Document:

First Amendment to Consulting Services Agreement

 EXHIBIT 10.32 
 FIRST AMENDMENT TO CONSULTING SERVICES AGREEMENT 
 This First Amendment to Consulting Services
Agreement (this “Amendment”), dated October 5, 2006, is made and entered into by and among Venture Catalyst Incorporated, a Utah corporation (“Company”), and VCAT, LLC, a Delaware limited liability company
(“Vendor”). 
 WHEREAS, the Company and Vendor are parties to that certain Consulting Services Agreement, dated
August 25, 2006 (the “Consulting Services Agreement”). 
 WHEREAS, the parties desire to amend the Consulting
Services Agreement in order to clarify that Vendor and its employees, when performing services under the Consulting Services Agreement, shall be performing services directly for the Company and its Affiliates and not for the Company’s
customers. 
 NOW, THEREFORE, in consideration of the foregoing recitals, the parties hereby agree as follows: 
 1. The Consulting Services Agreement is hereby amended by the addition of the following as a new Section 2.8 to the Consulting
Services Agreement: 
 “Section 2.8 Scope of Services. Notwithstanding any provision of this Agreement to the
contrary: 
 (a) All services provided by Vendor pursuant to this Agreement shall be provided directly to the Company or its
Affiliates and not to any customer of the Company or its Affiliates; 
 (b) Neither the Vendor nor its employees shall have
any operating authority with respect to the business of the Company or its Affiliates and neither the Vendor nor its employees shall have any power or authority to enter into any contract on behalf of the Company or its Affiliates; and 

(c) Neither the Vendor nor its employees shall provide services to any customer of the Company or its Affiliates.” 
 2. Except as amended by this Amendment, the provisions of the Consulting Services Agreement shall continue for all purposes without
interruption and the Consulting Services Agreement shall remain in full force and effect. 
 3. This Amendment shall be
governed by, and construed and enforced in accordance with, the laws of the State of Nevada, regardless of the laws that might otherwise govern under applicable principles of conflict of laws thereof. 
 4. This Amendment may be executed in one or more counterparts, any one of which need not contain the signatures of more than one
party, but all such counterparts when taken together will constitute one and the same instrument. 
  

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 IN WITNESS WHEREOF, the undersigned parties have caused this Amendment to be duly executed and
delivered as of the date set forth above. 
  

									
	VENDOR	 		 	COMPANY
			
	VCAT, LLC,	 		 	VENTURE CATALYST INCORPORATED,
	a Delaware limited liability company	 		 	a Utah corporation
					
	By:	 	/s/    L. DONALD SPEER, II        	 		 	By:	 	/s/    GREG SHAY        
	Name:	 	L. Donald Speer, II	 		 	Name:	 	Greg Shay
	Title:	 	Manager	 		 	Title:	 	President and CEO
					
	Date:	 	October 4, 2006	 		 	Date:	 	October 4, 2006
				
	ACKNOWLEDGED AND AGREED TO:	 		 		 	
				
	 IGT,
 a Nevada
corporation
	 		 		 	
					
	By:	 	/s/    THOMAS J. MATTHEWS        	 		 		 	
	Name:	 	Thomas J. Matthews	 		 		 	
	Title:	 	President	 		 		 	
					
	Date:	 	October 5, 2006	 		 		 	

  

 2Employment Agreement for Van A. Welch

 

 
 EXHIBIT 10.4 
 EMPLOYMENT AGREEMENT 
 THIS EMPLOYMENT AGREEMENT (this “Agreement”) is made and
entered into as of the 28th day of August, 2006, between Willbros USA, Inc., a Delaware corporation (the
“Corporation”), and Van A. Welch (the “Executive”). 
 RECITALS 
 WHEREAS, the Executive has substantial financial and management experience in the engineering and construction industry in both domestic and
international environments, and 
 WHEREAS, the Executive has agreed to forego other business opportunities, to accept permanent and
full-time employment with the Corporation and Willbros Group, Inc., a Republic of Panama corporation (“WGI”), as Senior Vice President and Chief Financial Officer of both the Corporation and WGI; 
 NOW THEREFORE, in consideration of the mutual covenants and representations contained herein, and the mutual benefits derived herefrom, the parties agree
as follows: 
 ARTICLE I 
 FULL-TIME EMPLOYMENT OF EXECUTIVE 
 1.1 DUTIES AND STATUS. 
 (a) The Corporation hereby engages the Executive as a full-time executive employee for the period specified in Section 4.1 below (the
“Employment Period”), and the Executive accepts such employment, on the terms and conditions set forth in this Agreement. 
 (b) The Executive shall serve as Senior Vice President and Chief Financial Officer of the Corporation and WGI. Until January 1, 2007, he shall report to the President, and thereafter to the Chief Executive Officer, of the Corporation
and WGI, but to no other person or body. 
 (c) In addition to the Executive’s performance of his day to day executive
and operating responsibilities referred to in Section 1.1(b) above, the Executive shall work diligently and closely with the Chief Executive Officer during the Employment Period to further develop, refine, and implement WGI’s strategic
plan consistent with the annual budget(s) and other objectives approved by the Board of Directors of WGI (the “Board”). 
 (d) Throughout the Employment Period, the Executive shall devote substantially all his full time and efforts to the business of the Corporation and WGI and will not engage in consulting work or any trade or business for his own account or
for or on behalf 

 
of any other person, firm or corporation which competes, conflicts or interferes with the performance of his duties under this Agreement in any way.

 (e) Except for reasonable business travel, the Executive shall be required to perform the services and duties provided for
in this Section 1.1 only at the principal offices of the Corporation in the Houston, Texas, metropolitan area. Throughout the Employment Period, the Executive shall be entitled to vacation and leave for illness or temporary disability in
accordance with the Corporation’s policies for its senior executive officers. 
 1.2 COMPENSATION AND GENERAL BENEFITS. In
consideration of the Executive foregoing other business opportunities and agreeing with the Corporation and WGI to perform the services described in this Agreement, the Executive shall be compensated as follows: 
 (a) Beginning August 28, 2006, throughout the Employment Period, the Corporation shall pay the Executive a base salary of three
hundred fifty thousand dollars ($350,000) per year. The Executive will be eligible for increases in such base salary during the Employment Period based on merit and commensurate with increases made in the base salary of other executive officers.
Such salary shall be payable in periodic equal installments pursuant to the Corporation’s executive payroll system. 
 (b) Throughout the Employment Period, the Executive shall be entitled to participate in such retirement, bonus, disability, life, sickness, accident, dental, medical and health benefits and other employee benefit programs, plans and
arrangements of the Corporation which are in effect immediately prior to the date of this Agreement, and in any successor or additional employee benefit programs, plans or arrangements which may be established by the Corporation, as and to the
extent any such employee benefit programs, plans and arrangements are or may from time to time be in effect. 
 1.3 BONUS. The
Executive shall be eligible for bonus consideration annually at the sole discretion of the Board. The maximum annual bonus for which the Executive is eligible is an amount equal to his base salary. The Board, in considering the bonus, if any,
payable to the Executive for a year, shall consider the financial performance of the Corporation, the individual performance of the Executive and the bonuses, if any, awarded to other executive officers of the Corporation, as well as any other
matters the Board deems it appropriate to consider in making its determinations. 
 1.4 RESTRICTED STOCK AWARD. In consideration of
the Executive foregoing other business opportunities and agreeing to accept employment with the Corporation and WGI and to perform the services described in this Agreement, the Executive is hereby awarded and will be awarded the number of shares of
common stock, par value $.05 per share (“common stock”) of WGI (“restricted stock shares”) on the dates indicated below, subject to (i) all of the terms and provisions of the WGI 1996 Stock Plan, (ii) the
Executive’s execution and delivery of Restricted Stock Award Agreements substantially in the form of Exhibit A attached hereto, and (iii) Section 4.3 below: 
  

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	 Date of Award
	  	Number of Restricted Stock Shares
	 August 28, 2006
	  	40,000
	 August 28, 2007
	  	25,000
	 August 28, 2008
	  	25,000
	 August 28, 2009
	  	25,000
	 August 28, 2010
	  	25,000

 The Executive’s rights in (i) the August 28, 2006 restricted stock shares shall
vest with respect to 20,000 shares on January 1, 2007 and with respect to 20,000 shares on January 1, 2008, (ii) the August 28, 2007 restricted stock shares shall vest with respect to 8,333 shares on each of August 28, 2008
and August 28, 2009, and with respect to 8,334 shares on August 28, 2010, (iii) the August 28, 2008 restricted stock shares shall vest with respect to 8,333 shares on each of August 28, 2009 and August 28, 2010,
and with respect to 8,334 shares on August 28, 2011, (iv) the August 28, 2009 restricted stock shares shall vest with respect to 12,500 shares on each of August 28, 2010 and August 28, 2011, and (v) the
August 28, 2010 restricted stock shares shall vest with respect to 25,000 shares on August 28, 2011. 
 1.5 GRANT OF STOCK
OPTIONS. In consideration of the Executive foregoing other business opportunities and agreeing to accept employment with the Corporation and WGI and to perform the services described in this Agreement, contemporaneously with the execution and
delivery of this Agreement, the Executive will be granted an option to purchase up to 50,000 shares of common stock subject to (i) all of the terms and provisions of the WGI 1996 Stock Plan, (ii) the Executive’s execution and delivery
of a Stock Option Agreement substantially in the form of Exhibit B attached hereto, and (iii) Section 4.3 below. The Executive’s right to exercise such stock option and purchase the shares of common stock shall vest in four equal
installments of 12,500 shares each on each of August 28, 2007, August 28, 2008, August 28, 2009, and August 28, 2010. 
 1.6 GROSS-UP PAYMENT. Notwithstanding anything to the contrary in this Agreement, if any of the payments or benefits which the Executive has the right to receive from the Corporation (the “Payments”) are later determined to
be subject to the tax imposed by Section 409A of the Internal Revenue Code of 1986, as amended (the “Code”), or any interest or penalties with respect to such tax (such tax, together with any such interest or penalties, are
hereinafter collectively referred to as the “409A Tax”), the Corporation shall pay to the Executive an additional payment (a “Gross-up Payment”) in an amount such that after payment by the Executive of all taxes (including any
interest or penalties imposed with respect to such taxes), including any income tax imposed on any Gross-up Payment, the Executive retains an amount of the Gross-up Payment equal to the 409A Tax imposed upon the Payments. The Compensation Committee
of the Board shall make an initial determination as to whether a Gross-up Payment is required and the amount of any such Gross-up Payment. The Executive shall notify the Corporation immediately in writing of any claim by the Internal Revenue Service
which, if successful, would require the Corporation to make a Gross-up Payment (or a Gross-up Payment in excess of that, if any, initially determined by the Compensation Committee of the Board) within five days of the receipt of such claim. The

  

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Corporation shall notify the Executive in writing at least five days prior to the due date of any response required with respect to such claim if it plans to
contest the claim. If the Corporation decides to contest such claim, then the Executive shall cooperate fully with the Corporation in such action; provided, however, the Corporation shall bear and pay all costs and expenses (including additional
interest and penalties) incurred in connection with such action and shall indemnify and hold the Executive harmless, on an after-tax basis, for any 409A Tax or income tax, including interest and penalties with respect thereto, imposed as a result of
the Corporation’s action. If, as a result of the Corporation’s action with respect to a claim, the Executive receives a refund of any amount paid by the Corporation with respect to such claim, then the Executive shall promptly pay such
refund to the Corporation. If the Corporation fails to timely notify the Executive whether it will contest such claim or the Corporation determines not to contest such claim, then the Corporation shall immediately pay to the Executive the portion of
such claim, if any, which it has not previously paid to the Executive. 
 ARTICLE II 
 COMPETITION AND CONFIDENTIAL INFORMATION 
 2.1 COMPETITION AND CONFIDENTIAL INFORMATION. The Executive and the Corporation recognize that, due to the nature of his association with the Corporation and WGI and of his engagements hereunder, and the
relationship of the Executive to the Corporation and WGI, as an executive in the future hereunder, the Executive will have access to and will acquire, and may assist in developing, confidential and proprietary information relating to the business
and operations of the Corporation, WGI, and their affiliates, including but not limited to, information with respect to present and prospective business plans, financing arrangements, marketing projections, customer lists, contracts and proposals.

 The Executive acknowledges that such information has been and will continue to be of central importance to the business of the
Corporation, WGI, and their affiliates and that disclosure or use by others could cause substantial loss to the Corporation, WGI, and their affiliates. The Executive and the Corporation also recognize that an important part of the Executive’s
duties will be to develop goodwill for the Corporation, WGI, and their affiliates through his personal contact with vendors, customers, subcontractors, and others sharing business relationships with the Corporation, WGI, and their affiliates, and
that there is a danger that this goodwill, a proprietary asset of the Corporation, WGI and their affiliates, may follow the Executive if and when his employment relationship with the Corporation is terminated. 
 The Executive accordingly agrees that, during the Employment Period, the Executive will not either individually or as owner, partner, agent, employee, or
consultant engage in any activity competitive with the onshore and offshore pipeline, engineering and construction businesses of the Corporation, WGI, or any of their affiliates or with any other lines of material business activity of the
Corporation, WGI, or any of their affiliates that commence during the Employment Period, and will not directly or indirectly solicit any employee to leave the employment of the Corporation, WGI, or any of their affiliates. 
  

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 Nothing in this Article II shall be construed to prevent the Executive from owning, as an investment, not
more than one percent (1%) of a class of equity securities issued by any issuer and publicly traded and registered under Section 12 of the Securities Exchange Act of 1934. 
 2.2 NON-DISCLOSURE. At all times after the date of this Agreement, the Executive will keep confidential any confidential or proprietary
information of the Corporation, WGI, and their affiliates which is now known to him or which hereafter may become known to him as a result of his employment or association with the Corporation, WGI, and their affiliates and shall not at any time
directly or indirectly disclose any such information to any person, firm or corporation, or use the same in any way other than in connection with the business of the Corporation, WGI, and their affiliates. For purposes of this Agreement,
“confidential or proprietary information” means information unique to the Corporation, WGI, and their affiliates which has a significant business purpose and is not known or generally available from sources outside the Corporation, WGI and
their affiliates or typical of industry practice. This Section 2.2 shall survive the termination of this Agreement. 
 ARTICLE III

 (Intentionally Omitted) 
 ARTICLE IV 
 EMPLOYMENT PERIOD 
 4.1 DURATION. The Employment Period shall commence on August 28, 2006 and shall terminate on August 27, 2011. 
 4.2 EARLY TERMINATION. This Agreement shall be terminated prior to the end of the Employment Period for the following reasons or upon the
occurrence of the following events: 
 (a) Termination of this Agreement by the Corporation without cause or through
constructive discharge, as described in Section 4.4(a) below; 
 (b) Discharge of the Executive for cause, as described
in Section 4.4(b) below; 
 (c) Death of the Executive; 
 (d) Total disability of the Executive, as described in Section 4.4(c) below; 
 (e) Voluntary resignation of the Executive; or 
  

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 (f) “Change in Control” as that term is defined in the Willbros Group, Inc.
Severance Plan as Amended and Restated Effective September 25, 2003, or as it may be amended hereafter (the “Severance Plan”); provided, however, that any event, transaction, or series of events or transactions that would constitute a
Change in Control under such definition and which relates to, results from or constitutes a part of the insolvency of, or a bankruptcy, bankruptcy reorganization, or receivership of the Corporation or WGI shall not constitute a Change in Control or
otherwise operate to trigger the obligation to pay amounts otherwise payable upon the early termination of this Agreement. 
 4.3
COMPENSATION AND/OR BENEFITS FOLLOWING EARLY TERMINATION. 
 (a) In the event of an early termination of this
Agreement due to the Corporation’s involuntary termination of the Executive’s employment without cause, or due to a constructive discharge of the Executive, or due to a Change in Control, the Corporation shall pay to the Executive and
provide him with the following: 
 (i) During the remainder of the Employment Period, the Corporation shall continue to pay
the Executive his base salary at the rate specified in Section 1.2(a) above, 
 (ii) During the remainder of the
Employment Period, the Executive shall, to the extent legally permissible, continue to be entitled to all benefits and benefit payment options under all of the employee benefit programs, plans or arrangements of the Corporation described in
Section 1.2(b) above as if he were still employed during such period under this Agreement, and which have accrued as of the time of the termination of this Agreement under the WGI 1996 Stock Plan, and 
 (iii) A cash bonus in an amount determined as if the Corporation and the Executive had exceeded the performance goals, if any, set forth
by the Board for the Executive to receive the maximum cash bonus for which the Executive is eligible under Section 1.3 above for each of the uncompleted years remaining in the Employment Period at the time of the termination of this Agreement
which cash bonus shall be payable within three months after the date of the termination of this Agreement. 
 (b) In the
event of an early termination of this Agreement because of the voluntary resignation of the Executive or termination of the Executive’s employment for cause, the Executive will receive his base salary through the date of such voluntary
resignation or termination of the Executive’s employment for cause, the Executive shall receive no cash bonuses under Section 1.3 above for any years remaining in the Employment Period which have not ended as of the date of such voluntary
resignation or termination of the Executive’s employment for cause, and the Executive and his dependents and beneficiaries will receive such benefits as they may be entitled under the terms of the WGI 1996 Stock Plan and the employee benefit
programs, plans and arrangements of the Corporation described in Section 1.2(b) above which provide benefits upon retirement, resignation or discharge for cause, as the case may be. 
  

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 (c) In the event of an early termination of this Agreement because of the death of the
Executive, the Executive’s dependents, beneficiaries and estate, as the case may be, will be entitled to and shall receive (i) the Executive’s base salary at the rate specified in Section 1.2(a) above through the date of the
Executive’s death, (ii) an amount in cash determined as if the Corporation and the Executive had met or exceeded the performance goals, if any, set forth by the Board for the Executive to receive the maximum cash bonus for which the
Executive is eligible under Section 1.3 above for the year in which the Executive’s death occurs payable within three months after the date of the Executive’s death, but no other amounts in respect of the potential cash bonuses
established by the Board, and (iii) such survivor and other benefits, including but not limited to health care continuation benefits, as they may be entitled under the terms of the employee benefit programs, plans and arrangements described in
Section 1.2(b) above which provide benefits upon the death of the Executive and under the WGI 1996 Stock Plan. 
 (d) In
the event of an early termination of this Agreement because of the total disability of the Executive, the Executive, and his dependents, beneficiaries and estate, as the case may be, will be entitled to and shall receive (i) the
Executive’s base salary at the rate specified in Section 1.2(a) above through the date of the Executive’s termination of employment with the Corporation, (ii) an amount in cash determined as if the Corporation and the Executive
had met or exceeded the performance goals, if any, set forth by the Board for the Executive to receive the maximum cash bonus for which the Executive is eligible under Section 1.3 above for the year in which the Executive’s termination of
employment with the Corporation occurs payable within three months after the date of the Executive’s termination of employment, but no other amounts in respect of the potential cash bonuses established by the Board, and (iii) such
benefits, including but not limited to health care continuation benefits, as they may be entitled under the terms of the employee benefit programs, plans and arrangements described in Section 1.2(b) above which provide benefits upon total
disability of the Executive and under the WGI 1996 Stock Plan. 
 (e) The early termination of this Agreement as described in
Section 4.2 above shall not preclude the Executive’s participation in such benefits as may be available to him under the Severance Plan, if any; provided, however, the value of any compensation and/or benefits payable under the Severance
Plan shall not be duplicative of amounts paid under this Agreement, and such amounts payable under the Severance Plan shall be offset against the value of any compensation or benefits payable to the Executive under this Agreement, and vice versa.

 (f) The Executive shall not be required to mitigate the amount of any payment provided for in this Section 4.3 by
seeking employment or otherwise, nor shall the amount of any payment provided for in this Section 4.3 be reduced by any compensation or remuneration earned by the Executive as the result of employment with another employer, or self-employment,
or as a partner, after the date of termination or otherwise. 
 (g) In the event of an early termination of this Agreement
other than pursuant to Section 4.2 (b) or 4.2 (e) above, the Executive shall be entitled to all rights which 

  

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have accrued under the WGI 1996 Stock Plan as of the time of the termination of this Agreement and immediate vesting or immediate granting and vesting, as
the case may be, of all restricted stock and stock options that have been awarded or to be awarded as future grants pursuant to Sections 1.4 and 1.5 above. 
 4.4 DEFINITIONS. The following words shall have the specified meanings when used in the Sections specified: 
 (a) In Section 4.2(a) above, the term “termination” means termination (i) by the Corporation of employment of the Executive with the Corporation for any reason other than death or total disability
of the Executive, or for cause, or (ii) by resignation of the Executive due to a significant change in the nature or scope of his authorities or duties from those contemplated in Section 1.1 above, a reduction in total compensation from
that provided in Section 1.2 above, or the breach by the Corporation of any other provision of this Agreement. 
 (b) In
Sections 4.2(b), 4.3(a) and 4.3(b) above, the term “cause” means substantial non-performance of his job responsibilities after the Executive has been provided written notice of such non-performance and a reasonable time period, not to
exceed three months, has been passed without substantial correction of such non-performance, or the Executive engaging in conduct such that a reasonable person would view the same as compromising the moral and/or ethical principles of the
Corporation, the Executive’s conviction for a felony, proven or admitted fraud, misappropriation, theft or embezzlement by the Executive, the Executive’s inebriation or use of illegal drugs in the course of, related to or connected with
the business of the Company or any of its Subsidiaries, or the Executive’s engaging in misconduct that is materially injurious to the Company or any of its Subsidiaries, monetarily or otherwise, or the breach by the Executive of his obligations
under Sections 2.1 and 2.2 above, or, at the discretion of the Board, the Executive’s indictment for a crime in connection with his services before the date of this Agreement as an employee for any employer. 
 (c) In Sections 4.2(d) and 4.3(d) above, the term “total disability” means a physical or mental condition which causes the
Executive to be unable to perform substantially all of the duties of his position hereunder for a period of six (6) months or more as determined by WGI’s Board of Directors. 
 ARTICLE V 
 NOTICES 
 5.1 NOTICES. Any notices requests, demands and other communications provided for by this Agreement shall be sufficient if in writing and if sent
by registered or certified mail to the Executive at the last address he has filed in writing with the Corporation or, in the case of the Corporation, at its principal offices. 
  

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 ARTICLE VI 
 MISCELLANEOUS 
 6.1 ENTIRE AGREEMENT. This Agreement constitutes the entire
understanding of the Executive and the Corporation with respect to the subject matter hereof and supersedes any and all prior understandings on the subjects contained herein, written or oral, and all amendments thereto, save and except for the
applicability and participation of the Executive in the Severance Plan and the employee benefit plans and arrangements described in Section 1.2(b) above, and the applicability of the terms and provisions of the WGI 1996 Stock Plan, the
Restricted Stock Award Agreements and Stock Option Agreements related to the award of restricted stock shares and grant of stock options to the Executive; provided, however, this Agreement shall not diminish or otherwise alter the inherent power and
authority of the Board to amend, terminate, or otherwise later modify the Severance Plan and/or other employee benefit plans or arrangements available to any employee or group of employees as described in this Section 6.1. 
 6.2 MODIFICATION. Except as provided in the following two sentences, this Agreement shall not be varied, altered, modified, canceled, changed, or
in any way amended, nor any provision hereof waived, except by mutual agreement of the parties in a written instrument executed by the parties hereto or their legal representatives. Nothing in this Agreement shall affect the Corporation’s and
its affiliates’ rights to amend or terminate any of their employee benefit plans, as permitted under applicable law and the respective terms of such plans. The parties agree to further amend this Agreement in the event that an amendment is
necessary or desirable to address the requirements of Section 409A of the Code. 
 6.3 SEVERABILITY. In the event that any
provision or portion of this Agreement shall be determined to be invalid or unenforceable for any reason, the remaining provisions of this Agreement shall be unaffected thereby and shall remain in full force and effect, provided, that if the
unenforceability of any provision is because of the breadth of its scope, the duration of such provision or the geographical area covered thereby, the parties agree that such provision shall be amended, as determined by the court, so as to reduce
the breadth of the scope or the duration and/or geographical area of such provision such that, in its reduced form, said provision shall then be enforceable. 
 6.4 GOVERNING LAW. The provisions of this Agreement shall be construed and enforced in accordance with the laws of the State of Texas, without regard to any otherwise applicable principles of conflicts of laws.

  

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 IN WITNESS WHEREOF, the parties have executed and delivered this Agreement on the date first above
written. 
  

			
	WILLBROS USA, INC.
		
	By:	 	/s/ Dennis G. Berryhill
	Name: Dennis G. Berryhill
	Its:       Vice President and Secretary
	
	 EXECUTIVE

	
	        /s/ Van A. Welch
	Van A. Welch

  

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 EXHIBIT A 
 to the Employment Agreement dated August 28, 2006 
 by and between 
 Willbros USA, Inc. and Van A. Welch 
 WILLBROS GROUP, INC. 
 RESTRICTED STOCK AWARD AGREEMENT 
 AUGUST 28, 2006 
 Mr. Van A.
Welch 
 4400 Post Oak Parkway, Suite 1000 
 Houston, Texas 77027 
 Dear Van: 
 1. RESTRICTED STOCK AWARD. Willbros Group,
Inc., a Republic of Panama corporation (the “Company”), hereby grants to you an aggregate of 40,000 shares of Common Stock, par value $.05 per share, of the Company (the “Restricted Shares”). This award is subject to your
acceptance of and agreement to all of the applicable terms, conditions, and restrictions described in the Company’s 1996 Stock Plan, as amended (the “Plan”), a copy of which, along with the Prospectus for the Plan, are attached
hereto, and to your acceptance of and agreement to the further terms, conditions, and restrictions described in this Restricted Stock Award Agreement (this “Award Agreement”). To the extent that any provision of this Award Agreement
conflicts with the expressly applicable terms of the Plan, it is hereby acknowledged and agreed that those terms of the Plan shall control and, if necessary, the applicable provisions of this Award Agreement shall be hereby deemed amended so as to
carry out the purpose and intent of the Plan. 
 2. POSSESSION OF CERTIFICATES. The
Company shall issue a certificate or certificates for the Restricted Shares in your name and shall retain the certificate(s) for the period during which the restrictions described in Section 4(b) are in effect. You shall execute and deliver to
the Company a stock power or stock powers in blank for the Restricted Shares. You hereby agree that the Company shall hold the certificate(s) for the Restricted Shares and the related stock power(s) pursuant to the terms of this Award Agreement
until such time as the restrictions described in Section 4(b) lapse as described in Section 5 or the Restricted Shares are canceled pursuant to the terms of Section 4(b). 
 3. OWNERSHIP OF RESTRICTED SHARES. You shall be entitled to all the rights of absolute
ownership of the Restricted Shares, including the right to vote such shares and to receive dividends therefrom if, as, and when declared by the Company’s Board of Directors, 

  

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subject, however, to the terms, conditions, and restrictions described in the Plan and in this Award Agreement. 
 4. RESTRICTIONS. 
 (a)
Your ownership of the Restricted Shares shall be subject to the restrictions set forth in subsection (b) of this Section until such restrictions lapse pursuant to the terms of Section 5, at which time the Restricted Shares shall no longer
be subject to the applicable restrictions. 
 (b) The restrictions referred to in subsection (a) of this Section are as follows:

 (1) At the time of your “Termination of Employment” (as defined in Section 10(b)), other than a Termination
of Employment that occurs as a result of an event described in Section 5(b)(1) or a Termination of Employment that is described in Section 5(b)(2), you shall forfeit the Restricted Shares to the Company and all of your rights thereto shall
terminate without any payment of consideration by the Company. If you forfeit any Restricted Shares and your interest therein terminates pursuant to this paragraph, such Restricted Shares shall be canceled. 
 (2) You may not sell, assign, transfer, pledge, hypothecate, or otherwise dispose of the Restricted Shares. 
 5. LAPSE OF RESTRICTIONS. 
 (a) The restrictions described in Section 4(b) shall lapse with respect to 20,000 of the Restricted Shares on January 1, 2007 and the last
20,000 of the Restricted Shares on January 1, 2008. Following the lapse of such restrictions with respect to any Restricted Shares, such Restricted Shares shall no longer be subject to the restrictions described in Section 4(b).

 (b) Notwithstanding the provisions of subsection (a) of this Section, the restrictions described in Section 4(b) shall lapse
with respect to all the Restricted Shares at the time of the occurrence of any of the following events: 
 (1) Your death,
“Disability” (as defined in the Plan) or “Retirement” (as defined in Section 10(c)); 
 (2) Your
Termination of Employment, but only if such Termination of Employment is the result of a dismissal or other action by the Company or any of its Subsidiaries and does not constitute a “Termination for Cause” (as defined in
Section 10(a)); or 
 (3) A “Change of Control” (as defined in the Plan) of the Company. 
  

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 6. AGREEMENT WITH RESPECT TO
TAXES; SHARE WITHHOLDING. 
 (a) You agree that (1) you will pay to the Company or a
Subsidiary, as the case may be, or make arrangements satisfactory to the Company or such Subsidiary regarding the payment of any foreign, federal, state, or local taxes of any kind required by law to be withheld by the Company or any of its
Subsidiaries with respect to the Restricted Shares, and (2) the Company or any of its Subsidiaries shall, to the extent permitted by law, have the right to deduct from any payments of any kind otherwise due to you any foreign, federal, state,
or local taxes of any kind required by law to be withheld with respect to the Restricted Shares. 
 (b) With respect to withholding required
upon the lapse of restrictions or upon any other taxable event arising as a result of the Restricted Shares awarded, you may elect, subject to the approval of the committee of the Board of Directors of the Company that administers the Plan, to
satisfy the withholding requirement, in whole or in part, by having the Company withhold Restricted Shares having a Fair Market Value on the date the tax is to be determined equal to the minimum statutory total tax which could be withheld on the
transaction. All such elections shall be irrevocable, made in writing, signed by you, and shall be subject to any restrictions or limitations that such committee, in its sole discretion, deems appropriate. 
 7. ADJUSTMENT OF SHARES. The number of Restricted Shares subject to this Award Agreement shall be
adjusted as provided in Section 13 of the Plan. Any shares or other securities received by you as a stock dividend on, or as a result of stock splits, combinations, exchanges of shares, reorganizations, mergers, consolidations or otherwise with
respect to the Restricted Shares shall have the same terms, conditions and restrictions and bear the same legend as the Restricted Shares. 
 8. AGREEMENT WITH RESPECT TO SECURITIES MATTERS. You agree that you will not sell or otherwise transfer any Restricted Shares except pursuant
to an effective registration statement under the U.S. Securities Act of 1933, as amended, or pursuant to an applicable exemption from such registration. 
 9. RESTRICTIVE LEGEND. You hereby acknowledge that the certificate(s) for the Restricted Shares will bear a conspicuous legend referring to the terms, conditions, and restrictions
described in the Plan and this Award Agreement. Any attempt to dispose of any Restricted Shares in contravention of the terms, conditions, and restrictions described in the Plan or this Award Agreement shall be ineffective. 
 10. CERTAIN DEFINITIONS. As used in this Award Agreement, the following terms shall have the respective meanings
indicated: 
 (a) “Termination for Cause” shall mean a Termination of Employment as a result of (1) your willful and continued
failure substantially to perform your duties (other than any such failure resulting from your incapacity due to physical or mental illness), (2) your conviction for a felony, proven or admitted fraud, misappropriation, theft or embezzlement by
you, your inebriation or use of illegal drugs in the course of, related to or connected with the business of the Company or any of its Subsidiaries, or your willful engaging in misconduct that 

  

 A-3 

 
is materially injurious to the Company or any of its Subsidiaries, monetarily or otherwise, or (3) if you have entered into an employment agreement or
contract with the Company or any of its Subsidiaries, any other action or omission that is identified in such agreement or contract as giving rise to “Cause” for the termination of your employment with the Company or any of its
Subsidiaries. 
 (b) “Termination of Employment” shall mean the termination of your full-time employment with the Company or any of
its Subsidiaries for any reason other than your death, Disability or Retirement. 
 (c) “Retirement” shall mean the voluntary
termination of your full-time employment with the Company or any of its Subsidiaries after you are at least 62 years of age and have a minimum of four consecutive years of continuous service with the Company or any of its Subsidiaries. 

Capitalized terms used in this Award Agreement and not otherwise defined herein shall have the respective meanings provided in the Plan. 

If you accept this Restricted Stock Award and agree to the foregoing terms and conditions, please so confirm by signing and returning the duplicate
copy of this Award Agreement enclosed for that purpose. 
  

			
	WILLBROS GROUP, INC.
		
	By:	 	  
		 	 Dennis G. Berryhill
 Secretary

 The foregoing Restricted Stock Award is accepted by me as of the 28th day of August, 2006, and I hereby agree to the terms, conditions, and restrictions set forth above and in the Plan.

  

	
	
	   
	Van A. Welch

  

 A-4 

 

 
 EXHIBIT B 
 to the Employment Agreement dated August 28, 2006 
 by and between 
 Willbros USA, Inc. and Van A. Welch 
 WILLBROS GROUP, INC. 
 NON-QUALIFIED STOCK OPTION AGREEMENT 
 THIS NON-QUALIFIED STOCK OPTION AGREEMENT (this “Agreement”) is made and entered into effective as of the 28th day of August, 2006
(“Effective Date”), by and between WILLBROS GROUP, INC., a Republic of Panama corporation (the “Company”), and Van A. Welch, an individual (“Employee”). 
 W I T N E S S E T H : 
 WHEREAS, the Board of Directors of the Company (the
“Board”) has adopted the Willbros Group, Inc. 1996 Stock Plan (the “Plan”) for the purpose of encouraging key employees of the Company and its Subsidiaries (as defined in the Plan) to acquire stock ownership in the Company and to
continue in the employ of the Company and its Subsidiaries; and 
 WHEREAS, Van A. Welch is a key employee of the Company or a Subsidiary,
and the committee of the Board which administers the Plan (the “Committee”) desires to grant to Employee a non-qualified stock option under the Plan; 
 NOW, THEREFORE, in consideration of the premises and the covenants and agreements herein contained, the parties hereto hereby agree as follows: 
 1. GRANT OF OPTION. The Company hereby grants to Employee the right and option to purchase from the Company, during the periods and on the terms
and conditions hereinafter set forth, an aggregate of 50,000 shares of its common stock, par value $.05 per share (“Share” or “Shares”), at a price of $17.79 per share, being the Fair Market Value (as defined in the Plan) of a
Share on the Effective Date (hereinafter, the “Option”). 
 2. EXERCISE PERIODS. Subject to the terms of this Agreement, the
Option shall become exercisable, in whole or in part, only at the times and during the periods and for the number of Shares set forth below: 
 (a) On or after August 28, 2007, but no later than August 27, 2016, 12,500 Shares; 
 (b) On or after August 28, 2008, but no later than August 27, 2016, 12,500 Shares; 
  

 B-1 

 (c) On or after August 28, 2009, but no later than August 27, 2016, 12,500
Shares; and 
 (d) On or after August 28, 2010, but no later than August 27, 2016, 12,500 Shares. 
 Notwithstanding the above exercise periods, the Option may become fully exercisable immediately under certain circumstances set forth in the Plan and in the Employment
Agreement dated August 28, 2006, between Willbros USA, Inc. and Employee. 
 3. EXERCISE OF OPTION. That portion of the Option
which is exercisable may be exercised, in whole or in part, by Employee only so long as Employee remains, on or after the Effective Date, continuously in the employ of the Company or any of its Subsidiaries except as otherwise provided by this
Agreement. At the time of exercise, Employee shall deliver to the Company a written notice duly signed by Employee stating the number of Shares as to which the Option is being exercised at that time, together with payment for the full exercise price
of the Option with respect to said Shares (a) in cash (or certified or bank cashier’s check payable to the order of the Company); (b) by delivery of shares of common stock of the Company then owned by Employee (such shares being
valued at their Fair Market Value at the time of such exercise); (c) by withholding by the Company of Shares from the Shares issuable upon such exercise (such withheld Shares being valued at their Fair Market Value at the time of such
exercise); (d) in the discretion of the Committee, by delivery of properly executed irrevocable instructions to a securities broker (or, in the case of pledges, lender) to (i) sell Shares subject to the Option and to deliver promptly to
the Company a sufficient portion of the proceeds of such sale transaction on behalf of Employee to pay the exercise price of said Shares or (ii) pledge Shares subject to the Option to a margin account maintained with such broker or lender, as
security for a loan, and such broker or lender, pursuant to irrevocable instructions, delivers to the Company a sufficient portion of the loan proceeds to pay the exercise price of said Shares; (e) by a combination of such methods; or
(f) by other means that the Committee deems appropriate; plus, in each case, any applicable withholding tax thereon, whereupon certificates therefor will be issued to Employee. The minimum number of Shares which may be purchased at any time by
exercise of the Option is 100 Shares unless the number purchased is the total number purchasable under the Option at that time. The Option shall not be exercisable with respect to fractions of a Share. No exercise or failure to exercise as to a
portion of the Shares shall preclude a later exercise or exercises as to additional portions. 
 4. EMPLOYMENT. Nothing contained in
this Agreement shall confer upon Employee any right to continue in the employ of the Company or any of its Subsidiaries or interfere in any way with the right of the Company or any Subsidiary to terminate Employee’s employment at any time with
or without cause. A leave of absence approved by the Company or any Subsidiary shall not be deemed an interruption of continuous employment under the Plan or this Agreement. 
 5. THE PLAN AND AMENDMENTS. This Agreement shall be subject to the terms and conditions of the Plan as presently constituted and as may be amended
hereafter from 

  

 B-2 

 
time to time, including the discretion therein provided to the Committee. Except as may be otherwise provided by the Plan, amendments to the Plan shall
constitute amendments to this Agreement and shall be incorporated herein without the execution of any amendment or supplement hereto by the parties. The parties further agree to any amendment of this Agreement, without the execution of any amendment
or supplement, upon notice from the Company to Employee that the terms and conditions of this Agreement shall be amended to conform to any formal guidelines published by the Secretary of the Treasury of the United States or his or her delegate
prescribing the requirements for non-qualified stock options. 
 6. STOCKHOLDER RIGHTS PRIOR TO EXERCISE OF OPTIONS. Neither Employee
nor any of Employee’s heirs, legal representatives or beneficiaries shall be deemed to have any rights as a stockholder of the Company with respect to any Shares covered by the Option until the date of the issuance by the Company of a
certificate to Employee for such Shares. 
 7. RIGHTS IN EVENT OF TERMINATION OF EMPLOYMENT. 
 (a) In the event of the death of Employee while in the employ of the Company or any of its Subsidiaries, Employee’s estate or
beneficiaries shall have a period up to the later of one year after Employee’s death or 10 years after the date hereof within which to exercise the Option, to the extent Employee could have exercised the Option at the date of Employee’s
death, unless the Committee, in its sole discretion, extends such period. The Option, to the extent not exercised during such period, shall terminate upon the expiration of such period. 
 (b) In the event of Employee’s termination of employment with the Company and its Subsidiaries by reason of Employee’s
Disability (as defined in that certain Willbros USA, Inc. Long-Term Disability Plan as of January 1, 1995, and any successor plan), Employee, or Employee’s guardian or legal representative, shall have a period up to the later of one year
after commencement of Employee’s Disability or 10 years after the date hereof within which to exercise the Option, to the extent Employee could have exercised the Option at the date of commencement of Employee’s Disability, unless the
Committee, in its sole discretion, extends such period. The Option, to the extent not exercised during such period, shall terminate upon the expiration of such period. 
 (c) If Employee’s employment terminates as a result of Retirement (meaning retirement from employment with the Company and its
Subsidiaries in accordance with the terms of a Company or Subsidiary retirement plan), Employee shall have a period of up to five years from the date of Retirement (but not beyond 10 years after the date hereof) within which to exercise the Option,
to the extent Employee could have exercised the Option at the date of Employee’s Retirement, unless the Committee, in its sole discretion, extends such period (but not beyond 10 years after the date hereof). The Option, to the extent not
exercised during such period, shall terminate upon expiration of such period. 
  

 B-3 

 (d) In the event of termination of Employee’s employment with the Company and its
Subsidiaries for any reason other than death, Disability or Retirement, as described in paragraphs (a), (b) or (c) of this Section 7, Employee shall have a period of up to three months from the date of termination of employment (but
not beyond 10 years after the date hereof) within which to exercise the Option, to the extent Employee could have exercised the Option at the date of Employee’s termination of employment. The Option, to the extent not exercised during such
period, shall terminate upon expiration of such period. 
 8. SHARES RESERVED; TAXES. The Company shall at all times during the term
of the Option reserve and keep available such number of Shares as will be sufficient to satisfy the requirements of this Agreement. The Company shall pay all original issue taxes with respect to the issue of Shares pursuant hereto and all other fees
and expenses necessarily incurred in connection therewith. 
 9. INVESTMENT REPRESENTATION. Employee represents to the Company and
agrees that if Employee exercises the Option, in whole or in part, at a time when there is not in effect under the United States Securities Act of 1933, as amended, a registration statement relating to the Shares issuable upon exercise hereof and
available for delivery a prospectus meeting the requirements of Section 10 of said Act, Employee will acquire such Shares upon such exercise for the purpose of investment and not with a view to their resale or distribution and that, upon each
such exercise of the Option, Employee will furnish to the Company a written statement to such effect, satisfactory to the Company in form and substance. Such written agreement shall also state that such Shares shall not be transferred except
pursuant to an effective registration statement under said Act or in accordance with an exemption from registration thereunder. The certificates issued for all Shares issued hereunder shall bear the following legend if a registration statement
relating to the Shares issuable upon exercise hereof is not in effect at the time of exercise of the Option: 
  

	
	The securities evidenced by this certificate have not been registered under the U.S. Securities Act of 1933 or any other securities laws. These securities have been acquired for investment and
may not be sold or transferred for value in the absence of an effective registration of them under the U.S. Securities Act of 1933 and any other applicable securities laws, or receipt by the Company of an opinion of counsel or other evidence
acceptable to the Company that such sale or transfer is exempt from registration under such acts and laws.

 10. PAYMENT OF WITHHOLDING TAX. Upon exercise by Employee of the Option, the Company shall
have the right to deduct from any cash amounts otherwise payable to Employee any amounts required to satisfy all tax withholding requirements imposed upon such exercise under applicable federal, state, local or other laws. Alternatively, to satisfy
any such withholding requirements, the Company may, at the request of Employee, but shall not be required to (a) withhold from the number of Shares to be issued that number of Shares (based on 

  

 B-4 

 
the Fair Market Value of the Shares at the time of such exercise) necessary to satisfy such tax withholding requirements or (b) accept delivery from
Employee of shares of common stock of the Company then owned by Employee (such shares being valued at their Fair Market Value at the time of such exercise) as is sufficient to satisfy such tax withholding requirements. 
 11. NO TRANSFERABILITY; LIMITED EXCEPTIONS TO TRANSFER RESTRICTIONS. 
 (a) Unless otherwise expressly provided in this Section 11, the Option shall not be transferable. 
 (b) All or a portion of the Option may be transferred by Employee to (i) the spouse, children, stepchildren or grandchildren of
Employee (“Immediate Family Members”), (ii) a trust or trusts for the benefit of Employee and/or Immediate Family Members, (iii) an entity or entities whose beneficiaries or beneficial owners are Employee and/or Immediate Family
Members, or (iv) such other persons or entities as may be approved by the Committee, in its sole discretion; provided, that, in each case, subsequent transfers of such transferred Option shall be prohibited except for transfers to the
transferees described in this paragraph (b) or by will or the laws of descent and distribution. Following transfer, any such Option shall continue to be subject to the same terms and conditions as were applicable immediately prior to transfer;
provided, that, for purposes of Sections 3, 6, 7, 9 and 12 hereof, the term “Employee” shall be deemed to refer to the transferee except for the events of termination of employment and other employment aspects of said Sections relating to
Employee which shall continue to refer to Employee. The events of termination of employment of Section 7 shall continue to be applied with respect to Employee, following which the Option shall be exercisable by the transferee only to the
extent, and for the periods specified in Section 7. Employee shall remain subject to any withholding taxes incurred upon exercise by transferee of a transferred Option. 
 (c) The transfer restrictions set forth in paragraph (a) of this Section 11 shall not apply to: 
 (i) transfers to the Company; 
 (ii) the designation of a beneficiary to receive benefits in the event of Employee’s death or, if Employee has died, transfers to Employee’s beneficiary, or, in the absence of a validly designated
beneficiary, transfers by will or the laws of descent and distribution; 
 (iii) transfers pursuant to a domestic relations
order; or 
 (iv) if Employee has suffered a Disability, permitted transfers on behalf of Employee by Employee’s guardian
or legal representative. 
  

 B-5 

 12. NOTICES. All notices required or permitted to be given pursuant to this Agreement shall be in
writing and delivered by hand, telegram or mail, addressed as follows: 
  

			
	If to the Company:	  	c/o Dennis G. Berryhill
		  	Vice President & Secretary
		  	Willbros USA, Inc.
		  	4400 Post Oak Parkway, Suite 1000
		  	Houston, Texas 77027
		
	If to Employee:	  	The address for Employee set forth on the
		  	records of the Company or a Subsidiary

 Each notice shall be deemed to have been given on the date it is received. Such addresses may be changed by notice
given by the party making such change delivered to the other party hereto. 
 13. BINDING AGREEMENT. This Agreement shall be binding
upon and shall inure to the benefit of the parties hereto and their respective heirs, legal representatives, beneficiaries, successors and assigns. 
 14. GOVERNING LAW. This Agreement shall be governed by and construed in accordance with the laws of the Republic of Panama. 
 IN WITNESS WHEREOF, Employee has executed this Agreement, and the Company has caused this Agreement to be executed by its duly authorized officer, effective as of the day and year first above written. 
  

			
	“Company”
	
	WILLBROS GROUP, INC.
		
	 By:
	 	  
		 	 Dennis G. Berryhill
 Secretary

		
		 	
	 “Employee”

	
	  
	Van A. Welch

  

 B-6

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