Document:

Form of Registration Rights Agreement

 EXHIBIT 10.3 
 REGISTRATION RIGHTS AGREEMENT 
 REGISTRATION RIGHTS AGREEMENT (this
“Agreement”), dated as of October 27, 2006, by and among Willbros Group, Inc., a corporation organized under the laws of Panama, with its principal offices at Plaza 2000 Building, 50th Street, 8th Floor, P.O.
Box 0816-01098, Panama, Republic of Panama (the “Company”), and the undersigned buyers (each, a “Buyer”, and collectively, the “Buyers”). 
 WHEREAS: 
 A. In connection with the
Securities Purchase Agreement by and among the parties hereto of dated as of October 26, 2006 (the “Securities Purchase Agreement”), the Company has agreed, upon the terms and subject to the conditions of the Securities
Purchase Agreement, to issue and sell on the date hereof to each Buyer (i) shares (the “Common Shares”) of the Company’s common stock, par value $0.05 per share (the “Common Stock”), and (ii) warrants
(the “Warrants”), which will be exercisable to purchase shares of Common Stock (as exercised collectively, the “Warrant Shares”). 
 B. To induce the Buyers to execute and deliver the Securities Purchase Agreement, the Company has agreed to provide certain registration rights under the Securities Act of 1933, as amended, and the rules and
regulations thereunder, or any similar successor statute (collectively, the “1933 Act”), and applicable state securities laws. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and each of the Buyers
hereby agree as follows: 
 1. Definitions. 
 Capitalized terms used herein and not otherwise defined herein shall have the respective meanings set forth in the Securities Purchase Agreement. As used in this Agreement, the following terms shall have the following
meanings: 
 a. “Business Day” means any day other than Saturday, Sunday or any other day on which commercial banks in the
City of New York are authorized or required by law to remain closed. 
 b. “Closing Date” shall have the meaning set forth
in the Securities Purchase Agreement. 
 c. “Effective Date” means the date the Registration Statement has been declared
effective by the SEC. 
 d. “Effectiveness Deadline” means the date that is 120 days after the Closing Date. 
  

 1 

 e. “Filing Deadline” means the date that is 60 days after the Closing Date. 

f. “Investor” means a Buyer or any transferee or assignee thereof to whom a Buyer assigns its rights under this Agreement and who
agrees to become bound by the provisions of this Agreement in accordance with Section 9 and any transferee or assignee thereof to whom a transferee or assignee assigns its rights under this Agreement and who agrees to become bound by the
provisions of this Agreement in accordance with Section 9. 
 g. “Person” means an individual, a limited liability
company, a partnership, a joint venture, a corporation, a trust, an unincorporated organization and a government or any department or agency thereof. 
 h. “register,” “registered,” and “registration” refer to a registration effected by preparing and filing one or more Registration Statements (as defined below) in
compliance with the 1933 Act and pursuant to Rule 415 and the declaration or ordering of effectiveness of such Registration Statement(s) by the SEC. 
 i. “Registrable Securities” means (i) the Common Shares, (ii) the Warrant Shares issued or issuable upon exercise of the Warrants and (iii) any shares of capital stock issued or
issuable with respect to the Common Shares, the Warrant Shares or the Warrants as a result of any stock split, stock dividend, recapitalization, exchange or similar event or otherwise, without regard to any limitations on exercise of the Warrants.

 j. “Registration Statement” means a registration statement or registration statements of the Company filed under the
1933 Act covering the Registrable Securities. 
 k. “Required Holders” means the holders of at least a majority of the
Registrable Securities. 
 l. “Required Registration Amount” for the Registration Statement means the sum of (i) the
number of Common Shares issued pursuant to the Securities Purchase Agreement and (ii) 120% of the number of Warrant Shares issued and issuable pursuant to the Warrants as of the trading day immediately preceding the applicable date of
determination, all subject to adjustment as provided in Section 2(e) (without regard to any limitations on exercise of the Warrants). 
 m. “Rule 415” means Rule 415 promulgated under the 1933 Act or any successor rule providing for offering securities on a continuous or delayed basis. 
 n. “SEC” means the United States Securities and Exchange Commission. 
 2. Registration. 
 a. Mandatory
Registration. The Company shall prepare, and, as soon as practicable but in no event later than the Filing Deadline, file with the SEC the Registration 

  

 2 

 
Statement on Form S-1 covering the resale of at least the number of shares of Common Stock equal to the Required Registration Amount determined as of date
the Registration Statement is initially filed with the SEC. The Registration Statement shall contain (except if otherwise directed by the Required Holders) the “Selling Stockholders” and “Plan of Distribution”
sections in substantially the form attached hereto as Exhibit B. The Company shall use its reasonable best efforts to have the Registration Statement declared effective by the SEC as soon as practicable, but in no event later than the
Effectiveness Deadline. By 9:30 am on the Business Day following the Effective Date, the Company shall file with the SEC in accordance with Rule 424 under the 1933 Act the final prospectus to be used in connection with sales pursuant to such
Registration Statement. 
 b. Allocation of Registrable Securities. The initial number of Registrable Securities included in any
Registration Statement and any increase in the number of Registrable Securities included therein shall be allocated pro rata among the Investors based on the number of Registrable Securities held by each Investor at the time the Registration
Statement covering such initial number of Registrable Securities or increase thereof is declared effective by the SEC. In the event that an Investor sells or otherwise transfers any of such Investor’s Registrable Securities, each transferee
shall be allocated a pro rata portion of the then remaining number of Registrable Securities included in such Registration Statement for such transferor. Any shares of Common Stock included in a Registration Statement and which remain allocated to
any Person which ceases to hold any Registrable Securities covered by such Registration Statement shall be allocated to the remaining Investors, pro rata based on the number of Registrable Securities then held by such Investors which are covered by
such Registration Statement. In no event shall the Company include any securities other than Registrable Securities on any Registration Statement without the prior written consent of the Required Holders. 
 c. Legal Counsel. Subject to Section 5 hereof, the Required Holders shall have the right to select one legal counsel to review and oversee
any registration pursuant to this Section 2 (“Legal Counsel”), which shall be Schulte Roth & Zabel LLP or such other counsel as thereafter designated by the Required Holders. The Company and Legal Counsel shall
reasonably cooperate with each other in performing the Company’s obligations under this Agreement. 
 d. Ineligibility for Form
S-3. In the event that Form S-3 is not available for the registration of the resale of Registrable Securities hereunder, the Company shall undertake to register the Registrable Securities on Form S-3 as soon as reasonably practicable after such
form is available, provided that the Company shall maintain the effectiveness of the Registration Statement then in effect until such time as a Registration Statement on Form S-3 covering the Registrable Securities has been declared effective by the
SEC. 
 e. Sufficient Number of Shares Registered. In the event the number of shares available under a Registration Statement filed
pursuant to Section 2(a) is insufficient to cover all of the Registrable Securities required to be covered by such Registration Statement or an Investor’s allocated portion of the Registrable Securities pursuant to Section 2(b), the
Company shall amend the applicable Registration Statement, or file a new Registration Statement (on the short form available therefor, if applicable), or both, so as to cover at least the 

  

 3 

 
Required Registration Amount as of the trading day immediately preceding the date of the filing of such amendment or new Registration Statement, in each
case, as soon as practicable, but in any event not later than fifteen (15) days after the necessity therefor arises; provided, however, that if, at the time of such event, the Company is not eligible to file a new Registration Statement on Form
S-3, the Company shall file such new Registration Statement not later than thirty (30) days after the necessity therefor arises. The Company shall use its reasonable best efforts to cause such amendment and/or new Registration Statement to
become effective as soon as reasonably practicable following the filing thereof. For purposes of the foregoing provision, the number of shares available under a Registration Statement shall be deemed “insufficient to cover all of the
Registrable Securities” if at any time the number of shares of Common Stock available for resale under the Registration Statement is less than the product determined by multiplying (i) the Required Registration Amount as of such time by
(ii) 0.90. The calculation set forth in the foregoing sentence shall be made without regard to any limitations on the exercise of the Warrants and such calculation shall assume that the Warrants are then exercisable for shares of Common Stock
at the then prevailing Exercise Price (as defined in the Warrants). 
 f. Effect of Failure to File and Obtain and Maintain Effectiveness
of Registration Statement. If (i) a Registration Statement covering all of the Registrable Securities required to be covered thereby and required to be filed by the Company pursuant to this Agreement is (A) not filed with the SEC on or
before the Filing Deadline (a “Filing Failure”) or (B) not declared effective by the SEC on or before the Effectiveness Deadline (an “Effectiveness Failure”) or (ii) on any day after the Effective Date
sales of all of the Registrable Securities required to be included on such Registration Statement cannot be made (other than during an Allowable Grace Period (as defined in Section 3(r)) pursuant to such Registration Statement (including,
without limitation, because of a failure to keep such Registration Statement effective, to disclose such information as is necessary for sales to be made pursuant to such Registration Statement or to register a sufficient number of shares of Common
Stock) (a “Maintenance Failure”) then, as partial relief for the damages to any holder by reason of any such delay in or reduction of its ability to sell the underlying shares of Common Stock (which remedy shall not be exclusive of
any other remedies available at law or in equity), the Company shall pay to each holder of Registrable Securities relating to such Registration Statement an amount in cash equal to one and one-quarter percent (1.25%) of the aggregate Purchase
Price (as such term is defined in the Securities Purchase Agreement) of such Investor’s Registrable Securities included in such Registration Statement on each of the following dates: (i) the day of a Filing Failure and on every thirtieth
day (pro rated for periods totaling less than thirty (30) days) thereafter until such Filing Failure is cured; (ii) the day of an Effectiveness Failure and on every thirtieth day (pro rated for periods totaling less than thirty
(30) days) thereafter until such Effectiveness Failure is cured; and (iii) the initial day of a Maintenance Failure and on every thirtieth day (pro rated for periods totaling less than thirty (30) days) thereafter until such
Maintenance Failure is cured. The payments to which a holder shall be entitled pursuant to this Section 2(f) are referred to herein as “Registration Delay Payments.” Registration Delay Payments shall be paid on the earlier of
(I) the last day of the calendar month during which such Registration Delay Payments are incurred and (II) the third Business Day after the event or failure giving rise to the Registration Delay Payments is cured. In the event the Company fails
to make Registration Delay Payments in a timely manner, such Registration Delay Payments shall bear interest at the rate of one and one-half percent (1.5%) per month (prorated for partial months) until paid in full. Notwithstanding anything
herein or in the Securities Purchase Agreement to the contrary, in no 

  

 4 

 
event shall the aggregate amount of Registration Delay Payments (other than Registration Delay Payments payable pursuant to events that are within the
control of the Company) exceed, in the aggregate, ten percent (10%) of the aggregate Purchase Price of the Common Shares. 
 3.
Related Obligations. 
 At such time as the Company is obligated to file a Registration Statement with the SEC pursuant to
Section 2(a), 2(d) or 2(e), the Company will use its reasonable best efforts to effect the registration of the Registrable Securities in accordance with the intended method of disposition thereof and, pursuant thereto, the Company shall have
the following obligations: 
 a. The Company shall submit to the SEC, within three (3) Business Days after the Company learns that no
review of a particular Registration Statement will be made by the staff of the SEC or that the staff has no further comments on a particular Registration Statement, as the case may be, a request for acceleration of effectiveness of such Registration
Statement to a time and date not later than 48 hours after the submission of such request, unless the Company determines, in its sole reasonable discretion that, notwithstanding such clearance, it is required to amend the Registration Statement
under the rules and regulations under the 1933 Act, in which case the Company will use its reasonable best efforts to amend the Registration Statement as promptly as practicable, address any comments the staff may have with respect to the amended
Registration Statement and request acceleration of the Registration Statement within three (3) Business Days after it learns that the staff has no further comments. The Company shall keep each Registration Statement effective pursuant to Rule
415 at all times until the earlier of (i) the date as of which the Investors may sell all of the Registrable Securities covered by such Registration Statement without restriction pursuant to Rule 144(k) (or any successor thereto) promulgated
under the 1933 Act or (ii) the date on which the Investors shall have sold all of the Registrable Securities covered by such Registration Statement (the “Registration Period”). The Company shall ensure that each Registration
Statement (including any amendments or supplements thereto and prospectuses contained therein) shall not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein, or necessary to make the
statements therein (in the case of prospectuses, in the light of the circumstances in which they were made) not misleading. 
 b. The
Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to a Registration Statement and the prospectus used in connection with such Registration Statement, which prospectus is to be filed
pursuant to Rule 424 promulgated under the 1933 Act, as may be reasonably necessary to keep such Registration Statement effective at all times during the Registration Period, and, during such period, comply with the provisions of the 1933 Act with
respect to the disposition of all Registrable Securities of the Company covered by such Registration Statement until such time as all of such Registrable Securities shall have been disposed of in accordance with the intended methods of disposition
by the seller or sellers thereof as set forth in such Registration Statement. In the case of amendments and supplements to a Registration Statement which are required to be filed pursuant to this Agreement (including pursuant to this
Section 3(b)) by reason of the Company filing a report on Form 10-Q, Form 10-K, or any analogous report under the Securities Exchange Act of 1934, as amended (the “1934 Act”), the Company shall have incorporated such report by
reference into such Registration Statement, if applicable, or shall file 

  

 5 

 
such amendments or supplements with the SEC on the same day on which the 1934 Act report is filed which created the requirement for the Company to amend or
supplement such Registration Statement. 
 c. The Company shall (A) permit Legal Counsel to review and comment upon (i) a
Registration Statement at least four (4) Business Days prior to its filing with the SEC and (ii) all amendments and supplements to all Registration Statements (except for Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and
Current Reports on Form 8-K and any similar or successor reports) within a reasonable number of days prior to their filing with the SEC, and (B) not file any Registration Statement or amendment or supplement thereto in a form to which Legal
Counsel reasonably objects. The Company shall not submit a request for acceleration of the effectiveness of a Registration Statement or any amendment or supplement thereto without the prior approval of Legal Counsel, which consent shall not be
unreasonably withheld. The Company shall furnish to Legal Counsel, without charge, (i) copies of any correspondence from the SEC or the staff of the SEC to the Company or its representatives relating to any Registration Statement,
(ii) promptly after the same is prepared and filed with the SEC, one copy of any Registration Statement and any amendment(s) thereto, including financial statements and schedules, all documents incorporated therein by reference, if requested by
an Investor, and all exhibits and (iii) upon the effectiveness of any Registration Statement, one copy of the prospectus included in such Registration Statement and all amendments and supplements thereto. The Company shall reasonably cooperate
with Legal Counsel in performing the Company’s obligations pursuant to this Section 3. 
 d. The Company shall furnish to each
Investor whose Registrable Securities are included in any Registration Statement, without charge, (i) promptly after the same is prepared and filed with the SEC, at least one copy of such Registration Statement and any amendment(s) thereto,
including financial statements and schedules, all documents incorporated therein by reference, if requested by an Investor, all exhibits and each preliminary prospectus, (ii) upon the effectiveness of any Registration Statement, ten
(10) copies of the prospectus included in such Registration Statement and all amendments and supplements thereto (or such other number of copies as such Investor may reasonably request) and (iii) such other documents, including copies of
any preliminary or final prospectus, as such Investor may reasonably request from time to time in order to facilitate the disposition of the Registrable Securities owned by such Investor. 
 e. The Company shall use its reasonable best efforts to (i) register and qualify, unless an exemption from registration and qualification applies,
the resale by Investors of the Registrable Securities covered by a Registration Statement under such other securities or “blue sky” laws of all applicable jurisdictions in the United States, (ii) prepare and file in those
jurisdictions, such amendments (including post-effective amendments) and supplements to such registrations and qualifications as may be reasonably necessary to maintain the effectiveness thereof during the Registration Period, (iii) take such
other actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all other actions reasonably necessary or advisable to qualify the Registrable Securities
for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (x) qualify to do business in any jurisdiction where it would not otherwise be required
to qualify but for this 

  

 6 

 
Section 3(e), (y) subject itself to general taxation in any such jurisdiction, or (z) file a general consent to service of process in any such
jurisdiction. The Company shall promptly notify Legal Counsel and each Investor who holds Registrable Securities of the receipt by the Company of any notification with respect to the suspension of the registration or qualification of any of the
Registrable Securities for sale under the securities or “blue sky” laws of any jurisdiction in the United States or its receipt of actual notice of the initiation or threatening of any proceeding for such purpose. 
 f. The Company shall notify Legal Counsel and each Investor in writing of the happening of any event, as promptly as practicable after becoming aware of
such event, as a result of which the prospectus included in a Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state a material fact required to be stated therein or necessary to make the
statements therein, in the light of the circumstances under which they were made, not misleading (provided that in no event shall such notice contain any material, nonpublic information), and, subject to Section 3(r), promptly prepare a
supplement or amendment to such Registration Statement to correct such untrue statement or omission, and deliver ten (10) copies of such supplement or amendment to Legal Counsel and each Investor (or such other number of copies as Legal Counsel
or such Investor may reasonably request). The Company shall also promptly notify Legal Counsel and each Investor in writing (i) when a prospectus or any prospectus supplement or post-effective amendment has been filed, and when a Registration
Statement or any post-effective amendment has become effective (notification of such effectiveness shall be delivered to Legal Counsel and each Investor by facsimile on the same day of such effectiveness and by overnight mail), (ii) of any
request by the SEC for amendments or supplements to a Registration Statement or related prospectus or related information, and (iii) of the Company’s reasonable determination that a post-effective amendment to a Registration Statement
would be appropriate. 
 g. The Company shall use its reasonable best efforts to prevent the issuance of any stop order or other suspension
of effectiveness of a Registration Statement, or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction and, if such an order or suspension is issued, to obtain the withdrawal of such order or
suspension as promptly as reasonably practicable and to notify Legal Counsel and each Investor who holds Registrable Securities being sold of the issuance of such order and the resolution thereof or its receipt of actual notice of the initiation or
threat of any proceeding for such purpose. 
 h. If any Investor is required under applicable securities law to be described in the
Registration Statement as an underwriter, at the reasonable request of such Investor, the Company shall furnish to such Investor, on the date of the effectiveness of the Registration Statement and thereafter from time to time on such dates as an
Investor may reasonably request (but not more than once in any twelve-month period) (i) a letter, dated such date, from the Company’s independent registered public accountants in form and substance as is customarily given by independent
registered public accountants to underwriters in an underwritten public offering, addressed to the Investors, and (ii) an opinion, dated as of such date, of counsel representing the Company for purposes of such Registration Statement, in form,
scope and substance as is customarily given in an underwritten public offering, addressed to the Investors. 
  

 7 

 i. Solely in connection with the need to establish a due diligence defense, the Company shall make
available for inspection by (i) any Investor, (ii) Legal Counsel and (iii) one firm of accountants or other agents retained by the Investors (collectively, the “Inspectors”), all pertinent financial and other records,
and pertinent corporate documents and properties of the Company (collectively, the “Records”), as shall be reasonably deemed necessary by each Inspector, and cause the Company’s officers, directors and employees to supply all
information which any Inspector may reasonably request; provided, however, that each Inspector shall agree to hold in strict confidence and shall not make any disclosure (except to an Investor) or use of any Record or other information which the
Company determines in good faith to be confidential, and of which determination the Inspectors are so notified, unless (a) the release of such Records is ordered pursuant to a final, non-appealable subpoena or order from a court or government
body of competent jurisdiction, or (b) the information in such Records has been made generally available to the public other than by disclosure in violation of this or any other agreement or obligation of which the Inspector has knowledge. Each
Investor agrees that it shall, upon learning that disclosure of such Records is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt notice to the Company and allow the Company, at its expense,
to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, the Records deemed confidential. Nothing herein (or in any other confidentiality agreement between the Company and any Investor) shall be deemed to limit
the Investors’ ability to sell Registrable Securities in a manner which is otherwise consistent with applicable laws and regulations. 
 j. The Company shall hold in confidence and not make any disclosure of information concerning an Investor provided to the Company unless (i) disclosure of such information is necessary to comply with federal or state securities laws,
(ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement, (iii) the release of such information is ordered pursuant to a subpoena or other final, non-appealable order
from a court or governmental body of competent jurisdiction or (iv) such information has been made generally available to the public other than by disclosure in violation of this Agreement or any other agreement. The Company agrees that it
shall, upon learning that disclosure of such information concerning an Investor is sought in or by a court or governmental body of competent jurisdiction or through other means, give prompt written notice to such Investor and allow such Investor, at
the Investor’s expense, to undertake appropriate action to prevent disclosure of, or to obtain a protective order for, such information. 
 k. The Company shall use its reasonable best efforts either to (i) cause all of the Registrable Securities covered by a Registration Statement to be listed on each securities exchange on which securities of the same class or series
issued by the Company are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange, or (ii) secure designation and quotation of all of the Registrable Securities covered by a
Registration Statement on The Nasdaq National Market or (iii) if, despite the Company’s reasonable best efforts to satisfy the preceding clauses (i) and (ii), the Company is unsuccessful in satisfying the preceding clauses
(i) and (ii), to use its reasonable best efforts to secure the inclusion for quotation on The Nasdaq Capital Market or the American Stock Exchange for such Registrable Securities and, without limiting the generality of the foregoing, to use its
reasonable best efforts to arrange for at least two market makers to register with the National Association of Securities Dealers, Inc. (“NASD”) as such with respect to such Registrable Securities. The Company shall pay all fees and
expenses in connection with satisfying its obligation under this Section 3(k). 
  

 8 

 l. The Company shall cooperate with the Investors who hold Registrable Securities being offered and, to
the extent applicable, facilitate the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities to be offered pursuant to a Registration Statement and enable such certificates to be
in such denominations or amounts, as the case may be, as the Investors may reasonably request and registered in such names as the Investors may request. 
 m. If reasonably requested by an Investor, the Company shall (i) as soon as practicable incorporate in a prospectus supplement or post-effective amendment such information as an Investor reasonably requests to be
included therein relating to the sale and distribution of Registrable Securities, including, without limitation, information with respect to the number of Registrable Securities being offered or sold, the purchase price being paid therefor and any
other terms of the offering of the Registrable Securities to be sold in such offering; (ii) as soon as reasonably practicable make all required filings of such prospectus supplement or post-effective amendment after being notified of the
matters to be incorporated in such prospectus supplement or post-effective amendment; and (iii) as soon as reasonably practicable, supplement or make amendments to any Registration Statement if reasonably requested by an Investor holding any
Registrable Securities. 
 n. The Company shall use its reasonable best efforts to cause the Registrable Securities covered by a
Registration Statement to be registered with or approved by such other governmental agencies or authorities as may be necessary to consummate the disposition of such Registrable Securities. 
 o. The Company shall make generally available to its security holders as soon as practical, but not later than ninety (90) days after the close of
the period covered thereby, an earnings statement (in form complying with, and in the manner provided by, the provisions of Rule 158 under the 1933 Act) covering a twelve-month period beginning not later than the first day of the Company’s
fiscal quarter next following the effective date of a Registration Statement. 
 p. The Company shall otherwise use its reasonable best
efforts to comply with all applicable rules and regulations of the SEC in connection with any registration hereunder. 
 q. Within two
(2) Business Days after a Registration Statement which covers Registrable Securities is ordered effective by the SEC, the Company shall deliver, and shall cause legal counsel for the Company to deliver, to the transfer agent for such
Registrable Securities (with copies to the Investors whose Registrable Securities are included in such Registration Statement) confirmation that such Registration Statement has been declared effective by the SEC in the form attached hereto as
Exhibit A. 
 r. Notwithstanding anything to the contrary herein, at any time after the Effective Date, (i) the Company may
delay the disclosure of material, non-public information 

  

 9 

 
concerning the Company the disclosure of which at the time is not, in the good faith opinion of the Board of Directors of the Company and its counsel, in the
best interest of the Company and, in the opinion of counsel to the Company, otherwise required, and (ii) the Company may suspend the availability of a Registration Statement on Form S-1 if pursuant to applicable law it must file a
post-effective amendment to such Registration Statement in connection with the filing of its Annual Report on Form 10-K for the year ended December 31, 2006 (in either case a “Grace Period”); provided, that the Company shall
promptly (A) notify the Investors in writing of the existence of material, non-public information or the filing of the Form 10-K giving rise to a Grace Period (provided that in each notice the Company will not disclose the content of any such
material, non-public information to the Investors) and the date on which the Grace Period will begin, and (B) notify the Investors in writing of the date on which the Grace Period ends; and, provided further, that no Grace Period for the
purpose of delaying the disclosure of material, non-public information shall exceed ten (10) consecutive days, and no Grace Period for the purpose of filing the Company’s 2006 Form 10-K shall exceed twenty (20) consecutive days, and
during any three hundred sixty-five (365) day period such Grace Periods shall not exceed an aggregate of thirty (30) days; and, provided further, the first day of any Grace Period must be at least five (5) trading days after the last
day of any prior Grace Period (each, an “Allowable Grace Period”). For purposes of determining the length of a Grace Period above, the Grace Period shall begin on and include the date the Investors receive the notice referred to in
clause (i) and shall end on and include the later of the date the Investors receive the notice referred to in clause (ii) and the date referred to in such notice. The provisions of Section 3(g) hereof shall not be applicable during
the period of any Allowable Grace Period. Upon expiration of the Grace Period, the Company shall again be bound by the first sentence of Section 3(f) with respect to the information giving rise thereto unless such material, non-public
information is no longer applicable. Notwithstanding anything to the contrary, the Company shall cause its transfer agent to deliver unlegended shares of Common Stock to a transferee of an Investor in accordance with the terms of the Securities
Purchase Agreement in connection with any sale of Registrable Securities with respect to which an Investor has entered into a contract for sale, and delivered a copy of the prospectus included as part of the applicable Registration Statement (unless
an exemption from such prospectus delivery requirement exists), prior to the Investor’s receipt of the notice of a Grace Period and for which the Investor has not yet settled. 
 4. Obligations of the Investors. 
 a.
At least seven (7) Business Days prior to the first anticipated filing date of a Registration Statement, the Company shall notify each Investor in writing of the information the Company requires from each such Investor if such Investor elects
to have any of such Investor’s Registrable Securities included in such Registration Statement. It shall be a condition precedent to the obligations of the Company to complete the registration pursuant to this Agreement with respect to the
Registrable Securities of a particular Investor that such Investor shall furnish to the Company at least two (2) Business Days prior to the filing of a Registration Statement (or any amendment or supplement thereto) such information regarding
itself, the Registrable Securities held by it and to be sold and the intended method of disposition of the Registrable Securities held by it as shall be reasonably required to effect and maintain the effectiveness of the registration of such
Registrable Securities and shall execute such documents in connection with such registration as the Company may reasonably request, including without limitation, a questionnaire in substantially the form attached to this Agreement as Exhibit C (a
“Selling Investor Questionnaire”). 
  

 10 

 b. Each Investor, by such Investor’s acceptance of the Registrable Securities, agrees to cooperate
with the Company as reasonably requested by the Company in connection with the preparation and filing of any Registration Statement hereunder, unless such Investor has notified the Company in writing of such Investor’s election to exclude all
of such Investor’s Registrable Securities from such Registration Statement. 
 c. Each Investor agrees that, upon receipt of any notice
from the Company of the happening of any event of the kind described in Section 3(g), the first sentence of 3(f) or 3(r), such Investor will immediately discontinue disposition of Registrable Securities pursuant to any Registration Statement(s)
covering such Registrable Securities until such Investor’s receipt of notice that (i) the supplemented or amended prospectus contemplated by Section 3(g), the first sentence of 3(f) or 3(r) has been filed with the SEC or (ii) no
supplement or amendment is required. Notwithstanding anything to the contrary, the Company shall cause its transfer agent to deliver unlegended shares of Common Stock to a transferee of an Investor in accordance with the terms of the Securities
Purchase Agreement in connection with any sale of Registrable Securities with respect to which an Investor has entered into a contract for sale prior to the Investor’s receipt of a notice from the Company of the happening of any event of the
kind described in Section 3(g), the first sentence of 3(f) or 3(r) and for which the Investor has not yet settled. 
 d. Each Investor
covenants and agrees that it will comply with the prospectus delivery requirements of the 1933 Act as applicable to it or an exemption therefrom in connection with sales of Registrable Securities pursuant to the Registration Statement. 

5. Expenses of Registration. 
 All
reasonable expenses, other than underwriting discounts, brokerage fees and commissions incurred in connection with registrations, filings or qualifications pursuant to Sections 2 and 3, including, without limitation, all registration, listing and
qualifications fees, printers and accounting fees, and fees and disbursements of counsel for the Company, shall be paid by the Company. The Company shall also reimburse the Investors for the fees and disbursements of Legal Counsel in connection with
registration, filing or qualification pursuant to Sections 2 and 3 of this Agreement which amount shall be limited to $15,000. 
 6.
Indemnification. 
 In the event any Registrable Securities are included in a Registration Statement under this Agreement: 

a. To the fullest extent permitted by law, the Company will, and hereby does, indemnify, hold harmless and defend each Investor, the directors,
officers, members, partners, employees, agents, representatives of, and each Person, if any, who controls any Investor within the meaning of the 1933 Act or the 1934 Act (each, an “Indemnified Person”), against any losses, claims,
damages, liabilities, judgments, fines, penalties, charges, costs, reasonable attorneys’ fees, amounts paid in settlement or expenses, joint or several, 

  

 11 

 
(collectively, “Claims”) incurred in investigating, preparing or defending any action, claim, suit, inquiry, proceeding, investigation or
appeal taken from the foregoing by or before any court or governmental, administrative or other regulatory agency, body or the SEC, whether pending or threatened, whether or not an indemnified party is or may be a party thereto (“Indemnified
Damages”), to which any of them may become subject insofar as such Claims (or actions or proceedings, whether commenced or threatened, in respect thereof) arise out of or are based upon: (i) any untrue statement or alleged untrue
statement of a material fact in a Registration Statement or any post-effective amendment thereto or in any filing made in connection with the qualification of the offering under the securities or other “blue sky” laws of any jurisdiction
in which Registrable Securities are offered (“Blue Sky Filing”), or the omission or alleged omission to state a material fact required to be stated therein or necessary to make the statements therein not misleading, (ii) any
untrue statement or alleged untrue statement of a material fact contained in any preliminary prospectus if used prior to the effective date of such Registration Statement, or contained in the final prospectus (as amended or supplemented, if the
Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission to state therein any material fact necessary to make the statements made therein, in the light of the circumstances under which the
statements therein were made, not misleading, (iii) any violation or alleged violation by the Company of the 1933 Act, the 1934 Act, any other law, including, without limitation, any state securities law, or any rule or regulation thereunder
relating to the offer or sale of the Registrable Securities pursuant to a Registration Statement or (iv) any violation of this Agreement (the matters in the foregoing clauses (i) through (iv) being, collectively,
“Violations”). Subject to Section 6(c), the Company shall reimburse the Indemnified Persons, promptly as such expenses are incurred and are due and payable, for any legal fees or other reasonable expenses incurred by them in
connection with investigating or defending any such Claim. Notwithstanding anything to the contrary contained herein, the indemnification agreement contained in this Section 6(a): (i) shall not apply to a Claim by an Indemnified Person
arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing to the Company by such Indemnified Person for such Indemnified Person expressly for use in connection with the preparation
of the Registration Statement or any such amendment thereof or supplement thereto, if such prospectus was timely made available by the Company pursuant to Section 3(d); and (ii) shall not apply to amounts paid in settlement of any Claim if
such settlement is effected without the prior written consent of the Company, which consent shall not be unreasonably withheld or delayed. Such indemnity shall remain in full force and effect regardless of any investigation made by or on behalf of
the Indemnified Person and shall survive the transfer of the Registrable Securities by the Investors pursuant to Section 9. 
 b. In
connection with any Registration Statement in which an Investor is participating, each such Investor agrees to severally and not jointly indemnify, hold harmless and defend, to the same extent and in the same manner as is set forth in
Section 6(a), the Company, each of its directors, each of its officers who signs the Registration Statement and each Person, if any, who controls the Company within the meaning of the 1933 Act or the 1934 Act (each, an “Indemnified
Party”), against any Claim or Indemnified Damages to which any of them may become subject, under the 1933 Act, the 1934 Act or otherwise, insofar as such Claim or Indemnified Damages arise out of or are based upon any Violation, in each
case to the extent, and only to the extent, that such Violation occurs in reliance upon and in conformity with written information furnished to the Company by such Investor expressly for use in connection with 

  

 12 

 
such Registration Statement; and, subject to Section 6(c), such Investor will reimburse any legal or other expenses reasonably incurred by an
Indemnified Party in connection with investigating or defending any such Claim; provided, however, that the indemnity agreement contained in this Section 6(b) and the agreement with respect to contribution contained in Section 7 shall not
apply to amounts paid in settlement of any Claim if such settlement is effected without the prior written consent of such Investor, which consent shall not be unreasonably withheld or delayed; provided, further, however, that the Investor shall be
liable under this Section 6(b) for only that amount of a Claim or Indemnified Damages as does not exceed the net proceeds to such Investor as a result of the sale of Registrable Securities pursuant to such Registration Statement. Such indemnity
shall remain in full force and effect regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of the Registrable Securities by the Investors pursuant to Section 9. 
 c. Promptly after receipt by an Indemnified Person or Indemnified Party under this Section 6 of notice of the commencement of any action or
proceeding (including any governmental action or proceeding) involving a Claim, such Indemnified Person or Indemnified Party shall, if a Claim in respect thereof is to be made against any indemnifying party under this Section 6, deliver to the
indemnifying party a written notice of the commencement thereof, and the indemnifying party shall have the right to participate in, and, to the extent the indemnifying party so desires, jointly with any other indemnifying party similarly noticed, to
assume control of the defense thereof with counsel mutually satisfactory to the indemnifying party and the Indemnified Person or the Indemnified Party, as the case may be; provided, however, that an Indemnified Person or Indemnified
Party shall have the right to retain its own counsel with the fees and expenses of not more than one counsel for such Indemnified Person or Indemnified Party to be paid by the indemnifying party, if, in the reasonable opinion of counsel retained by
the indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying party would be inappropriate due to actual or potential differing interests between such Indemnified Person or Indemnified
Party and any other party represented by such counsel in such proceeding. In the case of an Indemnified Person, legal counsel referred to in the immediately preceding sentence shall be selected by the Investors holding at least a majority in
interest of the Registrable Securities included in the Registration Statement to which the Claim relates. The Indemnified Party or Indemnified Person shall cooperate fully with the indemnifying party in connection with any negotiation or defense of
any such action or Claim by the indemnifying party and shall furnish to the indemnifying party all information reasonably available to the Indemnified Party or Indemnified Person which relates to such action or Claim. The indemnifying party shall
keep the Indemnified Party or Indemnified Person reasonably apprised at all times as to the status of the defense or any settlement negotiations with respect thereto. No indemnifying party shall be liable for any settlement of any action, claim or
proceeding effected without its prior written consent; provided, however, that the indemnifying party shall not unreasonably withhold, delay or condition its consent. No indemnifying party shall, without the prior written consent of
the Indemnified Party or Indemnified Person, consent to entry of any judgment or enter into any settlement or other compromise which does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnified Party
or Indemnified Person of a release from all liability in respect to such Claim or litigation, and such settlement shall not include any admission as to fault on the part of the Indemnified Party. Following indemnification as provided for hereunder,
the indemnifying party shall be subrogated to all rights of the 

  

 13 

 
Indemnified Party or Indemnified Person with respect to all third parties, firms or corporations relating to the matter for which indemnification has been
made. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under
this Section 6, except to the extent that the indemnifying party is prejudiced in its ability to defend such action. 
 d. The
indemnification required by this Section 6 shall be made by periodic payments of the amount thereof during the course of the investigation or defense, as and when bills are received or Indemnified Damages are incurred. 
 e. The indemnity agreements contained herein shall be in addition to (i) any cause of action or similar right of the Indemnified Party or
Indemnified Person against the indemnifying party or others, and (ii) any liabilities the indemnifying party may be subject to pursuant to the law. 
 7. Contribution. 
 To the extent any indemnification by an indemnifying party is prohibited or limited
by law, the indemnifying party agrees to make the maximum contribution with respect to any amounts for which it would otherwise be liable under Section 6 to the fullest extent permitted by law; provided, however, that: (i) no
Person involved in the sale of Registrable Securities, which Person is guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the 1933 Act) in connection with such sale, shall be entitled to contribution from any Person
involved in such sale of Registrable Securities who was not guilty of fraudulent misrepresentation; and (ii) contribution by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller
from the sale of such Registrable Securities pursuant to such Registration Statement. 
 8. Reports Under the 1934 Act. 
 With a view to making available to the Investors the benefits of Rule 144 promulgated under the 1933 Act or any other similar rule or regulation of the
SEC that may at any time permit the Investors to sell securities of the Company to the public without registration (“Rule 144”), the Company agrees to: 
 a. make and keep public information available, as those terms are understood and defined in Rule 144; 
 b.
file with the SEC in a timely manner all reports and other documents required of the Company under the 1933 Act and the 1934 Act so long as the Company remains subject to such requirements and the filing of such reports and other documents is
required for the applicable provisions of Rule 144; and 
 c. furnish to each Investor so long as such Investor owns Registrable Securities,
promptly upon request, (i) a written statement by the Company, if true, that it has complied with the reporting requirements of Rule 144, the 1933 Act and the 1934 Act, (ii) a copy of the most recent annual or quarterly report of the
Company and such other reports and documents so filed by the Company and (iii) such other information as may be reasonably requested to permit the Investors to sell such securities pursuant to Rule 144 without registration. 
  

 14 

 9. Assignment of Registration Rights. 
 The rights under this Agreement shall be automatically assignable by the Investors to any transferee of all or any portion of such Investor’s
Registrable Securities if: (i) the Investor agrees in writing with the transferee or assignee to assign such rights and a copy of such agreement is furnished to the Company within a reasonable time after such assignment; (ii) the Company
is, within a reasonable time after such transfer or assignment, furnished with written notice of (a) the name and address of such transferee or assignee and (b) the securities with respect to which such registration rights are being
transferred or assigned; (iii) immediately following such transfer or assignment the further disposition of such securities by the transferee or assignee is restricted under the 1933 Act or applicable state securities laws; (iv) at or
before the time the Company receives the written notice contemplated by clause (ii) of this sentence the transferee or assignee agrees in writing with the Company to be bound by all of the provisions contained herein; and (v) such transfer
shall have been made in accordance with the applicable requirements of the Securities Purchase Agreement. 
 10. Amendment of Registration
Rights. 
 Provisions of this Agreement may be amended and the observance thereof may be waived (either generally or in a particular
instance and either retroactively or prospectively), only with the written consent of the Company and the holders of at least 66.67% of the Registrable Securities. Any amendment or waiver effected in accordance with this Section 10 shall be
binding upon each Investor and the Company. No such amendment shall be effective to the extent that it applies to less than all of the holders of the Registrable Securities. No consideration shall be offered or paid to any Person to amend or consent
to a waiver or modification of any provision of any of this Agreement unless the same consideration also is offered to all of the parties to this Agreement. 
 11. Miscellaneous. 
 a. A Person is deemed to be a holder of Registrable Securities whenever such
Person owns or is deemed to own of record such Registrable Securities. If the Company receives conflicting instructions, notices or elections from two or more Persons with respect to the same Registrable Securities, the Company shall act upon the
basis of instructions, notice or election received from the such record owner of such Registrable Securities. 
 b. Any notices, consents,
waivers or other communications required or permitted to be given under the terms of this Agreement must be in writing and will be deemed to have been delivered: (i) upon receipt, when delivered personally; (ii) upon receipt, when sent by
facsimile (provided confirmation of transmission is mechanically or electronically generated and kept on file by the sending party); or (iii) one (1) Business Day after deposit with a nationally recognized overnight delivery service, in
each case properly addressed to the party to receive the same. The addresses and facsimile numbers for such communications shall be: 
  

 15 

			
	If to the Company:
	
	 Willbros Group, Inc.
 c/o Willbros USA, Inc.

	 4400 Post Oak Parkway, Suite 1000

	 Houston, Texas 77027

	 Telephone:
	 	(713) 403-8000
	 Facsimile:
	 	(713) 403-8136
	 Attention:
	 	General Counsel
	
	 with a copy to:

	
	 Conner & Winters, LLP

	 4000 One Williams Center

	 Tulsa, Oklahoma 74172

	 Telephone:
	 	(918) 586-5711
	 Facsimile:
	 	(918) 586-8661
	 Attention:
	 	Mark D. Berman, Esq.
	
	If to Legal Counsel:
	
	 Schulte Roth & Zabel LLP

	 919 Third Avenue

	 New York, New York 10022

	 Telephone:
	 	(212) 756-2000
	 Facsimile:
	 	(212) 593-5955
	 Attention:
	 	Eleazer N. Klein, Esq.

 If to a Buyer, to its address and facsimile number set forth on the Schedule of Buyers attached hereto, with
copies to such Buyer’s representatives as set forth on the Schedule of Buyers, or to such other address and/or facsimile number and/or to the attention of such other Person as the recipient party has specified by written notice given to each
other party five (5) days prior to the effectiveness of such change. Written confirmation of receipt (A) given by the recipient of such notice, consent, waiver or other communication, (B) mechanically or electronically generated by
the sender’s facsimile machine containing the time, date, recipient facsimile number and an image of the first page of such transmission or (C) provided by a courier or overnight courier service shall be rebuttable evidence of personal
service, receipt by facsimile or receipt from a nationally recognized overnight delivery service in accordance with clause (i), (ii) or (iii) above, respectively. 
 c. Failure of any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy, shall
not operate as a waiver thereof. 
  

 16 

 d. All questions concerning the construction, validity, enforcement and interpretation of this Agreement
shall be governed by the internal laws of the State of New York, without giving effect to any choice of law or conflict of law provision or rule (whether of the State of New York or any other jurisdictions) that would cause the application of the
laws of any jurisdictions other than the State of New York. Each party hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts sitting in The City of New York, Borough of Manhattan, for the adjudication of any
dispute hereunder or in connection herewith or with any transaction contemplated hereby or discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit, action or proceeding, any claim that it is not personally subject to
the jurisdiction of any such court, that such suit, action or proceeding is brought in an inconvenient forum or that the venue of such suit, action or proceeding is improper. Each party hereby irrevocably waives personal service of process and
consents to process being served in any such suit, action or proceeding by mailing a copy thereof to such party at the address for such notices to it under this Agreement and agrees that such service shall constitute good and sufficient service of
process and notice thereof. Nothing contained herein shall be deemed to limit in any way any right to serve process in any manner permitted by law. If any provision of this Agreement shall be invalid or unenforceable in any jurisdiction, such
invalidity or unenforceability shall not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of any provision of this Agreement in any other jurisdiction. EACH PARTY
HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY. 

e. This Agreement, the other Transaction Documents (as defined in the Securities Purchase Agreement) and the instruments referenced herein and
therein constitute the entire agreement among the parties hereto with respect to the subject matter hereof and thereof. There are no restrictions, promises, warranties or undertakings, other than those set forth or referred to herein and therein.
This Agreement, the other Transaction Documents and the instruments referenced herein and therein supersede all prior agreements and understandings among the parties hereto with respect to the subject matter hereof and thereof. 
 f. Subject to the requirements of Section 9, this Agreement shall inure to the benefit of and be binding upon the permitted successors and assigns
of each of the parties hereto. 
 g. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise
affect the meaning hereof. 
 h. This Agreement may be executed in identical counterparts, each of which shall be deemed an original but all
of which shall constitute one and the same agreement. This Agreement, once executed by a party, may be delivered to the other party hereto by facsimile transmission of a copy of this Agreement bearing the signature of the party so delivering this
Agreement. 
  

 17 

 i. Each party shall do and perform, or cause to be done and performed, all such further acts and things,
and shall execute and deliver all such other agreements, certificates, instruments and documents, as any other party may reasonably request in order to carry out the intent and accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby. 
 j. All consents and other determinations required to be made by the Investors pursuant to this
Agreement shall be made, unless otherwise specified in this Agreement, by the Required Holders. 
 k. The language used in this Agreement
will be deemed to be the language chosen by the parties to express their mutual intent and no rules of strict construction will be applied against any party. 
 l. This Agreement is intended for the benefit of the parties hereto and their respective permitted successors and assigns, and is not for the benefit of, nor may any provision hereof be enforced by, any other Person.

 m. The obligations of each Investor hereunder are several and not joint with the obligations of any other Investor, and no provision of
this Agreement is intended to confer any obligations on any Investor vis-à-vis any other Investor. Nothing contained herein, and no action taken by any Investor pursuant hereto, shall be deemed to constitute the Investors as a partnership, an
association, a joint venture or any other kind of entity, or create a presumption that the Investors are in any way acting in concert or as a group with respect to such obligations or the transactions contemplated herein. 
 n. Agent for Service of Process (i) The Company hereby irrevocably appoints CT Corporation System at 111 Eighth Avenue, New York, New York
10011, U.S.A. (“CT Corporation System”) as its agent for the receipt of service of process in the United States. The Company agrees that any document may be effectively served on it in connection with any action, suit or proceeding
in the United States by service on its agents. Each of the Buyers consents and agrees that the Company may, in its reasonable discretion, irrevocably appoint a substitute agent for the receipt of service of process located within the Untied States,
and that upon such appointment, the appointment of CT Corporation System may be revoked. 
 (ii) Any document shall be deemed to have been
duly served if marked for the attention of the agent at its address as set forth in this Section 11(n) or such other address in the United States as may be notified to the party wishing to serve the document and (a) left at the specified
address if its receipt is acknowledged in writing; or (b) sent to the specified address by post, registered mail return receipt requested. In the case of (a), the document will be deemed to have been duly served when it is left and signed for.
In the case of (b), the document shall be deemed to have been duly served when received and acknowledged. 
 (iii) If the Company’s
agent at any time ceases for any reason to act as such, the Company shall promptly appoint a replacement agent having an address for service in the United States and shall promptly notify the each holder of Common Shares at such time of the name and
address of the replacement agent. Failing such appointment and notification, the holders of a majority of the Common Shares at such time shall be entitled by notice to the Company to appoint a replacement agent to act on the Company’s behalf.
The provisions of this Section 11(n) applying to service on an agent apply equally to service on a replacement agent. 
 o.
Currency. As used herein, “Dollar”, “US Dollar” and “$” each mean the lawful money of the United States. 
 * * * * * * 
  

 18 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	COMPANY:
	
	WILLBROS GROUP, INC.
		
	By:	 	  

	 Name:
	 	Robert R. Harl
	Title:	 	President

  

 19 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	BUYERS:
	
	Highbridge International LLC
		
	By:	 	  

	Name:	 	Adam J. Chill
	Title:	 	Managing Director

  

 A-1 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	Steelhead Investments Ltd.
		
	By:	 	  

	Name:	 	J. Baker Gentry, Jr.
	Title:	 	Authorized Signatory

  

 A-2 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	Ramius Master Fund, Ltd.
		
	By:	 	  

	Name:	 	Marc Baum
	Title:	 	Authorized Signatory

  

 A-3 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	Portside Growth and Opportunity Fund
		
	By:	 	  

	Name:	 	Marc Baum
	Title:	 	Authorized Signatory

  

 A-4 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	SuttonBrook Capital Portfolio, LP
		
	By:	 	  

	Name:	 	Brett Spector
	Title:	 	Authorized Person

  

 A-5 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	UBS O’Connor LLC fbo O’Connor PIPES Corporate Strategies Master Limited
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 A-6 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	Berggruen Holdings North America Ltd.
		
	By:	 	  

	Name:	 	Jared Bluestein
	Title:	 	Director

  

 A-7 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	GLG North American Opportunity Fund
		
	By:	 	  

	Name:	 	Simon White
	Title:	 	Chief Operating Officer

  

 A-8 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	Capital Ventures International
		
	By:	 	  

	Name:	 	Martin Kobinger
	Title:	 	Investment Manager

  

 A-9 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	Lorimor Corporation
		
	By:	 	  

	Name:	 	Christian Roy
	Title:	 	GLG Partners LP On Behalf of Lorimor Corporation

  

 A-10 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	Fort Mason Master, L.P.
		
	By:	 	  

	Name:	 	Dan German
	Title:	 	Managing Member

  

 A-11 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	Whitebox Advisors Convertible Arbitrage Advisors LP
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 A-12 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	UBS O’Connor LLC fbo O’Connor Global Convertible Arbitrage Master Limited
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 A-13 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	Hudson Bay Overseas Fund LTD
		
	By:	 	  

	Name:	 	Yoav Roth
	Title:	 	Principal and Portfolio Manager

  

 A-14 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	Grayson Ventures Limited
		
	By:	 	  

	Name:	 	Christian Roy
	Title:	 	GLG Partners LP On Behalf of Grayson Ventures Limited

  

 A-15 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	Laramie Trail Trust
		
	By:	 	  

	Name:	 	James Berman
	Title:	 	Trustee

  

 A-16 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	Hudson Bay Fund LP
		
	By:	 	  

	Name:	 	Yoav Roth
	Title:	 	Principal and Portfolio Manager

  

 A-17 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	Ramius Fund III, Ltd
		
	By:	 	  

	Name:	 	Marc Baum
	Title:	 	Authorized Signatory

  

 A-18 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	RCG Halifax Fund, Ltd.
		
	By:	 	  

	Name:	 	Marc Baum
	Title:	 	Authorized Signatory

  

 A-19 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	Pandora Select Partners LP
		
	By:	 	  

	Name:	 	Jonathan Wood
	Title:	 	Chief Financial Officer/Director

  

 A-20 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	RCG Equity Market Neutral Master Fund, Ltd.
		
	By:	 	  

	Name:	 	Marc Baum
	Title:	 	Authorized Signatory

  

 A-21 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	UBS O’Connor LLC fbo O’Connor Global Convertible Arbitrage II Master Limited
		
	By:	 	  

	Name:	 	
	Title:	 	

  

 A-22 

 IN WITNESS WHEREOF, each Buyer and the Company have caused their respective signature page to this
Registration Rights Agreement to be duly executed as of the date first written above. 
  

			
	Fort Mason Partners, LP
		
	By:	 	  

	Name:	 	Dan German
	Title:	 	Managing Member

  

 A-23 

 SCHEDULE OF BUYERS* 
  

	*	Omitted. The Company agrees to furnish supplementally a copy of the omitted schedule to the Securities and Exchange Commission upon its request. 

 EXHIBIT A 
 FORM OF NOTICE OF
EFFECTIVENESS OF REGISTRATION STATEMENT 
 Mellon Investor Services 
 One Memorial Drive, Suite 900 
 St. Louis, MO 63102 
 Attention: Jane A. Marten 

	 	Re:	Willbros Group, Inc. 

 Ladies and
Gentlemen: 
 [We are][I am] counsel to Willbros Group, Inc., a corporation organized under the laws of Panama (the
“Company”), and have represented the Company in connection with that certain Securities Purchase Agreement dated as of October 26, 2006 (the “Securities Purchase Agreement”), entered into by and among the
Company and the buyers named therein (collectively, the “Holders”) pursuant to which the Company issued to the Holders its shares of the Company’s Common Stock, par value $0.05 per share (the “Common Stock”)
and warrants exercisable for shares of Common Stock (the “Warrants”). Pursuant to the Securities Purchase Agreement, the Company also has entered into a Registration Rights Agreement with the Holders (the “Registration
Rights Agreement”) pursuant to which the Company agreed, among other things, to register the resale of the Registrable Securities (as defined in the Registration Rights Agreement), including the shares of Common Stock issuable upon exercise
of the Warrants under the Securities Act of 1933, as amended (the “1933 Act”). In connection with the Company’s obligations under the Registration Rights Agreement, on
                        , 2006, the Company filed a Registration Statement on Form S-1 (File
No. 333-            ) (the “Registration Statement”) with the Securities and Exchange Commission (the “SEC”) relating to the Registrable
Securities which names each of the Holders as a selling stockholder thereunder. 
 In connection with the foregoing, [we][I] advise you that
a member of the SEC’s staff has advised [us][me] by telephone that the SEC has entered an order declaring the Registration Statement effective under the 1933 Act at [ENTER TIME OF EFFECTIVENESS] on [ENTER DATE OF
EFFECTIVENESS] and [we][I] have no knowledge, after telephonic inquiry of a member of the SEC’s staff, that any stop order suspending its effectiveness has been issued or that any proceedings for that purpose are pending before, or
threatened by, the SEC and the Registrable Securities are available for resale under the 1933 Act pursuant to the Registration Statement. 
  

 A-24 

 This letter shall serve as our standing instruction to you that the shares of Common Stock are freely
transferable by the Holders pursuant to the Registration Statement. You need not require further letters from us to effect any future legend-free issuance or reissuance of shares of Common Stock to the Holders as contemplated by the Company’s
Irrevocable Transfer Agent Instructions dated October __, 2006, provided at the time of such reissuance, the Company has not otherwise notified you that the Registration Statement is unavailable for the resale of the Registrable Securities.

  

			
	Very truly yours,
	
	[ISSUER’S COUNSEL]
		
	By:	 	  

  

	CC:	[LIST NAMES OF HOLDERS] 

  

 A-25 

 EXHIBIT B 
 SELLING STOCKHOLDERS 
 The shares of common stock being offered by the selling stockholders are those
previously issued to the Selling Stockholders and those issuable to the Selling Stockholders upon exercise of the warrants. For additional information regarding the issuances of common stock and the warrants, see “Private Placement of Common
Shares and Warrants” above. We are registering the shares of common stock in order to permit the selling stockholders to offer the shares for resale from time to time. Except for the ownership of the shares of common stock and the warrants, the
selling stockholders have not had any material relationship with us within the past three years. 
 The table below lists the selling
stockholders and other information regarding the beneficial ownership of the shares of common stock by each of the selling stockholders. The second column lists the number of shares of common stock beneficially owned by each selling shareholder,
based on its ownership of the shares of common stock and the warrants, as of                     , 200  , assuming exercise
of the warrants held by the selling stockholders on that date, without regard to any limitations on exercise. 
 The third column lists the
shares of common stock being offered by this prospectus by the selling stockholders. 
 In accordance with the terms of registration rights
agreements with the holders of the shares of common stock and the warrants, this prospectus generally covers the resale of that number of shares of common stock equal to the number of shares of common stock issued and the shares of common stock
issuable upon exercise of the related warrants, determined as if the outstanding warrants were exercised, as applicable, in full, in each case, as of the trading day immediately preceding the date this registration statement was initially filed with
the SEC. The fourth column assumes the sale of all of the shares offered by the selling stockholders pursuant to this prospectus. 
 Under
the terms of the warrants, a selling shareholder may not exercise the warrants, to the extent such exercise would cause such selling shareholder, together with its affiliates, to beneficially own a number of shares of common stock which would exceed
4.99% of our then outstanding shares of common stock following such exercise, excluding for purposes of such determination shares of common stock issuable upon exercise of the warrants which have not been exercised. The number of shares in the
second column does not reflect this limitation. The selling stockholders may sell all, some or none of their shares in this offering. See “Plan of Distribution.” 
  

 B-1 

							
	 Name of Selling Stockholder
	 	 Number of Shares Owned
 Prior to Offering
	 	 Maximum Number of Shares
 to be Sold Pursuant to this
 Prospectus
	 	 Number of Shares Owned
 After Offering

	 (1) Portside Growth and Opportunity Fund
	 		 		 	0

 (1) Ramius Capital Group, LLC (“Ramius Capital”) is the investment adviser of Portside
Growth and Opportunity Fund (“Portside”) and consequently has voting control and investment discretion over securities held by Portside. Ramius Capital disclaims beneficial ownership of the shares held by Portside. Peter A. Cohen, Morgan
B. Stark, Thomas W. Strauss and Jeffrey M. Solomon are the sole managing members of C4S& Co., LLC, the sole managing member of Ramius Capital. As a result, Messrs. Cohen, Stark, Strauss and Solomon may be considered beneficial owners of any
shares deemed to be beneficially owned by Ramius Capital. Messrs. Cohen, Stark, Strauss and Solomon disclaim beneficial ownership of these shares. 
  

 B-2 

 PLAN OF DISTRIBUTION 
 We are registering the shares of common stock previously issued and the shares of common stock issuable upon exercise of the warrants to permit the resale of these shares of common stock by the holders of the common
stock and warrants from time to time after the date of this prospectus. We will not receive any of the proceeds from the sale by the selling stockholders of the shares of common stock. We will bear all fees and expenses incident to our obligation to
register the shares of common stock. 
 The selling stockholders may sell all or a portion of the shares of Common Stock beneficially owned
by them and offered hereby from time to time directly or through one or more underwriters, broker-dealers or agents. If the shares of Common Stock are sold through underwriters or broker-dealers, the selling stockholders will be responsible for
underwriting discounts or commissions or agent’s commissions. The shares of Common Stock may be sold in one or more transactions at fixed prices, at prevailing market prices at the time of the sale, at varying prices determined at the time of
sale, or at negotiated prices. These sales may be effected in transactions, which may involve crosses or block transactions, 
  

	 	•	 	on any national securities exchange or quotation service on which the securities may be listed or quoted at the time of sale; 

  

	 	•	 	in the over-the-counter market; 

  

	 	•	 	in transactions otherwise than on these exchanges or systems or in the over-the-counter market; 

  

	 	•	 	through the writing of options, whether such options are listed on an options exchange or otherwise; 

  

	 	•	 	ordinary brokerage transactions and transactions in which the broker-dealer solicits purchasers; 

  

	 	•	 	block trades in which the broker-dealer will attempt to sell the shares as agent but may position and resell a portion of the block as principal to facilitate the transaction;

  

	 	•	 	purchases by a broker-dealer as principal and resale by the broker-dealer for its account; 

  

	 	•	 	an exchange distribution in accordance with the rules of the applicable exchange; 

  

	 	•	 	privately negotiated transactions; 

  

	 	•	 	short sales; 

  

	 	•	 	sales pursuant to Rule 144; 

  

 B-3 

	 	•	 	broker-dealers may agree with the selling securityholders to sell a specified number of such shares at a stipulated price per share; 

  

	 	•	 	a combination of any such methods of sale; and 

  

	 	•	 	any other method permitted pursuant to applicable law. 

 If the selling stockholders effect such transactions by selling shares of Common Stock to or through underwriters, broker-dealers or agents, such underwriters, broker-dealers or agents may receive commissions in the form of discounts,
concessions or commissions from the selling stockholders or commissions from purchasers of the shares of Common Stock for whom they may act as agent or to whom they may sell as principal (which discounts, concessions or commissions as to particular
underwriters, broker-dealers or agents may be in excess of those customary in the types of transactions involved). In connection with sales of the shares of Common Stock or otherwise, the selling stockholders may enter into hedging transactions with
broker-dealers, which may in turn engage in short sales of the shares of Common Stock in the course of hedging in positions they assume. The selling stockholders may also sell shares of Common Stock short and deliver shares of Common Stock covered
by this prospectus to close out short positions and to return borrowed shares in connection with such short sales. The selling stockholders may also loan or pledge shares of Common Stock to broker-dealers that in turn may sell such shares.

 The selling stockholders may pledge or grant a security interest in some or all of the convertible notes, warrants or shares of Common
Stock owned by them and, if they default in the performance of their secured obligations, the pledgees or secured parties may offer and sell the shares of Common Stock from time to time pursuant to this prospectus or any amendment to this prospectus
under Rule 424(b)(3) or other applicable provision of the Securities Act of 1933, as amended, amending, if necessary, the list of selling stockholders to include the pledgee, transferee or other successors in interest as selling stockholders under
this prospectus. The selling stockholders also may transfer and donate the shares of Common Stock in other circumstances in which case the transferees, donees, pledgees or other successors in interest will be the selling beneficial owners for
purposes of this prospectus. 
 The selling stockholders and any broker-dealer participating in the distribution of the shares of Common
Stock may be deemed to be “underwriters” within the meaning of the Securities Act, and any commission paid, or any discounts or concessions allowed to, any such broker-dealer may be deemed to be underwriting commissions or discounts under
the Securities Act. At the time a particular offering of the shares of Common Stock is made, a prospectus supplement, if required, will be distributed which will set forth the aggregate amount of shares of Common Stock being offered and the terms of
the offering, including the name or names of any broker-dealers or agents, any discounts, commissions and other terms constituting compensation from the selling stockholders and any discounts, commissions or concessions allowed or reallowed or paid
to broker-dealers. 
 Under the securities laws of some states, the shares of Common Stock may be sold in such states only through registered
or licensed brokers or dealers. In addition, in some states the shares of Common Stock may not be sold unless such shares have been registered or qualified for sale in such state or an exemption from registration or qualification is available and is
complied with. 
  

 B-4 

 There can be no assurance that any selling stockholder will sell any or all of the shares of Common Stock
registered pursuant to the registration statement, of which this prospectus forms a part. 
 The selling stockholders and any other person
participating in such distribution will be subject to applicable provisions of the Securities Exchange Act of 1934, as amended, and the rules and regulations thereunder, including, without limitation, Regulation M of the Exchange Act, which may
limit the timing of purchases and sales of any of the shares of Common Stock by the selling stockholders and any other participating person. Regulation M may also restrict the ability of any person engaged in the distribution of the shares of Common
Stock to engage in market-making activities with respect to the shares of Common Stock. All of the foregoing may affect the marketability of the shares of Common Stock and the ability of any person or entity to engage in market-making activities
with respect to the shares of Common Stock. 
 We will pay all expenses of the registration of the shares of Common Stock pursuant to the
registration rights agreement, estimated to be $[            ] in total, including, without limitation, Securities and Exchange Commission filing fees and expenses of compliance with state
securities or “blue sky” laws; provided, however, that a selling stockholder will pay all underwriting discounts and selling commissions, if any. We will indemnify the selling stockholders against liabilities, including some liabilities
under the Securities Act, in accordance with the registration rights agreements, or the selling stockholders will be entitled to contribution. We may be indemnified by the selling stockholders against civil liabilities, including liabilities under
the Securities Act, that may arise from any written information furnished to us by the selling stockholder specifically for use in this prospectus, in accordance with the related registration rights agreement, or we may be entitled to contribution.

 Once sold under the registration statement, of which this prospectus forms a part, the shares of Common Stock will be freely tradable in
the hands of persons other than our affiliates. 
  

 B-5 

 EXHIBIT C 
 SELLING INVESTOR QUESTIONNAIRE 
 The undersigned beneficial owner of common stock (the “Common
Stock”), of Willbros Group, Inc. (the “Company”) understands that the Company has filed or intends to file with the Securities and Exchange Commission (the “Commission”) a Registration Statement for
the registration and resale of the Common Stock, in accordance with the terms of the Registration Rights Agreement, dated as of October [ ], 2006 (the “Registration Rights Agreement”), among the Company and the Investors named
therein. A copy of the Registration Rights Agreement is available from the Company upon request at the address set forth below. All capitalized terms used and not otherwise defined herein shall have the meanings ascribed thereto in the Registration
Rights Agreement. 
 The undersiged hereby provides the following information to the Company and represents and warrants that such information is accurate:

  
 QUESTIONNAIRE 
  

					
	1.	  	Name.	 	
			
		  	(a)	 	Full Legal Name of Selling Investor
			
		  		 	  

			
		  	(b)	 	Full Legal Name of Registered Holder (if not the same as (a) above) through which the Common Stock listed in Item 3 below are held:
			
		  		 	  

			
		  	(c)	 	Full Legal Name of Natural Control Person (which means a natural person who directly or indirectly alone or with others has power to vote or dispose of the securities covered by the
questionnaire):
			
		  		 	  

			
		  		 	  

			
		  		 	  

					
		
	2.	  	Address for Notices to Selling Investor:
	
	  

	
	  

	
	  

					
			
		  	Telephone:	 	  

			
		  	Fax:	 	  

			
		  	E-mail:	 	  

			
		  	Contact Person:	 	  

  

 C-1 

					
	3.	  	Beneficial Ownership of Common Stock:
			
		  		 	 Number of shares of Common Stock beneficially owned:

		  		 	  
  

		
	4.	  	Broker-Dealer Status:
			
		  	(a)	 	 Are you a broker-dealer?

			
		  		 	Yes   ̈    No   ̈
			
		  	Note:	 	 If yes, the Commission’s staff has indicated that you should be identified as an underwriter in the Registration
Statement.

			
		  	(b)	 	 Are you an affiliate of a broker-dealer?

			
		  		 	Yes   ̈    No   ̈
			
		  	(c)	 	If you are an affiliate of a broker-dealer, do you certify that you bought the Common Stock in the ordinary course of business, and at the time of the purchase of the Common Stock to be resold,
you had no agreements or understandings, directly or indirectly, with any person to distribute the Common Stock?
			
		  		 	Yes   ̈    No   ̈
			
		  	Note:	 	 If no, the Commission’s staff has indicated that you should be identified as an underwriter in the Registration
Statement.

		
	5.	  	Beneficial Ownership of Other Securities of the Company Owned by the Selling Investor.
		
		  	Except as set forth below in this Item 5, the undersigned is not the beneficial or registered owner of any securities of the Company
other than the Common Stock listed above in
Item 3.
			
		  		 	 Type and Amount of other securities beneficially owned by the Selling Investor:

		  		 	  
  

		  		 	  

  

 C-2 

			
	6.	 	Relationships with the Company:
		
		 	Except as set forth below, neither the undersigned nor any of its affiliates, officers, directors or principal equity holders (owners of 5% of more of the equity securities of the
undersigned) has held any position or office or has had any other material relationship with the Company (or its predecessors or affiliates) during the past three years.
		
		 	State any exceptions here:
		
		 	  

		
		 	  

 The undersigned agrees to promptly notify the Company of any inaccuracies or changes in the information provided
herein that may occur subsequent to the date hereof, other than changes in beneficial ownership in the ordinary course of business. 
 By signing below, the
undersigned consents to the disclosure of the information contained herein in its answers to Items 1 through 6 and the inclusion of such information in the Registration Statement and the related prospectus. The undersigned understands that such
information will be relied upon by the Company in connection with the preparation or amendment of the Registration Statement and the related prospectus. 
 IN WITNESS WHEREOF the undersigned, by authority duly given, has caused this Notice and Questionnaire to be executed and delivered either in person or by its duly authorized agent. 
  

					
	Dated:
                                    	 	Beneficial Owner:
                                        
                            
			
		 	By:	 	  

		 	Name:	 	
		 	Title:	 	

 PLEASE FAX A COPY OF THE COMPLETED AND EXECUTED NOTICE AND QUESTIONNAIRE, AND RETURN THE ORIGINAL BY OVERNIGHT
MAIL, TO: 
  

					
		 	Conner & Winters, LLP	 	
		 	4000 One Williams Center	 	
		 	Tulsa, OK 74172	 	
		 	Facsimile No.: (918) 586-8661	 	
		 	Attn: Mark D. Berman, Esq.	 	

  

 C-3Binding Letter of Intent, dated October 26, 2006

 Exhibit 10.1 
 

 
 October 26, 2006 
 CONFIDENTIAL 
 Arcelor S.A. 
 19, avenue de la Liberté 
 L-2930 Luxembourg 
 Ladies and Gentlemen: 
 This letter sets forth the agreement between Noble International, Ltd. (“Noble”) and Arcelor S.A.
(“Arcelor”) regarding the combination (the “Transaction”) of Noble and substantially all of the transferable laser welded blanks properties and assets (both tangible and intangible property and assets, or rights therein), or
transferable stock or other equity interests in the entities holding such properties and assets, owned or controlled, directly or indirectly, by Arcelor, including, if Arcelor is permitted directly or indirectly to sell them to Noble and subject to
the Department of Justice Consent Decree described below, the laser welded blanks assets and interests of Dofasco Inc. (“Dofasco”). This letter agreement supersedes the parties’ letter of intent dated July 19, 2006 and executed
and delivered by Arcelor on July 31, 2006. 
 In this letter, all of such properties and assets or interests therein, including Tailor
Steel America LLC, are referred to as “Arcelor TBA Assets/Interests;” “Noble Group” means Noble and a direct or indirect subsidiary of Noble designated by Noble as party to the Transaction; “person” means either an
individual or an entity, as the context requires; and “Affiliate” means any person directly or indirectly controlling, controlled by or under common control with a specified person. 
 In consideration of the mutual covenants set forth below, Noble and Arcelor agree as follows as of the date first written above: 
 1. Basic Terms. 
 Attached as Exhibit
A is a Term Sheet for the Transaction. The parties agree to consummate the Transaction according to the Term Sheet, subject to such changes and modifications as may be mutually agreed upon by the parties, in writing, with both parties acting in a
commercially reasonable manner and in good faith, based upon tax advice or other matters which may arise during the due diligence and document preparation process. The parties, acting in good faith and in a commercially reasonable manner, agree to
negotiate, execute and deliver a definitive agreement for the Transaction and all ancillary agreements and documents and to use their respective reasonable best efforts to take, or cause to be taken, all actions and to do, or cause to be done, all
things necessary, proper or advisable to consummate the Transaction as contemplated by the definitive agreement. In this letter and the Term Sheet, references to actions that “Noble” or “Arcelor” will take, or refrain from
taking, are intended to include, where the context requires, Noble’s causing one or more of its Affiliates to take, or refrain from taking, such action, or Arcelor’s causing one or more of its Affiliates to take, or refrain from taking,
such 

 Arcelor S.A. 
 October 26, 2006 
  Page
 2
 
  
 action; provided,
however, that, in the case of actions by Dofasco, such references are intended to include only Arcelor’s use of its reasonable best efforts to cause Dofasco to take, or refrain from taking, such action and shall not include any efforts
or action which would violate the Final Judgment of the U.S. District Court for the District of Columbia in the matter styled United States v. Mittal Steel Company N.V., and the related Hold Separate Stipulation and Order (together, the
“Department of Justice Consent Decree”). 
 2. Other Negotiations. 
 (a) Noble and Arcelor contemplate the expenditure of substantial time and money in connection with their respective due diligence investigations of the
Transaction and the preparation of a definitive agreement. Accordingly, until the signing of a definitive agreement or, if earlier, December 31, 2006 (the “Exclusivity Period”), (i) Arcelor will not take, directly or indirectly,
through any officer, director, employee, stockholder, Affiliate or agent (“Representatives”) or otherwise, any action to solicit, initiate, seek, support or encourage any inquiry, proposal or offer from, provide any non-public information
to or participate in any discussions or negotiations with (“Solicit”), any third party regarding any acquisition of majority ownership or voting control of, or all or substantially all of the assets of, or any merger or consolidation with,
or liquidation, sale or other disposition and regardless of the form of the transaction (a “Third Party Transaction”), which primarily involves, directly or indirectly, the Arcelor TBA Assets/Interests, and (ii) Noble will not take,
directly or indirectly, through Representatives or otherwise, any action to Solicit a Third Party Transaction for Noble; provided, however, that: (A) Arcelor may sell an interest in Laser Welded Blank Limited to a new co-venturer,
(B) Arcelor may seek co-venturers for consideration of establishing new TBA ventures in countries where the parties do not currently have TBA facilities, (C) prior to the parties’ entry into a definitive agreement for the Transaction,
Arcelor may provide non-public information to and enter into discussions or negotiations with any third party in response to any unsolicited, bona fide written offer by the third party to enter into any Third Party Transaction that is reasonably
likely to result in a Superior Transaction (as defined below) for Arcelor’s stockholders and, subject to compliance with subparagraph (b) below, may enter into such Superior Transaction, in which event the parties’ agreement to
consummate the Transaction pursuant to this letter agreement shall terminate, (D) prior to any vote by the stockholders of Noble regarding approval of the Transaction, Noble may provide non-public information to and enter into discussions or
negotiations with any third party in response to any unsolicited, bona fide written offer by the third party to enter into any Third Party Transaction that is reasonably likely to result in a Superior Transaction for Noble’s stockholders and,
subject to compliance with subparagraph (b) below, may enter into such Superior Transaction, in which event the parties’ agreement to consummate the Transaction pursuant to this letter agreement shall terminate, and (E) nothing in
this paragraph shall prohibit or in any way limit any Solicitation or other action Arcelor or its Affiliates may take in relation or response to, or in connection with, any actual or potential transaction involving Arcelor’s capital or pursuant
to the Department of Justice Consent Decree. The term “Superior Transaction” means a Third Party Transaction with Arcelor or a member of the Noble Group on terms that the board of directors of Arcelor or Noble, as the case may be,
determines, in its reasonable judgment, to be more favorable to its stockholders from a financial point of view than the terms of the Transaction. 

 Arcelor S.A. 
 October 26, 2006 
  Page
 3
 
  
 (b) In order to
assure each party to this letter the opportunity to equal or “top” an unsolicited, bona fide written offer received by the other that the other intends to accept, before Arcelor or any member of the Noble Group agrees to a Superior
Transaction with a third party, (i) the party that receives such an offer will submit the detailed terms of the offer to the other party to this letter, and (ii) the party that has received the offer will consider modified terms for the
Transaction or terms for a possible alternative transaction, or both, offered at any time by the other party to this letter during the week following submission of the third party offer to it and will not agree to enter into such Superior
Transaction unless its board of directors determines, in its reasonable judgment, that such Superior Transaction is more favorable to its stockholders from a financial point of view than all such modified terms for the Transaction or terms for a
possible alternative transaction proposed by the other party to this letter. The obligations stated in the immediately preceding sentence on the part of the party receiving an offer will apply to each and every offer that it may receive, including
any offer made by a third party that varies from a prior offer made by the same third party. 
 3. Confidentiality; Due Diligence.

 (a) The terms of the letter agreement dated as of July 10, 2005 between Noble and Arcelor, extended as of April 17, 2006 to
include Dofasco, are hereby ratified, confirmed and incorporated by reference subject, in the case of Dofasco, to the Department of Justice Consent Decree. 
 (b) Each of Noble and Arcelor, and the agents (including legal and financial advisors) authorized by each of them, is hereby authorized to conduct a commercially reasonable due diligence investigation of the laser
welded blank business, assets and liabilities, including without limitation, intellectual property, environmental and employee benefit matters, pertaining to (i) the Arcelor TBA Assets/Interests, in the case of Noble and its agents, and
(ii) Noble, in the case of Arcelor and its agents, including related work papers of the parties’ internal accountants and (so far as may be authorized by Noble or Arcelor) of the parties’ external auditors. Each of the parties will
use reasonable efforts to cause its Representatives to cooperate fully with such examination and, upon inquiry, will make full disclosure to the other party and its agents as to all aspects of the Arcelor TBA Assets/Interests and related liabilities
(in the case of Arcelor) and of Noble (in the case of Noble), including the conduct of business operations (past, present and future), condition (financial and otherwise), related liabilities and prospects. The parties will confer and jointly
determine the scope, timing and procedures for such examination, which may, subject to the prior written consent of the disclosing party, include environmental sampling of soil, groundwater or other media. All disclosures made in connection with
these due diligence investigations will be subject to the parties’ existing confidentiality agreements. To the extent that a confidentiality agreement with a third party would prohibit disclosure (as described above) to a party to this
agreement, the other party will so advise the first party and will, upon its request, work with the first and third parties to attempt to have the first party added to the confidentiality arrangement upon terms acceptable to all three parties.
Arcelor acknowledges and 

 Arcelor S.A. 
 October 26, 2006 
  Page
 4
 
  
 agrees that, as a result of its
due diligence investigation of Noble, it may receive material non-public information about Noble, and that U.S. securities laws impose restrictions on trading in securities while in possession of such information. Accordingly, Arcelor agrees that,
prior to the closing, it will not trade in securities of Noble. 
 (c) Without limiting the foregoing, Arcelor and Noble will each endeavor
to keep the other party reasonably informed of its actions that would materially affect the Transaction or the value or expected benefit of the Transaction to the other party. 
 4. Expenses. 
 Except as provided in
this paragraph or paragraph 8 of this letter, each party will be responsible for and bear all of its own costs and expenses incurred at any time in connection with pursuing or consummating the proposed Transaction, including but not limited to all
transfer taxes, stamp taxes, excise taxes, filing fees and any other government charges or imposts of any nature whatsoever imposed on it in connection with the Transaction. Arcelor shall bear all costs and expenses related to the Reorganization,
including intellectual property registration fees, real estate registration costs and any notarial and stamp fees. The parties shall each pay one-half of any filing fees under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended,
related to Arcelor’s acquisition of Noble shares and one-half of the SEC filing fees related to Noble’s proxy statement seeking authorization for the Noble shares to be issued to Arcelor. 
 5. Public Statements. 
 Noble and
Arcelor will not make any statement pertaining to the parties’ discussions or the Transaction or the terms thereof to the public before the closing of the Transaction without the prior written consent of Arcelor (in the case of a Noble
statement) or of Noble (in the case of an Arcelor statement), except for statements agreed upon by the parties or required by listing or exchange rules or applicable law. With respect to all such statements as are made by a party to this letter
because they are required by listing or exchange rules or applicable law, each such statement shall be made upon and in conformity with the advice of such party’s legal counsel and shall be preceded, whenever practicable, by consultation with
the other party. 
 6. Standstill. 
 Each of Arcelor and Noble agrees that, until the date which is two years from the date hereof, it will not, whether singly or as part of a “group” (as defined under the US Securities Exchange Act of 1934, as
amended (the “Exchange Act”)), directly or indirectly: (a) acquire, offer, make a proposal or agree to acquire (whether publicly or otherwise), in any manner, any material assets of the other party or of its subsidiaries or any equity
securities of the other party or of its subsidiaries, or “beneficial ownership” thereof (as defined under the Exchange Act), except pursuant to a stock split, stock dividend or similar event not effected pursuant to a violation of this
paragraph; (b) make or in any way propose or participate in any “solicitation” of “proxies” to vote (as such terms are defined in Rule 14a-1 under the Exchange Act), solicit any consent or communicate with or seek to advise
or influence any person, other than the other 

 Arcelor S.A. 
 October 26, 2006 
  Page
 5
 
  
 party, with respect to the
solicitation or voting of any equity security of the other party in opposition to any matter that has been recommended by the board of directors of the other party or in favor of any matter that has not been approved by such board or become a
“participant” in any “election contest” (as such terms are defined or used in Rule 14a-11 under the Exchange Act) with respect to the other party; (c) form, be a member of, join or encourage the formation of any group (as so
defined) with respect to any equity security of the other party or the acquisition of any assets of the other party; (d) deposit any equity security of the other party into a voting trust or subject any such security to any arrangement or
agreement with respect to the voting thereof that would cause it to be in violation of any other provision of this paragraph; (e) seek election to or seek to place a representative on the board of directors of the other party otherwise than in
connection with, or as contemplated in, the Transaction; (f) call or seek to have called any meeting of the stockholders of the other party other than by participating as a director of the other party in calling, or seeking to have called,
meetings of stockholders generally; (g) solicit, seek to effect, negotiate with or provide any information to any other person with respect to, or make any statement or proposal, whether written or oral, or otherwise make any public
announcement or proposal whatsoever with respect to a merger or acquisition of the other party, the sale of all or a substantial portion of the assets of the other party and its subsidiaries, the liquidation of the other party, the recapitalization
of the other party or a similar business transaction with respect to the other party or take any action that might require the other party to make a public announcement with respect to any such matter, in each case otherwise than in connection with
the Transaction; or (h) instigate, encourage or assist, or enter into any discussions or arrangements with, any other person to do any of the actions described in this paragraph. (References in this paragraph to terms defined under the Exchange
Act are intended to include such terms or other terms of like or similar import under applicable securities laws, rules or regulations of other relevant jurisdictions.) 
 7. Newco Financial Statements. 
 The parties understand as follows: Noble will be required to solicit
proxies from its stockholders in order to approve the Transaction. The rules and regulations of the United States Securities and Exchange Commission (the “SEC”) require Noble to include in the proxy statement relating to such solicitation
(the “Proxy Statement”) certain information, including financial statements, some of which are required to be audited, of the Arcelor TBA Assets/Interests. In addition, after the closing of the Transaction, SEC rules and regulations
require Noble to file a Current Report on Form 8-K (the “Form 8-K”) reporting the closing of the Transaction and including, in response to Item 9.01 of Form 8-K, audited financial statements of the Arcelor TBA Assets/Interests and pro
forma financial statements for Noble. 
 Subject to Noble receiving confirmation from the SEC that (i) selected financial data of the
Arcelor TBA Assets/Interests for 2003 may be omitted from the Proxy Statement, and (ii) audited financial statements for the nine months ended September 30, 2006 may be substituted in lieu of the twelve-month audited financial statements
that would otherwise be required, Arcelor covenants and agrees to deliver to Noble the following balance sheets, income statements and statements of cash flows (collectively, “Financial Statements”) of the Arcelor TBA Assets/Interests,
excluding the Powerlasers subsidiaries of Dofasco (“Powerlasers”): 

 Arcelor S.A. 
 October 26, 2006 
  Page
 6
 
  
 (i) not later
than the date of signing of the definitive agreement: (a) audited Financial Statements as of and for the nine months ended September 30, 2006; (b) audited Financial Statements as of and for the year ended December 31, 2005; and
(c) audited Financial Statements as of and for the year ended December 31, 2004; and 
 (ii) not later than 50 days after the
closing of the Transaction: if the closing of the Transaction occurs after March 15, 2007, audited Financial Statements as of and for the year ended December 31, 2006. 
 Arcelor shall cooperate reasonably and in good faith with Noble to provide all such additional information as may be required for Noble’s SEC
filings that Arcelor can provide without undue burden and expense. Noble and Arcelor agree to cooperate with each other and to use their reasonable best efforts to obtain any further relief from the SEC requirements applicable to the Proxy Statement
or the Form 8-K that either party deems necessary or appropriate. For avoidance of doubt, the parties agree that all of the covenants of Arcelor contained in this paragraph 7 are material binding obligations of Arcelor. 
 8. Break-Up Fee. 
 (a) In the event
that the Transaction does not close before July 1, 2007, or if the Transaction is abandoned before then, then, upon demand by Noble, Arcelor will pay Noble, as Noble’s exclusive remedy under this letter agreement, a cash break-up fee in
the amount of the reasonable out-of-pocket expenses actually incurred by Noble in connection with the proposed Transaction after July 31, 2006, not to exceed $5 million in the aggregate, if the Transaction did not close or was abandoned solely
because: 
 (i) Arcelor materially breached any of its material binding obligations made in this letter and failed to cure such breach within
one week of its receipt of written notice from Noble identifying the breach and requesting a cure; or 
 (ii) Arcelor or its Affiliates
(A) took action pursuant to clause (E) of subparagraph 2(a) of this letter or (B) entered into a Superior Transaction or other transaction with a third party that would, in the case of each of the foregoing clause (A) or (B),
preclude the Transaction. 
 (b) In the event that the Transaction does not close before July 1, 2007, or if the Transaction is
abandoned before then, then, upon demand by Arcelor, Noble will pay Arcelor, as Arcelor’s exclusive remedy under this letter agreement, a cash break-up fee in the amount of the reasonable out-of-pocket expenses actually incurred by Arcelor in
connection with the proposed Transaction after July 31, 2006, other than expenses incurred by Arcelor relating to the Department of Justice Consent Decree or its effect upon the Transaction specifically including the matters related to
Powerlasers contemplated by the initial letter of intent dated July 19, 2006 

 Arcelor S.A. 
 October 26, 2006 
  Page
 7
 
  
 which were subsequently
suspended as a result of the Department of Justice Consent Decree, not to exceed $5 million in the aggregate, provided that the Transaction did not close or was abandoned solely because: 
 (i) Noble materially breached any of its material binding obligations made in this letter and failed to cure such breach within one week of its receipt of
written notice from Arcelor identifying the breach and requesting a cure; or 
 (ii) Noble entered into a Superior Transaction or other
transaction with a third party that would preclude the Transaction. 
 (c) The parties’ definitive agreement may contain additional
provisions requiring payment of a break-up fee. 
 9. Binding Obligation. 
 This letter agreement creates a legally binding obligation of the parties to enter into the Transaction according to the Term Sheet. The parties shall act
fairly, in a commercially reasonable manner, in good faith, to negotiate, execute and deliver the definitive agreement and the ancillary agreements and documents based upon the Term Sheet. 
 10. Miscellaneous. 
 The offer made by
Noble in and through this letter will expire at 11:59 PM (Greenwich Mean Time) on October 31, 2006, unless accepted sooner by Arcelor. Noble’s Board of Directors has approved the Term Sheet and authorized the execution of this letter
agreement. This letter shall be governed by and construed in accordance with the laws of the State of New York. 
 Please indicate
Arcelor’s acceptance of the terms of this letter by executing this letter in the spaces provided below and returning the letter, executed by both parties, to the undersigned, so as to be received not later than the time specified in the
immediately preceding paragraph. You may execute and deliver this letter in counterparts. We look forward to consummation of the Transaction as outlined in the Term Sheet. 
  

			
	Very truly yours,
	
	Noble International, Ltd.
		
	By:	 	 /s/ Thomas L. Saeli

		 	Thomas L. Saeli
		 	Chief Executive Officer

 Attachment: Exhibit A – Term Sheet 

 Arcelor S.A. 
 October 26, 2006 
  Page
 8
 
  
 Accepted and agreed this 27th day of October, 2006: 
 Arcelor S.A. 
  

			
	By:	 	 /s/ Michel Wurth

	Name:	 	Michel Wurth
	Title:	 	Member of the Group Management Board
		
	By:	 	 /s/ Christophe Cornier

	Name:	 	Christophe Cornier
	Title:	 	EVP Arcelor Mittal-Responsable Flat Europe

 EXHIBIT A 
 TERM SHEET 
 This Term Sheet sets forth the basic terms agreed upon by Noble and Arcelor with regard to the
Transaction (as defined in the binding letter of intent to which this Term Sheet is attached (the “LOI”)). The LOI, including this Term Sheet, sets forth the parties’ legally binding agreement. The parties agree to act fairly,
commercially reasonably and in good faith in order to negotiate and execute the definitive agreement and ancillary agreements and documents contemplated by this Term Sheet. Arcelor and Noble shall cooperate with one another and shall use their
respective reasonable best efforts, in good faith, to satisfy all the conditions of closing and to consummate the Transaction. Capitalized terms have the meanings ascribed to them herein or in the LOI. Dollar amounts specified herein and therein are
US dollar amounts. Except as otherwise specified herein, financial and accounting terms shall have the meanings ascribed to them by SEC Regulation S-X and otherwise by generally-accepted United States accounting principles. 
  

			
	Structure	  	 Before or at the closing of the Transaction, Arcelor shall cause the Arcelor TBA Assets/Interests and all of the liabilities associated with such
Arcelor TBA Assets/Interests consisting of pension, health care, severance and other employment-related liabilities pertaining to employees associated with the Arcelor TBA Assets/Interests at the closing time (“Assumed Social Costs”) plus
trade payables other than Transaction costs (together with the Assumed Social Costs, the “Assumed Liabilities”), to be transferred to and held by a holding company (“Newco”) or one or more direct or indirect subsidiaries of
Newco, provided that Tailor Steel America LLC (“TSA”) shall remain a direct or indirect, wholly-owned subsidiary of Arcelor (the “Reorganization”). Upon the later of consummation of the Reorganization and the closing of the
Transaction, the only liabilities of Newco and its subsidiaries and TSA shall be (i) the Assumed Liabilities and (ii) other liabilities of Newco, its subsidiaries or the Arcelor TBA Assets/Interests or TSA arising prior to the closing (the
“Other Liabilities”). Arcelor shall indemnify, defend and hold harmless Newco and its subsidiaries, TSA and Noble against all the Other Liabilities and any related claims. Arcelor shall inform and consult with Noble, and consider
Noble’s comments, regarding (a) the Reorganization prior to effectuating the significant steps of the Reorganization and (b) Arcelor’s dealings with works councils regarding the Transaction prior to making significant presentations to the
works councils.
  
 The Transaction shall be structured as Noble’s purchase from
Arcelor of the stock of Newco and the membership interests of TSA and, if permitted, the stock of Powerlasers, and Arcelor’s

			
		  	purchase of the shares of Noble described below. In doing so, Noble will acquire Arcelor’s entire transferable equity interest in and to all of the Arcelor TBA Assets/Interests free of
liens and encumbrances (other than liens or encumbrances securing the payment of Assumed Liabilities).
		
		  	 The closing of the Transaction will occur on or before March 15, 2007, unless expressly extended in writing by both parties.
  
 The parties further agree that, subject to the requirements, conditions and restrictions of the
Department of Justice Consent Decree, if Arcelor is permitted to directly or indirectly sell the shares of Powerlasers to Noble, then Noble shall purchase such shares from Arcelor (or from Dofasco, as the case may be). In connection with the sale
and purchase of Powerlasers, Arcelor will represent and warrant to Noble that (i) the Powerlasers business, assets and assumed liabilities as of the closing do not include any liabilities other than (A) Assumed Liabilities and (B) Other
Liabilities against which Arcelor will indemnify Noble, and (ii) Powerlasers has sufficient, positive net working capital to continue operation of its business consistent with past practice. The definitive agreement governing the sale of Powerlasers
shall contain substantially the same representations, warranties and conditions, as the definitive agreement governing the Transaction, except that the Powerlasers agreement (x) will include reasonable adjustments based on the smaller size of
the Powerlasers transaction and (y) will not include a material adverse change condition, except with respect to any event occurring in 2007 that would have a material adverse effect (other than a reduction in EBITDA) on the Arcelor TBA
Assets/Interests, considered as a whole.

		
	 Valuation and
 Consideration
	  	Noble and Arcelor have valued the Arcelor TBA Assets/Interests and Assumed Liabilities, including Powerlasers, based on a multiple of pro forma EBITDA for 2006 for such Arcelor TBA
Assets/Interests projected at $65 to $70 million, after giving effect to the anticipated restructuring and Reorganization (all of the costs of which will be borne by Arcelor, but will be excluded from the 2006 pro forma EBITDA calculation) and
assuming a U.S. dollar/Euro exchange rate of 1.25 U.S. dollars to 1 Euro (the “2006 Pro Forma TBA EBITDA”).

  

 A-2 

			
		 	 Accordingly, if, subject to the requirements, conditions and restrictions of the Department of Justice Consent Decree, Arcelor is permitted directly
or indirectly to sell Powerlasers to Noble, the aggregate consideration payable by Noble for purchase of all the shares of Newco, TSA and Powerlasers (the “Purchase Consideration”) will be as follows:
  
 (i) Cash in the aggregate amount of $147 million payable at closing of the
Transaction (the “Cash Consideration”); provided, however, that (A) if the weighted average price per share of Noble’s common stock traded on the Nasdaq for the fifteen (15) consecutive trading days ending on the day
prior to closing (rounded up to the nearest whole cent from 0.50 or more of a cent and otherwise rounded down to the nearest whole cent) (the “Average Price”) is greater than $18.00, then the Cash Consideration shall be decreased by an
amount equal to the product of 9,375,000 multiplied by the positive difference between the Average Price and $16.00, and (B) if the Average Price is less than $14.00, then the Cash Consideration shall be increased by the aggregate amount of
$20,000,000; provided further, that neither party shall be obligated to close if the Average Price is greater than $20.00 or less than $12.00;
  
 (ii) 9,375,000 newly-issued shares of Noble common stock, representing approximately 40% (assuming no conversion of Noble’s convertible
securities currently outstanding and no issuance of shares of Noble common stock reserved for holders of options currently outstanding) of Noble’s common stock outstanding upon the closing, to be delivered at closing of the Transaction;
and
  
 (iii) Noble’s one-year promissory note for
$50 million, bearing interest at the Prime rate and subordinated in favor of Noble’s senior credit facilities (the “Note”) (which Note shall be transferable to Arcelor or its affiliates), to be delivered at closing of the
purchase and sale of Powerlasers, provided that Arcelor is permitted directly or indirectly to effect the sale of Powerlasers within six months after the closing of the Transaction. However, if the pro forma EBITDA for 2006 for Powerlasers, after
giving effect to the anticipated restructuring (all of the costs of which will be borne by Arcelor, but will be excluded from the 2006 pro forma EBITDA calculation) and assuming a U.S. dollar/Canadian dollar ratio of 1 U.S. dollar to 1.128 Canadian
dollars (the “2006 Pro Forma Powerlasers EBITDA”) is less than U.S. $7 million, then the Note shall be for a principal amount equal to the product of 6.5 times the 2006 Pro Forma Powerlasers EBITDA.

  

 A-3 

			
	Conduct of Business; Employee Arrangements	  	 Until the closing, and except as may be necessary or appropriate to effectuate the Reorganization, Arcelor will manage the Arcelor TBA
Assets/Interests and related liabilities, and Noble will manage its assets and liabilities, in the ordinary course of business, consistent with past practice and in accordance with standard industry practice (subject, in the case of Powerlasers, to
the Department of Justice Consent Decree). Without limiting the generality of the foregoing, except with the prior written consent of Noble, which shall not be unreasonably withheld or delayed, until the closing Arcelor shall not (i) accelerate the
collection of TBA accounts receivable, (ii) delay the payment of TBA accounts payable or other liabilities, (iii) acquire or dispose of material Arcelor TBA Assets/Interests, including any intellectual property (other than in the ordinary course of
business consistent with past practice); or (iv) enter into any agreement or arrangement that limits or otherwise restricts in any material respect TSA, Newco or any of its subsidiaries from engaging or competing in any line of business, in any
location or with any person. Without limiting the generality of the foregoing, except with the prior written consent of Arcelor, which shall not be unreasonably withheld or delayed, until the closing Noble shall not (a) except pursuant to the
possible acquisition of certain assets of, or interests in, a business in Asia as previously disclosed to Arcelor, acquire or dispose of material assets, including any intellectual property (other than in the ordinary course of business consistent
with past practice), or incur or issue material additional indebtedness, (b) split, combine or reclassify any shares of capital stock or declare, set aside or pay any dividend or other distribution (other than the customary quarterly dividend
consistent with past practice) in respect of its capital stock, or redeem, repurchase or otherwise acquire any capital stock of Noble; (c) authorize or issue any capital stock or grant any option, warrant, call, commitment, subscription, right to
purchase or agreement of any character relating to Noble’s capital stock or any securities convertible into shares of such stock, other than to directors or employees of Noble in connection with any employee benefit plan approved by the
stockholders of Noble, except that, after March 15, 2007, Noble may issue and sell shares of capital stock to the public or to private investors, provided that Arcelor is given the opportunity to acquire up to 40% of such shares on the same
terms; or (d) amend its articles of incorporation, bylaws or similar organizational documents. The definitive agreement will contain additional, standard interim conduct-of-business restrictions applicable to both parties.
 .

  

 A-4 

			
		  	 The parties will agree on the employees of Arcelor or its Affiliates to be offered employment with Noble (which may include all or substantially all
of the employees of certain Arcelor Affiliates) and will agree on appropriate compensation arrangements. For this purpose, Noble will provide Arcelor with information on the compensation of Noble’s managers and other senior employees. The
parties agree that at closing the Arcelor senior executives previously identified to Noble and the Noble senior executives identified in or pursuant to the definitive agreement, with, in each case, the titles and offices they will be offered or hold
at Noble (collectively, “Key Employees”) shall be employed by Noble with such titles and offices, and an Arcelor senior executive shall be a director of Noble with the title and office of “Vice Chairman of the Board of
Directors.” It will be a condition to both Noble’s and Arcelor’s obligations to close the Transaction that each Key Employee enter into an agreement containing customary employment terms and otherwise on terms no less favorable to
such Key Employee in the aggregate than his or her present employment terms or, in the absence of an employment agreement, shall provide reasonable assurances of such Key Employee’s commitment to remain employed at Noble.
  
 Arcelor shall engage Advention Business Partners, a mutually acceptable independent consulting firm
(“Advention”), to perform seller due diligence on the Arcelor TBA Assets/Interests, on reasonable terms satisfactory to Noble and Arcelor and subject to Arcelor’s satisfaction with regard to the cost of such due diligence engagement.
Arcelor shall cause Advention to deliver to Noble, concurrently with delivery to Arcelor, copies of all resulting drafts and final diligence reports and shall permit Advention to discuss such drafts and reports with Noble. Upon closing of the
Transaction, Noble shall reimburse Arcelor for Advention’s fees and expenses in connection with such due diligence investigation

		
	Competition; Collaboration	  	Arcelor will agree not to develop or conduct any laser welded blanks business, directly or indirectly, anywhere in the world (with exceptions to be specified in the definitive agreement) and as
required by the Department of Justice Consent Decree and except during any period when Arcelor is engaged in commercially reasonable, good faith efforts to sell Powerlasers), for five years after the closing, except in conjunction with Noble,
including through the granting to third parties engaged in the laser welded blanks business of licenses under patents, patent

  

 A-5 

			
		  	 applications, know-how and other intellectual property of any nature pertaining to laser welding or other welding or bonding methods for use in the
laser welded blanks business. Noble’s controlling stockholder, Robert J. Skandalaris (“Skandalaris”), will agree not to invest in, be employed by, or otherwise engage or participate in a laser welded blanks business other than Noble,
anywhere in the world, for five years after the closing, under a non-competition agreement containing customary terms.
  
 With reference to the Copperweld business owned by Dofasco, to the extent permitted by the Department of Justice Consent Decree and other applicable law, the definitive agreement may provide for cooperation between
Dofasco and Noble relative to the development and commercialization of structural tube technology.
  
 Arcelor will use its commercially reasonable efforts to eliminate, before the closing, any contractual inhibition on competition, worldwide, arising from ownership or commercialization of any Arcelor TBA
Asset/Interest.

		
	Representations and Warranties; Covenants; Conditions	  	 The definitive agreement will contain such representations and warranties, covenants and conditions of Noble and of Arcelor as are customary in the
US for a transaction of this size and nature, including substantially reciprocal representations and warranties with respect to: power and authority; no violation of laws and regulations; entity status; corporate or other entity documents; title to
purchased shares; ownership of subsidiaries; financial information; real property; leases; environmental liabilities; title to properties and assets; encumbrances; assets; material contracts; certain other agreements; breach of contracts or
agreements; no conflict; intellectual property; compliance with laws, regulations and permits; insurance; employees and other representatives; employee benefit plans; litigation; events since reference balance sheet date; tax; accounts receivable;
products; major customers and suppliers; inventory; affiliate relationships; Foreign Corrupt Practices Act and related matters; internal controls; broker’s or finder’s fees and disclosure. Certain other representations and warranties may
apply only to one, but not the other, of Noble and Arcelor. Reasonable additional representations and warranties or covenants may be requested by either party as a consequence of its due diligence investigation or otherwise.
  
 Without limiting the scope of the foregoing paragraph, consistent with this Term Sheet, Arcelor will
represent and warrant that (a) to the knowledge of Arcelor, TSA has materially

  

 A-6 

			
		 	 complied, and does materially comply, with the US Foreign Corrupt Practices Act; (b) based on historical results, it is Arcelor’s present good
faith belief that the 2006 Pro Forma TBA EBITDA shall not be less than $65 million (assuming Powerlasers is included in the Transaction); (c) the aggregate Assumed Liabilities (other than trade accounts payable) at closing shall not exceed an
amount described on a schedule to the definitive agreement, plus accruals to the closing date; (d) the Arcelor TBA Assets/Interests’ consolidated net working capital at closing will be not less than an amount sufficient to continue operation of
the business of the Arcelor TBA Assets/Interests consistent with past practice; (e) none of the information supplied by or on behalf of Arcelor for inclusion in Noble’s proxy statement relating to the Transaction (or any amendments or
supplements thereto), to Arcelor’s knowledge, contains any untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances
under which they were made, not misleading; (f) none of the information supplied by or on behalf of Arcelor for inclusion in any filing made by Noble with the SEC, including Noble’s current report on Form 8-K relating to the Transaction, to
Arcelor’s knowledge, contains any untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary in order to make the statements therein, in light of the circumstances under which they were
made, not misleading; and (g) the Arcelor TBA Assets/Interests contain all the assets necessary to operate the business of the Arcelor TBA Assets/Interests.
  
 Without limiting the scope of the second preceding paragraph, Noble will represent and warrant that (a) Noble has filed with the SEC all forms, reports and other
documents required to be filed by it since January 1, 2005 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (as such documents have been amended since the time of their filing, collectively, “Noble SEC
Documents”); (b) to Noble’s knowledge, the Noble SEC Documents, at the time filed, did not contain, and (subject to Arcelor’s representations in (e) and (f) above) Noble’s proxy statement relating to the Transaction (and any
amendments or supplements thereto) and Noble’s current report on Form 8-K relating to the Transaction, will not contain any untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary in order
to make the statements therein, in light of the circumstances under which they were made, not misleading; (c) to Noble’s knowledge, the Noble SEC Documents complied and such proxy (and any

  

 A-7 

			
		  	amendments or supplements thereto) and current report on Form 8-K will comply, in all material respects with the applicable requirements of the Exchange Act; and (d) the shares of Noble
common stock issued to Arcelor will be duly and validly issued, fully paid and non-assessable, and will be free of restrictions on transfer, other than restrictions on transfer pursuant to agreements executed by Arcelor at closing and under
applicable state and federal securities laws.
		
	Governance	  	 The definitive agreement will require Noble’s board of directors to increase the size of such board to nine members effective upon the
closing. It will be a condition to Arcelor’s obligation to close that, effective upon the closing, all members of Noble’s then-current board, other than Skandalaris, shall have resigned from the board and eight directors shall have been
appointed by Skandalaris as the sole remaining director. Of the eight appointed directors, Arcelor will nominate four, of whom two will be independent directors and will be subject to Skandalaris’ approval (not to be unreasonably withheld), and
Skandalaris will nominate four, of whom three will be independent directors and will be subject to Arcelor’s approval (not to be unreasonably withheld). Each of the independent director nominees will satisfy Nasdaq requirements for independent
directors. Skandalaris will remain Chairman of the Board of Noble following the closing for so long as Skandalaris is a member of the Board, and Arcelor’s nominee will be and remain Vice Chairman of the Board of Noble for so long as Arcelor has
a nominee on the Board. Noble’s board committees consist of an audit committee, a compensation committee, a governance committee and an executive committee. It will also be a condition to Arcelor’s obligation to close that, effective upon
the closing, the members of each Noble board committee will be restaffed in a manner satisfactory to Skandalaris and Arcelor, including, to the extent permitted by Nasdaq rules and applicable law, by way of causing Skandalaris (or another director
satisfactory to Skandalaris) and at least one director nominated by Arcelor to become members of every committee.
  
 The definitive purchase agreement or an ancillary agreement will contain provisions to assure that, in the event that Arcelor is unable to sell Powerlasers to Noble at closing of the Transaction, then, for so long as
Arcelor still has a direct or indirect interest in Powerlasers (other than through Noble), Arcelor will be precluded from directly or indirectly receiving nonpublic, competitively-sensitive information concerning Noble.

  

 A-8 

			
	 Indemnification;
 Remedies
	  	 The definitive agreement will include usual and customary mutual, limited indemnifications for breaches of representations and warranties,
covenants and other agreements, with a survival period of fifteen months for most items (longer periods as customary for others). No officer, director, employee or stockholder of Noble or Arcelor will be liable under the indemnification provisions
of the definitive agreement.
  
 No claim for indemnification will be payable unless and
until all such claims, in the aggregate, exceed $850,000, in which case all claims shall be paid without regard to that minimum. The aggregate liability of each party with respect to all claims of indemnification shall not exceed $45 million,
subject to an exception for retained Other Liabilities and any additional exceptions upon which the parties may agree (referred to herein as each party’s “Aggregate Indemnification Liability Cap”). Except for a claim of fraud or a
claim of misrepresentation or breach of warranty as to title, due authorization or absence of liens on shares of stock, the sole post-closing remedy for misrepresentation in, or breach of, the definitive agreement will be a claim for
indemnification.

		
	Ancillary Agreements	  	 Voting and Support Agreement. Contemporaneously with the execution and delivery of this letter agreement, Skandalaris and Arcelor are
entering into a voting and support agreement negotiated among the parties, which requires Skandalaris to vote all of his Noble shares in favor of the Transaction.
  
 Standstill and Stockholders Agreement. At the signing of the definitive agreement, Skandalaris and Arcelor will enter into, and Noble shall cause Skandalaris to
enter into, a standstill and stockholders agreement to be negotiated among the parties. This agreement will provide, upon customary terms, that (i) neither Skandalaris nor Arcelor will sell or otherwise transfer any Noble common stock to a third
party for two years after the closing date, and (ii) thereafter for a period of an additional three years neither Skandalaris nor Arcelor will sell or otherwise transfer any Noble common stock to a third party without first offering such stock to
the other on terms identical to the terms of the proposed transfer to the third party (“Right of First Refusal”). Arcelor will agree not to buy any Noble common stock during the same period without Skandalaris’s consent, and
Skandalaris will agree not to buy any Noble common stock during the same period without Arcelor’s prior knowledge, other than purchases pursuant to stock options and other executive compensation arrangements approved by Noble’s board of
directors. The obligations of Skandalaris not to transfer stock will exclude Skandalaris’s transfers of a limited number of shares made for

  

 A-9 

			
		 	estate planning and charitable purposes. In addition, if for any reason Noble’s quarterly dividend per share (a) is suspended for two or more consecutive fiscal quarters or (b) decreases
from the current $0.08 per share and does not increase to $0.08 or more per share within two fiscal quarters following such decrease, Skandalaris and Arcelor may, subject to a Right of First Refusal in favor of the other, sell to a third party up to
that number of shares of Noble common stock required to replace, with the proceeds of the sale, his or its (as the case may be) cash flow lost due to such suspension or decrease. Arcelor will agree to vote all of its Noble shares in favor of
Skandalaris’s and his nominees’ election to the board whenever the question may arise so long as Skandalaris holds (directly or indirectly) at least 7% of Noble’s shares. Skandalaris will also agree to vote all of his Noble shares in
favor of Arcelor’s nominees’ election to the board whenever the question may arise so long as Arcelor holds (directly or indirectly) at least 7% of Noble’s shares. This stockholders agreement will also provide for consistent voting of
Arcelor’s and Skandalaris’s Noble shares on strategic matters. If Arcelor fails to vote for the election of Skandalaris to Noble’s board, or if Noble’s stockholders do not reelect him to the board when he stands for reelection,
then Skandalaris shall be entitled (subject to Arcelor’s right of first refusal) to sell, in an orderly manner, all of his Noble shares.
		
		 	Registration Rights Agreement. At closing, Skandalaris, Noble and Arcelor will enter into a registration rights agreement, under which, on customary terms, in order to facilitate
resales of Noble stock held by Skandalaris and by Arcelor after the closing, at least four demand and unlimited piggyback SEC registration rights will be granted to them by Noble in this registration rights agreement to be negotiated among the
parties.
		
		 	Transition Services Agreement. At closing, Arcelor will agree to provide to Noble, from and after the closing, and for so long as is reasonably required (not to exceed three
(3) years, unless otherwise mutually agreed because of unusual business circumstances), all such reasonable transition services as Noble needs or that are desirable in order to manage Newco efficiently while integrating Newco into Noble’s
business and to continue the operation of the Arcelor TBA Assets/Interests as currently operated and as proposed to be operated, and Noble will agree to provide Arcelor and its Affiliates, from and after the closing, and for so long as is reasonably
required (not to exceed three (3) years, unless otherwise mutually agreed because of unusual business circumstances), all such reasonable transition services as Arcelor and its Affiliates need or that are desirable in order to

  

 A-10 

			
		 	fulfill any contractual or other obligations not transferred to Noble that would, but for the Transaction, be fulfilled by Arcelor or its Affiliates with use of the Arcelor TBA Assets/Interests.
This transition services agreement to be negotiated among the parties will be based upon commercially reasonable terms, at prices not to exceed the direct internal cost (excluding overhead) of the party providing the services, without mark-up, and
will require the parties to provide as much support as reasonably required and for as long as reasonably required (not to exceed three (3) years, unless otherwise mutually agreed because of unusual business circumstances), to operate the Arcelor TBA
Assets/Interests, as currently operated and as proposed to be operated, including, among other things, information technology, human resources administration, property leasing, electrical and other utility service where legally and contractually
permitted, accounting and tax services and support. The terms upon which Arcelor will commit to provide transition services can be expected to be consistent with Arcelor’s long-term strategy for conducting business in and with the worldwide
vehicle (and vehicle parts) manufacturing and assembly industry.
		
		 	Supply Agreement. At closing, Arcelor and Noble will enter into a supply agreement to be negotiated prior to closing, under which Noble will agree to buy from Arcelor, and Arcelor will
agree to sell to Noble, steel for Noble’s European operations in quantities and qualities required by Noble’s customers. The term of the Supply Agreement shall be five years from the closing, renewable for one additional term of five years
by either party with at least 18 and not more than 30 months’ notice prior to expiration of the initial term. This supply agreement will provide for prices and other terms and conditions equivalent to OEM prices, terms and conditions, with
annual adjustment of prices and volumes.
		
		 	Arcelor Auto Services Agreement. Currently, Arcelor TBA Assets/Interests depend on Arcelor Auto for provision of certain services, including but not limited to commercial and marketing
support and research and development, that provide access to customer needs and market intelligence. Because such services are critical to the current and future conduct of the business of the Arcelor TBA Assets/Interests and also due to the
importance for Arcelor Auto to ensure continuity of customer relations after closing of the Transaction, subject to due diligence, Arcelor and Noble will, at closing, enter into an Arcelor Auto services agreement to be negotiated prior to closing,
under which Arcelor Auto will continue to provide Noble with services and support equivalent to those currently provided to the Arcelor TBA

  

 A-11 

			
		  	 Assets/Interests for a minimum duration of three years, on financial terms equivalent to those currently in effect, except that research and
development services shall be provided at Arcelor’s internal cost without mark-up.
  
 Exclusive Distribution Agreement. At closing, Arcelor and Noble will enter into a distribution agreement, under which Noble will agree to buy from Arcelor, and Arcelor will agree to sell exclusively to Noble, from and after closing
for a term of three years, the entire laser welded blanks output of the Arcelor TBA facilities at Liège and Eisenhuttenstadt, in volumes and at prices designed to cover Arcelor’s internal costs, including labor and social costs, to
produce such output (after giving effect to the anticipated restructuring and Reorganization, but not including the costs thereof), and on arm’s-length terms in all other respects. Upon expiration of the term of the distribution agreement,
Noble will have a right of first offer on the sale by Arcelor of the machines employed by Arcelor in performing under the distribution agreement, at a price equal to the net book value of such machines on the date of sale, and any residual inventory
of raw materials, work-in-process and finished products on-hand pursuant to the distribution agreement at a price equal to Arcelor’s net book value for such inventory.

		
	 Principal Closing
 Conditions
	  	 The conditions to the parties’ obligation to close the Transaction will be substantially reciprocal.
  
 Without limiting the scope of the foregoing paragraph, the conditions to Noble’s obligation to
close the Transaction will include, among others:
  
 •      Completion of the Reorganization in accordance with a plan attached to the definitive agreement;
  
 •      Completion of the Transaction financing, including Noble’s receipt of not less
than $180 million in debt financing, on commercially reasonable terms that are reasonably acceptable to Noble;
  
 •      Receipt of a favorable “fairness opinion” from financial advisors of
Noble’s board of directors, prior to execution and delivery of the definitive agreement;
  
 •      Bring-down of Arcelor’s representations and warranties to the closing, and
compliance by Arcelor with all pre-closing covenants (including conduct-of-business and non-solicitation covenants) and other agreements, in all material reports;

  

 A-12 

			
		 	 •      No material adverse change in the Arcelor TBA Assets/Interests
between June 30, 2006 and closing;
  
 •      Receipt of all necessary governmental, regulatory and other third-party approvals, including approvals (or expiration of waiting periods, as applicable) required under all applicable competition
laws; provided, however, that if any such approval imposes a Material Competition Obligation upon Noble to which Noble is not already subject, then Noble will not be obligated to close. For these purposes, a “Material Competition
Obligation” is one that would require Noble, as a condition of approval of the Transaction, to divest any business, product line or asset, or to take or agree to take any action or agree to any limitation, that would have a material adverse
effect on the business, assets, condition (financial or otherwise), results of operations or prospects of Noble;
  
 •      No order that enjoins the closing of the Transaction or Noble’s ownership of Newco
shall have been issued and shall remain in effect;
  
 •      Appropriate comfort letters (if any) in connection with Noble’s proxy statement;
  
 •      Customary legal opinion letters shall have been delivered;
  
 •      Receipt of Noble
stockholder approval;
  
 •      Noble’s commercially reasonable, good faith satisfaction with the results of a “due diligence” investigation of the Arcelor TBA Assets/Interests, provided that the definitive
agreement shall provide a specific date by which Noble will have had a reasonable period to conduct and become reasonably satisfied with general due diligence, and after such date, further conditions regarding due diligence shall be limited to
confirming accuracy of representations and warranties and specifically designated, limited areas of further investigation; and
  
 •      A sufficient workforce will be available to continue operation of the Arcelor TBA
Assets/Interests after closing consistent with past practices and as proposed to be conducted.

  

 A-13 

			
		 	 Without limiting the scope of the second preceding paragraph, the conditions to Arcelor’s obligations to close the Transaction will include,
among others:
  
 •      Completion of the Transaction financing, including Noble’s receipt of not less than $180 million in debt financing, on commercially reasonable terms that are reasonably acceptable to
Arcelor;
  
 •      Noble representation and warranty that it has received a favorable “fairness opinion” from financial advisors of Noble’s board of directors prior to execution and delivery of the
definitive agreement;
  
 •      Bring-down of Noble’s representations and warranties to the closing, and compliance by Noble with all pre-closing covenants (including conduct-of-business covenants) and other agreements, in
all material respects;
  
 •      No material adverse change in the condition (financial or otherwise) of Noble between June 30, 2006 and closing;
  

•      Receipt of all necessary governmental, regulatory and other third-party approvals,
including approvals (or expiration of waiting periods, as applicable) required under all applicable competition laws; provided, however, that if any such approval imposes a Material Competition Obligation upon Noble to which Noble is
not already subject, then Arcelor will not be obligated to close;
  
 •      No order that enjoins the closing of the Transaction shall have been issued and shall remain in effect;
  
 •      Customary legal
opinion letters shall have been delivered;
  
 •      Receipt of Noble stockholder approval;
  
 •      Arcelor’s commercially reasonable, good faith satisfaction with the results of a
“due diligence” investigation of Noble, provided that the definitive agreement shall provide a specific date by which Arcelor will have had a reasonable period to conduct and become reasonably satisfied with general due diligence, and
after

  

 A-14 

			
		  	 such date, further conditions regarding due diligence shall be limited to confirming accuracy of representations and warranties and specifically
designated, limited areas of further investigation; and
  
 •      Election of Arcelor’s representatives on the Noble board of directors.

		
	Timing	  	The parties will endeavor to sign a definitive agreement no later than December 1, 2006.

  

 A-15

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00111-of-00352.parquet"}]]