

22

 

               11.4 Notices. Any notices or other communications required or permitted under, or
otherwise in connection with this Agreement, shall be in writing and shall be deemed to have been
duly given when delivered in person or upon electronic confirmation of receipt when transmitted by
facsimile transmission (but only if followed by transmittal by national overnight courier or hand
for delivery on the next business day) or on receipt after dispatch by registered or certified
mail, postage prepaid, addressed, or on the next business day if transmitted by national overnight
courier, in each case as follows:

     If to the Company, addressed to it at:

4400 Post Oak Parkway, Suite 1000

Houston, Texas 77027

Fax: 713.403.8074

Attention: Peter M. Brink

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

Conner & Winters, LLP

4000 One Williams Center

Tulsa, Oklahoma 74172-0148

Fax: 918.586.8625

Attention: Robert A. Curry

     If to the Investor or any member of the Investor Group, addressed to it at:

1044 North 115th Street, Suite 400

Omaha, Nebraska 68154-4446

Fax: 402.691.9727

Attention: Daniel Lonergan

     with copies to (which copies shall not constitute notice):

Latham & Watkins LLP

355 South Grand Avenue

Los Angeles, California 90071-1560

Fax: 213.891.8763

Attention: Jason H. Silvera, Esq.

               11.5 Interpretation. When a reference is made in this Agreement to a Section, such
reference shall be to a Section of this Agreement unless otherwise indicated. The definitions
contained in this Agreement are applicable to the singular as well as the plural forms of such
terms. Whenever required by the context, any pronoun used in this Agreement shall include the
corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and
verbs shall include the plural and vice versa. The words “include” and “including,” and other
words of similar import when used herein shall not be deemed to be terms of limitation but rather
shall be deemed to be followed in each case by the words “without limitation.” The word

23

 

“if” and
other words of similar import when used herein shall be deemed in each case to be followed by the
phrase “and only if.” The words “herein,” “hereto,” and “hereby” and other words of similar import
in this Agreement shall be deemed in each case to refer to this Agreement as a whole and not to any
particular Section or other subdivision of this Agreement. Any reference herein to “dollars” or
“$” shall mean United States dollars. The words “as of the date of this Agreement” and words of
similar import shall be deemed in each case to refer to the date of this Agreement as set forth in
the Preamble hereto.

          11.6 Headings. The headings contained in this Agreement are for reference purposes
only and shall not affect in any way the meaning or interpretation of this Agreement.

          11.7 Severability. If any term or other provision of this Agreement is invalid,
illegal or incapable of being enforced by any rule of Applicable Law or public policy, all other
conditions and provisions of this Agreement shall nevertheless remain in full force and effect so
long as the economic or legal substance of the transactions contemplated hereby is not affected in
any manner materially adverse to any party. Upon such determination that any term or other
provision is invalid, illegal or incapable of being enforced, the parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the parties as closely
as possible in an acceptable manner to the end that the transactions contemplated hereby are
fulfilled to the extent possible.

          11.8 Entire Agreement. This Agreement (together with the other documents delivered
pursuant hereto) constitutes the entire agreement of the parties and supersedes all prior
agreements, representations and undertakings, both written and oral, between the parties, or any of
them, with respect to the subject matter hereof.

          11.9 Assignment. Other than Transfers to Affiliate Transferees pursuant to
Section 2.1(a), neither this Agreement nor any rights or obligations under this Agreement
shall be assigned, in whole or in part, by any party without the prior written consent of the other
party.

          11.10 Parties in Interest. This Agreement shall be binding upon and inure solely to
the benefit of each party hereto and their respective successors and assigns (including any
Affiliate Transferee), and nothing in this Agreement, express or implied, is intended to or shall
confer upon any other Person any right, benefit or remedy of any nature whatsoever under or by
reason of this Agreement.

          11.11 Mutual Drafting. Each party hereto has participated in the drafting of this
Agreement, which each party acknowledges is the result of extensive negotiations between the
parties.

          11.12 Governing Law; Consent to Jurisdiction; Waiver of Trial by Jury.

               (a) This Agreement, and all claims and causes of action arising out of, based upon, or
related to this Agreement or the negotiation, execution or performance hereof, shall be
governed by, and construed, interpreted and enforced in accordance with, the internal laws
of the State of Delaware, without regard to laws that may be applicable under conflicts of
laws principles.

24

 

               (b) Each of the parties irrevocably and unconditionally submits, for itself and its
property, to the non-exclusive jurisdiction of the Court of Chancery of the State of
Delaware, and any appellate court therefrom, in any action or proceeding arising out of or
relating to this Agreement or the agreements delivered in connection herewith or the
transactions contemplated hereby or thereby or for recognition or enforcement of any
judgment relating thereto, and each of the parties hereby irrevocably and unconditionally
(i) agrees that any claim in respect of any such action or proceeding may be heard and
determined in the Court of Chancery of the State of Delaware, (ii) waives, to the fullest
extent it may legally and effectively do so, any objection which it may now or hereafter
have to the laying of venue of any such action or proceeding in the Court of Chancery of the
State of Delaware, and (iii) waives, to the fullest extent permitted by law, the defense of
an inconvenient forum to the maintenance of such action or proceeding in the Court of
Chancery of the State of Delaware. Each of the parties hereto agrees that a final judgment
in any such action or proceeding shall be conclusive and may be enforced in other
jurisdictions by suit on the judgment or in any other manner provided by law. Each party to
this Agreement irrevocably consents to service of process in the manner provided for notices
in Section 11.4. Nothing in this Agreement will affect the right of any party to
this Agreement to serve process in any other manner permitted by law.

               (c) EACH OF THE PARTIES HERETO HEREBY IRREVOCABLY WAIVES ALL RIGHT TO TRIAL BY JURY IN
ANY ACTION, PROCEEDING OR COUNTERCLAIM (WHETHER BASED ON CONTRACT, TORT OR OTHERWISE)
ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE ACTIONS OF ANY PARTY HERETO IN THE
NEGOTIATION, ADMINISTRATION, PERFORMANCE AND ENFORCEMENT THEREOF.

          11.13 Counterparts. This Agreement may be executed in one or more counterparts, and
by the different parties hereto in separate counterparts, each of which when executed shall be
deemed to be an original but all of which taken together shall constitute one and the same
agreement.

25

 

          11.14 Specific Performance. The parties hereto agree that irreparable damage would
occur in the event that any of the provisions of this Agreement were not performed in accordance
with their specific terms or were otherwise breached and that the parties to this Agreement and the
third-party beneficiaries of this Agreement may not have an adequate remedy at law. It is
accordingly agreed that the parties to this Agreement (on behalf of themselves and the third-party
beneficiaries of this Agreement) shall be entitled to injunctive or other equitable relief to
prevent breaches of this Agreement and to enforce the terms of this Agreement; and that the parties
to this Agreement shall not object to the granting of injunctive or other equitable relief on the
basis that there exists an adequate remedy at law.

          11.15 Amendment. Except as otherwise provided herein, the provisions of this
Agreement may be amended or waived only upon the prior written consent of the Company (to the
extent approved by a majority of directors who are not Investor Designees) and the Investor.

          11.16 Delays or Omissions. No delay or omission to exercise any right, power, or
remedy accruing to any party upon any breach or default of the other party under this Agreement
shall impair any such right, power, or remedy, nor shall it be construed to be a waiver of any such
breach or default, or an acquiescence therein, or of or in any similar breach or default thereafter
occurring; nor shall any waiver of any single breach or default be deemed a waiver of any other
breach or default theretofore or thereafter occurring. Any waiver, permit, consent, or approval of
any kind or character on the part of any party of any breach or default under this Agreement, or
any waiver on the part of any party of any provisions or conditions of this Agreement, must be in
writing and shall be effective only to the extent specifically set forth in such writing or as
provided in this Agreement. All remedies, either under this Agreement or by Applicable Law or
otherwise afforded to any party, shall be cumulative and not alternative.

          11.17 Termination. This Agreement shall terminate (i) prior to the Closing, on the date that the Merger
Agreement is terminated in accordance with its terms, if the Merger Agreement is terminated, and
(ii) after the Closing, on the date that no member of the Investor Group Beneficially Owns or has
the right to receive any Investor Shares; provided, however, that in the event of termination
pursuant to clause (ii) of this Section 11.17, Sections 9 and 11 (other
than Sections 11.1, 11.2 and 11.3) shall survive such termination.

[THIS SPACE LEFT BLANK INTENTIONALLY]

26

 

     IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first above
written.

	 	 	 	 	 	 	 
	 	 	WILLBROS GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Van A. Welch	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Van A. Welch	 	 
	 

	 	Title:
	 	Senior Vice President and CFO	 	 
	 
	 	 	 	 	 	 
	 	 	INFRASTRUX HOLDINGS, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Alan Levande	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Alan Levande	 	 
	 

	 	Title:
	 	Vice President	 	 

Signature Page to the Stockholder Agreementexv4w2

Exhibit 4.2

Substantially Identical Documents Omitted

Attached as Exhibit 4.2 is a copy of the Form of Consent Agreement and Third Supplemental Indenture
dated March 10, 2010, executed by holders of a majority in aggregate principal amount of the
Company’s 6.5% notes. The Consent Agreements of each individual noteholder are omitted as being
substantially identical and differing only in the names of, and
principal amount owned by, each such noteholder.

1

 

CONSENT AGREEMENT

     This CONSENT AGREEMENT is made and entered into this ___day of March, 2010, by and between
Willbros Group, Inc., a Delaware corporation (the “Company”), and                                          ( the
“Consenting Holder”).

     WHEREAS, Willbros Group, Inc., a Republic of Panama corporation (“Willbros Panama”) has duly
issued its 6.5% Convertible Senior Notes due 2012 in the aggregate principal amount of $84,500,000
(the “Notes”) pursuant to an Indenture (the “Original Indenture”) dated as of December 23, 2005,
among Willbros Panama, Willbros United States Holdings, Inc., a Delaware corporation formerly known
as Willbros USA, Inc., as guarantor (the “Guarantor”), and The Bank of New York Mellon, a New York
banking corporation formerly known as The Bank of New York, as trustee;

     WHEREAS, on May 16, 2007 and May 23, 2007, Willbros Panama entered into conversion agreements
with four holders of the Notes pursuant to which, among other things, the four holders converted
their respective Notes into shares of Willbros Panama’s common stock, $0.05 par value per share
(“Willbros Panama Common Shares”);

     WHEREAS, $32,050,000 in aggregate principal amount of the Notes remain outstanding as of the
date hereof;

     WHEREAS, Willbros Panama, the Guarantor and the Trustee (as hereinafter defined) have
heretofore executed and delivered to the Trustee a First Supplemental Indenture dated as of
November 2, 2007 (the “First Supplemental Indenture”);

     WHEREAS, pursuant to the Agreement and Plan of Merger dated as of December 10, 2008 among
Willbros Panama, the Company and Willbros Merger, Inc., a Delaware corporation and a wholly owned
subsidiary of the Company (“Sub”), on March 3, 2009, Sub merged with and into Willbros Panama (the
“Merger”), with Willbros Panama being the surviving corporation in the Merger, following which
Willbros Panama became a direct, wholly owned subsidiary of the Company and Willbros Panama Common
Shares were automatically converted into the right to receive one common share, par value US $0.05
per share, of the Company (“Company Common Shares”);

     WHEREAS, Willbros Panama, the Company, the Guarantor and the Trustee have heretofore executed
a Second Supplemental Indenture dated as of March 3, 2009 (the “Second Supplemental Indenture”),
and the Original Indenture as so supplemented by the First Supplemental Indenture and the Second
Supplemental Indenture, the “Indenture”);

     WHEREAS, pursuant to the Second Supplemental Indenture, the Company assumed all obligations of
Willbros Panama under the Indenture and the Notes, and the Notes are now convertible into Company
Common Shares;

     WHEREAS, pursuant to an Instrument of Resignation, Appointment and Acceptance, The Bank of New
York Mellon resigned as trustee and Bank of Texas, N.A.,

2

 

a banking corporation duly organized and existing under the laws of Texas, was appointed as trustee
under the Indenture (the “Trustee”), effective as of January 1, 2010; and

     WHEREAS, for the consideration and under the terms and conditions set forth herein, the
Consenting Holder is willing to consent to the modification of certain provisions of the Indenture
substantially as set forth in the form of Third Supplemental Indenture attached hereto as Annex I.

     NOW, THEREFORE, in consideration of the recitals and mutual covenants set forth or described
herein, the parties hereto, intending to be legally bound, hereby agree as follows:

1. Consenting Holder hereby represents and warrants to the Company that:

	 	(i)	 	Consenting Holder is the current holder of $___ in aggregate
principal amount of Notes;
	 
	 	(ii)	 	Consenting Holder has full power and authority to enter into this Consent
Agreement;
	 
	 	(iii)	 	in evaluating whether to enter into this Consent Agreement, Consenting
Holder has made its own independent appraisal of this Consent Agreement and the
substance of the amendment set forth in the form of Third Supplemental Indenture
attached hereto as Annex I and is not relying on any statement, representation or
warranty, express or implied, made by the Trustee or the Company not contained in this
Consent Agreement; and
	 
	 	(iv)	 	Consenting Holder is not a person directly or indirectly controlling or
controlled by or under direct or indirect common control with the Company.

The representations and warranties of Consenting Holder herein shall be deemed to be repeated and
reconfirmed at the time the Third Supplemental Indenture is executed.

2. The Company hereby represents and warrants to Consenting Holder that:

	 	(i)	 	The Company Common Shares into which the Notes may be converted are eligible
to be sold to the public without restriction pursuant to Rule 144 under the Securities
Act of 1933, as amended (the “Securities Act”), by any person who is not an
“affiliate” of the Company, as such term is defined in the rules and regulations under
the Securities Act; and

3

 

	 	(ii)	 	No Event of Default (as defined in the Indenture) shall have occurred and be
continuing as of the date hereof.

3. The Consenting Holder acknowledges that it is hereby giving its consent to the modifications and
amendments to the Indenture substantially in the form and substance as set forth in the form of
Third Supplemental Indenture, attached hereto as Annex I and with such changes thereto as the
Trustee may reasonably require, with respect to the entire principal amount of Notes held by such
Consenting Holder. The Consenting Holder will execute and deliver any additional documents deemed
by the Company to be necessary or desirable to properly deliver the Consenting Holder’s consent.

4. This Consent Agreement shall become valid and binding upon the Consenting Holder, and shall not
be revocable by the Consenting Holder, upon (i) delivery of this Consent Agreement and other
substantially similar agreements, executed by the holders of Notes representing a majority in
principal amount of the Notes outstanding, to the Company and (ii) delivery of such agreements,
executed by the Company, to such holders.

5. This Consent Agreement shall be governed by, and construed in accordance with the laws of the
state of New York (without regard to conflicts of laws principles thereof). EACH PARTY HEREBY
IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE
ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION WITH OR ARISING OUT OF THIS CONSENT
AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

6. This Consent Agreement may be executed in any number of counterparts, each of which shall be an
original; but such counterparts shall together constitute but one and the same instrument.

7. This Consent Agreement constitutes the entire agreement between the parties hereto, and
supersedes any prior understandings, agreements, arrangements and representations between the
parties hereto, written or oral, to the extent they related in any way to the subject matter
hereof.

[signatures on following page]

4

 

This Consent Agreement has been executed and delivered as of the date first above written.

	 	 	 	 	 	 	 
	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title: Authorized Signatory	 	 
	 
	 	 	 	 	 	 
	 	 	WILLBROS GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Van A. Welch	 	 
	 

	 	 	 	Title: Senior Vice President 

and
Chief Financial Officer	 	 

5

 

Annex A

THIRD SUPPLEMENTAL INDENTURE

AMONG

WILLBROS GROUP, INC., a Delaware Corporation

WILLBROS UNITED STATES HOLDINGS, INC., a Delaware Corporation

formerly known as Willbros USA, Inc.

AND

BANK OF TEXAS, N.A.

As Trustee

DATED AS OF MARCH ___, 2010

TO THE INDENTURE FOR

6.5% CONVERTIBLE SENIOR NOTES DUE 2012

DATED AS OF DECEMBER 23, 2005

A-1

 

THIRD SUPPLEMENTAL INDENTURE

     THIRD SUPPLEMENTAL INDENTURE, dated as of March ___, 2010 (the “Effective Date”), among
Willbros Group, Inc., a Delaware corporation (the “Company”), Willbros United States Holdings,
Inc., a Delaware corporation formerly known as Willbros USA, Inc. (the “Guarantor”), and Bank of
Texas, N.A. (the “Trustee”), as successor in interest to The Bank of New York Mellon (formerly
known as The Bank of New York).

          WHEREAS, Willbros Group, Inc., a Republic of Panama corporation (“Willbros Panama”), has
heretofore executed and delivered to the Trustee an indenture, dated as of December 23, 2005, as
supplemented by the First Supplemental Indenture thereto, dated as of November 2, 2007 (the “First
Supplemental Indenture”) and the Second Supplemental Indenture thereto, dated as of March 3, 2009
(the “Second Supplemental Indenture,” and such indenture as so supplemented by the First
Supplemental Indenture and the Second Supplemental Indenture, the “Indenture”), pursuant to which
Willbros Panama has duly issued 6.5% Convertible Senior Notes due 2012 (the “Notes”) in the
aggregate principal amount of $84,500,000, of which $32,050,000 in aggregate principal amount of
the Notes are outstanding as of the Effective Date; and

          WHEREAS, pursuant to the Agreement and Plan of Merger dated as of December 10, 2008 (the
“Merger Agreement”) among the Company, Willbros Panama and Willbros Merger, Inc., a Delaware
corporation and a wholly owned subsidiary of the Company (“Sub”), on March 3, 2009 Sub merged with
and into the Willbros Panama (the “Merger”), with Willbros Panama being the surviving corporation
in the Merger, following which Willbros Panama became a direct, wholly owned subsidiary of the
Company; and

     WHEREAS, pursuant to the Second Supplemental Indenture, the Company assumed all obligations of
Willbros Panama under the Indenture and the Notes; and

     WHEREAS, the Company has received consents to certain amendments to the Indenture as described
herein from Holders representing in excess of a majority in aggregate principal amount of the
outstanding Notes as of the date hereof; and

     WHEREAS, pursuant to the first subparagraph of Section 11.2 of the Indenture, the Indenture
may be amended with the consent or affirmative vote of the Holders of at least a majority of the
principal amount of the Notes at that time outstanding so long as the amendment does not fall under
subparagraphs (a) through (l) of Section 11.2; and

     WHEREAS, the amendment effected by this Third Supplemental Indenture does not fall within
subparagraphs (a) through (l) of Section 11.2; and

     WHEREAS, pursuant to Section 11.7 of the Indenture, upon the execution of this Third
Supplemental Indenture by the Company and the Trustee, the Indenture shall be modified in
accordance herewith, and this Third Supplemental Indenture shall form a part of the Indenture for
all purposes and every Holder of the Notes shall be bound hereby.

A-2

 

     NOW, THEREFORE, the parties hereto agree as follows:

ARTICLE ONE

PROVISIONS OF GENERAL APPLICATION

     SECTION 1.01. Applicability of Amendments. This Third Supplemental Indenture with respect to
the Notes is effective as of the Effective Date.

     SECTION 1.02. Definitions. All capitalized terms which are used herein and not otherwise
defined herein are defined in the Indenture and are used herein with the same meanings as in the
Indenture. If a capitalized term is defined in the Indenture and this Supplemental Indenture, the
definition in this Supplemental Indenture shall apply to the Indenture and the Notes.

     SECTION 1.03. Provisions of the Indenture. Except insofar as herein otherwise expressly
provided, all the definitions, provisions, terms and conditions of the Indenture shall remain in
full force and effect. The Indenture as modified by this Third Supplemental Indenture is in all
respects ratified and confirmed, and the Indenture and this Third Supplemental Indenture shall be
read, taken and considered as one and the same instrument for all purposes and every Holder of
Notes authenticated and delivered under the Indenture shall be bound hereby. The provisions of
this Third Supplemental Indenture shall, subject to the terms hereof, supersede the provisions of
the Indenture to the extent the Indenture is inconsistent herewith.

ARTICLE TWO

AMENDMENTS TO THE INDENTURE

     SECTION 2.01. Amendments to Section 6.1.

          Section 6.1 is hereby amended and restated in its entirety to read as follows:

          “Section 6.1 Payment of Notes.

     The Company shall pay interest on the Notes as provided in the Notes and this Indenture. The
Company shall promptly make all payments in respect of the Notes on the dates and in the manner
provided in the Notes or pursuant to this Indenture. Principal Amount, Purchase Price and
Fundamental Change Purchase Price and accrued and unpaid interest, Special Interest, Additional
Amounts and Additional Interest, if any, shall be considered paid on the applicable date due if by
11:00 a.m., New York City time, on such date the Paying Agent holds, in accordance with this
Indenture, cash or securities, if permitted hereunder, sufficient to pay all such amounts then due.
The Company shall, to the fullest extent permitted by law, pay interest on overdue principal and
overdue installments of interest, Special Interest, Additional Amounts and Additional Interest, if
any, at the rate borne by the Notes per annum plus 1%. All references in this Indenture or the
Notes to interest shall, without duplication, be deemed to include Special

A-3

 

Interest, Additional Amounts and Additional Interest, if any, payable pursuant to the
Registration Rights Agreement.

     If at any time Additional Interest becomes payable by the Company pursuant to the Registration
Rights Agreement, the Company shall promptly deliver to the Trustee a certificate to that effect
and stating (i) the amount of such Additional Interest that is payable and (ii) the date on which
such Additional Interest is payable pursuant to the terms of the Registration Rights Agreement.
Unless and until a Responsible Officer of the Trustee receives such a certificate, the Trustee may
assume without inquiry that no Additional Interest is payable. If the Company has paid Additional
Interest directly to the Persons entitled to it, the Company shall deliver to the Trustee a
certificate setting forth the particulars of such payment.

     Each payment of the principal of and interest, Special Interest, Additional Amounts and
Additional Interest, if any, on the Notes due in cash shall be in such coin or currency of the
United States of America as at the time of payment is legal tender for payment of public and
private debts.

     Subject to Section 4.1 and Section 5.1, the Company shall pay interest, Additional Amounts and
Additional Interest, if any, on the Notes to the Person in whose name the Notes are registered at
the close of business on the Regular Record Date next preceding the corresponding Interest Payment
Date. Any such interest, Additional Amounts and Additional Interest, if any, not so punctually
paid or duly provided for shall forthwith cease to be payable to the Holder on such Regular Record
Date and may be paid (a) to the Person in whose name the Notes are registered at the close of
business on a Special Record Date for the payment of such defaulted interest, Additional Amounts
and Additional Interest, if any, to be fixed by the Trustee, notice whereof shall be given to the
Holders not less than 10 calendar days prior to such Special Record Date or (b) at any time in any
other lawful manner not inconsistent with the requirements of any securities exchange on which the
Notes may be listed, and upon such notice as may be required by such exchange.

     In addition to any other payment required by the Notes and this Indenture, the Company shall
make a one-time payment (a “Special Interest Payment”), as special interest (“Special Interest”),
in an amount equal to 4% of the principal amount of the Notes outstanding as of the Special
Interest Record Date. The Special Interest Payment shall be paid to the Person in whose name the
Notes are registered at the close of business on a special interest payment record date (“Special
Interest Payment Record Date”) for the payment of such Special Interest, which shall be four
business days after the Acquisition Date. The Special Interest Payment shall be payable five
business days after the completion of the Company’s acquisition of InfrastruX Group, Inc. (the
“Acquisition Date”). On or prior to the Acquisition Date, the Company shall deliver to the Trustee
a certificate stating the amount of Special Interest that is payable pursuant to this Section 6.1
and the date on which Special Interest is payable.

     The Holder must surrender the Notes to the Paying Agent to collect payment of principal.
Payment of cash interest, Additional Amounts and Additional Interest, if any, on Certificated
Securities in the aggregate principal amount of $5,000,000 or less shall be made by check mailed to
the address of the Person entitled thereto as such address appears in the Register, and payment

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of cash interest, Additional Amounts and Additional Interest, if any, on Certificated
Securities in aggregate principal amount in excess of $5,000,000 shall be made by wire transfer in
immediately available funds at the election of such Holder. Notwithstanding the foregoing, so long
as the Notes are registered in the name of a Depositary or its nominee, all payments with respect
to the Notes shall be made by wire transfer of immediately available funds to the account of the
Depositary or its nominee. At the Stated Maturity, interest, Additional Amounts and Additional
Interest, if any, on Certificated Securities will be payable at the office or agency of the Company
described in Section 6.5.

     SECTION 2.02. Amendment to Section 6.13.

     The first paragraph of Section 6.13 is hereby amended and restated in its entirety to
read as follows:

     “The Company will not, and will not permit any of its Subsidiaries to, Incur
any Indebtedness (other than Permitted Indebtedness) (a) unless such Indebtedness
(other than Credit Agreement Indebtedness) (i) matures after the Stated Maturity,
(ii) is expressly subordinated to the Indebtedness evidenced by the Securities in
right of payment, whether in respect of payment of interest or upon liquidation or
dissolution or otherwise, upon commercially reasonable terms that are no less
favorable than the terms set forth in ARTICLE XIII hereof, (iii) does not require or
permit at any time for the prepayment, repayment, repurchase or defeasance, directly
or indirectly, of any principal or premium, if any, thereon until ninety-one (91)
days after the Stated Maturity or later, and (iv) does not provide for total
interest and fees in excess of 10.0% per annum and (b) if the Incurrence of such
Indebtedness (including, without limitation, Credit Agreement Indebtedness) would
cause the Consolidated Leverage Ratio to exceed 4.00:1.00. The preceding sentence
shall not be applicable to the Incurrence of Indebtedness in an amount not to exceed
$300 million by the Company or any of its Subsidiaries pursuant to a credit
agreement for a credit facility not to exceed $500 million to be entered into in
connection with the Company’s acquisition of InfrastruX Group, Inc. For the
avoidance of doubt, (i) with respect to any business or company which the Company
may acquire, for purposes of determining compliance with the Consolidated Leverage
Ratio test in this Section 6.13, Consolidated EBITDA shall be calculated pro forma
(without duplication) as if the acquired company or business had been owned during
the entire four quarter period, on the basis of (x) the historical financial
statements of any company or business so acquired, and (y) the assumption that the
consolidated financial statements of the Company and its Subsidiaries have been
reformulated as if such acquisition had been consummated at the beginning of the
relevant four quarter period, (ii) in no event shall the Company’s settlement
agreements with the SEC and the Department of Justice or the obligations of the
Company and its Subsidiaries thereunder be considered Indebtedness or Consolidated
Funded Indebtedness and (iii) upon its execution by the Company, the credit
agreement entered into in connection with the Company’s acquisition of InfrastruX
Group, Inc, as the same may be amended, supplemented, restated or otherwise modified

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from time to time, shall constitute the “Credit Agreement” for all purposes of
the Indenture (including Section 6.12 and this 6.13), as shall any indentures,
credit agreements or commercial paper facilities, in each case as the same may be
amended, supplemented, restated or otherwise modified from time to time, that
extend, renew, replace or refinance any part of the loans, notes, credit facilities
or commitments under such credit agreement (or any such extension, renewal,
replacement or refinancing thereof), whether or not any of the foregoing increases
the amount borrowable thereunder and whether by the same or any other agent, lender,
group of lenders or investors; provided that the Company may not Incur any
Indebtedness thereunder if the Incurrence of such Indebtedness would cause the
Consolidated Leverage Ratio to exceed 4.00:1.00. For purposes of this Section 6.13,
whenever pro forma effect is to be given to an acquisition of a company or business
by the Company, including the pro forma Consolidated EBITDA relating thereto, the
pro forma calculations shall be determined in accordance with GAAP and Regulation
S-X. Notwithstanding the foregoing, this Section 6.13 shall not prohibit the
Incurrence of the following Indebtedness (collectively, “Permitted Indebtedness”):”

ARTICLE THREE

MISCELLANEOUS PROVISIONS

     SECTION 3.01. Integral Part. This Supplemental Indenture constitutes an integral part of the
Indenture.

     SECTION 3.02. Trust Indenture Act Controls. If any provision of this Third Supplemental
Indenture limits, qualifies or conflicts with another provision which is required to be included in
this Third Supplemental Indenture by the TIA, the required provision shall control. If any
provision of this Third Supplemental Indenture modifies any TIA provision that may be so modified,
such TIA provision shall be deemed to apply to this Third Supplemental Indenture as so modified. If
any provision of this Third Supplemental Indenture excludes any TIA provision that may be so
excluded, such TIA provision shall be excluded from this Third Supplemental Indenture.

     SECTION 3.03. Governing Law. THIS THIRD SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

     SECTION 3.04. Severability. In case any provision in this Third Supplemental Indenture shall
be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall, to the fullest extent permitted by applicable law, not in any way be affected or
impaired thereby.

A-6

 

     SECTION 3.05. Counterpart Originals. The parties may sign any number of copies of this Third
Supplemental Indenture. Each signed copy shall be an original, but all of them together represent
the same agreement.

     SECTION 3.06. Successors. All agreements of the Company or the Guarantor in this Third
Supplemental Indenture shall bind their respective successors. All agreements of the Trustee in
this Third Supplemental Indenture shall bind its successors.

     SECTION 3.07. Headings. The headings of the Articles and Sections of this Third Supplemental
Indenture have been inserted for convenience of reference only, are not to be considered a part
hereof and shall in no way modify or restrict any of the terms or provisions hereof.

     SECTION 3.08. Benefit of Third Supplemental Indenture. Nothing in this Third Supplemental
Indenture, express or implied, shall give to any Person, other than the parties hereto, any
Registrar, any Paying Agent and their successors hereunder, and the Holders of Securities, any
benefit or any legal or equitable right, remedy or claim under this Third Supplemental Indenture.

     SECTION 3.09. Acceptance by Trustee. The Trustee accepts the amendments to the Indenture
effected by this Third Supplemental Indenture and agrees to execute the trusts created by the
Indenture as hereby amended, but only upon the terms and conditions set forth in this Third
Supplemental Indenture and the Indenture. Without limiting the generality of the foregoing, the
Trustee assumes no responsibility for the correctness of the recitals contained herein, which shall
be taken as the statements of the Company and the Guarantor and except as provided in the
Indenture, the Trustee shall not be responsible or accountable in any way whatsoever for or with
respect to the validity or execution or sufficiency of this Third Supplemental Indenture and the
Trustee makes no representation with respect thereto.

All rights, protections, privileges, indemnities and benefits granted or afforded to the Trustee
under the TIA or the Indenture shall be deemed incorporated herein by this reference and shall be
deemed applicable to all actions taken, suffered or omitted by the Trustee under this Third
Supplemental Indenture.

[signatures on following page]

A-7

 

     IN WITNESS WHEREOF, the parties hereto have caused this Third Supplemental Indenture to be
duly executed and attested, all as of the date first written above.

	 	 	 	 	 	 	 
	 	 	WILLBROS GROUP, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Van A. Welch	 	 
	 	 	Title: Senior Vice President and 

Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	WILLBROS UNITED STATES 

HOLDINGS, INC.,
as Guarantor	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 	 	Name: Van A. Welch	 	 
	 	 	Title: Senior Vice President and 

Chief Financial Officer	 	 
	 
	 	 	 	 	 	 
	 	 	BANK OF TEXAS, N.A., as Trustee	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Ronda L. Parman	 	 
	 

	 	 	 	Title: Vice President	 	 

A-8

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