<SEC-DOCUMENT>0001437749-18-000731.txt : 20180117
<SEC-HEADER>0001437749-18-000731.hdr.sgml : 20180117
<ACCEPTANCE-DATETIME>20180117160711
ACCESSION NUMBER:		0001437749-18-000731
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20180115
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180117
DATE AS OF CHANGE:		20180117

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:		18531571

	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>nwpx20180117_8k.htm
<DESCRIPTION>FORM 8-K
<TEXT>
<html>
<head>
	<title>nwpx20180117_8k.htm</title>

	<!-- Created by RDG HTML Converter v1.1.0.0 1/17/2018 9:55:08 AM --><meta charset="utf-8"><meta name="format-detection" content="telephone=no"/>
</head>
<body style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 10px; margin-right: 10px; cursor: auto;">
<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<hr style="height: 1px; color: #000000; background-color: #000000; width: 100%; border: none; margin: 3pt 0">
<p style="font-family:Times New Roman, Times, serif;font-size:12pt;margin:0pt;text-align:center;"><b>UNITED STATES</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:12pt;margin:0pt;text-align:center;"><b>SECURITIES AND EXCHANGE COMMISSION</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>WASHINGTON, D.C. 20549</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<hr style="height: 1px; color: #000000; background-color: #000000; width: 100%; border: none; margin: 3pt 0">
<p style="font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>FORM 8-K</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<hr style="height: 1px; color: #000000; background-color: #000000; width: 100%; border: none; margin: 3pt 0">
<p style="font-family: Times New Roman; font-size: 12pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>CURRENT REPORT</b></p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt; text-align: center;"><b>PURSUANT TO SECTION 13 OR 15(d) OF</b></p>

<p style="font-family: Times New Roman; font-size: 12pt; margin: 0pt; text-align: center;"><b>THE SECURITIES EXCHANGE ACT OF 1934</b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Date of Report (Date of earliest event reported): </b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b>January 15, 2018</b></font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<hr style="height: 1px; color: #000000; background-color: #000000; width: 100%; border: none; margin: 3pt 0">
<p style="font-family: Times New Roman; font-size: 14pt; margin-top: 0pt; margin-bottom: 0pt; text-align: center;"><b>NORTHWEST PIPE COMPANY</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(Exact name of registrant as specified in its charter)</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<hr style="height: 1px; color: #000000; background-color: #000000; width: 100%; border: none; margin: 3pt 0">
<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align: top; width: 32%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>OREGON</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 34%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>0-27140</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 32%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>93-0557988</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align: top; width: 32%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(State or other jurisdiction</b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>of incorporation)</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 34%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(Commission File Number)</b></p>
			</td>
			<td style="vertical-align: bottom; width: 1%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 32%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(I.R.S. Employer</b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Identification No.)</b></p>
			</td>
		</tr>

</table>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>5721 SE Columbia Way, Suite 200</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Vancouver, WA 98661</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(360) 397-6250</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>(Address, including zip code, and telephone number, including</b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>area code, of registrant<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&rsquo;s principal executive offices)</font></b></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<hr style="height: 1px; color: #000000; background-color: #000000; width: 100%; border: none; margin: 3pt 0">
<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Check the appropriate box below if the Form<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align:top;width:4.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
			</td>
			<td style="vertical-align:top;width:95.4%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Written communications pursuant to Rule<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;425 under the Securities Act (17&nbsp;CFR&nbsp;230.425)</font></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align:top;width:4.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
			</td>
			<td style="vertical-align:top;width:95.4%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Soliciting material pursuant to Rule<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;14a-12 under the Exchange Act (17&nbsp;CFR&nbsp;240.14a-12)</font></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align:top;width:4.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
			</td>
			<td style="vertical-align:top;width:95.4%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Pre-commencement communications pursuant to Rule<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;14d-2(b) under the Exchange Act (17&nbsp;CFR&nbsp;240.14d-2(b))</font></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align:top;width:4.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&#9744;</p>
			</td>
			<td style="vertical-align:top;width:95.4%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Pre-commencement communications pursuant to Rule<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;13e-4(c) under the Exchange Act (17&nbsp;CFR&nbsp;240.13e-4(c))</font></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;405 of the Securities Act of 1933 (&sect;230.405 of this chapter) or Rule&nbsp;12b-2 of the Securities Exchange Act of 1934 (&sect;240.12b-2 of this chapter).</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:right;text-indent:36pt;">Emerging growth company<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;&nbsp;&nbsp;&nbsp;&#9744;</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;13(a) of the Exchange Act. &nbsp;&nbsp;&nbsp;&nbsp;&#9744;</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Times New Roman, Times, serif; width: 100%;">

		<tr>
			<td style="width: 10%; vertical-align: top;">Item 5.02.</td>
			<td style="width: 90%; text-align: justify;">DEPARTURE OF <font style="font-family:Times New Roman, Times, serif;font-size:10pt;text-transform:uppercase;">DIRECTORS or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers</font></td>
		</tr>
		<tr>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 90%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="width: 10%;">&nbsp;</td>
			<td style="width: 90%; text-align: justify;">On <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">January&nbsp;15, 2018, the Board of Directors of Northwest Pipe Company (the &ldquo;Company&rdquo;), upon the recommendation of the Compensation Committee,&nbsp;approved grants of performance share units (&ldquo;PSUs&rdquo;) for the following Named Executive Officers of the Company in the amounts set forth below. Pursuant to these long-term incentive grants, each Named Executive Officer&nbsp;received an award of PSUs valued at an amount equal to a specific percentage of his or her respective&nbsp;annual base salary. The PSUs awarded will vest on March&nbsp;29, 2019 based on the&nbsp;Company&rsquo;s Earnings before Interest Expense, Income Taxes, Depreciation and Amortization&nbsp;Margin before extraordinary or unusual items for 2018. The actual number of PSUs which will vest&nbsp;will be determined based on the performance level achieved and may be equal to, greater than, or less than the number of PSUs specified below. In the&nbsp;event of a &ldquo;change in control&rdquo; (as defined in the Performance Share Unit Agreement (the &ldquo;Agreement&rdquo;)), the PSUs will be immediately vested. The&nbsp;foregoing descriptions of the terms of the PSU awards are qualified by reference to the full text of the form of the Agreement, which is filed herewith as Exhibit 10.1 and incorporated herein&nbsp;by reference.</font></td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" class="finTable" id="null" style="margin-left: 10%; width: 90%; font-size: 10pt; font-family: Times New Roman, Times, serif; text-indent: 0px;">

		<tr style="vertical-align: bottom;">
			<td>&nbsp;</td>
			<td id=".lead.D2">&nbsp;</td>
			<td colspan="2" id=".amt.D2" style="border-bottom: thin solid rgb(0, 0, 0);">
			<p style="margin: 0pt; text-align: center;">Performance</p>

			<p style="margin: 0pt; text-align: center;">Share Units</p>
			</td>
			<td id=".trail.D2">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt; width: 83%;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Scott Montross</p>

			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Director, President and Chief Executive Officer</p>
			</td>
			<td id=".lead.2" style="width: 1%;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%;">&nbsp;</td>
			<td id=".amt.2" style="width: 14%; text-align: right; vertical-align: top;">17,693</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Robin Gantt</p>

			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Senior Vice President, Chief Financial Officer and Corporate Secretary</p>
			</td>
			<td id=".lead.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</td>
			<td id=".amt.2" style="width: 14%; text-align: right; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt; vertical-align: top;">5,468</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Martin Dana</p>

			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Executive Vice President, Business Development and Strategy</p>
			</td>
			<td id=".lead.2" style="width: 1%;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%;">&nbsp;</td>
			<td id=".amt.2" style="width: 14%; text-align: right; vertical-align: top;">3,085</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(255, 255, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">William Smith</p>

			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Executive Vice President, Operations</p>
			</td>
			<td id=".lead.2" style="width: 1%;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%;">&nbsp;</td>
			<td id=".amt.2" style="width: 14%; text-align: right; vertical-align: top;">3,085</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; margin-left: 0pt;">&nbsp;</td>
		</tr>
		<tr style="vertical-align: bottom; background-color: rgb(204, 238, 255);">
			<td style="font-family: Times New Roman, Times, serif; font-size: 10pt;">
			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Aaron Wilkins</p>

			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">Vice President of Finance and Corporate Controller</p>
			</td>
			<td id=".lead.2" style="width: 1%;">&nbsp;</td>
			<td id=".symb.2" style="width: 1%;">&nbsp;</td>
			<td id=".amt.2" style="width: 14%; text-align: right; vertical-align: top;">3,005</td>
			<td id=".trail.2" nowrap="true" style="width: 1%; margin-left: 0pt;">&nbsp;</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;">&nbsp;</p>

<p style="font-size:2pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width: 1049px; text-indent: 0px; font-family: Times New Roman, Times, serif; font-size: 10pt;">

		<tr>
			<td colspan="2" style="vertical-align: top; width: 10%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">Item 9.01.</p>
			</td>
			<td colspan="4" style="vertical-align: top; width: 90%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">FINANCIAL STATEMENTS AND EXHIBITS</p>
			</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: top; width: 10%;">&nbsp;</td>
			<td colspan="4" style="vertical-align: top; width: 90%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: top; width: 10%; text-indent: 27pt;">(d)</td>
			<td colspan="4" style="vertical-align: top; width: 90%;">Exhibits</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: top; width: 10%;">&nbsp;</td>
			<td colspan="4" style="vertical-align: top; width: 90%;">&nbsp;</td>
		</tr>
		<tr>
			<td colspan="2" style="vertical-align: top; width: 10%;">&nbsp;</td>
			<td colspan="4" style="vertical-align: top; width: 90%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">10.1<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&nbsp;<a href="ex_103171.htm" style="-sec-extract:exhibit;">Form of Performance Share Unit Agreement</a></font></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:10.1pt;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>SIGNATURE</b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:23.1pt;">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 hereunto duly authorized on <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">January&nbsp;17, 2018.</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<table border="0px" cellpadding="0pt" cellspacing="0pt" style="width: 48%; text-indent: 0px; font-size: 10pt; margin: 0pt 0pt 0pt auto;">

		<tr>
			<td colspan="3" style="vertical-align:top;width:100%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;"><b>NORTHWEST PIPE COMPANY</b></p>
			</td>
		</tr>
		<tr>
			<td colspan="3" style="vertical-align:top;width:100%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">(Registrant)</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:7.3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td colspan="2" style="vertical-align:middle;width:92.6%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:bottom;width:7.3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">By</p>
			</td>
			<td style="vertical-align:bottom;width:7.3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align: bottom; width: 85.3%; border-bottom: thin solid rgb(0, 0, 0);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">/<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">s/ Robin Gantt</font></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:7.3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:7.3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:85.3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Robin Gantt</b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b>,</b></font></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:top;width:7.3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:7.3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>
			</td>
			<td style="vertical-align:bottom;width:85.3%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Senior </b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b>Vice President</b><b>,</b><b> Chief Financial Officer</b><b> and</b></font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b>Corporate Secretary</b></font></p>
			</td>
		</tr>

</table>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_103171.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
<html>
<head>
	<title>ex_103171.htm</title>

	<!-- Created by RDG HTML Converter v1.1.0.0 1/17/2018 9:55:54 AM --><meta charset="utf-8"><meta name="format-detection" content="telephone=no"/>
</head>
<body style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-left: 10px; margin-right: 10px; cursor: auto;">
<p style="margin-bottom: 0px; text-align: right; margin-top: 0px"><font style="font-size: 10pt; font-family: Times New Roman, Times, serif"><b>Exhibit 10.1</b></font></p>

<p style="margin-bottom: 0px; text-align: left; margin-top: 0px"><font style="font-size: 10pt; font-family: Times New Roman, Times, serif">&nbsp;</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u><b>PERFORMANCE SHARE UNIT</b></u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><u><b> AGREEMENT</b></u></font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">This <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">PERFORMANCE SHARE UNIT AGREEMENT (&ldquo;Agreement&rdquo;) is made and entered into as of January 15, 2018 (&ldquo;Effective Date&rdquo;) by and between Northwest Pipe Company (the &ldquo;Company&rdquo;), and XXX (&ldquo;Employee&rdquo;) (collectively, &ldquo;the parties&rdquo;).</font></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u>RECITALS</u></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The Company has determined that it would like to provide certain financial incentives to Employee in order to encourage continued employment, on the terms and subject to the conditions set forth in this Agreement.</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><u>AGREEMENT</u></p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">The parties hereto hereby agree as follows:</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">1.&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; <u>Performance Share Unit</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><u> Grant</u>. The Employee shall receive a Performance Share Unit (&ldquo;PSU&rdquo;) Grant on the following terms:</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">1.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Grant</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. The Company hereby grants Employee an award of XXX PSUs, subject to all of the terms and conditions of this Agreement and the Company&rsquo;s stockholder approved 2007 Stock Incentive Plan (the &ldquo;Plan&rdquo;).</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> The grant of PSUs obligates the Company, upon vesting in accordance with this Agreement, to deliver to Employee one share of common stock of the Company (a &ldquo;Share&rdquo;) for each PSU. The number of Performance Shares that may vest and the timing of vesting of the Performance Shares shall depend upon achievement of certain performance goals and shall be determined in accordance with the Performance Matrices attached hereto as Appendix A. Unless otherwise defined herein, capitalized terms used herein shall have the meanings ascribed to them in the Plan.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">1.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Company<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">&rsquo;s Obligation to Pay</font></u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. Unless and until the PSUs have vested in the manner set forth in Sections 1.3 through 1.5, Employee will have no right to payment of such PSUs. Prior to actual payment of any vested PSUs, such PSUs will represent an unsecured obligation. Payment of any vested PSUs shall be made only in whole Shares.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">1.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Vesting Schedule</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. Except as provided in Sections&nbsp;1.4 and 1.5, the PSUs awarded by this Agreement shall vest in accordance with the vesting provisions set forth in Appendix A. PSUs shall not vest unless the Employee has been continuously employed by the Company or by one of its subsidiaries from the Effective Date until the date the PSUs vest in accordance with the provisions of this Agreement.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">1.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Change in Control.</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> In the event a change in control of the Company (as defined in Appendix <font style="text-transform:uppercase;">B</font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">) occurs at any time prior to March 29, 2019, the PSUs will be immediately vested.</font></font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Committee Discretion</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. The Compensation Committee of the Company&rsquo;s Board of Directors (the &ldquo;Committee&rdquo;), in its discretion, may accelerate the vesting of the PSUs or any portion thereof at any time, subject to the terms of the Plan. If so accelerated, such PSUs will be considered as having vested as of the date specified by the Committee.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">1.6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Payment after Vesting</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. Any PSUs that vest in accordance with Sections&nbsp;1.3 through 1.5 will be paid to the Employee as soon as practicable following the date of vesting, subject to Section&nbsp;1.10.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">1.7&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Clawback Provision</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. If the Company&rsquo;s financial statements are the subject of a restatement due to misconduct, to the extent permitted by governing law, in all appropriate cases, the Company will seek reimbursement of excess share compensation granted to Employee per this Agreement. Excess share compensation means the positive difference, if any, between (1) the award paid to Employee, and (ii) the award that would have been paid to you had the award been calculated based on the Company&rsquo;s financial statements as restated. </font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">1.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Forfeiture</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. Notwithstanding any contrary provision of this Agreement, any PSUs that have not vested pursuant to Sections&nbsp;1.3 through 1.5 at the time of the Employee&rsquo;s termination of service (with or without cause) with the Company and its subsidiaries will be forfeited and automatically transferred to and reacquired by the Company at no cost to the Company.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">1.9&nbsp;&nbsp;&nbsp;&nbsp;<u>&nbsp;Death of Employee</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. Any distribution of Shares that vested during Employee&rsquo;s lifetime which is to be made to the Employee under this Agreement after the Employee is deceased shall be made to the administrator or executor of the Employee&rsquo;s estate. Any such administrator or executor must furnish the Company with (a)&nbsp;written notice of his or her status as transferee, and (b)&nbsp;evidence satisfactory to the Company to establish the validity of the transfer and compliance with any laws or regulations pertaining to said transfer.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">1.10&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Withholding of Taxes</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. When Shares are issued as payment for vested PSUs, the Company (or the employing Subsidiary) may withhold a portion of the Shares that have an aggregate market value sufficient to pay federal, state, local and foreign income, social insurance, employment and any other applicable taxes required to be withheld by the Company or the employing Subsidiary with respect to the Shares, unless the Company, in its sole discretion, either requires or otherwise permits the Employee to make alternate arrangements satisfactory to the Company for such withholdings in advance of the arising of any withholding obligations. The number of Shares withheld pursuant to the prior sentence will be rounded up to the nearest whole Share, with no refund for any value of the Shares withheld in excess of the tax obligation as a result of such rounding. Notwithstanding any contrary provision of this Agreement, no Shares will be issued unless and until satisfactory arrangements (as determined by the Company) have been made by the Employee with respect to the payment of any income and other taxes which the Company determines must be withheld or collected with respect to such Shares. In addition and to the maximum extent permitted by law, the Company (or the employing Subsidiary) has the right to retain without notice from salary or other amounts payable to the Employee, cash having a sufficient value to satisfy any tax withholding obligations that the Company determines cannot be satisfied through the withholding of otherwise deliverable Shares. All income and other taxes related to the PSU award and any Shares delivered in payment thereof are the sole responsibility of the Employee. By accepting this award, the Employee expressly consents to the withholding of Shares and to any additional cash withholding as provided for in this Section&nbsp;1.10.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="width: 100%;">Page 2 - PSU AGREEMENT</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">1.11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Rights as Shareholder</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. Neither the Employee nor any person claiming under or through the Employee will have any of the rights or privileges of a shareholder of the Company in respect of any Shares deliverable hereunder unless and until certificates representing such Shares (which may be in book entry form) shall have been issued, recorded on the records of the Company or its transfer agents or registrars, and delivered to the Employee (including through electronic delivery to a brokerage account). After such issuance, recordation and delivery, the Employee will have all the rights of a shareholder of the Company with respect to voting such Shares and receipt of dividends and distributions on such Shares.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">1.12&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Grant is Not Transferable</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. This grant of Performance Shares and the rights and privileges conferred hereby may not be sold, pledged, assigned, hypothecated, transferred or disposed of in any way (whether by operation of law or otherwise) and will not be subject to sale under execution, attachment or similar process, until the Employee has been issued Shares in payment of the Performance Shares. Upon any attempt to sell, pledge, assign, hypothecate, transfer or otherwise dispose of this grant, or any right or privilege conferred hereby, or upon any attempted sale under any execution, attachment or similar process, this grant and the rights and privileges conferred hereby immediately will become null and void.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">1.13&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Restrictions on Sale of Securities</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. The Shares issued as payment for vested PSUs under this Agreement will be registered under U.S. federal securities laws and will be freely tradable upon receipt. However, an Employee&rsquo;s subsequent sale of the Shares may be subject to any market blackout-period that may be imposed by the Company and must comply with the Company&rsquo;s insider trading policies, and any other applicable securities laws.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">1.14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Additional Conditions to Issuance of Certificates for Shares</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. The Company shall not be required to issue any certificate or certificates for Shares hereunder prior to fulfillment of all the following conditions: (a)&nbsp;the admission of such Shares to listing on all stock exchanges on which such class of stock is then listed; (b)&nbsp;the completion of any registration or other qualification of such Shares under any U.S. state or federal law or under the rulings or regulations of the Securities and Exchange Commission or any other governmental regulatory body, which the Committee shall, in its absolute discretion, deem necessary or advisable; (c)&nbsp;the obtaining of any approval or other clearance from any U.S. state or federal governmental agency, which the Committee shall, in its absolute discretion, determine to be necessary or advisable; and (d)&nbsp;the lapse of such reasonable period of time following the date of vesting of the PSUs as the Committee may establish from time to time for reasons of administrative convenience.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">1.15&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Modifications to the Agreement</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. This Agreement constitutes the entire understanding of the parties on the subjects covered. The Employee expressly warrants that Employee is not accepting this Agreement in reliance on any promises, representations, or inducements other than those contained herein. Modifications to this Agreement can be made only in an express written contract executed by a duly authorized officer of the Company. Notwithstanding anything to the contrary in the Plan or this Agreement, the Company reserves the right to revise this Agreement as it deems necessary or advisable, in its sole discretion and without the consent of the Employee, to comply with Section&nbsp;409A of the Code or to otherwise avoid imposition of any additional tax or income recognition under Section&nbsp;409A of the Code prior to the actual payment of Shares pursuant to this award of Performance Shares.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="width: 100%;">Page 3 - PSU AGREEMENT</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">1.16&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Adjustments Upon Changes in Capital</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. The aggregate number of PSUs covered by this Agreement will be proportionally adjusted for any increase or decrease in the number of issued and outstanding Shares resulting from a stock split-up or consolidation of Shares or any like capital adjustments, or the payment of any stock dividend.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">2.&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; <u>Not a Contract of Employment</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. Nothing in this Agreement is intended to be construed to be a contract of employment or shall give Employee any right to continue employment for any period of time. Nothing in this Agreement is intended to require Employee to provide services to the Company for any period of time. The parties acknowledge that Employee&rsquo;s employment may be terminated by either Employee or the Company at any time.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">3.&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <u>Termination.</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> This Agreement shall terminate upon the earlier to occur; (i) the Final Date, (ii) the Employee&rsquo;s death or Disability, (iii) the termination of Employee&rsquo;s employment with the Company or any successor by the Company for Cause or without Cause; or (iv) the voluntary or involuntary termination of Employee&rsquo;s employment with the Company or in the event of a Change in Control.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">4.&nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp; &nbsp; <u>Miscellaneous</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. </font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">4.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>No Strict Construction</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. The language used in this Agreement shall be deemed to be the language chosen by the parties to express their mutual intent, and no rule of strict construction shall be applied against any party. </font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">4.2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Counterparts</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. This Agreement may be executed in separate counterparts, each of which is deemed to be an original and all of which taken together constitute one and the same agreement. Counterpart signature pages may be delivered via email.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">4.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Choice of Law; Jurisdiction</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. All issues and questions concerning the construction, validity, enforcement and interpretation of this Agreement shall be governed by, and construed in accordance with, the laws of the State of Oregon, without giving effect to any choice of law or conflict of law rules or principles. The parties hereby irrevocably submit to the jurisdiction of the courts of Oregon and waive any claim or defense of inconvenient or improper forum or lack of personal jurisdiction under any applicable law or decision.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">4.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Agreement to Arbitrate Disputes</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. To facilitate efficient resolution of all disputes arising out of or related in any way to the interpretation or application of this Agreement or to Employee&rsquo;s employment with the Company or the termination of that employment, the Parties agree all such disputes shall be resolved exclusively, fully, and finally by binding arbitration. The parties understand and agree that pursuant to this Agreement they are waiving the right to have disputes resolved in court by a judge or jury and instead to have such disputes resolved by a neutral arbitrator. Arbitration proceedings pursuant to this provision shall occur within 50 miles of Employee&rsquo;s place of employment, in accordance with the National Rules for the Resolution of Employment Disputes of the American Arbitration Association (AAA) in effect at the time a demand for arbitration is made. Those rules are available on the Internet at <u>http://www.adr.org</u> or by calling the AAA at 1-800-559-3222. </font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="width: 100%;">Page 4 - PSU AGREEMENT</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:36pt;">4.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>Complete Agreement; Waiver; Amendment</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">. This Agreement and the documents cited herein constitute the parties&rsquo; entire agreement, arrangement, and understanding regarding the subject matter, superseding any prior or contemporaneous agreements, arrangements, or understandings, whether written or oral, between the Employee and the Company regarding the same subject matter; and may not be modified, amended, discharged, or terminated, nor may any of their provisions be varied or waived, except by a further signed written agreement between the parties, subject to section 1.15.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;"><b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">IN WITNESS WHEREOF</font></b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">, the parties have caused this Agreement to be executed as of the date first set forth above.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align:top;width:49.2%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp; THE COMPANY:</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp; NORTHWEST PIPE COMPANY</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;">&nbsp; By:&nbsp; &nbsp; <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">_________________________________________</font></p>

			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 72pt; text-align: left; text-indent: -45pt;">Scott Montross</p>

			<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin: 0pt 0pt 0pt 36pt; text-align: left; text-indent: -9pt;">Chief Executive Officer</p>
			</td>
			<td style="vertical-align:top;width:50.8%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:left;">EMPLOYEE:</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:left;">______________________________________________</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:left;">XXX</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:left;">&nbsp;</p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:left;">Date:</p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>&nbsp;</b></p>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="width: 100%;">Page 5 - PSU AGREEMENT</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Appendix A</b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>2018 PSU Performance Condition</b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">The information below shows the Target number of Performance Shares that will vest and be paid with respect to the 2018 financial performance in achieving levels of Earnings before Interest<font style="font-family:Times New Roman, Times, serif;font-size:10pt;"> Expense, Income Taxes, Depreciation and Amortization (&ldquo;EBITDA&rdquo;) margin over the measurement period. The column captioned &ldquo;Payout (% of Target&rdquo;) shows the multiple or fraction of the Target Performance Shares granted to each employee that will vest and be paid at each respective level of EBITDA Margin. The actual Vesting Multiple will be determined by interpolation based on the actual EBITDA Margin. For example, if EBITDA Margin for 2018 is 9.7%, the Vesting Multiple would be 150%. </font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">EBITDA margin will be <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">calculated using amounts as reflected in the Company&rsquo;s audited consolidated financial statements before extraordinary or unusual items (e.g. charges for acquisition, divestiture and restructuring activities and gains/losses on sales) and the cumulative effect of any change in accounting principles.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">I<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">f the Company&rsquo;s Net Income </font><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">before extraordinary or unusual items (e.g. charges for acquisition, divestiture and restructuring activities and gains/losses on sales) and the cumulative effect of any change in accounting principles is negative,&nbsp;the payout is 0%.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align: middle; width: 50%; padding: 0px; background-color: rgb(204, 204, 204);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>2018</b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b>&nbsp;</b><b>Target </b><b>Performance Shares</b></font></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
			</td>
			<td style="vertical-align: top; width: 49%; padding: 0px; background-color: rgb(204, 204, 204);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Vest Date</b></p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:50.1%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">XXX</p>
			</td>
			<td style="vertical-align:middle;width:49.9%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">March 29<font style="font-family:Times New Roman, Times, serif;font-size:10pt;">, 2019</font></p>
			</td>
		</tr>

</table>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:justify;text-indent:36pt;">&nbsp;</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;text-indent:0;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="vertical-align: top; width: 50%; padding: 0px; background-color: rgb(204, 204, 204);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>EBITDA Margin</b><font style="font-family:Times New Roman, Times, serif;font-size:10pt;"><b> Performance</b></font></p>
			</td>
			<td style="vertical-align: middle; width: 49%; padding: 0px; background-color: rgb(204, 204, 204);">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Payout (% of Target)</b></p>

			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&nbsp;</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:50.1%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">10.7%</p>
			</td>
			<td style="vertical-align:middle;width:49.9%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">200%</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:50.1%;">&nbsp;</td>
			<td style="vertical-align:middle;width:49.9%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:50.1%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">8.7%</p>
			</td>
			<td style="vertical-align:middle;width:49.9%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">100%</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:50.1%;">&nbsp;</td>
			<td style="vertical-align:middle;width:49.9%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:50.1%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">6.7%</p>
			</td>
			<td style="vertical-align:middle;width:49.9%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">25%</p>
			</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:50.1%;">&nbsp;</td>
			<td style="vertical-align:middle;width:49.9%;">&nbsp;</td>
		</tr>
		<tr>
			<td style="vertical-align:middle;width:50.1%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">&lt;6.7%</p>
			</td>
			<td style="vertical-align:middle;width:49.9%;">
			<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;">0%</p>
			</td>
		</tr>

</table>

<p style="margin: 0pt;">&nbsp;</p>

<div id="PGBK" style="width: 100%; margin-left: 0pt; margin-right: 0pt">
<div id="PGNUM" style="text-align: center; width: 100%">&nbsp;</div>

<hr style="PAGE-BREAK-AFTER: always; border: none; width: 100%; height: 2px; color: #000000; background-color: #000000">
<div id="PGHDR" style="text-align: left; width: 100%">&nbsp;</div>
</div>

<p style="margin: 0pt; text-align: left; font-family: Times New Roman, Times, serif; font-size: 10pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:center;"><b>Appendix <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">B</font></b></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;"><u>Change in Control; Person</u><font style="font-family:Times New Roman, Times, serif;font-size:10pt;">.</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="width:36pt;vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">A.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">For purposes of this Agreement, a &ldquo;Change in Control&rdquo; shall mean the occurrence of any of the following events:</p>
			</td>
		</tr>

</table>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin:0pt;text-align:left;text-indent:72pt;">1.&nbsp;&nbsp;&nbsp; &nbsp;&nbsp; The <font style="font-family:Times New Roman, Times, serif;font-size:10pt;">consummation of:</font></p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0pt 0pt 99pt; text-align: left; text-indent: 0pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0); font-family: Times New Roman;">a.&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; any consolidation, merger or plan of share exchange involving the Company (a &ldquo;Merger&rdquo;) in which the Company is not the continuing or surviving corporation or pursuant to which shares of Common Stock of the Company (&ldquo;Company Shares&rdquo;) would be converted into cash, securities or other property, other than a Merger involving Company Shares in which the holders of Company Shares immediately prior to the Merger have the same proportionate ownership of common stock of the surviving corporation immediately after the Merger,</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0pt 0pt 99pt; text-align: left; text-indent: 0pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0);">b.&nbsp;&nbsp;&nbsp; &nbsp; &nbsp; any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all, or substantially all, the assets of the Company; or</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-size: 10pt; margin: 0pt 0pt 0pt 99pt; text-align: left; text-indent: 0pt; background-color: rgb(255, 255, 255); color: rgb(0, 0, 0);">c.&nbsp; &nbsp; &nbsp; &nbsp; the adoption of any plan or proposal for the liquidation or dissolution of the Company.</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:72pt;margin-right:0pt;margin-top:0pt;text-align:left;">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; At any time during a period of two consecutive years, individuals who at the beginning of such period constituted the Board (&ldquo;Incumbent Directors&rdquo;) shall cease for any reason to constitute at least a majority thereof unless each new director elected during such two-year period was nominated or elected by two-thirds of the Incumbent Directors then in office and voting (with new directors nominated or elected by two-thirds of the Incumbent Directors also being deemed to be Incumbent Directors); or</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:72pt;margin-right:0pt;margin-top:0pt;text-align:left;">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Any Person (as hereinafter defined) shall, as a result of a tender or exchange offer, open market purchases, or privately negotiated purchases from anyone other than the Company, have become the beneficial owner (within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934), directly or indirectly, of securities of the Company ordinarily having the right to vote for the election of directors (&ldquo;Voting Securities&rdquo;) representing thirty percent (30%) or more of the combined voting power of the then outstanding Voting Securities.</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<p style="font-family:Times New Roman, Times, serif;font-size:10pt;margin-bottom:0pt;margin-left:36pt;margin-right:0pt;margin-top:0pt;text-align:justify;">Notwithstanding anything in the foregoing to the contrary, unless otherwise determined by the Board, no Change in Control shall be deemed to have occurred for purposes of this Agreement if (1) you acquire (other than on the same basis as all other holders of the Company Shares) an equity interest in an entity that acquires the Company in a Change in Control otherwise described under subparagraph A.1 above, or (2) you are part of a group that constitutes a Person which becomes a beneficial owner of Voting Securities in a transaction that otherwise would have resulted in a Change in Control under subparagraph A.3 above.</p>

<p style="font-family: Times New Roman, Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">&nbsp;</p>

<table border="0" cellpadding="0" cellspacing="0" style="width:100%;font-family:Times New Roman, Times, serif;font-size:10pt;">

		<tr>
			<td style="width:36pt;vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">B.</p>
			</td>
			<td style="vertical-align:top;">
			<p style="font-family:Times New Roman, Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">For purposes of this Agreement, the term &ldquo;Person&rdquo; shall mean and include any individual, corporation, partnership, group, association or other &ldquo;person,&rdquo; as such term is used in Section<font style="font-size:10pt;font-family:Times New Roman, Times, serif;">&nbsp;13(d)(3) or Section&nbsp;14(d)(2) of the Securities Exchange Act of 1934 (the &ldquo;Exchange Act&rdquo;), other than the Company or any employee benefit plan(s) sponsored by the Company.<b> </b></font></p>
			</td>
		</tr>

</table>
</body>
</html>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
