Document:

exv10w76

Exhibit 10.76

CONFIDENTIAL

December 4, 2009

GlaxoSmithKline

709 Swedeland Road

UW2328

King of Prussia, Pennsylvania 19406

Attn: Perry Nisen, M.D., Ph.D.

Re: Mutual Termination of Collaboration and License Agreement dated June 20, 2001

Dear Dr. Nisen:

Glaxo Group Limited (“GSK”) and Cytokinetics, Inc. (“CK”) are parties to that
certain Collaboration and License Agreement dated June 20, 2001, as amended (the
“Agreement”). Defined terms used in this letter shall have the meanings set forth in the
Agreement.

This letter confirms the Parties’ mutual decision to terminate the Agreement, with such termination
to be effective on February 28, 2010. The Parties agree to work in good faith to complete all
transition activities described in section 4.4.2 of the Agreement by such date, including without
limitation, delivery of specific documents and materials to CK regarding the CENP-E inhibitors
currently under development by GSK. The Parties shall promptly discuss and agree on the documents
and materials that shall be transferred to CK and acknowledge that the scope of such transfer is
expected to be comparable to the recent transfer of documents and information relating to [****] to
the [****] the Agreement.

Notwithstanding the above, the Parties acknowledge that: a) several patients enrolled in the
ongoing Phase 1 clinical trial for GSK923295 are still receiving drug, b) as a result, this trial
may not be completed by February 28, 2010, and c) GSK has the responsibility, as study sponsor, to
complete this trial and prepare the final study report. Accordingly, the Parties agree that GSK
shall remain fully responsible for the conduct and completion of the on-going clinical trial of
GSK923295 and the preparation of the final study report, and any expenses, liabilities and/or costs
arising in connection therewith. In addition, [****] for GSK923295 [****] by or on behalf of
[****]. GSK shall keep CK [****] informed of the results obtained in the ongoing Phase 1 trial,
including without limitation any adverse events, and the results of any [****]. If for any reason,
any transition activities (including without limitation, the completion of the final study report
for the ongoing Phase 1 clinical trial and the [****]) are not completed by February 28, 2010, then
GSK agrees to use [****] efforts to address and finalize any such transition activities as soon as
possible. GSK will transfer the IND for GSK923295 to CK or its designee within [****] days after
the last patient in the Phase 1 clinical trial has completed treatment and protocol-defined
follow-up.

 

			
	****	 	Certain information on this page has been omitted and filed separately with the
Commission. Confidential treatment has been requested with respect to the omitted portions.

 

 

The Parties agree that such termination shall be deemed to be subject to the provisions of
section 11.7.3 (a) of the Agreement, and the terms set forth in such section shall apply with
respect to the rights and obligations of the Parties.

The Parties further agree that as of February 28, 2010, CENP-E shall be a CK Target and shall cease
to be a Collaboration Target, and GSK923295 shall be a CK Compound and shall cease to be a
Collaboration Compound. In accordance with section 4.7 of the Agreement, Cytokinetics and GSK must
agree to an appropriate royalty on any products from the CENP-E program that Cytokinetics or its
licensee(s) may successfully commercialize, and the Parties agree to [****] do so such that the
royalty rate and other relevant terms are agreed by [****].

Notwithstanding any other provision of the Agreement, as of the date of this letter, [****] shall
have the right to [****] relating to [****].

Each party agrees to execute, acknowledge and deliver such further instruments, and shall do all
such other acts, as may be necessary and/or appropriate in order to carry out the purposes and
intent of this letter agreement.

If this accurately reflects the agreement of GSK and CK, please have an authorized representative
of GSK countersign this letter.

	 	 	 	 	 
	Sincerely,

 	 
	/s/ Michael Rabson
 	 
	Michael Rabson, Ph.D. 	 

	 	 	 	 	 
	UNDERSTOOD AND AGREED BY:

GLAXO GROUP LIMITED

 	 
	By:  	/s/ Perry D. Nisen
 	 
	 	Name:  	Perry D. Nisen, M.D., Ph.D. 	 
	 	Title:  	Senior Vice President, Cancer Research 	 

Date: 4 December 2009

cc:

Robert Blum

Paul Bolno

Lisa DeMarco

Paolo Paoletti

Vinod Ramachandran

 

			
	****	 	Certain information on this page has been omitted and filed separately with the
Commission. Confidential treatment has been requested with respect to the omitted portions.Exhibit 10.28

Exhibit 10.28

AMENDMENT NUMBER 2

TO THE

WILLBROS GROUP, INC.

AMENDED AND RESTATED

2006 DIRECTOR RESTRICTED STOCK PLAN

1. Introduction. On June 14, 2006, the Board of Directors (the “Panama Board”) of
Willbros Group, Inc., a Republic of Panama corporation (the “Panama Corporation”), adopted, and on
August 2, 2006, the stockholders of the Panama Corporation approved, the Willbros Group, Inc. 2006
Director Restricted Stock Plan (the “Plan”). On January 9, 2007, the Panama Board amended the Plan
and on January 15, 2008, the Panama Board amended and restated the Plan (the “Amended and Restated
Plan”). The Amended and Restated Plan provides for the award of Shares of Restricted Stock or RSRs
to Eligible Directors. The Amended and Restated Plan was amended on May 29, 2008 to increase the
number of Shares available for Awards. On March 3, 2009, Willbros Group, Inc., a Delaware
corporation (the “Corporation”), assumed all of the rights, duties, and obligations of the Panama
Corporation under the Amended and Restated Plan and the Amended and Restated Plan was further
amended to clarify that the Corporation would assume ongoing responsibility for the Amended and
Restated Plan. Terms used in this Amendment Number 2 to the Amended and Restated Plan and not
defined herein shall have the meanings ascribed to such terms in the Amended and Restated Plan.

2. Purpose. The Corporation believes that certain inequities may result from the
timing and vesting of Annual Awards as currently provided under the Amended and Restated Plan and
that a limit should be placed on the number of shares included in an Annual Award. The purpose of
this Amendment is to eliminate the possibility of such inequities and to limit the number of Shares
included in an Annual Award.

3. Amendments.

	 	(a)	 	The following new definitions shall be inserted in their respective
alphabetically appropriate places in Section 2 (Definitions) of the Amended and
Restated Plan:

“ ‘Annual Meeting’ means the annual meeting of the stockholders of the Corporation
held pursuant to the bylaws of the Corporation.”

“ ‘Business Day’ means a day on which Shares are traded on the NYSE.”

	 	(b)	 	Section 6(b) of the Amended and Restated Plan shall be amended to read in its
entirety as follows:

“(b) Annual Awards. Except as provided in the next sentence, on the first Business Day
following the Annual Meeting each year on which an Eligible Director continues to be an
Eligible Director, such Eligible Director shall be awarded (i) that number of Shares of
Restricted Stock or RSRs equal to the lesser of (x) 5,000 or (y) the number determined by
dividing $75,000 by the Fair Market Value on the date of the Award plus (ii) an amount of
cash, if any, equal to $75,000 less the Fair Market Value of 5,000 shares on the date of the
Award. On the first Business Day following the Annual Meeting each year on which an
Eligible Director who is the Chairman of the Board continues to be an Eligible Director,
such Chairman of the Board shall be awarded (i) that number of Shares of Restricted Stock or
RSRs equal to the lesser of (x) 10,000 or (y) the number determined by dividing $150,000 by
the Fair Market Value on the date of the Award plus (ii) an amount of cash, if any, equal to
$150,000 less the Fair Market Value of 10,000 shares on the date of the Award. The number of
Shares or RSRs so determined shall be rounded to the nearest number of whole Shares or RSRs
(subject to adjustment as provided in Section 9). Except as otherwise provided herein, the
Shares or RSRs subject to an Annual Award shall vest on the first anniversary of the date of
the Award.”

 

 

 

4. No Change. Except as specifically set forth herein, this Amendment does not change
the terms of the Plan.

5. Effective Date. This Amendment shall take effect and be adopted as of
January 8, 2010.

Executed as of January 8, 2010.

	 	 	 	 	 	 	 
	ATTEST:

	 	 	 	WILLBROS GROUP, INC.
	 
	 	 	 	 	 	 
	/s/ Lori Pinder

	 	 	 	By:
	 	/s/ Robert R. Harl
	 

	 	 	 	 	 	 
	Lori Pinder

	 	 	 	 	 	Robert R. Harl
	Deputy Corporate Secretary

	 	 	 	 	 	President and Chief Executive Officer

Approved by the Board of Directors as of January 8, 2010.

 

2Exhibit 10.32

Exhibit 10.32

AMENDMENT NUMBER 1

TO THE

WILLBROS GROUP, INC.

MANAGEMENT SEVERANCE PLAN

1. Introduction. On September 29, 2005, the Board of Directors of Willbros Group,
Inc. (the “Company”) approved and adopted the Willbros Group, Inc. Management Severance Plan (the
“Plan”). Under the Plan, a selected employee is eligible to receive certain severance benefits in
the event his or her employment is terminated by the Company or its successor within the one-year
period following a Change in Control, as such term is defined in the Plan.

On January 24, 2006, the Board of Directors of the Company authorized the amendment and
restatement of the Plan in order to provide the selected employee with additional financial
protection following a Change in Control (as such term is defined in the Plan, as amended and
restated), effective January 24, 2006 (the “Amended Plan”).

2. Purpose. The sole purpose of this Amendment is to amend certain periods of time
which are specified in Article III. of the Amended Plan, so that the period of time within which an
employee may terminate employment from the Employer following a Change in Control (as defined in
the Amended Plan) and still receive a Severance Benefit (as defined in the Amended Plan), is
extended from a one-year period to a two-year period following a Change in Control (as defined in
the Amended Plan).

3. Amendment. In Article III. of the Amended Plan, Subsection 3.2.1, in both
subparagraph 3.2.1.1 and 3.2.1.2, in the third line of each subparagraph, the word and
corresponding parenthetical number “one (1)” are deleted, and the word and corresponding
parenthetical number “two (2)” shall be substituted therefore, such that subparagraphs 3.2.1.1 and
3.2.1.2 shall be replaced and substituted in their entirety, and shall read as follows:

“3.2.1.1 Except as set forth in Subsection 3.2.2. hereof, any termination of
employment of a Participant with an Employer by action of the Employer within two
(2) years following a Change in Control (excluding any transfer to another Employer)
shall entitle the Participant to a Severance Benefit under Subsection 3.3.1 hereof.

3.2.1.2 Any termination of employment of a Participant with an Employer
pursuant to a resignation by the Participant for Good Reason within two (2) years
following a Change in Control shall entitle the Participant to a Severance Benefit
under Subsection 3.3.1 hereof.”

4. No Change. Except as specifically set forth herein, this Amendment does not
otherwise change, modify, or amend any other terms of the Amended Plan.

Amendment Number 1

Willbros Group, Inc.

Management Severance Plan

As amended and restated effective January 24, 2006

 

 

 

5. Effective Date. This Amendment shall take effect as of the date that the Board of
Directors of the Company approved such Amendment; and therefore, shall be effective as of the
2nd day of March, 2006.

Executed on this 10th day of April, 2006.

	 	 	 	 	 	 	 	 	 
	ATTEST:	 	 	 	WILLBROS GROUP, INC.
	 
	 	 	 	 	 	 	 	 
	/s/ Dennis G. Berryhill

	 	 	 	By:	 	/s/ Michael F. Curran	 	 
	 

	 	 	 	 	 	 	 	 
	Dennis G. Berryhill

	 	 	 	 	 	Michael F. Curran	 	 
	Secretary

	 	 	 	 	 	Chairman of the Board and	 	 
	 

	 	 	 	 	 	Chief Executive Officer	 	 

Amendment Number 1

Willbros Group, Inc.

Management Severance Plan

As amended and restated effective January 24, 2006

 

2

 

WILLBROS GROUP, INC.

MANAGEMENT SEVERANCE PLAN

 

(As Amended and Restated Effective January 24, 2006)

WHEREAS, WILLBROS GROUP, INC. (the “Company”) has heretofore adopted the WILLBROS GROUP, INC.
MANAGEMENT SEVERANCE PLAN, hereinafter referred to as the “Plan,” for the benefit of certain
designated participants; and

WHEREAS, the Company desires to amend the Plan in several respects, and restate the Plan,
intending thereby to provide an uninterrupted and continuing program of benefits;

NOW THEREFORE, the Plan is hereby restated in its entirety as follows with no interruption in
time, effective as of January 24, 2006, except as otherwise indicated herein:

ARTICLE I. DEFINITIONS

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

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

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

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

1.1.4 “Change in Control” means and shall be deemed to have occurred if (i) any Person,
other than the Company or a Related Party, is or becomes the “beneficial owner” (as defined
in Rule 13d-3 under the Act), directly or indirectly, of securities of the Company
representing thirty percent (30%) or more of the total voting power of all the then
outstanding Voting Securities, (ii) any Person, other than the Company or a Related Party,
purchases or otherwise acquires under a tender offer, securities representing thirty percent
(30%) or more of the total voting power of all the then outstanding Voting Securities,
(iii) the individuals (a) who as of September 29, 2005 (with respect to the Company)
constitute the Board, or (b) who thereafter are elected to the Board and whose election, or
nomination for election, to the Board was

 

 

 

approved by a vote of at least two-thirds (2/3) of
the directors then still in office who either were directors as of September 29, 2005 (with
respect to the Company) or whose election or
nomination for election was previously so approved, cease for any reason to constitute
a majority of the members of the Board, (iv) the stockholders of the Company approve a
merger, consolidation, recapitalization or reorganization of the Company or an acquisition
by the Company, or any such transaction is consummated if stockholder approval is not
obtained (other than any such merger, consolidation, recapitalization, reorganization,
acquisition or transaction which would result in the Voting Securities outstanding
immediately prior thereto continuing to represent, either by remaining outstanding or by
being converted into voting securities of the surviving entity (or if the surviving entity
is a subsidiary of another entity, then of the parent entity of such surviving entity), at
least sixty percent (60%) of the total voting power represented by the voting securities of
the surviving entity (or parent entity) outstanding immediately after such transaction and
in or as a result of which the voting rights of each Voting Security relative to the voting
rights of all other Voting Securities are not materially altered), (v) the stockholders
approve a plan of complete liquidation of the Company or an agreement for the sale or
disposition by the Company of all or substantially all of the Company’s assets, other than
any such transaction which would result in a Related Party owning or acquiring more than
fifty percent (50%) of the assets owned by the Company immediately prior to the transaction,
or (vi) the Board or the appropriate committee thereof adopts a resolution to the effect
that a Change in Control has occurred.

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

1.1.6 “Company” means Willbros Group, Inc. and any successor thereto.

1.1.7 “Disability” means a physical or mental incapacity of a Participant which
substantially prevents the Participant, after reasonable accommodation, from performing the
essential functions of the Participant’s duties as they existed immediately prior to a
Change in Control on a full-time basis for a period of six (6) calendar months out of any
twelve (12) consecutive calendar month period and which could reasonably be expected to
continue for a period of at least eighteen (18) months following such twelve (12) month
period.

1.1.8 “Effective Date” means January 24, 2006 as to this restatement of the Plan with
respect to the Company and each Subsidiary that has adopted the Plan prior to such date. If
a Subsidiary adopts the Plan after such date, then the Effective Date for such Subsidiary
and its Employees who are Participants shall be the date specified in the document by which
the Subsidiary adopts the Plan. The Plan was originally effective as of September 29, 2005.

1.1.9 “Employee” means an employee of an Employer.

1.1.10 “Employer” means the Company or a Subsidiary which has adopted the Plan pursuant
to Article IV hereof.

Willbros Group, Inc.

Management Severance Plan

As Amended and Restated effective January 24, 2006

 

2

 

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

1.1.12 “Good Reason” means the occurrence, within one (1) year following a Change in
Control, of any of the following events, unless the Participant has consented thereto:

(i) any reduction in the rate of the Participant’s Annual Base Compensation;

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

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

(iv) any assignment by the Employer to a Participant of a position or duties
that are materially and substantially inconsistent with the Participant’s area of
expertise while employed by the Employer.

1.1.13 “Incentive Plan” means any of the Company’s stock option plans, management
incentive plans, sales incentive plans and other incentive or bonus plans or arrangements in
existence on September 29, 2005, or any additional or successor plans in effect on or before
the relevant date of termination and providing substantially equivalent or better incentive
opportunities for Employees.

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

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

1.1.16 “Plan” means the Willbros Group, Inc. Management Severance Plan, as amended from
time to time.

1.1.17 “Related Party” means (i) a Subsidiary, (ii) an employee or group of employees
of the Company or any Subsidiary, (iii) a trustee or other fiduciary holding securities
under an employee benefit plan of the Company or any Subsidiary, or (iv) a corporation owned
directly or indirectly by the stockholders of the Company in substantially the same
proportion as their ownership of stock of the Company.

1.1.18 “Severance Benefit” means the amounts payable and benefits provided in
accordance with Section 3.3 hereof.

Willbros Group, Inc.

Management Severance Plan

As Amended and Restated effective January 24, 2006

 

3

 

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

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

(ii) the Participant’s greatest annual cash bonus received during the
thirty-six (36) month period ending on the date of the Change in Control.

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

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

1.1.22 “Willbros Employee Benefits Committee” means the committee appointed by the
Board to administer the Plan.

ARTICLE II. ELIGIBILITY

2.1 Participation. An Employee shall be entitled to be a Participant if the Employee is
selected for participation by the Board and signs a letter any time prior to the time a Change in
Control occurs agreeing to the terms of the Plan.

2.2 Duration of Participation. A Participant shall cease to be a Participant when the
Participant ceases to be an Employee, unless such Participant is then entitled to a Severance
Benefit. A Participant entitled to a Severance Benefit shall remain a Participant until the full
amount of the Severance Benefit has been provided to such Participant.

ARTICLE III. SEVERANCE BENEFITAND GROSS-UP PAYMENT

3.1 Right to Severance Benefit. A Participant shall be entitled to receive a Severance
Benefit from the Participant’s Employer (or the Company in accordance with Article IV hereof) if
the Participant’s employment by the Employer shall terminate for any reason specified in
Subsection 3.2.1 hereof.

3.2 Termination of Employment.

3.2.1. Terminations Which Give Rise to a Severance Benefit Under This Plan.

3.2.1.1 Except as set forth in Subsection 3.2.2 hereof, any termination of
employment of a Participant with an Employer by action of the
Employer within one (1) year following a Change in Control (excluding any
transfer to another Employer) shall entitle the Participant to a Severance Benefit
under Subsection 3.3.1 hereof.

Willbros Group, Inc.

Management Severance Plan

As Amended and Restated effective January 24, 2006

 

4

 

3.2.1.2 Any termination of employment of a Participant with an Employer
pursuant to a resignation by the Participant for Good Reason within one (1) year
following a Change in Control shall entitle the Participant to a Severance Benefit
under Subsection 3.3.1 hereof.

3.2.2 Terminations Which Do Not Give Rise to a Severance Benefit Under This Plan. If a
Participant’s employment with an Employer is terminated for cause (as defined below), by
reason of the Participant’s voluntary resignation (other than a resignation described in
Subsection 3.2.1.2 hereof), or due to the sale of a business (as defined below), the
Participant shall not be entitled to a Severance Benefit, regardless of the occurrence of a
Change in Control.

3.2.2.1 A “termination for cause” shall have occurred when a Participant is
terminated for (i) willful failure by the Participant to substantially perform
Participant’s duties, other than any such failure resulting from a Disability, which
results in a significantly adverse effect upon the Company or a Subsidiary,
(ii) gross negligence or willful misconduct of the Participant which results in a
significantly adverse effect upon the Company or a Subsidiary, or (iii) willful
violation or disregard by the Participant of any published policy of the Company or
Participant’s Employer which results in a significantly adverse effect upon the
Company or a Subsidiary.

3.2.2.2 A “termination due to the sale of a business” shall have occurred when
the Company or Participant’s Employer has sold or otherwise disposed of a
Subsidiary, branch or other business unit (or all or substantially all of the assets
thereof), in which the Participant was employed before such sale or disposition, to
any Person, other than the Company or a Related Party (except an employee or group
of employees of the Company or a Subsidiary), and the Participant has been offered
employment with the acquiror of such Subsidiary, branch or unit on substantially the
same terms and conditions under which the Participant worked for the Participant’s
Employer.

3.3 Severance Benefit.

3.3.1 If a Participant’s employment is terminated under circumstances described in
Subsection 3.2.1.1 or Subsection 3.2.1.2 hereof, the Participant shall be entitled to
receive, without the necessity of a claim being made under Section 7.8 hereof, the following
severance benefits, subject to reduction by reason of the limitation on the maximum amount
of benefits under Section 3.5:

(i) a lump sum cash payment in an amount equal to one hundred percent (100%) of
the Participant’s Severance Compensation, which shall be paid
by the Participant’s Employer on the date such Participant’s termination of
employment takes effect;

Willbros Group, Inc.

Management Severance Plan

As Amended and Restated effective January 24, 2006

 

5

 

(ii) a lump sum cash payment (which shall be paid by the Participant’s Employer
at the same time the payment described in Subsection 3.3.1(i) hereof is paid) in an
amount equal to the following formula: (a) the deemed aggregate annual target
opportunity measured under all applicable Incentive Plans that could have been
earned by such Participant for the fiscal year of the Employer during which such
Participant’s termination of employment occurs (determined as if all applicable
goals and targets had been satisfied in full), multiplied by (b) a fraction, the
numerator of which is the number of days during the period beginning on the first
day of such fiscal year and ending on the date such Participant’s termination of
employment takes effect, and the denominator of which is 365;

(iii) an amount equal to (a) the actual cost incurred by such Participant for
health continuation coverage under Part 6 of Title I of ERISA (including coverage of
the Participant’s spouse and dependents, as the case may be) for a period of twelve
(12) months from the date of termination of employment less (b) the cost the
Participant would have incurred for comparable health coverage for such twelve (12)
month period had the Participant been an employee during such period. Such amount
shall be paid monthly on the date that the Participant pays the applicable premium
for such health continuation coverage for such month. Nothing herein shall be
deemed to adversely affect in any way the rights that a Participant may have for
health continuation coverage under Part 6 of Title I of ERISA; and

(iv) an amount equal to the Participant’s costs for life insurance benefits,
for a period of twelve (12) months following termination of employment, under the
life insurance benefit plans maintained by the Employer on the day prior to such
Participant’s termination of employment, which amount will be paid directly by the
Employer on the date such Participant’s termination of employment takes effect.

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

3.3.3 The Participant shall not be required to mitigate damages or the amount of
Participant’s Severance Benefit by seeking other employment or otherwise, nor shall the
amount of Participant’s Severance Benefit be reduced by any compensation earned by the
Participant as a result of employment after Participant’s termination of employment with an
Employer.

Willbros Group, Inc.

Management Severance Plan

As Amended and Restated effective January 24, 2006

 

6

 

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

3.4 Gross-Up Payment. Notwithstanding anything to the contrary in this Plan other than Section
3.5, if a Participant is a “disqualified individual” (as defined in Section 280G(c) of the Code)
and if the Severance Benefit provided for in Section 3.3 hereof, together with any other payments
or benefits which the Participant has the right to receive from the Company and the Subsidiaries
(the “Payments”), would be subject to the excise tax imposed by Section 4999 of the Code, or any
interest or penalties with respect to such excise tax (such excise tax, together with any such
interest or penalties, are hereinafter collectively referred to as the “Excise Tax”), the Employer
shall pay to such Participant an additional payment (a “Gross-up Payment”) in an amount (subject to
reduction by reason of the limitation on the maximum amount of benefits under Section 3.5 hereof)
such that after payment by such Participant of all taxes (including any interest or penalties
imposed with respect to such taxes), including any Excise Tax imposed on any Gross-up Payment, the
Participant retains an amount of the Gross-up Payment equal to the Excise Tax imposed upon the
Payments. The Willbros Employee Benefits Committee shall make an initial determination as to
whether a Gross-up Payment is required and the amount of any such Gross-up Payment. Any required
Gross-up Payment shall be paid to the Participant on the date such Participant’s termination of
employment takes effect. The Participant shall notify the Company immediately in writing of any
claim by the Internal Revenue Service which, if successful, would require the Employer to make a
Gross-up Payment (or a Gross-up Payment in excess of that, if any, initially determined by the
Willbros Employee Benefits Committee) within five days of the receipt of such claim. The Company
shall notify the Participant in writing at least five days prior to the due date of any response
required with respect to such claim if it plans to contest the claim. If the Company decides to
contest such claim, then the Participant shall cooperate fully with the Company in such action;
provided, however, the Company shall bear and pay directly or indirectly all costs and expenses
(including additional interest and penalties) incurred in connection with such action and shall
indemnify and hold the Participant harmless, on an after-tax basis, for any Excise Tax or income
tax, including interest and penalties with respect thereto, imposed as a result of the Company’s
action. If, as a result of the Company’s action with respect to a claim, the Participant receives a
refund of any amount paid by the Employer with respect to such claim, then the Participant shall
promptly pay such refund to the Employer. If the Company fails to timely notify the Participant
whether it will contest such claim or the Company determines not to contest such claim, then the
Employer shall immediately pay
to the Participant the portion of such claim, if any, which it has not previously paid to the
Participant.

Willbros Group, Inc.

Management Severance Plan

As Amended and Restated effective January 24, 2006

 

7

 

3.5 Limitation on Severance Benefit. Notwithstanding anything to the contrary in this Plan,
with respect to each Participant individually, the sum of the Severance Benefit provided in
Section 3.3 and the Gross-up Payment under Section 3.4 hereof shall be limited to an amount which
is no greater than one dollar ($1.00) less than the “Limitation Amount.” The “Limitation Amount”
is an amount equal to two (2) times the lesser of (i) the sum of the Participant’s annual
compensation (as defined in Code section 1.415-1(d)(2)) for services provided to the Participant’s
Employer for the calendar year preceding the calendar year in which the Participant’s employment
is terminated under circumstances described in Subsection 3.2.1 hereof; or (ii) the maximum amount
that may be taken into account under a qualified plan pursuant to Code section 401(a)(17) for such
year.

3.6 Payment Date Limitation. Notwithstanding anything to the contrary in this Plan, no payment
under the Plan shall be paid later than the December 31 of the second calendar year following the
calendar year in which occurs the termination of employment under circumstances described in
Subsection 3.2.1.

3.7 Time of Payment; Section 409A Compliance. Notwithstanding any provision herein to the
contrary, (a) subject to clause (b) of this sentence, any obligation under this Plan to make a
payment on a specified date shall be deemed to have been satisfied in the event that such payment
is made within ten (10) business days after such specified date, and (b) the Employer may delay any
payment or benefit hereunder to the extent the Willbros Employee Benefits Committee reasonably
believes such delay is necessary or appropriate in order to comply with or avoid the adverse tax
consequences of Section 409A of the Code.

ARTICLE IV. PARTICIPATING EMPLOYERS

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

ARTICLE V. SUCCESSOR TO EMPLOYER

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

Willbros Group, Inc.

Management Severance Plan

As Amended and Restated effective January 24, 2006

 

8

 

ARTICLE VI. DURATION AND AMENDMENT

6.1 Duration. The initial term of the Plan shall be the period beginning on the Effective Date
and ending on (and including) December 31, 2006. Beginning on the last day of such initial term,
and on each successive anniversary of such date, the term of the Plan shall be extended
automatically for an additional successive one (1)-year term; provided, however, that if, at least
three (3) months prior to the last day of any such term, the Company shall give to the Participants
written notice that no such automatic extension shall occur, then this Plan shall terminate on the
last day of such term. This Plan shall remain in effect until so terminated by the Company. Failure
of the Company to provide the required notice to Participants shall be considered as an extension
of this Plan for an additional one (1)-year term. Notwithstanding anything to the contrary
contained in this “sunset provision,” if a Change in Control occurs while this Plan is in effect,
then this Plan shall not be subject to termination under this “sunset provision,” and this Plan
shall remain in force for a period of one (1) year after such Change in Control, and if within said
one-year period the contingency factors occur which would entitle a Participant to the benefits as
provided herein, then this Plan shall remain in effect in accordance with its terms. If, within
such one (1) year after a Change in Control, the contingency factors that would entitle a
Participant to said benefits do not occur, thereupon this Plan shall terminate at the expiration of
one (1) year after such Change in Control.

6.2 Amendment. The Plan may not be amended except for: (i) an amendment that increases the
benefits payable under the Plan or otherwise constitutes a bona fide improvement of a Participant’s
rights under the Plan, or (ii) an amendment which decreases the benefits of a Participant that is
consented to in writing by such Participant or that is required in order for the plan to comply
with applicable law or regulation.

ARTICLE VII. ADMINISTRATION

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

Willbros Group, Inc.

Management Severance Plan

As Amended and Restated effective January 24, 2006

 

9

 

7.2 Allocation of Responsibilities.

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

	 	(i)	 	The amendment or termination of this Plan in accordance with
Sections 6.1 and 6.2 hereof; and

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

7.2.2 Willbros Employee Benefits Committee. The Willbros Employee Benefits Committee
shall serve as plan administrator and shall have exclusive authority and responsibility for
those functions set forth in Section 7.3 hereof, in other provisions of this Plan, and in
provisions of a trust used to pay benefits under this Plan.

7.3 Provisions Concerning the Willbros Employee Benefits Committee.

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

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

Willbros Group, Inc.

Management Severance Plan

As Amended and Restated effective January 24, 2006

 

10

 

7.4 Delegation of Responsibilities; Bonding.

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

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

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

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

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

7.8 Claims Procedures.

7.8.1 Definitions. For purposes of this Section 7.8, the following terms, when
capitalized, will be defined as follows:

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

Willbros Group, Inc.

Management Severance Plan

As Amended and Restated effective January 24, 2006

 

11

 

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

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

7.8.2 Filing of Benefit Claim. A Claimant must file with the Willbros Employee Benefits
Committee (or the Benefits Administrator) a written claim for benefits under the Plan on the
form provided by, or in any other manner approved by, the Willbros Employee Benefits
Committee. (For purposes of applying the time periods for benefit determination pursuant to
Subsection 7.8.4 below, filing a claim with the Willbros Benefits Administrator will be
treated as filing a claim with the Willbros Employee Benefits Committee.) In connection with
the submission of a claim, the Claimant may examine the Plan and any other relevant
documents relating to the claim, and may submit written comments relating to such claim to
the Willbros Employee Benefits Committee coincident with the filing of the benefit claim
form. Failure of a Claimant to comply with the claim submission procedure will invalidate
such claim unless the Willbros Employee Benefits Committee in its discretion determines that
it was not reasonably possible to provide such proof or comply with such procedure.

7.8.3 Processing of Benefit Claim. Upon receipt of fully completed benefit claim forms
from a Claimant, the Willbros Employee Benefits Committee (or the Benefits Administrator)
shall process such benefit claim considering (i) all materials submitted by the Claimant in
connection with the claim, (ii) all Plan provisions pertaining to the benefit claim, and
(iii) where appropriate, all information as to whether such Plan provisions have in the past
been consistently applied with respect to other similarly situated Claimants. The Willbros
Employee Benefits Committee (or the Benefits Administrator) shall process the claim within
the time frame provided in Subsection 7.8.4 below.

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

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

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

Willbros Group, Inc.

Management Severance Plan

As Amended and Restated effective January 24, 2006

 

12

 

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

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

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

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

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

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

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

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

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

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

Willbros Group, Inc.

Management Severance Plan

As Amended and Restated effective January 24, 2006

 

13

 

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

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

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

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

7.8.7 Exhaustion of Administrative Remedies. Completion of the claims procedures
described in this Section 7.8 will be a condition precedent to the commencement of any legal
or equitable action in connection with a claim for benefits under the Plan by a Claimant or
by any other person or entity claiming rights individually or through a Claimant; provided,
however, that the Willbros Employee Benefits Committee may, in its sole discretion, waive
compliance with such claims procedures as a condition precedent to any such action.

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

Willbros Group, Inc.

Management Severance Plan

As Amended and Restated effective January 24, 2006

 

14

 

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

ARTICLE VIII. MISCELLANEOUS

8.1 Payment Obligations Absolute. Each Employer’s obligation to pay any amounts or to provide
benefits continuation or any other benefits described in Sections 3.3 and 3.4 hereof shall be
absolute and unconditional and shall not be affected by any circumstances, including, without
limitation, any set-off, counterclaim, recoupment, defense or other right which the Company or any
of its Subsidiaries may have against any Participant.

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

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

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

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

Willbros Group, Inc.

Management Severance Plan

As Amended and Restated effective January 24, 2006

 

15

 

8.6 Withholding and Payment of Taxes. The Company or the Subsidiaries may withhold from any
amounts payable under the Plan all federal, state, local and/or other taxes as shall be legally
required. In addition, subject to the provisions of Section 3.4 hereof, each Participant shall be
solely responsible for the payment of all income, excise and other taxes which are individually
levied on the Participant by any taxing authority with respect to any amount paid to such
Participant under the Plan.

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

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

8.8.1 No act or failure to act on a Participant’s part shall be considered “willful”
unless done or omitted to be done by the Participant not in good faith and without
reasonable belief that such act or omission was in the best interest of the Company or a
Subsidiary.

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

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

The Plan has been adopted by the Company to be effective as of the 24th day of
January, 2006.

	 	 	 	 	 
	 	WILLBROS GROUP, INC.

 	 
	 	By:  	/s/ Michael F. Curran
 	 
	 	 	Michael F. Curran 	 
	 	 	President & CEO 	 

Willbros Group, Inc.

Management Severance Plan

As Amended and Restated effective January 24, 2006

 

16

 

EXHIBIT A

ADDITIONAL PROVISIONS OF THE SUMMARY PLAN

DESCRIPTION OF THE PLAN

I. General Plan Information:

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

Plan Sponsor and Employer Identification Number:

Willbros Group, Inc.

c/o Willbros USA, Inc.

4400 Post Oak Parkway, Suite 1000

Houston, TX 77027

EIN: 98-0160660

Plan Number: Plan #50
 _____ 

Type of Plan: Welfare Benefits

Type of Administration: Plan Administrator

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

Willbros Employee Benefits Committee

c/o Willbros USA, Inc.

4400 Post Oak Parkway, Suite 1000

Houston, TX 77027

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

II. The Statement of ERISA Rights.

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

Receive Information About Your Plan and Benefits

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

Willbros Group, Inc.

Management Severance Plan

As Amended and Restated effective January 24, 2006

 

A-1

 

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

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

Prudent Actions by Plan Fiduciaries

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

Enforce Your Rights

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

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

Assistance with Your Questions

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

Willbros Group, Inc.

Management Severance Plan

As Amended and Restated effective January 24, 2006

 

A-2

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