Document:

Severance Agreement, dated as of August 23, 2011, Michael Craig

 Exhibit 10.7 
 WITHOUT PREJUDICE 
 SUBJECT TO CONTRACT 
 PARTIES 
 This Agreement is made between 

 

	(1)	Edgen Murray Europe Limited of 20-22 Bedford Row, London, WC1R 4JS (registration number 1241058), Edgen Murray Pte. Ltd. (the “Employer”), and

  

	(2)	Michael Craig of 14 Caldecott Close, Singapore 299122 (the “Employee”) 

 RECITALS 
  

	 	A.	The Employee has been employed by the Employer since November 7, 1989. He is currently Executive Vice President and Managing Director of the Eastern Hemisphere
working under a contract dated 28 June 1994 (the “Employment Contract”). Since April of 1995 the Employee has been based in Singapore. 

  

	 	B.	The parties have agreed to enter into this Agreement in full and final settlement of any claims which the Employee may have in respect of his employment or its
termination, whether contractual or statutory or of any other nature whatsoever and a full and final settlement of any claims which the Employer may have against the Employee, except as stated herein. 

 

	 	C.	This settlement is made without any admission of liability by the Employer. 

 IT IS AGREED: 
 Termination of Employment  

 

	1.	The Employee’s employment by the Employer will terminate on September 12, 2011 (the “Termination Date”) by mutual agreement of the Employer and the
Employee. 

  

	2.	The Employee will be paid up to and including the Termination Date in respect of any unpaid salary less any legally required deductions. The Employee is required to
take any accrued holiday entitlement during his notice period. All contractual benefits will continue to be paid up to and including the Termination Date. Except to the extent specifically provided for in this Agreement, all benefits relating to the
Employee’s employment will cease on the Termination Date. Except to the extent specifically provided for in this Agreement, the Employee acknowledges that following the Termination Date there is no entitlement to any further salary, benefits,
bonuses, incentive payments or other remuneration or expenses from the Employer or any affiliated or related entity, subsidiary of Edgen Murray II, LP, or their successors and assigns (“Group Company”). 

 

	3.	The Employee will receive payment for business expenses properly incurred up to and including the Termination Date subject to the provision of receipts and subject to
the Employer’s rules from time to time. 

  

	4.	 During the period from the date of this Agreement to the Termination Date the Employee shall not perform any services for the Employer or any Group
Company and the Employer shall be under no obligation to provide any work to, or vest any powers in, the Employee. The Employer may at its discretion require the Employee to perform certain duties under the Employment Contract at any time during
this period, which duties may be withdrawn at 

  
 1 

	 	
any time at the Employer’s discretion. During this period, the Employee shall continue to be bound by the Employment Contract, but will not, without the prior written consent of Dan
O’Leary attend the premises of the Employer or any Group Company; access the IT systems of the Employer or any Group Company; or contact any client, customer, supplier or adviser of the Employer or any Group Company. 

Termination Payment and Severance Payment 
  

	5.	Subject to the terms and conditions of this Agreement, and to the Employee first having returned any company property belonging to the Employer or any Group Company the
Employer will pay to the Employee the benefits to which he is currently entitled for a period of 12 months after the Termination Date (such sum to be no more than the amounts paid in the 12 months preceding the Termination Date for such benefits),
subject to the receipt of all required tax clearances (the “Termination Payment”). The benefits are listed on Schedule 3 of this Agreement. The benefits shall be paid by the Employer in the same manner as they were before the
Employee’s employment terminated. The benefits to which the Employee is currently entitled are health insurance, housing allowance, home leave, school fees for children, school bus fees, and International BUPA Membership for the Employee and
family only. Further, subject to the terms and conditions of this Agreement, the Employer will pay to the Employee, GBP 183,750 (the “Severance Payment”). The Severance Payment shall be paid in 12 monthly instalments at equal intervals,
the first instalments to be paid subject to the receipt of all required tax clearances within 30 days of the Employee signing and returning this Agreement to the Employer (together with the duly completed solicitor’s certificate at Schedule 1.)

  

	6.	The Employer will also pay the legal fees of Employee incurred in entering this Agreement, up to the amount of £1,500, upon receipt of the legal invoice after the
Agreement is executed. 

  

	7.	The Employer will deduct from any payment due to the Employee under this Agreement any outstanding sums owed by the Employee to the Employer. 

 

	8.	The Employee acknowledges that there are no sums of money due to him from the Employer or any Group Company (except as provided for in this Agreement).

  

	9.	The Employee acknowledges that as of the Termination Date his 100 unvested options to acquire limited partnership restricted units of Edgen Murray II L.P.
(“EMII”) will be forfeited. 

  

	10.	The Employee may be entitled to a bonus for the calendar year 2011 in the sole discretion of the Board of Edgen Murray II, L.P. The decision of the Board shall be final
and binding. 

  

	11.	The Employer will pay repatriation costs and expenses incurred prior to September 12, 2012. The eligible repatriation costs and expenses are listed in Schedule 4.

 Tax 
  

	12.	The Employee warrants to the Employer that he has at all times during the currency of his employment with the Employer declared and paid all applicable tax due.

  

	13.	All payments made under this Agreement shall be paid subject to the receipt of all required tax clearances, and applicable deductions required by law, including, but
not limited to, deductions of tax, employee national insurance, Central Provident Fund contributions or any other deductions whether under the tax laws of the United Kingdom, if applicable or Singapore or any other jurisdiction.

  
 2 

	14.	The Employee will be responsible for the payment of any income tax, employee national insurance, Central Provident Fund contributions or any other deductions whether
under the tax laws of the United Kingdom, if applicable or Singapore or any other jurisdiction not deducted at source in connection with the Severance Payment and any benefits provided under this Agreement and indemnifies and keeps indemnified the
Employer and any Group Company against any such liability including any interest, costs or penalties (unless incurred due to the fault of the Employer); and any breach of the warranty set out as at clause 11 in either or both cases with any
interest, costs or penalties (unless incurred due to the fault of the Employer). 

  

	15.	The Employer agrees to provide the Employee as soon as reasonably practicable with any documentation received from the HM Revenue & Customs or the Inland
Revenue Authority of Singapore (“IRAS”) (if any) in connection with any demands for tax or national insurance contributions. 

  

	16.	Upon execution of this Agreement the Employer shall submit the details of all payments to be made to the Employee under this Agreement to the IRAS for its assessment.
The parties agree to be bound by the IRAS’ determination. 

  

	17.	In the event that the Employer shall be seeking indemnification from the Employee pursuant to clause 13 it shall be entitled to forthwith offset any such liability from
any payment outstanding to the Employee under this Agreement. 

  

	18.	The Employee agrees to advise the Employer as soon as practicable if he intends to leave Singapore and return to take up residence in the United Kingdom.

  

	19.	Should the Employee be audited by Singaporean authorities for any period of the Employee’s employment with the Employer, the Employer will cooperate with the
Employee in gathering and furnishing information to the authorities. Employee states that he is not a United Kingdom tax resident and the Employer is not aware of any facts to dispute the statement. 

Settlement and Release 
  

	20.	 The Employee hereby releases and forever discharges the Employer and any Group Company, their subsidiaries, affiliates, successors, and assigns and the
Directors, officers, shareholders, employees, representatives and agents of each of the foregoing (collectively the “Releasees”), from all claims stated in this Agreement and accepts the Severance Payment in full and final settlement of
the Specific Complaints as defined below and any claim which he has or may have against the Releasees arising out of or relating to the Employee’s employment by the Employer or its termination (whether under statute, common law or otherwise)
and whether such claims are contemplated or not and whether they or not they are, as at the date of the Agreement, capable of being foreseen, either factually or legally and including, but not limited to, claims for salary, bonus or incentive
payments, or relating to limited partner restricted units of EMII or unit options (except those to which have vested as at the Termination Date), notice entitlement, pay in lieu of notice, redundancy, unfair dismissal, wrongful dismissal, claims for
equality of terms under sections 120 and 127 of the Equality Act 2010 and/or the Equal Pay Act 1970; for pregnancy or maternity discrimination, direct or indirect discrimination, harassment or victimisation related to sex, marital or civil
partnership status, pregnancy or maternity or gender reassignment under section 120 of the Equality Act 2010 for direct or indirect discrimination, harassment or victimisation related to race under section 120 of the Equality Act 2010 for direct or
indirect discrimination, harassment or victimisation related to disability, discrimination arising from disability, or failure to make adjustments under section 120 of the Equality Act 2010 for direct or indirect discrimination, harassment or
victimisation related to religion or belief, under section 120 of the Equality Act 2010 for direct or indirect discrimination, harassment or victimisation related to sexual orientation, under section 120

  
 3 

	 	
of the Equality Act 2010 and/or under the Employment Equality (Sexual Orientation) Regulations 2003; for direct or indirect discrimination, harassment or victimisation related to age, under
section 120 of the Equality Act 2010 and/or under the Employment Equality (Age) Regulations 2006; or any other claim not referred to above under the Equality Act 2010; any claim for victimisation or for breach of contract, claims in respect of
unauthorised deduction from wages or unauthorised payments, unpaid expenses or accrued holiday pay, failure to provide employment particulars and itemised pay statements or a claim that the Employee has been subjected to a detriment having made a
protected disclosure, any claim relating to damage to reputation or a claim under the Protection from Harassment Act 1997, or a claim in relation to guarantee payments or suspension under sections 34 and 70 of the Employment Rights Act 1996, any
claim relating to the right to be accompanied under section 12 of the Employment Relations Act 1999 or a claim in relation to the duty to consider working beyond retirement, or a claim in relation to the right to request time off for study or
training, or a claim under the Data Protection Act 1998, or a claim under the Human Rights Act 1998, or a claim under the Transnational Information and Consultation etc Regulations 1999, the Information and Consultation of Employees Regulations
2004, the Companies (Cross-Border Mergers) Regulations 2007, the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006 or the Trade Union and Labour Relations (Consolidation) Act 1992, or
a claim under the Transfer of Undertakings (Protection of Employment) Regulations 2006, or a claim under the Part-time Workers (Prevention of Less Favourable Treatment) Regulations 2000, or a claim under the Fixed-Term Employees (Prevention of Less
Favourable Treatment) Regulations 2002 or a claim under the National Minimum Wage Act 1998, or a claim under regulations 5, 6 and 9 of the Employment Relations Act 1999 (Blacklists) Regulations 2010 or a claim under the Equal Pay Act 1970 or a claim
under the Working Time Regulations 1998, or claims that the Employer owes the Employee any sum of money and claims pursuant to any community law provision (the “Claims”) but excluding claims for personal injury (with the exception of any
personal injury claim which the Employee may bring in the Employment Tribunal), a claim in relation to the Employee’s accrued pension rights up to and including the Termination Date or any claim to enforce the terms of this Agreement. The
Employee agrees to save, defend and hold harmless the Employer or any Group Company from any Claim brought by the Employee and/or his spouse, or any third party or on behalf of the Employee and/or his spouse, including, but not limited to the
damages, costs and expenses, and attorney fees incurred by the Releasees. 

  

	21.	Employer and Group Company each and on behalf of its predecessors, successors, parents, subsidiaries, affiliates, employees, officers, directors, stockholders, agents,
representatives, attorneys, and all others who may legally claim under the auspices of Employer or Group Company hereby fully discharge and release Employee and agree to save, defend and hold harmless Employee for any present or future claims,
demands, causes of action or remedies, known or unknown, arising from the actions of the Employee during the period of employment of Employee from the date of first employment of Employee through the date of termination of employment of Employee,
including any claims, demands, causes of action or remedies arising from common law, contract law, statutory or otherwise, excepting only those claims, demands, causes of action or remedies related to fraudulent acts or theft by the Employee.

  

	22.	The Employee and Employer Group are not aware of any fraudulent acts or theft by the Employee. 

 

	23.	The Employee acknowledges and agrees that as a consequence of this Agreement an Employment Tribunal has no jurisdiction to hear the Specific Complaints as defined
herein or any other claim of any description arising from his employment or its termination. 

  
 4 

	24.	The Employee acknowledges that save as specifically provided in this Agreement he is not entitled to any compensation for the loss of any rights or benefits under any
option, bonus, long term incentive plan or other profit sharing scheme operated by the Employer or any Group Company in which he may have participated or have any interest in, save those interests which have vested as at the Termination Date.

 Warranties 
  

	25.	The Employee warrants to the Employer that: 

 That he is not aware of any personal injury claim or claim in relation to his pension that he may have against the Employer and he is not aware of any circumstances giving rise to any such claim and he
has no claims of any description other than the claims referred to in this Agreement; 
  

	a.	there are no circumstances of which the Employee is aware or of which the Employee ought reasonably to be aware which would amount to a repudiatory breach of any
express or implied term of the Employment Contract which would entitle (or would have entitled) the Employer to terminate his employment summarily or without payment in lieu of notice and any payment under Clause 6 to the Employee is conditional on
this being so; and 

  

	b.	notwithstanding the termination of his employment or the circumstances of such termination he will continue to abide by those provisions of his contract of employment
and those implied terms of his employment which continue after termination of employment. 

 Repayment 

 

	26.	The Employee understands that the Employer enters into this Agreement in reliance on the warranties set out above. If the Employee commences proceedings or proceedings
are commenced by an appropriate representative on the Employee’s behalf against the Employer or any Group Company in relation to the Specific Complaints or any claim referred to in this Agreement or breaches a material provision of this
Agreement (save for the post termination restrictions set out in Schedule 2) the Severance Payment shall become immediately repayable to the Employer and recoverable as a debt to the extent that the Employer or any Group Company incurs any
liability, loss, costs, expenses or damages in connection with such proceedings or breach. The Employee agrees that these repayment provisions are intended to be a genuine pre-estimate of loss which may be suffered by the Employer or any Group
Company and in no way constitutes a penalty. 

 Directorships 

 

	27.	The Employee agrees upon signing this Agreement to deliver to the Employer a letter signed by the Employee resigning from his directorships of the Employer, Edgen
Murray Pte., Limited, EMGH Ltd., Edgen Murray FZE, Edgen Murray Joint Venture Bahrain, Edgen Murray (India) Europe, Ltd. and the Employee agrees at the request of the Employer to do any act necessary and/or execute any documents to effect his
removal from any office held in relation to or in connection with his employment. 

 Confidentiality 

 

	28.	The Employer and the Employee agree to maintain as secret and confidential the terms of this Agreement and the circumstances surrounding this Agreement save such
disclosure as is necessary or appropriate to their professional advisers, to regulatory authorities, the Employee’s immediate family, to any Group Company and if and to the extent required by operation of law. 

  
 5 

 Continuing Contractual Obligations 

 

	29.	The Employee agrees not to make, or cause to be made, any derogatory or critical comments or statements (whether oral or in writing) about the Employer or any Group
Company or their respective officers or employees. The Employer or any Group Company agrees not to make, or cause to be made, any derogatory or critical comments or statements (whether oral or in writing) about the Employee.

  

	30.	The Employee agrees to be bound by the restrictive covenants in Schedule 2 to this Agreement. The Employee agrees that a breach of any of the restrictive covenants will
cause detriment to the Employer and/or any Group Company. 

  

	31.	In consideration of the Employee entering into the obligations in Schedule 2 the Employer will pay to the Employee a sum equivalent to the Employee’s monthly basic
salary (at the amount and rate as at the Termination Date) on or about the expiry of each month and for a period of 12 months, commencing after the Termination Date less any legally required deductions. If the Employee breaches any of the
restrictive covenants in Schedule 2 of the Agreement any monthly payments shall cease with immediate effect. 

 Return of
Property 
  

	32.	The Employee undertakes to return to the Employer all company property belonging to the Employer or any Group Company which is or has been in the Employee’s
possession or under his control. The property to which this clause applies includes, but is not limited to, passes, keys, credit cards, business equipment, Blackberry, mobile phone, documents, correspondence, lists of customers or clients, financial
data, organisation charts, research and market survey data, computer discs and all copies and duplicates of these items whether in physical or electronic form. 

 Further Assistance 
  

	33.	The Employee will, on reasonable notice, provide all such reasonable assistance and documents as the Employer may reasonably request to enable the Employer to deal with
any existing or potential claims, investigations, administrative proceedings or legal proceedings relating to business matters in which the Employee was involved during his employment with the Employer. Related travel and accommodation expenses will
be reimbursed by the Employer in accordance with its polices and procedures. Any loss of earnings or other benefits by the Employee in complying with this Clause 32 shall be reimbursed by the Employer in accordance with the Company’s rules
regarding payment of expenses in effect from time to time. 

 General 

 

	34.	For the purposes of this Agreement “a Group Company” includes the Employer, any company or other entity of which it is a Subsidiary (including, without
limitation, EMII, EMGH Limited and Pipe Acquisition Limited) (its holding company) and any Subsidiaries of the Employer or of any such holding company and “Subsidiary” means a subsidiary (as defined in section 1159 of the Companies Act
2006) and any other company or other entity which is a subsidiary (as so defined) of a company or other entity which is itself a subsidiary of such holding company and a company shall be treated, for the purposes only of the membership requirement
contained in subsections 1159(1)(b) and (c), as a member of another company even if its shares in that other company are registered in the name of (a) another person (or its nominee), whether by way of security or in connection with the taking
of security, or (b) its nominee. 

  

	35.	For the purposes of this Agreement: 

  
 6 

	a.	the Employee agrees not to bring proceedings in the Employment Tribunal or courts for unfair dismissal or breach of contract or race or age discrimination (the
“Specific Complaints”) or for any other employment related claim against the Employer or any Group Company; 

  

	b.	the Employee confirms that he has received advice from a relevant independent adviser, namely : Lian Frederick Atack of Lindsays, 1 Royal Bank Place, Buchanan Street,
Glasglow G1 3AAA, as to the terms and effect of this Agreement and, in particular, its effect on his ability to pursue a claim before an Employment Tribunal; 

 

	c.	the Employee confirms that at the time the Employee received the advice referred to in this clause the Employee’s adviser informed the Employee that there was in
force a contract of insurance or an indemnity provided for members of a profession or professional body covering the risk of a claim by the Employee in respect of loss arising in consequence of that advice; and 

 

	d.	the Employer and the Employee agree and acknowledge that the conditions regulating compromise agreements contained in section 147 of the Equality Act 2010 (for the
avoidance of doubt, including sub-sections 147(3)(c) and 147(3)(d) of the Equality Act 2010), section 203(3) of the Employment Rights Act 1996, regulation 35(3) of the Working Time Regulations 1998, section 288(2B) of the Trade Union and Labour
Relations (Consolidation) Act 1992, section 49(4) of the National Minimum Wage Act 1998, regulation 9 of the Part-time Workers (Prevention of Less Favourable Treatment) Regulations 2000, regulation 10 of the Fixed-Term Employees (Prevention of Less
Favourable Treatment) Regulations 2002, regulation 41(4) of the Transnational Information and Consultation etc Regulations 1999, regulation 40(4) of the Information and Consultation of Employees Regulations 2004 and paragraph 12 of the schedule to
the Occupational and Personal Pension Schemes (Consultation by Employers and Miscellaneous Amendment) Regulations 2006 are fully satisfied. 

  

	36.	This Agreement constitutes the entire understanding between the parties and supersedes any previous agreement between them relating to the Employee’s employment
and its termination. 

  

	37.	This Agreement shall be governed by and construed in all respects in accordance with the laws of Scotland and the Scottish courts will have non exclusive jurisdiction
in relation to any disputes arising in relation to it. 

  

	38.	The Parties agree that the waiver and release given by the Employee in respect of any claims against the Employer and/or any Group Company in this Agreement, the terms
of this Agreement and the benefit of the settlements, indemnities, undertakings and warranties given by the Employee in this Agreement are intended to be for the benefit of, not only the Employer, but also any relevant Group Company and the Parties
confirm that any such Group Company has the right to enforce any or all of these terms against the Employee. 

  

	39.	Notwithstanding that this Agreement is marked “without prejudice” and “subject to contract”, when the Agreement is signed by the Employer and the
Employee and dated and the certificate is signed and dated by the Employee’s adviser, it will become open and binding. 

  

	40.	Should any part of this Agreement be rendered unenforceable by any court in competent jurisdiction, the court is empowered to rewrite such unenforceable part to such an
extent to give breadth and meaning to the part as intended by the parties so that the Agreement survives. 

  
 7 

	41.	This Agreement is the product of mutual agreement between the Employer and Employee. In the event of any dispute over the meaning of any word, sentence or clause there
shall be no presumption of meaning regarding which entity drafted the Agreement. 

 IN WITNESS WHEREOF these presents consisting
of this and six preceding pages together with the two Schedules annexed hereto are executed as follows: 
  

					
	Signed by the Employee	 	/s/    Michael F. A. Craig	 	
		 		 	
	Date and Place of signing	 	Singapore – 23 August 2011	 	

 in the presence of this witness: 
  

					
	Signature	 	/s/    Janet Craig	 	
		 		 	
	Name of witness	 	Janet Craig	 	
		 		 	
	Address of witness	 	14 Caldecott Close	 	
		 	Singapore 299122	 	
		 		 	
	Occupation of witness	 	Housewife	 	

  

					
	Signed by or on behalf of the Employer	 	/s/    Daniel J O’Leary	 	
		 		 	
	Name and Position	 	Dan J. O’Leary	 	Chairman/CEO
		 		 	
	Date and Place of signing	 	24 August 2011	 	18444 Highland RD
		 		 	Baton Rouge, Louisiana 70809 USA

 in the presence of this witness: 
  

					
	Signature	 	/s/ Jennifer M. d’Aquin	 	
		 		 	
	Name of witness	 	Jennifer M. d’Aquin	 	
		 		 	
	Address of witness	 	18444 Highland Road	 	
		 	Baton Rouge, Louisiana 70809 USA	 	
		 		 	
	Occupation of witness	 	Executive Assistant	 	

  
 8 

  
  

 
 

 

  
 9 

 SCHEDULE 2 
 POST TERMINATION RESTRICTIONS 
  

	1.	Interpretation 

 The
definitions and rules of interpretation in this clause apply in this Agreement. 
 Board: the board of directors of the
Employer (including any committee of the board duly appointed by it). 
 Capacity: as agent, consultant, director,
employee, owner, partner, unit holder or in any other capacity. 
 Confidential information: means all proprietary
information (whether or not recorded in documentary form, or stored on any magnetic or optical disk or memory) which is not in the public domain relating to the business, products, affairs and finances of the Employer or any Group Company for the
time being confidential to the Employer or any Group Company and trade secrets including, without limitation, technical data and know-how relating to the business of any Group Company or any of their business contacts including, but not limited to,
customer lists, customer orders, purchase orders, financial data, pricing information and price lists, business plans and market strategies and arrangements, all books, records, manuals, advertising materials, catalogues, correspondence, mailing
lists, production data, sales materials and records, purchasing materials and records, personnel records, quality control records and procedures included in or relating to the Employer or any Group Company or any of the assets of the Employer or any
Group Company and/or its affiliates, and all trademarks, trade names (including all rights to the trade name and trademark “Edgen” or “Murray” or “Edgen Murray” or any similar name), copyrights and patents, and
applications therefore, all trade secrets, inventions, processes, procedures, research records, market surveys and marketing know-how and other technical papers. 
 Restricted Business: those parts of the business of the Employer and any Group Company with which the Employee or the Employer and any Group Company was involved to a material extent in the 12
months before the Termination Date including without limitation: 
  

	 	(i)	any business or enterprise engaged in fabricating, whether directly or by contract with others, or selling, distributing, or consulting regarding, prime Steel Products
as defined in paragraph (ii) for use in the offshore construction market, in shipbuilding, pressure vessel market, renewables, mold and die for use in mining, heavy construction, renewables, alternative energy sources, nuclear activities,
energy exploration, energy production or for use in the construction equipment market; 

  

	 	(ii)	the business of consulting regarding, distributing and selling Steel Products defined as: industrial steel pipe, including large OD pipe, heavy wall and X-grade pipe,
DSAW, seamless, continuous spiral weld, ERW pipe and abrasion resistant pipe, valve products, such as gate, globe, check, ball, butterfly and plug of carbon steel, carbon X stainless or full stainless steel or of alloys such as Monel, Inconel,
Hastelloy and actuators whether spring return, double acting or pneumatic, alloy pipe, flanges and fittings, welded fittings and flanges (high yield, stainless, exotic, carbon, chrome and low temp) per ANSI B 16.9 and B 16.5 (commodity lines and
specials, i.e. anchor flanges and swivel ring flanges), forged steel fittings, outlets, pipe nipples, swage nipples, hot induction bends and Pikotek gaskets/ insulation kits, stainless steel and other nickel alloy and Hastelloy pipes, fittings and
flanges, including all chrome grades, carbon grades, Carbon and HSLA steel plates, Alloy Steel plates, Carbon Steel Shapes, Hollow Sections and merchant bars, Clad Carbon Steel Pipe (seamless or welded), Clad Carbon Steel Plate, Tendon Pipes
(collectively, the “Steel Products); 

  
 10 

	 	(iii)	providing added value services to such Steel Products, including, flame cutting, sawing, welding, sandblasting, priming, top coat painting, epoxy applications and end
finishing, Hot Forming, Cold Forming, Laser Cutting, Water Jet Cutting and conversion of Steel Products to other components or products; 

  

	 	(iv)	entering into joint venture, partnership or agency arrangements relating to the sale or distribution of surplus stainless steel pipe, fittings and flanges, but
excluding value-added services if not sold as part of the Steel Products; any business that uses any trademark, trade names or slogans similar to the “Edgen”, “Murray” or “Edgen Murray” trademarks, trade names or
slogans; and 

 In addition, Restricted Business shall include the business carried on by any company or entity
with which the Employer signed a Confidentiality Agreement within the 12 month period preceding the Termination Date [and with which the Employer was involved to a material extent]. 

Restricted Customer: any firm, company or person who, during the 12 months before the Termination Date, was a customer or
prospective customer of the Employer or any Group Company with whom the Employee had contact in the course of his employment. 

Restricted Person: anyone employed or engaged by the Employer or any Group Company who could materially damage the interests of
the Employer or any Group Company if they were involved in any Capacity in any business concern which competes with any Restricted Business and with whom the Employee dealt in the 12 months before the Termination Date in the course of his
employment. 
 Restricted Material Source: any mill, distributor, manufacturer, dealer, broker or producer dealing in
material, including any employee, agent, officer or director of such entity, during the 12 months before the Termination Date, which was a supplier or provider of material to the Restricted Business and with whom the Employee dealt in the 12 months
before the Termination Date in the course of his employment. 
  

	2.	Post-termination restrictions 

  

	 	2.1	In order to protect the Confidential Information and business connections of the Employer and each Group Company to which he has access as a result of the Employment,
the Employee covenants with the Employer (for itself and as trustee and agent for each Group Company) that he shall not: 

  

	 	(a)	for 12 months after the Termination Date, solicit or endeavour to entice away from the Employer or any Group Company the business or custom of a Restricted Customer
with a view to providing goods or services to that Restricted Customer in competition with any Restricted Business; 

  

	 	(b)	for 12 months after the Termination Date, in the course of any business concern located in (or otherwise resulting in the carrying on of business in) Singapore, China,
Australia, Indonesia, India, UAE, Saudi Arabia, France, UK, the United States, Canada, Central America, South America and Asia and any other geographical area in which the Employer, Edgen Murray Pte. Limited and/or any other Group Company carries on
business which is (or intends to be) in competition with any Restricted Business, offer to employ or engage or otherwise endeavour to entice away from the Employer or any Group Company any Restricted Person; 

  
 11 

	 	(c)	for 12 months after the Termination Date, be involved in any Capacity with any business concern located in (or otherwise resulting in the carrying on of business in)
Singapore, China, Australia, Indonesia, India, UAE, Saudi Arabia, France, UK, the United States, Canada, Central America, South America and Asia and any other geographical area in which the Employer, Edgen Murray Pte. Limited and/or any other Group
Company carries on business which is (or intends to be) in competition with any Restricted Business; 

  

	 	(d)	for 12 months after the Termination Date, be involved with the provision of goods or services to (or otherwise have any business dealings with) any Restricted Customer
in the course of any business concern which is (or intends to be) in competition with any Restricted Business; 

  

	 	(e)	for 12 months after the Termination Date contact, engage in discussions, engage in electronic communication, or engage in any discourse about the Employer or business
of the Employer, with any Restricted Material Source; 

  

	 	(f)	at any time after the Termination Date, represent himself as connected with the Employer or any Group Company in any Capacity. 

 

	 	2.2	None of the restrictions in clause 2.1 shall prevent the Employee from: 

  

	 	2.2.1	holding an investment by way of limited partner restricted units of EMII or other securities of not more than 5% of the total issued capital of any company, whether or
not it is listed or dealt in on a recognised stock exchange; or 

  

	 	2.2.2	being engaged or concerned in any business concern insofar as the Employee’s duties or work shall relate solely to geographical areas where the business concern is
not in competition with any Restricted Business. 

  

	 	2.3	The restrictions imposed on the Employee by this clause 2 apply to him acting: 

 

	 	2.3.1	directly or indirectly; and 

  

	 	2.3.2	on his own behalf or on behalf of, or in conjunction with, any firm, company or person. 

 

	 	2.4	If the Employee receives an offer to be involved in a business concern in any Capacity during the Employment, or before the expiry of the last of the covenants in this
clause 2, the Employee shall give the person making the offer a copy of this clause 2 and shall tell the Employer the identity of that person as soon as possible after accepting the offer. 

 

	 	2.5	The Employer and the Employee entered into the restrictions in this clause 2 having been separately legally advised. 

 

	 	2.6	Each of the restrictions in this clause 2 is intended to be separate and severable. If any of the restrictions shall be held to be void but would be valid if part of
their wording were deleted, such restriction shall apply with such deletion as may be necessary to make it valid or effective. 

  

	 	2.7	The Employee will, at the request and expense of the Employer, enter into a separate agreement with any Group Company in which he agrees to be bound by restrictions
corresponding to those restrictions in this clause 2 (or such of those restrictions as may be appropriate) in relation to that Group Company. 

  
 12 

 SCHEDULE 3- BENEFITS 

Housing Allowance While Employee is in Singapore- up to SGD$11,500 per month, as long as a housing fee is incurred, or up to
September 11, 2012, whichever occurs first – payments shall be made directly to the landlord; garden maintenance and pest control 
 School fees & School Bus Incurred in Singapore – school fees up to SGD$39,157.73 and up to SGD$3,357.66 for school bus fees incurred in Singapore for the period up to and
including the date of repatriation or September 11, 2012, whichever occurs first- payments shall be made directly to the school and transportation service 
 International Gold BUPA Membership – For Michael & his Family through September 11, 2012. Payment shall be made by the company directly to BUPA. 

UK Pension Scheme – Employer Pension Contribution of 14% of gross salary (the amount of the Severance Payment through
September 11, 2012. If such payments cannot be made due to the Pension scheme or law, the Employer shall pay the Employee the amount owed or remainder owed in lump sum. 
 Employer will pay for two visits to the United Kingdom by Employee and his family. Employee shall schedule such visits so as to minimize the cost of airfare. Employer will pay for a rental car for the
visits. 

  
 13 

 SCHEDULE 4- REPATRIATION EXPENSES 

Airfare- one-way business- for Michael and his family- Michael shall use his best efforts to purchase tickets sufficiently in advance to
obtain lowest cost possible 
 Moving expenses- Michael will obtain 3 bids to include loading and unloading containers (maximum
of three) and full insurance costs and submit the bids to the Company. The Company will pay directly to the mover the lowest bid. 

  
 14Edgen Murray II, L.P. Incentive Plan.

 Exhibit 10.8 
 EDGEN MURRAY II, L.P. INCENTIVE PLAN 
 Adopted May 11, 2007 

1. Purpose of the Plan 
 The purpose of the Plan is to assist the Company and its Subsidiaries in attracting and retaining valued employees and directors by offering them a greater stake in the Company’s success and a closer
identity with it, and to encourage ownership of the Company’s common units by such employees and directors. 
 2. Definitions

 2.1 “Approved Sale” means an Approved Sale as that term is defined in the Limited Partnership Agreement.

 2.2 “Award” means an award of Restricted Common Units under the Plan. 

2.3 “Award Agreement” means the Agreement between the Company and a Holder pursuant to which an Award is granted and which
specifies the terms and conditions of that Award, including the vesting requirements applicable to that Award. 
 2.4
“Administrator” means the Company’s General Partner (the “General Partner”) as defined in the Limited Partnership Agreement provided that the General Partner may delegate authority with respect to Plan administration to the
Compensation Committee of, or, if no such committee has been appointed, to the Board of Directors of any corporate Subsidiary. 

2.5 “Cause” means 
 (a) a conviction of, a plea of nolo contendere, a guilty plea or confession by the Holder to an act of fraud, misappropriation or embezzlement or to a felony; 

 (b) the commission of a fraudulent act or practice by the Holder affecting
the Company or its Subsidiaries; 
 (c) the willful failure by the Holder to follow the directions of the
Administrator; 
 (d) the Holder’s habitual drunkenness or use of illegal substances, each as determined in
the reasonable discretion of the Administrator; 
 (e) the material breach by an Employee of the Employee’s
employment agreement with the Company or its Subsidiaries, if any; or 
 (f) an act of gross neglect or gross or
willful misconduct that relates to the affairs of the Company or its Subsidiaries, which the Administrator, in its reasonable discretion, deems to be good and sufficient cause; 
 provided, that if the Holder shall receive a Termination Notice with respect to a termination for Cause pursuant to Sections 2.4(c), 2.4(e) and/or 2.4(f), then the Holder shall have thirty (30) days
following receipt of the Termination Notice to cure the breach specified therein, if capable of being cured, to the reasonable satisfaction of the Administrator prior to the Holder’s service being terminated for Cause pursuant thereto;
provided, however, the Holder shall have the right to cure any such breach only one (1) time in any twelve (12) month period. 
 2.6 “Change in Control” means a Person (together with its affiliates), other than (1) a Person who is currently an equity holder of the Company or a Permitted Transferee under the Limited
Partnership Agreement of such equity holder and (2) investment funds managed by Jefferies Capital Partners IV LLC or Persons affiliated with Jefferies Capital Partners IV LLC, acquires (i) equity securities of the Company representing at
least a majority of the economic interests of all outstanding equity securities of the Company or (ii) all or substantially all of the consolidated assets of the Company. The determination of whether a Change in Control has occurred shall be
made by the Administrator in its sole discretion, provided that neither a Recapitalization nor a Reorganization, as such terms are defined in the Limited Partnership Agreement, shall constitute a Change in Control. 

  
 2 

 2.7 “Code” means the Internal Revenue Code of 1986, as amended. 

2.8 “Common Units” means the Common Units of the Company as defined in the Limited Partnership Agreement, or such other class
or kind of interests or other securities resulting from the application of Section 7. 
 2.9 “Company” means
Edgen Murray II, L.P., a Delaware limited partnership, or any successor entity. 
 2.10 “Director” mean an individual
who is performing services for the Company or any Subsidiary as a member of its Board of Directors or the equivalent thereof, or who is performing similar services with respect to any Subsidiary for the Company and has been designated a
“Director” by the General Partner (as defined in Section 2.4), and who is not an employee of the Company or any Subsidiary. 
 2.11 “Employee” means an officer or other key employee of the Company or a Subsidiary, including a director who is such an employee. 

2.12 “Fair Market Value” means, on any given date, if the Company’s Common Units are not Publicly Traded, the value of a
Common Unit as determined in accordance with Article IX of the Limited Partnership Agreement. If the Company’s Common Units are Publicly Traded, “Fair Market Value” means (a) if the Common Units are listed on an established stock
exchange or exchanges, the closing price of the Common Units on the principal exchange on which it is traded on such date, or if no sale was made on such date on such principal exchange, on the last preceding day on which the Common Units were
traded or (b) if the Common Units are not then listed on an exchange, but are quoted on the NASDAQ Stock Market, Inc. (“NASDAQ”) or a similar quotation system, the most recent closing price per each Common Unit as quoted on NASDAQ or
similar quotation system. 

  
 3 

 2.13 “Holder” means an Employee or Director to whom an Award is made. 

2.14 “Limited Partnership Agreement” means the Amended and Restated Limited Partnership Agreement of Edgen Murray II, L.P.,
dated as of May 11, 2007, as amended from time to time. 
 2.15 “1934 Act” means the Securities Exchange Act of
1934, as amended and, as applicable, any comparable provisions of the laws of the United Kingdom. 
 2.16 “Master
Transaction Agreement” means the Master Transaction Agreement, dated as of May 11, 2007, by and among Edgen/Murray, L.P., a Delaware limited partnership, Edgen Murray II, L.P., a Delaware limited partnership, the partners of Edgen Murray
II, L.P, and others. 
 2.17 “Plan” means the Edgen Murray II, L.P. Incentive Plan herein set forth, as amended from
time to time. 
 2.18 “Person” means and includes an individual, a trust, estate, partnership, association, company,
including without limitation, a limited liability company or a corporation. 
 2.19 “Publicly Traded” means that
relevant equity securities are listed on an established stock exchange or exchanges, or are quoted on NASDAQ, the London Alternative Investment Market or a similar quotation system. 

  
 4 

 2.20 “Restricted Common Units” means Common Units distributed to a Holder in
accordance with the Master Transaction Agreement, and so designated under that Master Transaction Agreement or Restricted Common Units awarded by the Administrator under Section 6 of the Plan. 

2.21 “Restriction Period” means the period during which a Restricted Common Unit awarded under Section 6 of the Plan is
subject to forfeiture. The Restriction Period shall not lapse with respect to any Restricted Common Unit until all conditions imposed under Sections 6.4 or 6.5, or otherwise under this Plan and the Award Agreement, have been satisfied. 

2.22 “Subsidiary” means any entity (other than the Company) in an unbroken chain beginning at the top of such chain with the
Company (or any successor to the Company) if each of the entities other than the last entity in the unbroken chain owns interests possessing 50% or more of the total combined voting or economic power of all classes of such interests in one of the
other entities in such chain. 
 2.23 “Termination Notice” means a written notice delivered by the Company or any
Subsidiary to any Employee or Director terminating the Employee’s employment or the Director’s services as a Director. 
 3.
Eligibility 
 Any Employee of the Company or any of its Subsidiaries, or any Director, is eligible to receive an
Award. 

  
 5 

 4. Administration and Implementation of Plan 

4.1 The Plan shall be administered by the Administrator, which shall have full power to interpret and administer the Plan and full
authority to act in selecting the Holders to whom Awards will be granted, in determining whether, and to what extent, Awards may be transferable by the Holder, in determining the amount of Awards to be granted to each such Holder, in determining the
terms and conditions of Awards granted under the Plan and in determining the terms of the Award Agreements that will be entered into with Holders. 
 4.2 The Administrator shall have the power to adopt regulations for carrying out the Plan and to make changes to such regulations as it shall, from time to time, deem advisable. Any interpretation by the
Administrator of the terms and provisions of the Plan and the administration thereof, and all actions taken by the Administrator, shall be final and binding on Holders. 
 4.3 The Administrator may amend any outstanding Awards without the consent of the Holder to the extent it deems appropriate; provided however, that in the case of amendments adverse to the Holder, the
Administrator must obtain the Holder’s consent to any such amendment. 
 5. Units Subject to the Plan 

5.1 Subject to adjustment as provided in Section 7, the total number of Common Units available for Awards under the Plan shall be
29,693.3. 
 5.2 Any Common Units issued by the Company in connection with the assumption or substitution of outstanding equity
or similar grants from an acquired company shall not reduce the Common Units available for Award under the Plan. If any Common Units subject to any Award granted hereunder are forfeited or such Award otherwise terminates, the Common Units subject to
such Award, to the extent of any such forfeiture or termination, shall again be available for Awards under the Plan. 

  
 6 

 6. Restricted Common Units 

An Award of a Restricted Common Unit is a grant by the Company of a specified number of Common Units to the Holder, which Common Units
are subject to forfeiture during a Restriction Period upon the happening of specified events or as result of the failure to meet financial targets or performance goals or satisfy other conditions specified in the Award Agreement. Such an Award shall
be subject to the following terms and conditions: 
 6.1 Restricted Common Units shall be evidenced by Award Agreements. Such
agreements shall conform to the requirements of the Plan and may contain such other provisions as the Administrator shall deem advisable. 
 6.2 Upon determination of the number of Restricted Common Units to be granted to the Holder, the Administrator shall if it would otherwise normally issue certificates evidencing the ownership of Common
Units direct that a certificate or certificates representing that number of Common Units be issued to the Holder with the Holder designated as the registered owner. The certificate(s), if any, representing such Common Units shall bear appropriate
legends as to sale, transfer, assignment, pledge or other encumbrances to which such Restricted Common Units are subject, during the Restriction Period and under the Limited Partnership Agreement, and, if issued, such certificates shall be deposited
by the Holder, together with an appropriate instrument of assignment endorsed in blank, with the Company, to be held in escrow during the Restriction Period. 

  
 7 

 6.3 During the Restriction Period the Holder shall have the right to receive the
Holder’s allocable share of any distributions made by the Company on its Common Units and, to the extent such Restricted Common Units have voting power, to vote the such Restricted Common Units. 

6.4 The Administrator may condition the expiration of the Restriction Period upon: (i) the Holder’s continued service over a
period of time with the Company or its Subsidiaries, (ii) the Company’s or any Subsidiary’s attainment of specified financial targets, (iii) the achievement by the Holder, the Company or any Subsidiary of any other performance
goals set by the Administrator, or (iv) any combination of the above conditions, as specified in the Award Agreement. If the specified conditions are not attained, the Holder shall forfeit the portion of the Award with respect to which those
conditions are not attained, and the underlying Common Units shall be forfeited to the Company. 
 6.5 The Award Agreement shall
specify the duration of the Restriction Period and the financial, performance, service, termination of service or other conditions under which the Restricted Common Units may be forfeited to the Company. At the end of the Restriction Period, when
all such conditions have been satisfied, the restrictions imposed hereunder shall lapse with respect to the number of Restricted Common Units as determined by the Administrator, and any legend described in Section 6.2 that is then no longer
applicable, shall be removed and such number of Common Units delivered to the Holder (or, where appropriate, the Holder’s legal representative). The Company may, in its sole discretion, accelerate the vesting of any Restricted Common
Units. 

  
 8 

 6.6 A Holder who is awarded Restricted Common Units shall, regardless of whether the
Restriction Period with regard to such Award has lapsed, be a party to and bound by the Limited Partnership Agreement, as a limited partner thereunder. Accordingly, any Restricted Common Units issued under the Plan shall be held, transferred, sold
or otherwise disposed of only in accordance with the Limited Partnership Agreement. Without limiting the generality of the foregoing, each Holder shall be bound by the provisions set forth in the Limited Partnership Agreement with regard to an
Approved Sale, as well as be bound by any transfer restrictions, tag along rights, restrictive covenants and other obligations delineated in the Limited Partnership Agreement. Any amendment to the Limited Partnership Agreement that effects a
provision contained herein shall be deemed to be an amendment to the Plan. 
 6.7 Upon a Change in Control, and subject to the
exercise of the Administrator’s discretion to vest all Awards under Section 6.5, any then outstanding Awards shall be treated as provided in the applicable Award Agreement. 

6.8 Unless specifically provided otherwise in an Award Agreement, upon a termination of a Holder’s service for any reason, the
Holder shall forfeit any unvested Restricted Common Units, i.e., any Restricted Common Units with respect to which the Restriction Period has not lapsed. 
 6.9 Notwithstanding any provision in the Plan or in any Award Agreement to the contrary, upon a termination of the Holder’s service by the Company (or its Subsidiaries) for Cause, the Holder shall
forfeit any Restricted Common Units issued under the Plan, regardless of whether such Restricted Common Units are vested. 

  
 9 

 7. Adjustments upon Changes in Capitalization 

7.1 In the event of a reorganization, recapitalization, unit split, spin-off, split-off, split-up, unit dividend, issuance of unit
rights, combination of interests, merger, consolidation or any other change in the structure of the Company or any of its Subsidiaries affecting the Common Units, or any distribution to interestholders other than a cash distribution, the
Administrator shall make appropriate adjustment in the number and kind of equity interests authorized by the Plan and any other adjustments to outstanding Awards as it determines appropriate. 

7.2 Notwithstanding any other provision of this Plan or any Award Agreement, in the event that in connection with a Reorganization within
the meaning of Section 10.4 of the Limited Partnership Agreement, a Holder receives Reclassified Securities (also as defined in Section 10.4 of the Limited Partnership Agreement) with respect to or in exchange for, Restricted Common Units,
the terms and conditions of this Plan and of the Award Agreement pertaining to those Restricted Common Units shall continue to apply to those Reclassified Securities as though they were still Restricted Common Units. 

8. Effective Date, Termination and Amendment 
 The Plan shall become effective on May 11, 2007 and shall remain in full force and effect until the earlier of ten years from the date of its adoption by the Administrator, or the date it is
terminated by the Administrator. The Administrator shall have the power to amend, suspend or terminate the Plan at any time, provided that any such termination of the Plan shall not affect Awards outstanding under the Plan at the time of
termination. 

  
 10 

 9. Transferability 
 Except as provided below, Awards may not be pledged, assigned or transferred for any reason during the Holder’s lifetime, and any attempt to do so shall be void and the relevant Award shall be
forfeited. The Administrator may grant Awards that are transferable by the Holder during his lifetime, but such Awards shall be transferable only to the extent permitted by the Limited Partnership Agreement and specifically so provided in an
agreement entered into with the Holder. The transferee of the Holder shall, in all cases, be subject to the Plan, the Limited Partnership Agreement and the provisions of the Award Agreement between the Company and the Holder. 

10. General Provisions 
 10.1 Nothing contained in the Plan, or any Award granted pursuant to the Plan, shall confer upon any Holder any right to continued employment by, or service as a Director to, the Company or its
Subsidiaries, nor interfere in any way with the right of the Company or its Subsidiaries to terminate the service of any Holder at any time. 
 10.2 For purposes of this Plan, a transfer of employment among the Company and its Subsidiaries shall not be deemed a termination of employment. 

10.3 Holders shall be responsible to make appropriate provision for all taxes required to be withheld in connection with any Award or the
transfer of any Common Units pursuant to this Plan. Such responsibility shall extend to all applicable Federal, state, local or foreign withholding taxes. The Company shall have the right to retain the number of Common Units whose Fair Market Value
equals the amount to be withheld in satisfaction of the applicable withholding taxes. 

  
 11 

 10.4 To the extent that U.S. Federal laws (such as the 1934 Act, the Code or the Employee
Retirement Income Security Act of 1974) or the laws of the United Kingdom do not otherwise control, the Plan and all determinations made and actions taken pursuant hereto shall be governed by the laws of Delaware and construed accordingly.

 IN WITNESS WHEREOF, the undersigned, the General Partner has executed and adopted this Plan, effective May 11, 2007:

  

					
	EDGEN MURRAY II GP, LLC
		
	By:	 	/s/ David L. Laxton, III
		 	Name:	 	David L. Laxton, III
		 	Title:	 	Executive Vice President of the General Partner

  
  

 

  
 12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00197-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00197-of-00352.parquet"}]]