<SEC-DOCUMENT>0001193125-14-124502.txt : 20140401
<SEC-HEADER>0001193125-14-124502.hdr.sgml : 20140401
<ACCEPTANCE-DATETIME>20140331200407
ACCESSION NUMBER:		0001193125-14-124502
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		5
CONFORMED PERIOD OF REPORT:	20140328
ITEM INFORMATION:		Completion of Acquisition or Disposition of Assets
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20140401
DATE AS OF CHANGE:		20140331

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NORTHWEST PIPE CO
		CENTRAL INDEX KEY:			0001001385
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL PIPE & TUBES [3317]
		IRS NUMBER:				930557988
		STATE OF INCORPORATION:			OR
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	000-27140
		FILM NUMBER:		14731950

	BUSINESS ADDRESS:	
		STREET 1:		5721 SE COLUMBIA WAY
		STREET 2:		SUITE 200
		CITY:			VANCOUVER
		STATE:			WA
		ZIP:			98661
		BUSINESS PHONE:		3603976250

	MAIL ADDRESS:	
		STREET 1:		5721 SE COLUMBIA WAY
		STREET 2:		SUITE 200
		CITY:			VANCOUVER
		STATE:			WA
		ZIP:			98661
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>d705139d8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<HTML><HEAD>
<TITLE>Form 8-K</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:4pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>UNITED STATES </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>SECURITIES AND EXCHANGE COMMISSION </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>WASHINGTON, D.C. 20549 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:18pt; font-family:Times New Roman" ALIGN="center"><B>FORM 8-K
</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>CURRENT REPORT </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>PURSUANT
TO SECTION 13 OR 15(D) OF THE SECURITIES </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>EXCHANGE ACT OF 1934 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:12pt; font-family:Times New Roman" ALIGN="center"><B>Date of Report (Date of earliest event reported): March&nbsp;28, 2014 </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:24pt; font-family:Times New Roman" ALIGN="center"><B>NORTHWEST PIPE COMPANY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Exact name of registrant as specified in its charter) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center>
<P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:8pt" ALIGN="center">


<TR>
<TD WIDTH="34%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="32%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="32%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" ALIGN="center"><B>OREGON</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>0-27140</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"><B>93-0557988</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(State or other jurisdiction</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>of incorporation)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Commission</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>File Number)</B></P></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="top" ALIGN="center"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(I.R.S. Employer</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>Identification No.)</B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>5721 SE Columbia Way, Suite 200 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Vancouver, WA 98661 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(360) 397-6250 </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>(Address,
including zip code, and telephone number, including </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:8pt; font-family:Times New Roman" ALIGN="center"><B>area code, of registrant&#146;s principal executive offices) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><center> <P STYLE="line-height:6.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1.00pt solid #000000;width:21%">&nbsp;</P></center>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT STYLE="FONT-FAMILY:WINGDINGS">&#168;</FONT></TD>
<TD ALIGN="left" VALIGN="top">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) </TD></TR></TABLE> <P STYLE="font-size:8pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:1.0pt;margin-top:0pt;margin-bottom:0pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left"><B></B>Item&nbsp;2.01.</TD>
<TD ALIGN="left" VALIGN="top">COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS<B> </B></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">On March&nbsp;28, 2014, Northwest Pipe Company, an Oregon corporation (the &#147;Company&#148;) and Centric Pipe, LLC, a Texas limited liability company (&#147;Buyer&#148;) entered into an Asset Purchase Agreement (the
&#147;Purchase Agreement&#148;) pursuant to which Buyer agreed to purchase substantially all of the assets and liabilities associated with the oil country tubular goods business conducted by the Company at its manufacturing facilities in Bossier
City, Louisiana and Houston, Texas, excluding the real property located in Houston, Texas (the &#147;Acquisition&#148;). The Purchase Agreement includes customary representations, warranties, covenants and agreements by the parties, including mutual
indemnification obligations. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Acquisition was completed on March&nbsp;31, 2014. The purchase price was approximately $42.7 million, subject to a post-closing adjustment based on changes in net working capital. Approximately $4.3 million of the
proceeds will be held in escrow for twelve months to secure the Company&#146;s indemnification obligations under the Purchase Agreement. Approximately $5.2 million was used to repay Company debt related to and secured by certain assets at the
Bossier City, Louisiana manufacturing facility. In connection with the Acquisition, the Company and Buyer entered into a six month lease of the real property located in Houston, Texas (the &#147;Houston Real Property&#148;), and the Company granted
Buyer an option to purchase the Houston Real Property under certain circumstances. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The foregoing description of the Purchase Agreement does not purport to be complete and is qualified in its entirety by reference to the full text of the Purchase Agreement, which is attached hereto as Exhibit 2.1 and
is incorporated herein by reference. </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">On March&nbsp;31, 2014, the Company issued a press release announcing the Acquisition. A copy of the press release is attached hereto as Exhibit 99.1 and is incorporated by reference herein. </TD></TR></TABLE>
<P STYLE="font-size:18pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">Item&nbsp;9.01.</TD>
<TD ALIGN="left" VALIGN="top">FINANCIAL STATEMENTS AND EXHIBITS </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)</TD>
<TD ALIGN="left" VALIGN="top">Pro Forma Financial Information </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">The Company&#146;s Unaudited Pro Forma Financial Information is attached hereto as Exhibit 99.2 and is incorporated herein by reference. </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="10%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d)</TD>
<TD ALIGN="left" VALIGN="top">Exhibits </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>&nbsp;&nbsp;2.1</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Asset Purchase Agreement by and between Northwest Pipe Company and Centric Pipe, LLC, dated as of March&nbsp;28, 2014*</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.1</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Press release issued by Northwest Pipe Company on March&nbsp;31, 2014</TD></TR>
<TR>
<TD HEIGHT="8"></TD>
<TD HEIGHT="8" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" NOWRAP>99.2</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="top">Unaudited condensed consolidated pro forma statement of operations for the twelve months ended December&nbsp;31, 2013 and condensed consolidated pro forma balance sheet as of December&nbsp;31, 2013.</TD></TR>
</TABLE> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">*</TD>
<TD ALIGN="left" VALIGN="top">Schedules and similar attachments to the Asset Purchase Agreement have been omitted pursuant to Item&nbsp;601(b)(2) of Regulation S-K. The Registrant will furnish supplementally a copy of any omitted schedule or similar
attachment to the Securities and Exchange Commission upon request. </TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>SIGNATURE </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized on March&nbsp;31, 2014. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="5%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="94%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>NORTHWEST PIPE COMPANY</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3">(Registrant)</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">By</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman" ALIGN="center">/s/&nbsp;&nbsp;&nbsp;&nbsp;ROBIN
GANTT&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><B>Robin Gantt,</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom" ALIGN="center"><B>Senior&nbsp;Vice&nbsp;President&nbsp;and&nbsp;Chief&nbsp;Financial&nbsp;Officer</B></TD></TR>
</TABLE></DIV>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-2.1
<SEQUENCE>2
<FILENAME>d705139dex21.htm
<DESCRIPTION>EX-2.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-2.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 2.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">EXECUTION COPY </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ASSET PURCHASE AGREEMENT
</B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>between </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NORTHWEST PIPE COMPANY </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>and </B></P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CENTRIC PIPE, LLC
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>dated as of </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>March&nbsp;28, 2014 </B></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TABLE OF CONTENTS</B> </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR>
<TD HEIGHT="5" COLSPAN="3"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ARTICLE I DEFINITIONS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>1</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ARTICLE II PURCHASE AND SALE</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>11</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Purchase and Sale of Assets</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Excluded Assets</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">12</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Assumed Liabilities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Excluded Liabilities</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Purchase Price</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">15</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Purchase Price Adjustment</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">16</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Purchase Price Allocation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Non-assignable Assets</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">18</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ARTICLE III CLOSING</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>19</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Closing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Closing Deliverables</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">19</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ARTICLE IV REPRESENTATIONS AND WARRANTIES OF SELLER</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>21</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Organization and Qualification of Seller</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Authority of Seller</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No Conflicts; Consents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Financial Reports</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Absence of Certain Changes, Events and Conditions</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">23</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Material Contracts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Title To and Sufficiency of Assets</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Condition of Assets</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">26</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Inventory</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Accounts Receivable</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.11</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Real Property</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">28</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.12</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Intellectual Property</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">29</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.13</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Legal Proceedings; Governmental Orders</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.14</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Compliance With Laws; Permits</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.15</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Environmental Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">30</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.16</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Employee Benefit Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">32</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.17</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Employment Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">33</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.18</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Insurance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.19</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Taxes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.20</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Brokers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.21</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Solvency</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.22</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No Other Representations and Warranties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">35</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4.23</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Disclosure</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page i &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="6%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="89%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR>
<TD HEIGHT="5" COLSPAN="3"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ARTICLE V REPRESENTATIONS AND WARRANTIES OF BUYER</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>36</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Organization and Authority of Buyer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Authority of Buyer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No Conflicts; Consents</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">36</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Brokers</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Sufficiency of Funds</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Solvency</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Legal Proceedings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5.8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Independent Investigation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ARTICLE VI CONDITIONS TO CLOSING</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>38</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Conditions to Obligations of All Parties</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Conditions to Obligations of Buyer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Conditions to Obligations of Seller</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">38</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ARTICLE VII PRE-CLOSING COVENANTS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>39</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Conduct of Business Prior to the Closing</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Access to Information</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">41</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Cooperation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ARTICLE VIII POST-CLOSING COVENANTS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>42</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Non-Competition; Non-Solicitation; Confidentiality</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Bulk Sales Laws</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Transfer Taxes</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Nondisparagement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">44</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Further Assurances</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Preservation of Records</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Prorations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Intellectual Property Transition</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8.9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Individual Distributor Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ARTICLE IX EMPLOYEES MATTERS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>47</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Employee Matters</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">47</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Compliance with WARN Act</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Standard Procedure</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ARTICLE X INDEMNIFICATION</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>48</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Survival</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Indemnification By Seller</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Indemnification By Buyer</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">49</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR></TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page ii &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">


<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="7%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="88%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>

<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center"><B>Page</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>
<TR>
<TD HEIGHT="5"></TD>
<TD HEIGHT="5" COLSPAN="2"></TD>
<TD HEIGHT="5" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Certain Limitations</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>49</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Indemnification Procedures</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Payment; Escrow</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Tax Treatment of Indemnification Payments</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Exclusive Remedies</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ARTICLE XI TERMINATION</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>53</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Termination</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">53</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Effect of Termination</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"><B>ARTICLE XII MISCELLANEOUS</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><B>&nbsp;</B></TD>
<TD VALIGN="bottom" ALIGN="right"><B>54</B></TD>
<TD NOWRAP VALIGN="bottom"><B>&nbsp;&nbsp;</B></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.1</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Expenses</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">54</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.2</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Notices</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.3</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Interpretation</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.4</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Headings</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.5</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Severability</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.6</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Entire Agreement</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.7</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Successors and Assigns</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.8</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">No Third Party Beneficiaries</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.9</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Amendment and Modification; Waiver</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">56</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.10</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Governing Law; Submission to Jurisdiction; Waiver of Jury Trial</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.11</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Specific Performance</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">57</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.12</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">Counterparts</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12.13</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="white-space:nowrap">Non-recourse</FONT></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">58</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page iii &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ASSET PURCHASE AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>This Asset Purchase Agreement (this <B>&#147;Agreement&#148;</B>), dated as of March&nbsp;28, 2014, is entered into between Northwest
Pipe Company, an Oregon corporation (<B>&#147;Seller&#148;</B>), and Centric Pipe, LLC, a Texas limited liability company (<B>&#147;Buyer&#148;</B>).<B> </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>WHEREAS,
Seller has facilities located at 6307&nbsp;Toledo Street, Houston, Texas&nbsp;77008 (the <B>&#147;Texas Facility&#148;</B>) and 430&nbsp;Hamilton Road, Bossier City, Louisiana&nbsp;71111 (the <B>&#147;Louisiana Facility&#148;</B>; together with the
Texas Facility, the <B>&#147;Manufacturing Facilities&#148;</B>) which engage in the manufacture and sale of Oil Country Tubular Goods. The business conducted at the Manufacturing Facilities as of the Closing Date is herein referred to as the
<B>&#147;Business.&#148; </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, Seller wishes to sell and assign to Buyer, and Buyer wishes to purchase and assume from Seller,
substantially all the assets and liabilities of the Business, subject to the terms and conditions set forth herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW, THEREFORE, in
consideration of the mutual covenants and agreements hereinafter set forth and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>DEFINITIONS
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The following terms have the meanings specified or referred to in this <U>Article&nbsp;I</U>: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Accounting Firm&#148; </B>has the meaning set forth in <U>Section&nbsp;2.6(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Affiliate&#148;</B> of a Person means any other Person that directly or indirectly, through one or more intermediaries, controls, is
controlled by, or is under common control with, such Person. The term &#147;control&#148; (including the terms &#147;controlled by&#148; and &#147;under common control with&#148;) means the possession, directly or indirectly, of the power to direct
or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract or otherwise.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Agreement</B>&#148; has the meaning set forth in the preamble. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>API</B>&#148; means American Petroleum Institute. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Assigned Contracts</B>&#148; has the meaning set forth in <U>Section&nbsp;2.1(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Assignment and Assumption Agreement</B>&#148; has the meaning set forth in <U>Section&nbsp;3.2(a)(ii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Assumed Liabilities</B>&#148; has the meaning set forth in <U>Section&nbsp;2.3</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Balance Sheet&#148;</B> has the meaning set forth in <U>Section&nbsp;4.4</U>.<B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 1 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Balance Sheet Date&#148;</B> has the meaning set forth in <U>Section&nbsp;4.4</U>.<B>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Basket&#148;</B> has the meaning set forth in <U>Section&nbsp;10.4(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Benefit Plan&#148;</B> has the meaning set forth in <U>Section&nbsp;4.16(a)</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Bill of Sale&#148;</B> has the meaning set forth in <U>Section&nbsp;3.2(a)(i)</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Books and Records&#148;</B> has the meaning set forth in <U>Section&nbsp;2.1(l)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Business&#148;</B> has the meaning set forth in the recitals.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Business Day&#148;</B> means any day except Saturday, Sunday or any other day on which commercial banks located in Portland, Oregon,
are authorized or required by Law to be closed for business.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Business Overlap&#148;</B> has the meaning set forth in
<U>Section&nbsp;8.1(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Buyer&#148;</B> has the meaning set forth in the preamble.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Buyer Closing Certificate&#148;</B> has the meaning set forth in <U>Section&nbsp;3.2(b)(vi)</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Buyer Indemnification Claim&#148; </B>has the meaning set forth in <U>Section&nbsp;10.6(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Buyer Indemnitee&#148; </B>has the meaning set forth in <U>Section&nbsp;10.2</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;CERCLA&#148;</B> means the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended by the Superfund
Amendments and Reauthorization Act of 1986, 42&nbsp;U.S.C. &#167;&#167;&nbsp;9601, <B></B><I>et&nbsp;seq.</I><B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Closing&#148;</B> has the meaning set forth in <U>Section&nbsp;3.1</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Closing Date&#148;</B> has the meaning set forth in <U>Section&nbsp;3.1</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Closing Date Schedule&#148;</B> has the meaning set forth in <U>Section&nbsp;2.6(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Closing Indebtedness&#148; </B>means any amount owed (including unpaid interest or premium thereon) pursuant to that certain Lease
Agreement, dated September&nbsp;1, 2009, among GE Government Finance, Inc., as Bondholder, Caddo-Bossier Parishes Port Commission, as Issuer and Northwest Pipe Company, as Lessee.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Closing Net Working Capital Amount&#148;</B> means, as of 11:59:59 p.m. on the day immediately preceding the Closing Date and
calculated using those policies, conventions, methodologies and procedures as applied in the preparation of the Estimated Net Working Capital Amount, (i)&nbsp;the aggregate dollar amount of all combined assets properly characterized as current
assets of the Business, less (ii)&nbsp;the aggregate dollar amount of all combined liabilities properly characterized as current liabilities of the Business (but excluding the current portion of <B></B>any Closing Indebtedness and any accruals
related to Retention Agreement Obligations, which are being paid off by Seller at Closing).<B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 2 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Code&#148;</B> means the Internal Revenue Code of 1986, as amended.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Confidential Information&#148; </B>has the meaning set forth in <U>Section&nbsp;8.1(e)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Confidentiality Agreement&#148;</B> means the Mutual Confidentiality Agreement, dated as of January&nbsp;9, 2013, between Buyer and
Seller.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Contracts&#148;</B> means all written contracts, leases, mortgages, licenses, instruments, notes, commitments,
undertakings, indentures and other agreements, whether written or oral.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Direct Claim&#148;</B> has the meaning set forth
in <U>Section&nbsp;10.5(c)</U>.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Disclosure Schedules&#148;</B> means the Disclosure Schedules delivered by Seller and
Buyer concurrently with the execution and delivery of this Agreement.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Disputed Amounts&#148;</B> has the meaning set
forth in <U>Section&nbsp;2.6(b)(ii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Dollars,&#148; &#147;$&#148; or &#147;USD&#148;</B> means the lawful currency of the
United States.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Drop Dead Date&#148;</B> means two Business Days from the date hereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Employee&#148; </B>or <B>&#147;Employees&#148;</B> means those Persons employed by Seller who worked exclusively or predominantly for
the Business immediately prior to the Closing.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Encumbrance&#148;</B> means any lien, pledge, mortgage, deed of trust,
security interest, charge, claim, easement, encroachment or other similar encumbrance.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Environmental Claim&#148;</B>
means any Governmental Order, action, suit, claim, investigation or other Legal Proceeding by any Person alleging Liability of whatever kind or nature (including Liability or responsibility for the costs of enforcement proceedings, investigations,
cleanup, governmental response, removal or remediation, natural resources damages, property damages, personal injuries, medical monitoring, penalties, contribution, indemnification and injunctive relief) arising out of, based on or resulting from:
(a)&nbsp;the presence, Release of, or exposure to, any Hazardous Materials; or (b)&nbsp;any actual or alleged <FONT STYLE="white-space:nowrap">non-compliance</FONT> with any Environmental Law or term or condition of any Environmental Permit.<B>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Environmental Law&#148;</B> means any applicable Law, and any Governmental Order or binding agreement with any Governmental
Authority: (a)&nbsp;relating to pollution (or the cleanup thereof) or the protection of natural resources, endangered or threatened species, human health or safety, or the environment (including ambient air, soil, surface water or groundwater, or
subsurface strata); or (b)&nbsp;concerning the presence of, exposure to, or the management, manufacture, use, containment, storage, recycling, reclamation, reuse, treatment, generation, discharge, transportation, processing, production, disposal or
remediation of any Hazardous Materials. The term <B>&#147;Environmental Law&#148;</B> includes, without limitation, the following (including their implementing regulations and any state analogs): the Comprehensive <B></B>Environmental Response,
Compensation, and Liability Act of 1980, as amended by the Superfund Amendments and Reauthorization Act of 1986, 42&nbsp;U.S.C. &#167;&#167;&nbsp;9601, <B></B><I>et&nbsp;seq.</I><B></B>; the Solid Waste Disposal Act, as<B> </B>amended by the
Resource Conservation and Recovery Act of 1976, as<B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 3 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>
</B>amended by the Hazardous and Solid Waste Amendments of 1984, 42&nbsp;U.S.C. &#167;&#167;&nbsp;6901, <B></B><I>et&nbsp;seq.</I><B></B>; the Federal Water Pollution Control Act of 1972, as
amended by the Clean Water Act of 1977, 33&nbsp;U.S.C. &#167;&#167;&nbsp;1251, <B></B><I>et&nbsp;seq.</I><B></B>; the Toxic Substances Control Act of 1976, as amended, 15&nbsp;U.S.C. &#167;&#167;&nbsp;2601, <B></B><I>et&nbsp;seq.</I><B></B>; the
Emergency Planning and Community <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">Right-to-Know</FONT></FONT> Act of 1986, 42&nbsp;U.S.C. &#167;&#167;&nbsp;11001, <B></B><I>et&nbsp;seq.</I><B></B>; the Clean Air Act of 1966, as
amended by the Clean Air Act Amendments of 1990, 42&nbsp;U.S.C. &#167;&#167;&nbsp;7401, <B></B><I>et&nbsp;seq.</I><B></B>; and the Occupational Safety and Health Act of 1970, as amended, 29&nbsp;U.S.C. &#167;&#167;&nbsp;651,
<B></B><I>et&nbsp;seq.</I><B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Environmental Notice&#148;</B> means any written directive, notice of violation or infraction,
or notice respecting any Environmental Claim relating to actual or alleged <FONT STYLE="white-space:nowrap">non-compliance</FONT> with any Environmental Law or any term or condition of any Environmental Permit. <B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Environmental Permit&#148;</B> means any Permit, letter, clearance, consent, waiver, closure, exemption, decision or other action
required under or issued, granted, given, authorized by or made pursuant to Environmental Law.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;ERISA&#148;</B> means the
Employee Retirement Income Security Act of 1974, as amended, and the regulations promulgated thereunder.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Escrow
Agent&#148;</B> has the meaning set forth in <U>Section&nbsp;2.5(c)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Escrow Agreement&#148;</B> has the meaning set forth in
<U>Section&nbsp;2.5(c)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Escrow Fund&#148;</B> has the meaning set forth in <U>Section&nbsp;2.5(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Estimated Net Working Capital Amount&#148; </B>means $37,008,439, which represents Seller&#146;s estimate of, as of 11:59:59 p.m. on
March&nbsp;24, 2014, (i)&nbsp;the aggregate dollar amount of all combined assets properly characterized as current assets of the Business, including the Estimated Inventory Valuation, less (ii)&nbsp;the aggregate dollar amount of all combined
liabilities properly characterized as current liabilities of the Business (but excluding the current portion of any Closing Indebtedness and any accruals related to Retention Agreement Obligations, which are being paid off by Seller at Closing). The
calculation of the Estimated Net Working Capital Amount, and the policies, conventions, methodologies and procedures as applied in the preparation of the Estimated Net Working Capital Amount, is set forth on <U>Schedule 1.1(a)</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Estimated Inventory Valuation&#148;</B> means $32,388,118, which represents Seller&#146;s estimate of the value of the Inventory as
of 11:59:59 p.m. on March&nbsp;24, 2014, based upon a valuation methodology agreed upon by Buyer and Seller, and which is set forth on <U>Schedule&nbsp;1.1(a)</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Excluded Assets&#148;</B> has the meaning set forth in <U>Section&nbsp;2.2</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Excluded Liabilities&#148;</B> has the meaning set forth in <U>Section&nbsp;2.4</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Expert Calculations&#148;</B> has the meaning set forth in <U>Section&nbsp;2.6(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Final Purchase Price&#148; </B>has the meaning set forth in <U>Section 2.7</U>.<B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 4 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Financial Reports&#148;</B> has the meaning set forth in <U>Section&nbsp;4.4</U>.<B>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;FIRPTA Certificate&#148;</B> means a certificate duly executed by Seller pursuant to Treasury Regulations
Section&nbsp;101445-2(b) stating that Seller is not a foreign person within the meaning of Section&nbsp;1445 of the Code.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><I></I><B>&#147;Fundamental Representations&#148;</B><I></I> means the representations and warranties made by the Seller in
<U>Section&nbsp;4.1</U><I> (Organization and Qualification of Seller)</I>, <U>Section&nbsp;4.2</U><I> (Authority of Seller)</I>, <U>Section&nbsp;4.3</U><I> (No Conflicts; Consents)</I>, <U>Section&nbsp;4.7</U><I> (Title To and Sufficiency of
Assets)</I>, <U>Section&nbsp;4.16</U><I> (Employee Benefit Matters)</I>, <U>Section&nbsp;4.19</U><I> (Taxes)</I> and <U>Section&nbsp;4.20</U><I> (Brokers)</I>.<I> </I></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;GAAP&#148;</B> means United States generally accepted accounting principles in effect from time to time.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Governmental Authority&#148;</B> means any federal, state, local or foreign government or political subdivision thereof, or any
agency or instrumentality of such government or political subdivision, or any arbitrator, court or tribunal of competent jurisdiction.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Governmental Order&#148;</B> means any order, writ, judgment, injunction, decree, stipulation, determination or award entered by or
with any Governmental Authority.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Green Pipe&#148;</B> means casing and tubing, other than J55 and NW 80, which has not
been subjected to heat treatment. <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Hazardous Materials&#148;</B> means: (a)&nbsp;any material, substance, chemical,
waste, product, derivative, compound, mixture, solid, liquid, mineral or gas, in each case, whether naturally occurring or man-made, that is hazardous, acutely hazardous, toxic, or words of similar import or regulatory effect under Environmental
Laws; and (b)&nbsp;any petroleum or <FONT STYLE="white-space:nowrap">petroleum-derived</FONT> products, radon, radioactive materials or wastes, asbestos in any form, lead or lead-containing materials, urea formaldehyde foam insulation and
polychlorinated biphenyls.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Illustrative Allocation&#148; </B>has the meaning set forth in <U>Section&nbsp;2.7</U>.<B>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Indemnified Party&#148;</B> has the meaning set forth in <U>Section&nbsp;10.4</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Indemnifying Party&#148;</B> has the meaning set forth in <U>Section&nbsp;10.4</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Insurance Policy&#148; </B>has the meaning set forth in <U>Section&nbsp;4.18</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Intellectual Property&#148;</B> means, whether protected, created or arising under the laws of the United States or any other
jurisdiction: (i)&nbsp;all patents and applications therefor, including continuations, divisionals, continuations-in-part, or reissues of patent applications and patents issuing thereon (collectively, <B>&#147;Patents&#148;</B>), (ii)&nbsp;all
trademarks, service marks, trade names, service names, brand names, trade dress rights, logos, Internet domain names and corporate names and general intangibles of a like nature, together with the goodwill associated with any of the foregoing, and
all applications, registrations and renewals thereof (collectively, <B>&#147;Marks&#148;</B>), <B></B>(iii)&nbsp;copyrights and registrations and applications therefor, works of authorship and mask work rights (collectively,
<B>&#147;Copyrights&#148;</B>), (iv)&nbsp;discoveries, concepts, ideas, research and development,<B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 5 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>
</B>know-how, formulae, inventions, compositions, manufacturing and production processes and techniques, technical data, procedures, designs, drawings, specifications, databases, and other
proprietary and confidential information, including customer lists, supplier lists, pricing and cost information, and business and marketing plans and proposals of Seller used in connection with the Business, in each case excluding any rights in
respect of any of the foregoing that comprise or are protected by Copyrights or Patents (collectively, <B>&#147;Trade Secrets&#148;</B>), and (v)&nbsp;all Software and Technology.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Intellectual Property Licenses&#148;</B> means all licenses, sublicenses and other agreements by or through which other Persons,
including Seller&#146;s Affiliates, grant Seller exclusive or <FONT STYLE="white-space:nowrap">non-exclusive</FONT> rights or interests in or to any Intellectual Property that is exclusively or predominantly used in connection with the Business.<B>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Inventory&#148;</B> has the meaning set forth in <U>Section&nbsp;2.1(b)</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Law&#148;</B> means any statute, law, ordinance, regulation, rule, code, order, constitution, treaty, common law, judgment, decree,
other requirement or rule of law of any Governmental Authority.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Legal Proceeding&#148;</B> means any judicial,
administrative or arbitral actions, suits, proceedings (public or private) or claims or any proceedings by or before a Governmental Authority.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Liability&#148;</B> means any and all debts, liabilities and obligations of any kind or nature, whether accrued or fixed, absolute or
contingent, matured or unmatured, or determined or determinable.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Line Pipe&#148;</B> means welded or seamless pipe
typically joined together for construction of a pipeline to convey gas, oil, or water.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Line Pipe Business&#148; </B>means
Seller&#146;s line pipe business based in Atchison, Kansas. <B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Losses&#148;</B> means actual damages, liabilities, costs or
expenses, including reasonable attorneys&#146; fees, but excluding punitive, incidental, consequential, special or indirect damages (including loss of future revenue or income, loss of business reputation or opportunity relating to the breach or
alleged breach of this Agreement, or diminution of value or any damages based on any type of multiple).<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Louisiana
Deed&#148;</B> has the meaning set forth in <U>Section&nbsp;3.2(a)(iii)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Louisiana Facility&#148; </B>has the meaning set
forth in the recitals.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Manufacturing Facilities&#148; </B>has the meaning set forth in the recitals.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Master Leases</B>&#148; has the meaning set forth in <U>Section&nbsp;2.8(a)</U>.<B> &#147;Material Adverse Effect&#148;</B>
means any event, occurrence, fact, condition or change that is materially adverse to (a)&nbsp;the business, results of operations, financial condition or assets of the<B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 6 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>
</B>Business, taken as a whole, or (b)&nbsp;the ability of Seller to consummate the transactions contemplated hereby;<B></B><I> provided, however,</I><B></B> that <B>&#147;Material Adverse
Effect&#148;</B> shall not include any event, occurrence, fact, condition or change, directly or indirectly, arising out of or attributable to: (i)&nbsp;general economic or political conditions; (ii)&nbsp;conditions generally affecting the
industries in which the Business operates that do not disproportionately affect the Business; (iii)&nbsp;any changes in financial, banking or securities markets in general, including any disruption thereof and any decline in the price of any
security or any market index or any change in prevailing interest rates that do not disproportionately affect the Business; (iv)&nbsp;acts of war (whether or not declared), armed hostilities or terrorism, or the escalation or worsening thereof that
do not disproportionately affect the Business; (v)&nbsp;any action required or permitted by this Agreement or any action taken (or omitted to be taken) with the written consent of or at the written request of Buyer; (vi)&nbsp;any changes in
applicable Laws or accounting rules (including GAAP) or the enforcement, implementation or interpretation thereof that do not disproportionately affect the Business; (vii)&nbsp;the announcement, pendency or completion of the transactions
contemplated by this Agreement, including losses or threatened losses of employees, customers, suppliers, distributors or others having relationships with the Seller and the Business; (viii)&nbsp;any natural or man-made disaster or act of God that
does not disproportionately affect the Business; (ix)&nbsp;any failure by the Business to meet any internal or published projections, forecasts or revenue or earnings predictions; or (x)&nbsp;any investigation, determination, vote or outcome with
respect to any trade case contemplated by the U.S. International Trade Commission.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Material Contracts&#148;</B> has the
meaning set forth in <U>Section&nbsp;4.6(a)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Net Working Capital Dispute Notice&#148;</B> has the meaning set forth in
<U>Section&nbsp;2.6(b)(ii)</U>.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Net Working Capital Review Period&#148;</B> has the meaning set forth in
<U>Section&nbsp;2.6(b)(ii)</U>.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Oil Country Tubular Goods&#148;</B> means the casing and tubing used in producing gas and
oil and the couplings associated therewith. For the avoidance of any doubt, &#147;Oil Country Tubular Goods&#148; for purposes of this Agreement shall not include Line Pipe.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Operational Documents&#148; </B>has the meaning set forth in <U>Section&nbsp;2.2(d)</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Ordinary Course of Business&#148;</B> means the ordinary and usual course of normal <FONT STYLE="white-space:nowrap"><FONT
STYLE="white-space:nowrap">day-to-day</FONT></FONT> operations of the Business through the date hereof consistent with past practices during the twelve months prior to the date hereof. <B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Payoff Letters&#148; </B>has the meaning set forth in <U>Section&nbsp;2.5(b)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Permits&#148;</B> means all permits, licenses, franchises, approvals, authorizations and consents required to be obtained from
Governmental Authorities.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Permitted Encumbrances&#148;</B> means (a)&nbsp;all defects, exceptions, restrictions,
easements, rights of way and encumbrances on the Texas Real Property and all defects, exceptions, restrictions, easements, rights of way and encumbrances disclosed in policies of title insurance which have been made available to Buyer, or as set
forth on <U>Schedule 1.1(b),</U> with respect to the Purchased Real Property, (b)&nbsp;liens for Taxes not yet due and payable or Taxes the validity of which are being contested in good faith by appropriate proceedings provided an appropriate
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 7 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
reserve is established therefor, (c)&nbsp;mechanics&#146;, carriers&#146;, workmen&#146;s, repairmen&#146;s or other like liens arising or incurred in the Ordinary Course of Business which are
not material to the business, operations and financial condition of the Purchased Real Property or Texas Real Property and which do not render title for the Purchased Real Property unmarketable, (d)&nbsp;liens arising under original purchase price
conditional sales contracts and equipment leases with third parties entered into in the Ordinary Course of Business and set forth on <U>Schedule 1.1(b)</U>, and (e)&nbsp;any other non-material defects, exceptions, restrictions, easements, rights of
way and encumbrances (provided however that for purposes of this subsection (e), any Encumbrances arising from payment obligations of Seller to a third party shall be deemed material). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Person&#148;</B> means an individual, corporation, partnership, joint venture, limited liability company, Governmental Authority,
unincorporated organization, trust, association or other entity.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Purchase Price&#148;</B> has the meaning set forth in
<U>Section&nbsp;2.5</U>.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Purchase Price Allocation Statement&#148; </B>has the meaning set forth in
<U>Section&nbsp;2.7</U>.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Purchased Assets&#148;</B> has the meaning set forth in <U>Section&nbsp;2.1</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Purchased Intellectual Property&#148;</B> has the meaning set forth on <U>Schedule 1.1(c)</U>. For the avoidance of any doubt, the
Purchased Intellectual Property does not include: (a)&nbsp;the Seller Mark or any derivations thereof, whether or not exclusively or predominantly used in the Business, (b)&nbsp;any Intellectual Property that is used by Seller in its businesses as a
whole or is otherwise not exclusively or predominantly used in the Business, or (c)&nbsp;any Operational Documents, whether or not exclusively or predominantly used in the Business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Purchased Real Property</B>&#148; has the meaning set forth in <U>Section&nbsp;2.1(f)</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Qualified Benefit Plan&#148;</B> has the meaning set forth in <U>Section&nbsp;4.16(b)</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Release&#148;</B> means any actual or threatened release, spilling, leaking, pumping, pouring, emitting, emptying, discharging,
injecting, escaping, leaching, dumping, abandonment, disposing or allowing to escape or migrate into or through the environment (including, without limitation, ambient air (indoor or outdoor), surface water, groundwater, land surface or subsurface
strata or within any building, structure, facility or fixture).<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Representative&#148;</B> means, with respect to any
Person, any and all directors, officers, employees, consultants, financial advisors, counsel, accountants and other agents of such Person.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Required Consents&#148; </B>has the meaning set forth in <U>Section&nbsp;3.2(a)(xiii)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Restricted Business&#148; </B>has the meaning set forth in <U>Section&nbsp;8.1(a)</U>. <B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Restrictive Covenant&#148; </B>has the meaning set forth in <U>Section&nbsp;12.5</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Retention Agreement Obligations</B>&#148; means the obligations for payment pursuant to the Contracts set forth on <U>Schedule
1.1(d)</U>.<B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 8 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Seller&#148;</B> has the meaning set forth in the preamble.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Seller Closing Certificate&#148;</B> has the meaning set forth in <U>Section&nbsp;3.2(a)(ix)</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Seller Indemnitee&#148; </B>has the meaning set forth in <U>Section&nbsp;10.3</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Seller Mark&#148;</B> has the meaning set forth in <U>Section&nbsp;8.8(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Seller Product&#148;</B> or <B>&#147;Seller Products&#148;</B> means any product (i)&nbsp;that is currently designed, engineered,
fabricated, manufactured, produced, sold, serviced, distributed, repaired, delivered, installed, constructed, managed, erected, maintained or supplied by Business, or (ii)&nbsp;that is currently contemplated to be designed, engineered, fabricated,
manufactured, produced, sold, serviced, distributed, repaired, delivered, installed, constructed, managed, erected, maintained or supplied by Business. <B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Seller&#146;s Knowledge&#148;</B> or any other similar knowledge qualification, means with respect to Scott Montross, Bob Mahoney,
Robin Gantt, Rich Baum, Scott Monte, Frank Knafelc, Martin Dana, and Duke Watson, such individual is actually aware of such fact or other matter.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Shared Services&#148; </B>has the meaning set forth in <U>Section&nbsp;2.2(l)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Software&#148;</B> means any and all (i)&nbsp;computer programs, including any and all software implementations of algorithms, models
and methodologies, whether in source code or object code, (ii)&nbsp;databases and compilations, including any and all data and collections of data, whether machine readable or otherwise, (iii)&nbsp;descriptions, flow-charts and other work product
used to design, plan, organize and develop any of the foregoing, screens, user interfaces, report formats, firmware, development tools, templates, menus, buttons and icons, and (iv)&nbsp;all documentation including user manuals and other training
documentation related to any of the foregoing.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Splendora&#148;</B> means Splendora Pipe Services, LLC, a Texas limited
liability company.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Splendora Assignment Agreement&#148;</B> means that certain agreement between Seller, Buyer and
Splendora with respect to the Splendora Servicing Agreements in the form attached hereto as <U>Exhibit&nbsp;A</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Splendora Notes&#148;</B> means (i)&nbsp;the note issued to Seller by Splendora dated April&nbsp;1, 2013, in the principal amount of
$5,700,000, and (ii)&nbsp;the note issued to Seller by Splendora, dated February&nbsp;24, 2012, in the principal amount of $1,000,000.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Splendora Notes Option&#148;</B> means that certain agreement between Seller and Buyer with respect to the Splendora Notes in the
form attached hereto as <U>Exhibit&nbsp;B</U>.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Splendora Servicing Agreements&#148;</B> means (i)&nbsp;that certain
Master Services Agreement, by and between Seller and Splendora, dated as of April&nbsp;1, 2013, and (ii)&nbsp;that certain Master Services Agreement, by and between Seller and Splendora, dated as of February&nbsp;24, 2012.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Tangible Personal Property&#148;</B> has the meaning set forth in <U>Section&nbsp;2.1(e)</U>.<B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 9 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Tax Return&#148;</B> means any return, declaration, report, claim for refund,
information return or statement or other document required to be filed with respect to Taxes, including any schedule or attachment thereto, and including any amendment thereof.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Taxes&#148;</B> means all federal, state, local, foreign and other income, gross receipts, sales, use, production, ad valorem,
transfer, franchise, registration, profits, license, lease, service, service use, withholding, payroll, employment, unemployment, estimated, excise, severance, environmental, stamp, occupation, premium, property (real or personal), real property
gains, windfall profits, customs, duties or other taxes, fees, assessments or charges of any kind whatsoever, together with any interest, additions or penalties with respect thereto and any interest in respect of such additions or penalties.<B>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Technology&#148;</B> means, collectively, all designs, formulae, algorithms, procedures, methods, techniques, ideas,
know-how, research and development, technical data, programs, subroutines, tools, materials, specifications, processes, inventions (whether patentable or unpatentable and whether or not reduced to practice), apparatus, creations, improvements, works
of authorship and other similar materials, and all recordings, graphs, drawings, reports, analyses, and other writings, and other tangible embodiments of the foregoing, in any form whether or not specifically listed herein, and all related
technology, that are used in, incorporated in, embodied in, displayed by or relate to, or are used by Seller in the Business.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Texas Facility&#148; </B>has the meaning set forth in the recitals.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">&#147;<B>Texas Real Property</B>&#148; has the meaning set forth in <U>Section&nbsp;2.2(q)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B></B>&#147;<B>Texas Real Property Agreements</B>&#148; means, collectively, (i)&nbsp;the Texas Real Property Lease and (ii)&nbsp;the Texas
Real Property Option Agreement.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Texas Real Property Lease</B>&#148; means certain Industrial Lease Agreement between
Seller and Buyer with respect to the Texas Real Property in the form attached hereto as <U>Exhibit&nbsp;C</U>.<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Texas Real
Property Option Agreement</B>&#148; means that certain Purchase Option Agreement with respect to the Texas Real Property in the form attached hereto as <U>Exhibit&nbsp;D</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Third Party Claim&#148;</B> has the meaning set forth in <U>Section&nbsp;10.5(a)</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Transaction Documents&#148;</B> means this Agreement, the Bill of Sale, the Assignment and Assumption Agreement, Louisiana Deed, the
Transition Services Agreement, the Splendora Notes Option, the Splendora Assignment Agreement, the Escrow Agreement, the Texas Real Property Agreements and the other agreements, instruments and documents required to be delivered at the Closing.<B>
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Transferred Employee&#148;</B> has the meaning set forth in <U>Section&nbsp;9.1(a)</U>.<B> </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Transition Services Agreement&#148;</B> has the meaning set forth in <U>Section&nbsp;3.2(a)(iv)</U>.<B> </B></P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 10 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;Unresolved Claims&#148; </B>has the meaning set forth in <U>Section&nbsp;10.6(b)</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>&#147;WARN Act&#148; </B>means the Worker Adjustment and Retraining Notification Act of 1988.<B> </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE II </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PURCHASE AND
SALE </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.1 </B><B>Purchase and Sale of Assets</B><B></B><B>.</B> Subject to the terms and conditions set forth herein, at the
Closing, Buyer shall purchase, acquire and accept from Seller, and Seller shall sell, transfer, assign, convey and deliver to Buyer all of Seller&#146;s right, title and interest in, to and under the Purchased Assets, free and clear of all
Encumbrances except for Permitted Encumbrances. <B>&#147;Purchased Assets&#148;</B> shall mean (i)&nbsp;the Louisiana Facility, including all of the real and personal property used at the Louisiana Facility (other than the Excluded Assets),
(ii)&nbsp;all personal property (but no real property) used at the Texas Facility (other than the Excluded Assets), and (iii)&nbsp;the business, assets, properties, contractual rights, goodwill, going concern value, rights and claims of Seller
exclusively or predominantly used in the Business, wherever situated and of whatever kind and nature, real or personal, tangible or intangible, whether or not reflected on the books and records of Seller (other than the Excluded Assets). Purchased
Assets includes, without limitation, each of the following:<B> </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) all accounts or notes receivable of the Business other than the
Splendora Notes; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) all inventory, finished goods, raw materials, work in progress, packaging, supplies, parts and other inventories of
the Business (<B>&#147;Inventory&#148;</B>); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) all Contracts (including the Splendora Servicing Agreements) set forth on
<U>Schedule&nbsp;2.1(c)</U> (collectively, the <B>&#147;Assigned Contracts&#148;</B>); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) the Purchased Intellectual Property; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) all furniture, equipment (including, without limitation, any mechanical manufacturing equipment bolted, fastened, or otherwise attached to
the Texas Real Property), supplies and other tangible personal property of the Business located at the Texas Facility or Louisiana Facility, other than Excluded Assets (the <B>&#147;Tangible Personal Property&#148;</B>); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) all rights of Seller under the real property associated with the Louisiana Facility, together with all improvements, fixtures, and other
appurtenances thereto and rights in respect thereof (the &#147;<B>Purchased Real Property</B>&#148;); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) all Permits associated with the
Purchased Real Property or Louisiana Facility, including Environmental Permits, listed on <U>Schedule&nbsp;2.1(g)</U>, but only to the extent such Permits may be transferred under applicable Law; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) all prepaid expenses, credits, advance payments, security deposits, charges, sums and fees to the extent related to any Purchased Assets;
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 11 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) all of Seller&#146;s rights under warranties, indemnities and all similar rights against
third parties to the extent related to any Purchased Assets, including, without limitation, the claims set forth on <U>Schedule&nbsp;2.1(i)</U>; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) all rights of Seller arising under any and all mechanic&#146;s liens, materialman&#146;s liens or financing statements held or recorded by
Seller in any jurisdiction with respect to any finished goods sold to any Person with respect to which there is an outstanding account receivable of the Business as of the Closing Date; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) all rights of Seller under non-disclosure or confidentiality, non-compete, or non-solicitation agreements with employees (including former
employees) and agents of Seller or with third parties to the extent exclusively or predominantly relating to the Business or the Purchased Assets (or any portion thereof); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) originals, or where not available, copies, of all books and records, including books of account, ledgers and general, financial and
accounting records, machinery and equipment maintenance files, customer lists, customer purchasing histories, price lists, distribution lists, supplier lists, production data, quality control records and procedures, customer complaints and inquiry
files, research and development files, records and data (including all correspondence with any Governmental Authority), sales material and records, strategic plans, internal financial statements and marketing and promotional surveys, material and
research, that exclusively or predominantly relate to the Business or the Purchased Assets, wherever located, other than books and records set forth in <U>Section&nbsp;2.2(e)</U> and any books or records that are used by Seller in its businesses as
a whole or are otherwise not exclusively or predominantly used by the Business (collectively, the <B>&#147;Books and Records&#148;</B>); and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) all goodwill associated with any of the assets described in the foregoing clauses. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.2 Excluded Assets</B><B>.</B> Buyer expressly understands and agrees that it is not purchasing or acquiring, and Seller is not selling or
assigning, and Seller shall retain all right, title and interest to, in and under the Excluded Assets. &#147;<B>Excluded Assets</B>&#148; shall mean each of the following assets: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) all cash and cash equivalents, bank accounts and securities of Seller; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) all Contracts that are not Assigned Contracts; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) all Intellectual Property other than the Purchased Intellectual Property, including but not limited to the Intellectual Property used in
the Business and set forth on <U>Schedule&nbsp;2.2(c)</U>; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) all quality assurance, safety, and human resources manuals and other
materials used by Seller in its businesses as a whole or otherwise (collectively, <B>&#147;Operational Documents&#148;</B>), including but not limited to the Operational Documents used in the Business and set forth on <U>Schedule&nbsp;2.2(d)</U>,
subject to the terms of <U>Section&nbsp;8.8</U>; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 12 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) the corporate seals, organizational documents, minute books, stock books, Tax Returns, books
of account or other records having to do with the corporate organization of Seller, all <FONT STYLE="white-space:nowrap">employee-related</FONT> or employee <FONT STYLE="white-space:nowrap">benefit-related</FONT> files or records, other than
personnel files of Transferred Employees, and any other books and records which Seller is prohibited from disclosing or transferring to Buyer under applicable Law and is required by applicable Law to retain; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) all insurance policies of Seller and all rights to applicable claims and proceeds thereunder; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) all Benefit Plans and trusts or other assets attributable thereto; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) all Tax assets (including duty and Tax refunds and prepayments) of Seller or any of its Affiliates; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) all rights to any action, suit or claim of any nature available to or being pursued by Seller, whether arising by way of counterclaim or
otherwise; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) all assets, properties and rights associated with Seller&#146;s business as operated at the Seller&#146;s facility in
Atchison, Kansas, including but not limited to all assets, properties and rights used primarily by its sales force for the Atchison, Kansas facility located at the Texas Facility, including but not limited to such assets set forth on
<U>Schedule&nbsp;2.2(j)</U>; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) all assets, properties and rights used by Seller in its businesses other than the Business or in its
business as a whole or otherwise not exclusively or predominantly used in the Business, to the extent not already excluded pursuant to this Section, including but not limited to all assets, properties and rights used primarily by Seller&#146;s water
transmission business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) all assets, properties and rights related to the corporate services shared by the Business and Seller&#146;s
other operations, including services related to accounting, purchasing, quality control, information technology, and human resources (collectively, the <B>&#147;Shared Services&#148;</B>), subject to the Transition Services Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) the assets, properties and rights specifically set forth on <U>Schedule&nbsp;2.2(m)</U>; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) the Splendora Notes; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o)
any certifications associated with the Business that are specific to Seller, including the API Certification; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p) the rights which accrue
or will accrue to Seller under the Transaction Documents; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(q) all of the owned or leased real property associated with the Texas
Facility, together with all improvements, fixtures (other than mechanical manufacturing equipment that may be considered fixtures due to the fact that such equipment is attached to the improvements) and other appurtenances thereto and rights in
respect thereof (the &#147;<B>Texas Real Property</B>&#148;); and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 13 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(r) any Permits, including Environmental Permits, exclusively associated with the Texas Facility,
including but not limited to those set forth on <U>Schedule&nbsp;2.2(r)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.3 Assumed Liabilities.</B> Subject to the terms and
conditions set forth herein, Buyer shall assume and agree to pay, perform and discharge when due, effective as of the Closing, only the following liabilities and obligations of Seller (collectively, the &#147;<B>Assumed Liabilities</B>&#148;): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) all liabilities to the extent reflected in the Closing Net Working Capital Amount (including trade accounts payable to third parties in
connection with the Business that remain unpaid as of the Closing Date and deferred revenue items related to Inventory and included in the Closing Net Working Capital Amount); </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) all liabilities and obligations arising under or relating to the Assigned Contracts arising after the Closing (except to the extent
arising out of a breach or default by Seller under an Assigned Contract); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) except for the Retention Agreement Obligations, and as
specifically provided in <U>Article&nbsp;IX</U>, all liabilities and obligations of Buyer or its Affiliates relating to employee benefits, compensation or other arrangements with respect to any Transferred Employee arising on or after the Closing;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) subject to <U>Section&nbsp;8.7</U>, all liabilities and obligations for (i)&nbsp;Taxes relating to the Business, the Purchased Assets
or the Assumed Liabilities for any taxable period ending after the Closing Date and (ii)&nbsp;Taxes for which Buyer is liable pursuant to <U>Section&nbsp;8.3</U>; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) subject to any indemnification obligations arising from the representations and warranties set forth herein, all liabilities to the extent
arising out of or otherwise related to the Louisiana Facility or Purchased Real Property (or any condition thereon), including (A)&nbsp;the Release or continuing Release of any Hazardous Material, regardless of when or by whom and (B)&nbsp;any
noncompliance with Environmental Laws; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) All liabilities of Buyer or Seller with respect to the WARN Act relating to or arising from
the Manufacturing Facilities; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) all other liabilities and obligations arising out of or relating to Buyer&#146;s ownership or
operation of the Business and the Purchased Assets on or after the Closing, including to the extent arising out of or otherwise related to the Purchased Real Property (or any condition thereon). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 14 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.4 Excluded Liabilities.</B> Buyer shall not assume and shall not be responsible to pay,
perform, satisfy or discharge any Excluded Liabilities. Seller shall timely pay, perform, satisfy or discharge, in accordance with their respective terms, all Excluded Liabilities. &#147;<B>Excluded Liabilities</B>&#148; shall mean all liabilities
of Seller arising out of, relating to or otherwise in respect of the Business on or before the Closing Date other than the Assumed Liabilities and all other liabilities of Seller other than the Assumed Liabilities, including, without limitation, the
following liabilities: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) any liabilities or obligations arising out of or relating to Seller&#146;s ownership or operation of the
Business and the Purchased Assets prior to the Closing Date (other than trade accounts payable to third parties in connection with the Business that remain unpaid as of the Closing Date and deferred revenue items related to Inventory and included in
the Closing Net Working Capital Amount); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) any liabilities or obligations relating to or arising out of the Excluded Assets; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) subject to <U>Section&nbsp;8.7</U>, any liabilities or obligations for (i)&nbsp;Taxes relating to the Business, the Purchased Assets or
the Assumed Liabilities for any taxable period ending on or prior to the Closing Date and (ii)&nbsp;any other Taxes of Seller (other than Taxes allocated to Buyer under <U>Section&nbsp;8.3</U> and property taxes payable, accrued and included in the
Closing Net Working Capital Amount) for any taxable period; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) except as specifically provided in <U>Article&nbsp;IX</U>, any
liabilities or obligations of Seller relating to or arising out of (i)&nbsp;the employment, or termination of employment, of any Employee prior to the Closing Date, including, the Retention Agreement Obligations, or (ii)&nbsp;workers&#146;
compensation claims of any Employee which relate to events occurring prior to the Closing Date, except to the extent included in the Closing Net Working Capital Amount; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) all liabilities arising out of, under or in connection with contracts that are not Assigned Contracts and, with respect to Assigned
Contracts, liabilities in respect of a breach by or default of Seller accruing under any such Assigned Contract with respect to any period prior to the Closing Date; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) any liabilities or obligations of Seller arising or incurred in connection with the negotiation, preparation, investigation and
performance of this Agreement, the other Transaction Documents and the transactions contemplated hereby and thereby, including, without limitation, fees and expenses of counsel, accountants, consultants, advisers and others. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.5 Purchase Price.</B> The aggregate purchase price for the Purchased Assets shall be $42,880,439 USD (the &#147;<B>Purchase
Price</B>&#148;), which includes $200,000 in consideration of the Real Property Option (the &#147;<B>Option Price</B>&#148;), plus the assumption of the Assumed Liabilities. The Purchase Price shall be paid as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) $38,580,439USD, <U>less</U> an amount equal to the sum necessary to pay off and release the Closing Indebtedness, shall be paid to Seller
by wire transfer of immediately available funds to an account designated in writing on the date hereof; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Closing Indebtedness
shall be paid by wire transfer of immediately available funds pursuant to the payoff letters provided by Seller no later than three (3)&nbsp;Business Days prior to the Closing Date, in form and substance reasonably acceptable to the Buyer, addressed
to the Buyer (or on which the Buyer is otherwise expressly granted the right to rely), signed by the Person to which such Closing Indebtedness is payable, setting forth, among other things, (i)&nbsp;the amount required to pay off in full at the
Closing Date all amounts owing in connection with such Closing Indebtedness (including the outstanding principal, accrued and unpaid interest and prepayment and other penalties), (ii)&nbsp;wire transfer instructions for the
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 15 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
payment of such amount, and (iii)&nbsp;the commitment to release all Encumbrances, if any, which such Person may hold on any of the Purchased Assets within a designated time period after the
Closing Date subject to receipt of the amount set forth therein (such payoff letter(s), the <B>&#147;Payoff Letters&#148;</B>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c)
$4,300,000USD (the <B>&#147;Escrow Fund&#148;</B>) shall be delivered to Wells Fargo, N.A. (the <B>&#147;Escrow Agent&#148;</B>) to hold in accordance with the terms of the escrow agreement executed on the date hereof by Buyer, Seller and the Escrow
Agent in the form attached hereto as <U>Exhibit&nbsp;E</U> (the <B>&#147;Escrow Agreement&#148;</B>), for the purpose of paying (i)&nbsp;indemnification claims in accordance with <U>Article&nbsp;X</U> and (ii)&nbsp;any Closing Net Working Capital
Amount owed to Buyer in accordance with <U>Section&nbsp;2.6(d)(i)</U>. The Escrow Agreement shall provide that any funds not subject to a pending Direct Claim or Third Party Claim remaining in the Escrow Fund after 12 months from the date of the
Closing Date shall be released to Seller. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.6 Purchase Price Adjustment.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <B>Calculation</B>. As promptly as practicable, but in no event later than 60 days following the Closing Date, Buyer shall, at its
expense, (i)&nbsp;cause to be prepared the Closing Net Working Capital Amount (the <B>&#147;Closing Date Schedule&#148;</B>) setting forth in reasonable detail Buyer&#146;s calculation of the Closing Net Working Capital Amount, and (ii)&nbsp;deliver
to Seller the Closing Date Schedule, together with a certificate of Buyer executed on its behalf by its Chief Financial Officer confirming that the Closing Date Schedule was properly prepared in good faith and in accordance with the policies,
conventions, methodologies and procedures as applied in the preparation of the Estimated Net Working Capital Amount. The Closing Net Working Capital Amount shall only be adjusted from the Estimated Net Working Capital Amount to take into account the
difference between the actual current assets or current liabilities upon which such Estimated Net Working Capital Amount was based and the actual current assets or current liabilities upon which the Closing Date Schedule was based, and shall not
otherwise be changed with respect to any valuation of such underlying assets or the methodology of calculation described in <U>Schedule&nbsp;1.1(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <B>Review</B>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) From
and after the delivery of the Closing Date Schedule, Buyer shall provide Seller and any accountants or advisors retained by Seller with reasonable access, during normal business hours, to the relevant books and records of Buyer used by the Buyer in
the preparation of, or otherwise reasonably relevant to, the Closing Net Working Capital Amount and the Closing Date Schedule for the purposes of: (A)&nbsp;enabling Seller and its accountants and advisors to calculate, and to review Buyer&#146;s
calculation of, the Closing Net Working Capital Amount, and (B)&nbsp;identifying any dispute related to the calculation of any of the Closing Net Working Capital Amount in the Closing Date Schedule. The fees and expenses of any such accountants and
advisors retained by Seller shall be paid by Seller. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) If Seller disputes the calculation of the Closing Net Working Capital Amount
set forth in the Closing Date Schedule, then the Seller shall deliver a written notice (a <B>&#147;Net Working Capital Dispute Notice&#148;</B>) to Buyer and the Escrow Agent at any time during the 30-day period commencing upon receipt by the Seller
of the Closing Date Schedule </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 16 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
(the <B>&#147;Net Working Capital Review Period&#148;</B>). The Net Working Capital Dispute Notice shall specifically set forth (A)&nbsp;those items or amounts as to which Seller disputes (the
<B>&#147;Disputed Amounts&#148;</B>) and (B)&nbsp;the basis for the dispute of any such item or amount in reasonable detail. Upon receipt of the Net Working Capital Dispute Notice, with the exception of the Disputed Amounts, Seller shall be deemed
to have agreed with all other items and amounts contained in the Closing Date Schedule and Buyer&#146;s calculation thereof (except to the extent affected by the Disputed Amounts). If Seller does not deliver to Buyer a Net Working Capital Dispute
Notice within the Net Working Capital Review Period, then the Closing Net Working Capital Amount set forth in the Closing Date Schedule shall be deemed final and binding upon the parties. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <B>Dispute Resolution</B>. If Seller delivers a Net Working Capital Dispute Notice to Buyer prior to the expiration of the Net Working
Capital Review Period, then Buyer and Seller shall use commercially reasonable efforts to reach an agreement on the Disputed Amounts. If Buyer and Seller are unable to reach agreement on the Disputed Amounts within 30 days after the end of the
applicable Net Working Capital Review Period, either party shall have the right to refer such dispute to an accounting firm to be mutually agreed upon by Buyer and Seller (such firm, or any successor thereto, being referred to herein as the
<B>&#147;Accounting Firm&#148;</B>) after such 30th day. In connection with the resolution of any such dispute by the Accounting Firm: (i)&nbsp;each of Buyer and Seller shall be permitted to submit a proposed Closing Date Schedule, and applicable
supporting documentation, (ii)&nbsp;the Accounting Firm shall determine the Disputed Amounts in accordance with the terms of this Agreement within 30 days of such referral and upon reaching such determination shall deliver a copy of its calculations
(the <B>&#147;Expert Calculations&#148;</B>) to Buyer, Seller and the Escrow Agent and (iii)&nbsp;the determination made by the Accounting Firm of the Disputed Amount shall be final and binding on Buyer and Seller for all purposes of this Agreement.
In calculating the Disputed Amount, the Accounting Firm (w) shall act as an expert and not as an arbitrator, (x)&nbsp;shall be limited to addressing any particular disputes referred to in the applicable Dispute Notice and (y)&nbsp;such calculation
shall, with respect to any Disputed Amounts, be no greater than the higher amount calculated by Buyer or Seller, and no less than the lower amount calculated by Buyer or Seller, as the case may be. The Expert Calculations shall reflect in detail the
differences, if any, between the Disputed Amounts reflected therein and Buyer&#146;s initial calculation of Closing Net Working Capital Amount. The fees and expenses of the Accounting Firm shall be borne equally by Buyer and Seller. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman"><B></B>(d) <B>Payment Upon Final Determination of Adjustments</B>.<B></B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) If the Closing Net Working Capital Amount, as finally determined in accordance with this <U>Section&nbsp;2.6</U>, is less than the
Estimated Net Working Capital Amount, then Seller shall cause to be paid to (or as directed by) Buyer the amount of such difference no later than five (5)&nbsp;Business Days after such determination. In the event that Seller does not cause the
amount of such difference to be paid to Buyer within five (5)&nbsp;Business Days after such determination, Buyer and Seller shall deliver joint written instructions to the Escrow Agent instructing the Escrow Agent to pay an amount equivalent to such
difference from the Escrow Fund and Seller shall replenish an equivalent amount to the Escrow Fund within five (5)&nbsp;Business Days from the date of any such payment to Buyer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) If the Closing Net Working Capital Amount, as finally determined in accordance with this <U>Section&nbsp;2.6</U>, is greater than the
Estimated Net Working Capital Amount, then Buyer shall cause to be paid to (or as directed by) the Seller, the amount of such excess no later than five (5)&nbsp;Business Days after such determination. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 17 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.7 Purchase Price Allocation.</B> The Purchase Price as finally adjusted pursuant to
<U>Section&nbsp;2.6</U>, and without including the Option Price, is referred to herein as the <B>&#147;Final Purchase Price.&#148;</B> No later than three (3)&nbsp;days prior to the Closing Date, Buyer and Seller shall: (a)&nbsp;mutually agree on
the manner in which the Purchase Price (based on the Estimated Net Working Capital Amount) plus other amounts treated as consideration for federal income tax purposes will be allocated among the Purchased Assets and the covenants described in
<U>Section&nbsp;8.1</U> in a manner consistent with Section&nbsp;1060 of the Code; and (b)&nbsp;memorialize such agreement in an illustrative allocation of the Purchase Price among the Purchased Assets (the <B>&#147;Illustrative
Allocation&#148;</B>), which shall set forth those methodologies, policies, procedures, practices, estimation techniques, assumptions and principles used in the Illustrative Allocation (such Illustrative Allocation to be delivered at Closing
pursuant to Article 3). Within sixty (60)&nbsp;days following the date that the Final Purchase Price is finally determined pursuant to <U>Section&nbsp;2.6</U>, Buyer shall deliver to Seller a statement allocating the Final Purchase Price plus other
amounts treated as consideration for federal income tax purposes among the Purchased Assets and the covenants described in <U>Section&nbsp;8.1</U> (the <B>&#147;Purchase Price Allocation Statement&#148;</B>), which shall be prepared in a manner
consistent with the Illustrative Allocation. If within thirty (30)&nbsp;Business Days after receipt of the Purchase Price Allocation Statement, the Seller notifies the Buyer in writing that the Seller objects to one or more items reflected in such
Purchase Price Allocation Statement (provided such objection is based on the application of the methodologies, policies, procedures, practices, estimation techniques, assumptions and principles used in the Illustrative Allocation and not the
allocation itself), Buyer and Seller shall negotiate in good faith to resolve such dispute. If Buyer and Seller do not resolve such dispute within thirty (30)&nbsp;days, they shall refer such dispute to the Accounting Firm for resolution pursuant to
the same procedures set forth in <U>Section&nbsp;2.6(c)</U>. Seller and Buyer shall file all Tax Returns (including IRS Form 8594) in a manner consistent with the Purchase Price Allocation Statement, and Seller and Buyer shall not take any position
inconsistent with such Purchase Price Allocation Statement on any Tax Return or otherwise, unless required to do so by applicable law or a <B>&#147;</B>determination<B>&#148;</B> within the meaning of Section&nbsp;1313(a)(1) of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>2.8 Non-assignable Assets. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Notwithstanding anything to the contrary in this Agreement, and subject to the provisions of this <U>Section&nbsp;2.8</U>, to the extent
that the sale, assignment, transfer, conveyance or delivery, or attempted sale, assignment, transfer, conveyance or delivery, to Buyer of any Purchased Asset would result in a violation of applicable Law, or would require the consent, authorization,
approval or waiver of a Person who is not a party to this Agreement or an Affiliate of a party to this Agreement (including any Governmental Authority), and such consent, authorization, approval or waiver shall not have been obtained prior to the
Closing, this Agreement shall not constitute a sale, assignment, transfer, conveyance or delivery, or an attempted sale, assignment, transfer, conveyance or delivery, thereof; <U>provided</U>, <U>however</U><I>,</I> that the Closing shall occur
notwithstanding the foregoing without any adjustment to the Purchase Price on account thereof. For a period of one year after the Closing, at Seller&#146;s expense, Seller shall cooperate with Buyer to obtain any such required consent,
authorization, approval or waiver, or any release, substitution or amendment required to novate all liabilities and obligations under any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 18 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
material Assigned Contracts or other liabilities that constitute Assumed Liabilities or to obtain in writing the unconditional release of all parties to such arrangements, so that, in any case,
Buyer shall be solely responsible for all liabilities and obligations, and shall enjoy the benefit of all rights, arising thereunder, from and after the Closing Date. Notwithstanding the foregoing, Buyer agrees and acknowledges that of the consents
listed on <U>Schedule&nbsp;4.3</U>, Seller shall only be obligated to obtain the Required Consents. Furthermore, as promptly as possible after the Closing, with respect to the Material Contracts set forth on <U>Schedule&nbsp;2.8</U> (the
&#147;<B>Master Leases</B>&#148;), Buyer and Seller shall cooperate to take any actions reasonably necessary to effect the transfer of the leases of particular equipment under the Master Lease, while not transferring the Master Lease itself. If such
transfers are not effected within six months of Closing, Seller shall have no further obligations with respect to the leases of the particular equipment subject to the Master Leases and may terminate such leases in its discretion. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) To the extent that any material Purchased Asset and/or Assumed Liability cannot be transferred to Buyer following the Closing pursuant to
this <U>Section&nbsp;2.8</U>, Buyer and Seller shall use commercially reasonable efforts to enter into such arrangements (such as subleasing, sublicensing or subcontracting) to provide to the parties the economic and, to the extent permitted under
applicable Law, operational equivalent of the transfer of such Purchased Asset and/or Assumed Liability to Buyer as of the Closing and the performance by Buyer of its obligations with respect thereto. Buyer shall, as agent or subcontractor for
Seller pay, perform and discharge fully the liabilities and obligations of Seller thereunder from and after the Closing Date. To the extent permitted under applicable Law, Seller shall, at Seller&#146;s expense, hold in trust for and pay to Buyer
promptly upon receipt thereof, such Purchased Asset and all income, proceeds and other monies received by Seller to the extent related to such Purchased Asset in connection with the arrangements under this <U>Section&nbsp;2.8</U>. Seller shall be
permitted to set off against such amounts all direct costs associated with the retention and maintenance of such Purchased Assets. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE III </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CLOSING
</B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.1 Closing. </B>Subject to the terms and conditions of this Agreement, the consummation of the transactions contemplated by this
Agreement (the &#147;Closing&#148;) shall take place at the offices of Ater&nbsp;Wynne&nbsp;LLP, 1331&nbsp;NW&nbsp;Lovejoy Street, Portland, Oregon&nbsp;97209, effective 12:01&nbsp;AM, Pacific Standard Time, on the second Business Day after all of
the conditions to Closing set forth in <U>Article&nbsp;VI</U> are either satisfied or waived (other than conditions which, by their nature, are to be satisfied on the Closing Date), or at such other time, date or place as Seller and Buyer may
mutually agree upon in writing. The date on which the Closing is to occur is herein referred to as the <B>&#147;Closing Date.&#148;</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>3.2 Closing Deliverables.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) At the Closing, Seller shall deliver to Buyer the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) a bill of sale in a form mutually agreed upon by Buyer and Seller (the <B>&#147;Bill of Sale&#148;</B>) and duly executed by Seller,
transferring the Tangible Personal Property included in the Purchased Assets to Buyer; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 19 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) an assignment and assumption agreement in a form mutually agreed upon by Buyer and Seller
(the &#147;<B>Assignment and Assumption Agreement</B>&#148;) and duly executed by Seller, effecting the assignment to and assumption by Buyer of the Purchased Assets and the Assumed Liabilities; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iii) with respect to each parcel of Purchased Real Property, a special warranty deed (or equivalent thereof) substantially in the form
attached hereto as <U>Exhibit&nbsp;F </U>(each, a <B>&#147;Louisiana Deed&#148;</B>), duly executed and notarized by Seller; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(iv) an
agreement for the temporary transitional use of certain Excluded Assets by Buyer and certain Purchased Assets by Seller, in the form attached hereto as <U>Exhibit&nbsp;G</U> (the <B>&#147;Transition Services Agreement&#148;</B>), duly executed by
Seller; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(v) the Splendora Notes Option duly executed by Seller; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vi) the Splendora Assignment Agreement duly executed by Seller and Splendora, which shall contain a written consent to the Splendora Notes
Option and the assignment of the Splendora Servicing Agreements from Seller to Buyer; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(vii) the FIRPTA Certificate; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(viii) a certificate of the Secretary or an Assistant Secretary (or equivalent officer) of Seller certifying that attached thereto are true
and complete copies of (A)&nbsp;Seller&#146;s certificate of incorporation, (B)&nbsp;Seller&#146;s bylaws, (C)&nbsp;a certificate from the Secretary of State of each of the States of Oregon, Texas and Louisiana evidencing Seller&#146;s good standing
in such State, and (D)&nbsp;all resolutions adopted by the board of directors of Seller authorizing the execution, delivery and performance of this Agreement and the other Transaction Documents and the consummation of the transactions contemplated
hereby and thereby, and that all such resolutions are in full force and effect and are all the resolutions adopted in connection with the transactions contemplated hereby and thereby, and certifying the names and signatures of the officers of Seller
authorized to sign this Agreement, the Transaction Documents and the other documents to be delivered hereunder and thereunder; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ix) a
certificate, dated the Closing Date and signed by a duly authorized officer of Seller, that each of the conditions set forth in <U>Section&nbsp;6.2(a)</U> and <U>Section&nbsp;6.2(b)</U> have been satisfied (the <B>&#147;Seller Closing
Certificate&#148;</B>); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(x) the Illustrative Allocation, duly executed by Seller; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xi) the Escrow Agreement, duly executed by Seller and the Escrow Agent; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xii) the Texas Real Property Agreements, duly executed by Seller; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(xiii) all consents, authorizations, orders, releases, and approvals set forth on <U>Schedule&nbsp;3.2(a)(xiii)</U> (the <B>&#147;Required
Consents&#148;</B>). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 20 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) At the Closing, Buyer shall deliver to Seller the following: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(i) the Purchase Price; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(ii)
the Assignment and Assumption Agreement duly executed by Buyer; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(iii) the Splendora Assignment Agreement duly executed by Buyer; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(iv) the Transition Services Agreement, duly executed by Buyer; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(v) a certificate of the Secretary or an Assistant Secretary (or equivalent officer) of Buyer certifying that attached thereto are true and
complete copies of (A)&nbsp;Buyer&#146;s certificate of formation, (B)&nbsp;Buyer&#146;s limited liability company agreement, and (C)&nbsp;all resolutions adopted by the members and managers of Buyer authorizing the execution, delivery and
performance of this Agreement and the other Transaction Documents and the consummation of the transactions contemplated hereby and thereby, and that all such resolutions are in full force and effect and are all the resolutions adopted in connection
with the transactions contemplated hereby and thereby, and certifying the names and signatures of the officers of Buyer authorized to sign this Agreement, the Transaction Documents and the other documents to be delivered hereunder and thereunder;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(vi) a certificate, dated the Closing Date and signed by a duly authorized officer of Buyer, that each of the conditions set forth in
<U>Section&nbsp;6.3(a)</U> and <U>Section&nbsp;6.3(b)</U> have been satisfied (the <B>&#147;Buyer Closing Certificate&#148;</B>); </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(vii)
a sales tax resale certificate duly executed by Buyer with respect to the Inventory; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(viii) the Illustrative Allocation, duly
executed by Buyer; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(ix) the Texas Real Property Agreements, duly executed by Buyer; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:17%; font-size:10pt; font-family:Times New Roman">(x) the Escrow Agreement, duly executed by Buyer and the Escrow Agent. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IV </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES OF SELLER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Except as set forth in the Disclosure Schedules, Seller represents and warrants to Buyer as follows: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.1 Organization and Qualification of Seller.</B> Seller is a corporation duly organized, validly existing and in good standing under the
Laws of the state of Oregon and has all necessary corporate power and authority to own, operate or lease the properties and assets now owned, operated or leased by it and to carry on the Business as currently conducted. Seller is duly licensed or
qualified to do business and is in good standing in each jurisdiction, including, without limitation, Texas and Louisiana, in which the ownership of the Purchased Assets or the </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 21 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
operation of the Business as currently conducted makes such licensing or qualification necessary, except where the failure to be so licensed, qualified or in good standing would not have a
Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.2 Authority of Seller.</B> Seller has all necessary corporate power and authority to enter into this
Agreement and the other Transaction Documents to which Seller is a party, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution and delivery by Seller of this
Agreement and any other Transaction Documents to which Seller is a party, the performance by Seller of its obligations hereunder and thereunder and the consummation by Seller of the transactions contemplated hereby and thereby have been duly
authorized by all requisite corporate action on the part of Seller. This Agreement has been duly executed and delivered by Seller, and (assuming due authorization, execution and delivery by Buyer) this Agreement constitutes a legal, valid and
binding obligation of Seller, enforceable against Seller in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors&#146; rights generally and
by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). When each other Transaction Document to which Seller is or will be a party has been duly executed and delivered by Seller (assuming
due authorization, execution and delivery by each other party thereto), such Transaction Document will constitute a legal and binding obligation of Seller enforceable against it in accordance with its terms, except as such enforceability may be
limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors&#146; rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.3 No Conflicts; Consents.</B> The execution, delivery and performance by Seller of this Agreement and the other Transaction Documents to
which it is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a)&nbsp;result in a violation or breach of any provision of the articles of incorporation or by-laws of Seller; (b)&nbsp;result in a
violation or breach of any provision of any Law or Governmental Order applicable to Seller, the Business or the Purchased Assets; or (c)&nbsp;except as set forth in <U>Schedule&nbsp;4.3</U>, require the consent, notice or other action by any Person
under, conflict with, result in a violation or breach of, constitute a default under or result in the acceleration of any Material Contract, except in the cases of clauses (b)&nbsp;and (c), where the violation, breach, conflict, default,
acceleration or failure to give notice would not have a Material Adverse Effect. No consent, approval, Permit, Governmental Order, declaration or filing with, or notice to, any Governmental Authority is required by or with respect to Seller in
connection with the execution and delivery of this Agreement or any of the other Transaction Documents and the consummation of the transactions contemplated hereby and thereby, except for such consents, approvals, Permits, Governmental Orders,
declarations, filings or notices which would not have a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.4 Financial Reports.</B> Copies of the unaudited
pro forma financial reports of the Business consisting of monthly balance sheets beginning January&nbsp;31, 2011 through February&nbsp;28, 2014, and the related Income Statements for the months ended January&nbsp;31, 2011 through February&nbsp;28,
2014,&nbsp;incorporated in the P&amp;L Forecasts for these periods&nbsp;(the <B>&#147;Financial Reports&#148;</B>) have been delivered or made available to Buyer. The Financial Reports have been </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 22 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
derived from financial statements of Seller prepared in accordance with GAAP applied on a consistent basis throughout the period involved. The Financial Reports fairly present in all material
respects the financial condition and results of operations of the Business as of the respective dates they were prepared and the results of the operations of the Business for the periods indicated. The balance sheet of the Business as of
February&nbsp;28, 2014 is referred to herein as the <B>&#147;Balance Sheet&#148;</B> and the date thereof as the <B>&#147;Balance Sheet Date&#148;</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.5 Absence of Certain Changes, Events and Conditions.</B> Except as expressly contemplated by this Agreement or as set forth on
<U>Schedule&nbsp;4.5</U>, from the Balance Sheet Date until the date of this Agreement, Seller has operated the Business in the Ordinary Course of Business in all material respects and there has not been, with respect to the Business, any: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) event, occurrence or development that has had a Material Adverse Effect; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) material damage, destruction or loss to any material portion of the Purchased Assets, whether covered by insurance or not; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) incurrence of any indebtedness for borrowed money in connection with the Business in an aggregate amount exceeding $500,000, except
unsecured current obligations and liabilities incurred in the Ordinary Course of Business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) sale or other disposition of any of the
Purchased Assets shown or reflected in the Balance Sheet, except for the sale of Inventory in the Ordinary Course of Business and except for any Purchased Assets having an aggregate value of less than $500,000; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) cancellation of any debts or claims or amendment, termination or waiver of any rights constituting Purchased Assets, except in the
Ordinary Course of Business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) any capital expenditures in an aggregate amount exceeding $500,000 which would constitute an Assumed
Liability; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) imposition of any Encumbrance upon any of the Purchased Assets, except for Permitted Encumbrances; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) increase in the compensation or benefits of any Employees, other than as provided for in any written agreements that are listed on
<U>Schedule&nbsp;4.6</U> or in the Ordinary Course of Business, or entry into or amendment to any employment, consulting, severance or indemnification agreement or an agreement with respect to a retention bonus with any employee of the Business or
any contractors working for or in relation to the Business or other changes in employee benefits or other compensation other than in the Ordinary Course of Business; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) termination of employment of any Employee; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) any circumstance which would give rise to a requirement that Seller give a notice under the WARN Act or any similar state law; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) labor strikes or disruptions, union organizational activities or other similar occurrences relating to any Employees; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 23 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) notice from any customer or supplier terminating its relationship with Seller; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(m) change in accounting methods or principles or the application thereof or any change in Seller&#146;s policies or practices with respect to
items affecting working capital; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(n) making of elections, change in Tax elections, practices, methods or principles, amendment of any Tax
Return, settlement or compromise of any action, suit, proceeding, audit, written claim, asserted deficiency, or assessment pending or proposed, or taking of any other discretionary action with respect to Seller, the Purchased Assets or the Business,
except (i)&nbsp;as required by applicable Law, or (ii)&nbsp;as will not adversely impact Buyer or any of its Affiliates at or after the Closing; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(o) any waiver of any rights that, singly or in the aggregate, are material to the Business; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(p) any plan, agreement or arrangement granting any preferential rights to purchase or acquire any interest in any of the Purchased Assets,
other than in the Ordinary Course of Business, or requiring the consent of any Person to the transfer and assignment of any of the Purchased Assets; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(q) any purchase or acquisition of any property, rights or other assets of the Business outside the Ordinary Course of Business; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(r) any acceleration of shipments, sales or orders or other similar action in contemplation of this Agreement or otherwise not in the Ordinary
Course of Business; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(s) adoption of any plan of merger, consolidation, reorganization, liquidation or dissolution or filing of a petition
in bankruptcy under any provisions of federal or state bankruptcy Law or consent to the filing of any bankruptcy petition against it under any similar Law; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(t) purchase or other acquisition of any property or asset that constitutes a Purchased Asset for an amount in excess of $500,000, except for
purchases of Inventory or supplies in the Ordinary Course of Business; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(u) any agreement to do any of the foregoing, or any action or
omission that would result in any of the foregoing. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.6 Material Contracts. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Schedule&nbsp;4.6(a)</U> sets forth a complete and accurate list of the following Contracts to which Seller is a party or by which it
is bound, by which the Purchased Assets are bound, or which otherwise relate to or are necessary for the operation of the Business (collectively, the <B>&#147;Material Contracts&#148;</B>): </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) Contracts with any Affiliate or current or former officer, director, stockholder or Affiliate of Seller; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 24 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) Contracts with any labor union or association representing any employees of
Seller; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) Contracts pursuant to which any party is required to purchase or sell a stated portion of its requirements
or output from or to another party; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) Contracts for the sale of any of the Purchased Assets other than in the Ordinary
Course of Business, containing a grant to any person of any preferential rights to purchase any of the Purchased Assets, or requiring the consent of any Person other than Seller to transfer or assign the Purchased Assets; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) Contracts for the lease of any Tangible Personal Property included in the Purchased Assets involving annual payments in
excess of $500,000; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) Contracts relating to the design, engineering, fabrication, manufacture, production, sale,
servicing, distribution, repair, delivery, maintenance or supply of any Seller Product (other than purchase orders); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii)
Contracts relating to a consignment, distributor, dealer, manufacturer&#146;s representative, sales agency, representative, marketing, franchise or licensing agreement or relations (other than purchase orders) with respect to the distribution by
third parties of the Seller Products; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) Contracts for joint ventures or partnerships; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) Contracts containing (1)&nbsp;covenants of Seller not to compete in any line of business or with any Person in any
geographical area or (2)&nbsp;covenants of any other person not to compete with the Seller in any line of business or in any geographical area (with respect to (2), other than agreements with employees); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) Contracts relating to incurrence, assumption or guarantee of any indebtedness or imposing an Encumbrance on any of the
Purchased Assets; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi) Contracts under which the Seller has made advances or loans to any other Person (other than
original purchase price conditional sales contracts with the parties entered into in the Ordinary Course of Business); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xii) Contracts providing for severance, retention, change in control or similar payments; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xiii) Contracts relating in whole or in part to Intellectual Property, including each Intellectual Property License, exclusive
of commercial, non-customized off-the-shelf, third-party shrink-wrap software licenses; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xiv) Contracts for the employment
of any individual on a full-time, part-time or consulting or other basis providing annual compensation in excess of $65,000; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 25 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xv) Contracts for the provision of goods or services involving consideration in
excess of $500,000 in the aggregate over the term of the Contract; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xvi) outstanding agreements of guaranty, surety or
indemnification, direct or indirect, by Seller, other than in the Ordinary Course of Business; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xvii) Contracts (or a
group of related contracts) which involve the expenditure of more than&nbsp;$500,000&nbsp;in the aggregate or require performance by any party more than one year from the date hereof. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Seller is not in material breach of, or default under, any Material Contract. Each Material Contract (assuming due authorization,
execution and delivery by the other party) is valid, binding, in full force and effect and is an enforceable agreement of Seller and, to Seller&#146;s Knowledge, the other parties thereto, subject to applicable bankruptcy, insolvency,
reorganization, moratorium and other similar laws affecting creditors&#146; rights generally and to the principles of equity (whether enforcement is sought in a proceeding in equity or at law). To Seller&#146;s Knowledge, there has not occurred any
breach or default under any Material Contract on the part of the other parties thereto, and no event has occurred which with the giving of notice or the lapse of time, or both, would constitute a default under any Material Contract. Except as set
forth in <U>Schedule&nbsp;4.6(b)</U>, to Seller&#146;s Knowledge, there is no dispute between the parties to any Material Contract as to the interpretation thereof or as to whether any party is in breach or default thereunder, and except as set
forth on <U>Schedule&nbsp;4.6(b)</U>, no party to any Material Contract has indicated its intention to, or suggested it may evaluate whether to, terminate any Material Contract. Seller is not a party to any covenant or obligation of any nature
limiting the freedom of Seller to compete in any line of business after the date of this Agreement. Except as set forth on <U>Schedule&nbsp;4.6(b)</U>, complete and correct copies of all Material Contracts have been made available to Buyer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.7 Title To and Sufficiency of Assets</B><B>.</B> Except as set forth on <U>Schedule&nbsp;4.7</U>, Seller has good, valid and marketable
title to, or a valid leasehold interest in all Purchased Assets, in each case, free and clear of any and all Encumbrances other than Permitted Encumbrances. Except as set forth on <U>Schedule&nbsp;4.7</U>, the delivery to Buyer of the instruments of
transfer of ownership contemplated by this Agreement shall vest good, valid and marketable title to, or a valid leasehold interest in, the Purchased Assets in Buyer, free and clear of any and all Encumbrances (other than the Permitted Encumbrances),
restrictions, liabilities and assignments of any kind. Except for Excluded Assets, all of the real and personal property used in the operation of the Business in the Ordinary Course of Business as it has been conducted prior to the Closing are
included in the Purchased Assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.8 Condition of Assets</B><B>.</B> Except as set forth on <U>Schedule&nbsp;4.8</U>, the Purchased
Assets (i)&nbsp;are in good working order, have been reasonably maintained, ordinary wear and tear excepted, and are fit for the particular purpose for which they are used in the Business, and (ii)&nbsp;comply in all material respects with, and are
being operated and otherwise used in substantial compliance with, all applicable Law and Material Contracts. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 26 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.9 Inventory</B><B>.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) A detailed Inventory list (including location of the Inventory) as of March&nbsp;24, 2014 is set forth on <U>Schedule&nbsp;4.9(a)</U>.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Seller is not in possession of any finished goods not owned by Seller, including finished goods already sold, other than in the
Ordinary Course of Business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Except as set forth on <U>Schedule&nbsp;4.9(c)</U>, all Inventory included in the Purchased Assets is
located at the Manufacturing Facilities and no Inventory included in the Purchased Assets is located at Seller&#146;s Atchison, Kansas facility, or except in the Ordinary Course of Business, with any customers, distributors, representatives, or
other Persons on consignment or otherwise. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Except as set forth on <U>Schedule&nbsp;4.9(d)</U>, none of the Inventory is covered by
any financing statements or subject to any Encumbrance (other than Permitted Encumbrances), consignment, bailment, warehousing or similar arrangement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Inventories are stated at the lower of cost or market.&nbsp;Raw material inventories of steel are stated at cost, either on a specific
identification basis or on an average cost basis.&nbsp;All other raw material inventories, as well as supplies, are stated on an average cost basis.&nbsp;Finished goods are stated at cost using the first-in, first-out method of accounting. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Except as set forth on <U>Schedule&nbsp;4.9(f)</U>, all of the finished goods Inventory included in the Purchased Assets (i)&nbsp;is free
from defects in workmanship and material; (ii)&nbsp;conforms to all applicable specifications (including those set forth on <U>Schedule&nbsp;4.9(f)</U>); and (iii)&nbsp;is merchantable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) All Green Pipe included in the Purchased Assets (i)&nbsp;is free from defects in workmanship and material; and (ii)&nbsp;conforms to all
applicable specifications (including those set forth on <U>Schedule&nbsp;4.9(g)</U>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.10 Accounts Receivable</B><B>.</B> Except as
set forth in <U>Schedule&nbsp;4.10</U> or as provided for in the Balance Sheet, each of the accounts receivable included in the Purchased Assets arose in the Ordinary Course of Business, represents the genuine, valid and legally enforceable
indebtedness of the account debtor. No contra account, set-off, defense, counterclaim, allowance or adjustment (other than discounts for prompt payment shown on the invoice) has been asserted or, to Seller&#146;s Knowledge, is threatened by any of
the account debtors of the accounts receivable included in the Purchased Assets. To Seller&#146;s Knowledge, none of the account debtors of the accounts receivable is involved in a bankruptcy or insolvency proceeding or is generally unable to pay
its debts as they become due except as set forth in <U>Schedule&nbsp;4.10</U>. Seller has good and valid title to the accounts receivable free and clear of all Encumbrances except Permitted Encumbrances. No goods or services, the sale or provision
of which gave rise to any accounts receivable, have been returned or rejected by any account debtor or lost or damaged prior to receipt thereby. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 27 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.11 Real Property</B><B>.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Schedule&nbsp;4.11(a)</U> sets forth all real property owned by Seller and used in connection with the Manufacturing Facilities. Seller
has indefeasible fee simple title to the Purchased Real Property, free and clear of all Encumbrances, except Permitted Encumbrances. To Seller&#146;s Knowledge, there is no Person other than Seller in possession of any portion of the Purchased Real
Property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) There are no surface or building leases, subleases, ground leases, mineral leases or other agreements (and an accurate
legal description of the lands covered thereby) pursuant to which Seller leases, subleases, uses or occupies real property in connection with the Louisiana Facility. Seller is not a landlord, lessor or sublessor of any of the Purchased Real
Property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) The Seller has full right and authority to use and operate any and all of the improvements located on the Purchased Real
Property, subject to applicable Laws and the Permitted Encumbrances. To Seller&#146;s Knowledge, the Purchased Real Property is being used, occupied, and maintained in all material respects by Seller in accordance with all applicable easements,
contracts, permits, insurance requirements, restrictions, building setback lines, covenants and reservations. Except as set forth on <U>Schedule&nbsp;4.11(c)</U>, certificates of occupancy and all other material licenses, permits, authorizations,
and approvals required by any Governmental Authority having jurisdiction over the Purchased Real Property have been issued for Seller&#146;s occupancy and use of each of such improvements and all such certificates, licenses, permits, authorizations
and approvals have been paid for and are in full force and effect. There is no pending or, to Seller&#146;s Knowledge, threatened condemnation, eminent domain or similar proceeding or special assessment affecting any of the Purchased Real Property,
nor has Seller received notification that any such proceeding or assessment is contemplated. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Except as set forth on
<U>Schedule&nbsp;4.11(d)</U>, to Seller&#146;s Knowledge, the Louisiana Facility is free from material structural and mechanical defects (including roofs) and has been used in the Ordinary Course of Business and remains as of the date hereof in
suitable and adequate condition for such continued use. Upon the consummation of the transactions contemplated by this Agreement, Buyer will have marketable title to the Purchased Real Property free and clear of all Encumbrances, except Permitted
Encumbrances. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) There are no: (i)&nbsp;tenancies or occupancies affecting the Purchased Real Property which will continue after the
Closing or (ii)&nbsp;purchase contracts, options or other agreements of any kind, written or oral, formal or informal, choate or inchoate, recorded or unrecorded, entered into by Seller whereby any Person other than Seller has acquired any basis to
assert any right, title or interest in, or right to the possession, use, enjoyment or proceeds, of the Purchased Real Property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f)
Seller has furnished Buyer with true and complete copies of all deeds and leases in their possession relating to the Purchased Real Property. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Seller has not received any written notice of existing, pending or threatened (i)&nbsp;condemnation proceedings affecting the Purchased
Real Property, or (ii)&nbsp;zoning, </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 28 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
building code or other moratorium proceedings, or similar matters which would reasonably be expected to materially and adversely affect the ability to operate the Purchased Real Property as
currently operated. Neither the whole nor any material portion of any Purchased Real Property has been damaged or destroyed by fire or other casualty. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.12 Intellectual Property</B><B>.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Except as set forth on <U>Schedule&nbsp;4.12(a)</U>, there are no Patents, registered Marks, pending applications for registrations of any
Marks and unregistered Marks, registered Copyrights, and pending applications for registration of Copyrights, owned or filed by Seller exclusively or predominantly used in the Business. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) To Seller&#146;s Knowledge, the Purchased Intellectual Property and the present business practices and methods of Seller do not constitute
an unauthorized use or misappropriation of any patent, copyright, trade secret or other similar right, of any Person and, to Seller&#146;s Knowledge, do not infringe, constitute an unauthorized use of, or violate any other right of any Person
(including, without limitation, pursuant to any non-disclosure agreements or obligations to which Seller or any of its present or former employees is a party). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) To Seller&#146;s Knowledge, Seller is the sole and exclusive owner of, or has valid and continuing rights to use, sell and license, as the
case may be, all Purchased Intellectual Property free and clear of all Encumbrances or obligations to others. No Person other than Seller has any right, title, or interest, directly or indirectly, in whole or in part, in any material Purchased
Intellectual Property. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Except with respect to licenses of commercial off-the-shelf Software, Seller is not a party to any
Intellectual Property Licenses with respect to the Business. Seller is not required, obligated, or under any liability whatsoever, to make any payments by way of royalties, fees or otherwise to any owner, licensor of, or other claimant to any
Purchased Intellectual Property, or other third party, with respect to the use thereof or in connection with the conduct of the Business as currently conducted. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) As of the date hereof, Seller is not the subject of any pending or, to Seller&#146;s Knowledge, threatened Legal Proceedings which involve
a claim of infringement, unauthorized use, or violation by any Person against Seller or challenging the ownership, use, validity or enforceability of, any material Purchased Intellectual Property. Seller has not received written (including, without
limitation, by electronic mail) notice of any such threatened claim. All of Seller&#146;s rights in and to material Purchased Intellectual Property are valid and enforceable. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) To Seller&#146;s Knowledge, no Person is infringing, violating, misusing or misappropriating any material Purchased Intellectual Property,
and no such claims have been made against any Person by Seller. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) There are no Governmental Orders to which Seller is a party or by
which Seller is bound which restrict, in any material respect, the rights to use any of the Purchased Intellectual Property. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 29 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) <U>Schedule&nbsp;4.12(h)</U> sets forth a complete and accurate list of (i)&nbsp;all Software
that is owned exclusively by Seller and is material to the operation of the Business and (ii)&nbsp;all Software that is used by Seller in the Business that is not exclusively owned by Seller, excluding Software available on reasonable terms through
commercial distributors for a license fee of no more than $5,000 in the aggregate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.13 Legal Proceedings; Governmental
Orders</B><B>.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Except as set forth on <U>Schedule&nbsp;4.13(a)</U>, there is no suit, action, proceeding, investigation, claim or
order pending or, to Seller&#146;s Knowledge, threatened against Seller with respect to the Business or the Purchased Assets (or to Seller&#146;s Knowledge, pending or threatened, against any of the officers, directors or key employees of Seller
with respect to their business activities on behalf of Seller), or to which Seller is otherwise a party, before any Governmental Authority. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) There are no outstanding Governmental Orders and no unsatisfied judgments, penalties or awards against or affecting the Business or the
Purchased Assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.14 Compliance With Laws; Permits</B><B>.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Seller is in compliance in all material respects with all Laws of any Governmental Authority applicable to the Business or the Purchased
Assets. Seller has not received any written or other notice of or been charged with the violation of any Laws with respect to the Business or the Purchased Assets. To Seller&#146;s Knowledge, Seller is not under investigation with respect to the
violation of any Laws with respect to the Business or the Purchased Assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) The Louisiana Facility has been API certified since 2010.
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <U>Schedule&nbsp;4.14(c)</U> contains a list of all Permits held by Seller for the operation of the Business as presently conducted,
which are all of the Permits required for the operation of the Business as presently conducted, except where failure to obtain such Permits would not have a Material Adverse Effect. Seller is not in default or violation (and no event has occurred
which, with notice or the lapse of time or both, would constitute a default or violation) in any material respect of any term, condition or provision of any Permit to which it is a party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) None of the representations and warranties in this <U>Section&nbsp;4.14</U> shall be deemed to relate to environmental matters (which are
governed by <U>Section&nbsp;4.15</U>), or tax matters (which are governed by <U>Section&nbsp;4.19</U>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.15 Environmental
Matters</B><B>.</B> Except as set forth on <U>Schedule&nbsp;4.15</U> hereto: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The operations of Seller with respect to the Purchased
Assets are currently in compliance with all Environmental Laws in all material respects and Seller has not received from any Person, with respect to the Purchased Assets, any: (i)&nbsp;Environmental Notice or Environmental Claim; or
(ii)&nbsp;written request for information pursuant to Environmental Law, which, in each case, either remains pending or unresolved, or is the source of ongoing obligations or requirements as of the Closing Date; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 30 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Seller has not been prosecuted for any offense alleging non-compliance with any applicable
Environmental Law related to the Purchased Assets; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Seller has obtained, is maintaining in good standing, and complying with all
Environmental Permits necessary to operate the Purchased Assets, and no action or proceeding is pending or, to the Seller&#146;s Knowledge, threatened to revoke, modify or terminate any such Environmental Permit; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) the Purchased Real Property is not listed on, or has been proposed for listing on, the National Priorities List (or CERCLIS) under CERCLA,
or any similar state list; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) with respect to the Purchased Assets, Seller is not the subject of any outstanding Government Order or
Contract with any Governmental Authority or person respecting (i)&nbsp;Environmental Laws, (ii)&nbsp;remedial action or (iii)&nbsp;any Release or threatened Release of a Hazardous Material; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) to Seller&#146;s Knowledge, there has been no Release of Hazardous Materials in contravention of Environmental Law with respect to the
Purchased Assets, and Seller has not received any Environmental Notice that any of the Purchased Assets has been contaminated with any Hazardous Material which would reasonably be expected to result in an Environmental Claim against, a violation of
Environmental Law or the termination of any Environmental Permit; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) to Seller&#146;s Knowledge, there are no investigations of the
Purchased Assets, pending or threatened which could lead to the imposition of any liability pursuant to Environmental Law; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) the
transactions contemplated hereunder do not require the consent of or filings with any Governmental Authority with jurisdiction over the Purchased Assets and environmental matters; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) there is not located at any of the Purchased Real Property any (i)&nbsp;underground storage tanks, (ii)&nbsp;landfill, (iii)&nbsp;surface
impoundment, or (iv)&nbsp;equipment containing polychlorinated biphenyls, except those in compliance with Environmental Laws; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(j) Seller
has provided to Buyer all material environmental audits, studies, reports, analyses, and results of investigations within Seller&#146;s Knowledge that have been performed with respect to the Purchased Assets and which are set forth on
<U>Schedule&nbsp;4.15(j)</U>; and </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(k) <U>Schedule&nbsp;4.15(k)</U> sets forth all Environmental Permits held by Seller to operate the
Purchased Assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(l) The representations and warranties set forth in this <U>Section&nbsp;4.15</U> are the Seller&#146;s sole and
exclusive representations and warranties regarding environmental matters. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 31 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.16 Employee Benefit Matters. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Schedule&nbsp;4.16(a)</U> contains a list of each material benefit, retirement, employment, compensation, incentive, stock option,
restricted stock, stock appreciation right, phantom equity, change in control, severance, vacation, paid time off and fringe-benefit agreement, plan, policy and program in effect as of the Closing Date, which covers or covered one or more Employees,
former employees of the Business, or the beneficiaries or dependents of any such Persons, and is or was maintained, sponsored, contributed to, or required to be contributed to by Seller, or under which Seller has any material liability for premiums
or benefits (as listed on <U>Schedule&nbsp;4.16(a)</U>, each, a <B>&#147;Benefit Plan&#148;</B>). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) To Seller&#146;s Knowledge, each
Benefit Plan complies with all applicable Laws (including ERISA and the Code and the regulations promulgated thereunder). Each Benefit Plan that is intended to be qualified under Section&nbsp;401(a) of the Code (a <B>&#147;Qualified Benefit
Plan&#148;</B>) has received a favorable determination letter from the Internal Revenue Service, or with respect to a prototype plan, can rely on an opinion letter from the Internal Revenue Service to the prototype plan sponsor, to the effect that
such Qualified Benefit Plan is so qualified and that the plan and the trust related thereto are exempt from federal income Taxes under Sections&nbsp;401(a) and&nbsp;501(a), respectively, of the Code, and, to Seller&#146;s Knowledge, nothing has
occurred that could reasonably be expected to cause the revocation of such determination letter from the Internal Revenue Service or the unavailability of reliance on such opinion letter from the Internal Revenue Service, as applicable. With respect
to any Benefit Plan, to Seller&#146;s Knowledge, no event has occurred or is reasonably expected to occur that has resulted in or would subject Seller to a Tax under Section&nbsp;4971 of the Code or the Purchased Assets to a lien under
Section&nbsp;430(k) of the Code. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) No Benefit Plan: (i)&nbsp;is subject to the minimum funding standards of Section&nbsp;302 of ERISA
or Section&nbsp;412 of the Code; or (ii)&nbsp;is a <FONT STYLE="white-space:nowrap">&#147;multi-employer</FONT> plan&#148; (as defined in Section&nbsp;3(37) of ERISA). Except as would not have a Material Adverse Effect, Seller has not:
(A)&nbsp;withdrawn from any pension plan under circumstances resulting (or expected to result) in Liability; or (B)&nbsp;engaged in any transaction which would give rise to a Liability under Section&nbsp;4069 or Section&nbsp;4212(c) of ERISA. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) With respect to each Benefit Plan, no transaction prohibited under Section&nbsp;406 of ERISA and no &#147;prohibited transaction&#148;
under Code Section&nbsp;4975(c) has occurred for which an exemption therefrom did not apply, and Seller has no liability under Code Section&nbsp;4975. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) No material &#147;reportable event&#148; within the meaning of Section&nbsp;4043 of ERISA as occurred with respect to any Benefit Plan
maintained by Seller during the six (6)&nbsp;year period preceding the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Other than as required under Section&nbsp;4980B
of the Code or other applicable Law, no Benefit Plan provides benefits or coverage in the nature of health, life or disability insurance following retirement or other termination of employment (other than death benefits when termination occurs upon
death). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 32 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) Except as set forth on <U>Schedule&nbsp;4.16(g)</U> or as would not have a Material Adverse
Effect, no Benefit Plan exists that could: (i)&nbsp;result in the payment to any Employee or consultant of the Business of any money or other property; or (ii)&nbsp;accelerate the vesting of or provide any additional rights or benefits (including
funding of compensation or benefits through a trust or otherwise) to any Employee or consultant of the Business, in each case, as a result of the execution of this Agreement. Neither the execution of this Agreement nor the consummation of the
transactions contemplated hereby will result in &#147;excess parachute payments&#148; within the meaning of Section&nbsp;280G(b) of the Code. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.17 Employment Matters. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <U>Schedule&nbsp;4.17(a)</U> sets forth a true, correct and complete list, as of the date set forth therein, of all Employees. The list
described in the preceding sentence shows each Employee&#146;s name, job title, seniority date, current base salary or base wages and bonuses paid or payable to such Employees for the 2013 calendar year. No changes in such base salary, base wages or
bonuses for such employees have been made, promised or authorized since January&nbsp;1, 2014, except as described in <U>Schedule&nbsp;4.17(a)</U>. The compensation and benefits paid or provided with respect to all Employees, including bonuses, have
been reflected in the Financial Reports. Except as set forth in <U>Schedule&nbsp;4.17(a)</U>, as of the date of this Agreement, no Employee is on a disability leave of absence, is receiving disability benefits, or is in an elimination or other
waiting period with respect to his or her receipt of disability benefits, or is on any other leave of absence. There are no loans or other obligations payable or owing by Seller to any Employee, except salaries, wages and salary advances and
reimbursement of expenses incurred and accrued in the Ordinary Course of Business of Seller, nor are any loans or debts payable or owing by any such individuals to the Seller, nor has the Seller guaranteed any of such individual&#146;s respective
loans or obligations. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) There are no contracts of employment with any of the Employees except as listed on <U>Schedule&nbsp;4.6</U>.
True and complete copies (including all amendments) of each such contract of employment with any of the Employees have been provided to Buyer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) To Seller&#146;s Knowledge, no Employee or former employee of Seller is in violation of any non-disclosure agreement, noncompetition
agreement, or any restrictive covenant with Seller, or, in the case of Employees, any such agreement with any former employer relating to the right of any such Employee to be employed by Seller because of the nature of the business currently
conducted by it or to the use of Trade Secrets or proprietary information of others. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Except as set forth on
<U>Schedule&nbsp;4.17(d)</U>, Seller is not a party to, or bound by, any collective bargaining or other agreement with a labor organization representing any of the Employees. Since January&nbsp;1, 2010, there has not been, nor, to Seller&#146;s
Knowledge, has there been any threat of, any strike, slowdown, work stoppage, lockout, concerted refusal to work overtime or other similar labor activity or dispute affecting Seller or any of the Employees. Except as set forth on
<U>Schedule&nbsp;4.17(d)</U>, there are no unfair labor practice charges, grievances or complaints pending or, to the Seller&#146;s Knowledge, threatened by or on behalf of any Employee or group of Employees. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 33 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) No Employees are represented by any labor organization. Except as set forth on
<U>Schedule&nbsp;4.17(e)</U>, no labor organization or group of Employees has made a pending demand for recognition, and there are no representation proceedings or petitions seeking a representation proceeding presently pending or, to Seller&#146;s
Knowledge, threatened to be brought or filed, with the National Labor Relations Board or other labor relations tribunal. Except as set forth on <U>Schedule&nbsp;4.17(e)</U>, there is no organizing activity involving Seller pending or, to the
Seller&#146;s Knowledge, threatened by any labor organization or group of Employees. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Except as set forth on
<U>Schedule&nbsp;4.17(f)</U>, Seller is in compliance with all applicable Laws pertaining to employment and employment practices to the extent they relate to the Employees, except to the extent <FONT STYLE="white-space:nowrap">non-compliance</FONT>
would not result in a Material Adverse Effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) The representations and warranties set forth in this <U>Section&nbsp;4.17</U> are the
Seller&#146;s sole and exclusive representations and warranties regarding employment matters. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.18 Insurance.</B>
<U>Schedule&nbsp;4.18</U> sets forth a true and complete list of all policies, binders, and insurance contracts under which the Business or any of the Purchased Assets is insured (each an <B>&#147;Insurance Policy&#148;</B>). With respect to each
Insurance Policy, <U>Schedule&nbsp;4.18</U> sets forth a true and correct description of (i)&nbsp;the scope of coverage, (ii)&nbsp;the limits of liability, (iii)&nbsp;deductibles and other similar amounts, and (iv)&nbsp;the aggregate limits and
available coverage (if less than the aggregate limits) as of the date hereof. Excluding insurance policies that have expired and been replaced in the Ordinary Course of Business, no insurance policy has been cancelled within the last two
(2)&nbsp;years and, to Seller&#146;s Knowledge, no threat has been made to cancel any Insurance Policy during such period. <U>Schedule&nbsp;4.18</U> sets forth a list of all material claims with respect to the Business or any of the Purchased Assets
which are currently pending (or that have been made in the past three (3)&nbsp;years) under any Insurance Policy (or any previous insurance policy). </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.19 Taxes.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Seller
has filed (taking into account any valid extensions) all material Tax Returns with respect to the Business required to be filed. All such Tax Returns were correct and complete in all material respects, and Seller has paid all Taxes shown thereon as
owing. Seller is not currently the beneficiary of any extension of time within which to file any Tax Return related to the Business, except with respect to the Tax Return for the Tax period ended December&nbsp;31, 2013. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) No authority in a jurisdiction in which the Seller does not file Tax Returns has ever made a claim that Seller may be obligated to file in
such jurisdiction with respect to the Business. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) There are no Encumbrances on any of the Purchased Assets for any failure to pay any
Tax liability. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Seller has withheld and paid all Taxes required to have been withheld and paid in connection with amounts paid or
owing to any employee, independent contractor, or other third party associated with the Business and all Forms W-2 and 1099 required to be filed with respect thereto have been properly completed and timely filed. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 34 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Other than Tax Returns with respect to property Taxes for the Manufacturing Facilities, all
Tax Returns of Seller with respect to the Business are prepared on a consolidated basis with the Tax Returns for Seller&#146;s other operations. No Tax Returns of Seller for the taxable periods ended on or after December&nbsp;31, 2012 are currently
subject to audit or examination. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) Seller has not waived any statute of limitations with respect to any Tax with respect to the
Business or agreed to an extension of time for a Tax assessment or deficiency with respect to the Business, except with respect to the Tax periods ended December&nbsp;31, 2008, 2009 and 2010. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) None of the Assumed Liabilities include an obligation to make a payment under Internal Revenue Code Section&nbsp;280G. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) Seller is not a &#147;foreign person&#148; as that term is used in Treasury Regulations
<FONT STYLE="white-space:nowrap">Section&nbsp;1.1445-2.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(i) The representations and warranties set forth in this
<U>Section&nbsp;4.19</U> are the Seller&#146;s sole and exclusive representations and warranties regarding Tax. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.20 Brokers.</B>
Except for Raymond James&nbsp;&amp; Associates, Inc. and BDO Consulting, no broker, finder or investment banker is entitled to any brokerage, finder&#146;s or other fee or commission in connection with the transactions contemplated by this Agreement
or any other Transaction Document based upon arrangements made by or on behalf of Seller. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.21 Solvency.</B> Immediately after giving
effect to the transactions contemplated hereby, Seller shall be solvent and shall: (a)&nbsp;be able to pay its debts as they become due; (b)&nbsp;own property that has a fair saleable value greater than the amounts required to pay its debts
(including a reasonable estimate of the amount of all contingent liabilities); and (c)&nbsp;have adequate capital to carry on its business. No transfer of property is being made and no obligation is being incurred in connection with the transactions
contemplated hereby with the intent to hinder, delay or defraud either present or future creditors of Seller. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.22 No Other
Representations and Warranties.</B> Except for the representations and warranties contained in this <U>Article&nbsp;IV</U> (including the related portions of the Disclosure Schedules), neither Seller nor any other Person has made or makes any other
express or implied representation or warranty, either written or oral, on behalf of Seller, including any representation or warranty as to the accuracy or completeness of any information regarding the Business and the Purchased Assets furnished or
made available to Buyer and its Representatives (including the Confidential Information Memorandum prepared by Raymond James&nbsp;&amp; Associates, Inc., dated September 2013 and any information, documents or material delivered to Buyer, management
presentations or in any other form in expectation of the transactions contemplated hereby) or as to the future revenue, profitability or success of the Business, or any representation or warranty arising from statute or otherwise in law. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 35 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>4.23 </B><B>Disclosure</B><B>.</B> No representation or warranty by Seller in this Agreement
and no statement contained in the Disclosure Schedules to this Agreement or any certificate or other document furnished or to be furnished to Buyer pursuant to this Agreement contains any untrue statement of a material fact, or omits to state a
material fact necessary to make the statements contained therein, in light of the circumstances in which they are made, not misleading. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE V </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>REPRESENTATIONS AND WARRANTIES OF BUYER </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Buyer represents and warrants to Seller that the statements contained in this <U>Article&nbsp;V</U> are true and correct as of the date
hereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.1 Organization and Authority of Buyer.</B> Buyer is a corporation duly organized, validly existing and in good standing
under the Laws of the state of Texas. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.2 Authority of Buyer.</B> Buyer has all necessary limited liability company power and
authority to enter into this Agreement and the other Transaction Documents to which Buyer is a party, to carry out its obligations hereunder and thereunder and to consummate the transactions contemplated hereby and thereby. The execution and
delivery by Buyer of this Agreement and any other Transaction Document to which Buyer is a party, the performance by Buyer of its obligations hereunder and thereunder and the consummation by Buyer of the transactions contemplated hereby and thereby
have been duly authorized by all requisite limited liability company action on the part of Buyer. This Agreement has been duly executed and delivered by Buyer, and (assuming due authorization, execution and delivery by Seller) this Agreement
constitutes a legal, valid and binding obligation of Buyer enforceable against Buyer in accordance with its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting
creditors&#146; rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding at law or in equity). When each other Transaction Document to which Buyer is or will be a party has been duly executed
and delivered by Buyer (assuming due authorization, execution and delivery by each other party thereto), such Transaction Document will constitute a legal and binding obligation of Buyer enforceable against it in accordance with its terms, except as
such enforceability may be limited by bankruptcy, insolvency, reorganization, moratorium or similar Laws affecting creditors&#146; rights generally and by general principles of equity (regardless of whether enforcement is sought in a proceeding at
law or in equity). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.3 No Conflicts; Consents.</B> The execution, delivery and performance by Buyer of this Agreement and the other
Transaction Documents to which it is a party, and the consummation of the transactions contemplated hereby and thereby, do not and will not: (a)&nbsp;result in a violation or breach of any provision of the certificate of formation or Company
Agreement of Buyer; (b)&nbsp;result in a violation or breach of any provision of any Law or Governmental Order applicable to Buyer; or (c)&nbsp;require the consent, notice or other action by any Person under, conflict with, result in a violation or
breach of, constitute a default under or result in the acceleration of any agreement to which Buyer is a party, except in the cases of clauses&nbsp;(b) and&nbsp;(c), where the violation, breach, conflict, default, acceleration or failure to give
notice would not have a material adverse effect on Buyer&#146;s ability to consummate the transactions contemplated hereby. No consent, approval, Permit, Governmental Order, declaration or filing </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 36 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
with, or notice to, any Governmental Authority is required by or with respect to Buyer in connection with the execution and delivery of this Agreement and the other Transaction Documents and the
consummation of the transactions contemplated hereby and thereby, except for such consents, approvals, Permits, Governmental Orders, declarations, filings or notices which would not have a material adverse effect on Buyer&#146;s ability to
consummate the transactions contemplated hereby and thereby. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.4 Brokers.</B> No broker, finder or investment banker is entitled to
any brokerage, finder&#146;s or other fee or commission in connection with the transactions contemplated by this Agreement or any other Transaction Document based upon arrangements made by or on behalf of Buyer. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.5 Sufficiency of Funds.</B> Buyer has sufficient cash on hand or other sources of immediately available funds to enable it to make
payment of the Purchase Price and consummate the transactions contemplated by this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.6 Solvency.</B> Immediately after
giving effect to the transactions contemplated hereby, Buyer shall be solvent and shall: (a)&nbsp;be able to pay its debts as they become due; (b)&nbsp;own property that has a fair saleable value greater than the amounts required to pay its debts
(including a reasonable estimate of the amount of all contingent liabilities); and (c)&nbsp;have adequate capital to carry on its business. No transfer of property is being made and no obligation is being incurred in connection with the transactions
contemplated hereby with the intent to hinder, delay or defraud either present or future creditors of Buyer or Seller. In connection with the transactions contemplated hereby, Buyer has not incurred, nor plans to incur, debts beyond its ability to
pay as they become absolute and matured. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.7</B> <B>Legal Proceedings.</B> There are no actions, suits, claims, investigations or
other Legal Proceedings pending or, to Buyer&#146;s knowledge, threatened against or by Buyer or any Affiliate of Buyer that challenge or seek to prevent, enjoin or otherwise delay the transactions contemplated by this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>5.8 Independent Investigation.</B> Buyer has conducted its own independent investigation, review and analysis of the Business and the
Purchased Assets, and acknowledges that it has been provided adequate access to the personnel, properties, assets, premises, books and records, and other documents and data of Seller for such purpose. Buyer acknowledges and agrees that: (a)&nbsp;in
making its decision to enter into this Agreement and to consummate the transactions contemplated hereby, Buyer has relied solely upon its own investigation and the express representations and warranties of Seller set forth in <U>Article&nbsp;IV</U>
of this Agreement (including related portions of the Disclosure Schedules); and (b)&nbsp;neither Seller nor any other Person has made any representation or warranty as to Seller, the Business, the Purchased Assets or this Agreement, except as
expressly set forth in <U>Article&nbsp;IV</U> of this Agreement (including the related portions of the Disclosure Schedules). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 37 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VI </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONDITIONS TO CLOSING </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.1 Conditions to Obligations of All Parties.</B> The obligations of each party to consummate the transactions contemplated by this
Agreement shall be subject to the fulfillment, at or prior to the Closing, of each of the following conditions: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) No Governmental
Authority shall have enacted, issued, promulgated, enforced or entered any Governmental Order which is in effect and has the effect of making the transactions contemplated by this Agreement illegal, otherwise restraining or prohibiting consummation
of such transactions or causing any of the transactions contemplated hereunder to be rescinded following completion thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Seller
shall have received all the Required Consents, and no such consent, authorization, order or approval shall have been revoked. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.2
Conditions to Obligations of Buyer.</B> The obligations of Buyer to consummate the transactions contemplated by this Agreement shall be subject to the fulfillment or Buyer&#146;s waiver, at or prior to the Closing, of each of the following
conditions: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The representations and warranties of Seller contained in <U>Article&nbsp;IV</U> qualified as to materiality shall be
true and correct, and those not so qualified shall be true and correct in all material respects, as of the date of this Agreement and as of the Closing Date as though made at and as of the Closing Date, except to the extent such representations and
warranties expressly relate to an earlier date (in which case such representations and warranties qualified as to materiality shall be true and correct, and those not so qualified shall be true and correct in all material respects, on and as of such
earlier date) and Buyer shall have received a certificate signed by an authorized officer of Seller (in form and substance reasonably satisfactory to Purchaser), dated the Closing Date, to such effect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Seller shall have duly performed and complied in all material respects with all agreements, covenants and conditions required by this
Agreement and each of the other Transaction Documents to be performed or complied with by it prior to or on the Closing Date. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Seller
shall have delivered to Buyer duly executed counterparts to the Transaction Documents (other than this Agreement) and such other documents and deliveries set forth in <U>Section&nbsp;3.2(a)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>6.3 Conditions to Obligations of Seller.</B> The obligations of Seller to consummate the transactions contemplated by this Agreement shall
be subject to the fulfillment or Seller&#146;s waiver, at or prior to the Closing, of each of the following conditions: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The
representations and warranties of Buyer contained in <U>Article&nbsp;V</U> qualified as to materiality shall be true and correct, and those not so qualified shall be true and correct in all material respects, as of the date of this Agreement and as
of the Closing Date as though made at and as of the Closing Date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties qualified as to materiality shall be
true and correct, and those not so qualified shall be true and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 38 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
correct in all material respects, on and as of such earlier date) and Seller shall have received a certificate signed by an authorized officer of Buyer (in form and substance reasonably
satisfactory to Purchaser), dated the Closing Date, to such effect. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Buyer shall have duly performed and complied in all material
respects with all agreements, covenants and conditions required by this Agreement and each of the other Transaction Documents to be performed or complied with by it prior to or on the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Buyer shall have delivered to Seller the Purchase Price, duly executed counterparts to the Transaction Documents (other than this
Agreement) and such other documents and deliveries set forth in <U>Section&nbsp;3.2(b)</U>. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VII </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>PRE-CLOSING COVENANTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.1 Conduct of Business Prior to the Closing</B>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) From the date hereof until the Closing, except as otherwise provided in this Agreement, <U>Schedule&nbsp;7.1</U>, or consented to in
writing by Buyer (which consent shall not be unreasonably withheld or delayed), Seller shall: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) conduct the Business
only in the Ordinary Course of Business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) use its best efforts to (A)&nbsp;preserve the present business operations,
organization (including, without limitation, management and the sales force) and goodwill of the Business, and (B)&nbsp;preserve the present relationships with any Person having business dealings with the Business (including without limitation
customers and suppliers); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) maintain (A)&nbsp;all of the Purchased Assets and Purchased Real Property in their current
condition, ordinary wear and tear excepted and (B)&nbsp;insurance upon all of the Purchased Assets and Purchased Real Property in such amounts and of such kinds comparable to that in effect on the date of this Agreement; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) (A) maintain the books, accounts and records of the Business in the Ordinary Course of Business, (B)&nbsp;continue to
collect accounts receivable and pay accounts payable associated with the Business utilizing procedures consistent with past practices and without discounting or accelerating payment of such accounts (except in the Ordinary Course of Business), and
(C)&nbsp;comply with all contractual and other obligations applicable to the operation of the Business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) comply in all
material respects with applicable Laws, including, without limitation, Environmental Laws; and </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) not take any action
which would adversely affect the ability of the parties to consummate the transactions contemplated by this Agreement. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 39 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) From the date hereof until the Closing, except as otherwise provided in this Agreement or
consented to in writing by Buyer (which consent shall not be unreasonably withheld or delayed), Seller shall not: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) (A)
materially increase the annual level of compensation of any employee of the Business, (B)&nbsp;grant any unusual or extraordinary bonus, benefit or other direct or indirect compensation to any employee, director or consultant of the Business,
(C)&nbsp;increase the coverage or benefits available under any (or create any new) severance pay, termination pay, vacation pay, company awards, salary continuation for disability, sick leave, deferred compensation, bonus or other incentive
compensation, insurance, pension or other employee benefit plan or arrangement made to, for, or with any of the directors, officers, employees, agents or representatives of the Business or otherwise modify or amend or terminate any such plan or
arrangement or (D)&nbsp;enter into any employment, deferred compensation, severance, consulting, non-competition or similar agreement (or amend any such agreement) to which Seller is a party or involving an officer or employee of the Business in his
or her capacity as an officer or employee of the Business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ii) make any loan or advance to any Person with respect to the
Business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iii) incur or assume any indebtedness with respect to the Business, the Purchased Assets or the Purchased Real
Property, except trade accounts payable incurred in the Ordinary Course of Business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(iv) make or rescind any election
relating to Taxes associated with the Business, settle or compromise any claim, action, suit, litigation, proceeding, arbitration, investigation, audit or controversy relating to Taxes associated with the Business, or except as may be required by
applicable Law or GAAP, make any material change to any of its methods of accounting or methods of reporting income or deductions for Tax associated with the Business or accounting practice or policy from those employed in the preparation of its
most recent Tax Returns associated with the Business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(v) subject to any Encumbrance or otherwise encumber or permit,
allow or suffer to be encumbered, any of the Purchased Assets or Purchased Real Property (other than Permitted Encumbrances); </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(i) sell, assign, license, transfer, convey, lease or otherwise dispose of any of the Purchased Assets (except for fair
consideration in the Ordinary Course of Business); </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vi) enter into or agree to enter into any merger or consolidation
with, any corporation or other entity with respect to the Business; </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 40 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(vii) cancel or compromise any debt or claim or waive or release any material
right of Seller with respect to the Business except in the Ordinary Course of Business; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(viii) enter into any commitment
for capital expenditures with respect to the Business, the Purchased Assets or the Purchased Real Property in excess of $100,000 for any individual commitment and $500,000 for all commitments in the aggregate; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(ix) enter into, modify or terminate any labor or collective bargaining agreement or, through negotiation or otherwise, make
any commitment or incur any liability to any labor organization; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(x) introduce any material change with respect to the
operation of the Business, including any material change in the types, nature, composition or quality of products or services, or, other than in the Ordinary Course of Business, make any change in product specifications or prices or terms of
distributions of such products; </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xi) enter into any transaction or to enter into, modify or renew any Contract with
respect to the Business, Purchased Assets or Purchased Real Property which by reason of its size or otherwise is not in the Ordinary Course of Business; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xii) enter into any Contract, understanding or commitment that restrains, restricts, limits or impedes the ability of the
Business, or the ability of Buyer, to compete with or conduct any business or line of business in any geographic area; </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xiii) terminate, amend, restate, supplement or waive any rights under any (A)&nbsp;Material Contract, Lease, personal property
lease or Intellectual Property License or (B)&nbsp;Permit; or </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:8%; text-indent:4%; font-size:10pt; font-family:Times New Roman">(xiv) agree to do anything prohibited by this
<U>Section&nbsp;7.1(b)</U> or anything which would make any of the representations and warranties of Seller in this Agreement untrue or incorrect in any material respect. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.2 Access to Information.</B> From the date hereof until the Closing, Seller shall (a) afford Buyer and its Representatives reasonable
access to and the right to inspect all of the Purchased Real Property, properties, assets, premises, Books and Records, Assigned Contracts and other documents and data related to the Business; (b) furnish Buyer and its Representatives with such
financial, operating and other data and information related to the Business as Buyer or any of its Representatives may reasonably request; and (c) instruct the Representatives of Seller to cooperate with Buyer in its investigation of the Business;
provided, however, that any such investigation shall be conducted during normal business hours upon reasonable advance notice to Seller, under the supervision of Seller&#146;s personnel and in such a manner as not to interfere with the conduct of
the Business or any other businesses of Seller. Notwithstanding anything to the contrary in this Agreement, Seller shall not be required to disclose any information to Buyer if </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 41 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
such disclosure would, in Seller&#146;s sole discretion: (x)&nbsp;cause significant competitive harm to Seller and its business, other than the Business, if the transactions contemplated by this
Agreement are not consummated; (y)&nbsp;jeopardize any attorney-client or other privilege; or (z)&nbsp;contravene any applicable Law, fiduciary duty or binding agreement entered into prior to the date of this Agreement. Prior to the Closing, without
the prior written consent of Seller, which may be withheld for any reason, Buyer shall not contact any suppliers to, or customers of, the Business. Buyer shall, and shall cause its Representatives to, abide by the terms of the </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Confidentiality Agreement with respect to any access or information provided pursuant to this <U>Section&nbsp;7.2</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>7.3 Cooperation.</B> Seller and Buyer shall use commercially reasonable efforts to give all notices to, and obtain all Required Consents;
provided, however, that Seller or Buyer shall not be obligated to pay any consideration therefor to any third party from whom consent or approval is requested. Each party shall cooperate fully with the other party and its Affiliates in promptly
seeking to obtain all such consents, authorizations, orders and approvals. The parties hereto shall not willfully take any action that will have the effect of delaying, impairing or impeding the receipt of any required consents, authorizations,
orders and approvals. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE VIII </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>POST-CLOSING COVENANTS </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.1 Non-Competition; Non-Solicitation; Confidentiality.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) For a period from the Closing Date until the third (3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP>)&nbsp;anniversary of the
Closing Date, Seller shall not and shall cause its Affiliates not to directly or indirectly, own, manage, operate, control or participate in the ownership, management, operation or control of any business, whether in corporate, proprietorship or
partnership form or otherwise, engaged in the manufacturing, marketing, selling and/or distributing of any products set forth on <U>Schedule&nbsp;8.1(a)</U> which were manufactured or distributed by the Business prior to the Closing within the
United States and Canada (a <B>&#147;Restricted Business&#148;</B>); provided, however, that the restrictions contained in this <U>Section&nbsp;8.1(a)</U> shall not restrict the acquisition by Seller, directly or indirectly, of less than 2% of the
outstanding capital stock of any publicly traded company engaged in a Restricted Business. For the avoidance of any doubt, Seller&#146;s operation of the Line Pipe Business shall not be deemed a Restricted Business; <U>provided</U>, <U>that</U>,
Seller does not manufacture, market, sell, and/or distribute products set forth on <U>Schedule 8.1(a)</U>. Furthermore, if Buyer transfers the Splendora Servicing Agreements back to Seller as contemplated by the Splendora Assignment Agreement, any
use or assignment by Seller of the Splendora Servicing Agreements shall not be deemed a Restricted Business. The parties hereto specifically acknowledge and agree that the remedy at law for any breach of the foregoing will be inadequate and that
Buyer, in addition to any other relief available to it, shall be entitled to temporary and permanent injunctive relief without the necessity of proving actual damage or posting any bond whatsoever. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) For a period from the Closing Date to the third (3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP>)&nbsp;anniversary of the Closing
Date, Seller shall not and shall cause its Affiliates not to: (i)&nbsp;cause, solicit, induce or encourage any officer or employee of Buyer to terminate his/her employment with Buyer or its Affiliates, or employ or otherwise engage any such
individual, other than pursuant to general </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 42 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
advertisements not specifically targeted at such individuals; or (ii)&nbsp;cause, induce or encourage any material client, customer, supplier, or licensor of Buyer (including any existing or
former customer of the Business) or any other Person who has a material business relationship with Buyer, to terminate or modify any such relationship with respect to the Restricted Business. Notwithstanding the foregoing, subject to
<U>Section&nbsp;8.1(a)</U>, Buyer agrees and acknowledges that Seller may engage in relationships with certain clients, customers, suppliers, or licensors of the Business in connection with its operations other than the Business (the
<B>&#147;Business Overlap&#148;</B>), and any such relationships shall not be deemed a breach of this <U>Section&nbsp;8.1(b)</U> to the extent that Seller does not otherwise violate the terms of <U>Section&nbsp;8.1</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) For a period from the Closing Date to the third (3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP>)&nbsp;anniversary of the Closing
Date, Buyer shall not and shall cause its Affiliates not to: (i)&nbsp;cause, solicit, induce or encourage any officer or employee of Seller to terminate his/her employment with Seller or its Affiliates, or employ or otherwise engage any such
individual, other than pursuant to general advertisements not specifically targeted at such individuals; or (ii)&nbsp;cause, induce or encourage any material client, customer, supplier, or licensor of Seller (including any existing or former
customer of the Business) or any other Person who has a material business relationship with Seller, to terminate or modify any such actual relationship. Notwithstanding the foregoing, Seller agrees and acknowledges that Buyer may engage in
relationships by virtue of the Business Overlap, and any such relationships shall not be deemed a breach of this <U>Section&nbsp;8.1(c)</U>. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Immediately after the Closing, the Confidentiality Agreement shall terminate with respect to any obligations of Buyer associated with
Evaluation Materials (as defined in the Confidentiality Agreement) that are included in the Purchased Assets or the Assumed Liabilities. The Confidentiality Agreement shall continue in accordance with its terms with respect to any obligations
related to Discussions or any Evaluation Materials that are not included in the Purchased Assets or the Assumed Liabilities. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) From and
after the Closing Date, Seller shall not and shall cause its Affiliates and their respective officers, and directors not to, directly or indirectly, disclose, reveal, divulge or communicate to any Person other than authorized officers, directors and
employees of Buyer or use or otherwise exploit for its own benefit or for the benefit of anyone other than the Buyer, any Confidential Information (as defined below). The Seller and its officers, directors and Affiliates shall not have any
obligation to keep confidential any Confidential Information if and to the extent disclosure thereof is specifically required by Law; <U>provided</U>, <U>however</U>, that in the event disclosure is required by applicable Law, the Seller shall, to
the extent reasonably possible, provide Buyer with prompt notice of such requirement prior to making any disclosure so that Buyer may seek an appropriate protective order. For purposes of this <U>Section&nbsp;8.1(e)</U>, <B>&#147;Confidential
Information&#148;</B> shall mean any confidential information included in the Purchased Assets, including, methods of operation, customers, customer lists, products, prices, fees, costs, technology, inventions, Trade Secrets, know-how, Software,
marketing methods, plans, personnel, suppliers, competitors, markets or other specialized information or proprietary matters. <B>&#147;Confidential Information&#148;</B> does not include, and there shall be no obligation hereunder with respect to,
information that (i)&nbsp;is generally available to the public on the date of this Agreement,(ii) becomes generally available to the public other than as a result of a disclosure not otherwise permissible thereunder, (iii)&nbsp;is not included in
the Purchased Assets or (iv)&nbsp;is subject to the Business Overlap, the Transition Services Agreement or the Splendora Servicing Agreements (if Buyer transfers the Splendora Servicing Agreements back to Seller as contemplated by the Splendora
Assignment Agreement). </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 43 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(f) The covenants and undertakings contained in this <U>Section&nbsp;8.1</U> relate to matters
which are of a special, unique and extraordinary character and a violation of any of the terms of this <U>Section&nbsp;8.1</U> will cause irreparable injury to the parties, the amount of which will be impossible to estimate or determine and which
cannot be adequately compensated. Therefore, Buyer will be entitled to an injunction, restraining order or other equitable relief from any court of competent jurisdiction in the event of any breach of this <U>Section&nbsp;8.1</U>. The rights and
remedies provided by this <U>Section&nbsp;8.1</U> are cumulative and in addition to any other rights and remedies which Buyer may have hereunder or at law or in equity. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(g) The parties hereto agree that, if any court of competent jurisdiction in a final nonappealable judgment determines that a specified time
period, a specified geographical area, a specified business limitation or any other relevant feature of this <U>Section&nbsp;8.1</U> is unreasonable, arbitrary or against public policy, then a lesser time period, geographical area, business
limitation or other relevant feature which is determined to be reasonable, not arbitrary and not against public policy may be enforced against the applicable party. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(h) Unless otherwise required by applicable Law or stock exchange requirements (based upon the reasonable advice of counsel), no party to this
Agreement shall make any public announcements in respect of this Agreement or the transactions contemplated hereby or otherwise communicate with any news media without the prior written consent of the other party (which consent shall not be
unreasonably withheld or delayed), and the parties shall cooperate as to the timing and contents of any such announcement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.2 Bulk
Sales Laws.</B> The parties hereby waive compliance with the requirements and provisions of any &#147;bulk-transfer&#148; Laws of any jurisdiction that may otherwise be applicable with respect to the sale of any or all of the Purchased Assets to the
Buyer; <U>provided</U>, <U>however</U>, that Seller agrees (a)&nbsp;to pay and discharge when due or to contest or litigate all claims of creditors which are asserted against the Buyer or the Purchased Assets by reason of Seller&#146;s
noncompliance, (b)&nbsp;to indemnify, defend and hold harmless the Buyer from and against any and all such claims based upon, attributable to or resulting from such noncompliance in the manner provided in <U>Article X</U> and (c)&nbsp;to take
promptly all necessary action to remove any Encumbrance which is placed on the Purchased Assets by reason of such noncompliance. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.3
Transfer Taxes.</B> All transfer, documentary, sales, use, stamp, registration, value added and other such Taxes and fees (including any penalties and interest) incurred in connection with this Agreement and the other Transaction Documents
(including any real property transfer Tax and any other similar Tax) shall be borne and paid by Buyer when due. Buyer shall, at its own expense, timely file any Tax Return or other document with respect to such Taxes or fees (and Seller shall
cooperate with respect thereto as necessary). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.4 Nondisparagement.</B> Each party agrees that it shall not, and shall cause each of
its Affiliates not to, at any time, in any written or oral communications with the press or other media, any customer, client, stakeholder, investor or supplier of the other party, or its Affiliate, or any other Person, criticize, ridicule, or make
or encourage any other Person to make any </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 44 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
statement that disparages, is derogatory of, or is negative toward the personal or business reputation, conduct or practices of the other party, any of its Affiliates, or any of their then
current or former respective officers, directors, employees, representatives, agents or attorneys. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.5 Further Assurances.</B>
Following the Closing, each of the parties hereto shall, and shall cause their respective Affiliates to, execute and deliver such additional documents, instruments, conveyances and assurances and take such further actions as may be reasonably
required to carry out the provisions hereof and give effect to the transactions contemplated by this Agreement and the other Transaction Documents. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.6 Preservation of Records.</B> Subject to any retention requirements relating to the preservation of Tax records, Seller and Buyer agree
that each of them shall (and shall each cause their respective Affiliates, to) preserve and keep the records held by them or their Affiliates relating to the Business for a period of seven (7)&nbsp;years from the Closing Date and shall make such
records and personnel available to the other as may be reasonably required by such party in connection with, among other things, any insurance claims by, Legal Proceedings against or governmental investigations of Seller or Buyer, or any of their
respective Affiliates (including any Legal Proceedings between Seller and Buyer, or their respective Affiliates), in order to enable Seller or Buyer to comply with their respective obligations under this Agreement and Transaction Documents, or as
otherwise may be reasonably deemed useful in the operation of the Purchased Assets after the Closing Date. In the event Seller or the Buyer wishes to destroy (or permit to be destroyed) such records after that time, such party shall first give
ninety (90)&nbsp;days prior written notice to the other and such other party shall have the right at its option and expense, upon prior written notice given to such Party within that ninety (90)&nbsp;day period, to take possession of the records
within one hundred eighty (180)&nbsp;days after the date of such notice. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.7 Prorations.</B> All real property taxes, personal
property taxes, or ad valorem obligations and similar recurring Taxes and fees on the Purchased Assets for taxable periods beginning before, and ending after, the Closing Date, shall be prorated between Buyer, on the one hand, and Seller, on the
other hand, as of the Closing Date. Seller shall be responsible for and shall pay (and shall indemnify and hold harmless the Buyer Indemnitees against) all such Taxes and fees on the Purchased Assets accruing solely during any period up to and
including the Closing Date. Buyer shall be responsible for and shall pay (and shall indemnify and hold harmless the Seller Indemnitees against) all such Taxes and fees on the Purchased Assets accruing solely during any period after the Closing Date.
With respect to Taxes described in this <U>Section&nbsp;8.7</U>, Seller shall timely file all Tax Returns due before the Closing Date with respect to such Taxes and Buyer shall prepare and timely file all Tax Returns due after the Closing Date with
respect to such Taxes. If one party remits to the appropriate taxing authority payment for Taxes, which are subject to proration under this <U>Section&nbsp;8.7</U> and such payment includes the other party&#146;s share of such Taxes, such other
party shall promptly reimburse the remitting party for its share of such Taxes. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.8 Intellectual Property Transition.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Buyer shall have a limited, non-exclusive, non-transferable, non-sublicensable license to use the name &#147;Northwest Pipe&#148; and all
associated trademarks, trade dress rights and logos (collectively, the <B>&#147;Seller Mark&#148;</B>) for the limited purpose of selling, marketing, and </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 45 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
distributing all finished goods Inventory (including all Green Pipe that is heat treated after the Closing Date) included in the Purchased Assets until the earlier of (a)&nbsp;the 12 month
anniversary of the Closing Date, and (b)&nbsp;such time as substantially all of such finished goods Inventory has been sold or becomes obsolete or unsaleable, notwithstanding the fact that the Seller Mark is an Excluded Asset. Buyer will not alter,
change or edit in any way the Seller Mark without the prior written consent of Seller. The Seller Mark will be used only in connection with the Business and will not be used for any other purpose. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Buyer shall have a limited, non-exclusive, non-transferable, non-sublicensable license to use any Operational Documents used by the
Business prior to Closing, as set forth on <U>Schedule&nbsp;8.8</U>, but not included in the Purchased Assets, provided however that Buyer shall replace all Seller Marks in such Operational Documents with the name, trademarks, trade dress rights and
logos of Buyer or its Affiliates. Neither Seller nor its Affiliates are obligated to provide support to the Buyer with respect to the Operational Documents except as otherwise set forth in the Transition Services Agreement. The Operational Documents
are furnished &#147;As Is&#148; and with all faults and Seller disclaims all warranties with regard to the Operational Documents licensed under this Section, including but not limited to all warranties, expressed or implied, of merchantability and
fitness for any particular purpose. Notwithstanding any other provision of this Agreement, Seller additionally disclaims all obligations and liabilities on the part of Seller for damages, including, but not limited to, indirect, special, and
consequential damages, attorney&#146;s and expert&#146;s fees, and court costs, arising out of or in connection with Buyer&#146;s use of the Operational Documents licensed under this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Buyer shall not use and shall cause each of its Affiliates not to use any Software or other Intellectual Property (including Intellectual
Property identified on <U>Schedule&nbsp;2.2(c)</U> (<I>Excluded Intellectual Property</I>), <U>Schedule&nbsp;2.2(j)</U> (<I>Excluded Assets (Atchison, Kansas Related)</I>), and <U>Schedule&nbsp;2.2(m)</U> (<I>Other Excluded Assets</I>)) installed or
stored on any of the Purchased Assets if such Software or other Intellectual Property is not included in the Purchased Assets or otherwise licensed to Buyer or subject to the Transition Services Agreement. Further, Buyer shall, and shall direct its
employees, agents and representatives to, as soon as is reasonably practical and in any event no later than thirty (30)&nbsp;days following the Closing, delete all such software or Intellectual Property from any of the Purchased Assets on which it
is installed and destroy any documents or tangible materials containing such software or Intellectual Property. All such software and Intellectual Property shall be subject to the confidentiality obligations set forth in <U>Section&nbsp;8.1(d)</U>
until deleted and/or destroyed. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) For the avoidance of any doubt, Buyer shall have no rights to use any Seller Marks and will not hold
itself out as having any affiliations with Seller or its Affiliates other than as set forth in this <U>Section&nbsp;8.8</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>8.9
Individual Distributor Agreement.</B> After the Closing, Buyer and Seller shall negotiate in good faith a line pipe supply agreement whereby Seller would provide Buyer Line Pipe for distribution substantially on the terms set forth on
<U>Schedule&nbsp;8.9</U> and upon such other terms and conditions, including with respect to territory, customers, buy-out, term and termination conditions, as the parties shall mutually agree. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 46 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE IX </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EMPLOYEES MATTERS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>9.1
Employee Matters.</B> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) At, prior to, or promptly following the Closing, the Buyer shall deliver, in writing, an offer of employment
(on an &#147;at will&#148; basis) to all Employees listed on <U>Schedule&nbsp;4.17(a)</U> as located at &#147;Bossier&#148; and to those Employees located at the Texas Facility listed on <U>Schedule&nbsp;9.1</U>. Each offer of employment shall be on
terms and conditions to be determined in the Buyer&#146;s sole discretion. Such individuals who accept such offer by the Closing Date are hereinafter referred to individually as a <B>&#147;Transferred Employee&#148;</B> and collectively as
<B>&#147;Transferred Employees.&#148;</B> Subject to applicable Laws, nothing in this Agreement shall require the Buyer to continue to employ the Transferred Employees at any time after the Closing Date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) Effective as of the Closing, the Transferred Employees shall cease active participation in the Benefit Plans. Except for Assumed
Liabilities, Seller shall remain liable for all eligible claims for benefits under the Benefit Plans that are incurred by the Employees prior to the Closing Date. For purposes of this Agreement, the following claims shall be deemed to be incurred as
follows: (i)&nbsp;life, accidental death and dismemberment, short-term disability, and workers&#146; compensation insurance benefits, on the event giving rise to such benefits; (ii)&nbsp;medical, vision, dental, and prescription drug benefits, on
the date the applicable services, materials or supplies were provided; and <FONT STYLE="white-space:nowrap">(iii)&nbsp;long-term</FONT> disability benefits, on the eligibility date determined by the <FONT STYLE="white-space:nowrap">long-term</FONT>
disability insurance carrier for the plan in which the applicable Employee participates. Notwithstanding the foregoing, Buyer shall be liable for any payments owed to Employees under any of the Assigned Contracts at or after Closing. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Buyer and Seller intend that the transactions contemplated by this Agreement should not constitute a separation, termination or severance
of employment of any Employee who accepts an employment offer by Buyer, and that each such Employee will have continuous employment immediately before and immediately after the Closing. Buyer shall be liable and hold the Seller harmless for any
claims relating to the employment of any Transferred Employee arising in connection with or following the Closing. Seller shall be liable and hold Buyer harmless for any claims relating to or arising in connection with the employment of any
Transferred Employee prior to the Closing, except to the extent included in the Closing Net Working Capital Amount or as set forth as Assumed Liabilities. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) This <U>Section&nbsp;9.1</U> shall be binding upon and inure solely to the benefit of each of the parties to this Agreement, and nothing
in this <U>Section&nbsp;9.1</U>, express or implied, shall confer upon any other Person any rights or remedies of any nature whatsoever under or by reason of this <U>Section&nbsp;9.1</U>. Nothing contained herein, express or implied, shall be
construed to establish, amend or modify any benefit plan, program, agreement or arrangement. The parties hereto acknowledge and agree that the terms set forth in this <U>Section&nbsp;9.1</U> shall not create any right in any Transferred Employee or
any other Person to any continued employment with Buyer or any of its Affiliates or compensation or benefits of any nature or kind whatsoever. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 47 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>9.2 Compliance with WARN Act.</B> The Buyer shall have full responsibility under the WARN Act
for any liability caused by or related to any action of the Buyer or Seller before or after the Closing, including with respect to any Employees that do not become Transferred Employees. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>9.3 Standard Procedure.</B> Pursuant to the &#147;Standard Procedure&#148; provided in section&nbsp;5 of Revenue Procedure 2004-53, 2004-34
I.R.B. 320, (i)&nbsp;Buyer and Seller shall report on a predecessor/successor basis as set forth therein, (ii)&nbsp;Seller shall not be relieved from filing a Form W-2 with respect to any Employee employed by Seller prior to the Closing Date (but
only with respect to sums earned prior to the Closing Date), and (iii)&nbsp;Buyer will undertake to file (or cause to be filed) a Form W-2 for each such Transferred Employee only with respect to the portion of the year during which such Transferred
Employee is employed by Buyer that includes the Closing Date, excluding the portion of such year that such Transferred Employee was employed by Seller. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE X </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>INDEMNIFICATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.1
Survival.</B> Subject to the limitations and other provisions of this Agreement, the representations and warranties contained herein shall survive the Closing and shall remain in full force and effect until the date that is twelve (12)&nbsp;months
after the Closing Date, provided, that the Fundamental Representations shall survive, and claims arising out of fraud, intentional misrepresentation or willful misconduct may be made, indefinitely. None of the covenants or other agreements contained
in this Agreement shall survive the Closing Date other than those which by their terms contemplate performance after the Closing Date, and each such surviving covenant and agreement shall survive the Closing for the period contemplated by its terms.
Notwithstanding the foregoing, any claims asserted in good faith with reasonable specificity (to the extent known at such time) and in writing by notice from the party making such claim to the Indemnifying Party prior to the expiration date of the
applicable survival period shall not thereafter be barred by the expiration of such survival period and such claims shall survive until finally resolved. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.2 Indemnification By Seller.</B> Subject to the other terms and conditions of this <U>Article&nbsp;X</U>, Seller shall indemnify Buyer
and its officers, directors, employees, agents, and Affiliates (each a &#147;<B>Buyer Indemnitee</B>&#148; and collectively, the &#147;<B>Buyer Indemnitees</B>&#148;) against, and shall hold the Buyer Indemnitees harmless from and against, any and
all Losses (including, without limitation, reasonable fees and expenses of legal counsel) incurred or sustained by, or imposed upon, any Buyer Indemnitee based upon, arising out of, with respect to or by reason of: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) any inaccuracy in or breach of any of the representations or warranties of Seller contained in this Agreement; </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Seller pursuant to this Agreement; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) any Excluded Asset or any Excluded Liability. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 48 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.3 Indemnification By Buyer.</B> Subject to the other terms and conditions of this
<U>Article X</U>, Buyer shall indemnify Seller and its officers, directors, employees, agents, and Affiliates (each a <B>&#147;Seller Indemnitee&#148;</B> and collectively, the <B>&#147;Seller Indemnitees&#148;</B>) against, and shall hold the
Seller Indemnitees harmless from and against, any and all Losses (including, without limitation, reasonable fees and expenses of legal counsel) incurred or sustained by, or imposed upon, any Seller Indemnitee based upon, arising out of, with respect
to or by reason of: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) any inaccuracy in or breach of any of the representations or warranties of Buyer contained in this Agreement;
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) any breach or non-fulfillment of any covenant, agreement or obligation to be performed by Buyer pursuant to this Agreement; or </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) any Purchased Asset or Assumed Liability. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.4 Certain Limitations.</B> The party making a claim under this <U>Article&nbsp;X</U> is referred to as the <B>&#147;Indemnified
Party,&#148;</B> and the party against whom such claims are asserted under this <U>Article&nbsp;X</U> is referred to as the &#147;<B>Indemnifying Party</B>.&#148; The indemnification provided for in <U>Section&nbsp;10.2</U> and
<U>Section&nbsp;10.3</U> shall be subject to the following limitations: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) The Indemnifying Party shall not be liable to the Indemnified
Party for indemnification under <U>Section&nbsp;10.2(a)</U> or <U>Section&nbsp;10.3(a)</U>, as the case may be, until the aggregate amount of all Losses in respect of indemnification under <U>Section&nbsp;10.2(a)</U> or <U>Section&nbsp;10.3(a)</U>,
as the case may be, exceeds Four Hundred Thirty Thousand and No/100 Dollars ($430,000) (the <B>&#147;Basket&#148;</B>), in which event the Indemnifying Party shall be required to pay or be liable for all such Losses from the first dollar;
<U>provided</U>, <U>however</U>, that the Basket shall not apply to (i)&nbsp;claims in respect of any Fundamental Representation, and (ii)&nbsp;any claims arising out of fraud, intentional misrepresentation or willful misconduct. With respect to any
claim as to which the Indemnified Party may be entitled to indemnification under <U>Section&nbsp;10.2(a)</U> or <U>Section&nbsp;10.3(a)</U>, as the case may be, the Indemnifying Party shall not be liable for any individual or series of related
Losses which do not exceed Forty Three Thousand and No/100 Dollars ($43,000) (which Losses shall not be counted toward the Basket). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b)
Except as described in the following sentence, the aggregate amount of all Losses for which an Indemnifying Party shall be liable pursuant to <U>Section&nbsp;10.2(a)</U> or <U>Section&nbsp;10.3(a)</U>, as the case may be, shall not exceed Six
Million Four Hundred Fifty Thousand and No/100 Dollars ($6,450,000). With respect to any other claims under this <U>Article&nbsp;X</U>, including claims in respect of any Fundamental Representation, and any claims arising out of fraud, intentional
misrepresentation or willful misconduct, Buyer&#146;s claims shall be limited to the amount of the aggregate consideration paid or payable to the Seller pursuant to this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Buyer shall not be entitled to make any claim for indemnification with respect to any matter to the extent the Final Purchase Price has
been adjusted to reflect such matter. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) Each Indemnified Party shall take, and cause its Affiliates to take, all reasonable steps to
mitigate any Loss upon becoming aware of any event or circumstance that would be reasonably expected to, or does, give rise thereto, including incurring costs only to the minimum extent necessary to remedy the breach that gives rise to such Loss.
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 49 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(e) Solely for purposes of calculating the amount of Losses related to any breach hereunder (but
not for purposes of determining whether a representation or warranty has been breached), any materiality or Material Adverse Effect qualifications, or similar qualifications contained in the representations, warranties, covenants and agreements
shall be disregarded. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.5 Indemnification Procedures. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) <B>Third Party Claims</B>. If any Indemnified Party receives notice of the assertion or commencement of any Legal Proceeding by any Person
who is not a party to this Agreement or an Affiliate of a party to this Agreement or a Representative of the foregoing (a <B>&#147;Third Party Claim&#148;</B>) against such Indemnified Party with respect to which the Indemnifying Party is obligated
to provide indemnification under this Agreement, the Indemnified Party shall give the Indemnifying Party reasonably prompt written notice thereof, but in any event not later than thirty&nbsp;(30) calendar days after receipt of such notice of such
Third Party Claim. The failure to give such prompt written notice shall not, however, relieve the Indemnifying Party of its indemnification obligations, except and only to the extent that the Indemnifying Party forfeits rights or defenses by reason
of such failure. Such notice by the Indemnified Party shall describe the Third Party Claim in reasonable detail, shall include copies of all material written evidence thereof and shall indicate the estimated amount, if reasonably practicable, of the
Loss that has been or may be sustained by the Indemnified Party. The Indemnifying Party shall have the right to participate in, or by giving written notice to the Indemnified Party within thirty (30)&nbsp;days of the Indemnifying Party&#146;s
receipt of the notice of such Third Party Claim (or sooner if the nature of the Third Party Claim so requires), to assume the defense of any such Third Party Claim at the Indemnifying Party&#146;s expense and by the Indemnifying Party&#146;s own
counsel; <U>provided</U>, <U>however</U>, that the Indemnifying Party shall not be entitled to assume the defense of any Third Party Claim (unless otherwise agreed to in writing by the Indemnified Party) if (i)&nbsp;the Third Party Claim relates to
any criminal proceeding, indictment, allegation or investigation, (ii)&nbsp;the Third Party Claim primarily seeks an injunction or non-monetary or equitable relief against the Indemnified Party which would materially interfere with the Indemnified
Party&#146;s operations, (iii)&nbsp;the amount in dispute exceeds the maximum amount for which the defending party can then be liable pursuant to this <U>Article&nbsp;X</U> in light of the limitations on indemnification contained in this
<U>Article&nbsp;X</U>, if applicable, (iv)&nbsp;the Indemnifying Party does not agree in writing that it is obligated to pay all Losses arising from or related to such Third Party Claim subject only to the limitations on indemnification contained in
this Article X, if applicable, (iv)&nbsp;the Indemnifying Party does not, upon assumption of such defense in accordance with this <U>Section&nbsp;10.5(a)</U>, conduct the defense of such Third Party Claim actively and diligently (in which case, the
Indemnifying Party shall cease to control such Third Party Claim), or (v)&nbsp;such Third Party Claim includes as the named parties in any such claim both the Indemnifying Party and the Indemnified Party and the Indemnifying Party or the Indemnified
Party reasonably determine upon the advice of counsel that representation of both parties by the same counsel would be prohibited by applicable codes of professional conduct. In the event that the Indemnifying Party assumes the defense of any Third
Party Claim, the Indemnified Party shall cooperate in good faith in such defense. Further, subject to <U>Section&nbsp;10.5(b)</U>, the Indemnifying Party shall have the right to take such action as it
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 50 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
deems necessary to avoid, dispute, defend, appeal or make counterclaims pertaining to any such Third Party Claim in the name and on behalf of the Indemnified Party. The Indemnified Party shall
have the right to participate in the defense of any Third Party Claim with counsel selected by it subject to the Indemnifying Party&#146;s right to control the defense thereof. The fees and disbursements of such counsel shall be at the expense of
the Indemnified Party, provided, however, that if in the reasonable opinion of counsel to the Indemnified Party, (A)&nbsp;there are legal defenses available to an Indemnified Party that are different from or additional to those available to the
Indemnifying Party; or (B)&nbsp;there exists a conflict of interest between the Indemnifying Party and the Indemnified Party that cannot be waived, the Indemnifying Party shall be liable for the reasonable fees and expenses of counsel to the
Indemnified Party. If the Indemnifying Party elects not to compromise or defend such Third Party Claim, fails to timely notify the Indemnified Party in writing of its election to defend as provided in this Agreement, or fails to diligently prosecute
the defense of such Third Party Claim, the Indemnified Party may, subject to <U>Section&nbsp;10.5(b)</U>, pay, compromise, defend such Third Party Claim and seek indemnification for any and all Losses based upon, arising from or relating to such
Third Party Claim. Buyer and Seller shall cooperate with each other in all reasonable respects in connection with the defense of any Third Party Claim, including making available records relating to such Third Party Claim and furnishing, without
expense (other than reimbursement of actual <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">out-of-pocket</FONT></FONT> expenses) to the defending party, management employees of the
<FONT STYLE="white-space:nowrap">non-defending</FONT> party as may be reasonably necessary for the preparation of the defense of such Third Party Claim. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) <B>Settlement of Third Party Claims.</B> Notwithstanding any other provision of this Agreement, the Indemnifying Party shall not enter
into settlement of any Third Party Claim without the prior written consent of the Indemnified Party, except as provided in this Section 10.5(b). If a firm offer is made to settle a Third Party Claim without leading to Liability or the creation of a
financial or other obligation on the part of the Indemnified Party and provides, in customary form, for the unconditional release of each Indemnified Party from all liabilities and obligations in connection with such Third Party Claim, and does not
require the Indemnified Party to perform any covenant or refrain from engaging in any material operational activity, and the Indemnifying Party desires to accept and agree to such offer, the Indemnifying Party shall give written notice to that
effect to the Indemnified Party. If the Indemnified Party fails to consent to such firm offer within ten (10) days after its receipt of such notice, the Indemnified Party may continue to contest or defend such Third Party Claim, assuming the defense
thereof is not already assumed pursuant to Section 10.5(a), and in such event, the maximum Liability of the Indemnifying Party as to such Third Party Claim shall not exceed the amount of such settlement offer and the amount the Losses already
incurred by the Indemnified Party. If the Indemnified Party fails to consent to such firm offer or fails to assume defense of such Third Party Claim, the Indemnifying Party may settle the Third Party Claim upon the terms set forth in such firm offer
to settle such Third Party Claim. If the Indemnified Party has assumed the defense pursuant to Section 10.5(a), it shall not agree to any settlement without the written consent of the Indemnifying Party (which consent shall not be unreasonably
withheld or delayed). </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) <B>Direct Claims</B>. Any claim by an Indemnified Party on account of a Loss which does not result from a Third
Party Claim (a <B>&#147;Direct Claim&#148;</B>) shall be asserted by the Indemnified Party giving the Indemnifying Party reasonably prompt written notice thereof. If a Direct Claim arises more than twelve months after the Closing, the Indemnified
Party shall </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 51 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
provide prompt written notice of such Direct Claim no later than sixty (60)&nbsp;days after the Indemnified Party becomes aware of such Direct Claim; <U>provided</U>, <U>however</U>, that the
Indemnified Party&#146;s failure to deliver such timely notice shall not affect the Indemnified Party&#146;s right to indemnification from the Indemnifying Party for such Direct Claim, except and only to the extent that the Indemnifying Party is
prejudiced by reason of such failure. Any such notice by the Indemnified Party shall describe the Direct Claim in reasonable detail, and shall indicate the estimated amount of the Loss that has been or may be sustained by the Indemnified Party. The
Indemnifying Party shall have thirty&nbsp;(30) days after its receipt of such notice to respond in writing to such Direct Claim. The Indemnified Party shall allow the Indemnifying Party and its professional advisors to investigate the matter or
circumstance alleged to give rise to the Direct Claim, and whether and to what extent any amount is payable in respect of the Direct Claim, and the Indemnified Party shall assist the Indemnifying Party&#146;s investigation by giving such information
as the Indemnifying Party or its professional advisors may reasonably request (provided that the Indemnifying Party and its professional advisors have executed a customary confidentiality agreement reasonably requested by the Indemnified Party in
connection thereto). If the Indemnifying Party does not so respond within such thirty&nbsp;(30) day period, the Indemnifying Party shall be deemed to have rejected such claim. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.6 Payment; Escrow.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) Any payment obligated to be made to any Buyer Indemnitee to satisfy any claim by a Buyer Indemnitee for indemnification under this
<U>Article&nbsp;X</U> (each, a <B>&#147;Buyer Indemnification Claim&#148;</B>) shall be paid initially from the Escrow Fund. After the resolution of the Buyer Indemnification Claim in favor of the Buyer Indemnitee, Seller and Buyer shall deliver
within five (5)&nbsp;Business Days after such resolution a written instrument signed by Seller and Buyer to the Escrow Agent, and the Escrow Agent shall release, in accordance with the Escrow Agreement, to the applicable Buyer Indemnitee as set
forth in such notice, the amount, if any, payable to the applicable Buyer Indemnitee as set forth in such notice in connection with such resolved Buyer Indemnification Claim. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) On the twelve (12)&nbsp;month anniversary of the Closing Date, the Escrow Agent shall release the Escrow Funds plus all accrued interest
thereon (to the extent not utilized to pay any Buyer Indemnitee for any Buyer Indemnitee Claim) to Seller, except that the Escrow Agent shall retain an amount (up to the total amount then held by the Escrow Agent) equal to the amount of all claims
for indemnification under this <U>Article&nbsp;X</U> asserted in accordance with <U>Section&nbsp;10.5</U> prior to the twelve (12)&nbsp;month anniversary of the Closing Date but not yet resolved (<B>&#147;Unresolved Claims&#148;</B>). The Escrow
Funds retained for Unresolved Claims shall be released by the Escrow Agent (to the extent not utilized to pay the Buyer Indemnitees for any such claims resolved in favor of the Buyer Indemnitees) upon their resolution in accordance with this
<U>Article&nbsp;X</U> and the terms of the Escrow Agreement. Each release of funds from the Escrow Account shall be made in accordance with this <U>Article&nbsp;X</U> and the terms of the Escrow Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) Once a Loss is agreed to by the Indemnifying Party or finally adjudicated to be payable pursuant to this <U>Article&nbsp;X</U>, and is not
otherwise payable through the Escrow Fund, the Indemnifying Party shall satisfy its obligations within fifteen (15)&nbsp;Business Days of such agreement or final, non-appealable adjudication by wire transfer of immediately available funds. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 52 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.7 Tax Treatment of Indemnification Payments</B><B>.</B> All indemnification payments made
under this Agreement shall be treated by the parties as an adjustment to the Purchase Price for Tax purposes, unless otherwise required by Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>10.8 Exclusive Remedies</B><B>.</B> Subject to <U>Section&nbsp;12.11</U>, the parties acknowledge and agree that their sole and exclusive
remedy with respect to any and all claims (other than claims arising from fraud, intentional misrepresentation or willful misconduct on the part of a party hereto in connection with the transactions contemplated by this Agreement) for any breach of
any representation, warranty, covenant, agreement or obligation set forth herein or otherwise relating to the subject matter of this Agreement, shall be pursuant to the indemnification provisions set forth in this <U>Article&nbsp;X</U>. In
furtherance of the foregoing, each party hereby waives, to the fullest extent permitted under Law, any and all rights, claims and causes of action for any breach of any representation, warranty, covenant, agreement or obligation set forth herein or
otherwise relating to the subject matter of this Agreement it may have against the other parties hereto and their Affiliates and each of their respective Representatives arising under or based upon any Law, except pursuant to the indemnification
provisions set forth in this <U>Article&nbsp;X</U>. Nothing in this <U>Section&nbsp;10.8</U> shall limit any Person&#146;s right to seek and obtain any equitable relief to which any Person shall be entitled pursuant to <U>Section&nbsp;12.11</U>, to
seek any remedy on account of any fraud by any party hereto or to seek to enforce a remedy as provided for herein. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE XI </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>TERMINATION </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>11.1
Termination</B><B>.</B> This Agreement may be terminated at any time prior to the Closing: </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) by the mutual written consent of Seller
and Buyer; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) by Buyer by written notice to Seller if: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) Buyer is not then in material breach of any provision of this Agreement and there has been a material breach, inaccuracy in or failure to
perform any representation, warranty, covenant or agreement made by Seller pursuant to this Agreement that would give rise to the failure of any of the conditions specified in <U>Article&nbsp;VI</U> and such breach, inaccuracy or failure cannot be
cured by Seller by the Drop Dead Date; or </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) any of the conditions set forth in <U>Section&nbsp;6.1</U> or <U>Section&nbsp;6.2</U>
shall not have been fulfilled by the Drop Dead Date, unless such failure shall be due to the failure of Buyer to perform or comply with any of the covenants, agreements or conditions hereof to be performed or complied with by it prior to the
Closing; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(c) by Seller by written notice to Buyer if: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) Seller is not then in material breach of any provision of this Agreement and there has been a material breach, inaccuracy in or failure
to perform any representation, warranty, covenant or agreement made by Buyer pursuant to this Agreement that would give rise to the failure of any of the conditions specified in <U>Article&nbsp;VI</U> and such breach, inaccuracy or failure cannot be
cured by Buyer by the Drop Dead Date; or </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 53 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) any of the conditions set forth in <U>Section&nbsp;6.1</U> or <U>Section&nbsp;6.3</U> shall
not have been fulfilled by the Drop Dead Date, unless such failure shall be due to the failure of Seller to perform or comply with any of the covenants, agreements or conditions hereof to be performed or complied with by it prior to the Closing; or
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(d) by Buyer or Seller in the event that: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(i) there shall be any Law that makes consummation of the transactions contemplated by this Agreement illegal or otherwise prohibited; or
</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:13%; font-size:10pt; font-family:Times New Roman">(ii) any Governmental Authority shall have issued a Governmental Order restraining or enjoining the transactions contemplated by this
Agreement, and such Governmental Order shall have become final and <FONT STYLE="white-space:nowrap">non-appealable.</FONT> </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>11.2 Effect
of Termination.</B> In the event of the termination of this Agreement in accordance with this <U>Article&nbsp;XI</U>, this Agreement shall forthwith become void and there shall be no Liability on the part of any party hereto except: </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) as set forth in this <U>Article&nbsp;XI</U> and <U>Article&nbsp;XII</U> hereof; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) that nothing herein shall relieve any party hereto from Liability for any intentional breach of any provision hereof. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE XII </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>MISCELLANEOUS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.1
Expenses.</B> Except as otherwise expressly provided herein (including <U>Section&nbsp;8.3</U> hereof), all costs and expenses, including, without limitation, fees and disbursements of counsel, financial advisors and accountants, incurred in
connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses, whether or not the Closing shall have occurred; <U>provided</U>, <U>however</U><I>,</I> that Seller shall pay all
amounts payable to Raymond James&nbsp;&amp; Associates, Inc. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 54 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.2 Notices.</B> All notices, requests, consents, claims, demands, waivers and other
communications hereunder shall be in writing and shall be deemed to have been given (a)&nbsp;when delivered by hand (with written confirmation of receipt); (b)&nbsp;when received by the addressee if sent by a nationally recognized overnight courier
(receipt requested); (c)&nbsp;on the date sent by facsimile or e-mail of a PDF document (with confirmation of receipt) if sent during normal business hours of the recipient, and on the next Business Day if sent after normal business hours of the
recipient or (d)&nbsp;on the third (3<SUP STYLE="font-size:85%; vertical-align:top">rd</SUP>)&nbsp;day after the date mailed, by certified or registered mail, return receipt requested, postage prepaid. Such communications must be sent to the
respective parties at the following addresses (or at such other address for a party as shall be specified in a notice given in accordance with this <U>Section&nbsp;12.2</U>): </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="37%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="54%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If to Seller:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3">Northwest Pipe Company</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3">5721 SE Columbia Way, Suite 200</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3">Vancouver, WA 98661</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Richard Baum</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">(360) 397-6257</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">with a copy to:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3">Ater Wynne LLP</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3">1331 NW Lovejoy Street, Suite 900</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3">Portland, OR 97209</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Gregory E. Struxness</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">(503) 226-0079</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">If to Buyer:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3">Centric Pipe, LLC</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3">3626 N. Hall St, Suite 910</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3">Dallas, Texas 75219</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">(214) 526-1503</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">E-mail:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">mfielding@sbisteel.com</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Michael Fielding</TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="4"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">with a copy to:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3">Wick Phillips Gould &amp; Martin, LLP</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3">2100 Ross Avenue, Suite 950</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom" COLSPAN="3">Dallas, Texas 75201</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Facsimile:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">(214) 692-6255</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">E-mail:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">brad.mahanay@wickphillips.com</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Attention:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Bradley K. Mahanay</TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.3 Interpretation.</B> For purposes of this Agreement, (a)&nbsp;the words &#147;include,&#148;
&#147;includes&#148; and &#147;including&#148; shall be deemed to be followed by the words &#147;without limitation&#148;; (b)&nbsp;the word &#147;or&#148; is not exclusive; and (c)&nbsp;the words &#147;herein,&#148; &#147;hereof,&#148;
&#147;hereby,&#148; &#147;hereto&#148; and &#147;hereunder&#148; refer to this Agreement as a whole. Unless the context otherwise requires, references herein: (x)&nbsp;to Articles, Sections, Disclosure Schedules and Exhibits mean the Articles and
Sections of, and Disclosure Schedules and Exhibits attached to, this Agreement; (y)&nbsp;to an agreement, instrument or other document means such agreement, instrument or other document as amended, supplemented and modified from time to time to the
extent permitted by the provisions thereof and (z)&nbsp;to a statute means such statute as amended from time to time and includes any successor legislation thereto and any regulations promulgated thereunder. This Agreement shall be construed without
regard to any presumption or rule requiring construction or interpretation against the party drafting an instrument or causing any instrument to be drafted. The Disclosure Schedules and Exhibits referred to herein shall be construed with, and as an
integral part of, this Agreement to the same extent as if they were set forth verbatim herein. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.4 Headings.</B> The headings in this
Agreement are for reference only and shall not affect the interpretation of this Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.5 Severability.</B> If any term or
provision of this Agreement is invalid, illegal or unenforceable in any jurisdiction, such invalidity, illegality or unenforceability shall not affect any other term or provision of this Agreement or invalidate or render unenforceable such term or
</P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 55 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
provision in any other jurisdiction. Upon such determination that any term or other provision is invalid, illegal or unenforceable, the parties hereto shall negotiate in good faith to modify this
Agreement so as to effect the original intent of the parties as closely as possible in a mutually acceptable manner in order that the transactions contemplated hereby be consummated as originally contemplated to the greatest extent possible. With
respect to any restrictive covenant set forth in <U>Article&nbsp;VIII</U> (each a &#147;<B>Restrictive Covenant</B>&#148;), if any court of competent jurisdiction determines that any Restrictive Covenant is unenforceable, Buyer and Seller stipulate
that the Restrictive Covenant shall remain in full force and effect for the greatest time period, with respect to the broadest type of activities described, and in the greatest geographic area that would render it enforceable. Further, if any
Restrictive Covenant is found to be unenforceable, Buyer and Seller shall fully cooperate to seek reformation of the Restrictive Covenant to be enforceable to the greatest extent permitted under Texas law.&nbsp;Buyer and Seller expressly stipulate
that the obligations of Buyer and Seller provided herein are full and adequate consideration for the Restrictive Covenants, and for Buyer&#146;s and Seller&#146;s obligations under this Section. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.6 Entire Agreement.</B> This Agreement, the Confidentiality Agreement, and the other Transaction Documents constitute the sole and
entire agreement of the parties to this Agreement with respect to the subject matter contained herein and therein, and supersede all prior and contemporaneous representations, warranties, understandings and agreements, both written and oral, with
respect to such subject matter. In the event of any inconsistency between the statements in the body of this Agreement and those in the other Transaction Documents, the Exhibits and Disclosure Schedules (other than an exception expressly set forth
as such in the Disclosure Schedules), the statements in the body of this Agreement will control. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.7 Successors and Assigns.</B> This
Agreement shall be binding upon and shall inure to the benefit of the parties hereto and their respective successors and permitted assigns. Neither party may assign its rights or obligations hereunder without the prior written consent of the other
party; <U>provided</U>, <U>however</U>, that Buyer may assign or pledge any and all of its rights hereunder as security to any Person from which it has or will borrow money in connection with the Purchased Assets without the consent of Seller (and
Seller shall not unreasonably withhold consent with respect to any other Person from which Buyer has or will borrow money). No assignment shall relieve the assigning party of any of its obligations hereunder. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.8 No Third Party Beneficiaries.</B> This Agreement is for the sole benefit of the parties hereto and their respective successors and
permitted assigns and nothing herein, express or implied, is intended to or shall confer upon any other Person or entity any legal or equitable right, benefit or remedy of any nature whatsoever under or by reason of this Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.9 Amendment and Modification; Waiver.</B> This Agreement may only be amended, modified or supplemented by an agreement in writing signed
by each party hereto. No waiver by any party of any of the provisions hereof shall be effective unless explicitly set forth in writing and signed by the party so waiving. No waiver by any party shall operate or be construed as a waiver in respect of
any failure, breach or default not expressly identified by such written waiver, whether of a similar or different character, and whether occurring before or after that waiver. No failure to exercise, or delay in exercising, any right, remedy, power
or privilege arising from this Agreement shall operate or be construed as a waiver thereof; nor shall any single or partial exercise of any right, remedy, power or privilege hereunder preclude any other or further exercise thereof or the exercise of
any other right, remedy, power or privilege. </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 56 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.10 Governing Law; Submission to Jurisdiction; Waiver of Jury Trial.</B> </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(a) This Agreement shall be governed by, and construed in accordance with, the laws of the state of Texas applicable to contracts executed in
and to be performed entirely within such state. Each of the parties to this Agreement hereby irrevocably and unconditionally submits, for itself and its assets and properties, to the exclusive jurisdiction of any Texas State court, or Federal court
of the United States of America, sitting within the County of Harris in the State of Texas, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this Agreement, the agreements delivered in connection
with this Agreement, or the transactions contemplated hereby or thereby, or for recognition or enforcement of any judgment relating thereto, and each of the parties to this Agreement hereby irrevocably and unconditionally (i)&nbsp;agrees not to
commence any such action or proceeding except in such courts, (ii)&nbsp;agrees that any claim in respect of any such action or proceeding may be heard and determined in such Texas State court or, to the extent permitted by Law, in such Federal
court, (iii)&nbsp;waives, to the fullest extent it may legally and effectively do so, any objection which it may now or hereafter have to the laying of venue of any such action or proceeding in any such Texas State or Federal court and
(iv)&nbsp;waives, to the fullest extent permitted by Law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such Texas State or Federal court. Each of the parties to this Agreement hereby agrees that a final
judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any other manner provided by Law. Each of the parties to this Agreement hereby irrevocably consents to service of
process in the manner provided for in the notices in <U>Section&nbsp;12.2</U>. Nothing in this Agreement shall affect the right of any party to this Agreement to serve process in any other manner permitted by applicable Law. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:8%; font-size:10pt; font-family:Times New Roman">(b) EACH PARTY ACKNOWLEDGES AND AGREES THAT ANY CONTROVERSY WHICH MAY ARISE UNDER THIS AGREEMENT OR THE OTHER TRANSACTION DOCUMENTS IS LIKELY
TO INVOLVE COMPLICATED AND DIFFICULT ISSUES AND, THEREFORE, EACH SUCH PARTY IRREVOCABLY AND UNCONDITIONALLY WAIVES ANY RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LEGAL ACTION ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER
TRANSACTION DOCUMENTS OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY. EACH PARTY TO THIS AGREEMENT CERTIFIES AND ACKNOWLEDGES THAT (A)&nbsp;NO REPRESENTATIVE OF ANY OTHER PARTY HAS REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH OTHER PARTY WOULD
NOT SEEK TO ENFORCE THE FOREGOING WAIVER IN THE EVENT OF A LEGAL ACTION, (B)&nbsp;SUCH PARTY HAS CONSIDERED THE IMPLICATIONS OF THIS WAIVER, (C)&nbsp;SUCH PARTY MAKES THIS WAIVER VOLUNTARILY, AND (D)&nbsp;SUCH PARTY HAS BEEN INDUCED TO ENTER INTO
THIS AGREEMENT BY, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS IN THIS <U>SECTION&nbsp;12.10(b)</U>. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.11 Specific
Performance.</B> Each of the parties to this Agreement acknowledges and agrees that the other parties to this Agreement would be irreparably damaged in the event that </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 57 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">
any of the terms or provisions of this Agreement are not performed in accordance with their specific terms or otherwise are breached. Therefore, notwithstanding anything to the contrary set forth
in this Agreement, each of the parties to this Agreement hereby agrees that (a)&nbsp;the parties to this Agreement shall be entitled to obtain an injunction or injunctions to prevent breaches of any of the terms or provisions of this Agreement, and
to enforce specifically the performance by each other party hereto under this Agreement, (b)&nbsp;the provisions set forth in <U>Article&nbsp;X</U> (Indemnification) (i)&nbsp;are not intended to and do not adequately compensate for the harm that
would result from a breach of this Agreement and (ii)&nbsp;shall not be construed to diminish or otherwise impair in any respect any party&#146;s rights to specific enforcement, and (c)&nbsp;the right of specific enforcement is an integral part of
the transactions contemplated by this Agreement and without that right, neither Buyer nor Seller would have entered into this Agreement. Each party to this Agreement hereby agrees to waive the defense in any such suit that the other parties to this
Agreement have an adequate remedy at law and to interpose no opposition, legal or otherwise, as to the propriety of injunction or specific performance as a remedy, and hereby agrees to waive any requirement to post any bond in connection with
obtaining such relief. The equitable remedies described in this <U>Section&nbsp;12.11</U> shall be in addition to, and not in lieu of, any other remedies at law or in equity that the parties to this Agreement may elect to pursue. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.12 Counterparts.</B> This Agreement may be executed in counterparts, each of which shall be deemed an original, but all of which
together shall be deemed to be one and the same agreement. A signed copy of this Agreement delivered by facsimile, <FONT STYLE="white-space:nowrap">e-mail</FONT> or other means of electronic transmission shall be deemed to have the same legal effect
as delivery of an original signed copy of this Agreement. In the event that any signature is delivered via facsimile transmission or as an attachment to electronic mail, such signature shall create a valid and binding obligation of the party
executing such counterpart, with the same force and effect as if such signature were an original thereof. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>12.13 <FONT
STYLE="white-space:nowrap">Non-recourse.</FONT></B> This Agreement may only be enforced against, and any claim, action, suit or other Legal Proceeding based upon, arising out of, or related to this Agreement, or the negotiation, execution or
performance of this Agreement, may only be brought against the entities that are expressly named as parties hereto and then only with respect to the specific obligations set forth herein with respect to such party. No past, present or future
director, officer, employee, incorporator, manager, member, partner, stockholder, Affiliate, agent, attorney or other Representative of any party hereto or of any Affiliate of any party hereto, or any of their successors or permitted assigns, shall
have any Liability for any obligations or liabilities of any party hereto under this Agreement or for any claim, action, suit or other Legal Proceeding based on, in respect of or by reason of the transactions contemplated hereby. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">[SIGNATURE PAGE FOLLOWS] </P>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page 58 &#150; ASSET PURCHASE AGREEMENT
</P>


<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date
first written above by their respective officers thereunto duly authorized. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt">


<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom"></TD>
<TD WIDTH="85%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>NORTHWEST PIPE COMPANY</B></P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">an Oregon corporation</P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR>
<TD HEIGHT="32" COLSPAN="3"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>CENTRIC PIPE, LLC</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">a Texas limited liability company</P></TD></TR>
<TR>
<TD HEIGHT="16"></TD>
<TD HEIGHT="16" COLSPAN="2"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">By</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">&nbsp;</P></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Name:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Title:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="top"></TD></TR>
</TABLE></DIV>
 <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Signature Page &#150; ASSET PURCHASE
AGREEMENT </P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>3
<FILENAME>d705139dex991.htm
<DESCRIPTION>EX-99.1
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.1</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.1 </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="margin-top:0pt;margin-bottom:0pt" ALIGN="center">


<IMG SRC="g705139g37w02.jpg" ALT="LOGO">
 </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>March&nbsp;31, 2014</B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<P STYLE="line-height:3.0pt;margin-top:0pt;margin-bottom:2pt;border-bottom:1px solid #000000">&nbsp;</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NORTHWEST PIPE ANNOUNCES THE SALE
OF ITS OCTG BUSINESS TO CENTRIC PIPE, LLC </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Vancouver, WA, March&nbsp;31, 2014. Northwest Pipe Company (NASDAQ: NWPX) today announced it has sold
substantially all of its oil country tubular goods (&#147;OCTG&#148;) assets to Centric Pipe, LLC, an affiliate of Dallas-based OCTG supplier SB International, Inc., for a purchase price of $42.7 million. The Company will retain ownership of, and
lease to Centric Pipe its Houston, Texas real property. Centric Pipe will have the option to purchase the Houston real property at a later date. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">&#147;After reviewing a full range of alternatives for our OCTG business, we determined that a sale to Centric Pipe provided the best outcome for the Company,
our shareholders, and our employees,&#148; said Scott Montross, Northwest Pipe President and CEO. &#147;This divestiture will enable us to increase our focus on growing our core Water Transmission business, while placing these assets in the hands of
an experienced OCTG company with global relationships. This announcement in no way affects the Company&#146;s commitment to and continued investment in our Atchison, Kansas line pipe facility which is on schedule to complete a major expansion
project.&#148; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Raymond James&nbsp;&amp; Associates, Inc. served as exclusive financial advisor to Northwest Pipe in connection with this transaction and
assisted in the review of strategic alternatives for the OCTG business. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>About Northwest Pipe Company </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Northwest Pipe Company is a leading manufacturer of welded steel pipe and tube products. The Tubular Products Group operates a state of the art electric
resistance weld mill facility. The Tubular Products portfolio serves a wide-range of markets and its quality certified pipe and tube products are good for applications including: oil and gas, structural industrial, fire protection, low pressure and
agricultural. The Water Transmission Group is the largest manufacturer of engineered steel pipe water systems in North America. With eight Water Transmission manufacturing facilities, the Group is positioned to meet North America&#146;s growing
needs for water and wastewater infrastructure. The Water Transmission Group serves a wide-range of markets and their solution-based products are a perfect fit for applications including: water transmission, plant piping, energy, tunnels, river
crossings, structural, industrial and construction. The Company is headquartered in Vancouver, Washington and has manufacturing facilities in the United States and Mexico. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Forward-Looking Statements </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Statements in
this press release by Scott Montross are &#147;forward-looking&#148; statements within the meaning of the Securities Litigation Reform Act of 1995 and Section&nbsp;21E of the Exchange Act that are based on current expectations, estimates and
projections about our business, management&#146;s beliefs, and assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes
and results may differ materially from what is expressed or forecasted in such forward-looking statements as a result of a variety of important factors. While it is impossible to identify all such factors, those that could cause actual results to
differ materially from those estimated by us include changes in demand and market prices for our products, product mix, bidding activity, the timing of customer orders and deliveries, production schedules, the price and availability of raw
materials, excess or shortage of production capacity, international trade policy and regulations and other risks discussed in our Annual Report on Form 10-K for the year ended December&nbsp;31, 2013 and from time to time in our other Securities and
Exchange Commission filings and reports. Such forward-looking statements speak only as of the date on which they are made and we do not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the
date of this release. If we do update or correct one or more forward-looking statements, investors and others should not conclude that we will make additional updates or corrections with respect thereto or with respect to other forward-looking
statements. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="9%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="89%"></TD></TR>


<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top">CONTACT:</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">Robin Gantt, Chief Financial Officer</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">360-397-6250</TD></TR>
</TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>4
<FILENAME>d705139dex992.htm
<DESCRIPTION>EX-99.2
<TEXT>
<HTML><HEAD>
<TITLE>EX-99.2</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 99.2 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NORTHWEST PIPE COMPANY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONDENSED CONSOLIDATED PRO FORMA FINANCIAL STATEMENTS (Unaudited) </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The following unaudited condensed consolidated pro forma financial statements should be read in conjunction with the consolidated financial statements of
Northwest Pipe Company (the &#147;Company&#148;) included in its Annual Report on Form 10-K for the year ended December&nbsp;31, 2013. The unaudited condensed consolidated pro forma financial statements have been prepared to give effect to the sale
of substantially all of the assets and liabilities associated with the oil country tubular goods (&#147;OCTG&#148;) business as if the transaction had occurred on December 31, 2013 for purposes of the unaudited condensed consolidated pro forma
balance sheet, and as of January 1, 2013 for purposes of the unaudited condensed consolidated pro forma statement of operations. Such information has been prepared based upon currently available information and assumptions that management believes
are reasonable. This pro forma information is not necessarily indicative of future results. </P>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NORTHWEST PIPE COMPANY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONDENSED CONSOLIDATED PRO FORMA STATEMENT OF OPERATIONS (Unaudited) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>Year ended December&nbsp;31, 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Dollar and share amounts in thousands, except per share amounts) </B></P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="75%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Historical</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Pro Forma<BR>Adjustments</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Pro&nbsp;Forma</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net sales</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">475,556</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(116,111</TD>
<TD NOWRAP VALIGN="bottom">)(a)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">359,445</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cost of sales</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">423,097</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(123,496</TD>
<TD NOWRAP VALIGN="bottom">)(a)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">299,601</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Gross profit</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">52,459</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">7,385</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">59,844</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Selling, general and administrative expense</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">24,210</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,169</TD>
<TD NOWRAP VALIGN="bottom">)(b)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">22,041</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Impairment of fixed assets</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">27,500</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(27,500</TD>
<TD NOWRAP VALIGN="bottom">)(a)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Operating income</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">749</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37,054</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37,803</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other expense</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">289</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">289</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest income</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(456</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">45</TD>
<TD NOWRAP VALIGN="bottom">(a)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(411</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Interest expense</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,965</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(812</TD>
<TD NOWRAP VALIGN="bottom">)(c)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,153</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Income (loss) before income taxes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,049</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">37,821</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">34,772</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Provision for (benefit from) income taxes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,126</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">14,070</TD>
<TD NOWRAP VALIGN="bottom">(d)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,944</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Net income (loss)</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(923</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">23,751</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">22,828</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Basic earnings (loss) per share</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.10</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">2.42</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Diluted earnings (loss) per share</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(0.10</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right"> 2.39</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Shares used in per share calculations:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Basic</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,445</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,445</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Diluted</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,445</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,534</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Pro Forma Adjustments </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">Adjustment to eliminate historical revenues and expenses associated with the sale of the OCTG business incurred during the fiscal year ended December&nbsp;31, 2013. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">Adjustment to eliminate allocated historical Tubular Products Group selling, general and administrative expense associated with the sale of the OCTG business incurred during the fiscal year ended December 31, 2013.
</TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Adjustment to reflect reduction in interest expense from application of cash available for debt paydown to the Company&#146;s note payable to financial institution. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">The income tax effect resulting from elimination of historical revenues, expenses, and allocated costs associated with the disposed OCTG business, based on the Company&#146;s blended statutory rate of 37.2%.
</TD></TR></TABLE>

<p Style='page-break-before:always'>
<HR  SIZE="3" style="COLOR:#999999" WIDTH="100%" ALIGN="CENTER">

 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>NORTHWEST PIPE COMPANY </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CONDENSED CONSOLIDATED PRO FORMA BALANCE SHEET (Unaudited) </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>December&nbsp;31, 2013 </B></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>(Dollar amounts in thousands) </B></P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="100%" BORDER="0" STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" ALIGN="center">


<TR>
<TD WIDTH="76%"></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD>
<TD VALIGN="bottom" WIDTH="3%"></TD>
<TD></TD>
<TD></TD>
<TD></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:8pt">
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Historical</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Pro Forma<BR>Adjustments</B></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" COLSPAN="2" ALIGN="center" STYLE="border-bottom:1.00pt solid #000000"><B>Pro&nbsp;Forma</B></TD>
<TD VALIGN="bottom">&nbsp;</TD></TR>


<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Assets</B></P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current assets:</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Cash and cash equivalents</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">588</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">588</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Trade and other receivables, less allowance for doubtful account</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">72,470</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(5,476</TD>
<TD NOWRAP VALIGN="bottom">)(a)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">66,994</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Costs and estimated earnings in excess of billings on uncompleted contracts</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,468</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">50,468</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Inventories</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">110,392</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(32,388</TD>
<TD NOWRAP VALIGN="bottom">)(a)&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">78,004</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Refundable income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,073</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,073</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred income taxes</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,208</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">6,208</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Prepaid expenses and other</P></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,381</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,381</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total current assets</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">243,580</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(37,864</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">205,716</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Property and equipment, net</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">143,061</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(11,259</TD>
<TD NOWRAP VALIGN="bottom">)(a)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">131,802</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Goodwill</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,760</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(4,544</TD>
<TD NOWRAP VALIGN="bottom">)(c)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,216</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Other assets</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,058</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,300</TD>
<TD NOWRAP VALIGN="bottom">(b)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">25,358</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total assets</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">433,459</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(49,367</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">384,092</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:1.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman"><B>Liabilities and Stockholders&#146; Equity</B></P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current liabilities:</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom"></TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current portion of long-term debt</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,714</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">$</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">5,714</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Current portion of capital lease obligations</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">2,216</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(1,289</TD>
<TD NOWRAP VALIGN="bottom">)(b)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">927</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accounts payable</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">21,731</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(856</TD>
<TD NOWRAP VALIGN="bottom">)(a)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">20,875</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Accrued liabilities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,302</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">10,302</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred revenue</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,892</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">4,892</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:5.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Billings in excess of costs and estimated earnings on uncompleted contracts</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,368</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">3,368</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total current liabilities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">48,223</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,145</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">46,078</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Note payable to financial institution</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">87,919</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(31,923</TD>
<TD NOWRAP VALIGN="bottom">)(b)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">55,996</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Long-term debt, less current portion</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">643</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD NOWRAP VALIGN="bottom">&nbsp;</TD>
<TD NOWRAP VALIGN="bottom" ALIGN="right">&#151;&nbsp;&nbsp;</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">643</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Capital lease obligations, less current portion</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">5,679</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(3,760</TD>
<TD NOWRAP VALIGN="bottom">)(b)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">1,919</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Deferred income taxes</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">11,842</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(2,677</TD>
<TD NOWRAP VALIGN="bottom">)(a)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">9,165</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Pension and other long-term liabilities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,303</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">200</TD>
<TD NOWRAP VALIGN="bottom">(d)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">17,503</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:7.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total liabilities</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">171,609</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(40,305</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">131,304</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total stockholders&#146; equity</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">261,850</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">(9,062</TD>
<TD NOWRAP VALIGN="bottom">)(e)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom" ALIGN="right">252,788</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:1.00px solid #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
<TR BGCOLOR="#cceeff" STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="top"> <P STYLE="margin-left:3.00em; text-indent:-1.00em; font-size:10pt; font-family:Times New Roman">Total liabilities and stockholders&#146; equity</P></TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">433,459</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">(49,367</TD>
<TD NOWRAP VALIGN="bottom">)&nbsp;</TD>
<TD VALIGN="bottom"><FONT STYLE="font-size:8pt">&nbsp;</FONT></TD>
<TD VALIGN="bottom">$</TD>
<TD VALIGN="bottom" ALIGN="right">384,092</TD>
<TD NOWRAP VALIGN="bottom">&nbsp;&nbsp;</TD></TR>
<TR STYLE="font-size:1px; ">
<TD VALIGN="bottom"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD>
<TD VALIGN="bottom">&nbsp;</TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD VALIGN="bottom"> <P STYLE="border-top:3.00px double #000000">&nbsp;</P></TD>
<TD>&nbsp;</TD></TR>
</TABLE> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Pro Forma Adjustments </B></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(a)</TD>
<TD ALIGN="left" VALIGN="top">Adjustment to eliminate basis of assets and liabilities included in the sale from the Company&#146;s Consolidated Balance Sheet, including tax effects. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(b)</TD>
<TD ALIGN="left" VALIGN="top">Adjustment to reflect cash available for debt paydown ($31,923) applied to outstanding debt. To derive cash available for debt paydown, gross proceeds from the sale ($42,680) and cash received from the Houston Real
Property purchase option ($200) were reduced by transaction costs ($1,608), payoff of a capital lease obligation related to leased equipment included in the sale ($5,049), and proceeds held in escrow ($4,300). </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(c)</TD>
<TD ALIGN="left" VALIGN="top">Adjustment to eliminate the portion of goodwill allocated to the sale of the OCTG business. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(d)</TD>
<TD ALIGN="left" VALIGN="top">Adjustment to reflect Houston Real Property purchase option. </TD></TR></TABLE>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE; font-family:Times New Roman; font-size:10pt" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">(e)</TD>
<TD ALIGN="left" VALIGN="top">Adjustment to reflect the estimated net loss from the sale of the OCTG business. </TD></TR></TABLE>
</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>g705139g37w02.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 g705139g37w02.jpg
M_]C_X``02D9)1@`!``$`8`!@``#__@`?3$5!1"!496-H;F]L;V=I97,@26YC
M+B!6,2XP,0#_VP"$``("`@("`@("`@("`@("`@("`@("`@("`@("`@("`@("
M`@("`@,#`@(#`@("`P0#`P,#!`0$`@,$!`0$!`,$!`,!`@("`@("`@("`@,"
M`@(#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#`P,#
M`P,#`P,#`__$`"\``0`"`P`#`0`````````````&!P0%"`$#"0(!`0``````
M``````````````#_P@`1"`!!`/T#`1$``A$!`Q$!_]H`#`,!``(0`Q````'O
MX``````\'+QA@Z0-\`````````````89PH8Y*2TCH0`````````````PS@XI
MLODN,Z%`````````````/0?+DNHK`[4+>``````!#C@`RR^#%*E,,ODS#3F\
M(J:PC)K3)+1).24YG)L9Y[3!),?L\$</22LW1?9#3Y\D"+O)":(AQZ2(%PD.
M/)<Y79T4<)EUD/+Q((2<@9Y-&:@M$_15QLR3'51<X```````*:+'-\```427
M&;,`I`M@VX````````````````````````````````#_Q``I$``"`P$``0(#
M"0$````````$!0,&!P(!`$`7,#80$A,5%B`S-&`Q_]H`"`$!``$%`OF_\]$:
MY5()_C#5O7QAJWI8R#;@^[(_KT(P=3G2G/VUE6)67;:CY=]%^[(_@I,Z6'-1
M+Z\0"5J>OQ4?+OHOW<G/WXQ4#Y1Y_43[TVA<M"J*I,25CYS\*5@HH%S/D[JC
MZ5$6NU(<@M?K`K`RN6%J]9U'2YU"7XH!]MY].5<#^-5#["`TM9*/#JWXGG,+
M*<R.T2-K!;55C>5IY7=`ZKM8&U=;V4]T"%:S1W58[4K!;IH7BM<6^NLX-<4]
MSF:PO%/[V)/^"TU!.LY5:<H8,76FK5;*+7E<\<6PJ.NO&E`]/:G?1+87Z?L/
MRM/5:_U8ZRJK5BE$=.6&@$YF=WW8UCB>O61"<0)GA,#*6E&4UZMZO%7(5.5J
MCB;U5/#,>RYN=.(XU.3RPLPB%#2T/<L_&>/G3>Z+'%?*K5@SZL==@)WMBSB.
M06]75"8[:/:VE.G379*UF&0L22)*.X8LM"-7LS\\<JF1X:LXLF7,KET3&FH*
M/RAK/L+92@+?Z6`<*U_[[105UK,"%Y"#^VUT5?;I@!.0`O\``O_$`!00`0``
M`````````````````(#_V@`(`0,``3\!$`#_Q``4$`$`````````````````
M``"`_]H`"`$"``$_`1``_\0`0A```@(!`@0#!@(%!PT``````@,!!`41$@`&
M$R$4(C$5(S(S05%"84!2<G.!)#""E+*TTP<0%B`F-V!B<9*3I-7_V@`(`0$`
M!C\"_GFI'Q]B%&0=9%7<EFV=-RR)D3(_:=./DY7^J#_C<?*RO]4'_&XKY&@W
MK5;(;U'II/VD2&?A.)B8F/R_3'_N6?V)XR^8.G7M-I6KAK%R@/<?3KBJ"F8U
MZ?4*-=/IKPGF*[S"ZMD[P>*I*0@(JH`NZH.%R.V)^P1&V/OQS8C*5JI97!U\
MI0L6!KI@FRNJWIMW"'S-1,9F/U-?KQB_VK7]X9^F/_<L_L3QE%YZQX;'VK]N
MJ9Q$DS>U2(7*0&)DV"6A1V_!W[<3@,7E\?;QX[ET\DVG:%]1)3/PB<1MTU[0
M2W:?2>.:<?CLI&1RA8S(Y#*L)3DDQCJK`W+AX"3%#I`[ON6LZ;^,7^U:_O#/
MTQ@>FX"'_NB8XJTLAR5E,S[(OOLH*N]D8VS+)5,2U84VP\=51,><>T[2CC_=
M+_ZL_P#S>#O)_P`G.6QEPZ3Z.M)CE52AZF)@[%:,=$,D89^N&NV-?3C&X^^,
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M/Q=;#Y%X9,J?A+<:"#56MD2X5R.L@J2.#TUTE1?;C./JTK=N<%;56>`=..LM
MKG(\6HM9_DXFGO,Z?,#];BHQ.%R3LG?:P:>)6.^PU(;=MK40GW1E)0.T2UZ1
M_;C*>U*-[#9#$UYLV,;:">NQ>HA[G<(:EO,(T*!^/7TUT1$\K9B/&*8^E(Z'
MXI2X/0E:!YYDED/EUXS=*VC),AMZU=7:LR9II!$@(XTI*/(Z-VNWMZ>G&&16
MY@O4*^>E:B%;36BCL8FO+(B'#!Z[Y.?AXS6"?DK'-=2OC6V`*OJZP#1`"B53
MN.1F(.8,=Q1VB?IQ3M7TY7-1<R.07-MA1'AY1%7:DV&9QYH:4C&Z/@+BN-[$
M93&8ZX>RIE;:]M9G?3?/;Y?WD2/3Z\%AL5B+_,&02N&VE8\2(:XS$%WD%LDI
MVS$SY=(UCOQD,F`.K%B`:>2I.'2S6Z2C;.H_B@H6>D]NX3'K'%C-CGSP.-Z[
M5X^JB6^BY^L*(-=.T2PIF9G72-.,O=YROO=@Z.,9"[AV`;78Q;J_3-28+J=4
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MEX,L"#H$)6X*ZV,ARQUW$I@K\L_7='%BK5QM^KX=$N)]B`E.HL6'1W!/9OO(
MG2?I$_YKUWPS[?23,>'K#O<?4]WY1_+=K_#C(<O-QUNEEL>YF7QF0L)-"NHR
M$*\)!F,3&_I=_P"B7X>,I>]FVW7L+F<=??1LH;NO;9N^)T$A_E)BQ<;H'=,P
MTOOWP]:ER]D*"<18]IY"Y864&F$C$FFNS9'>8&=(^(RA?EC;QS-+L1>JGF[+
M<BFS8KD$(2+GL\,QA#'GF;(^G;R<<^0W#96T&3L/-#*]9FS2K-R?60\V_P`1
M&FGVXYCPYX7)^))P#!>$9$,]HZ@!",AN+I>%\W[8\<M9?'T;]7+<KWW8^=:[
M.NQ5B(=#UKV[I4+"$?3\1\8.E37;_P!J<;57D9A;"!+66P:Q5B8'W4+CPQSN
MT]"XQ>5KKR\X-&-K8UC,&4#D*/AERH?P%HLXTF9TTF9*)F)TUS7,+,/S)D\;
M4Q[*X>V;D#9R9.V)Z"UJH=71<$1[P.=L@/U],*GEU?,56F9[LSCLF!E5I)W^
M]$72I8L7TN\%*UENT]>.8L,_&WU^,S&1R*[AI,*L+`^G`;C&-2+36-.,76/$
MY2Q3Q81%PZJ3GQ*K)*<0UFB$P)P$2.L_7B_E<5B[;7MHB;(F2LY$Q;`Z('6/
M)MDXF1$8^#OZ</QCZ5JJRIS%3L;[*32#XNU[D1"MXQK(>&\W[P>*'*=3E6]2
MOPZMXMEA!+JTHKCMDE%(1TU?F6GE\L;IGBX>0GF;V=<4GPN2Y?.()IJ6`RJU
MN64:ZQ/EF1GZ]X].8K5JOE::N84S3#VI86ZX^N06(FVP!JIE9SU^VZ2U[_3N
M3^7\GR_:R=,'M;CKM2&0LX9.LQ#(68D$SYM.QA)3$Q/;3/,R"QQU2TH2P^&)
M(*>PU.6V-[F`+("5@0QU--Q,UT@8XI<CU^5+Z<J$5*;C:@E5:_@Y"/$:D'NY
MG;J1%I$;B[SKPY[<1E+"L?A)PL-BJSWK<146L["BD-.F[P1[.^OO1XYZIS@<
MI!Y<[-JOI3.(!=LQK)3,=/N2Y?O[?2"TXY/K>S;`VL=S"52*MM)#XUO3\0N`
M641)*9+H7_U@HXP6*I<N9#%^SKR[=^[=22_!0&@L4MDK';&G?2=)(@#R]N.8
MZU[`W\DK+WCO4+]-<G+Q(VR"C9MF)^9&L:ZB6[M.Z..>Z=CE[)I?G-6K4FDX
M%52-S5RG:2]=!FU'I]%SQC,,.&R7B8R+$3/A&>6:A!:ETCLW0)C:V1/W6?'*
MG.V.!N.O(J>R+"WQLL0!)8E)R';O$B__`,H?J\4*S!VVK`^.MZ_%U[,06TO^
M8%[`_H_H-+QUS(5AI=;8%,TB#)=TM2:+DLU(>EVTT^*>*F.6USPII%`ML%!.
M9`?B841$27\(_F*]VYD,G6.LD4K73:D5>5C&0W:U!Z-U9INB?I'%6F!L:-6N
MFN+'%N:R$K%<&THB-63`ZS.GK_J577KV1K>%5*P548D5%J<GU#!R&>\[S&L?
M3BI1!C&A4KIK"UTP3F"E<+@V%$1J<Z:SVC_@(/_$`"(0`0$``P`"`@(#`0``
M``````$1`"$Q05%`83!Q$"!@P?_:``@!`0`!/R'\J@50`JN@#J_6+"=3(H46
MG!3?'/\`FF:?3#KSP*P>Q*NU&P<5\T*!HW!Q?DL(>$<HR"3!"H(,Y#3IELA\
M$$`)G*SW\YF2S$^_Q0^HA'6ARM)12#=E5H.I!E@:8FQH[-G4POS-SFHBUX(J
M_JY.@E8DR](/7I/X;/"08\$*+H=GWEV)/:HP/42V+^>O!2+<"VM]=/%SP]3&
M!QH:9P78_?&4>')"(PWPFLX&RF=<UV9)7;.935K&MIGC$!5[(22*6;X5JN@4
M`HR`>S=3P2*XT"R"`=VQX&*T0,.B''T,TB]'*],WI?@RJ`(,0V\WM4!I6%*3
MAW2>9C2G7)YV4Z8:W%T>!/ST@FX;!V2^<=PXX/CCZH=!PIMRI#U38XZS6",]
M`F.:0HQG<!D7/@4H4L9H33,"YVY931!Y4D"@W2R\UY'=6[E`9P6DGL9H=44A
M5!US0!0-Y(@Q`=M+$3J4]!XW$`4J$*5)%+1*%X'4$2_*#85F241S3J/?3WV`
MP-CB>O"H()"52`BJ,1K^]L&(T<(_0RJR@+=*TU22>/R9!&43;8LR5^<%JM1&
M-8]AJ/XY7\6M!D-JVN+.UJ_X2Q1ZDZ9[->,HVC9)&+&$'7*CU!#;NC`W'&Q+
M[NQD1TOT9OTI01<TJ[-_>-^44%^0-Y&$,6'W1GSEBNCF*AX"4ESY2'UN74J7
M#^]IZ$`,9(?#2O'`4GS28(7.R9:AG;T2W&4!3X$]!C1)GJQ?:EH=LOZP7ZQ1
M]@P,J[4C((K@"V:U_3[\<';OO5-B^)8AQQB\3$L+&$T+8T.ZO*,[%:5'&&IU
M4L8Y;VD(."9^OM.PA3.I3#Z#9%DB2V-H1"WC&S>HB)-`_.,CVDQC!;04'8T1
M#LP0(Y9O`YA5\^@!H0[!206@A]_SR=M2DZ*Y!<_:H!D$KO'`+9-BV+QC\\5,
M*U:3YBX8S+^&]^X&]+/@N`UM04`I`]![]$K+8U!7?E/T?@(ENWI"O<@:]6`M
MNH;"`H(5.C^GEH5G8`"27A@^MEHHL>P!5U_@@/_:``P#`0`"$`,0```0````
M```D@``````````````@@```````````````$``````````````DD```````
MD`@`$D`@`DD@$DD`@D`@DD`D$@D@@```````````@```@`$@````````````
M````````````````````_\0`)1`!`0`"`0(&`@,``````````1$`(3%A@1`P
M0$&AP2"146#P_]H`"`$!``$_$/-0,Y(`*AT`*KQB2\*6GC85O`(+%""^P+/X
M,HJ(5``<J\0PB0ECRC"9]$V1?61U<YK"M/0?0&@B-TS`;\H3YB!#Q/U0>CC;
M6"N?J]J2]9KTOAS$T"HVY`:LH,$L2;F`-!MNT2B?=C\1P6I5D\_J]CS[CM]9
MQTSCMX<=LXZ?'&<=)V_+C_<3"!'\HD1R(LZ87S2'4SB6#E#Z+7P9E4J,]%,U
MN*0$"MU7DS"#R(*YQV^LX[?'F$"L)+E%Y##B-R-#FJ9T1&]U<&7`F+4M442J
MQR#$0H@>MX-V6S[:HS@ZC,!!I,6@I2;H=98R:!B&=Y3=N02!00W`IAW2%PZ-
M$C8`S.<'3#7>'4P1OA0O8=>["`5PIHU_YLE(V$PIO3X'-%L&@Z(7C8[\1X@I
M<!ER9XXJM?:+(M1F0!UR`L.SP-2H3<(\U!H)51HILXKMG+<N*:'#*RO32-?"
MXHP9]3A2F$<+I(S`L--M?0#@Q[K<H[!N@@W!72Z5"0@(J/RJ($5$O?9]>TAN
M*'/R?O\`(HTTUEIE@D@HMN@:23\K!/55T05P"VKNF$`$Z1`5CCK%IHUJH+;W
M<=F,YDU.9>-H#&R=W*#^2%`#,%L56$N"R,:)"^&_&4POL).]'367N!@_0O0(
ML8852"&(DS2[!%C@UA7WCJU(P@*U>'/6W#:EB.E;PYI;)BH^2[!@T!D-BX`2
M*JC"/"JH%%ZRE!ERK.N6>`3>0%@XV=FB.X:K+W:Q0(BS\0(R\JIFW4FTF9`I
MHSCJ>+NCQ6I%T*Y0"U=-YHE`#(L`&$(\,%901,`%_%A7>8.SD'-(",L0?O%=
MP!Q[M]#]VSM:6UPU;=OT\)5K7,R>A6F@#M?@A4"YNMLX":3U]2N<^8XW,BBE
MLH:U^#-!,H6A<N34C@!4P2(N<@&720>GJ*.5J?:SS#CD2;,Y&:>)"WUIJ,XW
M-#,,Q%QU*@@8P;E(!Q-SE<*,R\-SX@!]_B42/$="%1G^P57?L#T(*3R_X@$>
M1+9P]#E_0?@=&T0?G]?66/X6MLBDK.`I20B^JLI4"D`P\21Z+04`+2-Q&JEV
MO2(N/:\8`P_H(/_$`!X0``("`04!```````````````Q8<$0(#!`8($1_]H`
M"`$#``$_$.G*!"YRPH^"XJV$+10MU044*!"C"%BA1A8H4"@64*!%"$*!0*.$
MO-BA>:*%YT+_Q``>$``"`@$%`0``````````````,6'!$"`P0&"!$?_:``@!
M`@`!/Q#IR@0N<L*/@N*MA"T4+=4%%"@0HPA8H486*%`H%E"@10A"@4"CA+S8
(H7FBA>="_]D_
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
