Document:

Amended and Restated Employment Agreement - Laxton

 Exhibit 10.2 
 Execution Copy 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT 
 AMENDED AND RESTATED EMPLOYMENT AGREEMENT effective as of the 1st day of January 2005 (the “Effective Date”), by and between
DAVID L. LAXTON, III, an individual whose address is 7944 Wrenwood Blvd, Unit A, Baton Rouge, Louisiana 70809 (the “Executive”), EDGEN LOUISIANA CORPORATION, a Louisiana corporation (“EDGEN” or
the “Company”), and EDGEN CORPORATION, a Nevada corporation (“Parent”). 
 W I T N E S S E T H

 WHEREAS, the Executive served as the Executive Vice President and Chief Financial Officer of Parent and EDGEN pursuant to an
Employment Agreement dated January [1], 2004 (the “Prior Agreement”), by and between EDGEN and the Executive; 
 WHEREAS, Parent and EDGEN seek to utilize the Executive’s knowledge, experience, talents and abilities; EDGEN desires to continue to employ the Executive as the Executive Vice President and Chief Financial Officer of Parent and of
EDGEN, and the Executive desires to be so employed, subject to the terms and conditions set forth herein; 
 WHEREAS, EDGEN is a wholly-owned
subsidiary of Parent; and 
 WHEREAS, the Executive and EDGEN wish to amend and restate the Prior Agreement in its entirety in accordance
with the terms and conditions set forth herein. 
 NOW, THEREFORE, in consideration of the foregoing and of the respective covenants and
agreements herein contained, and for other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto hereby amend and restate the Prior Agreement as follows: 
  

	 	1.	Employment.

 1.1 General Provision.
Subject to the terms and conditions hereinafter set forth, EDGEN hereby agrees to employ the Executive, and the Executive hereby agrees to serve as the Chief Financial Officer and Executive Vice President of EDGEN and of Parent, effective on the
Effective Date. The Executive agrees to perform such services customary to such office as shall from time to time be assigned to him by the Board of Directors of Parent and/or EDGEN and/or by Parent’s Chief Executive Officer. The
Executive further agrees to use his best efforts to promote the interests of EDGEN and Parent, and to devote his full business time, business energies, and skill to the business and affairs of EDGEN and of Parent in accordance with the directions
and orders of the Board of Directors of EDGEN and/or Parent and/or the Parent’s Chief Executive Officer (the “Chief Executive Officer”). The Executive may participate in reasonable outside charitable or unrelated business
activities as long as such activities do not take up a significant amount of the Executive’s time and energies or interfere in any way with the performance of the Executive’s duties hereunder, and to the extent that any such activities do
require the Executive to devote a significant amount of his time and energies, such activities must be approved in advance by the Board of Directors of EDGEN. 

 1.2 Location of Employment. Unless otherwise agreed by Executive, Executive’s principal
place of employment shall be within 50 miles of the Company’s principal executive offices located in Baton Rouge, Louisiana. If executive should agree to any other location, the Company shall (a) pay all out of pocket expenses
incurred by Executive in connection with the relocation; and (b) if requested by Executive, shall purchase his residence at fair market value as determined by a real estate appraiser, mutually selected by the Company and Executive. If
agreement cannot be reached, each party may select one appraiser and they shall agree on a third appraiser. The average of the three appraisals shall become the fair market value. All expenses incurred in connection with the appraisers
shall be paid by the Company. 
 2.     Term of Employment. The Executive’s “Employment
Term” pursuant to this Agreement shall commence on the Effective Date and, unless terminated earlier pursuant to Section 4 hereof, shall terminate upon the third anniversary of the Effective Date; provided, however, that
after the third anniversary, the Employment Term shall automatically be extended for additional periods of one (1) year each unless either EDGEN or the Executive elects not to extend such term by giving written notice thereof at least thirty
(30) days prior to the end of the then current term; provided, further, however, that if the Executive is terminated pursuant to Section 4 below, there shall be no automatic renewal of the Employment Term. For
purposes hereof, the last day of the Employment Term shall be deemed the “Expiration Date.” 
  

	 	3.	Compensation and Other Related Matters. 

 3.1. Base Salary. As compensation for the services rendered by the Executive hereunder, EDGEN shall pay, or shall cause to be paid, to the Executive during the Employment Term, and the Executive shall accept, compensation
at the rate of Two Hundred Twenty-Five Thousand Dollars ($225,000) per annum (the “Annual Base Salary”). EDGEN’s obligation to pay the Annual Base Salary shall begin to accrue on the Effective Date and shall be paid in
accordance with EDGEN’s customary payroll practices which are in effect from time to time during the Employment Term. The Annual Base Salary may be increased at any time during the Employment Term by action of the Board of
Directors. The Executive’s Annual Base Salary shall be subject to all applicable withholding and other taxes. 
 3.2. Annual Bonus. In addition to the Annual Base Salary set forth above, during the Employment Term, with respect to each fiscal year of EDGEN, subject to Section 5.1, the Executive shall be entitled to receive an
annual bonus (the “Annual Bonus”) calculated in accordance with Schedule A attached hereto. The Annual Bonus shall be payable by EDGEN to the Executive with respect to each year ending on December 31 by
April 1 of the following year. 
 3.3. Other Employment Benefits. During the Employment Term, the Executive shall be
entitled to the following employment benefits: 
 (a) four (4) weeks of paid vacation in each fiscal year of EDGEN while the
Executive is employed hereunder (one (1) week of which, if not used by the Executive in any given fiscal year, may be carried over to the next fiscal year; provided, that the Executive shall not have more than five (5) weeks of paid
vacation in any given fiscal year as a result of such carry over), and sick leave in accordance with EDGEN’s policies from time to time in effect for executive officers of EDGEN; provided, that, except as provided herein, vacation and/or
sick 

  

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leave time not used in any year may not be carried over or transferred from one year to another or converted to cash, except in a year in which there is a
Change of Control (as hereinafter defined) where the Executive is no longer employed; 
 (b) participation, subject to qualification
requirements, in medical, life or other insurance or hospitalization plans and long-term disability policies which are presently in effect or hereinafter instituted by EDGEN and applicable to its executive officers generally; 
 (c) participation, subject to classification requirements and continued maintenance thereof by EDGEN in other Executive benefit plans, such as
pension and profit sharing plans, which are from time to time applicable to EDGEN’s executive officers generally; 
 (d) an
automobile allowance of $1,200 per month, which shall be used by the Executive to cover all lease and insurance payments with respect to one automobile of the Executive’s choice for business purposes, which automobile’s retail value shall
not exceed $75,000. The Executive shall provide proof of insurance in limits and with a company approved by EDGEN. EDGEN shall also be listed as a “named insured” under the policy. EDGEN shall reimburse the Executive, upon
the presentation of appropriate receipts, for all reasonable and necessary maintenance, repair and gasoline costs incurred by the Executive in connection with the use of such automobile; provided, that such costs are directly related to the
performance by the Executive of his obligations to EDGEN and/or to Parent hereunder; 
 (e) EDGEN shall purchase (subject to the
insurability of the Executive at standard rates) a life insurance policy in the amount of $1,000,000 on the life of the Executive to provide benefits under Section 5.2 (b) hereof; and 
 (f) a supplemental payment of $7500 per annum (the “Supplemental Payment”), which shall be paid in accordance with EDGEN’s customary
payroll practices which are in effect from time to time during the Employment Term. 
 3.4. Expenses. During the Employment
Term, the Executive shall be entitled to receive prompt reimbursement from EDGEN or all travel, entertainment and out-of-pocket expenses which are reasonably and necessarily incurred by the Executive in the performance of his duties hereunder
(including up to $400 monthly for club dues in connection with membership in one country club or similar organization); provided, that, the Executive properly accounts therefor in accordance with EDGEN’s policies as in effect from time
to time and such expenses are approved by the Chief Executive Officer. 
 3.5 Tax Preparation. The Company will reimburse
Executive for the cost of tax and financial preparation and planning, including services that may be requested by Executive from time to time pertaining to this Agreement, which shall be limited to $1,500 per year, increased by the greater of
(i) six (6%) percent per year or (ii) the annual percentage increase in the Consumer Price Index for All Urban Consumers (CPI-U) as published by the Bureau of Labor Statistics, U.S. Department of Labor. 
  

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	 	4.	Termination. 

 4.1. Disability. In
the event that at any time during the Employment Term, the Executive, due to physical or mental injury, illness, disability or incapacity, including “disability” within the meaning of the disability plan(s) that EDGEN then has in effect
entitling the Executive to benefits thereunder (a “Disability”), shall fail to perform satisfactorily and continuously the duties assigned to him and the services to be performed by him hereunder for a period of three
(3) consecutive months or for a non-consecutive period of five (5) months within any twelve (12) month period, EDGEN may terminate his employment for Disability upon not less than thirty (30) days prior written notice by delivery
of a Termination Notice (as defined below) to the Executive specifying that the Executive is being terminated for Disability. 
 4.2. Death. The Executive’s employment shall terminate immediately upon the death of the Executive. 
 4.3. Cause. EDGEN may, at any time and in its sole discretion, terminate the Executive’s employment for Cause (as herein defined) by delivery to the Executive of a Termination Notice specifying the nature of such
Cause, effective as of the date (such effective date referred to herein as a “Termination Date”) of such Termination Notice. For purposes hereof, termination for “Cause” shall mean (i) a conviction of, a
plea of nolo contendere, a guilty plea or confession by the Executive to an act of fraud, misappropriation or embezzlement or to a felony; (ii) the commission of a fraudulent act or practice by the Executive affecting EDGEN and/or
Parent; (iii) the willful failure by the Executive to follow the directions of the Board of Directors of EDGEN; (iv) the Executive’s habitual drunkenness or use of illegal substances, each as determined in the reasonable discretion of
the Board of Directors of EDGEN; (v) the material breach by the Executive of this Agreement; or (vi) an act of gross neglect or gross or willful misconduct that relates to the affairs of Parent and/or EDGEN which Board of Directors of
EDGEN, in its reasonable discretion, deems to be good and sufficient cause; provided, that if the Executive shall receive a Termination Notice with respect to a termination for Cause pursuant to subsections (iii), (v) and/or
(vi) hereof, then the Executive shall have the thirty (30) days following his receipt of the Termination Notice to cure the breach specified therein, if capable of being cured, to the reasonable satisfaction of Board of Directors of EDGEN
prior to his employment being terminated for Cause pursuant thereto; provided, however, the Executive shall have the right to cure any such breach only one (1) time in any twelve (12) month period. 
 4.4. Voluntary Termination by EDGEN. EDGEN may, at any time, and in its sole discretion, terminate the employment of the Executive
hereunder for any reason other than for Cause by the delivery to the Executive of a Termination Notice, effective as of the date of such Termination Notice. 
 4.5. Termination by EDGEN in Conjunction with a Change of Control. For purposes of this Agreement, a “Change of Control” means the sale of Parent whether by, merger, consolidation,
recapitalization, reorganization, sale of securities, sale of assets or otherwise in one transaction or a series of related transactions to a person or persons (other than to funds managed by Jefferies Capital Partners or to any person, persons or
entities affiliated therewith), pursuant to which such person or persons (together with its affiliates) acquires (i) securities representing at least a majority of the voting power of all securities including all securities 

  

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convertible, exchangeable or exercisable for or into voting securities of Parent, assuming the conversion, exchange or exercise of all securities
convertible, exchangeable or exercisable for or into voting securities (other than in connection with a successfully completed firm commitment underwritten public offering pursuant to an effective registration statement under the Securities Act), or
(ii) all or substantially all of the consolidated assets of Parent. EDGEN may terminate the employment of the Executive hereunder in conjunction with any Change of Control by delivery to the Executive of a Termination Notice, effective as
of the date stated in the Termination Notice. 
 4.6 Resignation by Executive in Conjunction with a Change of Control. In
the event of a “Change of Control” as defined above, the Executive may elect to resign his position and upon such resignation shall be entitled to a Severance Package and benefits as set forth in Section 5.5 below. 
 4.7 Termination Notice. For the purposes hereof “Termination Notice” shall mean a written notice delivered by EDGEN
and/or Parent to the Executive specifying that EDGEN and/or Parent has terminated the Executive’s employment hereunder. 
 5.      Compensation and Benefits During Disability and Upon Termination. During a Disability Period (as herein defined) or upon the termination of the Executive’s employment hereunder, the
Executive shall be entitled to the following benefits: 
 5.1. Disability. During any period (the “Disability
Period”) that the Executive, due to Disability fails to perform satisfactorily and continuously the duties assigned to him and the services to be performed by him hereunder, EDGEN shall continue to pay to the Executive the Annual Base
Salary (as in effect at such time) in accordance with the provisions of Section 3.1 hereof, less any compensation payable to the Executive under the applicable disability insurance plan(s) of EDGEN during such Disability
Period. Thereafter, if the Executive’s employment hereunder is terminated pursuant to Section 4.1 hereof, EDGEN shall have no further obligations hereunder after the Termination Date other than the payment of (a) any Annual Base
Salary accrued and unpaid on the Termination Date; (b) the Annual Base Salary (as in effect during the year of such termination) payable in accordance with EDGEN’s customary payroll practices (less any compensation payable to the Executive
under the applicable disability insurance plan(s) of EDGEN), for the twelve (12) month period immediately following the Termination Date; and (c) any Annual Bonus accrued and unpaid on the Termination Date for the year prior to the year in
which the Executive’s termination occurs and the Executive’s pro rata portion of the Annual Bonus due pursuant to Section 3.2 hereof for the year in which such termination occurs (based upon the number of days during such year
that the Executive was employed (excluding any Disability Period) over 365 days), payable on the same date as such Annual Bonus would have been payable for such year pursuant to Section 3.2 hereof had the Employment Term not been so terminated.

 5.2. Death. If the Executive’s employment is terminated pursuant to Section 4.2 hereof as a result of the
Executive’s death, EDGEN shall have no further obligations hereunder after the date of the Executive’s death other than the payment to the Executive’s spouse, or in default thereof, to the Executive’s estate, legal
representative, or heirs (“Appropriate Beneficiary”) of: 
  

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 (a) any Annual Base Salary or Annual Bonus accrued and unpaid at the date of the Executive’s
death; and 
 (b) the proceeds of a life insurance policy on the life of the Executive in the amount of $1,000,000, obtained by
EDGEN. In the event that payment of the proceeds of the policy are refused by the insurer, for whatever reason, and suit is filed against the insurer to force payment of the proceeds, commencing the first EDGEN payroll after suit is filed,
EDGEN shall begin paying the Appropriate Beneficiary, in accordance with its customary payroll practices, one twelfth (1/12) of the Annual Base Salary (as in effect during the year of such death) each month, up to a maximum equal to the Annual
Base Salary (as in effect during the year of such death). In the event the suit against the insurer is successful, and insurance proceeds are obtained, EDGEN shall first be reimbursed for all death benefits paid under
Section 5.2(b) and all expenses of the suit, and the remainder, or balance of the proceeds, if any, shall be paid to the Appropriate Beneficiary within thirty (30) days of receipt of proceeds from the insurer by EDGEN. EDGEN
shall have sole discretion in deciding if any suit will be filed against the insurer and whether or not, and in what amount, any such suit should be settled or compromised. In the event that such policy is not procured, for whatever reason,
EDGEN shall pay to the Appropriate Beneficiary the Annual Base Salary (as in effect during the year of such death), payable in accordance with EDGEN’s customary payroll practices, for the 12-month period immediately following the date of the
Executive’s death. 
 5.3. Cause. If the Executive’s employment is terminated by EDGEN for Cause pursuant to
Section 4.3 hereof, EDGEN shall have no further obligations hereunder after the Termination Date other than the payment to the Executive of the Annual Base Salary accrued and unpaid through the Termination Date. EDGEN shall not be
obligated to make any bonus payments to the Executive pursuant to Section 3.2 hereof for the year in which such termination occurs or to provide any of the benefits set forth in Section 3.3 of this Agreement after the Termination Date,
except as may be required by applicable law. Upon termination of employment for Cause, the Executive shall be responsible for the payment of any COBRA premiums. 
 5.4. Voluntary Termination by EDGEN. If EDGEN voluntarily terminates the Executive’s employment hereunder pursuant to Section 4.4 hereof, EDGEN shall have no further obligations hereunder
after the Termination Date, except (a) the payment for the greater of either the 12-month period immediately following the Termination Date or the remainder of the Employment Term of the Annual Base Salary (as in effect during the year of such
termination) payable in accordance with EDGEN’s customary payroll practices; (b) the payment of the premiums, co-payments and deductible expenses due by the Executive for EDGEN-sponsored medical and health benefits (or the reimbursement of
COBRA premiums), but only to the extent permitted by such policies or plans, or as otherwise required by law; provided, however, if the Executive becomes eligible for coverage under any other medical and health policy after termination
of employment, or is, or becomes covered by any other medical and health policy, EDGEN’s obligation to pay the premiums, co-payments and deductible expenses due by the Executive for EDGEN-sponsored medical and health benefits shall cease
immediately; and (c) the payment of any Annual Bonus accrued and unpaid on the Termination Date for the year prior to the year in which the Executive’s termination occurs and the payment of the Annual Bonus due pursuant to Section 3.2
hereof for the year in which such termination occurs, payable on the 

  

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same date as such Annual Bonus would have been payable for such year pursuant to Section 3.2 hereof had the Employment Term not been so terminated,
provided, however, the Annual Bonus for the year in which such termination occurs, shall be pro rated, based on the number of days the Executive was employed (less any Disability Period) over 365 days.
 5.5 Termination in Conjunction with a Change of Control; Severance Package. If (a) EDGEN terminates the employment of the Executive
hereunder in conjunction with any Change of Control, pursuant to Section 4.5 hereof; or if the Executive resigns his position in conjunction with a Change in Control, pursuant to Section 1.3 or 4.6, the Executive shall be entitled to a
severance package consisting of: (i) the payment of twelve (12) months of Annual Base Salary (as in effect during the year of such termination) payable in a lump sum, (ii) any Annual Bonus accrued and unpaid on the Termination Date or
resignation date for the year prior to the year in which the Executive’s termination occurs and the payment of the Annual Bonus due pursuant to Section 3.2 hereof for the year in which such termination occurs, payable on the same date as
such Annual Bonus would have been payable for such year pursuant to Section 3.2 hereof had the Employment Term not been so terminated; provided, however, the Annual Bonus for the year in which such termination or resignation
occurs, shall be pro rated, based on the number of days the Executive was employed (less any Disability Period) over 365 days, and (iii) the payment of the premiums, co-payments and deductible expenses due by the Executive for
EDGEN-sponsored medical and health benefits (or the reimbursement of COBRA premiums), but only to the extent permitted by such policies or plans, or as otherwise required by law for the period of one year from the date of termination or resignation;
provided, however, if the Executive becomes eligible for coverage under any other medical and health policy after termination of employment, or is, or becomes covered by any other medical and health policy EDGEN’s obligation to
pay the premiums, co-payments and deductible expenses due by the Executive for EDGEN-sponsored medical and health benefits shall cease immediately. Notwithstanding the foregoing, in the event that the Executive, or any of his Affiliates,
participates in any Change of Control transaction as an equity participant and/or as a purchaser of securities or assets and, immediately after the consummation of the Change of Control transaction remains, or within six (6) months of such
transaction, becomes actively involved in the operation of the Company, Parent or any successor entity thereto as an officer, director or employee, the provisions of this Section 5.5 shall terminate and be of no further force and effect
provided, however, that if the Executive is first terminated in connection with a Change of Control and then subsequently becomes actively involved in EDGEN within six (6) months of a Change of Control transaction the Executive shall pay to the
stockholders of the Company immediately prior to the Change of Control (the “Stockholders”), by delivery to Jefferies Capital Partners, as representative for the Stockholders pursuant to that certain Stockholders Agreement, by and
among the Stockholders, of cash, bank check or wire transfer of immediately available funds, an amount equal to the aggregate amount paid to the Executive under Sections 5.5(i), (ii) and (iii) above minus an amount equal to the pro rated
Annual Bonus for the year in which the Executive was terminated (based on the number of days the Executive was employed (less any Disability Period) over 365 days). 
 5.6 Resignation by Executive. If at any time during the Employment Term, the Executive resigns from the employ of EDGEN and/or Parent for any reason whatsoever (other than in conjunction with a Change
of Control), EDGEN shall have no further obligations hereunder after the date of resignation other than the payment to the Executive of the Annual 

  

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Base Salary accrued and unpaid through the date of resignation. EDGEN shall not be obligated and shall be released from all obligations to make any
bonus payments to the Executive pursuant to Section 3.2 hereof. 
 5.7 Executive Benefit Plans and Premiums. During any
Disability Period, and upon termination of employment for any cause, the right of the Executive (and that of his dependents) to participate in any Executive benefit plan(s) of EDGEN, including any health benefit plan(s), shall be controlled by
applicable law, including COBRA, and the terms and conditions of the Executive benefit plan. Upon termination of employment for Cause, the Executive shall be responsible for the payment of any COBRA premiums. 
 6.      Confidentiality. The Executive acknowledges that it is the policy of EDGEN and Parent to maintain as
secret and confidential all Confidential Information (as defined herein). The parties hereto recognize that the services to be performed by the Executive pursuant to this Agreement are special and unique, and that by reason of his employment by
EDGEN, Parent, or any Affiliates thereof both before and after the Effective Date, the Executive will acquire, or may have acquired, Confidential Information. The Executive recognizes that all such Confidential Information is and shall remain
the sole property of EDGEN and Parent, as applicable, free of any rights of the Executive, and acknowledges that EDGEN and Parent have a vested interest in assuring that all such Confidential Information remains secret and
confidential. Therefore, in consideration of the Executive’s employment with EDGEN and Parent pursuant to this Agreement, the Executive agrees that at all times from and after the Effective Date, he will not, directly or indirectly,
disclose to any person, firm, company or other entity, other than Parent, or any of its Affiliates (for the purposes of this Employment Agreement, the term “Affiliate(s)” means Parent, its successor(s), any direct or indirect
subsidiary of Parent, or its successor(s), or any division of a subsidiary), any Confidential Information, except as required in the performance of his duties hereunder, without the prior written consent of Parent or EDGEN, as applicable, except to
the extent that (i) any such Confidential Information becomes generally available to the public, other than as a result of a breach by the Executive of this Section 6, or (ii) any such Confidential Information becomes available to the
Executive on a non-confidential basis from a source other than Parent, or any of its Affiliates or advisors; provided, that such source is not known by the Executive to be bound by a confidentiality agreement with, or other obligation of
secrecy to Parent, any of its Affiliates or another party. In addition, it shall not be a breach of the confidentiality obligations hereof if the Executive is required by law to disclose any Confidential Information; provided, that in
such case, the Executive shall (a) give Parent and/or EDGEN, as applicable, the earliest notice possible that such disclosure is or may be required and (b) cooperate with Parent and/or EDGEN, as applicable, at Parent’s and/or
EDGEN’s expense, as applicable, in protecting, to the maximum extent legally permitted, the confidential or proprietary nature of the Confidential Information which must be so disclosed. The obligations of the Executive under this
Section 6 shall survive any termination of this Agreement. During the Employment Term, the Executive shall exercise all due and diligent precautions to protect the integrity of the business plans, customer lists, statistical data and
compilation, agreements, contracts, manuals or other documents of Parent and/or EDGEN, as applicable which embody the Confidential Information, and upon the expiration or the termination of the Employment Term, the Executive agrees that all
Confidential Information in his possession, directly or indirectly, that is in writing, computer generated, or other tangible form (together with all duplicates thereof) will forthwith be returned to Parent and/or EDGEN, as 

  

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applicable, and will not be retained by the Executive or furnished to any person, either by sample, facsimile, film, audio or video cassette, electronic
data, verbal communication or any other means of communication. The Executive agrees that the provisions of this Section 6 are reasonably necessary to protect the proprietary rights of Parent and EDGEN in the Confidential Information and
their trade secrets, goodwill and reputation. 
 For purposes hereof, the term “Confidential Information” means all
information heretofore or hereafter developed or used by Parent, or any of its Affiliates relating to the Business (as herein defined), and the operations, employees, customers, suppliers and distributors of Parent and/or any of its Affiliates,
including, but not limited to, customer lists, customer orders, purchase orders, financial data, pricing information and price lists, business plans and market strategies and arrangements, all books, records, manuals, advertising materials,
catalogues, correspondence, mailing lists, production data, sales materials and records, purchasing materials and records, personnel records, quality control records and procedures included in or relating to the Business or any of the assets of
Parent and/or its Affiliates, and all trademarks, trade names, copyrights and patents, and applications therefor, all trade secrets, inventions, processes, procedures, research records, market surveys and marketing know-how and other technical
papers of Parent and/or any of its Affiliates, except that notwithstanding anything to the contrary contained herein, the term Confidential Information shall not include any such information that is publicly known or that becomes publicly known
(other than as a result of any action on the part of, or a breach of the provisions of this Section 6, by the Executive).
 For purposes
hereof, the term “Business” shall mean the business of (a) distributing and selling industrial steel pipe, including large OD pipe, heavy wall and X-grade pipe, DSAW, seamless, continuous weld, ERW pipe and abrasive resistant
pipe (mine pipe), and valves, alloy pipe, flanges and fittings, welded fittings and flanges (high yield, stainless, exotic carbon, chrome and low temp) per ANSI B16.9 and B16.5 (commodity lines and specials, i.e. anchor flanges and swivel ring
flanges) forged steel fittings, outlets, pipe nipples, swage nipples, hot induction bends and Pikotek gaskets/insulation kits, stainless steel and other nickel alloy and hastelloy pipe, valves, fittings and flanges, including all chrome grades,
(collectively, the “Products”); (b) providing added value services to such pipe and steel Products, including, flame cutting, sawing, welding, sandblasting, priming, top coat painting, epoxy applications and end finishing, and
conversion of pipe to other components or products; (c) entering into joint venture, partnership or agency arrangements relating to the sale or distribution of surplus stainless steel pipe, fittings and flanges, but excluding value-added
services if not sold as part of the Products; and (d) any endeavor entered into by Parent or any Affiliates after the signing of this agreement, but before termination of the employment of the Executive. Notwithstanding anything herein to
the contrary, the definition of the Business shall not include the manufacturing of steel pipe. 
  

	 	7.	Noncompetition; Nonsolicitation. 

 7.1. If the
Executive’s employment is terminated for Disability or for Cause, pursuant to Section 4.1 or 4.3 hereof, respectively, or if the Executive resigns, pursuant to Section 5.6 hereof, during the Employment Term and for a period of twelve
(12) months following the date of the termination of the Executive’s employment with EDGEN, or for a period of twelve (12) months following the date of receipt of the last payment by the Executive 

  

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of any payment made pursuant to any part of Section 5, whichever is longer, the Executive agrees he will not, directly or indirectly, engage in, own,
manage, operate, provide financing to, control or participate in the ownership, management or control of, or be connected as an officer, employee, partner, director, or otherwise with, or have any financial interest in, or aid or assist anyone else
in the conduct of, any business, that competes, directly or indirectly, with the Business or is otherwise engaged in activities competitive with the Business, in each and every area (as designated in Schedule B attached hereto) [Need to
confirm Schedule B remains accurate] where Parent and/or EDGEN is engaged in the sale and/or distribution of the Products on the date the Executive’s employment is terminated pursuant to Section 4.1 or 4.3 hereof, or resigns, pursuant
to Section 5.6 hereof, and he will not, either personally or by his agent or by letters, circulars or advertisements, whether for himself or on behalf of any other person, company, firm or other entity, canvass or solicit, or enter into or
effect (or cause or authorize to be solicited, entered into or effected) directly or indirectly, for or on behalf of himself or any other person, any business relating to the sale and/or distribution of any Products from any person, company, firm or
other entity, who is, or has at any time within two (2) years prior to the date of such action been a customer or supplier of Parent or any of its Affiliates. 
 7.2. If the Executive’s employment is terminated without Cause pursuant to Section 4.4 of this Agreement, and provided that EDGEN (pursuant to Section 5.4 of this Agreement) pays Executive the
Annual Base Salary as set forth in Section 3.1 and the employment benefits set forth in Section 3.3(b) hereof in effect at the time of termination of employment (but only to the extent permitted by such policies or plans, or as
otherwise required by law) in accordance with EDGEN’s customary payroll practices which are in effect at the time payments are due (the “Post-termination Benefits”), the Executive agrees he will not, directly or indirectly,
engage in, own, manage, operate, provide financing to, control or participate in the ownership, management or control of, or be connected as an officer, employee, partner, director, or otherwise with, or have any financial interest in, or aid or
assist anyone else in the conduct of, any business, that competes, directly or indirectly, with the Business or is otherwise engaged in activities competitive with the Business, in each and every area (as designated in Schedule B
attached hereto), where EDGEN is engaged in the sale and/or distribution of the Products on the date the Executive’s employment is terminated hereunder for a period of twelve (12) months from the date of the termination (the
“Initial Period of Noncompetition”). EDGEN will have the option of extending the Period of Noncompetition for an additional consecutive twelve (12) months (the “Extended Period of Noncompetition”) upon
giving written notice to the Executive at least one hundred and twenty (120) days before expiration of the Initial Period of Noncompetition. During the Extended Period of Noncompetition, EDGEN shall pay the Executive the Annual Base Salary
and the Post-termination Benefits, in accordance with EDGEN’s customary payroll practices which are in effect at the time payments are due, for the entire Extended Period of Noncompetition. In the event that EDGEN fails to pay the Annual
Base Salary and the Post-termination Benefits called for herein, the Executive shall be automatically released from all restrictions on the right to compete, but shall still be entitled to all rights called for under any other section of this
Agreement, including but not limited to payments and benefits due under Section 5.4 of this Agreement. If the Executives employment is terminated pursuant to Section 4.4 (voluntary termination by EDGEN) hereof, and upon condition that the
Annual Base Salary and Post-termination Benefits are paid for the period designated, the Executive further agrees he will not during the Period of Noncompetition or the Extended Period of Noncompetition, either personally or by his agent or by
letters, circulars, or 

  

 10 

 
advertisements, and whether for himself or on behalf of any other person, company, firm or other entity, canvass or solicit, or enter into or effect (or
cause or authorize to be solicited, entered into or effected), directly or indirectly, for or on behalf of himself or any other person, any business relating to the sale and/or distribution of any Products from any person, company, firm or other
entity, who is, or has at any time within two (2) years prior to the date of such action been a customer or supplier of Parent or any of its Affiliates. 
 7.3. If the Executive’s employment is terminated due to the Change of Control of Parent pursuant to Section 4.5 of this Agreement or if the Executive resigns his position due to the Change in Control
pursuant to Section 4.6, and provided that EDGEN (pursuant to Section 5.5 of this Agreement) pays Executive the Annual Base Salary and Post-termination Benefits to the extent applicable, the Executive agrees he will not, directly or
indirectly, engage in, own, manage, operate, provide financing to, control or participate in the ownership, management or control of, or be connected as an officer, employee, partner, director, or otherwise with, or have any financial interest in,
or aid or assist anyone else in the conduct of, any business, that competes, directly or indirectly, with the Business or is otherwise engaged in activities competitive with the Business, in each and every area (as designated in
Schedule B annexed hereto), where EDGEN is engaged in the sale and/or distribution of the Products on the date the Executive’s employment is terminated hereunder for a period of twelve (12) months from the date of the
termination (the “Change of Control Period of Noncompetition”). EDGEN shall pay the Executive the Annual Base Salary and Post-termination Benefits for the entire Change of Control Period of Noncompetition. In the event
that EDGEN fails to pay the Annual Base Salary and Post-termination Benefits, the Executive shall be automatically released from all restrictions on the right to compete, but shall still be entitled to all rights called for under any other
section of this Agreement, including but not limited to payments and benefits due under Section 5.5 of this Agreement. 
 7.4. If the Executive’s employment is terminated pursuant to Section 4.5 hereof or if the Executive resigns his position due to the Change in Control pursuant to Section 4.6, and provided that EDGEN (pursuant to
Section 5.5 of this Agreement) pays Executive the Annual Base Salary and Post-termination Benefits to the extent applicable, the Executive further agrees he will not during the Change of Control Period of Noncompetition, either personally or by
his agent or by letters, circulars, or advertisements, and whether for himself or on behalf of any other person, company, firm or other entity, canvass or solicit, or enter into or effect (or cause or authorize to be solicited, entered into or
effected), directly or indirectly, for or on behalf of himself or any other person, any business relating to the sale and/or distribution of any Products from any person, company, firm or other entity, who is, or has at any time within twenty-four
(24) months prior to the date of such action been a customer or supplier of Parent or any of its Affiliates. 
 7.5. The Executive
agrees that, at all times from after the Effective Date hereof and for a period of two (2) years following the date of the termination of his employment with Parent or EDGEN for any reason whatsoever, the Executive will not, either personally
or by his agent or by letters, circulars or advertisements, and whether for himself or on behalf of any other person, company, firm or other entity, (i) seek to persuade any Executive of Parent or any of its Affiliates, subsidiaries or
divisions to discontinue his or her status or employment therewith or to become employed or to provide consulting or contract services in a business or activities likely 

  

 11 

 
to be competitive with the Business; or (ii) solicit, employ or engage any such person at any time following the date of cessation of employment of such
person with the Parent or any of its Affiliates. 
 8.      Inventions. Any and all inventions
made, developed or created by the Executive (whether at the request or suggestion of Parent and/or EDGEN or otherwise, whether alone or in conjunction with others, and whether during regular working hours or otherwise) during the period of his
employment with Parent and EDGEN, which may be directly or indirectly useful in, or relate to, the Business of the business of any of Parent’s Affiliates, shall be promptly and fully disclosed by the Executive to the Board of Directors of
Edgen, and shall be Parent’s and/or EDGEN’s, as applicable, exclusive property as against the Executive. The Executive shall promptly deliver to the Board of Directors of EDGEN all papers, drawings, models, data and other material
relating to any invention made, developed or created by him as aforesaid. The Executive hereby assigns any and all such inventions to EDGEN and hereby agrees to execute and deliver such agreements, certificates, assignments or other documents
as may be necessary to effect the assignment to EDGEN of any and all such inventions as contemplated by this Section 8. The Executive shall, upon EDGEN’s or Parent’s request, as applicable, and without any payment therefor,
execute any documents necessary or advisable in the opinion of EDGEN’s counsel to direct issuance of patents or copyrights to EDGEN or Parent, as applicable, with respect to such inventions as are to be in EDGEN’s or Parent’s
exclusive property, as applicable as against the Executive under this Section 8 or to vest in EDGEN or Parent, as applicable, title to such inventions as against the Executive, the expense of securing any such patent or copyright, to be borne
by EDGEN or Parent, as applicable. 
  

	 	9.	Breach.

 9.1. Both parties recognize that the
services to be rendered under this Agreement by the Executive are special, unique and extraordinary in character, and that in the event of a breach by Executive of the material terms and conditions of the obligations to be performed by him
hereunder, EDGEN shall be entitled, if it so elects, to institute and prosecute proceedings in any court of competent jurisdiction, either in law or in equity, to obtain damages for any breach of this Agreement, or to enforce the specific
performance thereof by the Executive. Without limiting the generality of the foregoing, the parties acknowledge that a breach by the Executive of his material obligations under Sections 6, 7 or 8 could cause EDGEN irreparable harm for which no
adequate remedy at law would be available in respect thereof and that therefore upon proof of the same EDGEN would be entitled to seek and obtain injunctive relief with respect thereto. 
 9.2. In the event of a breach by EDGEN of the material terms and conditions of the obligations to be performed by it hereunder, the Executive shall
provide EDGEN with written notice thereof, specifying the nature of the breach, within seven (7) days of such breach and EDGEN shall have thirty (30) days followings its receipt of such notice to cure the breach specified therein to the
reasonable satisfaction of Executive. To the extent EDGEN fails to cure such breach as provided herein, the Executive shall then be entitled, if he so elects, to institute and prosecute proceedings in any court of competent jurisdiction, either
in law or in equity, to obtain damages for such breach. To the extent EDGEN fails to cure such breach as provided herein, the non-competition restrictions set forth in Section 7 shall terminate. 
  

 12 

 10.    Parent’s Guaranty. Parent hereby guarantees all of EDGEN’s
obligations under this Agreement, including, but not limited to, prompt and full payment of any and all amounts due the Executive under this Agreement. 
 11.    Insurance. The Executive acknowledges and agrees that EDGEN may obtain a life insurance policy on the life of the Executive with EDGEN named as the beneficiary. If EDGEN so
elects, the Executive covenants and agrees to cooperate fully with EDGEN’s efforts to obtain such insurance policy. 
 12.    Conflicting Agreements. The Executive hereby represents and warrants to EDGEN that (a) neither the execution of this Agreement by the Executive nor the performance by the Executive of any of his
obligations or duties hereunder will conflict with or violate or constitute a breach of the terms of any employment or other agreement to which the Executive is a party or by which the Executive is bound; and (b) the Executive is not required
to obtain the consent of any person, firm, corporation or other entity in order to enter into this Agreement or to perform any of his obligations or duties hereunder. 
 13.    Further Assurances. The Executive hereby agrees to execute and deliver such agreements, certificates or other documents as may be reasonably requested by EDGEN, which may be
necessary or are required hereunder. 
  

	 	14.	Miscellaneous. 

 14.1. Successors; Binding
Agreement. This Agreement and all rights of the Executive hereunder shall inure to the benefit of the parties hereto and their respective heirs, personal representatives, successors and assigns; provided, that the duties of the
Executive hereunder are personal to the Executive and may not be delegated or assigned by him.
 14.2 Notice. All notices
and other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered personally, by registered or certified mail, postage prepaid, or by a nationally recognized overnight courier
service as follows: 
  

	 	(a)	If to the Executive: 

  

	 	  	at his then current address 

	 	  	included in the employment records of EDGEN; 

  

	 	  	With a copy to: 

	 	  	John C. Miller 

	 	  	Kantrow, Spaht, Weaver, and Blitzer 

	 	  	PO Box 2997 

	 	  	Baton Rouge, LA 70821-2997 

  

 13 

	 	(b)	If to EDGEN: 

  

	 	  	c/o EDGEN LOUISIANA CORPORATION 

	 	  	18444 Highland Road 

	 	  	Baton Rouge, LA 70809 

	 	  	Attention: Chief Executive Officer 

  

	 	  	with a simultaneous copy to: 

  

	 	  	Jefferies Capital Partners 

	 	   
	 520 Madison Avenue, 8th Floor 

	 	  	New York, New York 10022 

	 	  	Attention: James Luikart and Nicholas Daraviras 

  

	 	  	and to: 

  

	 	  	Dechert LLP 

	 	  	4000 Bell Atlantic Tower 

	 	  	1717 Arch Street 

	 	  	Philadelphia, Pennsylvania 19103 

	 	  	Attention: Carmen J. Romano, Esq. 

 Or to such
other address as any party may have furnished to the other parties in writing in accordance herewith. 
 14.3 Governing
Law. This Agreement shall be governed by and in accordance with the laws of the State of Louisiana without regard to conflict of law rules thereof. 
 14.4 Waivers. The waiver of either party hereto of any right hereunder or of any failure to perform or breach by the other party hereto shall not be deemed a waiver of any other right hereunder or of
any other failure or breach by the other party hereto, whether of the same or a similar nature or otherwise. No waiver shall be deemed to have occurred unless set forth in a writing executed by or on behalf of the waiving party. No such
written waiver shall be deemed a continuing waiver unless specifically stated therein, and each such waiver shall operate only as to the specific term or condition waived and shall not constitute a waiver of such term or condition for the future or
as to any act other than that specifically waived. 
 14.5 Most Favored Status. The Company and Executive intend that
Executive receive the benefit of any new or additional compensation programs developed by the Company hereafter. Accordingly, at such times as the Board of Directors approves any new or additional compensation concepts or programs for any
officer of the Company (other than compensation based on sales or other commissions), then such new or additional concept or program shall also apply to Executive and the Agreement shall be amended by the Company and Executive upon request by
Executive to incorporate such new or additional concept or program. 
 14.6 Validity. The invalidity or unenforceability of
any provision of this Agreement shall not affect the validity or enforceability of any other provision of this Agreement, which 

  

 14 

 
shall otherwise remain in full force and effect. Moreover, if any one or more of the provisions contained in this Agreement is held to be excessively
broad as to duration or scope, such provisions shall be construed by limiting and reducing them so as to be enforceable to the maximum extent compatible with applicable law. Specifically, the Executive acknowledges that substantial funds,
goodwill and assets will have been expended by EDGEN and/or Parent to fully utilize the knowledge, talent and skills of the Executive, accordingly, if any portion of Section 7 shall be held to be unenforceable, the obligations of the Executive
stated in Section 7 shall nonetheless be held to be enforceable for the longest period of time, for the largest geographical area, and to the fullest extent allowed by law. 
 14.7 Entire Agreement. This Agreement sets forth the entire agreement and understanding of the parties in respect of the subject matter
contained herein, and supersedes all prior agreements, promises, covenants, arrangements, communications, representations or warranties, whether oral or written, by any officer, Executive or representative of either party in respect of said subject
matter. 
 14.8 Headings Descriptive. The headings of the several paragraphs of this Agreement are inserted for convenience
only and shall not in any way affect the meaning or construction of any provision of this Agreement. 
 14.9 Obligations
Absolute. The obligations of EDGEN and the Executive shall be absolute and unconditional and shall not be affected by any circumstances, including without limitation the Executive’s receipt of compensation and benefits from another
employer in the event that the Executive accepts new employment following the termination of his employment under this Agreement. 
 14.10 Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. 
 14.11 Survival. The rights and obligations set forth in Section 5.5 shall survive the termination of this Agreement. 
  

 15 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the day and year first above written.

  

			
	EXECUTIVE:
	
	    /s/ DAVID L. LAXTON, III
	David L. Laxton, III

  

			
	EDGEN LOUISIANA CORPORATION
		
	By:	 	    /s/ DANIEL J. O’LEARY
		 	Name: Daniel J. O’Leary
		 	Title: President

  

			
	Only with respect to Section 10 hereof:
	
	EDGEN CORPORATION
		
	By:	 	    /s/ DANIEL J. O’LEARY
		 	Name: Daniel J. O’Leary
		 	Title: President

  

 16Service Agreement, dated December 16, 2005

 Exhibit 10.3 
 DATED 16 DECEMBER 2005 
 (1) MURRAY INTERNATIONAL METALS LIMITED 
 (2) KENNETH COCKBURN 
  
  
 SERVICE AGREEMENT

  
  
 

 160 Queen Victoria Street, London EC4V 4QQ 
 Tel: 020 7184 7000 Fax: 020 7184 7001 

 THIS AGREEMENT is made on 15 December 2005 
 BETWEEN:- 
  

	(1)	MURRAY INTERNATIONAL METALS LIMITED a company registered in England under number 01241058 whose registered office is at 95 High Street, Edgware, Middlesex, HA8 7DB
(“the Company”); and 

  

	(2)	KENNETH COCKBURN of 6 East Comiston, Edinburgh EH10 6RZ (“the Executive”). 

  

	1.	DEFINITIONS 

  

	1.1	In this agreement and the schedules to it the following expressions shall, unless the context otherwise requires or otherwise as expressly provided, have the following meanings:-

  

	1.1.1	“associated company” any company (or subsidiary thereof as defined in clause 1.1.7) in which any company in the Group is or shall be the holder of not less
than 10% of the equity share capital (as defined by Section 744 Companies Act 1985) or to which the Company or any company in the Group renders or shall render substantial managerial, administrative or technical services; 

 

	1.1.2	“basic salary” the annual salary payable to the Executive pursuant to clause 4.1; 

  

	1.1.3	“Board” the Board of Directors of the Company (or any director or committee of directors duly authorised by the Board of Directors of the Company for the
purposes of this agreement); 

  

	1.1.4	“Commencement Date” the date hereof; 

  

	1.1.5	“Confidential Information”:- 

  

	1.1.5.1	 any trade secrets, customer lists, trading details or other information of a confidential nature relating to the goodwill and secrets of any company in the Group
(including, without limitation, details of the activities, businesses, expansion plans, business strategy, marketing plans, sales forecasts, forward planning programmes, investments, prospective investments (and their terms), research activities,
inventions, ideas, computer programs, secret processes, designs, manufacturing processes, financial information, results and forecasts 

  

 1 

	 	 
of any such company and details of its employees and contractors and of the requirements, terms of trade and identity of its suppliers and customers and
prospective suppliers and customers); and 

  

	1.1.5.2	any other information specifically designated by any company in the Group as confidential; and 

  

	1.1.5.3	any information in relation to which any company in the Group owes a duty of confidentiality to any third party; 

  

	1.1.6	“directly or indirectly” (without prejudice to the generality of the expression) the Executive acting either alone or jointly whether as principal, agent,
shareholder, investor, director, partner, consultant, contractor, manager, employee or otherwise; 

  

	1.1.7	“Group” together the Company, any holding company of the Company and any subsidiary and subsidiary undertakings of the Company and of such holding company
within the meanings of sections 258, 736 and 736A of the Companies Act 1985 and any associated company; 

  

	 1.1.8
	 “holiday year” a calendar year commencing 1st
January; 

  

	1.1.9	“Invention” (without prejudice to the generality of the expression) any discovery, formula, database right, invention, secret process, improvement in
procedure, trade mark, service mark, business name, registered design, design right, patent, copyright work or other intellectual property right made, discovered, created, acquired or produced by the Executive (whether alone or jointly with any
other person) in the course of the Executive’s employment or which relates to or is useful in connection with the business or any product or service of the Company or any company in the Group; 

  

	1.1.10	“Termination Date” the date of the termination of this agreement; 

  

	1.1.11	“working days” weekdays excluding Saturdays, Sundays, bank or other public holidays; and 

  

	1.1.12	“WTR” the Working Time Regulations 1998. 

  

	1.2	The headings to the clauses of this agreement and the paragraphs of the schedules are for convenience only and have no legal effect and references to the singular shall include a
reference to the plural and vice versa where the context so admits or requires. 

  

 2 

	1.3	References in this agreement to statutory provisions shall, where the context so admits or requires, be construed as including references to the corresponding provisions of any
earlier statute (whether repealed or not) directly or indirectly amended, consolidated, extended or replaced by such provisions, or re-enacted in such provisions, or the corresponding provisions of any subsequent statute directly or indirectly
amending, consolidating, extending or replacing such provisions, and shall include any orders, regulations, instruments or other subordinate legislation made under the relevant statute. 

  

	1.4	References in this agreement to clauses and the schedules are references to clauses of and the schedules to this agreement and references to this agreement include the schedules the
provisions of which form part of this agreement and are incorporated herein. 

  

	1.5	The provisions of sections 324 and 328 of the Companies Act 1985 shall apply in determining for the purpose of this agreement whether the Executive has an interest in any shares or
other securities. 

  

	2.	TERM 

  

	2.1	The Company shall employ the Executive and the Executive shall serve the Company as from the Commencement Date, subject to the terms and conditions of this agreement, unless and
until either party shall give to the other not less than twelve months’ notice in writing to terminate this agreement. 

  

	2.2	In any event and without prior notice or compensation this agreement shall determine on the last day of the month in which the Executive attains the age of 65 years.

  

	2.3	The Executive’s period of continuous employment with the Company began on 1 August 1977. 

  

	3.	JOB TITLE AND DUTIES 

  

	3.1	The Executive shall be employed as Managing Director or in such other capacity of like status as the Board may agree with the Executive and shall report to the Board or such other
person as the Board may nominate from time to time. 

  

 3 

	3.2	The Executive shall be an executive director and, subject always to the control of the Board, shall carry out such duties and (without further remuneration) accept such offices and
directorships, notwithstanding the Executive’s job title but consistent with the Executive’s status, as may be assigned to the Executive from time to time by the person to whom he reports and by the Board and such duties and/or offices
and/or directorships may relate to the business of the Company or of any company in the Group. 

  

	3.3	The Executive shall (in addition to observing the Executive’s implied duty of fidelity and duties as a director at law to which the Executive is subject):-

  

	3.3.1	use all proper means to the best of the Executive’s ability to maintain and improve the business of the Company and the companies in the Group and further their respective
reputations and interests; 

  

	3.3.2	faithfully, efficiently and diligently perform those duties and exercise such powers as are consistent with them which shall from time to time be assigned to or vested in the
Executive; 

  

	3.3.3	comply with all lawful and reasonable directions, restrictions, rules and regulations from time to time laid down or adopted by the Board; 

  

	3.3.4	at all times promptly give to the Board (in writing, if so requested) such information, advice and explanations as it may require in connection with matters relating to the
Executive’s employment under this agreement or with the business of the Company or any company in the Group; 

  

	3.3.5	immediately disclose to the Board (in writing if so requested) all facts and matters which may or do give rise to a conflict between the Executive’s personal interests and
those of the Company or the Group; 

  

	3.4	 The Executive shall devote himself exclusively to the performance of his duties during normal working hours (8.30am to 5.30pm Monday to Friday inclusive of one hour
for lunch daily) and at all other times which may be necessary for the proper performance of his duties except in the case of illness or accident. It is agreed and acknowledged that any additional hours worked by the Executive outside normal
business hours fall within Regulation 20(2) WTR on the basis that they are not measured or predetermined and can be determined by the Executive and accordingly that Regulation 4(1) WTR does 

  

 4 

	 	 
not apply to such additional hours. In the event that any additional hours worked by the Executive outside normal working hours are not covered by Regulation
20(2) WTR, the Executive agrees that the limit in Regulation 4(1) WTR shall not apply to the Executive. The Executive shall be entitled to withdraw such agreement by giving 3 months’ prior written notice to the Company.

  

	3.5	The Executive’s place of employment shall be within a radius of 50 miles of Murray Works, Newbridge Industrial Estate, Midlothian. The Executive shall undertake such travel
both within and outside the United Kingdom as may be necessary for the proper performance of the Executive’s duties but shall not be obliged (except for occasional visits in the ordinary course of his duties) to reside outside the United
Kingdom. 

  

	3.6	Notwithstanding any other provision of this agreement, the Company shall not be under any obligation to vest in or assign to the Executive any powers or duties and may without the
need to give any reason for so doing during any period of notice served or purported to be served under this agreement:- 

  

	3.6.1	require the Executive to perform:- 

  

	3.6.1.1	all his normal duties; or 

  

	3.6.1.2	a part only of his normal duties and no other; or 

  

	3.6.1.3	such other duties as it may require and no others; or 

  

	3.6.1.4	no duties whatever; and 

  

	3.6.2	suspend or exclude the Executive from all or any premises of the Company and any company in the Group; and 

  

	3.6.3	require the Executive not to contact any customers, clients, suppliers or employees of the Company or any company in the Group in connection with the business of the Company or any
Company in the Group; and 

  

	3.6.4	require the Executive immediately to resign from any directorships which the Executive holds in the Company and any company in the Group (and if the appropriate resignation shall
not be signed and delivered to the Board within seven days after such request the Executive agrees that the Board may appoint any director of the Company to sign such notice of resignation for and on behalf of the Executive and in the
Executive’s name for such purpose); 

  

 5 

	3.6.5	require the Executive to return to the Company all documents and other materials (including copies) belonging to the Company or any company in the Group. 

 

	3.6.6	The Executive’s salary will not cease to be payable (in whole or in part) nor will the Executive cease to be entitled to any other benefits under this agreement nor will the
Executive cease to be bound by any express obligations pursuant to this agreement (save as specifically varied by this clause 3.6) by reason only of such requirement as is described in this clause 3.6 and, for the avoidance of doubt, the Executive
shall remain bound by his duty of good faith to the Company and the provisions of clause 12 of this agreement. 

  

	3.7	If the Executive fails to make himself available for work during any period of notice of termination of the Executive’s employment, other than pursuant to clause 3.6 or in
accordance with clauses 6 or 7 or with the prior written permission of the Board, the Executive shall not be entitled to any payment of salary or to any benefits in respect of such absence. 

  

	3.8	The Executive shall under no circumstances whatsoever either directly or indirectly receive or accept for his own benefit any commission, rebate, discount, gratuity or profit from
any person, company or firm having business transactions with any company in the Group unless previously agreed with the Board. 

  

	4.	REMUNERATION 

  

	4.1	The basic salary (which shall accrue from day to day) shall be £300,600.00 per annum payable by bank credit transfer in equal monthly instalments in arrears not later than on
the last day of each month. The basic salary shall be deemed to be inclusive of any director’s fees and other emoluments which the Executive may receive or be entitled to receive from the Company or any company within the Group save as
otherwise provided for in this Agreement. After the first anniversary of the Commencement Date, the Executive’s salary shall be reviewed and shall increase to not less than £334,000.00 per annum. Thereafter, although the Company shall be
under no obligation to increase the salary payable hereunder, the salary shall be subject to review at least once in each year. 

  

 6 

	4.2	Any benefits provided by the Company or any company in the Group to the Executive or the Executive’s family which are not expressly referred to in this agreement shall be
regarded as at the absolute discretion of the Company and shall not constitute a contractual entitlement of the Executive under this agreement or otherwise. 

  

	4.3	In the absolute discretion of the Company the Executive may be paid an annual bonus. The amount of any such bonus payment and the timing of any such payment shall be in the absolute
discretion of the Company. For the avoidance of doubt, the Executive shall not be entitled to a bonus under this clause if, for whatever reason, he is not in the employment of the Company or he is under notice of termination (whether given or
received) on the date when the bonus is payable. It is also agreed that the payment of a discretionary bonus in respect of any one year, or over a period of years, does not confer any legal or moral entitlement to a bonus, or to compensation for the
loss of any bonus, in any subsequent year. 

  

	5.	EXPENSES 

  

	5.1	The Company shall repay to the Executive all expenses reasonably and properly incurred by the Executive in the performance of the Executive’s duties under this agreement upon
appropriate evidence of such expenditure being provided to the Company. 

  

	5.2	The Executive undertakes to observe the Company’s policy on expenses from time to time. 

  

	6.	HOLIDAYS 

  

	6.1	The Executive shall be entitled to paid holidays of 35 working days per calendar year accruing pro rata over the holiday year in addition to all usual bank and other public
holidays. 

  

	6.2	The Executive shall obtain the consent of the person to whom the Executive reports prior to taking any holiday and may not carry forward any unused part of the holiday entitlement
to a subsequent holiday year without the prior written approval of the person to whom the Executive reports. 

  

	6.3	 Upon termination of the Executive’s employment for any reason other than gross misconduct or other breach of this agreement the Executive shall be 

  

 7 

	 	 
entitled to pay in lieu of any accrued holiday entitlement at the rate of 1/260th of the basic salary in respect of each day of holiday entitlement, fractions of a day being rounded down to the nearest whole number of days. Upon termination of the Executive’s employment for any reason, the
Executive shall be required to make a payment to the Company in respect of holiday taken in excess of the accrued holiday entitlement at the rate described above in this clause. Any such sum due to the Company may be deducted from any remuneration
or other sums otherwise payable by the Company to the Executive. 

  

	7.	ILLNESS OR ACCIDENT 

  

	7.1	The Executive shall be entitled to receive the basic salary and other contractual benefits to which the Executive is entitled under this agreement if prevented from performing his
duties through illness, accident or other such incapacity at the rate of full pay for the first fifty-two weeks of such absence and at the rate of half pay for the next fifty two weeks thereafter. The Executive’s entitlement to basic salary and
other benefits under this agreement shall cease upon the expiry of the period referred to in this clause and any continuing payments of salary after this period of one hundred and four weeks shall be at the Company’s sole discretion. The
Company may on such terms and conditions as the Company shall determine appoint a replacement to undertake some or all of the Executive’s duties in the event that the relevant period of illness, accident or other incapacity exceeds 20
consecutive working days. 

  

	7.2	The basic salary payable by the Company to the Executive in circumstances where clause 7.1 applies shall abate by the amount of sickness or disability benefit which the Executive
receives under any scheme maintained by the Group or under any relevant legislation. 

  

	7.3	The Executive shall notify the Company immediately of any illness, accident or other incapacity in such form and thereafter at such intervals as the Company may require.

  

	7.4	 If the Executive shall be prevented from performing his duties as a result of illness, accident or incapacity for any period in excess of one hundred and four weeks
in the preceding forty eight months, the Company may, notwithstanding 

  

 8 

	 	 
any other provision of this agreement, terminate the Executive’s employment by giving the statutory minimum period of notice, in which case the
Executive shall not be entitled to any additional compensation. 

  

	7.5	In circumstances where the Executive shall have been prevented from performing his duties for the periods referred to in clause 7.4, the Company may in its absolute discretion, if
the Executive is a director of the Company or any company in the Group, require the Executive to resign any such directorship (the imposition by the Company and the compliance by the Executive with which requirement shall not constitute a breach of
contract on the part of the Company) and, if the appropriate resignation shall not be signed and delivered by the Executive to the Board within seven days of such request, the Executive agrees that the Board may appoint any other director of the
Company to sign such notice of resignation for and on behalf of the Executive and in the Executive’s name for such purpose. 

  

	7.6	The Executive may be required at the request of the Company during the course of his employment to attend a doctor or clinic nominated by the Company for the purpose of a
comprehensive medical examination to determine his fitness for continued employment and shall use his reasonable endeavours to ensure the prompt delivery of the relative report to the Company. Notwithstanding the provisions of the Access to Medical
Reports Act 1988, the Executive will permit the Company access to any medical report relating to the physical or mental health of the Executive and which is relevant to the ability of the Executive to perform his duties from a medical or other
practitioner who is or has been responsible for the clinical care or treatment of the Executive. 

  

	7.7	 In the event that the Executive is incapable of performing his duties by reason of injuries sustained wholly or partly as a result of actionable negligence,
nuisance or breach of any statutory duty or any criminal conduct on the part of any third party all payments made to the Executive by the Company under this clause in respect of any consequent absence shall, to the extent that compensation is
recoverable either from the third party and/or any other body constitute loans by the Company to the Executive and shall be repaid to the 

  

 9 

	 	 
Company in accordance with the provisions of this clause to the extent that the Executive recovers compensation for loss of earnings. Where the Executive
recovers any compensation for loss of earnings as referred to in this clause, he shall notify the Company in writing forthwith and shall repay the amount due to the Company under this clause within 28 days of receipt of such compensation.

  

	8.	OTHER BENEFITS 

  

	8.1	Subject to the Rules for the time being applicable thereto, which the Executive may obtain on application to the Secretary of the Company, the Executive shall during the continuance
of the Executive’s appointment hereunder, be entitled to membership of a Medical Care Scheme for the benefit of himself, his spouse and any children under 25 years of age in full-time education. Changes in the Rules of any such Scheme will be
made available for inspection on application to the Secretary of the Company. 

  

	9.	AUTHORITY 

 The Executive shall not without
the prior consent of the Board:- 
  

	9.1	incur on behalf of the Company or any company in the Group any capital expenditure in excess of such sum as may be authorised from time to time and notified to the Executive; or

  

	9.2	enter into on behalf of the Company or any company in the Group any commitment, contract or arrangement otherwise than in the normal course of business or outside the scope of his
normal duties or of an unusual or onerous or long term nature. 

  

	10.	INTELLECTUAL PROPERTY 

  

	10.1	The Executive shall immediately disclose any Invention to the Company and the Invention shall belong to and be the absolute property of the Company or such company in the Group as
the Company may nominate for the purpose. 

  

	10.2	 The Executive shall, at the request and expense of the Company (or its nominee), whether during or after the termination of this agreement, apply or join in
applying for patents, trade marks or other intellectual property protection in the United Kingdom or any other part of the world for any Invention and complete and execute all documents and do all things necessary 

  

 10 

	 	 
for vesting all right, title and interest to all patents, trade marks or other intellectual property rights in the Invention to the Company (or its nominee)
absolutely as sole beneficial owner. The Executive hereby irrevocably appoints the Company to be his attorney in his name and on his behalf to complete and execute any such documents or do any such thing and generally to use his name for the purpose
of giving to the Company (or its nominee) the full benefit of the provisions of this clause 10. 

  

	10.3	Until such time as any Invention is fully vested in the Company pursuant to clause 10.2 the Executive shall hold all rights, title and interest in the Invention in trust for the
Company absolutely. 

  

	10.4	The Executive acknowledges and agrees that the Executive will not (whether during or after his employment) apply or join in applying for any patent, registered design, trade mark or
other intellectual property protection in respect of any Invention without the prior written approval of the Company. 

  

	10.5	The Executive hereby waives all moral rights as defined in Chapter IV of Part I of the Copyright Designs and Patents Act 1988 in any works produced during the period of his
employment with the Company in which copyright is vested in the Company or any company in the Group whether by virtue of this clause 10 or otherwise. 

  

	11.	CONFIDENTIALITY 

  

	11.1	The Executive shall not, whether during or after the termination of his employment, except in the proper course of his duties, use or divulge and shall use his best endeavours to
prevent the use, publication or disclosure to any person, firm or company of any Confidential Information which has or may come to his knowledge in the course of his employment save that this obligation shall not extend to any matters which are or
shall be in the public domain otherwise than due to the default of the Executive. 

  

	11.2	 Any Confidential Information as shall be made or received by the Executive during the continuance of this agreement shall be the property of the Company and all
such property and copies thereof shall be surrendered by the Executive to the Company immediately upon the termination of this agreement 

  

 11 

	 	 
(howsoever occasioned) in accordance with clause 17 or at the request of the Board at any time during the course of his employment.

  

	11.3	The Executive agrees that the provisions of this clause 11 are without prejudice to any other duties of confidentiality owed by the Executive to the Company whether express or
implied and will remain in force after termination of his employment with the Company for any reason. 

  

	11.4	Nothing in this clause 11 shall restrict the Executive from disclosing (but only to the proper recipient) any Confidential Information which the Executive is required to disclose by
law or any order of the court or any relevant regulatory body or as permitted pursuant to the Public Interest Disclosure Act 1998, provided that the Executive shall, unless otherwise permitted or obliged by law, have given prior written notice to
the Company of the requirement and of the information to be disclosed and allowed the Company an opportunity to comment on the requirement before making the disclosure. 

  

	12.	OUTSIDE INTERESTS 

 Save for any
directorships which the Executive may currently hold with Murray International Holdings Limited, any holding company of Murray International Holdings Limited and any subsidiary and subsidiary undertakings of Murray International Holdings Limited and
of such holding company within the meanings of sections 258, 736 and 736A of the Companies Act 1985 (together, “the Murray Group”), the Executive shall not, when employed by the Company, be directly or indirectly concerned or
interested in any trade or occupation or business other than the businesses of the Company and the Group except with written permission pursuant to a resolution of the Board. On or before the first anniversary of the Commencement Date, the Executive
shall resign from the Chairmanship of any company within the Murray Group. On a date to be mutually agreed between the Executive and the Company, the Executive shall resign from any directorships he currently holds with the Murray Group. In this
clause 12 the expression “occupation” shall include membership of Parliament or of a local authority, council or any other public or private work (whether for profit or otherwise). 
  

 12 

	13.	DISCIPLINE AND GRIEVANCES 

  

	13.1	There are no disciplinary or grievance procedures which form part of this agreement. A copy of the Company’s non-contractual disciplinary and grievance procedure is available
on request to the Company Secretary. If the Executive is dissatisfied with any disciplinary decisions relevant to his or if he wishes to seek redress of any grievance relating to his employment, he should apply in writing to the Company Secretary.

  

	13.2	In order to investigate a complaint or allegation against the Executive of misconduct or some other serious issue relating to his employment and to allow the Company to carry out
whatever investigations it deems appropriate in relation thereto, the Company may for whatever period it considers necessary suspend the Executive on full pay and other contractual benefits and require the Executive:- 

  

	13.2.1	not to enter any premises of the Company or any company in the Group; and 

  

	13.2.2	to abstain from contacting any customers, clients, employees or suppliers of the Company or any company in the Group. 

 Save as permitted pursuant to clause 12, the Executive shall not be employed by or provide services to any third party during the period for which he is
suspended pursuant to this clause 13.2. 
  

	14.	RESIGNATION OF DIRECTORSHIPS 

  

	14.1	If the Executive shall be a director of the Company and shall resign, or otherwise cease (other than by retirement and re-election in accordance with the Company’s Articles of
Association or in the circumstances referred to in clause 7.4) through his own act or default to be a director of the Company the Executive shall be in breach of the terms of this agreement which may be terminated by the Company without notice.

  

	14.2	 If required by the Board to act as a director of any company in the Group in addition to the Company in accordance with clause 3.2 or if appointed by agreement with
the Board as a director of any corporation in which the Group may have an interest, the Executive shall resign from any such directorship as the Board may from time to time require. A request for any such resignation 

  

 13 

	 	 
shall not constitute termination of this agreement or constructive dismissal of the Executive. 

  

	15.	TERMINATION BY DEFAULT 

  

	15.1	Notwithstanding any other provision of this agreement, the Company may at any time in writing terminate the Executive’s employment with immediate effect and without notice or
payment in lieu of notice and without prejudice to any rights or claims which it may have against him if at any time:- 

  

	15.1.1	the Executive shall be guilty of gross misconduct or gross neglect of his duties; or 

  

	15.1.2	the Executive shall commit any repeated or continued material breach of his obligations under this agreement; or 

  

	15.1.3	the Executive shall persistently fail or neglect to carry out his duties under this agreement; or 

  

	15.1.4	the Executive shall become of unsound mind, be or become a patient under any mental health legislation, become bankrupt, have an interim receiving order made against him or make any
deed of arrangement or composition with his creditors generally; or 

  

	15.1.5	the Executive shall commit any act of dishonesty or be guilty of conduct (whether or not connected with his employment) tending to bring the Company, any company in the Group or
himself into disrepute or otherwise to affect prejudicially the interests of the Company or any company in the Group; or 

  

	15.1.6	the Executive shall be disqualified from holding office in the Company or any company by virtue of any legislation; or 

  

	15.1.7	the Executive shall be convicted of any offence under Part V of the Criminal Justice Act 1993 or under any order or regulation relating to insider dealing; or

  

	15.1.8	the Executive shall be convicted of any criminal offence (excluding an offence under road traffic legislation in the United Kingdom or elsewhere for which he is not sentenced to any
term of imprisonment whether immediate or suspended); or 

  

 14 

	15.1.9	the Executive shall commit a material breach of the rules of any relevant regulatory authority in any jurisdiction in which the Company or any company in the Group operates; or

  

	15.1.10	any information relating to the Executive’s suitability for employment by the Company and provided in the course of applying or being considered for employment is found to be
false or misleading; or 

  

	15.1.11	become addicted to or habitually under the influence of alcohol or any drug (not being a drug prescribed for you by a medical practitioner for the treatment of a condition other
than drug addiction) the possession of which is controlled by law; or 

  

	15.1.12	commit any unlawful act of discrimination or harassment. 

  

	15.2	The Company’s right immediately to terminate the Executive’s employment under this clause 15 is without prejudice to any rights it may have to do so derived from common
law. 

  

	15.3	The Executive shall notify the Board immediately of any circumstances which would entitle the Company to terminate the Executive’s employment under this clause.

  

	16.	TERMINATION BY REORGANISATION OR RECONSTRUCTION 

 If the Executive shall have been offered in writing but shall unreasonably have refused or unreasonably failed to agree to the transfer of this agreement by way of novation to a company which as a result of a reorganisation amalgamation or
reconstruction has acquired or agreed to acquire the whole or substantially the whole of the undertaking of the Company the Executive shall have no claim against the Company in respect of the termination of his employment hereunder by reason of the
subsequent voluntary winding- up of the Company or of the disclaimer or termination of this agreement by the Company within 3 months after such unreasonable refusal or unreasonable failure to agree. 
  

	17.	EXECUTIVE’S OBLIGATIONS UPON TERMINATION 

 On the termination of the Executive’s employment for any reason:- 
  

	17.1	 if the Executive shall be a director of any company in the Group the Board may give him notice in writing requesting him to and he shall forthwith resign any such
directorship and if the appropriate resignation shall not be signed and 

  

 15 

	 	 
delivered by the Executive to the Board within seven days after such request the Executive agrees that the Board may appoint any director of the Company to
sign such notice of resignation for and on behalf of the Executive and in his name for such purpose; and 

  

	17.2	the Executive shall forthwith deliver to the Company all correspondence books materials records documents accounts letters papers and information of every description (on whatever
media and whoever located) within his possession or control relating to the affairs and business of the Company or any company in the Group and any magnetic disks on which information relating to such affairs and business is stored and any keys or
credit cards or other property belonging to the Company or any company in the Group; and 

  

	17.3	the Executive shall irretrievably delete any information relating to the business of the Company or any company in the Group stored on any magnetic or optical disk or memory and all
matter derived therefrom which is in his possession, custody, care or control outside the premises of the Company and shall produce such evidence of compliance with this clause 17.3 as the Company may require; and 

  

	17.4	the Executive shall transfer to the Company or as it may direct all shares held by him in any company in the Group as nominee or trustee for the Company and deliver to the Company
the certificates therefor and the Executive hereby irrevocably appoints the Company his attorney to execute any such transfers on his behalf. 

  

	18.	SURVIVAL OF COVENANTS ON TERMINATION 

  

	18.1	The Executive undertakes to observe the provisions of the first schedule to this agreement. 

  

	18.2	Notwithstanding the termination of this agreement, save as otherwise provided herein, it shall remain in full force and effect to the extent that the obligations of the Executive
which are expressed to operate thereafter or are of a continuing nature are concerned and may be enforced against the Executive accordingly. 

  

 16 

	19.	WARRANTY 

 The Executive warrants that by
virtue of entering into this agreement and performing the duties set out in this agreement he will not be in breach of any contract of service or for the provision of services or any partnership agreement and will, save as implied by law, be free
from all agreements, arrangements or other restrictions restricting his right to compete with any person or to solicit clients or employees of any person or in any way restricting him from performing this agreement in accordance with its terms.

  

	20.	NOTICES 

  

	20.1	Any notice to be given hereunder shall be in writing. 

  

	20.2	Any notice to be given to the Company shall be sufficiently served either if delivered personally or sent by first class post to the Company Secretary at the Company’s
registered office for the time being. 

  

	20.3	Any notice to the Executive shall be sufficiently served if delivered to him personally or sent by first class post to his usual or last known place of abode.

  

	20.4	Any notice if posted shall be deemed to have been served at the time when in the ordinary course of post such notice would have been received. 

  

	21.	GENERAL 

  

	21.1	Failure or delay on the part of the Company in exercising any right or remedy of the Company under this agreement shall not in any circumstances operate as a waiver of it nor shall
any single or partial exercise of any right or remedy in any circumstances preclude any other or further exercise of it or the exercise of any other right or remedy. 

  

	21.2	The Executive shall be responsible for and shall pay any tax or statutory levy assessed on him in respect of any benefit provided to him under this agreement.

  

	21.3	Any waiver of breach of, or default under, any of the terms of this agreement by the Company shall not be deemed a waiver of any subsequent breach or default and shall in no way
affect the other terms of this agreement. 

  

	21.4	This agreement shall be governed and construed in all respects in accordance with the laws of Scotland and the parties agree to submit to the non-exclusive jurisdiction of the
Scottish Courts. 

  

 17 

	21.5	The parties hereto agree and acknowledge that neither has, in entering into this agreement, relied upon any representation made by the other save as set out in this agreement.

  

	21.6	For the purposes of this agreement, and notwithstanding any of the other provisions of this agreement, the Company will be entitled to carry out all or any of its obligations under
this agreement, whether as to payment of remuneration or otherwise, through any company or companies in the Group as the Board may from time to time expressly determine. 

  

	21.7	The Executive agrees and acknowledges that the Company may monitor and/or record the Executive’s use of electronic mail systems provided by the Company or Group in the course
of his employment. 

  

	21.8	For the purposes of the Data Protection Act 1998, the Executive hereby gives his consent to the holding and processing of personal data provided by him to the Company or other
companies in the Group for all purposes relating to his employment including, but not limited to:- 

  

	 	(a)	administering and maintaining personal records; 

  

	 	(b)	paying and reviewing salary and other remuneration and benefits; 

  

	 	(c)	providing and administering benefits (including, if relevant, pension, life assurance, permanent health insurance and medical insurance); 

  

	 	(d)	undertaking performance appraisals and reviews; 

  

	 	(e)	sickness and other absence records; 

  

	 	(f)	taking decisions as to the Executive’s fitness for work; 

  

	 	(g)	providing references and information to future employees and, if necessary, governmental and quasi governmental bodies for Social Security and other purposes, the Inland Revenue and
the Contributions Agency; and 

  

	 	(h)	providing information to future purchasers of the Company or any other companies in the Group or of the businesses in which the Executive works. 

  

 18 

	22.	VARIATION 

 This agreement:- 
  

	22.1	contains the whole of the terms agreed in respect of the Executive’s employment as from the Commencement Date; 

  

	22.2	is in substitution for any other previous agreement or arrangement in respect of his employment by any company in the Group; and 

  

	22.3	shall only be capable of being varied by a supplemental agreement or memorandum in writing signed by or on behalf of the parties hereto. 

 IN WITNESS WHEREOF these presents on this and the 20 preceding pages and the 4 subsequent pages are executed by the parties as follows: 
  

							
	Subscribed by	 	KENNETH COCKBURN	 		 	 /s/ KENNETH A. COCKBURN

		 		 		 	Signature of Executive
			
	At Edinburgh on the 15 day of December 2005 before the following witness:	 		 	
				
	Witness:	 	 Robert N. Lee
	 		 	
		 	(Signature)	 		 	
				
	Name:	 	 /s/ Robert N. Lee
	 		 	
		 	(Please print)	 		 	
				
	Address:	 	12 KETTLESTOWN MAINS LINLITHEON, WEST LOTHIAN, EH49 6SN	 		 	
			
	Subscribed for and on behalf of MURRAY INTERNATIONAL METALS LIMITED	 		 	
			
	At Edinburgh on the 16 day of December 2005	 		 	
				
	By:	 	 DAVID KEMP
	 		 	 /s/ DAVID KEMP

		 	Name of Company Representative (Please print)	 		 	Signature of Company Representative
			
	Being a Director/Secretary/Authorised Signatory (delete as appropriate) of the Company before the following witness:	 		 	

  

 19 

			
	Witness:	 	 /s/ PETER PENMAN

		 	(Signature)
		
	Name:	 	 PETER PENMAN

		 	(Please print)
		
	Address:	 	6/30 PORTLAND GARDENS EDINBURGH EH6 6NT

  

 20 

 THE FIRST SCHEDULE 
  

	1.	DEFINITIONS 

 In this schedule unless the
context otherwise requires the following expressions shall have the following meanings:- 
  

	1.1	“the Business” the business of the Company or any part thereof and any other business or part thereof carried on by any company in the Group as at the
Termination Date and/or during the Protected Period and to which the Executive has rendered services or about which he has acquired Confidential Information or by which he has been engaged at any time during the Protected Period;

  

	1.2	“Customer” any person, firm or company who or which at any time during the Protected Period was a customer of the Company or any other company in the Group
with whom or which the Executive dealt or for whom or which the Executive was responsible on behalf of the Company or any other company in the Group at any time during the Protected Period; 

  

	1.3	“Prospective Customer” any person, firm or company who or which was at any time during the Protected Period engaged in negotiations, with which the Executive
was personally involved, with the Company or any other company in the Group with a view to purchasing or obtaining goods and services from the Company or any other company in the Group; 

  

	1.4	“Protected Period” the period of 12 months immediately preceding the earlier of the Termination Date and the commencement of any Garden Leave Period;

  

	1.5	“Goods and Services” any goods and services competitive with those supplied by the Company or any other Group Company at any time during the Protected Period
and in the supply of which the Executive was involved or concerned or for which he was responsible at any time during the Protected Period; 

  

	1.6	“Restricted Territory” any geographic area in which the relevant company in the Group conducts the Business or part thereof; 

  

 21 

	1.7	“the Restriction Period” the period of 12 months following the Termination Date; 

  

	1.8	“Senior Executive” a person who at any time whilst the Executive was employed by the Company or engaged by any company in the Group:-

  

	1.8.1	is engaged or employed (other than in a clerical, secretarial or administrative capacity) as an employee director or consultant of that company; and 

  

	1.8.2	is or was engaged in a capacity in which he obtained Confidential Information; and 

  

	1.8.3	is so engaged at any time during the Protected Period; and 

  

	1.8.4	with whom the Executive had dealings in the course of his duties during the Protected Period; and 

  

	1.9	“Garden Leave Period” any period during which the Executive is excluded from his duties pursuant to clause 3.6 of the main body of this agreement.

  

	2.	The parties to this agreement agree and acknowledge that it is reasonable and necessary for the protection of the Confidential Information, goodwill, stable workforce, trade secrets
and trade connections of the Business that the Executive should be restrained in the terms of the covenants set out in this schedule from making available or using for the benefit of himself or a competitor or potential competitor Confidential
Information or trade connections which he has obtained and is likely to obtain in the course of his employment as an Executive of the Company. 

  

	3.	The Executive accordingly covenants with the Company that in view of the circumstances referred to in paragraph 2 of this schedule, he will not (other than for and on behalf of the
Company or any company in the Group) without the prior written consent of the Board (such consent to be withheld only so far as may be reasonably necessary to protect the legitimate interests of the Group) directly or indirectly:-

  

	3.1	at any time during the Restriction Period:- 

  

	3.1.1	 be engaged or concerned or interested or participate in a business the same as or in competition with the Business or relevant part thereof in any Restricted
Territory provided always that this paragraph shall not restrain the Executive 

  

 22 

	 	 
from being engaged or concerned in any business concern in so far as the Executive’s duties or work shall relate solely to:-

  

	(a)	geographical areas where the business concern is not in competition with the Business; or 

  

	(b)	services or activities with which the Executive was not concerned to a material extent during the Protected Period; 

  

	3.1.2	in respect of any Goods and Services solicit, facilitate the solicitation of or canvass the custom or business of any Customer; 

  

	3.1.3	in respect of any Goods and Services, solicit, facilitate the solicitation of or canvass the custom or business of any Prospective Customer; 

  

	3.1.4	in respect of any Goods and Services, deal with or provide or supply any Customer; 

  

	3.1.5	in respect of any Goods and Services, deal with or provide or supply any Prospective Customer; 

  

	3.1.6	offer employment to or employ or offer to conclude any contract for services with or engage any Senior Executive; 

  

	3.1.7	solicit or entice any Senior Executive to leave his employment with or cease his directorship of or consultancy with the Company or any company in the Group;

  

	3.2	at any time:- 

  

	3.2.1	solicit or entice or endeavour to solicit or entice any person to breach his contract of employment or contract for services with the Company or any company in the Group or procure
or facilitate such by any person firm or company; 

  

	3.2.2	do or say anything likely or calculated to lead any person firm or company to withdraw from or cease to continue offering to the Company or any company in the Group any rights of
purchase, sale, import, distribution or agency then enjoyed by it; 

  

	3.2.3	 disclose to any person (except as required by law) or any regulatory authority or use to the detriment of the Company or any company in the Group any Confidential
Information which he has acquired before the Termination Date provided always that this obligation shall not extend to any matter which is or 

  

 23 

	 	 
shall be in the public domain otherwise than through the default of the Executive; or 

  

	3.2.4	falsely represent himself as being connected with or interested in the Company or any company in the Group or in the Business. 

  

	4.	The Executive agrees that if, during his employment pursuant to this agreement or the continuance in force of the restrictions set out in this schedule, he receives an offer of
employment or engagement in any capacity from any person, he will immediately provide that person with a complete and accurate copy of this schedule. 

  

	5.	The Executive hereby acknowledges and agrees with the Company that:- 

  

	5.1	each of the sub-clauses contained in paragraph 3 of this schedule constitutes an entirely separate severable and independent covenant and restriction on him;

  

	5.2	the duration, extent and application of each of the restrictions contained in paragraph 3 of this schedule are no greater than is necessary for the protection of the goodwill and
trade connections of the Business; and 

  

	5.3	in the event that any restriction on him contained in paragraph 3 of this schedule shall be found void but would be valid if some part thereof were deleted such restriction shall
apply with any such deletion as may be necessary to make it valid and effective; and 

  

	5.4	the Company shall be entitled to seek to enforce such restrictions not only on behalf of itself but also on behalf of any other company in the Group. 

  

 24

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