Document:

Form of Indemnification Agreement

 Exhibit 10.1 
  
 DRIL-QUIP, INC. 
  
 INDEMNIFICATION AGREEMENT 
  
 This Indemnification Agreement (this “Agreement”), made and entered into as of the          day of
                         by and between Dril-Quip, Inc., a Delaware corporation (the “Corporation”), and
                         (“Indemnitee”), 
  
 W I T N E S S E T H: 
  
 WHEREAS, Indemnitee is currently serving or is about to begin serving as a
director and/or officer of the Corporation and/or in another Corporate Status, and Indemnitee is willing, subject to, among other things, the Corporation’s execution and performance of this Agreement, to continue in or assume such capacity or
capacities; and 
  
 WHEREAS, the Bylaws of the Corporation provide
that the Corporation shall indemnify and advance expenses to all directors and officers of the Corporation in the manner set forth therein and to the fullest extent permitted by applicable law, and to such greater extent as applicable law may
thereafter permit, and the Corporation’s Certificate of Incorporation provides for limitation of liability for directors; and 
  
 WHEREAS, in order to induce Indemnitee to provide services as contemplated hereby, the Corporation has deemed it to be in its best interest to enter into
this Agreement with Indemnitee; 
  
 NOW, THEREFORE, in
consideration of Indemnitee’s agreement to provide services to the Corporation and/or certain of its affiliates as contemplated hereby, the mutual agreements contained herein and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto stipulate and agree as follows: 
  
 ARTICLE I 
  
 Certain Definitions 
  
 As used herein, the
following words and terms shall have the following respective meanings (whether singular or plural): 
  
 “Change of Control” means a change in control of the Corporation after both the date of the closing of the initial public offering (the
“IPO”) of the Corporation’s Common Stock to the public for cash that has been registered on a registration statement that has been filed with and declared effective by the Securities and Exchange Commission and after the date
Indemnitee acquired his Corporate Status, which shall be deemed to have occurred in any one of the following circumstances occurring after such date: (i) there shall have occurred an event required to be reported with respect to the Corporation
in response to Item 6(e) of Schedule 14A of Regulation 14A (or in response to any similar item or any similar schedule or form) promulgated under the Securities Exchange Act of 1934, as amended (the “Exchange Act”), whether
or not the Corporation is then subject to such reporting requirement; (ii) any “person” (as such term is 

 
used in Sections 13(d) and 14(d) of the Exchange Act) other than the Stockholder Group shall have become the “beneficial owner” (as defined in
Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Corporation representing 30% or more of the combined voting power of the Corporation’s then outstanding voting securities; (iii) the Corporation is a
party to a merger, consolidation, sale of assets or other reorganization, or a proxy contest, as a consequence of which members of the Board of Directors in office immediately prior to such transaction or event constitute less than a majority of the
Board of Directors thereafter; or (iv) during any period of two consecutive years, individuals who at the beginning of such period constituted the Board of Directors (including, for this purpose, any new director whose election or nomination
for election by the Corporation’s stockholders was approved by a vote of at least two-thirds of the directors then still in office who were directors at the beginning of such period) cease for any reason to constitute at least a majority of the
Board of Directors. 
  
 “Corporate Status” describes the
status of Indemnitee as a director, officer, employee, agent or fiduciary of the Corporation or of any other corporation, partnership, limited liability company, association, joint venture, trust, employee benefit plan or other enterprise that
Indemnitee is or was serving at the request of the Corporation. 
  
 “Court” means the Court of Chancery of the State of Delaware or any other court of competent jurisdiction. 
  
 “DGCL” means the Delaware General Corporation Law. 
  
 “Expenses” shall include all reasonable attorneys’ fees, retainers, court costs, transcript costs, fees of experts, witness fees, travel
expenses, duplicating costs, printing and binding costs, telephone charges, postage, delivery service fees, and all other disbursements or expenses of the types customarily incurred in connection with prosecuting, defending, preparing to prosecute
or defend, investigating, or being or preparing to be a witness in a Proceeding. 
  
 “Independent Counsel” means a law firm, or a member of a law firm, that is experienced in matters of corporation law and neither presently is, nor in the five years previous to his selection or appointment
has been, retained to represent: (i) the Corporation or Indemnitee in any matter material to either such party or (ii) any other party to the Proceeding giving rise to a claim for indemnification hereunder. 
  
 “Matter” is a claim, a material issue or a substantial request for
relief. 
  
 “Proceeding” includes any action, suit,
arbitration, alternate dispute resolution mechanism, investigation, administrative hearing or any other proceeding, whether civil, criminal, administrative or investigative, except one initiated by Indemnitee pursuant to Section 6.1 of this
Agreement to enforce his rights under this Agreement. 
  
 “Stockholder Group” shall mean, to the extent such group is deemed to be a “person” under Section 13(d) of the Exchange Act, collectively, but not individually, J. Mike Walker, Larry E. Reimert, Reimert Family
Partners, Ltd., Gary D. Smith and Four Smith’s Company, Ltd. 
  

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 ARTICLE II 
  
 Services by Indemnitee 
  
 Section 2.1. Services by Indemnitee. Indemnitee agrees to serve or continue to serve in his current capacity or capacities as a director,
officer, employee, agent or fiduciary of the Corporation. Indemnitee also agrees to serve, as the Corporation may request from time to time, as a director, officer, employee, agent or fiduciary of any other corporation, partnership, limited
liability company, association, joint venture, trust or other enterprise in which the Corporation has an interest. Indemnitee and the Corporation each acknowledge that they have entered into this Agreement as a means of inducing Indemnitee to serve
the Corporation in such capacities. Indemnitee may at any time and for any reason resign from such position or positions (subject to any other contractual obligation or any obligation imposed by operation of law). The Corporation shall have no
obligation under this Agreement to continue Indemnitee in any such position for any period of time and shall not be precluded by the provisions of this Agreement from removing Indemnitee from any such position at any time. 
  
 ARTICLE III 
  
 Indemnification 
  
 Section 3.1. General. The Corporation shall, to the fullest extent permitted by applicable law in effect on the date hereof, and to such
greater extent as applicable law may thereafter permit, within 30 days after written demand is presented to the Corporation, indemnify and hold Indemnitee harmless from and against any and all losses, liabilities, claims, damages and, subject to
Section 3.2, Expenses, whatsoever arising out of any event or occurrence related to the fact that Indemnitee is or was a director or officer of the Corporation or is or was serving in another Corporate Status. 
  
 Section 3.2. Expenses. If Indemnitee is, by reason of his
Corporate Status, a party to and is successful, on the merits or otherwise, in any Proceeding, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. If Indemnitee is not wholly
successful in such Proceeding but is successful, on the merits or otherwise, as to any Matter in such Proceeding, the Corporation shall indemnify Indemnitee against all Expenses actually and reasonably incurred by him or on his behalf relating to
such Matter. The termination of any Matter in such a Proceeding by dismissal, with or without prejudice, shall be deemed to be a successful result as to such Matter. To the extent that the Indemnitee is, by reason of his Corporate Status, a witness
in any Proceeding, he shall be indemnified against all Expenses actually and reasonably incurred by him or on his behalf in connection therewith. 
  
 ARTICLE IV 
  
 Advancement of Expenses 
  
 Section 4.1. Advances. In the event of any threatened or pending action, suit or proceeding in which Indemnitee is a party or is involved and that may give rise to a right of 

  

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indemnification under this Agreement, following written request to the Corporation by Indemnitee, the Corporation shall promptly pay to Indemnitee amounts to
cover expenses reasonably incurred by Indemnitee in such proceeding in advance of its final disposition upon the receipt by the Corporation of (i) a written undertaking executed by or on behalf of Indemnitee providing that Indemnitee will repay
the advance if it shall ultimately be determined that Indemnitee is not entitled to be indemnified by the Corporation as provided in this Agreement and (ii) satisfactory evidence as to the amount of such expenses. 
  
 Section 4.2. Repayment of Advances or Other Expenses. Indemnitee
agrees that Indemnitee shall reimburse the Corporation for all expenses paid by the Corporation in defending any civil, criminal, administrative or investigative action, suit or proceeding against Indemnitee in the event and only to the extent that
it shall be determined pursuant to the provisions of this Agreement or by final judgment or other final adjudication under the provisions of any applicable law that Indemnitee is not entitled to be indemnified by the Corporation for such expenses.

  
 ARTICLE V 
  
 Procedure for Determination of Entitlement to Indemnification

  
 Section 5.1. Request for Indemnification. To
obtain indemnification, Indemnitee shall submit to the Secretary of the Corporation a written claim or request. Such written claim or request shall contain sufficient information to reasonably inform the Corporation about the nature and extent of
the indemnification or advance sought by Indemnitee. The Secretary of the Corporation shall promptly advise the Board of Directors of such request. 
  
 Section 5.2. Determination of Entitlement; No Change of Control. If there has been no Change of Control at the time the request for
indemnification is submitted, Indemnitee’s entitlement to indemnification shall be determined in accordance with Section 145(d) of the DGCL. If entitlement to indemnification is to be determined by Independent Counsel, the Corporation
shall furnish written notice to Indemnitee within 10 days after receipt of the request for indemnification, specifying the identity and address of Independent Counsel. The Indemnitee may, within ten days after such written notice of selection
shall have been given, deliver to the Corporation a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent Counsel so selected does not meet the requirements of
“Independent Counsel” as defined in Article I hereof, and the objection shall set forth with particularity the factual basis of such assertion. If such written objection is so made and substantiated, the Independent Counsel so selected may
not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If (i) the determination of entitlement to indemnification is to be made by Independent Counsel
pursuant to this Section and (ii) within 20 days after submission by Indemnitee of a written request for indemnification pursuant to Section 5.1, no Independent Counsel shall have been selected and not objected to, the Corporation or the
Indemnitee may petition the Court of Chancery or other court of competent jurisdiction for resolution of any objection which shall have been made by the Indemnitee to the Corporation’s selection of Independent Counsel and/or for the appointment
as Independent Counsel of a person selected by 

  

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the petitioned court or by such other person as the petitioned court shall designate, and the person with respect to whom all objections are so resolved or
the person so appointed shall act as Independent Counsel under this Section. If (i) Independent Counsel does not make any determination respecting Indemnitee’s entitlement to indemnification hereunder within 90 days after receipt by the
Corporation of a written request therefor and (ii) any judicial proceeding or arbitration pursuant to Section 6.1 is then commenced, Independent Counsel shall be discharged and relieved of any further responsibility in such capacity
(subject to the applicable standards of professional conduct then prevailing). 
  
 Section 5.3. Determination of Entitlement; Change of Control. If there has been a Change of Control at the time the request for indemnification is submitted, Indemnitee’s entitlement to
indemnification shall be determined in a written opinion by Independent Counsel selected by Indemnitee. Indemnitee shall give the Corporation written notice advising of the identity and address of the Independent Counsel so selected. The Corporation
may, within ten days after such written notice of selection shall have been given, deliver to the Indemnitee a written objection to such selection; provided, however, that such objection may be asserted only on the ground that the Independent
Counsel so selected does not meet the requirements of “Independent Counsel” as defined in Article I hereof, and the objection shall set forth with particularity the factual basis of such assertion. If such written objection is so made and
substantiated, the Independent Counsel so selected may not serve as Independent Counsel unless and until such objection is withdrawn or a court has determined that such objection is without merit. If (i) the determination of entitlement to
indemnification is to be made by Independent Counsel pursuant to this Section and (ii) within 20 days after submission by Indemnitee of a written request for indemnification pursuant to Section 5.1, no Independent Counsel shall have been
selected and not objected to, the Corporation or the Indemnitee may petition the Court of Chancery or other court of competent jurisdiction for resolution of any objection which shall have been made by the Corporation to the Indemnitee’s
selection of Independent Counsel and/or for the appointment as Independent Counsel of a person selected by the petitioned court or by such other person as the petitioned court shall designate, and the person with respect to whom all objections are
so resolved or the person so appointed shall act as Independent Counsel under this Section. If (i) Independent Counsel does not make any determination respecting Indemnitee’s entitlement to indemnification hereunder within 90 days after
receipt by the Corporation of a written request therefor and (ii) any judicial proceeding or arbitration pursuant to Section 6.1 is then commenced, Independent Counsel shall be discharged and relieved of any further responsibility in such
capacity (subject to the applicable standards of professional conduct then prevailing). 
  
 Section 5.4. Presumptions and Burden of Proof; Procedures of Independent Counsel. In making a determination with respect to entitlement to indemnification hereunder, the person, persons or entity making
such determination shall presume that Indemnitee is entitled to indemnification under this Agreement if Indemnitee has submitted a request for indemnification in accordance with Section 5.1, and the Corporation shall have the burden of proof to
overcome that presumption in connection with the making by any person, persons or entity of any determination contrary to that presumption. 
  
 Except in the event that the determination of entitlement to indemnification is to be made by Independent Counsel, if the person or persons empowered
under Section 5.2 or 5.3 

  

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of this Agreement to determine entitlement to indemnification shall not have made and furnished to Indemnitee in writing a determination within 60 days
after receipt by the Corporation of the request therefor, the requisite determination of entitlement to indemnification shall be deemed to have been made and Indemnitee shall be entitled to such indemnification unless Indemnitee knowingly
misrepresented a material fact in connection with the request for indemnification or such indemnification is prohibited by applicable law. The termination of any Proceeding or of any Matter therein, by judgment, order, settlement or conviction, or
upon a plea of nolo contendere or its equivalent, shall not (except as otherwise expressly provided in this Agreement) of itself adversely affect the right of Indemnitee to indemnification or create a presumption that Indemnitee did not act
in good faith and in a manner that he reasonably believed to be in or not opposed to the best interests of the Corporation, or with respect to any criminal Proceeding, that Indemnitee had reasonable cause to believe that his conduct was unlawful. A
person who acted in good faith and in a manner he reasonably believed to be in the interest of the participants and beneficiaries of an employee benefit plan of the Corporation shall be deemed to have acted in a manner not opposed to the best
interests of the Corporation. 
  
 For purposes of any
determination hereunder, a person shall be deemed to have acted in good faith and in a manner he reasonably believed to be in or not opposed to the best interests of the Corporation, or, with respect to any criminal action or Proceeding, to have had
no reasonable cause to believe his conduct was unlawful, if his action is based on the records or books of account of the Corporation or another enterprise or on information supplied to him by the officers of the Corporation or another enterprise in
the course of their duties or on the advice of legal counsel for the Corporation or another enterprise or on information or records given or reports made to the Corporation or another enterprise by an independent certified public accountant or by an
appraiser or other expert selected with reasonable care by the Corporation or another enterprise. The term “another enterprise” as used in this Section shall mean any other corporation or any partnership, limited liability company,
association, joint venture, trust, employee benefit plan or other enterprise of which such person is or was serving at the request of the Corporation as a director, officer, employee or agent. The provisions of this paragraph shall not be deemed to
be exclusive or to limit in any way the circumstances in which an Indemnitee may be deemed to have met the applicable standards of conduct for determining entitlement to rights under this Agreement. 
  
 Section 5.5. Independent Counsel Expenses. The Corporation shall
pay any and all reasonable fees and expenses of Independent Counsel incurred acting pursuant to this Article and in any proceeding to which it is a party or witness in respect of its investigation and written report and shall pay all reasonable fees
and expenses incident to the procedures in which such Independent Counsel was selected or appointed. No Independent Counsel may serve if a timely objection has been made to his selection until a court has determined that such objection is without a
reasonable basis. 
  
 ARTICLE VI 
  
 Certain Remedies of Indemnitee 
  
 Section 6.1. Adjudication. In the event that (i) a
determination is made pursuant to Section 5.2 or 5.3 hereof that Indemnitee is not entitled to indemnification under this 

  

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Agreement; (ii) advancement of Expenses is not timely made pursuant to Section 4.1 of this Agreement; (iii) Independent Counsel is to
determine Indemnitee’s entitlement to indemnification hereunder, but does not make that determination within 90 days after receipt by the Corporation of the request for that indemnification; or (iv) payment of indemnification is not made
within five days after a determination of entitlement to indemnification has been made or deemed to have been made pursuant to Section 5.2, 5.3 or 5.4 of this Agreement, Indemnitee shall be entitled to an adjudication in an appropriate court of
the State of Delaware, or in any other court of competent jurisdiction, of his entitlement to such indemnification or advancement of Expenses. In the event that a determination shall have been made that Indemnitee is not entitled to indemnification,
any judicial proceeding or arbitration commenced pursuant to this Section 6.1 shall be conducted in all respects as a de novo trial on the merits and Indemnitee shall not be prejudiced by reason of that adverse determination. In any
judicial proceeding commenced pursuant to this Section 6.1, the Corporation shall have the burden of proving that Indemnitee is not entitled to indemnification or advancement of Expenses, as the case may be. If a determination shall have been
made or deemed to have been made that Indemnitee is entitled to indemnification, the Corporation shall be bound by such determination in any judicial proceeding commenced pursuant to this Section 6.1, or otherwise, unless Indemnitee knowingly
misrepresented a material fact in connection with the request for indemnification, or such indemnification is prohibited by law. 
  
 The Corporation shall be precluded from asserting in any judicial proceeding commenced pursuant to this Section 6.1 that the procedures and
presumptions of this Agreement are not valid, binding and enforceable, and shall stipulate in any such proceeding that the Corporation is bound by all provisions of this Agreement. In the event that Indemnitee, pursuant to this Section 6.1,
seeks a judicial adjudication to enforce his rights under, or to recover damages for breach of, this Agreement, Indemnitee shall be entitled to recover from the Corporation, and shall be indemnified by the Corporation against, any and all Expenses
actually and reasonably incurred by him in such judicial adjudication, but only if he prevails therein. If it shall be determined in such judicial adjudication that Indemnitee is entitled to receive part but not all of the indemnification or
advancement of Expenses sought, the Expenses incurred by Indemnitee in connection with such judicial adjudication or arbitration shall be appropriately prorated. 
  
 ARTICLE VII 
  
 Participation by the Corporation 
  
 Section 7.1. Participation by the Corporation. With respect to any such claim, action, suit, proceeding or investigation as to which
Indemnitee notifies the Corporation of the commencement thereof: (a) the Corporation will be entitled to participate therein at its own expense; (b) except as otherwise provided below, to the extent that it may wish, the Corporation
(jointly with any other indemnifying party similarly notified) will be entitled to assume the defense thereof, with counsel reasonably satisfactory to Indemnitee. After receipt of notice from the Corporation to Indemnitee of the Corporation’s
election so to assume the defense thereof, the Corporation will not be liable to Indemnitee under this Agreement for any legal or other expenses subsequently incurred by Indemnitee in connection with the defense thereof other than reasonable costs
of investigation or as otherwise provided below. Indemnitee shall have the right 

  

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to employ his own counsel in such action, suit, proceeding or investigation but the fees and expenses of such counsel incurred after notice from the
Corporation of its assumption of the defense thereof shall be at the expense of Indemnitee unless (i) the employment of counsel by Indemnitee has been authorized by the Corporation, (ii) Indemnitee shall have reasonably concluded that
there is a conflict of interest between the Corporation and Indemnitee in the conduct of the defense of such action or (iii) the Corporation shall not in fact have employed counsel to assume the defense of such action, in each of which cases
the fees and expenses of counsel employed by Indemnitee shall be subject to indemnification pursuant to the terms of this Agreement. The Corporation shall not be entitled to assume the defense of any action, suit, proceeding or investigation brought
in the name of or on behalf of the Corporation or as to which Indemnitee shall have made the conclusion provided for in (ii) above; and (c) the Corporation shall not be liable to indemnify Indemnitee under this Agreement for any amounts
paid in settlement of any action or claim effected without its written consent, which consent shall not be unreasonably withheld. The Corporation shall not settle any action or claim in any manner that would impose any limitation or unindemnified
penalty on Indemnitee without Indemnitee’s written consent, which consent shall not be unreasonably withheld. 
  
 ARTICLE VIII 
  
 Miscellaneous 
  
 Section 8.1.
Nonexclusivity of Rights. The rights of indemnification and advancement of Expenses as provided by this Agreement shall not be deemed exclusive of any other rights to which Indemnitee may at any time be entitled to under applicable law, the
Corporation’s Certificate of Incorporation, the Corporation’s Bylaws, any agreement, a vote of stockholders or a resolution of directors, or otherwise. No amendment, alteration or repeal of this Agreement or any provision hereof shall be
effective as to any Indemnitee for acts, events and circumstances that occurred, in whole or in part, before such amendment, alteration or repeal. The provisions of this Agreement shall continue as to an Indemnitee whose Corporate Status has ceased
for any reason and shall inure to the benefit of his heirs, executors and administrators. 
  
 Section 8.2. Insurance and Subrogation. The Corporation shall not be liable under this Agreement to make any payment of amounts otherwise indemnifiable hereunder if, but only to the extent that, Indemnitee
has otherwise actually received such payment under any insurance policy, contract, agreement or otherwise. 
  
 In the event of any payment hereunder, the Corporation shall be subrogated to the extent of such payment to all the rights of recovery of Indemnitee, who
shall execute all papers required and take all action reasonably requested by the Corporation to secure such rights, including execution of such documents as are necessary to enable the Corporation to bring suit to enforce such rights. 

 
 Section 8.3. Acknowledgment of Certain Matters. Both the
Corporation and Indemnitee acknowledge that in certain instances, applicable law or public policy may prohibit indemnification of Indemnitee by the Corporation under this Agreement or otherwise. Indemnitee understands and acknowledges that the
Corporation has undertaken or may be 

  

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required in the future to undertake, by the Securities and Exchange Commission, to submit the question of indemnification to a court in certain circumstances
for a determination of the Corporation’s right under public policy to indemnify Indemnitee. 
  
 Section 8.4. Amendment. This Agreement may not be modified or amended except by a written instrument executed by or on behalf of each of the
parties hereto. 
  
 Section 8.5. Waivers. The
observance of any term of this Agreement may be waived (either generally or in a particular instance and either retroactively or prospectively) by the party entitled to enforce such term only by a writing signed by the party against which such
waiver is to be asserted. Unless otherwise expressly provided herein, no delay on the part of any party hereto in exercising any right, power or privilege hereunder shall operate as a waiver thereof, nor shall any waiver on the part of any party
hereto of any right, power or privilege hereunder operate as a waiver of any other right, power or privilege hereunder nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof
or the exercise of any other right, power or privilege hereunder. 
  
 Section 8.6. Entire Agreement. This Agreement and the documents referred to herein constitute the entire agreement between the parties hereto with respect to the matters covered hereby, and any other prior or contemporaneous
oral or written understandings or agreements with respect to the matters covered hereby are superseded by this Agreement. 
  
 Section 8.7. Severability. If any provision or provisions of this Agreement shall be held to be invalid, illegal or unenforceable for any
reason whatsoever, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby; and, to the fullest extent possible, the provisions of this Agreement shall be construed so as to give
effect to the intent manifested by the provision held invalid, illegal or unenforceable. 
  
 Section 8.8. Certain Actions For Which Indemnification Is Not Provided. Notwithstanding any other provision of this Agreement, Indemnitee shall not be entitled to indemnification or advancement of Expenses
under this Agreement with respect to any Proceeding, or any Matter therein, brought or made by Indemnitee against the Corporation. 
  
 Section 8.9. Notices. Promptly after receipt by Indemnitee of notice of the commencement of any action, suit or proceeding, Indemnitee shall,
if he anticipates or contemplates making a claim for expenses or an advance pursuant to the terms of this Agreement, notify the Corporation of the commencement of such action, suit or proceeding; provided, however, that any delay in so notifying the
Corporation shall not constitute a waiver or release by Indemnitee of rights hereunder and that any omission by Indemnitee to so notify the Corporation shall not relieve the Corporation from any liability that it may have to Indemnitee otherwise
than under this Agreement. Any communication required or permitted to the Corporation shall be addressed to the Secretary of the Corporation and any such communication to Indemnitee shall be addressed to the Indemnitee’s address as shown on the
Corporation’s records unless the Indemnitee specifies otherwise and shall be personally delivered or delivered by overnight mail delivery. Any such notice shall be effective upon receipt. 
  

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 Section 8.10. Binding Effect. The provisions of this Agreement shall be binding upon and
inure to the benefit of the parties hereto and their respective heirs, legal representatives, successors and assigns. 
  
 Section 8.11. Governing Law. This Agreement shall be construed in accordance with and governed by the laws of the State of Delaware
without regard to any principles of conflict of laws that, if applied, might permit or require the application of the laws of a different jurisdiction. 
  
 Section 8.12. Headings. The Article and Section headings in this Agreement are for convenience of reference only, and shall not be deemed to
alter or affect the meaning or interpretation of any provisions hereof. 
  
 Section 8.13. Counterparts. This Agreement may be executed in counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument. 
  
 Section 8.14. Use of Certain Terms. As used in this Agreement,
the words “herein,” “hereof,” and “hereunder” and other words of similar import refer to this Agreement as a whole and not to any particular paragraph, subparagraph, section, subsection, or other subdivision. Whenever
the context may require, any pronoun used in this Agreement shall include the corresponding masculine, feminine or neuter forms, and the singular form of nouns, pronouns and verbs shall include the plural and vice versa. 
  

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 IN WITNESS WHEREOF, this Agreement has been duly executed and delivered to be effective as of the date
first above written. 
  

			
	 DRIL-QUIP, INC.

		
	 By:
	 	  

	 Name:
	 	 
	 Title:
	 	 
	
	 INDEMNITEE

	
	

	 

  

 11Joint Defense Agreement

 EXHIBIT 10.29 
  
 JOINT DEFENSE AGREEMENT 
  
 THIS JOINT DEFENSE AGREEMENT (“Joint Defense Agreement”) is entered into as of this 19th day of January
2005, by and among The Rugby Group Ltd., f/k/a The Rugby Group PLC, an English company (“Rugby”), Rugby IPD Corp., a Delaware corporation (“Rugby IPD”), and Huttig Building Products, Inc., a Delaware corporation
(“Huttig”) (Rugby, Rugby IPD and Huttig being referred to herein separately as a “Party” and collectively as the “Parties”). 
  
 WITNESSETH: 
  
 WHEREAS, Rugby Building Products (as defined herein) transferred to Rugby IPD, on December 10, 1999, certain assets pursuant and subject to
the terms of the Exchange Agreement (as defined herein); and 
  
 WHEREAS, Rugby contributed to Huttig, on the Closing Date (as defined herein), all of the outstanding common shares of Rugby’s then wholly-owned subsidiary, Rugby USA (as defined herein), pursuant and subject to the terms of the
Share Exchange Agreement (as defined herein); and 
  
 WHEREAS, Huttig has contended that Rugby and Rugby IPD are required to defend, indemnify and hold harmless Huttig from and against the Stanline Asbestos Claims (as defined herein) pursuant to the Share Exchange Agreement and the
Exchange Agreement, respectively; and 
  

	*	An asterisk indicates that material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and
Exchange Commission. 

 WHEREAS, Rugby and Rugby IPD have denied that they have any liability to defend, indemnify and
hold harmless Huttig from and against the Stanline Asbestos Claims; and 
  
 WHEREAS, Huttig has filed the Pending Litigation (as defined herein) to determine whether Rugby and Rugby IPD have an obligation to defend, indemnify and hold harmless Huttig from and against the Stanline Asbestos Claims; and

  
 WHEREAS, the Parties desire to settle and resolve their
disputes regarding the Stanline Asbestos Claims by executing the Settlement Agreement (as defined herein) and this Joint Defense Agreement; and 
  
 WHEREAS, the Parties share a mutuality of interest in connection with the defense of the Future Stanline Asbestos Claims (as defined herein) and
agree that it is in their best interest to cooperate in efforts to defend the Future Stanline Asbestos Claims; and 
  
 WHEREAS, the Parties recognize that the common interests of the Parties are best served by exchanging information; and 
  
 WHEREAS, even upon such exchange, such information is privileged from
disclosure to adverse or other third parties as a result of the attorney-client privilege, the attorney work product doctrine, the work product doctrine, the joint defense privilege, the common interest doctrine and/or other privileges or immunities
with respect to disclosure to third parties; and 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 2 - 

 WHEREAS, the Parties desire to further their common interests by establishing procedures for
cooperation and the exchange and sharing of information between and among themselves; and 
  
 WHEREAS, it is the purpose of this Joint Defense Agreement to, inter alia, (i) protect the confidential and privileged nature of all exchanged information and (ii) ensure that the exchange and
disclosure of information contemplated herein does not diminish in any way the confidentiality of the information and does not constitute a waiver of any privilege or protection; 
  
 NOW, THEREFORE, in consideration of the mutual promises contained herein and other valuable consideration, the
adequacy and sufficiency of which are hereby acknowledged, the Parties hereby covenant and agree as follows: 
  
 1. Definitions 
  
 The following terms shall have the following meanings for purposes of this Joint Defense Agreement: 
  
 (a) “Claim” shall mean all claims, rights, duties, obligations, demands, actions, causes of action, suits, debts, liabilities and losses of any
kind whatsoever and expressly includes all Defense Costs incident thereto. 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 3 - 

 (b) “Closing Date” shall mean December 16, 1999, which was the date of the closing of the
transactions contemplated by the Share Exchange Agreement. 
  
 (c)
“Court” shall mean the Supreme Court of the State of New York, County of New York. 
  
 (d) “Crane” shall mean Crane Co., a corporation organized and existing under the laws of Delaware with its principal place of business in Connecticut. 
  
 (e) “Defense Costs” shall include all amounts reasonably incurred
and paid in the defense, compromise or satisfaction of a Claim, including those resulting from (i) the fees and the customary costs of attorneys, investigators, consultants, experts and court reporters, but excluding internal costs such as
employees’ salaries and/or (ii) a judgment or a settlement. 
  
 (f) “Defense Counsel” shall mean counsel selected by Huttig to defend any Claim subject to this Joint Defense Agreement. 
  
 (g) “Exchange Agreement” shall mean the Exchange Agreement between Rugby Building Products and Rugby IPD dated as of December 10, 1999.

  
 (h) “Future Stanline Asbestos Claims” shall mean all
Stanline Asbestos Claims, if any, that may be asserted after the Settlement Date. 
  
 (i) “Huttig” shall have the meaning set forth in the first paragraph of this Joint Defense Agreement. 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 4 - 

 (j) “Joint Defense Account” shall mean the account established and maintained pursuant to, and
in accordance with, Section 2 of this Joint Defense Agreement. 
  
 (k) “Joint Defense Agreement” shall have the meaning set forth in the first paragraph of this Joint Defense Agreement. 
  
 (l) “Joint Defense Materials” shall mean the confidential information relating to the defense of the Future Stanline Asbestos Claims described
in Section 7 of this Joint Defense Agreement. 
  
 (m)
“Joint Defense Fund” shall mean the money contributed by Rugby and Huttig to the Joint Defense Account, pursuant to, and in accordance with Section 2 of this Joint Defense Agreement. 
  
 (n) “*Cap” shall mean the cap amounting to a cumulative total
contribution to the Joint Defense Fund of * applicable to each of Rugby and Huttig equally, excluding interest earned on any contributions. 
  
 (o) “Parties” shall have the meaning set forth in the first paragraph of this Joint Defense Agreement. 
  
 (p) “Pending Litigation” shall mean the litigation pending in the
Court styled Huttig Building Products, Inc. v. The Rugby Group Ltd., f/k/a The Rugby Group P.L.C. and Rugby IPD Corp., Index No.: 601515/02. 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 5 - 

 (q) “Renewed Litigation” shall mean the renewed litigation that may be commenced by any of the
Parties pursuant to Section 6 of the Settlement Agreement. 
  
 (r) “Rugby” shall have the meaning set forth in the first paragraph of this Joint Defense Agreement. 
  
 (s) “Rugby Building Products” shall mean Rugby Building Products, Inc., which, as of the Closing Date, was a subsidiary of Rugby USA and was a
corporation organized under the laws of Delaware with its principal place of business in Georgia. 
  
 (t) “Rugby IPD” shall have the meaning set forth in the first paragraph of this Joint Defense Agreement. 
  
 (u) “Rugby USA” shall mean Rugby USA, Inc., a corporation that, as
of the Closing Date, was organized under the laws of the state of Georgia with its principal place of business in Georgia. 
  
 (v) “Settlement Agreement” shall mean the Settlement Agreement among the Parties executed simultaneously with this Joint Defense Agreement.

  
 (w) “Settlement Date” shall mean the date first
written above. 
  
 (x) “Share Exchange Agreement” shall
mean the Share Exchange Agreement among Rugby, Crane and Huttig dated October 19, 1999. 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 6 - 

 (y) “Stanline” shall mean Stanline, Inc., which, from approximately 1961 until approximately
1994, was a California corporation. 
  
 (z) “Stanline
Asbestos Claims” shall mean all Claims by any person for personal injury or damages to property (i) alleged by any such person to be attributable to Stanline’s manufacture, distribution or sale of a product allegedly containing
asbestos and (ii) asserted, directly or indirectly, against any of the Parties or any of their present or past subsidiary, predecessor or successor companies (including, without limitation, Stanline, Rugby Building Products and Rugby USA).

  
 2. Joint Defense Fund 
  
 (a) On or before the Settlement Date, Huttig shall open the Joint Defense
Account, which shall be a segregated, interest-bearing account at a U.S. bank selected by Huttig and shall be established and maintained for the joint interest of Rugby and Huttig for the sole purpose of depositing, holding and disbursing the Joint
Defense Fund subject to, and in accordance with, the terms of this Joint Defense Agreement. Huttig shall have sole signatory authority over the Joint Defense Account, which authority it shall exercise subject to, and in accordance with, this Joint
Defense Agreement, and both Huttig and Rugby shall receive the monthly statements for the Joint Defense Account. 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 7 - 

 (b) In no event shall Rugby or Huttig be required to make any contribution to the Joint Defense Fund that
would exceed the *Cap, except as otherwise provided in Section 5 below or unless this Settlement Agreement is modified in accordance with Section 28 hereof. 
  
 (c) On the Settlement Date, Rugby and Huttig shall each make an initial contribution of the sum of * to the Joint Defense
Account to establish the initial balance of the Joint Defense Fund. 
  
 (d) If, at any time, the balance of the Joint Defense Fund drops below the sum of * or is insufficient to pay any Defense Costs that are due, Rugby and Huttig shall thereafter each make additional equal contributions to the Joint Defense
Account to increase the balance of the Joint Defense Fund, as required, up to the sum of * or to any sum in excess of * that is required to pay any Defense Costs that are due, subject to the * Cap. If additional contributions are required to be made
to the Joint Defense Account to increase the balance of the Joint Defense Fund, both Rugby and Huttig agree to make such contributions within ten (10) business days of receipt of written notice from Huttig to Rugby that the balance of the Joint
Defense Fund has dropped below the sum of * or is insufficient to pay Defense Costs that are due, subject to the * Cap. 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 8 - 

 3. Claims Subject to Joint Defense Agreement 
  
 This Joint Defense Agreement shall apply to all Future Stanline Asbestos Claims only and no other Claims, unless this Joint
Defense Agreement is modified in accordance with Section 28 hereof, subject to the following, and in all events subject to Section 2(b) above: 
  
 (a) * Future Stanline Asbestos Claim * , Stanline, *, all Defense Costs for such Claim shall be charged to, and paid by, the Joint Defense Fund.

  
 (b) * Future Stanline Asbestos Claim *, Stanline, all Defense
Costs for such Claim shall be charged to, and paid, one-half by the Joint Defense Fund and one-half by the named Party, subject to the following exceptions: 
  
 (i) * Stanline, * Stanline, *, Stanline, then no portion of any subsequent Defense Costs for that Claim shall be charged to, and paid, by the Joint
Defense Fund. 
  
 (ii) *, then all subsequent Defense Costs for
that Claim shall be charged to, and paid by, the Joint Defense Fund, and the Joint Defense Fund shall reimburse the named Party for all prior Defense Costs charged to, and paid by, the named Party for the Claim. 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 9 - 

 (c) * Stanline, that Claim shall be excluded from the Joint Defense Agreement, subject to the following
exceptions: 
  
 (i) * Stanline, * Stanline, then that Claim
shall, at that time, be included in the Joint Defense Agreement, and all subsequent Defense Costs shall be charged to, and paid, by the Joint Defense Fund, and the Joint Defense Fund shall also reimburse the named Party for all prior Defense Costs
charged to, and paid by, the Party for the Claim. 
  
 (ii) *
Stanline, * Stanline, then one-half of all subsequent Defense Costs shall be charged to, and paid by, the Joint Defense Fund, and the Joint Defense Fund shall also reimburse the named Party for one-half of all prior Defense Costs for the Claim
charged and paid by the Party. 
  
 (d) Notwithstanding the
foregoing provisions, to the extent that a judgment is rendered *, the named Party shall be solely responsible to satisfy that judgment, and no portion of that judgment shall be charged to, or paid by, the Joint Defense Fund. 
  
 4. Payment of Defense Costs 
  
 The Joint Defense Fund shall pay all Defense Costs incurred for any Future
Stanline Asbestos Claim in the following manner: 
  
 (a) The
Joint Defense Fund shall be charged only with Defense Costs incurred in defending Future Stanline Asbestos Claims and not in connection with any other matter including, without limitation, defending or advising Huttig with respect to any issues that
may arise between Huttig and Rugby under the Settlement Agreement and/or this Joint Defense Agreement. 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 10 - 

 (b) Huttig shall submit invoices for any Defense Costs incurred for any Future Stanline Asbestos Claim
subject to this Joint Defense Agreement to Rugby. Such invoices shall include sufficient detail for Rugby to determine whether the Defense Costs are properly payable, and Huttig shall provide Rugby with any additional information that Rugby may
reasonably request in order to make such determination. 
  
 (c) If
no objection to an invoice is received by Huttig from Rugby within ten (10) business days after Huttig’s submission of the invoice, then Huttig shall pay the invoice thereafter from the Joint Defense Fund. 
  
 (d) If an objection to an invoice or a portion of an invoice is received by
Huttig from Rugby within ten (10) business days after Huttig’s submission of the invoice to Rugby, then Huttig shall not pay the amount of the objected to portion of the invoice from the Joint Defense Fund until it receives written
instructions from Rugby, or an arbitration award issued pursuant to Section 24 hereof determines that some or all of the objected portion of the invoice should be paid. If such objection is not resolved by the Parties within thirty
(30) days of the date of the objection, then Rugby shall commence arbitration pursuant to Section 24 within forty (40) days of the date of the objection unless the Parties agree in 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 11 - 

 writing to extend the time for Rugby to commence the arbitration. If Rugby fails to commence the arbitration within forty
(40) days of the date of the objection and the Parties do not agree in writing to extend the time for Rugby to commence the arbitration, then Rugby will be deemed to have waived its objection to the invoice and Huttig shall pay the invoice
thereafter from the Joint Defense Fund. 
  
 5. Control of Defense

  
 The Parties agree that Huttig shall have responsibility
for the defense of any Future Stanline Asbestos Claims subject to this Joint Defense Agreement, including the right to choose Defense Counsel and to direct the day-to-day defense of any such Claims, subject to and in accordance with the following:

  
 (a) Any Defense Counsel engaged to defend Future Stanline
Asbestos Claims under this Joint Defense Agreement will have an attorney-client relationship with Huttig but not with Rugby or Rugby IPD. 
  
 (b) Rugby and/or Rugby IPD may engage counsel to act on their behalf and at their expense in connection with any Future Stanline Asbestos Claim.

  
 (c) Huttig shall provide Rugby with written notice of any
Claim asserted against Huttig in the future that Huttig believes is or may be a Future Stanline Asbestos Claim subject to this Joint Defense Agreement. Defense Counsel shall provide Huttig and Rugby, or their respective counsel, with information or
documents regarding any such Future Stanline Asbestos Claim as may be reasonably requested. 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 12 - 

 (d) Huttig may settle any Future Stanline Asbestos Claim in any amount Huttig reasonably believes to be
appropriate. However, Rugby shall not be responsible for the payment of its share of the amount of any settlement or judgment, which, when aggregated with Rugby’s share of other Defense Costs, would exceed the * Cap, unless Rugby expressly
consents thereto. In the event that Huttig requests that Rugby pay any such amount that would exceed the * Cap, Rugby may, at its option: (i) consent to such settlement or judgment, in which event the entire amount of the settlement or judgment
shall be charged to and paid by the Joint Defense Fund with each of Rugby and Huttig contributing their respective shares notwithstanding that such contributions would exceed the * Cap, and, having made such contributions, each of Rugby and Huttig
shall have the right to terminate this Joint Defense Agreement pursuant to Section 13(a) hereof or (ii) reject such settlement or judgment, in which event Huttig may nonetheless accept such settlement or judgment and the entire amount of
the settlement or judgment shall be charged to and paid by the Joint Defense Fund with each of Rugby and Huttig contributing their respective shares up to the * Cap, Huttig paying the remainder of the settlement or judgment, and both Rugby and
Huttig having the right to terminate this Joint Defense Agreement pursuant to Section 13 hereof. 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 13 - 

 6. Cooperation 
  
 The Parties shall cooperate in efforts to defend the Future Stanline Asbestos Claims, which cooperation includes, but is not limited to, providing
information, documents and/or testimony if Defense Counsel deems it necessary. 
  
 7. Joint Defense Materials 
  
 The Parties
and Defense Counsel may from time to time share certain confidential information relating to the defense of the Future Stanline Asbestos Claims (the “Joint Defense Materials”). Joint Defense Materials may include, but are not limited to,
factual material, mental impressions, conclusions, opinions, legal theories, documents, memoranda, notes, data and reports prepared by consultants, experts or investigators acting on behalf of counsel, strategies, client confidences, witness
interview summaries and investigative reports which would otherwise be protected from disclosure to third parties by virtue of the joint defense, common interest, attorney-client and/or work-product privileges. The Parties further agree that:
(a) Joint Defense Materials exchanged or disclosed may contain confidential and privileged communications; (b) Joint Defense Materials exchanged or disclosed may contain attorney work-product; and (c) Joint Defense Materials will be
used by the Parties solely for the purpose of jointly defending the Future Stanline Asbestos Claims. 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 14 - 

 8. Confidentiality of Joint Defense Materials  
  
 The exchanges and disclosures of Joint Defense Materials contemplated herein
do not diminish in any way the confidentiality of the Joint Defense Materials and do not constitute a waiver of any privilege that the Joint Defense Materials would have if maintained in each of the Parties’ respective possessions. To this end,
it is understood and agreed to by the Parties that any Joint Defense Materials exchanged between them will remain confidential and shall be protected from disclosure to any third party except as expressly provided herein. The privileges and
protections of this Joint Defense Agreement may not be waived by any Party without the prior written consent of the other Parties. 
  
 9. No Waiver of Privileges  
  
 The exchange or disclosure of any information under this Joint Defense Agreement of Joint Defense Materials that are otherwise protected against discovery
or disclosure as a result of the joint defense, attorney-client, attorney work-product, common interest, and/or other applicable rights or privileges is not intended to and will not waive any applicable rights or privileges or protection from
disclosure. Further, the Parties agree that if any Renewed Litigation occurs, they will not assert that this Joint Defense Agreement or the exchange or disclosure of any information under this Joint Defense Agreement waived any applicable rights or
privileges or protection from disclosure or the attorney-client privilege between or among the Parties and Defense Counsel. 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 15 - 

 10. Applicability to All Joint Communications 
  
 This Joint Defense Agreement shall apply to any and all joint conferences or
communications, whether written or oral, conducted by, between or among the Parties, or by, between or among the Parties and Defense Counsel, in connection with the defense of Future Stanline Asbestos Claims, and to all communications, whether
written or oral, made by, between or among the Parties, or by, between or among the Parties and Defense Counsel, arising from, or in connection with, the joint defense of Future Stanline Asbestos Claims. 
  
 11. No Disclosure of Joint Defense Materials 
  
 Except as provided herein, the Parties shall not furnish or disclose any
Joint Defense Materials that are privileged or otherwise protected from discovery in any Future Stanline Asbestos Claim to any third party without the prior written consent of the other Parties or pursuant to court order. Joint Defense Materials may
be disclosed to agents and employees of the Parties, and their counsel, including investigators or consultants engaged for defense purposes, provided those persons shall be advised in advance of this Joint Defense Agreement and shall agree to abide
by its terms. The requirements of this paragraph shall survive termination of this Joint Defense Agreement. 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 16 - 

 12. Third-Party Demands for Disclosure of Joint Defense Materials  
  
 If a third party requests or demands, by subpoena or otherwise, in any
proceeding that a Party disclose or produce any Joint Defense Materials that are privileged or otherwise protected from discovery, the Party receiving the request shall immediately notify the other Parties and give the other Parties an opportunity
to respond to such notice before taking any action or making any decision in connection with such request or subpoena. The Party which receives the request or subpoena shall undertake all necessary action to protect the disclosure of Joint Defense
Materials and all applicable rights and privileges with regard to this Joint Defense Agreement. The Party receiving the request shall also object to the request and shall assert all applicable rights and privileges with regard to this Joint Defense
Agreement. The Party receiving the request shall not produce documents or information in response to the request unless or until directed to do so by an order of court or authorized in writing by the other Parties. The requirements of this paragraph
shall survive termination of this Joint Defense Agreement. 
  
 13.
Termination for Cause 
  
 (a) Either Rugby or Huttig
may terminate this Joint Defense Agreement if (i) the cumulative total that it has contributed to the Joint Defense Fund equals or exceeds the * Cap, or (ii) if Rugby rejects a settlement or judgment pursuant to Section 5(d) hereof.

  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 17 - 

 (b) Any termination under this Section is effective sixty (60) days after receipt of written notice
of the intent to terminate. During that sixty (60) day period, (i) the Joint Defense Agreement continues in effect, except that Rugby shall not be required to make any contribution to the Joint Defense Fund that would exceed the * Cap, and
(ii) the Parties are required to negotiate in good faith regarding the extension or modification of the existing Joint Defense Agreement or the rescission of the written notice of the intent to terminate. 
  
 14. Effect of Termination for Cause 
  
 In the event that the Joint Defense Agreement is terminated for cause
pursuant to Section 13 of this Joint Defense Agreement, the following shall occur on the effective date of the termination: 
  
 (a) The Settlement Agreement shall be deemed to be rescinded and the Parties shall have the right to institute Renewed Litigation subject to, and in
accordance with, the provisions of Section 6 of the Settlement Agreement. 
  
 (b) All of the Parties’ duties and obligations under this Joint Defense Agreement, including, without limitation, to contribute any further sums to the Joint Defense Fund, shall terminate, except for those
expressly intended to survive termination. 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 18 - 

 (c) Huttig shall cause Rugby’s and Huttig’s respective shares of the balance of the Joint
Defense Account, including interest, calculated as of the effective date of the termination, to be returned to Rugby and Huttig. 
  
 15. Term 
  
 This Joint Defense Agreement shall have a term of ten (10) years from and after the Settlement Date unless (i) a termination for cause becomes
effective under Section 13 hereof or (ii) the Parties agree to shorten or extend the term in accordance with Section 28 hereof. Upon expiration of the term: 
  
 (a) All of the Parties’ rights and duties under this Joint Defense Agreement, including, without limitation, to
contribute any further sums to the Joint Defense Fund, shall terminate, except for those expressly intended to survive termination. 
  
 (b) Huttig shall cause Rugby’s and Huttig’s respective shares of the balance of the Joint Defense Account, including interest, calculated as of
the date of the expiration of the term, to be returned to Rugby and Huttig. 
  
 16. No Conflict of Interest 
  
 The
Parties acknowledge and agree that their interests in the Pending Litigation and any Renewed Litigation are adverse. The Parties also acknowledge and agree that Huttig is represented by Kirkpatrick & Lockhart LLP and Post Kirby
Noonan & Sweat LLP, and that Rugby and Rugby IPD are represented by 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 19 - 

 Baker & McKenzie in the Pending Litigation. The Parties and their counsel expressly and unconditionally waive
any right to seek the disqualification of such counsel based upon a disclosure or exchange of any Joint Defense Materials or any other actions taken pursuant to this Joint Defense Agreement. 
  
 17. Representations and Warranties of Rugby 
  
 Rugby represents and warrants to Huttig as follows: 
  
 (a) Rugby has all necessary corporate power and authority to execute and
deliver this Joint Defense Agreement, and this Joint Defense Agreement has been duly authorized and validly executed and delivered by Rugby and, assuming the due authorization, execution and delivery hereof by Huttig and Rugby IPD, constitutes a
legal, valid and binding obligation of Rugby, enforceable in accordance with its terms. 
  
 (b) Rugby has received independent advice from its lawyers with respect to the advisability of executing this Joint Defense Agreement. 
  
 (c) Rugby has no knowledge of any Stanline Asbestos Claims that, as of the Settlement Date, are pending or have been
asserted and not resolved. 
  
 18. Representations and Warranties of Rugby
IPD 
  
 Rugby IPD represents and warrants to Huttig as
follows: 
  
 (a) Rugby IPD has all necessary corporate power and
authority to execute and deliver this Joint Defense Agreement, and this Joint Defense Agreement has 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 20 - 

 been duly authorized and validly executed and delivered by Rugby IPD and, assuming the due authorization, execution and
delivery hereof by Rugby and Huttig, constitutes a legal valid and binding obligation of Rugby IPD, enforceable in accordance with its terms. 
  
 (b) Rugby IPD has received independent advice from its lawyers with respect to the advisability of executing this Joint Defense Agreement. 
  
 (c) Rugby IPD has no knowledge of any Stanline Asbestos Claims that, as of
the Settlement Date, are pending or have been asserted and not resolved. 
  
 19. Representations and Warranties of Huttig 
  
 Huttig represents and warrants to each of Rugby and Rugby IPD as follows: 
  
 (a) Huttig has all necessary corporate power and authority to execute, deliver and perform this Joint Defense Agreement, and this Joint Defense Agreement has been duly authorized and validly executed and delivered by
Huttig and, assuming the due authorization, execution and delivery hereof by Rugby and Rugby IPD, constitutes a legal, valid and binding obligation of Huttig, enforceable in accordance with its terms. 
  
 (b) Huttig has received independent advice from its lawyers with respect to
the advisability of executing this Settlement Agreement. 
  
 (c)
Huttig has no knowledge of any Stanline Asbestos Claims that, as of the Settlement Date, are pending or have been asserted and not resolved. 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 21 - 

 20. Indemnity 
  
 (a) Rugby agrees to defend, indemnify and hold harmless Huttig, and all of Huttig’s stockholders, officers, directors, employees, agents,
subsidiaries and affiliates from and against all Claims arising out of, or connected with, any breach of (i) any representation and warranty given by Rugby under Section 17 hereof or (ii) any covenant to be performed by Rugby under
this Joint Defense Agreement. 
  
 (b) Rugby IPD agrees to defend,
indemnify and hold harmless Huttig, and all of Huttig’s stockholders, officers, directors, employees, agents, subsidiaries and affiliates from and against all Claims arising out of, or connected with, any breach of (i) any representation
and warranty given by Rugby IPD under Section 18 hereof or (ii) any covenant to be performed by Rugby IPD under this Joint Defense Agreement. 
  
 (c) Huttig agrees to defend, indemnify and hold harmless each of Rugby and Rugby IPD and all of Rugby’s and Rugby IPD’s stockholders, officers,
directors, employees, agents, subsidiaries and affiliates from and against all Claims arising out of, or connected with, any breach of (i) any representation and warranty given by Huttig under Section 19 hereof or (ii) any covenant to
be performed by Huttig under this Joint Defense Agreement. 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 22 - 

 21. Confidentiality 
  
 The Parties agree that neither they, nor anyone acting on their behalf, including their respective counsel, shall disclose
to anyone the terms of, or amounts paid, pursuant to this Joint Defense Agreement, neither specifically nor in general, qualitative or descriptive terms or in terms that state or suggest that the Joint Defense Agreement is favorable to any of the
Parties, and agree that the only comment with respect to this Joint Defense Agreement shall be that the Joint Defense Agreement was entered into pursuant to the Settlement Agreement, except that this shall not preclude any of the Parties from
disclosing information about the Joint Defense Agreement as needed (i) to its affiliated entities or its accountants, (ii) in connection with reports or filings with governmental agencies, or financial or tax reporting or the enforcement
of this Joint Defense Agreement or (iii) as validly required in court proceedings, provided that notice to the other Parties shall be given before making a disclosure required in court proceedings. 
  
 22. No Third Party Beneficiaries 
  
 The Parties expressly disavow any intention to create rights in any third
parties and this Joint Defense Agreement shall not be construed to create any such rights. 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 23 - 

 23. Governing Law 
  

This Joint Defense Agreement and the rights and obligations of the Parties hereunder shall be governed and controlled by the laws of the State of New
York without giving effect to that State’s conflict of law principles. 
  
 24. Dispute Resolution 
  
 (a) Except as
provided in Subsection (b) below, any dispute arising out of or relating to this Joint Defense Agreement, including, but not limited to, whether a Claim is a Future Stanline Asbestos Claim shall be resolved by binding and final arbitration
before a single arbitrator under the International Arbitration Rules of the American Arbitration Association. The arbitrator shall be Robert F. Cusumano, Esquire or, if he is unable or unwilling to serve, an arbitrator appointed in accordance with
the International Arbitration Rules of the American Arbitration Association. The place of the arbitration shall be New York, New York. The costs of the arbitration shall be paid equally by both parties, except the arbitrator shall have the authority
to apportion costs in favor of the prevailing party in his or her discretion. 
  
 (b) Any dispute pertaining only to the payment of Defense Costs pursuant to Section 4(d) above and to no other matter shall be resolved by binding and final arbitration before a single arbitrator under the
International Arbitration Rules of the American Arbitration Association. The arbitrator shall be an arbitrator appointed 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 24 - 

 in accordance with the International Arbitration Rules of the American Arbitration Association. The place of the
arbitration shall be Los Angeles, California. The costs of the arbitration shall be paid equally by both parties, except the arbitrator shall have the authority to apportion costs in favor of the prevailing party in his or her discretion.

  
 25. Successors and Assigns 
  
 This Joint Defense Agreement shall inure to the benefit of, and be binding
on, the successors and assigns of each of the Parties; provided, however, that none of the Parties shall assign or delegate this Joint Defense Agreement or any of its rights or obligations hereunder without the prior written consent of the other
Parties. Except as expressly set forth in this Joint Defense Agreement, nothing in this Joint Defense Agreement shall confer upon any person not a Party hereto, or the legal representatives of such person, any rights or remedies (including, without
limitation, rights or remedies as a third party beneficiary) of any nature or kind whatsoever under or by reason of this Joint Defense Agreement. 
  
 26. Entire Agreement 
  
 This Joint Defense Agreement and the Settlement Agreement constitute the entire agreement between and among the Parties, and anyone acting for, associated
with or employed by any of the Parties, concerning the Future Stanline Asbestos Claims and supersedes any prior discussions, agreements or understandings, and 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 25 - 

 there are no promises, representations or agreements between and among the Parties or anyone acting for, associated with
or employed by any of the Parties other than as set forth in this Joint Defense Agreement. 
  
 27. Counterparts and Facsimile Signatures 
  
 This Joint Defense Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which together shall be considered one and the same agreement, and any of the Parties’ original
signature may be obtained through facsimile signature. 
  
 28. Modification
or Waiver 
  
 The provisions of this Joint Defense
Agreement, including this Section 28, may be modified or waived only in writing signed by each of the Parties affected by the modification or waiver. No waiver with respect to any portion of this Joint Defense Agreement shall apply to any other
portion of this Joint Defense Agreement, and a waiver on one occasion shall not be deemed to be a waiver of the same or any other breach on a future occasion. No course of dealing by any of the Parties, and no failure, omission, delay or forbearance
by any of the Parties in exercising any rights or remedies, shall be deemed a waiver of any such rights or remedies or a modification of this Joint Defense Agreement. 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 26 - 

 29. Construction or Interpretation 
  
 This Joint Defense Agreement is and shall be deemed jointly drafted and written by all of the Parties to it, and it shall
not be construed or interpreted against any of the Parties originating or preparing it. 
  
 30. Expenses 
  
 Each Party shall bear its
expenses, including attorneys’ fees, incurred on its behalf in connection with the negotiation, preparation, execution and performance of this Joint Defense Agreement. 
  
 31. Notices 
  
 Any and all notices or other communications required or permitted under this Joint Defense Agreement shall be given in writing and delivered in person or
sent by certified or registered mail, postage prepaid, return receipt requested, or by overnight express mail, or by facsimile or other electronic transmission to the address of such Party set forth below. Any such notice shall be effective upon
receipt (provided such receipt is before 5:00 p.m. at the recipient’s location), or three days after placed in the mail, whichever is earlier. 
  
 If to Rugby: 
  
 The Rugby Group Ltd. 
 Crown House 

Rugby CV 212 DT 
 England 
 Attention: 
 Facsimile No.: 011-44-1788-546726

  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 27 - 

 with a copy to: 
  

Baker & McKenzie 
 130 East
Randolph Street 
 Suite 3500 
 Chicago, Illinois 60601 
 Attention: Richard M. Franklin, Esq. 
 Facsimile No.: 312/861-2899 
  
 If to Rugby IPD: 
  
 Rugby IPD Corp. 
 1440 S. Priest Ave.

 Suite #103 
 Tempe, AZ 85287

  
 Attention: Andrew Shier 
 Facsimile No.: 480/968-2448 
  
 with a copy to: 
  
 Stephanie R. Derby, Esq. 
 Andrew B. Turk,
Esq. 
 Jennings, Strouss & Salmon, P.L.C. 
 The Collier Center, 11th Floor 
 201 East Washington Street 
 Phoenix, Arizona 85004-2385 
 Facsimile No.:
602/495-2660 
  
 If to Huttig: 
  
 Huttig Building Products, Inc. 
 555 Maryville University Drive, Suite 400 
 St. Louis, MO 63141 
 Attention: Nick H. Varsam, Esq. 
 Facsimile No.: 314/216-8793 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 28 - 

 with a copy to: 
  

Kirkpatrick and Lockhart LLP 
 Henry W.
Oliver Building 
 535 Smithfield Street 
 Pittsburgh, PA 15222 
 Attention: Michael G. Zanic, Esq. 
 Facsimile No.: 412/355-6501 
  
 and: 
  
 Post Kirby Noonan & Sweat LLP 
 America Plaza 
 600 West Broadway, 11th Floor 
 San Diego, California 92101 
 Attention: James R. Lance, Esq. 
 Facsimile No.: 619/231-9593 
  
 Any Party may, by notice so delivered, change its address for notice purposes hereunder. 
  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 29 - 

 IN WITNESS WHEREOF, each of the Parties, by its duly authorized officer, has executed this Joint
Defense Agreement as of the date first written above. 
  

			
	Rugby Group Ltd.
	
	 /s/ Michael L. Collins

	By:	 	Michael L. Collins
	Its:	 	Director
	
	Rugby IPD Corp.
	
	 /s/ Andrew Sheir

	By:	 	Andrew Sheir
	Its:	 	President
	
	Huttig Building Products, Inc.
	
	 /s/ Nick H. Varsam

	By:	 	Nick H. Varsam
	Its:	 	Vice President – General Counsel

  

	*	Material has been omitted pursuant to a request for confidential treatment. The omitted material has been filed separately with the Securities and Exchange Commission.

  

 - 30 -

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