Document:

exv10w31

 

Exhibit 10.31

	 	 	 
	 

	 	October 4, 2005

Canadian
Imperial Bank of Commerce
 as Administrative Agent under the Pledge
Agreement
 as hereinafter defined

Ladies and Gentlemen:

     Reference is made to the Pledge Agreement dated as of March 19, 2004, as amended by Amendment
No. 1 dated as of January 12, 2005 (the “Pledge Agreement”), between ITC Holdings Corp. and
Canadian Imperial Bank of Commerce, as Administrative Agent. Subject to your agreement as
evidenced by your signature below, we hereby agree Annex I to the Pledge Agreement is hereby
amended by substituting therefore Annex I hereto.

	 	 	 	 	 
	 	Very truly yours,

ITC HOLDINGS CORP.

 	 
	 	By:  	____________________________
 	 
	 	 	Name:  	Daniel J. Oginsky 	 
	 	 	Title:  	Vice President — General Counsel 	 
	 

Accepted:

CANADIAN IMPERIAL BANK OF COMMERCE,
  as
Administrative Agent

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

 

 

Annex I

PLEDGED STOCK

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Issuer	 	Certificate	 	Registered 	 	Number of	 	Percentage of Issued &
	 	 	No.	 	Owner	 	Shares	 	Outstanding Shares
	International Transmission Company

	 	 	2	 	 	ITC Holdings Corp.
	 	 	67	 	 	6 and 2/3%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	International Transmission Company

	 	 	4	 	 	ITC Holdings Corp.
	 	 	33	 	 	3 and 1/3%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	International Transmission Company

	 	 	6	 	 	ITC Holdings Corp.
	 	 	33	 	 	3 and 1/3%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	International Transmission Company

	 	 	8	 	 	ITC Holdings Corp.
	 	 	25	 	 	2 and 1/2%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	International Transmission Company

	 	 	10	 	 	ITC Holdings Corp.
	 	 	8	 	 	4/5%
	 
	 	 	 	 	 	 	 	 	 	 	 	 
	Total

	 	 	 	 	 	 	 	 	166	 	 	16 3/5%exv10w32

 

Exhibit 10.32

Commitment Increase Supplement

     SUPPLEMENT,
dated October 4, 2005, to the First Amended and Restated Revolving Credit
Agreement, dated as of January 19, 2005 (as the same may be amended, modified, supplemented,
restated or replaced from time to time, the “Credit Agreement”; the terms defined therein and not
otherwise defined herein being used herein as therein defined”), among International Transmission
Company, a Michigan corporation (the “Borrower”), the Lenders, and Canadian Imperial Bank of
Commerce, as the Administrative Agent.

W I T N E S S E T H:

     WHEREAS, the Credit Agreement Provides in Section 3.3(d) thereof that any Lender with
(when applicable) the consent of the Borrower may increase the amount of its Commitment by
executing and delivering to the Borrower and the Administrative Agent a supplement to the Credit
Agreement in substantially the form of this Supplement; and

     WHEREAS, the undersigned now desires to increase the amount of its Commitment under the Credit
Agreement;

     NOW THEREFORE, the undersigned hereby agrees as follows:

	 	1.	 	     The undersigned agrees, subject to the terms and conditions of the Credit
Agreement, that on the effective date of this Supplement, it shall have its Commitment
increased by $10,000,000, thereby making the amount of its Commitment $15,000,000.
	 
	 	2.	 	     Terms defined in the Credit Agreement shall have their defined meanings when
used herein.

 

 

     IN WITNESS WHEREOF, the undersigned has caused this Supplement to be executed and delivered
by a duly authorized officer on the date first above written.

	 	 	 	 	 
	 	LASALLE BANK MIDWEST N.A.

(F/K/A STANDARD FEDERAL BANK)
	 
	 
	 
	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Accepted
this 4th day of October, 2005

INTERNATIONAL TRANSMISSION COMPANY

	 	 	 	 	 
	 
	 
	By:

	 	 	 	 
	 

	 	 	 	 
	 

	 	Name: Edward M. Rahill
	 	 
	 

	 	Title: Vice President and Chief Financial Officer	 	 

  

Accepted
this 4th day of October, 2005

CANADIAN IMPERIAL BANK OF COMMERCE,

As Administrative Agent

	 	 	 	 	 
	 
	 
	By:

	 	 	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	Title:exv10w1

 

Exhibit 10.1

FIRST AMENDMENT

TO FRIEDMAN INDUSTRIES, INCORPORATED

2000 NON-EMPLOYEE DIRECTOR STOCK PLAN

     THIS FIRST AMENDMENT to Friedman Industries, Incorporated 2000 Non-Employee Director Stock
Plan (this “First Amendment”).

WITNESSETH:

     WHEREAS, Friedman Industries, Incorporated (the “Company”) maintains the Plan known as
“Friedman Industries, Incorporated 2000 Non-Employee Director Stock Plan” (the “Plan”); and

     WHEREAS, in accordance with Section 11 of the Plan, the Board of Directors of the Company may
amend the Plan from time to time; and

     WHEREAS, on 11 October 2005, the Board of Directors of the Company approved amending the Plan
as set forth in this First Amendment;

     NOW, THEREFORE, in accordance with the Plan and such approval, on 11 October 2005, Section 6
of the Plan has been amended in its entirety to read as follows:

     “Section 6. Grants of Awards.

     On October 15, 2000 and on each October 15 thereafter, for so long as this Plan
is in effect and shares are available for the grant of Awards hereunder, there shall
be grants automatically hereunder and hereby to each Outside Director who has served
as a director of the Company for at least the 12 immediately preceding calendar
months, of 400 shares of Common Stock; provided, however, that on October 15, 2005,
there shall be a grant automatically hereunder and hereby to each Outside Director
who has served as a director of the Company for at least the 12 immediately
preceding calendar months, of 320 shares of Common Stock.”

     IN WITNESS WHEREOF, the undersigned officer of the Company hereunto has executed this First
Amendment on this 11th day of October, 2005.

	 	 	 	 	 
	 	FRIEDMAN INDUSTRIES, INCORPORATED 

 	 
	 	By:  	/s/ BEN HARPER
 	 
	 	 	Name:  	Ben Harper 	 
	 	 	Title:  	Senior Vice President - Financeexv10w1

 

Exhibit 10.1

SEVERANCE AGREEMENT AND RELEASE AND WAIVER

     This Severance Agreement and Release and Waiver (“Agreement”) is entered into by and between
Chicago Bridge & Iron Company (Delaware) (“Company” or “CB&I”) and Richard E. Goodrich
(“Executive”), effective as of the date indicated in Paragraph 14 (the “Effective Date”).

     Executive and CB&I have agreed that Executive will retire from employment with the Company
with full retirement benefits effective February 13, 2006. In order to accomplish an orderly
transition of his duties, Executive and CB&I have agreed that Executive will resign from his
position as Chief Financial Officer effective immediately, and will commence assisting the Company
with other matters.

     In recognition of Executive’s service to the Company and its shareholders, and in return for
Executive’s agreements and covenants contained herein, the Company has determined to provide
Executive with the benefits specified in this Agreement.

     This Agreement will govern the Company’s and Executive’s relationship and arrangements with
respect to such matters.

     In consideration of the foregoing and the mutual promises contained in this Agreement, the
Company and Executive agree as follows:

	 	1.	 	Status. Executive will remain an employee of the Company through February
13, 2006. Executive hereby resigns, effective as of the date of his execution of this
Agreement, as Chief Financial Officer of the Company and from all director, officer and
employment positions he holds with any of the Company’s subsidiaries or affiliates.
Following February 13, 2006, Executive will no longer be employed by the Company. From
the date of his execution of this Agreement through February 13, 2006, Executive shall
assist in an orderly transition of his duties and shall have and perform such
responsibilities and duties relating solely to CB&I’s divestiture, merger and acquisition
(collectively “M&A”) activity as may be assigned to him by the Chief Executive Officer of
the Company and other mutually agreed services.
	 
	 	2.	 	Compensation and Benefits.

	 	(A)	 	Salary. Executive will remain on the Company’s payroll and
shall continue to receive compensation at his current base salary rate of $28,750
per month through February 13, 2006, at which time such salary continuation shall
cease. Such compensation shall be payable in the amounts, at the times and in the
manner otherwise applicable to Executive immediately prior to his execution of this
Agreement. The Company shall withhold from such payments all applicable payroll
taxes and other authorized or legally required deductions.
	 
	 	(B)	 	Bonus. Executive will be entitled to a cash bonus for service
during and through 2005 in the amount of at least $175,000.
	 
	 	(C)	 	Severance Payments. Company will pay to Executive, within 48
hours following the termination of his employment on February 13, 2006, (i) a
one-time separation payment in the amount of $400,000, and (ii) an additional
one-time payment in the amount of $172,000 (for loss of long-term incentive awards
that will not vest based on Executive’s 

1

 

Exhibit 10.1

	 	 	 	agreed retirement date of 2/13/06). The
Company shall withhold from such payments all applicable payroll taxes and other
authorized or legally required deductions.

	 	(D)	 	Benefits. Executive will continue to receive all Company
benefits (including perquisites), which he was receiving as of the date of his
execution of this Agreement, through February 13, 2006, at which time Executive’s
coverage under and participation in the Company’s benefit plans and arrangements
(including perquisites) shall cease, except as required by the terms of any benefit
plan or applicable law. Executive will continue to be subject to all Company
policies relating to benefits currently in effect and as they may change. Upon the
Executive’s retirement from the Company on February 13, 2005, Executive and his
spouse will be eligible for health care coverage under the CB&I Pensioner Health
Care Program and Executive will receive retiree life insurance. Executive’s (and
his spouse’s) right to such health care and life insurance coverage shall be
identical to that provided to other retirees of the Company and subject to all
terms of the applicable plans and all rights reserved by the Company including as
plan sponsor. Consistent with the provisions of the CB&I Savings Plan, should
Executive elect to retire effective immediately upon the termination of his
employment, he will receive a Company contribution based on his eligible pay for
2006.
	 
	 	(E)	 	Existing Long-Term Incentive Awards. Executive’s rights with
respect to prior awards to Executive under the Chicago Bridge & Iron 1999 Long-Term
Incentive Plan (“Incentive Plan”) shall be as follows:

	 	•	 	The Service Condition stipulated in the 2005 Restricted Stock Award
granted to Executive on April 18, 2005 will be waived. All other conditions
and terms of such award set out in the Agreement and Acknowledgement of 2005
Restricted Stock Award and the Incentive Plan, including it being contingent
on the Company achieving the stipulated earnings per share targets and the
Period of Restrictions, shall apply.
	 
	 	•	 	Executive’s rights with respect to all other Incentive Plan awards will be
subject to and governed by the terms and conditions under which those awards
were made, as reflected in the Incentive Plan and the respective award
agreements. 

	 	(F)	 	Retention of Executive for Consulting Services. The Company
and Executive are entering into an Agreement for Consulting Services simultaneously
with the execution of this Agreement, which is attached hereto as Exhibit A.
Executive’s various covenants and obligations under this Agreement which are
intended to be in force following the termination of his employment relationship
with the Company shall apply to and be incorporated into the Agreement for
Consulting Services and any breach by Executive of those covenants and obligations
shall likewise constitute a breach of the Agreement for Consulting Services and
entitle the Company to cancel or terminate that consulting agreement without
liability or further obligation of any kind to Executive.
	 
	 	(G)	 	Except as may be specifically provided herein or in the Agreement for
Consulting Services attached hereto as Exhibit A, after February 13, 2006, the
Company will provide no other type of compensation, benefits, or perquisites to
Executive, regardless 

2

 

Exhibit 10.1

	 	 	 	of whether such have previously been provided or offered to
Executive. Compensation and benefits provided to Executive pursuant to this
Paragraph 2 are in lieu of any additional forms of compensation or benefits to
which Executive otherwise would be entitled. For example, Executive understands
and agrees that he shall not have any right to severance or similar payments of any
nature (including under the Salaried Employee Severance Pay Plan, as amended
October 2, 2000, the Change of Control Severance Agreement between Executive and
the Company and certain of its affiliates dated June 3, 2002, any other severance
pay plan, or any other personal or individual agreement between him and the Company
or any subsidiary or affiliate) other than that expressly provided for in the
preceding subparagraphs of this Paragraph 2.

	 	(H)	 	The Chicago Bridge and Iron Company Change of Control Severance
Agreement between Executive and the Company and certain of its affiliates dated
June 3, 2002 is hereby revoked, cancelled and voided as of the Effective date of
this Agreement. Executive understands and agrees that, in return for consideration
he is receiving under this Agreement, he hereby waives all rights under and shall
not be entitled to any payments pursuant to or benefits of that Change of Control
Severance Agreement regardless of what events may be occurring now or may occur in
the future, including prior to the date his employment with the Company terminates.

	3.	 	Confidentiality.

	 	(A)	 	The Company and Executive agree that the Company may disclose this
Agreement and the terms of this Agreement pursuant to a press release and filings
with the Securities and Exchange Commission.
	 
	 	(B)	 	Executive agrees to execute, simultaneous with his execution of this
Agreement, the currently in use version of the CB&I Employee Invention and
Confidential Information Agreement, attached hereto as Exhibit B, and to comply, in
the present and in the future, with all terms of and obligations under that
agreement. In addition to his obligations under the CB&I Employee Invention and
Confidential Information Agreement, Executive agrees to the following provisions
with respect to Company property and confidential information.
	 
	 	(C)	 	On or before February 13, 2006, or at such other time as may be
requested by the Company, Executive will return all of the Company’s property in
Executive’s possession including, but not limited to, files, records, manuals,
memoranda, documents, keys, access cards, any phone cards, and all of the tangible
and intangible property belonging to the Company and relating to Executive’s
employment with the Company. Executive will not retain any copies or summaries,
electronic or otherwise, of such property.
	 
	 	(D)	 	Executive shall not disclose to any other person or entity any
confidential or proprietary information, as described in subparagraph (E) below and
all subsections thereunder, that Executive acquired as an employee, officer or
director of the Company or any of its affiliates or subsidiaries, or use such
information in any manner that is detrimental to the interest of the Releasees
(defined in Paragraph 10 below), except in response to compulsory legal process by
a court of competent jurisdiction that requires disclosure 

3

 

Exhibit 10.1

	 	 	 	of such information,
provided that Executive hand delivered or telefaxed a copy of such process to the
General Counsel of the Company within seven days after receipt of such process, and
did not disclose any information until the last day indicated in the legal process
or, if the Company timely and properly objected to or moved to quash the disclosure
and notified Executive that it had so objected or moved, only when and if such
objections were overruled by the relevant Court.

Executive agrees that all information described in subparagraph (E) is the
property of the Company. Executive agrees to leave all Company property with
the Company as of February 13, 2006, and will not retain any such
information, or copy of such information, in any form from and after that
date (other than any such information that he is provided by the Company in
connection with those consulting services he renders under the Agreement for
Consulting Services attached hereto as Exhibit A, all of which shall be
returned to the Company no later than the expiration of that Agreement for
Consulting Services). These obligations of confidentiality survive execution
of this Agreement, Executive’s termination of employment, and the expiration
of the Agreement for Consulting Services.

	 	(E)	 	“Confidential” or proprietary information” as used in this Agreement shall
include, but not be limited to, the following, except to the extent that such
information has not been held confidential by the Company, or can be determined from
information that is publicly available, or is already known to the recipient of
Executive’s communication through receipt from a third party source who had an
unrestricted right to disclose that information when it did so:

	 	(1)	 	Any materials, documents, records, e-mail, voice mail,
conversations, knowledge or information that relate to the business of the
Company, including, but not limited to:

	 	(a)	 	Business or marketing strategies;
	 
	 	(b)	 	Products, future projects, prices, billing
rates, research, marketing, servicing, engineering, developments,
innovations, designs, ideas, plans, trade secrets or technical
information;
	 
	 	(c)	 	All financial information and sources of the
business, including tax records, investments, financial statements and
accounting procedures;
	 
	 	(d)	 	Data figures, sales figures, projections,
estimates, market research and analysis, advertising and sales,
computing techniques, staffing, or direct or indirect cost data;
	 
	 	(e)	 	All client information, including customer
lists, information relating to the relationships between the Company
and its clients, and information relating to existing and potential
clients;

4

 

Exhibit 10.1

	 	(f)	 	All subcontractor, supplier, vendor and
consultant information (including, without limitation their products,
prices, costs, names, addresses, titles, telephone numbers, and
financial, personal, or business information) or agreements to which
they are a party;
	 
	 	(g)	 	Information pertaining to any lawsuits,
potential or existing, with the exception of information that has
become public record;
	 
	 	(h)	 	Equipment, modifications, software, source
code, object code, hardware, program documentation, user documentation,
procedures, processes, production controls and specifications;
	 
	 	(i)	 	Patent applications, inventions, improvements,
specifications, codes, developmental or experimental work, formulas,
test data, prototypes, models and copyrighted information; and
	 
	 	(j)	 	Any other confidential, nonpublic or
proprietary information, or trade secret of the Company.

	 	(F)	 	Executive shall at all times maintain the confidentiality of all trade
secrets relating to the Company. All such documentation and information is the
exclusive property of the Company. Executive will not at any time hereafter use,
publish, disclose, disseminate, appropriate, communicate or make accessible any
such trade secrets to any third party for Executive’s own benefit or for the
benefit of another.
	 
	 	(G)	 	Executive shall deliver to and pay over to the Company all monies or
other consideration, including advances, service fees, royalties or gifts that
Executive may receive, or which are distributed at Executive’s direction or with
Executive’s consent or acquiescence to any person or entity, for, on account of,
or in relation to the disclosure of confidential information in breach of this
Agreement. Executive may not seek to profit personally, directly or indirectly,
from the Company’s entrustment to Executive of such confidential information.

	4.	 	Intellectual Property Ownership. Any and all works that Executive
conceived or made or may conceive or make during the period of employment and that are,
in any way, directly or indirectly, connected with the Company’s business are and shall
be the sole and exclusive property of the Company. Executive agrees that all
copyrightable works created by Executive or under Executive’s direction in connection
with the Company’s business are “works made for hire” and are and shall be the sole and
complete property of the Company and that any and all copyrights to such works shall
belong to the Company whether or not such works were or are created outside normal
business hours, off Company property or with equipment or materials not furnished by the
Company. To the extent such works are not deemed to be “works made for hire,” Executive
hereby assigns all rights, including copyright, in these works to the Company without
further compensation.
	 
	5.	 	Non-solicitation of Employees. As a material inducement to the Company to
enter into this Agreement, through February 13, 2009, Executive shall not, and shall not
permit any of his 

5

 

Exhibit 10.1

	 	 	affiliates to, either directly or indirectly, (i) initiate contact or
solicit with respect to hiring, any present employee, director, manager or officer of
Company or any of its affiliates or subsidiaries (including any person who acted in such
capacity within the one year period prior to any such contact or solicitation), or (ii)
encourage any such employee, director, manager or officer to accept employment with any
third party or otherwise leave the Company or any of its affiliates or subsidiaries.

	6.	 	Non-solicitation of Customers. As a further material inducement to the
Company to enter into this Agreement, through February 13, 2009, Executive shall not, and
shall not permit any of his affiliates to, either directly or indirectly, solicit or
divert to any competitor of the Company or its subsidiaries or affiliates, or retain on
behalf of any competitor of the Company or its subsidiaries or affiliates, any individual
or entity who is a customer of the Company or its subsidiaries or affiliates, or was a
customer of the Company or it subsidiaries or affiliates during the one year period prior
to any such solicitation or diversion, with regard to services of the type actually
provided, on or prior to February 13, 2006, to any such customer by the Company or its
subsidiaries or affiliates or of the type that the Company or its subsidiaries or
affiliates has actually proposed, on or prior to February 13, 2006, to provide to any
such customer.
	 
	7.	 	Non-compete. The parties recognize that for the duration of Executive’s
employment and his subsequent service as a consultant, he will continue to gain knowledge
of confidential and proprietary information relating to the Company of a special and
unique value. As a further material inducement to the Company to enter into this
Agreement, and to enforce Executive’s promises regarding the protection of such
confidential and proprietary information, the parties agree that for the period during
which the Agreement for Consulting Services (Attachment A) is in effect, and for a
period of one year following the expiration or termination of that Agreement for
Consulting Services (the “Non-Competition Period”), Executive shall not, and shall not
permit any of his affiliates to, directly or indirectly, through the ownership of equity
interests, stock, assets or otherwise or as an owner, partner, member, officer,
director, financier, employee, advisor or consultant, enter into competition with the
Company or its subsidiaries or affiliates as the business thereof existed as of February
13, 2006 (the “Competing Business).
	 
	8.	 	Certain Remedies. In the event of a breach by Executive or any of his
affiliates of the terms of Paragraphs 5, 6 or 7, the Company shall be entitled, if it
shall so elect, to institute legal proceedings to obtain damages for any such breach, or
to enforce the specific performance of such terms by Executive (or his applicable
affiliate) and to enjoin Executive (or his applicable affiliate) from any further
violation and to exercise such remedies cumulatively or in conjunction with all other
rights and remedies provided by applicable law. Executive acknowledges that the remedies
at law for any breach by Executive or his affiliates of the provisions of Paragraphs 5, 6
or 7 may be inadequate and that the Company shall be entitled to injunctive relief
against Executive (or his applicable affiliate) in the event of any breach without the
necessity of posting any bond.
	 
	 	 	The necessity of protection against competition, solicitation or diversion by
Executive and his affiliates and the nature and scope of such protection has been
carefully considered by the parties to this Agreement based upon the consultation with
and advice from their respective 

6

 

Exhibit 10.1

	 	 	legal counsel. The parties agree and acknowledge (i)
that the duration, scope and geographic areas applicable to the covenants contained in
Paragraphs 5, 6 and 7 are fair, reasonable and necessary, and do not impose a greater
restraint than is necessary to protect the goodwill or other business interests of the
Company and its subsidiaries and affiliates and the business goodwill thereof, (ii) that
adequate compensation has been received by Executive for such obligations, and (iii)
that these obligations do not prevent Executive and his affiliates from conducting his
or their remaining personal or business interests. If any provision of Paragraphs 5, 6
or 7 is held to be illegal, invalid or unenforceable under present or future laws
effective during the Non-Competition Period or the other time periods covered by such
Paragraphs, in lieu of such illegal, invalid or unenforceable provision, there shall be
added automatically a provision as similar in terms to such illegal, invalid or
unenforceable provision as may be possible and be legal, valid and enforceable, but no
such added provision shall be broader or result in a greater limitation of the
activities of Executive or his affiliates than is provided in Paragraphs 5, 6 or 7 on
the date hereof. If the automatic reformation provision contained in this Paragraph for
any reason fails or is held to be illegal, invalid or unenforceable, the parties request
that the applicable court or governmental entity, as the case may be, making such
determination to interpret, alter, amend and modify the terms of Paragraphs 5, 6 or 7 to
include as much of the scope, time period and geographic area specified therein as may
be possible without rendering any provision of those Paragraphs illegal, invalid or
unenforceable, but no such modified term shall be
broader or result in a greater limitation of the activities of Executive and his
affiliates than is provided in Paragraphs 5, 6 or 7 on the date hereof.

	9.	 	Future cooperation and support.

	 	a.	 	Business issues. Through February 13, 2006, Executive shall,
without additional compensation over and above salary, benefits, and other payments
set forth in section 2, assist the Company’s Chief Executive Officer and management
team in the orderly transition of his duties to his successor and make himself
available to the extent called upon to support the Company, its subsidiaries and
affiliates solely in the area of M&A activity and other mutually agreed services.
After February 13, 2006, Executive’s obligations to the Company shall be as defined
in the Agreement for Consulting Services (Attachment A).
	 
	 	b.	 	Legal actions. Executive shall cooperate fully with the
Company in its prosecution or defense of, or participation in, any administrative,
judicial or other proceeding arising from any charge, complaint or other legal
action, which has been or may be filed. Executive shall reasonably cooperate with
any and all representatives of the Company, its affiliates and successors, in
providing accurate and complete information to such representatives related to
administrative, judicial or other actions in which the Company or any of its
owners, shareholders, predecessors, successors, assigns, agents, directors,
officers, employees, representatives, attorneys, subsidiaries, affiliates (and
agents, directors, officers, employees, representatives and attorneys of such
subsidiaries and affiliates) and all persons acting by, through, under or in
concert with any of them is a party. Such cooperation shall include, but not be
limited to, meeting with representatives of the Company or its affiliates and
subsidiaries upon reasonable notice at reasonable times and locations and providing
accurate and complete information and testimony

7

 

Exhibit 10.1

	 	 	 	related to Executive’s employment
with the Company to such representatives. The Company shall compensate Executive
for time spent pursuant to this paragraph in accordance with the terms of the
Consulting Agreement, and reimburse Executive for reasonable out-of-pocket expenses
incurred.

	 	c.	 	Payment of Legal Fees & Expenses. In the event Executive
is required to testify in a legal or regulatory proceeding or retain legal counsel
for any reason in connection with such testimony, which arises out of, or is
related to his employment with, or consulting for Company, Company agrees to pay
for or reimburse Executive for any reasonable legal fees, expenses and costs
incurred by Executive in connection with such testimony. Such payment or
reimbursement shall be made to counsel or Executive as appropriate within fourteen
(14) days after submission and review and approval of the relevant statements or
invoices. Nothing contained in this Section shall affect Executive’s right or
ability to recover legal fees and expenses in any other section of this Agreement
or the Executive’s rights under the Articles of
Association with respect to indemnification or the Company’s Directors and
Officers Liability insurance policy.

	10.	 	Release and Covenant Not to Sue. As a further material inducement to the
Company to enter into this Agreement, Executive, on his behalf and on behalf of his
affiliates, heirs, successors and assigns, hereby irrevocably and unconditionally
releases, acquits and forever discharges and covenants not to sue the Company and each of
the Company’s parents, owners, shareholders, predecessors, successors, assigns, agents,
directors, officers, employees, representatives, attorneys, subsidiaries, affiliates (and
agents, directors, officers, employees, representatives and attorneys of such parents,
subsidiaries and affiliates) and all persons acting by, through, under or in concert with
any of them (collectively the “Releasees”), or any of them, from any and all charges,
complaints, claims, liabilities, obligations, promises, agreements, controversies,
damages, actions, causes of action, suits, rights, demands, costs, losses, debts and
expenses (including attorneys’ fees and costs actually incurred) of any nature
whatsoever, known or unknown (individually “Claim” or collectively “Claims”), which
Executive now has, owns, or holds, or which Executive at any time heretofore had, owned
or held, against any of the Releasees, including, but not limited to, (a) all Claims of
age discrimination under the Age Discrimination in Employment Act of 1967 or any similar
state statute; (b) all Claims under the Executive Retirement Income Security Act of 1974;
(c) all employment or discrimination Claims under the statutes of the State of Texas or
any other state; (d) all Claims of unlawful discrimination based on age, sex, race,
religion, national origin, handicap, disability, equal pay, veteran status or any other
basis arising under any federal, state or local statute or common law, (e) all Claims of
wrongful discharge, harassment, retaliation (including for having engaged in whistle
blowing actions), breach of any implied or express employment contract, negligent or
intentional infliction of emotional distress, libel, defamation, breach of privacy,
fraud, and breach of any implied covenant of good faith and fair dealing; and (f) all
Claims related to Executive’s employment with the Company, including, but not limited to,
all Claims related to unpaid wages, salary, overtime compensation, bonuses, incentive
compensation, severance pay, vacation pay, or other compensation or benefits arising out
of Executive’s employment with the Company. Executive covenants and agrees not to bring
any judicial action against any of the Releasees with respect to any such Claim or Claims
and warrants that no such Claim or Claims have been filed.

8

 

Exhibit 10.1

	 	 	Nothing in this Paragraph is intended to release the Company from its obligations to
make payments to the Executive as contemplated by this Agreement, or to affect the
Executive’s rights as contemplated by this Agreement.
	 
	11.	 	No Admission. This Agreement shall not in any way be construed as an
admission by the Company of any illegal act whatsoever against Executive or any other
person, and the Company specifically disclaims any liability to Executive or any other
person, on the part of itself or its agents.
	 
	12.	 	Representations of Executive. Executive represents and agrees (a) that he
has been advised by the Company in writing by this Agreement to consult with an attorney
of his choice prior to signing this Agreement and that the Company has afforded him no less
than 21 days to consider whether to execute this Agreement; (b) that he would not be
entitled to the compensation set forth in Paragraph 2 hereof but for the terms of this
Agreement; (c) that he has consulted or has had sufficient opportunity to discuss with
any person, including an attorney of his choice, all provisions of this Agreement, that
he has carefully read and further understands same, that he is competent to execute this
Agreement, and that he is entering same voluntarily; (d) that he has not heretofore
assigned or transferred, or proposed to assign or transfer, to any person or entity, any
Claim or any portion thereof or interest therein; and (e) that in executing this
Agreement, he does not rely and has not relied upon any representation or statement made
by any of the Releasees or by any of the Releasees’ agents, representatives or attorneys
with regard to the subject matter, basis or effect of this Agreement or otherwise.
	 
	 	 	Executive shall indemnify and hold each and all of the Releasees harmless from and
against any and all loss, cost, damage, or expense, including, without limitation,
attorneys’ fees, incurred by the Releasees, or any of them, arising out of any breach of
this Agreement by Executive or the fact that any representation made by Executive was
false when made.
	 
	13.	 	Conditions to Payments. It is a condition to Executive’ rights pursuant to
Paragraph 2 hereof that Executive refrain from making disparaging, negative or other
similar remarks concerning the Company or any of its subsidiary or affiliated
corporations or entities, or their respective officers, directors, or employees.
Similarly, the Company and any of its subsidiary or affiliated corporations or entities,
and their respective officers, directors, or employees will refrain from making
disparaging, negative or other similar remarks concerning Executive.
	 
	14.	 	Revocation and Effective Date. It is expressly agreed that for seven days
following execution of this Agreement by Executive, Executive may revoke this Agreement;
except for the provisions of Paragraph 1 which shall become effective immediately upon
Executive’s execution of this Agreement. It is further expressly agreed by the parties
that this Agreement shall not become effective or enforceable until the seven day
revocation period described above has expired (the “Effective Date”), after which this
Agreement shall be deemed effective and enforceable in all respects. Executive agrees
that Revocation on his part shall be accomplished by hand delivery of written notice of
same to the General Counsel of the Company.
	 
	15.	 	Miscellaneous. It is the parties’ intention that all provisions of this
Agreement be enforced to the fullest extent permitted by law. If, however, any provision
of this Agreement is held to be 

9

 

Exhibit 10.1

	 	 	illegal or unenforceable, such provision shall be
severable and the remaining provisions of this Agreement shall remain in full force and
effect. No presumption or rule of construction shall be utilized as a result of the
identity of the party drafting this Agreement. This Agreement contains the entire
understanding and agreement between the Company and Executive with respect to the subject
matter of this Agreement and supersedes all prior oral or written agreements between the
parties with respect to that subject matter. The terms and conditions of the
Agreement shall not be amended except by written agreement signed by both parties;
however, as to matters related to confidential and proprietary information and trade
secrets, this Agreement supplements, and does not supersede Executive’s obligations
pursuant to law and any confidentiality agreement with the Company. The prevailing
party in any legal proceeding brought in relation to this Agreement shall be entitled to
recover from the other party reasonable attorney’s fees and costs incidental to such
proceeding. This agreement shall be governed by, interpreted, construed and enforced in
accordance with the laws of the State of Texas, without reference to the principles of
conflict of laws.

PLEASE READ CAREFULLY. THIS AGREEMENT INCLUDES A RELEASE OF ALL KNOWN AND UNKNOWN
CLAIMS.

IN WITNESS WHEREOF, the parties have executed this
Agreement as of the 8 day of October
2005, to become effective as of the Effective Date.

	 	 	 	 	 
	 

	 	/s/ R. E. Goodrich	 	 
	 

	 	 

	 	 
	 

	 	RICHARD E. GOODRICH	 	 
	 
	 	 	 	 
	 

	 	CHICAGO BRIDGE & IRON COMPANY	 	 
	 

	 	(DELAWARE) (on behalf of itself and its owners)	 	 
	 
	 	 	 	 
	 

	 	By: /s/ David P Bordages
	 	 
	 

	 	 

	 	 
	 
	 	 	 	 
	 

	 	Title: Vice President Human Resources	 	 
	 
	 	 	 	 
	 

	 	Date: 10/8/05	 	 

10

 

Exhibit 10.1

EXHIBIT A

11

 

Exhibit 10.1

October 8, 2005

Mr. Richard E. Goodrich

3 Oakley Downs

The Woodlands, TX 77382

AGREEMENT FOR CONSULTING SERVICES

Dear Rich:

     This letter confirms the Agreement between Chicago Bridge & Iron Company (Delaware) (“CB&I” or
“the Company”) and you for your consulting service. Because of the knowledge, skill and experience
you possess, you have agreed to serve in an advisory capacity in connection with divestiture,
merger & acquisition (collectively “M&A”) activity as may be requested, in his discretion, by
Gerald M. Glenn, Chairman, President & Chief Executive Officer or his designee and other mutually
agreed services.

     Your service as a consultant under this Agreement will commence on February 14, 2006 and
extend through February 13, 2008, at which time this Agreement shall terminate.

     You will be paid a non-refundable retainer equal to Fifty Thousand Dollars ($50,000.00) each
quarter through the term of this Agreement (i.e. a total of $400,000 over the entire term of the
Agreement). Your first quarterly retainer payment will be paid no
later than February 28,
2006 and
subsequent retainer payments no later than two weeks after the close of each successive quarter.
Such retainer payments shall be regardless of whether any consulting service has been performed.
In addition to this retainer, we agree to pay you at a rate equal to Two Thousand Dollars
($2,000.00) per day, for those days or part days worked by you as a consultant and as may from time
to time be requested by Gerald M. Glenn, Chairman, President & Chief Executive Officer or his
designee.

     We will also provide you such office, telephone, computer, electronic mail, secretarial and
other facilities and services as are necessary for you to adequately perform the service called for
under this Agreement, whether in your offices, our offices or other mutually agreeable location.
We will also pay all reasonable and necessary expenses for travel, lodging and incidentals incurred
by you (subject to approval by Gerald M. Glenn) while providing the service requested, upon your
submission of proper supporting documentation. Arrangements for your travel will be made on the
same basis as existed when you were employed as CFO of the Company. Additionally, the Company will
provide you as an expense item, based on the submission of an expense report, a monthly automobile
allowance equal to Eight Hundred Dollars ($800.00) and will reimburse you for the expense of
related automobile insurance consistent with the Company’s established standard. Should you
maintain a Texas residence, the Company will also reimburse you for monthly membership expenses in
The Woodlands Country Club.

     We will pay you within thirty (30) days after receipt of your monthly invoices for service
provided and expenses, listing your performance of tasks by date performed, provided they were
approved in advance by Mr. Glenn. Invoices should be sent to the attention of Gerald M. Glenn,
Chairman, President & Chief Executive Officer, CB&I, One CB&I Plaza, 2103 Research Forest Drive,
The Woodlands, TX 77380.

     You have agreed to perform your services in accordance with that standard of care, skill and
diligence normally provided by a professional person of your background in the performance of
services similar to those provided hereunder. In addition, you shall submit from time to time
whatever other data and reports we may reasonably require of you in the performance of your duties.

12

 

Exhibit 10.1

     You have agreed not to disclose, either during or after the term of this Agreement, any
secret, confidential, proprietary or other sensitive information concerning our business, services,
products, apparatus or processes, whether developed, investigated or sold by us, or concerning our
customers. In addition, you have agreed not to disclose information received by us from third
parties, to the extent required by agreements between us or our affiliated companies and those
third parties.

     During the term of this Agreement you will have the right to perform services for other
persons or entities subject to each of your covenants and restrictions, including concerning
non-competition, contained in the Severance Agreement (“Severance Agreement”) executed between you
and CB&I in connection with your former employment, provided the work you desire to undertake will
not violate your foregoing covenants and restrictions nor interfere with your commitment under this
Agreement or the Severance Agreement.

     It is understood that in serving as a consultant to us, you are acting as an independent
contractor and not as our employee or agent. Accordingly, this Agreement shall not entitle you to
participate in any fringe benefit or executive compensation program for which the employees or
directors of CB&I may be eligible. Because you are acting as an independent contractor, CB&I will
not be making deductions from the amounts payable to you to cover income tax withholding, FICA
contributions or the like. You will not be entitled to worker’s compensation, occupational
disease or any other insurance benefits from CB&I. The consulting arrangement provided for in this
Agreement will not affect any benefits to which you will be entitled as a retiree of the Company.

     This is also to confirm that you are not authorized to make any commitment or to enter into
any agreement, the effect of which would be to bind CB&I without its prior written authorization.
You agree to abide by our general policies and practices as they may apply to your consulting
services, of which we shall from time to time notify you and also any special directions or
requirements which we may communicate to you.

     None of your rights or obligations under this Agreement may be assigned or sublet by you to
anyone else, without our prior written consent.

     This Agreement shall become effective on February 14, 2006, conditioned on your compliance
with all terms of the Severance Agreement, and shall terminate on February 13, 2008. Either party
may terminate this Agreement by at least thirty (30) days prior written notice, however should the
Company terminate this Agreement, you will be paid within thirty (30) days of the date of such
termination, in a single lump-sum (without discount), the sum of $50,000 multiplied by the number
of quarters yet to be paid through February 13, 2008., provided, CB&I may terminate, at its option,
this Agreement without any further monetary or other obligation to you in the event of a material
breach on your part of its terms or the terms of the Severance Agreement.

     If during the Consulting Period you are prevented from rendering services or performing your
duties hereunder by reason of illness, death, injury, or physical, mental, legal, or other
disability or incapacity for a period of four (4) or more successive weeks, or if our business
shall at any time be discontinued or sold, we shall have the right to terminate this Agreement upon
ten (10) days prior written notice to you or your representative. Upon any such termination the
Company shall promptly pay to you (or if you have died, to your surviving spouse or if none to your
estate), in a single lump sum (without discount), the sum of $50,000 multiplied by the number of
quarters yet to be paid through February 13, 2008.

     This Agreement shall be interpreted in accordance with, and shall in all respects be governed
by, the laws of the State of Texas, without reference to any rules pertaining to conflicts of law.

13

 

Exhibit 10.1

     If this letter properly sets forth the entire Agreement between us, please sign and return the
original to me, retaining a copy for your file. I will then forward you a fully executed copy.

	 	 	 
	 

	 	Sincerely,
	 
	 	 
	 

	 	CHICAGO BRIDGE & IRON COMPANY (DELAWARE)
	 
	 	 
	 

	 	By: /s/ David P. Bordages
	 
	 	 
	 

	 	Title: Vice President Human Resources
	 
	 	 
	 

	 	Date: 10/8/05
	Accepted this 8th day of October, 2005.

	 
	 	 
	/s/ R. E. Goodrich
	 	 
	 	 	 
	Richard E. Goodrich
	 	 

14

 

Exhibit 10.1

EXHIBIT B

15

 

Exhibit 10.1

EMPLOYEE INVENTION AND CONFIDENTIAL

INFORMATION AGREEMENT

I. PREAMBLE

WHEREAS, Chicago Bridge & Iron Company N.V. and its subsidiaries and affiliates, (collectively the
“Company”) has hired R. E. Goodrich (“Employee”), and as part of employment with the Company,
Employee may develop inventions, ideas and/or improvements of value to the Company, and Employee
will have access to certain proprietary, confidential and trade secret information concerning the
Company and its business.

NOW THEREFORE, for valuable consideration, receipt of which is hereby acknowledged, and intending
to be legally bound hereby, the parties hereto agree as follows:

II. COPYRIGHT, INVENTIONS AND PATENTS

(a) Employee agrees to make prompt full written disclosure to the Company and to hold in trust for
the sole right, benefit, and use of the Company, any inventions, discoveries, trade secrets,
developments and improvements (“Inventions”), whether or not patentable, and works of authorship,
whether or not copyrightable, which are conceived, developed or reduced to practice, or caused to
be conceived, developed or reduced to practice, during the term of employment, and for a period of
three years thereafter if such Inventions relate to the actual or anticipated business or
activities of the Company, result from or are suggested by work performed by Employee for the
Company, or result, in whole or in part, from use of the Company’s property or premises.

(b) Employee agrees to assign and does hereby assign to the Company all right, title, and interest
in and to all such Inventions and works of authorship, and further agrees, during the term of
employment and thereafter, at the Company’s request and expense, to review, execute, acknowledge
and deliver any and all papers, not necessarily limited to applications for patents and copyrights,
and to execute any oath or declaration and verify any document in connection with carrying out the
terms of this Agreement, except that Employee shall not be obligated to assign an Invention for
which no equipment, supplies, facilities, or trade secret information of the Company was used, and
which was developed entirely on Employee’s own time, unless:

	 	(i)	 	the Invention relates to:

	 	(1)	 	the business of the Company; or
	 
	 	(2)	 	the Company’s actual or demonstrably anticipated research or
development; or

	 	(ii)	 	the Invention results from any work performed by Employee for the Company.

Notice is hereby provided that the obligation by Employee to assign Inventions under this
Agreement does not apply to an invention which qualifies fully under the provisions of the
Illinois Employee Patent Act. 765 WCS 1060/1.

(c) In the event the Company is unable for any reason whatsoever to secure the signature of
Employee to any lawful and necessary documents required, including those necessary for the
assignment of, application for, or prosecution of any United States or foreign applications for
letters patent or copyright, Employee hereby irrevocably designates and appoints the Company and
its duly authorized officers and agents as agent and attorney in fact, to act for and in Employee’s
behalf and stead to execute and file any such application, and to do all other lawfully permitted
acts to further the assignment, prosecution and issuance of letters patent or copyright thereof,
with the same legal force and effect as if
executed by Employee. Employee hereby waives and quitclaims to the Company any and all claims of
any nature whatsoever which Employee may now have or may hereafter have for infringement of any
patent or copyright resulting from any such application.

16

 

Exhibit 10.1

(d) Employee agrees that any copyrights in work produced by Employee within the scope and
during the term of Employee’s employment by the Company which relates to past, present or
foreseeable business, products, developments, technology or activities of the Company shall be
considered as a “work for hire.”

III. FURTHER ASSURANCES

Employee agrees to assist the Company, or any party designated by Company, promptly on the
Company’s request, whether before or after the termination of employment, however such termination
may occur, in perfecting, registering, maintaining, and enforcing, in any jurisdiction, Company’ s
rights in the Inventions by performing all acts and executing all documents and instruments deemed
necessary or convenient by the Company including, but not limited to:

1. Executing assignments, applications, and other documents and instruments in connection with (a)
obtaining patents, copyrights, trademarks, or other proprietary protections for the Inventions and
(b) confirming the assignment to the Company of all right, title, and interest in the Inventions or
otherwise establishing the Company’s exclusive ownership rights therein; and

2. Cooperating in the prosecution of patent, copyright and trademark applications, as well as in
the enforcement of the Company’s rights in the Inventions, including, but not limited to,
testifying in court or other administrative body, or before any patent, copyright, trademark or
registry office. Employee will be reimbursed for all out-of-pocket costs incurred in connection
with the foregoing, if requested by the Company after the termination of employment.

IV. POWER OF ATTORNEY

Employee irrevocably appoints the Company to be Employee’s Attorney-in-Fact in Employee’s name and
on Employee’s behalf to execute any document and to take any action and to generally use Employee’s
name for the purpose of giving to and preserving for the Company the full benefit of the assignment
provisions set forth above.

V. CONFIDENTIALITY

Employee shall neither during his or her employment (except in the proper performance of
employment duties) nor at any time after the termination of employment, directly or indirectly use
for his or her own purposes or those of any other person, company, business entity or other
organization whatsoever any trade secrets or confidential information, knowledge or data of the
Company, including without limitation, financial information, client lists, lists of prospective
clients, sales records, programs and techniques, company manuals and policies, computer programs,
software and disks, financial statements and projections, business plans, budgets, supplier
information, employee compensation schedules, pricing information, or any information which
Employee has been told is “Confidential” or which Employee might reasonably expect the Company to
regard as “Confidential.” Even if information has not been designated or marked “Confidential,”
Employee shall treat information as “Confidential” information if Employee has been told or
otherwise knows or reasonably should know the information is “Confidential.” The restrictions in
this paragraph do not apply to information which is (1) readily available to the public or within
the Company’s industry, or (2) was acquired by Employee through independent means or unrelated to
the employment relationship with the Company.

VI. EXCLUDED INVENTIONS

All Inventions, if any, which Employee made or conceived prior to employment by the Company are
excluded from the scope of this Agreement. As a matter of record, Employee has set forth on Exhibit
A attached hereto (if any) a complete list of all Inventions relating to the Company’s business
which have been made or conceived by Employee prior to employment with the Company. Employee
represents and warrants that such list is complete and accurate in all respects.

Employee will make full and prompt disclosure to the Company of all Inventions subject to
assignment to the Company, and all information relating thereto in Employee’s possession or under
his or her control as to possible applications and use thereof, to an authorized representative of
the Company.

17

 

Exhibit 10.1

VII. NO VIOLATION OF THIRD-PARTY RIGHTS

Employee represents, warrants and covenants that Employee:

	(a)	 	will not, in the course of employment with the Company, infringe upon or violate any
proprietary rights of any third party (including, but not limited to, any third party
confidential relationships, patents, copyrights, trade secrets, or other proprietary rights);
	 
	(b)	 	is not a party to any conflicting agreements with third parties which will prevent Employee
from fulfilling the terms of employment with the Company and the obligations of this
Agreement;
	 
	(c)	 	does not have in Employee’s possession any confidential or proprietary information or
documents belonging to others and will not disclose to the Company, use or induce the Company
to use, any confidential or proprietary information or documents of others; and
	 
	(d)	 	agrees to respect any and all valid obligations which Employee may now have to prior
employers or to others relating to confidential information, inventions, or discoveries which
are the property of those prior employers or others, as the case may be.

Employee has supplied or shall promptly supply to the Company a copy of each written agreement to
which Employee is subject which includes any obligation of confidentiality, assignment of
inventions, or non-competition.

Employee agrees to indemnify, defend and hold harmless Company from any loss, liability, claim,
damage, costs or expenses of any kind (including, but not limited to, reasonable attorney fees) to
which the Company may be subjected by virtue of a breach by Employee of the foregoing
representations, warranties and covenants.

VIII. OBLIGATIONS UPON TERMINATION

In the event Employee is terminated for any reason, Employee will promptly (a) deliver to Company
all physical property including but not limited to, disks, documents, notes, print-outs, drawings,
blueprints, manuals, letters, notes, notebooks, reports, sketches, formulae, computer programs and
similar items, memoranda, customer’s lists and all other materials and all copies thereof relating
in any way to the Company’s business and in any way obtained during the period of my employment
with the Company which are in Employee’s possession or control.

Upon termination of employment with the Company, Employee shall, if requested by the Company,
reaffirm Employee’s recognition of the importance of maintaining the confidentiality of the
Company’s Confidential Information and reaffirm all of the Employee’s obligations set forth in the
Assignment Sections of this Agreement. In addition, Employee agrees not to make or retain any
copies of any of the foregoing and will so represent to the Company upon termination of employment.

IX. MISCELLANEOUS

Employee acknowledges that Employee has had the opportunity to seek legal advice before signing
this Agreement and has either done so or has knowingly waived the right to do so.

The Company may notify anyone who employs Employee or who evidences an intention to employ Employee
of the existence and provisions of this Agreement.

The invalidity or unenforceability of any provision of this Agreement as applied to a particular
occurrence or circumstance or otherwise shall not affect the validity and enforceability or
applicability of any other provision of this Agreement.

This Agreement shall inure to the benefit of and may be enforced by the Company, its successors or
assigns, and shall be binding upon employee’s executors, administrators, legatees, distributees,
and
other successors in interest and may not be changed in whole or in part except in a writing signed
by a duly authorized officer of the Company and Employee.

18

 

Exhibit 10.1

Governing Law — Notwithstanding principles of conflicts of law to the contrary, all terms and
conditions of this Agreement are to be construed and governed by the laws of the State of Illinois.

Severability. — Whenever possible, each provision of this Agreement shall be interpreted in such a
manner as to be effective and valid under applicable law, but if any provision of this agreement is
held to be invalid, illegal or unenforceable in any respect under any applicable law or rule, such
invalidity, illegality or unenforceability shall not effect any other provision of this Agreement,
and this Agreement shall be reformed, construed, and enforced as if such invalid, illegal or
unenforceable provision had never been contained therein.

This Agreement contains all of the agreements, representations and understandings of the parties
and supercedes all prior agreements, representations and understandings, oral or written, related
to the subject matter of this Agreement.

CAUTION TO EMPLOYEE: This Agreement affects important rights. Do not sign it unless you have read
it carefully and are satisfied that you understand it completely.

I, /s/ R. E. Goodrich (Employee’s Signature), do hereby attest and certify that I have read the
above Agreement and that I have been advised that, due to the nature of the above Agreement, I
should seek legal counsel prior to executing such Agreement. I (have) (have not) sought such
legal counsel and understand that the above Agreement restricts my rights and activities with
regard to my future work and/or employment possibilities and that the Agreement contains
various duties and obligations of mine to the Company.

Signed:
/s/ R. E. Goodrich

Social Security #:

Date: 8 Oct 2005

Accepted for Chicago Bridge & Iron Company (Delaware)

                    (name of Company Accepting)

By: /s/ David P. Bordages

Date: 10/8/05

19

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