LONE STAR TECHNOLOGIES INC
EX-10.1
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<p align="right" style="margin:0pt 0pt 12.0pt;text-align:right;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Exhibit
10.1</font></b></p>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">LIMITED
LIABILITY COMPANY</font></b></p>

<p align="center" style="margin:0pt 0pt 24.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">AGREEMENT</font></b></p>

<p align="center" style="margin:0pt 0pt 24.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">OF</font></b></p>

<p align="center" style="margin:0pt 0pt 24.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WELSPUN-LONE
STAR TUBULARS LLC</font></b></p>

<p align="center" style="margin:0pt 0pt 24.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">A
DELAWARE LIMITED LIABILITY COMPANY</font></b></p>

<div style="line-height:normal;margin:0pt 0pt 24.0pt;text-align:center;"><hr size="1" width="160" noshade color="black" align="center" style="width:120.0pt;"></div>

<p align="center" style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Dated
as of December&nbsp;20, 2006</font></b></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<p style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TABLE OF
CONTENTS</font></b></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="74%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Page</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 1</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DEFINITIONS</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Defined Terms</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 2</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">FORMATION AND
  OFFICES</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Formation</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Principal Office</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>
  </td>
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  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Registered Office and Registered Agent</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.4</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Purpose of Company</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.5</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Term</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 3</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CAPITALIZATION
  OF THE COMPANY</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Initial Capital Contributions</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Additional Capital Contributions</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Requested and Required Additional Capital
  Contributions</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.4</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Failure to Make Capital Contributions</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12</font></p>
  </td>
 </tr>
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  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.5</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Liability; No Deficit Restoration</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.6</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sole Benefit</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.7</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Capital Withdrawal Rights, Interest and Priority</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.8</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Usury Savings Clause</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">14</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 4</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CASH
  DISTRIBUTIONS; PROFITS AND LOSSES FOR TAX PURPOSES</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash Distributions Prior to Dissolution</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">15</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Persons Entitled to Distributions</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Specific Payment Priorities</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.4</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Allocation of Profits and Losses for Tax Purposes
  and Special Allocations</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.5</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Withholding</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">16</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.6</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non Cash Distributions</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 5</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MEMBERS</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Meetings of Members; Place of Meetings</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Quorum; Voting Requirement</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">17</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.3</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Proxies</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.4</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Action without a Meeting</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.5</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.6</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Deadlock</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">18</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">i</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Page</font></b></p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
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  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><!-- SET mrlNoTableShading -->5.7</p>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Authority to Execute Documents to Be Filed under the
  Act</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.8</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Powers of the Members</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
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  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 6</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">BOARD OF
  MANAGERS; OFFICERS</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Establishment; Power and Authority</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.2</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Duties of Board of Managers</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">19</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.3</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Number, Appointment and Tenure of Managers</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">20</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.4</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Removal, Resignation, Death, Disability and
  Appointment of Managers</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.5</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Salary and Expenses</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">21</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.6</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Resolutions</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.7</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Super-Majority Approval</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">22</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.8</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Place of Meetings</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.9</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regular Meetings</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.10</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Special Meetings</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.11</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Action without a Meeting</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.12</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Telephone Meeting</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.13</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Records of Action</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">24</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.14</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Officers</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">25</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.15</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fiduciary Duties</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">26</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 7</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LIABILITY AND
  INDEMNIFICATION</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.1</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Liability of Members and Managers</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.2</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indemnification</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">27</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.3</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indemnification Procedures and Restrictions</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">28</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.4</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-Exclusivity</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.5</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Insurance</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.6</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Duties</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">30</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 8</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">TRANSFERS OF
  INTERESTS</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">General Restrictions</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">31</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Permitted Transfers</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">32</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.3</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Substitute Members</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">33</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.4</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Effect of Admission as a Substitute Member</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.5</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Buy/Sell</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">34</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">ii</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>


<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="74%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Page</font></b></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><!-- SET mrlNoTableShading -->8.6</p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Buy/Sell in Case of Breach</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">36</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.7</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Sale Event</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">37</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.8</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Right of First Refusal</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.9</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tag-Along Rights</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">38</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.10</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Price Determination for Buy-Sell and Breach Buy-Sell</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">39</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.11</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Preemptive Rights</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.12</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Call Right</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">40</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 9</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">DISSOLUTION AND
  TERMINATION</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.1</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Events Causing Dissolution</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">42</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.2</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notices to Secretary of State</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.3</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Cash Distributions upon Dissolution</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">43</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 10</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ACCOUNTING AND
  BANK ACCOUNTS</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Fiscal Year and Accounting Method</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Books and Records</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">44</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.3</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Books, Financial Reports and Compliance</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">45</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.4</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Tax Returns and Elections</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">46</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.5</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Bank Accounts</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 11</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">CERTAIN
  COVENANTS</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-Solicitation</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">47</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.2</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-Competition</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">48</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.3</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Miscellaneous Agreements</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.4</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Loan Arrangement</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.5</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Conflicting Agreements</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">49</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">ARTICLE 12</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">MISCELLANEOUS</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.1</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title to Property</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.2</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Waiver of Default</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.3</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Amendment</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.4</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No Third Party Rights</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.5</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Severability</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.6</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Nature of Interest in the Company</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">50</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.7</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Binding Agreement</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>
  </td>
 </tr>
</table>

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<p style="margin:0pt 0pt .0001pt;"><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
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  <p style="font-size:8.0pt;font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="74%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></b></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p style="font-weight:bold;line-height:8.0pt;margin:0pt 0pt .0001pt;text-align:center;"><b><font size="1" face="Times New Roman" style="font-size:8.0pt;">Page</font></b></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt 20.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="border:none;padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><!-- SET mrlNoTableShading -->12.8</p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Headings</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.9</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Word Meanings</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.10</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Counterparts</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.11</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Entire Agreement</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>
  </td>
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  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.12</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Partition</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">51</font></p>
  </td>
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  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.13</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Arbitration</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>
  </td>
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  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.14</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Confidentiality</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">52</font></p>
  </td>
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  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.15</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Governing Law</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>
  </td>
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  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.16</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notices</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">53</font></p>
  </td>
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  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.17</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Waiver of Notice</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="bottom" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>
  </td>
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  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.18</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Expenses</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>
  </td>
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 <tr style="page-break-inside:avoid;">
  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.19</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Member&#146;s Representatives</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>
  </td>
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  <td width="13%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:13.2%;">
  <p style="margin:0pt 0pt .0001pt 40.0pt;text-indent:-10.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.20</font></p>
  </td>
  <td width="74%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:74.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Guarantee of the Obligations of Welspun</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.2%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="6%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:6.32%;">
  <p align="right" style="margin:0pt 0pt .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">55</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE A - MEMBERS</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE B &#150; CAPITAL ACCOUNTS,
ALLOCATIONS OF PROFIT AND LOSS</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE C &#150; BOARD OF MANAGERS</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE D &#150; BRIDGE LOANS TERM SHEET</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE 8.3(e) &#150; TRANSFEREE TAX
REPRESENTATIONS</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SCHEDULE 8.12 &#150; CALL RIGHT</font></b></p>

<p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT&nbsp;A &#150; INITIAL AUTHORIZED
SENIOR EXECUTIVE OFFICERS</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">EXHIBIT</font></b>&nbsp;<b>B &#150; ANTI-CORRUPTION POLICY</b></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">iv</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">

<div>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS LIMITED LIABILITY
COMPANY AGREEMENT (this &#147;<u>Agreement</u>&#148;) is made and entered into as of the 20th
day of December, 2006 between Lone Star Technologies, Inc., a Delaware
corporation (&#147;<u>Lone Star</u>&#148;), and Welspun Pipes, Inc., a Delaware
corporation (&#147;<u>Welspun</u>&#148;) (hereinafter collectively referred to as the &#147;<u>Members</u>&#148;
or individually as a &#147;<u>Member</u>&#148;).</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WHEREAS, Lone Star and
Welspun have caused Welspun-Lone Star Tubulars LLC (the &#147;<u>Company</u>&#148;) to be
formed on December&nbsp;19, 2006 as a limited liability company under the Act
(as defined below) and do hereby adopt this Agreement as the limited liability
company agreement of the Company;</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">NOW, THEREFORE, in
consideration of the premises and the mutual agreements contained herein, the
parties hereto agree as follows:</font></p>

<p style="margin:0pt 0pt 12.0pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
1<br>
<br>
DEFINITIONS</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">1.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Defined Terms</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As used herein, the
following terms shall have the following meanings, unless the context otherwise
requires:</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Accelerated 1934 Act
Company</u>&#148; has the meaning set forth in <u>Section&nbsp;10.3(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Act</u>&#148; means the Delaware
Limited Liability Company Act, Title 6, Chapter 18, Delaware Code Annotated as
it may be amended from time to time, and any successor to such Act.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Additional Return</u>&#148;
has the meaning set forth in <u>Section&nbsp;8.12(ii)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Adjusted Capital
Account</u>&#148; means the Capital Account of a Member as of the end of a Fiscal
Year (a) increased by any amount that such Member is obligated to restore under
this Agreement, is treated as obligated to restore under Treasury Regulations
Section 1.704-1(b)(2)(ii)(c), or is deemed obligated to restore under the
penultimate sentences of Treasury Regulations Section 1.704-2(g)(1) and (i)(5)
and (b) decreased by the items described in Treasury Regulations Section
1.704-1(b)(2)(ii)(d)(4), (5), and (6).</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Affiliate</u>&#148; of a
specified person (the &#147;<u>Specified Person</u>&#148;) means any Person (a) who,
directly or indirectly, controls, is controlled by, or is under common control
with the Specified Person, (b) who, directly or indirectly, owns or controls
more than fifty percent (50%) of the Specified Person&#146;s outstanding voting
securities or equity interests, (c) of whom the Specified Person, directly or
indirectly, owns or controls more than fifty percent (50%) of the outstanding
voting securities or equity interests or (d) who has the right, directly or
indirectly, to appoint or elect more than 50% of the Specified Person&#146;s board
of directors or equivalent managing body.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Agreement</u>&#148; has
the meaning set forth in the introductory paragraph.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Ancillary Agreement</u>&#148;
means each of the Contribution Agreement, the Mutual Services Agreement,
Welspun Trademark License and Lone Star Trademark License.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Annual Business Plan</u>&#148;
means a business plan for the Company for a Fiscal Year, which includes
detailed financial projections, a Marketing Plan for the Company&#146;s products, a
Capital Budget and an Operating Budget.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Arbitration</u>&#148; has
the meaning set forth in <u>Section&nbsp;12.13</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Auditors</u>&#148; means
the independent public accountants selected by the Board of Managers to audit
the Company&#146;s annual consolidated financial statements, and which shall be one
of the Big Four Accounting Firms.</font></p>

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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Authorized Senior
Executive Officer</u>&#148; means the respective Person designated in writing from
time to time by each of Lone Star and Welspun as the Authorized Senior
Executive Officer to resolve disputes arising from a Deadlock between the
Members as set forth in <u>Section&nbsp;5.6</u> hereof, and as otherwise
contemplated by this Agreement.&#160; The
initial Authorized Senior Executive Officers for each of the Members are set
forth on <u>Exhibit&nbsp;A</u> attached hereto.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Bending</u>&#148; means
bending pipes to various angles.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Big Four Accounting
Firm</u>&#148; means PriceWaterhouseCoopers, Deloitte &amp; Touche, Ernst &amp;
Young and KPMG.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Board of Managers</u>&#148;
means the Board of Managers of the Company as designated or elected from time
to time by the Members in accordance with the provisions of this Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Breach Buy-Sell
Notice</u>&#148; has the meaning set forth in <u>Section 8.6(b)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Breach Buy-Sell
Procedures</u>&#148; has the meaning set forth in <u>Section 8.6(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Breach Closing Date</u>&#148;
has the meaning set forth in <u>Section 8.6(f)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Breach Outside
Response Date</u>&#148; has the meaning set forth in <u>Section 8.6(c)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Breach Response
Notice</u>&#148; has the meaning set forth in <u>Section 8.6(c)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Bridge Loans</u>&#148; has
the meaning set forth in <u>Section 11.4(b)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Business</u>&#148; means
the business of manufacturing, processing and finishing Spiral Weld Tubular
Products.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Business Day</u>&#148;
means a day on which banks are open for general banking business in Dallas,
Texas, the United States of America (excluding Saturdays, Sundays and public
holidays).</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Buy-Sell Notice</u>&#148;
has the meaning set forth in <u>Section&nbsp;8.5(b)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Buy-Sell Procedures</u>&#148;
has the meaning set forth in <u>Section&nbsp;8.5(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Call Closing Date</u>&#148;
has the meaning set forth in <u>Section&nbsp;8.12(c)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Call Exercise Price</u>&#148;
has the meaning set forth in <u>Section&nbsp;8.12(d)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Call Initiating
Member</u>&#148; has the meaning set forth in <u>Section&nbsp;8.12(c)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Call Notice</u>&#148; has
the meaning set forth in <u>Section&nbsp;8.12(c)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Call Selling Member</u>&#148;
has the meaning set forth in <u>Section&nbsp;8.12(c)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Capital Account</u>&#148;
has the meaning set forth in <u>Section 1.1(a)</u> of <u>Schedule B</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Capital Budget</u>&#148;
means a detailed budget for capital expenditures projected to be made by the
Company during a Fiscal Year, if any.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Capital Call Request</u>&#148;
has the meaning set forth in <u>Section&nbsp;3.3(a)(ii)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Capital Contribution</u>&#148;
means the total amount of cash, property, services rendered, a promissory note
or other obligation to contribute cash or property or perform services, or
other valuable consideration contributed to the Company by each Member pursuant
to the terms of this Agreement.&#160; Any
reference in this Agreement to the Capital Contribution of a Member shall
include the Capital Contribution made by any predecessor holder of the Interest
of that Member.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Capital Contribution
Committee</u>&#148; has the meaning set forth in <u>Section 3.2(b)(ii)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Certificate of
Formation</u>&#148; means the Certificate of Formation of the Company, as amended or
restated from time to time, filed with the Secretary of State of Delaware.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Chairman</u>&#148; has the
meaning set forth in <u>Section 6.3(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Change of Control</u>&#148;
means a transaction pursuant to which ownership of more than fifty percent
(50%) of the voting securities of such Person is acquired by a Person (or, if
acting as a &#147;group&#148; within the meaning of Rule 13d-5(b) formulated under the
meaning of Rule 13, <u>Section 13(d)</u>, and <u>Section 14(d)</u> of the U.S.
Securities Exchange Act of 1934, as amended, such Persons) not already an
Affiliate of such Person through (i) a tender or exchange offer, merger,
consolidation, share exchange or other business combination or (ii) a sale of
securities, recapitalization,</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">liquidation or
dissolution.&#160; In interpreting beneficial
ownership under Rule 13d-5(b), the provisions of Rule 13d-3(d)(1)(i) shall be
disregarded.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Claim</u>&#148; has the
meaning set forth in <u>Section&nbsp;7.3(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Closing Date</u>&#148; has
the meaning set forth in <u>Section&nbsp;8.5(f)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Coating</u>&#148; means
internal and external anti-corrosion coating.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Code</u>&#148; means the
Internal Revenue Code of 1986, as amended from time to time.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Common Interest</u>&#148;
means the Interests resulting from the Capital Contributions pursuant to
Sections <u>3.1</u>, <u>3.2(a)</u>, <u>3.2(b)</u>, <u>3.3(a)(i)</u> and <u>3.3(a)(ii)</u>
hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Common Interests
Value</u>&#148; has the meaning set forth in <u>Section&nbsp;8.12(i) of
Schedule&nbsp;8.12</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Company</u>&#148; has the
meaning set forth in the introductory paragraph.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Company Loan</u>&#148; has
the meaning set forth in <u>Section&nbsp;3.4(c)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Competing Business</u>&#148;
shall mean any business engaged in the manufacturing, processing, and/or
finishing of Spiral Weld Tubular Products.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Confidentiality
Agreement</u>&#148; means the Mutual Confidentiality and Non-Disclosure Agreement,
dated June 22, 2006, between Lone Star and Welspun Parent.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Construction Budget</u>&#148;
has the meaning set forth in <u>Section 3.2(b)(iv)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Construction Plan</u>&#148;
has the meaning set forth in <u>Section 3.3(a)(ii)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Contract</u>&#148; means
any contract, agreement, instrument, commitment or other binding arrangement,
whether written or oral.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Contributing Member</u>&#148;
has the meaning set forth in <u>Section 3.4(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Contribution
Agreement</u>&#148; means that certain agreement dated as of the date hereof, by and
among Lone Star, Welspun and the Company.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Contribution Notice</u>&#148;
has the meaning set forth in <u>Section&nbsp;3.3(b)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Controller</u>&#148; has
the meaning set forth in <u>Section&nbsp;6.14(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Deadlock</u>&#148; has the
meaning set forth in <u>Section&nbsp;5.6(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Dedication Period</u>&#148;
has the meaning set forth in <u>Section&nbsp;8.1(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Disability</u>&#148; has
the meaning set forth in <u>Section&nbsp;6.4(c)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Disenfranchised
Member</u>&#148; has the meaning set forth in <u>Section 8.11</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Effective Date</u>&#148;
has the meaning set forth in <u>Section 2.1</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Event of Withdrawal</u>&#148;
means an event that causes a Person to cease to be a Member, which events shall
be limited to (a) the voluntary withdrawal of a Member consented to in writing
by the other Members, (b) assignment (in accordance with the provisions of this
Agreement) of all of a Member&#146;s Interest, (c) the making of an assignment for
the benefit of creditors, (d) being subject to Bankruptcy (as defined in the
Act), (e) appointment of a trustee or receiver for a Member or for all or any
substantial part of its property, (f) in the case of a Member that is a general
or limited partnership (1) the dissolution and commencement of winding up of
the partnership or (2) a distribution of its entire Interest, (g) in the case
of a Member that is a corporation (1) the filing of a certificate of
dissolution or the equivalent for the corporation or (2) a revocation of its
charter or (3) a distribution of its entire Interest, or (h) in the case of a
Member that is a limited liability company (1) the filing of articles of
dissolution or termination or their equivalent for a limited liability company
or (2) a distribution of its entire Interest.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Fiscal Year</u>&#148;
means the fiscal year of the Company, which shall begin on January 1 and end on
December 31 of each calendar year, except that if the Company is required under
the Code to use a taxable year other than a calendar year, the Fiscal Year
shall mean such taxable year.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Funding Notice</u>&#148;
has the meaning set forth in <u>Section 3.2(b)(v)</u> hereof.</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>GAAP</u>&#148; means
generally accepted accounting principles as used in the United States of
America from time to time, applied on a consistent basis from period to period.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>General Manager</u>&#148;
has the meaning set forth in <u>Section&nbsp;6.14(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Governmental
Authority</u>&#148; means any authority, regulatory or administrative agency,
commission, department, board, bureau, agency, instrumentality or court of the
United States of America or any other nation or sovereign state, any federal,
bilateral, or multilateral governmental authority, any state, possession,
territory, county, district, city, or other governmental unit or subdivision,
and any branch, agency, or judicial body of any of the foregoing.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Indebtedness</u>&#148; of
any Person means, without duplication, (i)&nbsp;the principal, accreted value,
accrued and unpaid interest, prepayment and redemption premiums or penalties
(if any), unpaid fees or expenses and other monetary obligations in respect of
(A)&nbsp;indebtedness of such Person for money borrowed and
(B)&nbsp;indebtedness evidenced by notes, debentures, bonds or other similar
instruments for the payment of which such Person is responsible or liable,
(ii)&nbsp;all obligations of such Person issued or assumed as the deferred
purchase price of property, all conditional sale obligations of such Person and
all obligations of such Person under any title retention agreement (but
excluding trade accounts payable and other accrued current Liabilities arising
in the ordinary course of business) (other than the current liability portion
of any indebtedness for borrowed money), (iii)&nbsp;all obligations of such
Person under leases required to be capitalized in accordance with GAAP,
(iv)&nbsp;all obligations of such Person for the reimbursement of any obligor
on any letter of credit, banker&#146;s acceptance or similar credit transaction,
(v)&nbsp;all obligations of such Person under interest rate or currency swap
transactions (valued at the termination value thereof), (vi) the liquidation
value, accrued and unpaid&#160; dividends and
prepayment or redemption premiums and penalties (if any), unpaid fees or
expense and other monetary obligations in respect of any and all redeemable
preferred stock or other preferred equity interest of such Person,
(vii)&nbsp;all obligations of the type referred to in clauses&nbsp;(i) through
(vi) of any Persons for the payment of which such Person is responsible or
liable, directly or indirectly, as obligor, guarantor, surety or otherwise,
including guarantees of such obligations and (viii)&nbsp;all obligations of the
type referred to in clauses (i) through (vii) of other Persons secured by (or
for which the holder of such obligations has an existing right, contingent or
otherwise, to be secured by) any Lien on any property or asset of such Person
(whether or not such obligation is assumed by such Person).</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Indemnitee</u>&#148; means
either the Company, a Member or other Person that an Indemnitor is obligated to
indemnify, defend and hold harmless pursuant to <u>Article&nbsp;7</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Indemnitor</u>&#148; means
either the Company, or a Member that is obligated to indemnify, defend and hold
harmless an Indemnitee pursuant to <u>Article&nbsp;7</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Independent Appraiser</u>&#148;
has the meaning set forth in <u>Section&nbsp;8.10(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Indian GAAP</u>&#148;
means generally accepted accounting principles as used in India from time to
time, applied on a consistent basis from period to period.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Initiating Member</u>&#148;
has the meaning set forth in <u>Section&nbsp;8.5(b)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Interest</u>&#148; refers
to all of a Member&#146;s rights and interests in the Company in such Member&#146;s
capacity as a Member, all as provided in the Certificate of Formation, this
Agreement and the Act.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Interest Period</u>&#148;
means the period of time commencing on the date the contribution for the
Preferred Interest or Company Loan is made or deemed made and ending on the
thirty-day anniversary thereof, and thereafter, each subsequent period
commencing on the first day</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">immediately following the
preceding Interest Period and ending on the thirty-day anniversary thereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Law</u>&#148; means any
statute, law, treaty, ordinance, rule, regulation, instrument, directive,
decree, permit, agreement, Order or injunction of or with any Governmental
Authority, and includes, without limitation, rules or regulations of any
regulatory or self-regulatory authority compliance with which is required by
Law.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>LCIA</u>&#148; has the
meaning set forth in <u>Section&nbsp;12.13</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Lender Notice</u>&#148;
has the meaning set forth in <u>Section&nbsp;8.2(b)(i)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Liability</u>&#148; means
any debt, loss, damage, adverse claim, fine, penalty, liability or obligation
(whether direct or indirect, known or unknown, asserted or unasserted, absolute
or contingent, accrued or unaccrued, matured or unmatured, determined or
determinable, disputed or undisputed, liquidated or unliquidated, or due or to
become due, and whether in Contract, tort, strict liability or otherwise), and
including all costs and expenses relating thereto (including all fees,
disbursements and expenses of legal counsel, experts, engineers and consultants
and costs of investigation).</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>LIBOR Rate</u>&#148;
means, with respect to any Preferred Interest or Company Loan for any Interest
Period, the rate appearing on Page 3750 of the Dow Jones Market Service (or on
any successor or substitute page of the Dow Jones Market Service, or any
successor to or substitute for the Dow Jones Market Service, providing rate
quotations comparable to those currently provided on such page of the Dow Jones
Market Service, for purposes of providing quotations of interest rates
applicable to dollar deposits in the London interbank market) at approximately
11:00 a.m., London time, two&nbsp;(2) Business Days prior to the commencement
of the applicable Interest Period, as the rate for dollar deposits with a
maturity comparable to such Interest Period.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Lien</u>&#148; means any
lien, encumbrance, pledge, mortgage, deed of trust, security interest, claim,
lease, charge, option, right of first refusal, easement, servitude, proxy,
voting trust or agreement, transfer restriction under any shareholder or
similar agreement, encumbrance or any other restriction or limitation
whatsoever.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Liquidation Proceeds</u>&#148;
means all Property at the time of liquidation of the Company and all proceeds
thereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Loan</u>&#148; has the
meaning set forth in <u>Section&nbsp;11.4</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Lone Star</u>&#148; has
the meaning set forth in the introductory paragraph.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Lone Star Change of
Control</u>&#148; means a Change of Control of Lone Star or Lone Star Steel Company,
L.P. that occurs within twenty-four (24) months of the date hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Lone Star Designees</u>&#148;
has the meaning set forth in <u>Section&nbsp;6.3(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Lone Star Initial
Payment</u>&#148; has the meaning set forth in <u>Section&nbsp;3.2(a)(i)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Lone Star Trademark
License</u>&#148; means the Lone Star Trademark License, dated as of the date
hereof, between Lone Star and the Company.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Losses</u>&#148; has the
meaning set forth in <u>Section&nbsp;7.2(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Marketing Plan</u>&#148;
means a detailed plan for marketing the products produced by the Company during
the following Fiscal Year.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Material Adverse
Effect</u>&#148; means a material adverse effect on (i) the business, assets,
properties, results of operations, condition (financial or otherwise) or
prospects of the Company, or (ii) the ability of Lone Star or Welspun, as the
case may be, to consummate the transactions contemplated by this Agreement or
perform their respective obligations under this Agreement or the Ancillary
Agreements to which either of them is a party.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Mediation</u>&#148; has
the meaning set forth in <u>Section&nbsp;5.6(a)</u> hereof.</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Members</u>&#148; means
those Persons executing this Agreement as members of the Company, including any
substitute Members, in such Person&#146;s capacity as a Member of the Company.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Mutual Services
Agreement</u>&#148; means the Mutual Services Agreement, dated as of the date
hereof, between Lone Star and Welspun Parent.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Net Cash Flow</u>&#148;
means, with respect to any fiscal period, all cash receipts of the Company
during the period (excluding any Capital Contributions), less payments for
Operating Expenses, payments of principal, premium or interest on Indebtedness
(including Company Loans), maintenance and capital expenditures.&#160; Unless otherwise unanimously agreed by the
Members, distributions of Net Cash Flow shall not be considered a return of a
Member&#146;s Capital Contribution.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Non-Competition
Period</u>&#148; has the meaning set forth in <u>Section&nbsp;11.2(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Non-Contributing
Member</u>&#148; has the meaning set forth in <u>Section 3.4(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Non-Represented
Member</u>&#148; has the meaning set forth in <u>Section 6.3(c)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Non-Transferring
Member</u>&#148; has the meaning set forth in <u>Section&nbsp;8.8(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Notice</u>&#148; means a
writing, containing the information required by this Agreement to be
communicated to a party, delivered or sent in the manner set forth in <u>Section&nbsp;12.16</u>
hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Notice of Proposed
Issuance</u>&#148; has the meaning set forth in <u>Section&nbsp;8.11</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Offer</u>&#148; has the
meaning set forth in <u>Section 8.8(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Officers</u>&#148; has the
meaning set forth in <u>Section&nbsp;6.14(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Operating Budget</u>&#148;
means a detailed budget for Operating Expenses projected to be made by the
Company during a Fiscal Year, if any.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Operating Expenses</u>&#148;
means, with respect to any fiscal period, the amount of cash expended by the
Company in the ordinary course of business during the period in connection with
its operations, but not including any payments of principal, premium or
interest on Indebtedness or capital expenditures.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Order</u>&#148; means any
writ, judgment, decree, injunction or similar order of any Governmental
Authority.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Outside Response Date</u>&#148;
has the meaning set forth in <u>Section&nbsp;8.5(c)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Percentage Interest</u>&#148;
means the percentage set forth opposite each Member&#146;s name on <u>Schedule&nbsp;A</u>,
which may be modified from time to time to reflect Transfers of Common Interest
in conformance with <u>Article 8</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Person</u>&#148; means any
individual, partnership, limited liability company, corporation, cooperative,
joint venture, trust, estate or other entity.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Plan</u>&#148; has the
meaning set forth in <u>Section 3.2(b)(iv)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Preferred Interest</u>&#148;
has the meaning set forth in <u>Section 3.4(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Price</u>&#148; has the
meaning set forth in <u>Section 8.10(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Project Financing</u>&#148;
has the meaning set forth in <u>Section&nbsp;11.4</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Property</u>&#148; means
all properties and assets that the Company may own or otherwise have an
interest in from time to time.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Proposed Issuance</u>&#148;
has the meaning set forth in <u>Section&nbsp;8.11</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Public Market</u>&#148;
has the meaning set forth in <u>Section 10.4(c)</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Quorum</u>&#148; has the
meaning set forth in <u>Section 6.3(b)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Remaining Interest</u>&#148;
has the meaning set forth in <u>Section 8.9</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Requested Additional
Capital Contribution</u>&#148; has the meaning set forth in <u>Section&nbsp;3.3(a)(i)</u>
hereof.</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Required Additional
Capital Contribution</u>&#148; has the meaning set forth in <u>Section 3.3(a)(ii)</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Required Additional
Capital Contribution Notice</u>&#148; has the meaning set forth in <u>Section
3.3(a)(ii)</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Response Notice</u>&#148;
has the meaning set forth in <u>Section&nbsp;8.5(c)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Sale Event</u>&#148; has
the meaning set forth in <u>Section&nbsp;8.7</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>SEC</u>&#148; means the
United States Securities and Exchange Commission.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Secretary</u>&#148; has
the meaning set forth in <u>Section&nbsp;6.14(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Settlement Notice</u>&#148;
has the meaning set forth in <u>Section&nbsp;7.3(b)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Sole Arbitrator</u>&#148;
has the meaning set forth in <u>Section&nbsp;12.13</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Specified Person</u>&#148;
has the meaning set forth in the definition of Affiliate.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Spiral Weld Mill</u>&#148;
means the manufacturing facility, the land and related roads, surface parking,
railway connections and outbuildings to be constructed and fitted for the
purpose of the manufacture of Spiral Weld Tubular Products.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Spiral Weld Tubular
Products</u>&#148; means helical submerged arc welded steel pipe produced from steel
hot rolled coils.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Tax Distribution</u>&#148;
has the meaning set forth in <u>Section&nbsp;4.1(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Tax Matters Member</u>&#148;
has the meaning set forth in <u>Section 10.4(f)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Taxing Authority</u>&#148;
means the United States Internal Revenue Service and any other Governmental
Authority responsible for the administration of any tax.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Third Party</u>&#148;
means any other Person who is not a Member and not an Affiliate of a Member.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Transfer</u>&#148; means
(a) when used as a verb, to give, sell, exchange, assign, transfer, pledge,
hypothecate, bequeath, devise or otherwise dispose of or encumber, and (b) when
used as a noun, the nouns corresponding to such verbs, in either case
voluntarily or involuntarily, by operation of law or otherwise.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Transferring Member</u>&#148;
has the meaning set forth in <u>Section&nbsp;8.8(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Treasury Regulations</u>&#148;
means the United States Treasury Regulations promulgated under the Code as
amended from time to time.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Triggering Member</u>&#148;
has the meaning set forth in <u>Section&nbsp;8.7</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>UNCITRAL</u>&#148; has the
meaning set forth in <u>Section&nbsp;12.13</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Welspun</u>&#148; has the
meaning set forth in the introductory paragraph.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Welspun Designees</u>&#148;
has the meaning set forth in <u>Section&nbsp;6.3(a)</u> hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Welspun Capital
Contributions Obligations</u>&#148; has the meaning set forth in <u>Section&nbsp;12.20</u>
hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Welspun Change of
Control</u>&#148; means a Change of Control of Welspun or Welspun Parent that occurs
within twenty-four (24) months of the date hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Welspun Parent</u>&#148;
means Welspun Gujarat Stahl Rohren Limited, a company incorporated under the
Indian Companies Act, 1956.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Welspun Trademark
License</u>&#148; means the Welspun Trademark License, dated as of the date hereof,
between Welspun Parent and the Company.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&#147;<u>Working Capital Loan</u>&#148;
has the meaning set forth in <u>Section&nbsp;11.4</u> hereof.</font></p>


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<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE 2<br>
<br>
FORMATION AND OFFICES</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Formation</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the Act, the
Company was formed as a Delaware limited liability company on December [&nbsp;&nbsp;&nbsp;&nbsp;],
2006 (the &#147;<u>Effective Date</u>&#148;) upon the filing of its Certificate of
Formation with the Secretary of State of Delaware.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Principal Office</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The principal office of
the Company shall be located at c/o Lone Star Technologies, Inc., 15660 N.
Dallas Pkwy., Suite 500, Dallas, TX 75248 USA or at such other place or places
as the Board of Managers may determine from time to time.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Registered Office
and Registered Agent</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The location of the registered
office and the name of the registered agent of the Company in the State of
Delaware shall be as stated in the Company&#146;s Certificate of Formation, or such
other place or agent as determined from time to time by the Board of Managers.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.4</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Purpose of Company</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The purpose for which the
Company is organized shall be (i) to build or otherwise acquire a Spiral Weld
Mill and the machinery and equipment necessary and appropriate for conducting
the Business, (ii) to engage in the Business, (iii) to build and operate a
Coating and Bending operation at the Spiral Weld Mill and (iv) to conduct such
other activities as may be necessary or desirable to further the Business.&#160; The Company shall not engage in any other
business or activity, except as determined by the unanimous consent of the
Members.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">2.5</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Term</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The term of the Company
shall commence on the date of the filing of its Certificate of Formation in
accordance with the Act and shall continue in existence until dissolution and
termination thereof in accordance with the provisions of <u>Article 9</u>
hereof.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
3<br>
<br>
CAPITALIZATION OF THE COMPANY</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Initial Capital
Contributions</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each Member has made a
Capital Contribution as of the date hereof in the kind and amount set forth
opposite such Member&#146;s name and address on <u>Schedule&nbsp;A</u> attached
hereto.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Neither Member shall be
required to or shall be permitted to make additional Capital Contributions
(other than as set forth in the Contribution Agreement and <u>Sections 3.2</u>
and <u>3.3</u> hereof) unless both Members agree thereto in writing.</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Additional Capital
Contributions</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject to the terms
and conditions contained in the Contribution Agreement, simultaneously with the
Closing (as such term is defined in the Contribution Agreement):</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Lone Star shall
contribute in cash to the Company, in immediately available funds, (A)
$4,000,000 <u>less</u> (B) the amount of any documented out-of-pocket costs for
the benefit of the Company that it has paid (or is payable) to a third party
(which, if in excess of $5,000, individually, has been approved by Welspun) by
Lone Star prior to Closing.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Welspun shall
contribute in cash to the Company, in immediately available funds (A)
$6,000,000 <u>less</u> (B) the amount of any documented out-of-pocket costs for
the benefit of the Company that it has paid (or is payable) to a third party
(which, if in excess of $5,000, individually, has been approved by Lone Star)
by Welspun prior to Closing.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(i)<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>As instructed in a Funding Notice (as
defined below), Lone Star and Welspun shall each make mandatory additional
Capital Contributions in cash, in immediately available funds, to the Company
pro rata based on its Percentage Interest; <u>provided</u>, <u>however</u>, (A)
Lone Star shall not be obligated to contribute in the aggregate under this <u>Section
3.2(b)</u> more than (i) $9,200,000 <u>less</u> (ii) the product of (I) Lone
Star&#146;s Percentage Interest times (II) the actual amount that the Project
Financing exceeds $33,000,000 and (B) Welspun shall not be obligated to
contribute in the aggregate under this <u>Section 3.2(b)</u> more than (i)
$13,800,000 <u>less</u> (ii) the product of (I) Welspun&#146;s Percentage Interest
times (II) the actual amount that the Project Financing exceeds $33,000,000; <u>provided</u>,
<u>further</u>, <u>however</u>, that for purposes of clarity, the foregoing
proviso shall not limit the amounts required to be contributed pursuant to <u>Sections
3.1</u>, <u>3.2(a)</u> and <u>3.3</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company hereby
creates a capital contribution committee (the &#147;<u>Capital Contribution
Committee</u>&#148;).&#160; The Capital
Contribution Committee shall consist of two members, and each Member shall have
the right to appoint one member to such committee.&#160; Each such member shall serve until his death,
Disability, resignation or removal as provided by <u>Section 3.2(b)(iii)</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(A)<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Lone Star&#146;s representative on the Capital
Contribution Committee may be removed from such position at any time, with or
without cause, by Lone Star and replaced by Lone Star with a new individual who
shall serve as Lone Star&#146;s representative on the Capital Contribution
Committee.&#160; Welspun&#146;s representative on
the Capital Contribution Committee may be removed from such position at any
time, with or without cause, by Welspun and replaced by Welspun with a new
individual who shall serve as Welspun&#146;s representative on the Capital
Contribution Committee.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:108.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A member of the Capital
Contribution Committee may resign from such position at any time.&#160; Upon the resignation of the member of the
Capital Contribution Committee who was appointed by Lone Star, Lone Star shall
be entitled to appoint a new individual to serve on the Capital Contribution
Committee as Lone Star&#146;s representative.&#160;
Upon the resignation of a member of the Capital Contribution Committee
who was appointed by</p>


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<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Welspun, Welspun shall be entitled to appoint a new
individual to serve on the Capital Contribution Committee as Welspun&#146;s
representative.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:108.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Upon the death or
Disability of a member of the Capital Contribution Committee who was Lone Star&#146;s
representative on the Capital Contribution Committee, Lone Star shall be
entitled to appoint a new individual to serve on the Capital Contribution
Committee as Lone Star&#146;s representative.&#160;
Upon the death or Disability of a member of the Capital Contribution
Committee who was Welspun&#146;s representative on the Capital Contribution
Committee, Welspun shall be entitled to appoint a new individual to serve on
the Capital Contribution Committee as Welspun&#146;s representative.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Members hereby agree
that an aggregate of $66,000,000 in cash (the &#147;<u>Construction Budget</u>&#148;),
which includes the Project Financing, will be necessary for the completion of
the construction of the Spiral Weld Mill, the installation at the Spiral Weld
Mill of the machinery and equipment necessary and appropriate for conducting
the Business and to build and operate a Coating and Bending operation at the
Spiral Weld Mill.&#160; Completion will occur
at the time that the Spiral Weld Mill is consistently capable of commercial
production of Spiral Weld Tubular Products. The purpose of the Capital
Contribution Committee shall be to call for and deploy the Construction Budget
in an orderly fashion in order to fund completion of the Spiral Weld Mill in
accordance with the Plan (as defined below).&#160;
The members of the Capital Contribution Committee shall determine an
appropriate construction and completion schedule, taking into account the
Construction Budget, in respect of the Spiral Weld Mill, which shall be
submitted to and approved by the Board of Managers (the &#147;<u>Plan</u>&#148;).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Upon the approval of
both members of the Capital Contribution Committee, the Capital Contribution
Committee shall issue a written funding notice (the &#147;<u>Funding Notice</u>&#148;) to
each Member pursuant to this <u>Section 3.2(b)</u> specifying the amount in
cash of the Capital Contribution to be made by each Member and the date and
time at which such Capital Contribution is to be made; <u>provided</u>, <u>however</u>,
that the date on which the Capital Contribution is to be made shall be at least
twenty (20) days after the date of the Funding Notice and the Capital
Contribution shall be pro rata based on each Member&#146;s Percentage Interest.&#160; Funding Notices shall be issued in sequence
by the Capital Contribution Committee in the amounts and at the times
determined to be necessary for the orderly, prompt and uninterrupted
construction of the Spiral Weld Mill and Coating and Bending operation at the
Spiral Weld Mill.&#160; The Capital
Contribution Committee shall not issue Funding Notices calling for Capital
Contributions in the aggregate exceeding the Construction Budget less the
greater of $33,000,000 or the actual amount of the Project Financing.&#160; If the members of the Capital Contribution
Committee are unable to agree as to the amount or timing of a Funding Notice,
then either member of the Capital Contribution Committee may refer the controversy
to the Board of Managers, which may issue the Funding Notice and the decision
of the Board of Managers shall be binding on the Members.&#160; When a Funding Notice has been issued by the
Capital Contribution Committee or the Board of Managers, neither Member shall
have the right to challenge the amount or timing of the Capital Contribution
requested thereby.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Lone Star hereby
appoints Nikhil Amin as its initial member of the Capital Contribution
Committee, and Welspun appoints Rajesh Chokhani as its initial member of the
Capital Contribution Committee.</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any amounts contributed
pursuant to <u>Section 3.2(a)</u> and <u>(b)</u> shall increase the Capital
Contributions and Capital Account (as defined on <u>Schedule&nbsp;B</u> hereto)
of the contributing Member.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Requested and
Required Additional Capital Contributions</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(i)<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject to the limitations set forth in
this <u>Section&nbsp;3.3</u>, the Company may at any time or from time to time,
after reasonably exhausting all alternate debt funding options, request that
each Member make Capital Contributions to the Company pro rata based on its
Percentage Interest, when and if the Board of Managers determines to call for
such Capital Contributions in accordance with this Agreement (&#147;<u>Requested
Additional Capital Contribution</u>&#148;).&#160;
For purposes of clarification, the Members shall not be obligated to
make a Requested Additional Capital Contribution under this <u>Section
3.3(a)(i)</u> (and the provisions of Section 3.4(b) shall not be applicable)
unless both Members so agree in writing.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In addition, each
Member may at any time during the period ending 18 months after the Closing (as
defined in the Contribution Agreement), but only one time during such period,
request (a &#147;<u>Capital Call Request</u>&#148;) that the Board of Managers call on
the Members to make a Required Additional Capital Contribution (as defined
below) to the Company pro rata based on their relative Percentage Interest; <u>provided</u>,
<u>however</u>, that (A) the Members shall not be required to make a Required
Additional Capital Contribution unless at least $33,000,000 has been borrowed
as Project Financing and all alternate debt funding options have been
reasonably exhausted and (B) the total amount of the Required Additional
Capital Contribution required under this <u>Section 3.3(a)(ii)</u> shall not
exceed $2,400,000 for Lone Star and $3,600,000 for Welspun.&#160; In the event that the Board of Managers is
unable to decide whether or not to require the Members to make a Required
Additional Capital Contribution within ten (10) days of a Member&#146;s Capital Call
Request, then the issue shall be referred for resolution to the Members&#146;
Authorized Senior Executive Officers, who shall attempt to resolve such issue
within ten (10) days from such referral (or, if mutually agreed by such
Authorized Senior Executive Officers, a longer period of time).&#160; If the Members&#146; Authorized Senior Executive
Officers are unable to resolve such issue within such time period, the original
Member making the Capital Call Request shall have the ability to unilaterally
require a Required Additional Capital Contribution (subject to the proviso of
the first sentence of this <u>Section 3.3(a)(ii)</u>).&#160; Such request shall be made in the form of a
Notice to the other Member and shall specify the aggregate amount of such
Capital Contribution and the pro rata portion due from each Member (a &#147;<u>Required
Additional Capital Contribution Notice</u>&#148;).&#160;
Such additional Capital Contributions are referred to herein as the &#147;<u>Required
Additional Capital Contribution.</u>&#148;&#160; If
the Board of Managers and the Authorized Senior Executive Officers are unable
to reach an agreement and the requesting Member elects to require the Members
to make a Required Additional Capital Contribution, the aggregate amount of the
Required Additional Capital Contribution shall be determined by the requesting
Member based solely upon the requesting Member&#146;s estimate of (i) any shortfall
in the amount of funds needed to complete the Spiral Weld Mill, build and
operate a Coating and Bending operation at the Spiral Weld Mill and purchase
the necessary equipment and machinery in a manner that will allow the Company
to operate the Business substantially in accordance with the Construction
Budget and the construction plan that shall be finalized at a meeting of the
Board of Managers within 30 days from the date hereof (&#147;<u>Construction Plan</u>&#148;)
and/or (ii) any shortfall in the amount of funds needed to complete all
testing, modifications and enhancements to the Spiral Weld Mill (including the
necessary and appropriate equipment) and its operating</p>


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<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">plans in order for the Spiral Weld Mill and Coating
and Bending operations to be fully functional to conduct the Business at the
level contemplated by the Construction Plan.&#160;
In making such determination, the requesting Member shall not be
required to reach agreement or to prove the reasonableness of its estimates or
determinations.&#160; In no event shall the
lack of agreement between the Members during such consultation be deemed to
constitute a Deadlock.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>On each occasion that
the Board of Managers calls for the Members to make a Requested Additional
Capital Contribution to the Company pursuant to <u>Section&nbsp;3.3(a)</u>, the
Board of Managers shall deliver to each such Member a Notice (the &#147;<u>Contribution
Notice</u>&#148;).&#160; Each Member shall make its
Requested Additional Capital Contribution or Required Additional Capital
Contribution within twenty&nbsp;(20) Business Days after the date of receipt of
the Contribution Notice or the Required Additional Capital Contribution Notice.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any amounts contributed
pursuant to this <u>Section&nbsp;3.3</u> shall increase the Capital Contributions
and Capital Account (as defined on <u>Schedule&nbsp;B</u> hereto) of the
contributing Member.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notwithstanding
anything to the contrary, a Non-Represented Member shall not be obligated to
make any further Capital Contributions pursuant to this Agreement or any
Ancillary Agreement.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.4</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Failure to Make
Capital Contributions</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If any Member does not
fund a Capital Contribution required by <u>Section 3.2</u> or a Required
Additional Capital Contribution in accordance with <u>Section 3.3(a)(ii)</u>
within the time specified (time being of the essence) (a &#147;<u>Non-Contributing
Member</u>&#148;), then the other Member (the &#147;<u>Contributing Member</u>&#148;),
provided it has funded its Capital Contribution required by <u>Section 3.2</u>
or <u>3.3(a)(ii)</u> as applicable, (i) shall treat the Capital Contribution
under such section as a preferred interest (the &#147;<u>Preferred Interest</u>&#148;)
and (ii) may fund the amount of the Non-Contributing Member&#146;s Capital
Contribution as a Preferred Interest.&#160;
For purposes of clarification, after the Contributing Member has funded
its Capital Contribution and the Non-Contributing Member&#146;s Capital
Contribution, the Non-Contributing Member shall not have the ability to make
such Capital Contribution.&#160; The Preferred
Interest shall have the following terms:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Preferred Interest
shall, with respect to distribution rights (other than Tax Distributions) and
rights on liquidation, dissolution and winding up of the affairs of the
Company, rank senior to the Common Interest of the Company and any other
classes and series of membership interests of the Company.&#160; The Preferred Interest shall be non-voting.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The holder of the
Preferred Interest shall be entitled to receive dividends out of Net Cash Flow
prior and in preference to the payment of any distributions in respect of the
Preferred Interest or Common Interests at the annual rate equal to the
aggregate outstanding amount of such Preferred Interest times the sum of (A)
the LIBOR Rate plus (B)(i) 4% for the first six months (inclusive), (ii) 5% for
months seven through nine (inclusive), (iii) 6% for months ten through twelve
(inclusive) and (iv) 7% thereafter; <u>provided</u>, <u>however</u>, that in no
event shall the interest rate exceed 18% per annum.&#160; Such dividends on the Preferred Interest will
be cumulative and will compound on a daily basis (based on a 360 day year and
actual days</p>


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<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">elapsed).&#160; No
dividends shall be paid with respect to the Common Interests (other than Tax
Distributions) during any calendar year unless distributions attributable to
the Preferred Interest, including the accrued and unpaid dividends required by
this <u>Section 3.4(a)(ii)</u>, shall have first been paid to the Preferred
Interest.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notwithstanding <u>Sections
4.1</u> and <u>6.7</u>, in the event that there is positive Net Cash Flow, the
holder of the Preferred Interest, or the Company, in either of their sole
discretion, may require the Company to distribute such Net Cash Flow to the
holder of the Preferred Interest in accordance with <u>Section 4.3(a)</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In addition to the
alternative set forth in <u>Section 3.4(a)</u>, if any Member does not fund its
Capital Contribution pursuant to <u>Section 3.2</u>, the Contributing Member,
provided it has funded its Capital Contribution pursuant to <u>Section 3.2</u>,
may elect to be treated as the Initiating Member for all purposes under <u>Section
8.6(b)</u> of this Agreement, and the non-performing Member shall be treated as
the non-Initiating Member for all purposes under <u>Section 8.6(b)</u> of this
Agreement, and the funding Member and non-funding Member shall have all of the
rights, duties and obligations of the Initiating Member and the non-Initiating
Member, respectively, set forth in <u>Sections 8.6(b)</u> through <u>8.6(g)</u>
hereof, including the rights set forth in <u>Section 8.6(e)</u> hereof.&#160; For greater certainty, as required by <u>Section
8.6</u>, if the non-Initiating Member elects in its Breach Response Notice to
be the seller or if the non-Initiating Member does not comply with any
applicable requirement of subsections (c) or (d) of <u>Section 8.6</u> in a
timely manner (time being of the essence), then the non-Initiating Member shall
be deemed to have elected to be the seller and the Initiating Member shall be
deemed to have elected to be the purchaser but based on a Price equal to 75% of
the original Price.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If any Member does not
fund a Requested Additional Capital Contribution in accordance with <u>Section&nbsp;3.3(a)(i)</u>
within the time specified (time being of the essence), then notwithstanding
what is contained in <u>Section 3.3(a)(i)</u>, the other Member may, provided
it has funded its Requested Additional Capital Contribution, elect
(x)(i)&nbsp;to treat its Requested Additional Capital Contribution as a loan to
the Company and (ii)&nbsp;lend the entire amount of the Non-Contributing Member&#146;s
Requested Additional Capital Contribution required pursuant to <u>Section&nbsp;3.3</u>
to the Company (clauses (i) and (ii) together, a &#147;<u>Company Loan</u>&#148;) with
recourse solely to the Company and its assets and/or (y) to invoke the
provisions of <u>Section&nbsp;8.5</u>.&#160;
For purposes of clarification, after the Contributing Member has funded
its Requested Additional Capital Contribution and the Non-Contributing Member&#146;s
Requested Additional Capital Contribution, the Non-Contributing Member shall
not have the ability to make such Requested Additional Capital
Contribution.&#160; Any Company Loan shall be
expressly subordinated to any senior credit facility of the Company to the
extent required by such senior credit facility, and the Company shall bear all
costs and expenses related thereto and to the negotiation and documentation
thereof, including the fees and expenses of the Contributing Member&#146;s counsel and
accountants.&#160; Any Company Loan shall not
be treated as a Capital Contribution by the Contributing Member and shall not
increase the Capital Account of the Contributing Member or result in any
adjustment to the Member&#146;s Percentage Interest.&#160;
Each Company Loan shall bear interest at a rate equal to the LIBOR Rate
plus 4% per annum (computed on the basis of a 360 day year and actual days
elapsed), compounded monthly on the first day of each calendar month.&#160; All payments on all Company Loans shall be
applied first to accrued interest on all Company Loans, then to unpaid
principal.&#160; Payments on account of
interest on Company Loans shall be made on a &#147;last in, first out&#148; basis so that
the accrued interest on the newest Company Loan is</p>


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<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">paid first.&#160;
Likewise, principal payments on Company Loans repaid by the Company
shall be made on a &#147;last in, first out basis&#148; such that the most recent Company
Loans are repaid first.&#160; Company Loans
shall be repaid as quickly as practicable taking into account any restrictions
under any then-existing senior credit facility provided by an institutional
lender.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Members hereby
confirm that the Contributing Member shall not be entitled to invoke the
remedies under <u>Section 8.5</u> or <u>8.6</u> solely due to the fact that
Non-Contributing Member did not fund the Required Additional Capital
Contribution pursuant to Section <u>3.3(a)(ii)</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.5</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No Liability; No
Deficit Restoration</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Members shall not be
bound by, nor be personally liable for, any additional Capital Contribution of
any other member or the expenses, Liabilities, Indebtedness or obligations of
the Company or of any other Member (unless the assumption of any such expense,
Liability, Indebtedness or obligation is otherwise expressly agreed to by such
Member in writing).&#160; Unless otherwise
expressly agreed to by such Member in writing, the Liability of each Member for
Capital Contributions shall be limited solely to the amount of its Capital
Contributions made to date and as required in <u>Sections 3.2</u> and <u>3.3</u>;
<u>provided</u>, <u>however</u>, that after a Member has received a
distribution from the Company, such Member may be liable to the Company for the
amount of the distribution but only to the extent provided by the Act.&#160; No Member shall have any obligation to
restore any deficit in its Capital Account.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.6</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Sole Benefit</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">It is expressly
acknowledged and agreed that the provisions of this Agreement relating to the
rights and obligations of the Members to make any additional Capital
Contributions or to make any loans to the Company are for the sole benefit of
the Members and may not be exercised on behalf of the Members or invoked or
enforced for any other purpose by any other Person, including by the holder of
any Loan documents (as such documents may be amended, restated, increased or
superseded) or by any trustee in a bankruptcy proceeding.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.7</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Capital Withdrawal
Rights, Interest and Priority</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as expressly
provided in this Agreement, no Member shall be entitled to withdraw or reduce
such Member&#146;s Capital Contribution or to receive any distributions from the
Company.&#160; In the event a Member withdraws
from the Company in violation of this Agreement and the Business of the Company
is continued, the Member shall not be entitled to receive back its Capital Contribution
nor receive back the fair market value of its Interest and shall not be
entitled to receive any other type or form of payment from the Company prior to
the dissolution or winding up of the Company in accordance with this Agreement;
instead, such Member shall have the status of an assignee of an Interest.&#160; Except as expressly provided in this
Agreement, no Member shall be entitled to receive or be credited with any
interest on the balance of such Member&#146;s Capital Contribution at any time.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">3.8</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Usury Savings Clause</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any provision herein, or
in any other document executed or delivered in connection with any Company
Loan, or in any other agreement or commitment, whether written or oral,
expressed or implied, to the contrary notwithstanding, neither the Contributing
Member nor any other holder of a Company Loan shall in any event be entitled to
receive or collect, nor shall or may amounts</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">received hereunder or
thereunder be credited, so that the Contributing Member or any other holder of
a Company Loan shall be paid, as interest, a sum greater than the maximum
amount permitted by applicable law to be charged to the Company.&#160; If any construction of this Agreement, or any
other document executed or delivered in connection with any Company Loan,
indicates a different right given to the Contributing Member to ask for, demand
or receive any larger sum as interest, such is a mistake in calculation in or
wording which this clause shall override and control, it being the intention of
the Company and the Members, including any Contributing Member, that this
Agreement and any other documents executed in connection with any Company Loan
conform strictly to applicable usury laws.&#160;
In no event shall the amount treated as the total interest exceed the
maximum amount of interest which may be lawfully contracted for, charged,
taken, received or reserved by a Contributing Member in accordance with
applicable usury laws, taking into account all items which are treated as
interest under applicable law, computed in the aggregate over the full term of
the Company Loan(s) evidenced hereby or by any related agreement or
document.&#160; In the event that the
aggregate of all consideration which constitutes interest under applicable law
that is taken, reserved, contracted for, charged or received under this
Agreement and any other documents executed in connection with any Company Loan
shall ever exceed the maximum nonusurious rate under applicable law, any sum in
excess thereof shall be applied to the reduction of the unpaid principal
balance of the Company Loan(s) and if such unpaid principal balance is paid in
full, the remaining excess, if any, shall be paid to the Company.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
4<br>
<br>
CASH DISTRIBUTIONS; PROFITS AND LOSSES FOR TAX PURPOSES</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Cash Distributions
Prior to Dissolution</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject to <u>Section
3.4(a)(iii)</u>, the Board of Managers shall have the right to determine how
much Net Cash Flow, if any, of the Company shall be distributed among the
Members each year; <u>provided</u>, <u>however</u>, if such Net Cash Flow is
otherwise available, the Board of Managers shall cause the Company to
distribute to each Member prior to the due date of the Member&#146;s quarterly
estimated tax payments, an amount of Net Cash Flow (the &#147;<u>Tax Distribution</u>&#148;)
equal to the excess of:&#160; (A) (i) the
highest marginal federal, state, and local income tax rate applicable to a
corporation organized and doing business solely in the jurisdiction where the
Spiral Weld Mill is located, multiplied by (ii) taxable net income and gain to
be allocated (or allocated) to, the Member under <u>Schedule B</u> for the
current (or previous) Fiscal Year, as reasonably estimated by the Board of
Managers; over (B) prior distributions to such Member during or with respect to
such Fiscal Year pursuant to this <u>Article&nbsp;4</u>.&#160; The Board of Managers, in its sole
discretion, may adjust Tax Distributions to a Member to take into account the
type of income allocated and any net losses or credits currently and previously
allocated to the Member that may offset taxable income for the current (or just
completed) Fiscal Year and the amount of such Tax Distribution shall be reduced
as provided in <u>Section 4.5</u>.&#160; Any
amount distributed pursuant to this <u>Section 4.1</u> shall be deemed as an
advance against the next distribution or distributions to such Member and shall
reduce, dollar for dollar, future amounts otherwise distributable to such
Member pursuant to <u>Sections 4.3</u> or <u>9.3</u>.&#160; The Board of Managers shall determine or
cause to be determined the amount of the Tax Distributions and its
determination shall be final and binding on all Members for purposes of this <u>Section
4.1</u>.</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notwithstanding
anything to the contrary herein provided, no distribution hereunder shall be
permitted to the extent prohibited by the Act.&#160;
Currently, among other prohibitions, the Act prohibits the Company from
making a distribution to the extent that, after giving effect to the
distribution, (i) the Company would not be able to pay its debts as they become
due in the usual course of business or (ii) the Company&#146;s total assets would be
less than the sum of its total liabilities, with Capital Contributions not
being deemed a liability.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Persons Entitled to
Distributions</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any distributions of Net
Cash Flow to the Members under <u>Section&nbsp;4.1</u> hereof shall be made to
the Persons shown on the records of the Company to be entitled thereto as of
the last day of the fiscal period prior to the fiscal period in which such
distribution is to be made, unless the transferor and transferee of any
Interest otherwise agree in writing to a different distribution and such
distribution is consented to in writing by the Board of Managers.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Specific Payment
Priorities</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to <u>Section
7.2(b)</u> hereof, any distributions of Net Cash Flow to the Members under <u>Section&nbsp;4.1</u>
(other than Tax Distributions) hereof shall be made in the order of priority
set forth below:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>First, to any Member
that has a Preferred Interest pursuant to <u>Section 3.4(a)</u> until such
Member has been paid in full an amount, taking into account all prior
distributions under this <u>Section 4.3(a)</u>, equal to the amount of Capital
Contributions that are treated or paid as Preferred Interest pursuant to <u>Section
3.4(a)(i)</u> plus cumulative dividends pursuant to <u>Section 3.4(a)(ii)</u>;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Second, to all Members
until each Member has been paid in full an amount, taking into account all
prior distributions under this <u>Section&nbsp;4.3(b)</u>, equal to all Capital
Contributions it made pursuant to <u>Sections 3.1</u>, <u>3.2</u>, <u>3.3</u>
and <u>3.4</u>; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Third, the balance, if
any, to the Members in accordance with their respective Percentage Interests.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.4</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Allocation of
Profits and Losses for Tax Purposes and Special Allocations</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All profits and losses
for Tax purposes of the Company and all special allocations of the Company
shall be determined in accordance with <u>Schedule&nbsp;B</u><b> </b>attached hereto.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.5</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Withholding</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If the Company is
required to withhold any portion of any amounts distributed or paid to a Member
by applicable U.S. federal, state, local or foreign Tax laws, the Company may
withhold such amounts and make such payments to Taxing Authorities as are
necessary to ensure compliance with such Tax laws.&#160; Any funds withheld by reason of this <u>Section&nbsp;4.5</u>
shall nonetheless be deemed distributed to such Member in question for all
purposes of this Agreement and, to the extent withheld pursuant to Sections
1442, 1445 or 1446 of the Code, shall reduce the amount of any Tax Distribution
otherwise payable under <u>Section 4.1</u>.&#160;
If the Company does withhold from actual distributions any Tax required
to be withheld by applicable Tax laws, the Company may, at its option, (i)
require the Member to which the withholding was credited to reimburse the
Company for such Tax and charge interest at a rate determined by the</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Board of Managers not to
exceed the Company&#146;s average cost of capital for the most recently elapsed
twelve (12) full months except to the extent such withholding otherwise reduces
a Tax Distribution under <u>Section 4.1</u>, or (ii) reduce any subsequent
distributions or payments to such Member by such Tax.&#160; For purposes of the preceding sentence, &#147;<u>Tax</u>&#148;
shall include any interest, penalties or additions thereto; <u>provided</u>, <u>however</u>,
that it will not include interest, penalties, or additions to tax caused by the
gross negligence of the Company.&#160; The
obligation of a Member to reimburse the Company for such amounts shall continue
after such Member transfers or liquidates its Interest in the Company and shall
constitute a debt to the Company.&#160; Each
Member agrees to furnish the Company with any representations and forms as
shall reasonably be requested by the Company to assist in determining the
extent of, and in fulfilling, any withholding obligations the Company may have.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">4.6</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Non Cash
Distributions</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Non-cash assets of the
Company distributed in kind shall be valued at their then fair market value as
determined by the Board of Managers.&#160; In
the event that the Board of Managers is unable to agree on the fair market
value, the Board of Managers shall select an appraiser with experience in
making such valuations to determine the fair market value of such assets.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
5<br>
<br>
MEMBERS</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Meetings of Members;
Place of Meetings</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Meetings of the Members
may be held for any purpose or purposes, unless otherwise prohibited by law,
and may be called by the Board of Managers or by any Member.&#160; All meetings of the Members shall be held at
the principal office of the Company as set forth in <u>Section&nbsp;2.2</u>
hereof, or at such other place as shall be designated from time to time by the
Board of Managers and stated in the Notice of the meeting or in a duly executed
waiver of the Notice thereof.&#160; Members
may participate in a meeting of the Members by means of conference telephone or
other similar communication equipment whereby all Members participating in the
meeting can hear each other.&#160;
Participation in a meeting in this manner shall constitute presence in
person at such meeting.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Quorum; Voting
Requirement</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The presence, in person
or by proxy, of all of the Members shall constitute a quorum for the
transaction of business by the Members.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The affirmative vote of
all the Members shall constitute a valid decision of the Members.&#160; Notwithstanding the foregoing, if a Member
reasonably believes that the Company has a material claim against the other
Member or any of such other Member&#146;s Affiliates for a breach of this Agreement
or any other Contract or otherwise that either Member or its Affiliates entered
into with the Company, then the first Member, after having attempted to resolve
the matter through consultations between the Authorized Senior Executive
Officers of each Member, may, in its discretion (and without the necessity of
the other Member agreeing with such course of action), cause the Company to
pursue such claim against the other Member or such other Member&#146;s Affiliates,
as the case may be, in accordance with <u>Section&nbsp;12.13</u> hereof (to the
extent such claim relates to a matter governed by the terms hereof), in
accordance with the terms of any</p>


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<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">other Contract that either Member or its Affiliates
entered into with the Company (to the extent such claim relates to a matter
governed by the terms thereof) or, if such claim does not relate to this
Agreement or any other such Contract, by causing the Company to bring any
action at law or in equity in any court of competent jurisdiction.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Proxies</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">At any meeting of the
Members, every Member having the right to vote thereat shall be entitled to
vote in person or by proxy appointed by an instrument in writing (by means of
electronic transmission or as otherwise permitted by applicable Law) signed by
such Member and bearing a date not more than one year prior to such meeting.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.4</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Action without a
Meeting</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any action required or
permitted to be taken at any meeting of the Members may be taken without a
meeting, without prior Notice and without a vote, if a consent in writing
setting forth the action so taken is signed by all the Members, and filed with
the Company.&#160; Such consent may be
executed by facsimile or other agreed electronic means and may be executed in
counterparts.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.5</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Notice</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notice stating the place,
date and time of a meeting and the purpose or purposes for which the meeting is
called shall be delivered not less than five (5) days nor more than sixty (60)
days before the date of the meeting, by or at the direction of the Board of
Managers or either Member, to each Member entitled to vote at such meeting.&#160; When any Notice is required to be given to
any Member hereunder, a waiver thereof in writing signed by a Member, whether
before, at, or after the time stated in such Notice, shall be equivalent to the
giving of such Notice.&#160; A Member may also
waive Notice by attending a meeting without objection to a lack of Notice.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.6</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Deadlock</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Except as set forth in <u>Section&nbsp;5.2(b)</u>
hereof,<b> </b>in the event that the
Members are deadlocked (a &#147;<u>Deadlock</u>&#148;) on any issue set forth in this
Agreement or otherwise related to the Company or its Business and operations,
such issue shall be referred for resolution to the Members&#146; respective
Authorized Senior Executive Officers, who shall attempt to resolve such issue
within fifteen (15) Business Days after such Deadlock occurs (or, if mutually
agreed by such Authorized Senior Executive Officers, a longer period of
time).&#160; If the Authorized Senior
Executive Officers are unable to resolve such issue within such time period,
the Deadlock shall be mediated (the &#147;<u>Mediation</u>&#148;) within fifteen (15)
days from the date a written request for mediation is made by either
Member.&#160; The Mediation shall take place
in New York, New York and be administered by the New York office of JAMS,
unless otherwise agreed to by the Members.&#160;
The administration fees and expenses of the Mediation shall be borne
equally by the Members.&#160; The Mediation
shall be conducted before a single mediator to be agreed upon by the Members,
or in the absence of an agreement, a single mediator admitted to practice law
for ten (10) years or more who specializes in commercial litigation disputes,
and appointed by JAMS.&#160; If the Members
are unable to resolve the Deadlock at the Mediation, either Member shall have
the right to invoke the provisions of <u>Section&nbsp;8.5</u>.</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any resolution of a
Deadlock pursuant to this <u>Section&nbsp;5.6</u> shall be in writing and, when
signed by the Persons designated in accordance with this <u>Section&nbsp;5.6</u>
to resolve such Deadlock, shall be deemed to constitute the approval of the
Members.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.7</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Authority to Execute
Documents to Be Filed under the Act</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Members shall have
the power and authority to execute on behalf of the Company any document
required or permitted to be filed by the Members with the Secretary of the
State of Delaware pursuant to the terms of the Act.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">5.8</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Powers of the
Members</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as specifically
set forth in <u>Section&nbsp;5.2(b)</u><b> </b>hereof,
no Member, acting solely in its capacity as a Member, shall act as an agent of
the Company or have any authority to act for or to bind the Company, and the
Members hereby consent to the exercise by the Board of Managers of the powers
and rights conferred on it by Law and by this Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
6</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">BOARD
OF MANAGERS; OFFICERS</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Establishment; Power
and Authority</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The business and affairs
of the Company shall be managed by, or under the direction of, the Members; <u>provided</u>,
<u>however</u>, that the Members shall appoint a Board of Managers to oversee
and control the business and affairs of the Company on behalf of the Members in
the manner and to the extent set forth herein.&#160;
The Board of Managers shall consist of five (5) individuals who shall be
appointed as set forth in <u>Sections 6.3</u> and <u>6.4</u><b> </b>hereof.&#160;
Except as otherwise provided under this Agreement or the Act, the Board
of Managers shall have power to direct the management and control the property
and affairs of the Company, and to do all such lawful acts and things that, in
their judgment and discretion, they may deem necessary and appropriate for the
expedient conduct and furtherance of the Company&#146;s Business.&#160; Any decision or act of the Board of Managers
within the scope of the power and authority granted hereunder to the Board of
Managers shall control and shall bind the Company.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Duties of Board of
Managers</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In addition to the duties
of the Board of Managers set forth elsewhere in this Agreement and subject to
the other provisions of this Agreement and the Act, the Board of Managers shall
be responsible for and is hereby authorized to cause the Company to take any
actions not otherwise specifically reserved for a decision by the Members
hereunder, including:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>control the operations
of the Company and its subsidiaries (if any) in coordination with the officers
or other agents of the Company appointed or retained by the Board of Managers
for such purposes;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>carry out and effect
all directions of the Members;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>appoint or remove any
Officers;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>have prepared and
approve the Annual Business Plan for the Company and otherwise periodically
have updated the financial statements of the Company;</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>engage in any kind of
activity and perform and carry out Contracts of any kind (including notes and
other Contracts for Indebtedness) necessary to, in connection with, or
incidental to, the accomplishment of the purposes of the Company, so long as
such activities and Contracts may be lawfully carried on or performed by a
limited liability company under the Act and otherwise do not require the
approval of the Members under this Agreement; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>negotiate, execute and
perform all agreements, and exercise all rights and remedies of the Company, in
connection with the foregoing, in each case, except as otherwise set forth
herein.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Number, Appointment
and Tenure of Managers</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>So long as either (i)
the Percentage Interest of Welspun (and its Affiliates) is more than 20%, (ii)
the Company has not fully repaid the loans advanced by Welspun or (iii) Welspun
owns a Preferred Interest, Welspun shall appoint three (3) members of the Board
of Managers (the &#147;<u>Welspun Designee</u>&#148;).&#160;
So long as either (i) the Percentage Interest of Lone Star (and its
Affiliates) is more than 20%, (ii) the Company has not fully repaid the loans
advanced by Lone Star or (iii) Lone Star owns a Preferred Interest, Lone Star
shall appoint two (2) members of the Board of Managers (the &#147;<u>Lone Star
Designee</u>&#148;).&#160; The Chairman of the
Board of Managers (the &#147;<u>Chairman</u>&#148;) shall be appointed jointly by Lone
Star and Welspun out of one (1) of the five (5) members of the Board of
Managers, alternating between a Lone Star Designee and a Welspun Designee, with
the first Chairman being a Welspun Designee.&#160;
The first Chairman shall serve for a term of two (2) years, and each
succeeding Chairman shall serve for a term of one (1) year.&#160; The Chairman shall only be entitled to the
same voting powers as the other members of the Board of Managers (for purposes
of clarity, the Chairman shall not have any tie-breaking vote by virtue of
being the Chairman).&#160; Except as set forth
in <u>Section&nbsp;6.4</u>, no additional members to the Board of Managers may
be appointed unless the Members unanimously agree to the appointment of such
additional members to the Board of Managers.&#160;
Each member of the Board of Managers shall serve until his death,
Disability, resignation or removal as provided in this Agreement.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The presence of at
least three (3) members of the Board of Managers shall be required to
constitute a quorum at any meeting of the Board of Managers, with at least one
Welspun Designee and at least one Lone Star Designee being present (&#147;<u>Quorum</u>&#148;);
provided, however, that if a Quorum does not exist at two consecutive duly
called meetings solely due to the refusal or unwillingness of Lone Star&#146;s
Designees to the Board of Managers to be present, then, at the following (that
is, the third) duly called meeting, Welspun&#146;s Designees may act validly on
behalf of the Company at such meeting so long as at least three of Welspun&#146;s
Designees are present at such meeting.&#160;
Subsequent meetings will require Quorum, unless Lone Star&#146;s Designees
refuse or are unwilling to attend any such subsequent meeting, in which case
the provision of the prior sentence shall again apply.&#160; A Quorum must exist at all times during any
meeting of the Board of Managers, including the reconvening of a meeting
adjourned, in order for any action taken at such meeting to be valid.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event that a
Member no longer has the right to designate any members to the Board of
Managers pursuant to <u>Section 6.3(a)</u> (the &#147;<u>Non-Represented Member</u>&#148;),
then (i) the Non-Represented Member shall receive, at the same time and manner
as the members of the Board of Managers, copies of all notices, minutes,
consents and other materials, financial or</p>


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<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">otherwise, which the Company provides to the Board of
Managers and (ii) the Non-Represented Member shall be entitled to send one (1)
observer, designated in writing by such Member from time to time, to attend (or
listen in by means of conference telephone or other similar communications
equipment) any and all meetings of the Board of Managers and committees
thereof; <u>provided</u>, <u>however</u>, that if the Board of Managers is
discussing a litigation matter and counsel to the Company advises that the
presence of the Non-Represented Member&#146;s observer would vitiate privilege, then
the Non-Represented Member&#146;s observer shall leave the meeting during such
discussion only, shall be permitted to return immediately after such discussion
is completed and shall be provided a brief summary of such discussion that
would not vitiate privilege.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.4</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Removal,
Resignation, Death, Disability and Appointment of Managers</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any member of the Board
of Managers who is a Lone Star Designee may be removed from such position at
any time, with or without cause, by Lone Star and replaced by Lone Star with a
new individual to be deemed a Lone Star Designee.&#160; Any member of the Board of Managers who is a
Welspun Designee may be removed from such position at any time, with or without
cause, by Welspun and replaced by Welspun with a new individual to be deemed a
Welspun Designee.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A member of the Board
of Managers may resign from such position at any time.&#160; Upon the resignation of a member of the Board
of Managers who was a Lone Star Designee, Lone Star shall be entitled to
appoint a new individual to serve on the Board of Managers as a Lone Star
Designee.&#160; Upon the resignation of a
member of the Board of Managers who was a Welspun Designee, Welspun shall be
entitled to appoint a new individual to serve on the Board of Managers as a
Welspun Designee.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Upon the death or
Disability of a member of the Board of Managers who was a Lone Star Designee,
Lone Star shall be entitled to appoint a new individual to serve on the Board
of Managers as a Lone Star Designee. Upon the death or Disability of a member
of the Board of Managers who was a Welspun Designee, Welspun shall be entitled
to appoint a new individual to serve on the Board of Managers as a Welspun
Designee.&#160; For these purposes, a member
of the Board of Managers shall be deemed totally disabled if such member shall
become physically or mentally incapacitated or disabled or otherwise unable
fully to discharge his or her duties hereunder for a period of 90 consecutive
calendar days or for 120 calendar days in any 180 calendar-day period (&#147;<u>Disability</u>&#148;).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each Member agrees to
provide the other Member with Notice of any change in the identities of its
respective designees to the Board of Managers.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.5</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Salary and Expenses</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Members of the Board of
Managers, as such, shall not receive any stated salary or fee for their
services, but by resolution of the Board of Managers, shall be reimbursed for
their reasonable expenses incurred in connection with attendance at each
regular or special meeting of the Board of Managers.</font></p>


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<div>
 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.6</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Resolutions</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Managers
shall act by resolution, adopted in the manner hereafter set forth.&#160; Such action may be general and continuing in
nature, or may be confined to specific instances.&#160; Except as otherwise required in <u>Section
6.7</u>, resolutions of the Board of Managers must be adopted by at least a
majority of the members of the Board of Managers present at any meeting at
which a Quorum exists pursuant to <u>Section 6.3(b)</u>.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.7</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Super-Majority
Approval</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The following matters
shall be adopted only upon the approval of at least four (4) of the five (5)
members of the Board of Managers:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any sale of all or
substantially all of the assets of the Company or any of its subsidiaries, in
each case whether or not resulting in any distribution or payment of any cash
or property to the debt holders and the Members in their capacity as such,
other than in connection with a Sales Event;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any authorization,
declaration or payment of any distribution to the Members (other than the Tax
Distribution set forth in <u>Section 4.1</u> or the distributions to the holder
of a Preferred Interest set forth in <u>Section 3.4(a)(ii)</u> and <u>Section
3.4(a)(iii)</u>);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any authorization,
issuance or creation (by recapitalization or otherwise) of any debt or equity
securities of the Company or any of its subsidiaries (including Interests),
except for the issuance of debt not exceeding $1,000,000 annually;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>formation of,
acquisitions of, or investments in, businesses (or part thereof) or direct or
indirect subsidiaries, by the Company or any of its subsidiaries (whether
through assets, shares or other securities), except for investments not
exceeding $1,000,000 annually;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>dispositions of any
business or investment (or part thereof) by the Company or any of its
subsidiaries (whether through assets, shares or other securities, other than
the disposal of (i) assets constituting inventory and (ii) assets that are
obsolete or not otherwise useful to the business so long as the disposal of
such assets does not exceed $100,000 per transaction or $1,000,000 in the
aggregate annually, in the case of clauses (i) and (ii), in the ordinary course
of business consistent with past practices);</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the hiring or the
removal of the General Manager or the Controller;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>approval of the Annual
Business Plan annually; <u>provided</u>, that if the Annual Business Plan is
not approved, then the prior year&#146;s Annual Business Plan will remain in effect
with no changes until such time as a new Annual Business Plan is approved;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>authorization, grant or
reservation for issuance of any options, appreciation rights, phantom rights or
warrants, or other equity-based plans;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the instigation or
settlement of any claim, suit, action, case or proceeding involving (a) an
amount in dispute in excess of $1,000,000 above the amount covered by insurance
or (b)&nbsp;threats to the reputation of the Company, any of its subsidiaries,
or any of its Members or members of the Board of Managers;</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(j)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>removal or changes in
the Company&#146;s, or any subsidiary&#146;s, Auditors;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(k)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any amendment or modification
of the Construction Plan;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(l)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>to the extent not
contained in the Annual Business Plan or Construction Plan:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:108.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any Contracts, or series
of related Contracts, written or oral, of the Company or any of its
subsidiaries with a value over the life of such Contract, or Contracts, in
excess of $1,500,000,<b> </b>except for
the renewal of any Contract made on market terms or Contracts entered into in
the ordinary course of business;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:108.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any incurrence of
Indebtedness, other than (i) Indebtedness incurred in the ordinary course of
business consistent with past practices to fulfill contractual obligations,
(ii) the Preferred Interest and Company Loans provided in <u>Section 3.4</u>,
(iii) the Project Financing and Working Capital Loan set forth in <u>Section
11.4(a)</u>, and (iv) Bridge Loans as provided in <u>Section 11.4(b)</u>;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:108.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(C)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any satisfaction or
discharge of any Indebtedness or any payment of any obligation of the Company
or any of its subsidiaries in excess of $1,500,000, other than (i) in the
ordinary course of business consistent with past practice, (ii) in accordance
with the payment scheme contained in any documentation previously approved by
the Board of Managers, or (iii) the payment in accordance with its terms of the
Preferred Interest, the Company Loans, or the Bridge Loans;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:108.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(D)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any waiver of a right or
Indebtedness owed to the Company or its subsidiaries exceeding $1,000,000
individually or $3,000,000 in the aggregate annually;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:108.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(E)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>adoption, amendment,
modification or termination of any individual or group employee retirement plan
or any other welfare benefit plan or policy if the annual costs of adopting,
approving, modifying, amending or terminating such plan would exceed<b> </b>$1,000,000;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:108.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(F)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any commitment relating
to a loan to or guarantee of any obligation of any Person in excess of
$500,000, provided that no loan or guarantee which is not related to the
business of the Company shall be authorized;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:108.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(G)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any entry into any
consulting agreement or like arrangement in excess of $250,000 annually; <u>provided</u>,
<u>however</u> that the term &#147;consulting agreement&#148; shall not include
agreements for engineering or testing services;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:108.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(H)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>annual capital
expenditures by the Company and its subsidiaries in excess of $500,000
individually or $1,000,000 in the aggregate annually;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:108.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(I)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any material change to
the accounting policies of the Company and/or any of its subsidiaries; and</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(m)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>any transactions between
the Company and Welspun or Lone Star, or any Affiliate of Welspun or Lone Star
unless such transaction is both (A) in the ordinary course of business and (B)
at customary third-party arms length pricing.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If four (4) members of
the Board of Managers cannot approve any of the foregoing matters, the Board of
Managers shall be regarded as deadlocked, and such matter shall be resolved in
accordance with the procedure specified in <u>Section 5.6</u>.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding anything
to the contrary, in the event that (i) the Percentage Interest of Lone Star
(and its Affiliates) is 20% or less, (ii) the Company has fully repaid the
loans advanced by Lone Star and (iii) Lone Star does not own any Preferred
Interest, Welspun may, in its sole discretion, amend or delete this <u>Section
6.7</u>.&#160; Notwithstanding anything to the
contrary, in the event that (i) the Percentage Interest of Welspun (and its
Affiliates) is 20% or less, (ii) the Company has fully repaid the loans
advanced by Welspun and (iii) Welspun does not own any Preferred Interest, Lone
Star may, in its sole discretion, amend or delete this <u>Section 6.7</u>.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.8</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Place of Meetings</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Board of Managers may
hold its meetings at the principal offices of the Company as set forth in <u>Section&nbsp;2.2</u>
hereof, or at such other place as it may from time to time determine.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.9</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Regular Meetings</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Regular meetings of the
Board of Managers shall be held at least quarterly on such dates as established
in advance by resolution of the Board of Managers.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.10</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Special Meetings</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Special meetings of the
Board of Managers may be called by any two (2) members of the Board of Managers
or the General Manager by Notice sent to each member of the Board of Managers
in accordance with <u>Section&nbsp;12.16</u> hereof.&#160; Such meeting shall be set for a date no
sooner than four (4) Business Days after the date the Notice is sent.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.11</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Action without a
Meeting</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any action required or
permitted to be taken at any meeting of the Board of Managers may be taken
without a meeting, without prior Notice and without a vote, if a consent in
writing setting forth the action so taken is signed by at least a majority of
the members of the Board of Managers, with at least one of the Lone Star
Designees and at least one of the Welspun Designees, or, if required by <u>Section
6.7</u>, the consent in writing of at least four (4) members of the Board of
Managers, and filed with the Company.&#160;
Such consent may be executed by facsimile or other agreed electronic
means and may be executed in counterparts.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.12</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Telephone Meeting</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Members of the Board of
Managers may participate in a meeting of the Board of Managers by means of
conference telephone or other similar communication equipment whereby all
persons participating in the meeting can hear each other. Participation in a
meeting of the Board of Managers in this manner constitutes presence in person
at such meeting.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.13</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Records of Action</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Written records of all
action taken by the Board of Managers, whether at a regular or special meeting,
or pursuant to written consent in accordance with the provisions of <u>Section&nbsp;6.11</u>
hereof,</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">shall be kept at the
principal office of the Company.&#160; The
Board of Managers shall appoint a secretary at each such meeting for purposes
of preparing minutes or other appropriate records reflecting the actions taken
or matters discussed and/or agreed upon at such meeting.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.14</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Officers</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company shall have
such individuals as officers (&#147;<u>Officers</u>&#148;) as may be elected by the Board
of Managers subject to the terms and conditions of this Agreement (including <u>Section
6.7</u>).&#160; The Officers of the Company
shall consist of a General Manager (the &#147;<u>General Manager</u>&#148;), a Controller
(the &#147;<u>Controller</u>&#148;), a Secretary (the &#147;<u>Secretary</u>&#148;), a Director of
Quality and such other Officers and assistant Officers as may be deemed
necessary or desirable by the Board of Managers or the General Manager.&#160; One person may hold, and perform the duties
of, any two or more of such offices.&#160;
Compensation of Officers shall be fixed by the Board of Managers or a
duly authorized committee thereof.&#160; Any
Officer may be removed, with or without cause, at any time by the Board of
Managers (subject to this Agreement, including <u>Section 6.7</u>, and any
contractual rights that such Officer may have).&#160;
In its discretion, the Board of Managers may choose not to fill any
office for any period as they may deem advisable.&#160; No Officer need be a Member or a member of
the Board of Managers.&#160; Officers shall
have such powers and duties as may be specified by, or in accordance with,
resolutions adopted by the Board of Managers.&#160;
The Officers identified below shall have the following duties and
responsibilities:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The General Manager
shall be the general manager of the Company and shall have the powers and
perform the duties incidental to that position.&#160;
Subject to the power of the Board of Managers, the General Manager shall
(A) have the general and active charge of the entire business and affairs of
the Company and shall see that all orders and resolutions of the Board of
Managers are carried into effect and (B) execute bonds, mortgages and other
contracts requiring a seal, under the seal of the Company, except where
required or permitted by Law to be otherwise signed and executed and except
where the signing and execution thereof shall be expressly delegated by the
Board of Managers to some other Officer or agent of the Company.&#160; The seal of the Company shall not be required
on any document signed on behalf of the Company in order for such document to
be effective unless otherwise expressly required by Law.&#160; The General Manager shall report to the Board
of Managers and shall have such other powers and perform such other duties as
may be specifically assigned to him or her from time to time by the Board of
Managers.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Controller shall
have charge and custody of, and be responsible for, all funds and securities of
the Company.&#160; The Controller shall make
available at all reasonable times the Company&#146;s books of account and records to
any member of the Board of Managers upon application during business hours at
the office of the Company where such books and records shall be kept.&#160; Upon request by the Board of Managers, the
Controller shall render a statement of the condition of the finances of the
Company at any meeting of the Board of Managers or of the Members.&#160; The Controller shall be responsible for
establishing and maintaining an adequate internal control structure and
procedures for financial reporting as though the Company is required to comply
with the Sarbanes-Oxley Act of 2002, and regulations promulgated thereunder, as
such act may be amended or superseded.&#160;
Each Member acknowledges that Lone Star is required to prepare financial
statements in the manner required by the SEC and that the Controller shall be
required to prepare financial statements at the times</p>


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<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">and in the manner as reasonably required so that Lone
Star can meet its obligations in preparing its own financial statements for SEC
reporting purposes at the cost and expense of the Company.&#160; Although the Company is required to prepare
financial statements in accordance with GAAP, each Member acknowledges that
Welspun Parent is required to prepare financial statements in accordance with
Indian GAAP and that the Controller shall be required to prepare financial
statements at the times and in the manner as reasonably required so that
Welspun Parent<b> </b>can meet its
obligations in preparing its own financial statements for reporting purposes as
per the Indian GAAP at the cost and expense of the Company.&#160; The Controller shall also be responsible for
assessing, when requested by the Board of Managers, the effectiveness of such
internal control structure and procedures for financial reporting.&#160; The Controller shall receive, and give
receipt for, moneys due and payable to the Company from any source whatsoever,
and, in general, the Controller shall perform all the duties incidental to the
office of Controller and such other duties as from time to time may be assigned
to him or her by the General Manager or the Board of Managers.&#160; The Controller shall give such bond, if any,
for the faithful discharge of the Controller&#146;s duties as the Board of Managers
may require.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Secretary, if
present, shall act as secretary at all meetings of the Board of Managers and of
the Members and keep the minutes thereof in a book or books to be provided for
that purpose; the Secretary shall see that all notices required to be given by
the Company are duly given and served; the Secretary shall have charge of the
records of Interest in the Company, shall see that all reports, statements and
other documents required by Law are properly kept and filed and, in general,
the Secretary shall perform all the duties incident to the office of Secretary
and such other duties as from time to time may be assigned to the Secretary by
the General Manager or the Board of Managers.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject to limitations
set forth in this Agreement, the Board of Managers may, from time to time,
delegate to any Person (including any Member or Officer of the Company or any
member of the Board of Managers) such authority and powers to act on behalf of
the Company as it shall deem advisable in its sole discretion.&#160; Any delegation pursuant to this <u>Section&nbsp;6.14</u>
may be revoked at any time and for any reason or no reason by the Board of
Managers in its sole discretion.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">6.15</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Fiduciary Duties</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject to, and as
limited by, the provisions of this Agreement, the members of the Board of
Managers and the Officers, in the performance of their duties as such, shall
owe to the Members such fiduciary duties as are owed under the Laws of the
State of Delaware by directors and officers to the stockholders of a
corporation incorporated under the Laws of the State of Delaware.&#160; The provisions of this Agreement, to the
extent that they expand or limit the duties (including fiduciary duties) and
liabilities of a member of the Board of Managers or an Officer, as compared to
those that are set forth in the Act or otherwise existing at Law or in equity,
are agreed by the Members to supersede such duties and Liabilities of such
member of the Board of Managers or Officer.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>No individual who is a
member of the Board of Managers or Officer shall be personally liable under any
judgment of a court, or in any other manner, for any debt, obligation, or
Liability of the Company, whether that Liability or obligation arises in
Contract, tort, or</p>


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<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">otherwise, solely by reason of being a member of the
Board of Managers or Officer.&#160; To the
fullest extent permitted by the General Corporation Law of the State of
Delaware, as the same may be amended from time to time, as if it were
applicable to the Company, with respect to the Liability of a director of a
corporation incorporated under the Laws of the State of Delaware to such
corporation or its stockholders, a member of the Board of Managers or Officer
shall not be liable to the Company or its Members for monetary damages for a
breach of fiduciary duty as a member of the Board of Managers or as an Officer.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
7<br>
<br>
LIABILITY AND INDEMNIFICATION</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Liability of Members
and Managers</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A Member shall only be
liable to make the payment of the Member&#146;s Capital Contribution and the
additional Capital Contributions required by and to the extent required by <u>Sections<b> </b>3.1</u>,<b> </b><u>3.2</u> and <u>3.3</u> hereof.&#160;
No Member, member of the Board of Managers or Officer shall be liable
for any debt, obligations or Liabilities of the Company or any other Member,
member of the Board of Managers or Officer, unless personally guaranteed by the
Member, member of the Board of Managers or Officer pursuant to a separate
document.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>No distribution of Net
Cash Flow or other cash made to any Member shall be determined a return or
withdrawal of a Capital Contribution unless so designated by the unanimous consent
of the Members, which consent may be provided or withheld in the sole and
exclusive discretion of the Members. No Member, except as otherwise
specifically provided in the Act, shall be obligated to pay any distribution to
or for the account of the Company or any creditor of the Company.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Indemnification</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Members, the
members of the Board of Managers, Officers, all of the respective Affiliates of
each of them, and the respective stockholders, members, managers, directors,
officers, partners and employees of each of them, individually and collectively
an Indemnitee, shall be indemnified and held harmless by the Company, as
Indemnitor, to the fullest extent permitted by applicable Law, subject to the
limitations set forth herein, from and against any and all losses, claims,
damages, Liabilities, expenses (including legal fees and expenses), judgments,
fines, settlements and other amounts (&#147;<u>Losses</u>&#148;) arising from any and all
claims, demands, actions, suits or proceedings, civil, criminal, administrative
or investigative, in which the Indemnitee may be involved, or threatened to be
involved, as a party or otherwise by reason of such Indemnitee&#146;s status, which
relates to or arises out of the Company, its assets, business or affairs, if in
each of the foregoing cases (i) the Indemnitee acted in good faith and in a
manner such Indemnitee believed to be in, or not opposed to, the best interests
of the Company, and, with respect to any criminal proceeding, had no reasonable
cause to believe such Indemnitee&#146;s conduct was unlawful and (ii) the Indemnitee&#146;s
conduct did not constitute gross negligence or willful or wanton misconduct or
a breach of this Agreement.&#160; The
termination of any action, suit or proceeding by judgment, Order, settlement,
conviction, or upon a plea of nolo contendere, or its equivalent, shall not, of
itself, create a presumption that the Indemnitee acted</p>


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<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">in a manner contrary to that specified in (i) or (ii)
above.&#160; Any indemnification required by
the Company pursuant to this <u>Article&nbsp;7</u> shall be made only out of
the assets of the Company and no member of the Board of Managers, Officer or
Member shall have any personal Liability on account thereof or, in the case of
a Member, shall be required to make additional Capital Contributions to help satisfy
such indemnity of the Company.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each Member agrees to
indemnify, defend, and hold the other Member and its Affiliates harmless
against all Losses suffered or incurred by, or asserted against, any of them
relating to or arising from the Losses identified in clauses (i) and (ii) of <u>Section
7.2(c)</u>.&#160; In the event that there is
such a Loss as identified in clauses (i) or (ii) of <u>Section 7.2(c)</u>, the
non-breaching Member may, in addition to any other remedies available,
following thirty (30) days Notice and opportunity to cure to the breaching
Member, elect to charge the amount of Losses suffered by the non-breaching
Member against any distribution of any kind otherwise payable to the breaching
Member.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Except as set forth
herein, each Member shall indemnify, defend and hold harmless the Company and
the other Member and its Affiliates as Indemnitees to the fullest extent
permitted by applicable Law against all Losses of those Indemnitees caused by,
resulting from or arising out of (i)&nbsp;Losses (including attorneys&#146; fees and
expenses) incurred as a result of the violation, default or breach by the
Indemnitor or its Affiliates of this Agreement or (ii)&nbsp;the fraud,
intentional violation of Law, willful misconduct or gross negligence of the
Indemnitor or any of its Affiliates.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any Member that
Transfers all or any portion of its Interest or as to which an interest in such
Member is Transferred, directly or indirectly, shall in each case as Indemnitor
indemnify, defend and hold harmless the Company, the other Member and its
Affiliates as Indemnitees to the fullest extent permitted by applicable Law
against all Losses of those Indemnitees caused by, resulting from or arising
out of any failure by the Indemnitor to comply with any federal, state, local
or foreign securities, antitrust or other Laws or regulations applicable to
such Transfer (including those relating to payment of transfer taxes).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>No Indemnitor shall be
obligated to indemnify an Indemnitee pursuant to this <u>Article&nbsp;7</u> to
the extent that (i)&nbsp;the Indemnitee or its Affiliates have committed by way
of action or omission any fraud, intentional violation of Law, gross negligence
or willful misconduct that led to the Loss or (ii)&nbsp;the Loss to the
Indemnitee was caused by, resulted from or arose out of a breach, default or
violation by the Indemnitee or its Affiliates of this Agreement.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Indemnification
Procedures and Restrictions</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If a claim, action,
suit or proceeding or assertion of Liability is made by a Third Party against a
possible Indemnitee that, if prevailed upon by any such Third Party, would
result in such Indemnitee being entitled to indemnification as an Indemnitee
pursuant to this <u>Article&nbsp;7</u> (&#147;<u>Claim</u>&#148;), the Indemnitee will
upon learning of the Claim give to each possible Indemnitor immediate Notice of
the Claim and request the Indemnitors to defend the Claim at the Indemnitors&#146;
sole cost and expense with counsel reasonably acceptable to the
Indemnitee.&#160; Failure to so notify the
Indemnitors will not relieve the Indemnitors of any Liability that the
Indemnitors may have to such Indemnitee except to the extent that such failure
actually and</p>


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<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">materially prejudices the Indemnitors&#146; legal
position.&#160; The Indemnitors shall have the
obligation to defend the Indemnitee against the Claim if such Indemnitee is
entitled to indemnification pursuant to this <u>Article&nbsp;7</u>.&#160; The Indemnitors shall give Notice within five
(5) Business Days to the Indemnitee of acceptance or rejection of the defense
of the Claim and the name of the counsel selected by the Indemnitors to defend
the Claim.&#160; Failure to give such Notice
timely shall be deemed a rejection of the indemnification request.&#160; If an Indemnitor refuses or fails (or is
deemed to refuse) for any reason to defend an Indemnitee in violation of this <u>Section&nbsp;7.3</u>,
or places qualifications or conditions on the acceptance of the obligation to
defend such Claim, the Indemnitee (i)&nbsp;shall have the right to defend the
Claim with legal counsel it selects and (ii)&nbsp;after any final
non-appealable judgment or binding settlement or dismissal, if the Indemnitor
is the Company or another Member, shall be paid or reimbursed the full amount
of all costs and expenses (including the costs of investigation and experts,
consultants and reasonable attorneys&#146; fees, costs, expenses and disbursals)
that the Indemnitee incurred in defending itself and any Losses (which shall
include the amount of any such judgment or settlement, including any interest
or penalties associated therewith) to which it is determined to be entitled
before any distributions are made pursuant to <u>Article&nbsp;4</u> hereof,
subject to the provisions of this Agreement.&#160;
Even if the defense of the Claim is unconditionally accepted, the
Indemnitee shall be entitled to participate with the Indemnitors in the defense
and also will be entitled at its option (and expense) to employ separate
counsel for the defense.&#160; Each Indemnitor
and Indemnitee shall cooperate with each other in the defense of a Claim and
shall make its relevant records and personnel available to the other with
respect to the defense except to the extent that any such Person shall
reasonably determine (based upon advice of counsel) that making all or any
portion of its relevant records available to another Person would constitute a
waiver and result in the loss of the attorney-client privilege or the attorney
work-product privilege between such Person and its legal counsel; <u>provided</u>,
<u>however</u>, that each Member recognizes and agrees that legal work and
legal services performed in connection with the Business and the operation and
management of the Company is performed on behalf of the Company, so that
neither any Member nor the Company shall be entitled to withhold from any
Member records or personnel relating to work or services that is performed on
behalf of the Company or in connection with the Business.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>No Indemnitee shall be
entitled to indemnification under this <u>Article&nbsp;7</u> if it has entered
into any written settlement or compromise of any Claim without the prior
written consent of the Indemnitors.&#160; If a
bona fide settlement offer is made with respect to a Claim and the Indemnitors
desire to accept and agree to the offer, the Indemnitors will give Notice to
the Indemnitee to that effect (&#147;<u>Settlement Notice</u>&#148;).&#160; If the Settlement Notice (i)&nbsp;includes a
full, unconditional release of the Indemnitee, which release is enforceable in
the reasonable opinion of the Indemnitee&#146;s counsel, (ii)&nbsp;does not have any
material adverse effect on the Indemnitee (it being understood and agreed by
the Members, however, that use of Net Cash Flow that would otherwise be
available for distribution to Members pursuant to <u>Article&nbsp;4</u> hereof
shall be deemed to constitute a Material Adverse Effect for purposes of this
provision) and (iii)&nbsp;the Indemnitee fails to consent to the settlement
offer within ten (10) Business Days after receipt of the Settlement Notice or
rejects the settlement offer, then the Indemnitee shall thereafter be solely
responsible for continuing the defense of such Claim.&#160; In that event, the maximum Liability of the
Indemnitors as to such claim will not exceed the amount of such settlement
offer.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Funds of the Company
shall not be used for indemnification except to the extent that the Company is
an Indemnitor.&#160; Any payment of Losses or
any other amounts by any</p>


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<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Member as Indemnitor pursuant to this <u>Article&nbsp;7</u>
shall not be treated or deemed to be a Capital Contribution by that Member
under this Agreement or increase such Member&#146;s Capital Account.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.4</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Non-Exclusivity</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The indemnification and
advancement of expenses set forth in this <u>Article&nbsp;7</u> shall not be
exclusive of any other rights to which those seeking indemnification or
advancement of expenses may be entitled under any statute, the Act, the
Certificate of Formation, this Agreement, any other agreement, a vote of
Members, a policy of insurance, or otherwise, and shall not limit in any way
any right which the Company may have to make additional indemnifications with
respect to the same or different persons or classes of persons, as determined
by the Members. The indemnification and advancement of expenses set forth in
this <u>Article&nbsp;7</u> shall continue as to an Indemnitee who has ceased to
be a named Indemnitee and shall inure to the benefit of the heirs, executors,
administrators, successors and assigns of such a Person.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.5</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Insurance</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Company shall
purchase, within a reasonable period following the Closing, and maintain for
such periods as the Board of Managers shall in good faith determine, at the
Company&#146;s expense, insurance in an amount determined in good faith by the Board
of Managers to be appropriate, on behalf of any person who after the Closing is
or was a member of the Board of Managers or Officer of the Company, or is or
was serving at the request of the Company as a director, officer, employee or
agent of another limited company, corporation, partnership, joint venture,
trust or other enterprise, including any direct or indirect subsidiary of the
Company, against any expense, liability or loss asserted against such Person
and incurred by such Person in any such capacity, or arising out of such Person&#146;s
status as such, subject to customary exclusions.&#160; The Company may purchase and maintain
insurance on behalf of any other Indemnitees against any liability asserted
against them and incurred by them in such capacity, or arising out of their
status as Indemnitees, whether or not the Company would have the power to
indemnify them against such Liability under this <u>Article&nbsp;7</u>.&#160; For purpose of clarity, the foregoing shall
not limit the insurance that the Company shall purchase, and the Company shall
purchase and maintain such insurance, at the Company&#146;s expense, with coverages,
limits, and such other endorsements or insurance policies as may be required by
Contract or as the Board of Managers shall determine necessary from time to
time.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">7.6</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Duties</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each of the Members
hereby acknowledges and agrees that each Member shall be entitled to perform
its duties and obligations hereunder and to otherwise act in relation to the
Company in the manner that such Member believes to be in the best interests of
such Member, all to the fullest extent permitted by applicable Law without
violating the express provisions of this Agreement.</font></p>


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<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
8</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">TRANSFERS
OF INTERESTS</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>General Restrictions</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Except as set forth in <u>Section&nbsp;8.2(a)</u>,
no Member may Transfer, directly or indirectly, all or any part of such Member&#146;s
Interest for a period of two (2) years from the date the Spiral Weld Mill is
consistently capable of commercial production of Spiral Weld Tubular Products
that can be sold to Third Parties and the Coating and Bending operation at the
Spiral Weld Mill is operational (the &#147;<u>Dedication Period</u>&#148;).&#160; For purposes of clarification, except as set
forth in <u>Section&nbsp;8.2(a)</u>, Welspun Parent may not Transfer, directly
or indirectly, all or any part of its interest in Welspun during the Dedication
Period.&#160; Following the Dedication Period,
no Member may Transfer, directly or indirectly, all or any part of such Member&#146;s
Interest, except as provided in this Agreement.&#160;
A permitted Transfer shall be effective as of the date specified in the
instruments relating thereto.&#160; Any
transferee desiring to make a further Transfer shall become subject to all the
provisions of this <u>Article&nbsp;8</u> to the same extent and in the same
manner as any Member desiring to make any Transfer.&#160; No Member shall have the right to withdraw
from the Company except with the consent of the other Member.&#160; A merger or consolidation of Lone Star with
or into another entity shall not be deemed to constitute a Transfer with
respect to Lone Star&#146;s Interest.&#160; A
merger or consolidation of Welspun Parent with or into another entity shall not
be deemed to constitute a Transfer with respect to Welspun Parent&#146;s Interest.<b>&#160; </b>Either
Lone Star or Welspun Parent may spin off an entity with the Interests or
demerge in accordance with <u>Section 8.2(a)</u> (which, for purposes of
clarity, shall not relieve the original Member of Liability under this
Agreement).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notwithstanding
anything to the contrary in this <u>Article&nbsp;8</u>, Welspun may not, at any
time, Transfer directly or indirectly all or any part of its Interest to any
Person engaged in the Business, and, for purposes of clarification, Welspun
Parent may not, at any time, Transfer directly or indirectly all or any part of
its interest in Welspun to any Person engaged in the Business.&#160; Notwithstanding anything to the contrary in
this <u>Article&nbsp;8</u>, Lone Star may not, at any time, Transfer directly
or indirectly all or any part of its Interest to any Person engaged in
Business.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any purported Transfer
of an Interest (or interest in Welspun) that is not authorized pursuant to this
Agreement, including those restrictions set forth in <u>Section&nbsp;10.4(c)</u>
hereof, shall be null and void ab initio and of no effect whatsoever and shall
not relieve the purported transferor of any of its rights or obligations under
this Agreement and the Member making such purported Transfer shall indemnify
and hold the Company and the other Member harmless from and against any
federal, state or local income taxes, or transfer taxes, including transfer
gains taxes, arising as a result of, or caused directly or indirectly by, such
purported Transfer; <u>provided</u>, <u>however</u>, that if the Company is
required by Law to recognize a Transfer that is not so authorized, the rights
transferred shall be strictly limited to the transferor&#146;s rights to allocations
and distributions as provided by this Agreement with respect to the Interest
purported to have been Transferred, which allocations and distributions may be
applied (without limiting any other legal or equitable rights of the Company or
the other Member) to satisfy any Liabilities for damages that the transferor or
transferee of such rights may have to the Company and the</p>


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<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">other Member.&#160;
Such transferee shall have no right to any information or accounting of
the affairs of the Company, and shall not be entitled to inspect or audit the
books or records of the Company, and shall not have any of the rights of a
Member under the Act or this Agreement.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Permitted Transfers</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The restrictions set
forth in this <u>Article&nbsp;8</u> shall not apply with respect to any
Transfer of Interest (i)&nbsp;by either Member to any of its controlled
Affiliates, (ii) by any Member as compelled by Law or regulation or (iii)
pursuant to <u>Sections&nbsp;8.5</u> and <u>8.6</u>; <u>provided</u> that the
restrictions contained in this <u>Article&nbsp;8</u> shall continue to be
applicable to the Interest after such Transfer.&#160;
Notwithstanding the foregoing, no Member shall avoid the provisions of
this Agreement by making one or more Transfers pursuant to (i) above and then
disposing of all or any portion of its interest in such Affiliate
transferee.&#160; If such Affiliate transferee
no longer qualifies as an Affiliate of the original Member, such Member shall
cause such Affiliate transferee to promptly Transfer the Interest such Person
holds in the Company to another Person who is an Affiliate of such original
Member.&#160; Notwithstanding the foregoing,
the Transfer of Interest pursuant to (i) above shall not relieve the original
Member of Liability under this Agreement or affect the guaranty set forth in <u>Section
12.20</u>, which shall remain in full force and effect.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>(i)<font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The restrictions set forth in this <u>Article&nbsp;8</u>
shall not prevent Welspun from pledging its Interest to a lender that has a
lien on all or substantially all of Welspun Parent&#146;s assets; <u>provided</u>, <u>however</u>,
that if such lender acquires ownership of Welspun&#146;s Interest (through
foreclosure or the exercise of other remedy) and such lender proposes to
Transfer such Interest, then such lender shall provide Lone Star with Notice (&#147;<u>Lender
Notice</u>&#148;) of any proposed sale no later than sixty (60) Business Days prior
to the consummation of such transaction stating the price and terms of such
proposed sale and providing the identity of such proposed purchaser, and Lone
Star shall have the right, but not the obligation, to purchase such Interest at
the same price and on the same terms as the lender proposed to Transfer such
Interests.&#160; If Lone Star declines to
purchase the offered Interests, or does not accept the offer to purchase and
purchase the Interests within the later of sixty (60) Business Days and the
receipt of all required regulatory approvals, then the lender may Transfer such
Interests pursuant to the terms set forth in the Notice to the party specified
in the Notice provided that such transfer is effected within the later of
ninety (90) days from the date of the Lender Notice and the receipt of any
required regulatory approvals to such transaction; <u>provided</u>, <u>however</u>,
that (i) such lender shall not transfer the Interests formerly owned by Welspun
to any competitor (as reasonably determined by Lone Star) of Lone Star and (ii)
any transferee must agree to be bound by the terms and conditions set forth in
this Agreement.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The restrictions set
forth in this <u>Article&nbsp;8</u> shall not prevent Lone Star from pledging
its Interest to a lender that has a lien on all or substantially all of Lone
Star&#146;s assets; <u>provided</u>, <u>however</u>, that if such lender acquires
ownership of Lone Star&#146;s Interest (through foreclosure or the exercise of other
remedy) and such lender proposes to Transfer such Interest, then such lender
shall provide Welspun with Notice of any proposed sale no later than sixty (60)
Business Days prior to the consummation of such transaction stating the price
and terms of such proposed sale and providing the identity of such proposed
purchaser, and Welspun shall have the right, but not the obligation, to
purchase such Interest at the same price and on the same terms as</p>


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<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the lender proposed to Transfer such Interests.&#160; If Welspun declines to purchase the offered Interests,
or does not accept the offer to purchase and purchase the Interests within the
later of sixty (60) Business Days and the receipt of all required regulatory
approvals, then the lender may Transfer such Interests pursuant to the terms
set forth in the Notice to the party specified in the Notice provided that such
transfer is effected within the later of ninety (90) days from the date of the
Lender Notice and the receipt of any required regulatory approvals to such
transaction; <u>provided</u>, <u>however</u>, that (i) such lender shall not
transfer the Interests formerly owned by Lone Star to any competitor (as
reasonably determined by Welspun) of Welspun and (ii) any transferee must agree
to be bound by the terms and conditions set forth in this Agreement.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Subject to <u>Sections&nbsp;8.1(a)</u>
and <u>8.1(b)</u> hereof, each Member shall have the right to Transfer (but not
to substitute the transferee as a substitute Member in such Member&#146;s place,
except in accordance with <u>Section&nbsp;8.3</u> hereof), by a written
instrument, all or any portion of such Member&#146;s Interest, if, and only if, the
Members have unanimously consented in writing to such Transfer.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Unless and until
admitted as a substitute Member pursuant to <u>Section&nbsp;8.3</u> hereof, a
transferee of a Member&#146;s Interest in whole or in part shall be an assignee with
respect to such transferred Interest and shall not be entitled to participate
in the management of the business and affairs of the Company or to become or to
exercise the rights of a Member, including the right to vote, the right to
require any information or accounting of the Company&#146;s business or the right to
inspect the Company&#146;s books and records.&#160;
Such transferee shall only be entitled to receive, to the extent of the
Interest transferred to such transferee, the share of distributions and
profits, including distributions representing the return of Capital
Contributions, to which the transferor would otherwise be entitled with respect
to the transferred Interest.&#160; The
transferor shall have the right to vote such transferred Interest until the
transferee is admitted to the Company as a substituted Member with respect to
the transferred Interest.&#160; The transferor
shall continue to be bound by and shall cause the transferee to be bound by the
confidentiality provisions contained in <u>Section&nbsp;12.14</u> hereof.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event of a
Transfer of all or part of an Interest in the Company (in accordance with the
provisions of this Agreement) at any time other than the end of a Fiscal Year,
the shares of items of Company income or loss and any specially allocated items
allocable to the Interest transferred shall be allocated between the transferor
and the transferee in a manner determined by the Board of Managers, in its sole
discretion, that is not inconsistent with the applicable provisions of the Code
and regulations promulgated thereunder.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Substitute Members</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No transferee of a Member&#146;s
Interest shall become a substitute Member in place of the transferor unless and
until:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Transfer has been
made in compliance with the terms of this Agreement, including the terms of
this <u>Article&nbsp;8</u>;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the transferee has
executed an instrument accepting and adopting the terms and provisions of the
Certificate of Formation and this Agreement, which shall provide that such
transferee shall have all the rights and obligations of the Transferring Member
hereunder;</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the transferee has
caused to be paid all reasonable expenses of the Company in connection with the
admission of the transferee as a substitute Member;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>except in the case of a
Transfer effected pursuant to <u>Section&nbsp;8.2(a)</u> hereof, the
non-Transferring Member shall have consented (which consent may be unreasonably
or arbitrarily withheld) in writing to such transferee becoming a substitute
Member; it being understood and agreed that the consent of the non-Transferring
Member shall not be required in connection with a Transfer effected pursuant to
<u>Section&nbsp;8.2(a)</u> hereof in order for such a transferee to become a
substitute Member; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the transferee has
executed and delivered to the Company the representations set forth in <u>Schedule
8.3(e)</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding anything
to the contrary contained herein, no Transfer of any Member&#146;s Interest may be
made if, following the proposed Transfer, the Company would be treated as a &#147;publicly
traded partnership&#148; within the meaning of Section 7704(b) of the Code.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon satisfaction of all
the foregoing conditions with respect to a particular transferee, the Board of
Managers shall cause the books and records of the Company to reflect the
admission of the transferee as a substitute Member to the extent of the
transferred Interest held by the transferee.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.4</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Effect of Admission
as a Substitute Member</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A transferee who has
become a substitute Member has, to the extent of the transferred Interest, all
the rights, powers and benefits of and is subject to the restrictions and
Liabilities of a Member under the Certificate of Formation, this Agreement and
the Act.&#160; Upon admission of a transferee
as a substitute Member, the transferor of the Interest so held by the
substitute Member shall cease to be a Member of the Company to the extent of
such transferred Interest.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notwithstanding
anything to the contrary in this Agreement, so long as either Lone Star or
Welspun continues to own, directly or indirectly, any Interest in the Company,
such Member shall continue to have the right to designate designees on the
Board of Managers as set forth in this Agreement.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.5</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Buy/Sell</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Notwithstanding
anything to the contrary contained herein, each Member shall have the right, in
its sole and absolute discretion, to initiate and complete the buy-sell
procedures described in this <u>Section&nbsp;8.5</u> (the &#147;<u>Buy-Sell
Procedures</u>&#148;) at any time (i)&nbsp;following the Dedication Period, or
(ii)&nbsp;following the inability to resolve a Deadlock as set forth in <u>Section&nbsp;5.6</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Member that elects
to initiate the Buy-Sell Procedures or the buy-sell procedures described in <u>Section
8.6</u> (the &#147;<u>Initiating Member</u>&#148;) shall give Notice (the &#147;<u>Buy-Sell
Notice</u>&#148;) to the other Member of the initiation of such provision.&#160; The Buy-Sell Notice shall constitute a
binding offer by the Initiating Member to either, at the option of the other
Member, (A) sell the Initiating Member&#146;s (I) Common Interest at the Price, (II)
outstanding Preferred Interest, if any, at cost plus accrued and unpaid
dividends and (III) Company Loan, if any, at the outstanding principal amount
plus accrued and unpaid interest or (B) buy the other Member&#146;s (I) Common
Interest at the Price, (II) outstanding Preferred Interest, if any, at cost
plus accrued and</p>


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<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">unpaid dividends and (III) Company Loan, if any, at
the outstanding principal amount plus accrued and unpaid interest.&#160; The Buy-Sell Notice must be delivered in
accordance with <u>Section&nbsp;12.16</u> hereof.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The non-Initiating
Member shall have thirty (30) days from the date the Price is determined (&#147;<u>Outside
Response Date</u>&#148;) to send a written response (&#147;<u>Response Notice</u>&#148;) to
the Initiating Member, which Response Notice sets forth the non-Initiating
Member&#146;s election (i)&nbsp;to be the &#147;seller&#148; under the Buy-Sell Procedures and
to sell its entire Interest (including Common Interest and Preferred Interest,
if any) and Company Loans, if any to the Initiating Member or (ii)&nbsp;to be
the &#147;purchaser&#148; under the Buy-Sell Procedures and to purchase the entire
Interest (including Common Interest and Preferred Interest, if any) and Company
Loans, if any) in the Company owned by the Initiating Member, in each case, at
the Price for the Common Interest, cost plus accrued and unpaid dividends for
the Preferred Interest, if any, and the outstanding principal amount plus
accrued and unpaid interest for the Company Loans, if any.&#160; The Response Notice may not contain any
conditions or qualifications to such election and must contain one of the
following statements:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In response to the
Buy-Sell Notice, [Insert name of non-Initiating Member] hereby irrevocably
elects to sell its [Interest, Preferred Interest and Company Loan, including
any accrued and unpaid dividends and interest] to [Insert name of Initiating
Member]; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In response to the
Buy-Sell Notice, [Insert name of non-Initiating Member] hereby irrevocably
elects to purchase the [Interest, Preferred Interest and Company Loan,
including any accrued and unpaid dividends and interest] of [Insert name of
Initiating Member].</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If the non-Initiating
Member elects to be purchaser, its Response Notice shall constitute its legally
binding obligation to complete the purchase described in this <u>Section&nbsp;8.5</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If the non-Initiating
Member elects in its Response Notice to be the seller or if the non-Initiating
Member does not comply with any applicable requirement of subsection&nbsp;(c)
or (d) above in a timely manner, then the non-Initiating Member shall be deemed
to have elected to be the seller and the Initiating Member shall be deemed to
have elected to be the purchaser.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The purchaser (as
determined pursuant to the preceding provisions) shall fix a closing date (&#147;<u>Closing
Date</u>&#148;), which must be a Business Day not later than sixty (60) days
following the Outside Response Date.&#160; The
purchaser shall notify the seller in writing of the Closing Date not less than
ten (10) days prior thereto.&#160; If the
purchaser does not fix the Closing Date within fifty (50) days following the
Outside Response Date, then the Closing Date shall automatically be the
sixtieth (60th) day following the Outside Response Date; <u>provided</u>, <u>however</u>,
that if that date is not a Business Day, then the Closing Date shall be the
next Business Day.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If the purchaser
defaults in its obligation to complete the transaction by the later to occur of
the Closing Date and the receipt of any required regulatory approvals to such
transaction, the seller shall (i)&nbsp;have the right, to be exercised by
Notice to the purchaser and</p>


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<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">completed within thirty (30) days of the original
Closing Date determined under subsection&nbsp;(f), to become the purchaser but
based on a Price equal to 90% of the original Price or (ii)&nbsp;be entitled to
pursue any and all other remedies, including specific performance, available
under this Agreement or through court or other appropriate legal proceedings,
whether at law or in equity, other than the right to seek monetary damages.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(h)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If the seller defaults
in its obligation to complete the transaction by the Closing Date, then the
purchaser shall be entitled to all available legal and equitable remedies
against the seller, including specific performance of the seller&#146;s obligation
to complete the transaction and recovery of all Losses of purchaser caused by
seller&#146;s default (including attorney&#146;s fees, costs, expenses and disbursements
paid or incurred in any legal or equitable action).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>A Member who as
purchaser defaults in its obligation to complete the transaction by the later
of the Closing Date and the receipt of any required regulatory approvals, shall
lose its rights to give a Buy-Sell Notice for a period of twenty-four (24)
months after its failure to perform its obligations under this <u>Article&nbsp;8</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.6</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Buy/Sell in Case of
Breach</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In addition to the
rights of each Member set forth in <u>Section&nbsp;8.5</u>, (i) Lone Star shall
have the right, in its sole and absolute discretion, to initiate and complete
the buy-sell procedures described in this <u>Section&nbsp;8.6</u> (&#147;<u>Breach
Buy-Sell Procedures</u>&#148;) at any time following a material breach by Welspun or
its Affiliates of this Agreement or any Ancillary Agreement (after Notice and
ninety (90) days opportunity to cure) and (ii) Welspun shall have the right, in
its sole and absolute discretion, to initiate and complete the Breach Buy-Sell
Procedures at any time following a material breach by Lone Star or its
Affiliates of this Agreement or any Ancillary Agreement (after Notice and
ninety (90) days opportunity to cure).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Initiating Member
shall give written Notice (the &#147;<u>Breach Buy-Sell Notice</u>&#148;) to the
non-Initiating Member of its intention to initiate the provisions of this <u>Section
8.6</u>.&#160; The Breach Buy-Sell Notice
shall constitute a binding offer by the Initiating Member to either, at the
option of the other Member, (A) sell the Initiating Member&#146;s (I) Common
Interest at the Price, (II) outstanding Preferred Interest, if any, at cost
plus accrued and unpaid dividends and (III) Company Loan, if any, at the
outstanding principal amount plus accrued and unpaid interest or (B) buy the
other Member&#146;s (I) Common Interest at the Price, subject to the adjustment in <u>Section
8.6(e)</u>, (II) outstanding Preferred Interest, if any, at cost plus accrued
and unpaid dividends and (III) Company Loan, if any, at the outstanding
principal amount plus accrued and unpaid interest.&#160; The Breach Buy-Sell Notice must be delivered
in accordance with <u>Section&nbsp;12.16</u> hereof.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The non-Initiating
Member shall have thirty (30) days from the date the Price is determined (&#147;<u>Breach
Outside Response Date</u>&#148;) to send a written response (&#147;<u>Breach Response
Notice</u>&#148;) to the Initiating Member, which Breach Response Notice sets forth
the non-Initiating Member&#146;s election (i)&nbsp;to be the &#147;seller&#148; under the
Breach Buy-Sell Procedures and to sell its entire Interest (including Common
Interest and Preferred Interest, if any) and Company Loans, if any, to the
Initiating Member or (ii)&nbsp;to be the &#147;purchaser&#148; under the Breach Buy-Sell
Procedures and to purchase the entire Interest (including Common Interest and
Preferred Interest, if any) and</p>


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<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Company Loans, if any, in the Company owned by the Initiating
Member, in each case, at the Price, subject to the adjustment in <u>Section
8.6(e)</u>, for the Common Interest, cost plus accrued and unpaid dividends for
the Preferred Interest, if any, and the outstanding principal amount plus
accrued and unpaid interest for the Company Loans, if any.&#160; The Breach Response Notice may not contain
any conditions or qualifications to such election and must contain one of the
following statements:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In response to the
Breach Buy-Sell Notice, [Insert name of non-Initiating Member] hereby
irrevocably elects to sell its [Interest, Preferred Interest and Company Loan,
including any accrued and unpaid dividends and interest] to [Insert name of
Initiating Member]; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In response to the
Breach Buy-Sell Notice, [Insert name of non-Initiating Member] hereby
irrevocably elects to purchase the [Interest, Preferred Interest and Company
Loan, including any accrued and unpaid dividends and interest] of [Insert name
of Initiating Member].</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If the non-Initiating
Member elects to be purchaser, its Breach Response Notice shall constitute its
legally binding obligation to complete the purchase described in this <u>Section&nbsp;8.6</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If the non-Initiating
Member elects in its Breach Response Notice to be the seller or if the
non-Initiating Member does not comply with any applicable requirement of
subsection&nbsp;(c) or (d) above in a timely manner, then the non-Initiating
Member shall be deemed to have elected to be the seller and the Initiating
Member shall be deemed to have elected to be the purchaser but based on a Price
equal to 75% of the original Price.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The purchaser (as
determined pursuant to the preceding provisions) shall fix a closing date (&#147;<u>Breach
Closing Date</u>&#148;), which must be a Business Day not later than sixty (60) days
following the Breach Outside Response Date.&#160;
The purchaser shall notify the seller in writing of the Closing Date not
less than ten (10) days prior thereto.&#160;
If the purchaser does not fix the Closing Date within fifty (50) days
following the Breach Outside Response Date, then the Closing Date shall
automatically be the sixtieth (60th) day following the Breach Outside Response
Date; <u>provided</u>, <u>however</u>, that if that date is not a Business Day,
then the Closing Date shall be the next Business Day.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(g)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If the purchaser defaults
in its obligation to complete the transaction by the later to occur of the
Closing Date and the receipt of any required regulatory approvals to such
transaction, then the seller shall be entitled to all available legal and
equitable remedies against the purchaser, including specific performance of the
purchaser&#146;s obligation to complete the transaction and recovery of all Losses
of seller caused by purchaser&#146;s default (including attorney&#146;s fees, costs,
expenses and disbursements paid or incurred in any legal or equitable action).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.7</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Sale Event</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If either Member (the &#147;<u>Triggering
Member</u>&#148;) proposes a transaction or a series of related transactions in
which the Company would be sold or would sell all of its direct or beneficial</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">interest in its
subsidiaries to a Third Party or receives an unsolicited offer regarding the
foregoing (a &#147;<u>Sale Event</u>&#148;), such proposed Sale Event shall be referred
to the Board of Managers.&#160; The Board of
Managers shall in good faith review the proposed Sale Event and decide on an appropriate
response.&#160; If the Board of Managers is
unable to agree (including agreeing on a sales price) after fifteen (15)
Business Days (or, if mutually agreed, a longer period of time), then the
dispute shall be mediated within fifteen (15) days from the date a written
request for mediation is made by either Member.&#160;
The Mediation shall take place in New York, New York and be administered
by the New York office of JAMS, unless otherwise agreed to by the Members.&#160; The administration fees and expenses of the
mediation shall be borne equally by the Members.&#160; The mediation shall be conducted before a
single mediator to be agreed upon by the Members, or in the absence of an
agreement, a single mediator admitted to practice law for ten (10) years or
more and has experience with valuation disputes, and appointed by JAMS.&#160; If the mediation is unable to resolve the
disagreement after thirty (30) days (or, if mutually agreed, a longer period of
time), then the Company will not be sold and neither party can trigger this <u>Section
8.7</u> for 180 days from the date such mediation terminates.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.8</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Right of First
Refusal</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Should either Member (a
&#147;<u>Transferring Member</u>&#148;) propose or receive (and propose to accept) a bona
fide offer (an &#147;<u>Offer</u>&#148;) to Transfer any of its Interests (other than a
permitted Transfer pursuant to <u>Section 8.2</u>) from a Third Party that the
Transferring Member wishes to accept, the Transferring Member shall deliver to
the Company and the other Member (the &#147;<u>Non-Transferring Member</u>&#148;) Notice
of such proposed Transfer and the Non-Transferring Member shall have the right,
but not the obligation, to request that the Transferring Member offer, and in
the event such request is made, the Transferring Member shall offer, to the
Non-Transferring Member and/or its designee the opportunity to acquire all, but
not less than all, of such Interests proposed to be Transferred.&#160; Any such offer and sale to the
Non-Transferring Member shall be at the same price and on terms and conditions
no less favorable to the Non-Transferring Member than those set forth in the
Offer, provided, however, that the closing of such transaction should occur on
a date selected by the Non-Transferring Member so long as such closing date is
not later than the later of sixty (60) Business Days from the date of Notice of
such proposed Transfer and the receipt of any required regulatory approvals for
such transaction. The Non-Transferring Member shall have thirty (30) days from
the date it has received the offer to accept by written instrument such offer from
the Transferring Member.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If the Non-Transferring
Member declines to purchase the offered Interests, or does not accept the offer
to purchase the Interests within the thirty (30) days, the Transferring Member
may, subject to the rights set forth in <u>Section 8.8</u>, Transfer such
Interests pursuant to the terms and conditions set forth in the Offer; <u>provided</u>,
that any transferee must agree to be bound by the terms and conditions set
forth in this Agreement and such transfer must close within [180] days of the
Transferring Member&#146;s Notice.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.9</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Tag-Along Rights</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If any Interests to which
the Transferring Member has received an Offer are not Transferred to the
Non-Transferring Member pursuant to <u>Section 8.8</u> (the &#147;<u>Remaining
Interest</u>&#148;), the Transferring Member shall provide the Non-Transferring
Member the opportunity to participate in any Transfer of the Remaining
Interests pursuant to the Offer, and the Non-Transferring</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Member may elect, at its
option, to participate in such Transfer on the same terms and conditions; <u>provided</u>,
that if the aggregate amount of Interest proposed to be sold by the
Transferring Member and the Non-Transferring Member in such transaction exceeds
the Interests that can be sold on the terms and conditions of the proposed
Transfer, then the Non-Transferring Member shall be entitled to include in the
Transfer only its pro-rata portion of its Interest and the Transferring Member
shall be entitled to include that amount of its Interest proposed to be
Transferred by the Transferring Member as set forth in the Offer (reduced, to
the extent necessary, so that the Non-Transferring Member shall be able to
include its pro-rata portion).&#160; This
option shall be at the same price and on terms no less favorable than those
obtained by the Transferring Member.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.10</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Price Determination
for Buy-Sell and Breach Buy-Sell</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>For fifteen (15) days
(or such longer period of time as may be agreed to between the Members) after a
Buy-Sell Notice is given pursuant to <u>Section 8.5</u> or a Breach Buy-Sell
Notice is given pursuant to <u>Section 8.6</u>, the Members shall use their
commercially reasonable efforts to agree on the price (the &#147;<u>Price</u>&#148;) of
the Common Interests, which, for the purposes of this Section&nbsp;8.10, shall
be the enterprise value of the Company less any Indebtedness (including
Preferred Interest, if any, at cost plus accrued and unpaid dividends, Company
Loans, if any, at the outstanding principal amount plus accrued and unpaid
interest, and Bridge Loans, if any, at the outstanding principal amount plus
accrued and unpaid interest).&#160; If the
Members are unable to agree on the Price within fifteen (15) days (or such
longer period of time as may be agreed), then within ten (10) days thereafer the
Members shall cause a qualified independent appraiser of national reputation in
the United States that is familiar with valuations of businesses similar to the
Company (the &#147;<u>Independent Appraiser</u>&#148;), to be mutually agreed upon by the
Members, to conduct an independent appraisal of the Common Interests and
determine the Price.&#160; If the Members
cannot mutually agree on the selection of an Independent Appraiser within such
ten (10) day period, then each Member shall select an Independent Appraiser
(and two appraisals shall be conducted).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Independent
Appraiser(s) shall deliver to the Members as promptly as practicable (but in
any case no later than thirty (30) days from the date of the engagement of the
Independent Appraiser) a report(s) setting forth its(their) determination of
Price.&#160; The Independent Appraiser(s)
shall calculate the Price by all usual and customary valuation methods for
entities principally conducting activities in the Business, including by
comparing the Company&#146;s financial performance to the performance of companies
operating a business similar to the Business in the United States.&#160; The valuation shall only take into account
the Company&#146;s existing manufacturing capacity and valuation at the time of the
valuation but shall consider the backlog orders at such time.&#160; Such calculation shall not include a discount
for the illiquidity of the Interests or the fact that it is a minority
interest.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event that the
Independent Appraiser provides a range of Prices, then the final Price from
such Independent Appraiser for purposes of this <u>Section 8.10</u> shall be the
midpoint of such range.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event that there
is only one Independent Appraiser, (A) the Price determined by the Independent
Appraiser shall be final and binding on the Members and (B) the fees, costs and
expenses of the Independent Appraiser shall be borne by the Initiating Member.</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event that there
are two Independent Appraisers, (A) if the difference between the two Prices
computed by such Independent Appraisers is less than or equal to 15% of the
average of the two Prices, then the average of the two Prices shall be the
Price, and such average Price shall be final and binding on the Members and (B)
if the difference between the two Prices computed by such Independent
Appraisers is greater than 15% of the average of the two Prices, then the
Members shall resolve the difference through Arbitration as set forth in <u>Section
12.13</u>.&#160; In the event that there are
two Independent Appraisers, the fees, costs and expenses of the Independent
Appraisers shall be borne equally by the Members.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.11</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Preemptive Rights</u>.&#160; In the event that (i) Lone Star no longer has
the right to designate two (2) members of the Board of Managers or (ii) Welspun
no longer has the right to designate three (3) members of the Board of
Managers, pursuant to <u>Section 6.3(a)</u>, then Lone Star or Welspun, as
applicable, shall have preemptive rights and the following <u>Section 8.11</u>
shall automatically become applicable.&#160;
If following such time, the Company or any of its subsidiaries desires
to issue any equity securities of any class including any Interests (the &#147;<u>Proposed
Issuance</u>&#148;), it shall first give not less than twenty-five (25) days Notice
(the &#147;<u>Notice of Proposed Issuance</u>&#148;) to the applicable Member that no
longer has a right to designate members to the Board of Managers (the &#147;<u>Disenfranchised
Member</u>&#148;) which shall state the amount, type and other terms and conditions
of the Proposed Issuance.&#160; The
Disenfranchised Member shall be entitled to purchase its pro rata share of the
Proposed Issuance, on the same terms and conditions as those applicable to
other purchasers, such that the Disenfranchised Member shall have the same
Percentage Interest before and after the consummation of such proposed
issuance.&#160; Within fifteen (15) days of
receiving the Notice of Proposed Issuance, the Disenfranchised Member shall
provide Notice to the Company whether it elects to purchase its share of the
Proposed Issuance, which may be either its full pro rata share or any portion
thereof.&#160; If the Disenfranchised Member has
not exercised its right to purchase any of its pro rata share of the Proposed
Issuance fifteen (15) days after receiving the Notice of Proposed Issuance, the
Disenfranchised Member shall be deemed to have waived its rights under this <u>Section
8.11</u> with respect to, and only with respect to, the purchase of the
Proposed Issuance specified in the Notice of Proposed Issuance that the
Disenfranchised Member did not provide Notice of its election to purchase.&#160; For purposes of this paragraph, the
Disenfranchised Member&#146;s &#147;pro rata share&#148; shall be determined by calculating
the proportion of equity interest the Disenfranchised Member holds as compared
to all then outstanding equity interests (and, in the case of a subsidiary of
the Company, the pro rata share shall be determined as if the owners of the Company
owned the Company&#146;s interest in the subsidiary).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">8.12</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Call Right</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Following a Lone Star
Change of Control, Welspun may, at its option, purchase all, but not less than
all, of Lone Star&#146;s (and its Affiliates&#146;) Common Interest, Preferred Interest,
Company Loan and Bridge Financing at the Call Exercise Price (as defined
herein) in the manner provided in this <u>Section 8.12</u> so long as Welspun
provides the Call Notice (as defined below) within 90 days following Welspun&#146;s
receipt of Notice of a Lone Star Change of Control.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Following a Welspun
Change of Control, Lone Star may, at its option, purchase all, but not less
than all, of Welspun&#146;s (and its Affiliates&#146;) Common Interest, Preferred
Interest, Company Loan and Bridge Financing at the Call Exercise Price in the
manner provided in this</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Section 8.12</font></u> so long as Lone Star
provides the Call Notice within 90 days following Lone Star&#146;s receipt of Notice
of a Welspun Change of Control.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Member electing to
initiate the call option pursuant to <u>Sections 8.12(a)</u> or <u>(b)</u> (the
&#147;<u>Call Initiating Member</u>&#148;) shall give Notice (the &#147;<u>Call Notice</u>&#148;)
to the other Member (the &#147;<u>Call Selling Member</u>&#148;).&#160; The Call Notice shall be irrevocable and
shall not be given while a sale is pending under <u>Sections 8.5</u>, <u>8.6</u>,
<u>8.8</u> or <u>8.9</u>.&#160; The Call
Notice shall specify the date on which the closing shall occur (the &#147;<u>Call
Closing Date</u>&#148;), which shall be no later than the later of (x) 75 days after
the date of the Call Notice and (y) receipt of all required regulatory
approvals.&#160; At least 3 days prior to the
Call Closing Date, the Call Selling Member shall provide an estimate of the
Additional Return to the Call Initiating Member.&#160; Following the Call Closing Date, in the event
that the final amount of the Additional Return is different than the estimate
provided pursuant to the preceding sentence, the Call Selling Member may submit
an invoice to the Call Initiating Member for the amount of the difference, and
the Call Initiating Member shall pay such amounts within 30 days in U.S.
dollars in immediately available funds.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The price for the
Common Interest, Preferred Interest, Company Loan and Bridge Financing of the
Call Selling Member (the &#147;<u>Call Exercise Price</u>&#148;) shall equal the sum of:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Common Interests
Value;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the outstanding amount
of all Preferred Interests held by the Call Selling Member and its Affiliates,
including all accrued and unpaid dividends to and including the Call Closing
Date;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the outstanding amount
of all Company Loans held by the Call Selling Member and its Affiliates
including all accrued and unpaid interest to and including the Call Closing
Date;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the outstanding amount
of all Bridge Loans held by the Call Selling Member and its Affiliates, including
all accrued and unpaid interest to and including the Call Closing Date; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Additional Return</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The closing transaction
contemplated by this <u>Section 8.12</u> shall occur in the U.S. and the Call
Exercise Price shall be paid through U.S. financial institutions in U.S.
dollars in immediately available funds.&#160;
If the Call Initiating Member defaults in its obligation to complete the
transaction by the later to occur of the Call Closing Date and the receipt of
any required regulatory approvals for such transaction, then, at the Call
Selling Member&#146;s option, (i) the Call Initiating Member&#146;s right to complete the
transaction shall be terminated and the Call Selling Member shall have no
further obligations under this <u>Section 8.12</u> or (ii) the Call Selling
Member may enforce the Call Initiating Member&#146;s obligation through specific
performance, but the Call Exercise Price shall be increased by 10 percent.</p>


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<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
9<br>
<br>
DISSOLUTION AND TERMINATION</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Events Causing
Dissolution</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise
expressly provided herein, the Company shall be dissolved upon the first to
occur of the following events:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the unanimous agreement
in writing by the Members to dissolve the Company;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the sale or other
disposition of substantially all of the assets of the Company and the receipt
and distribution of all the proceeds therefrom;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>upon the occurrence of
an event that terminates the continued membership of the last remaining Member
of the Company;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>upon the occurrence of
an event whereby the Business is rendered inoperable for a period of twelve
(12) consecutive months by reason of acts of God, strikes, lockouts,
unavailability of materials, failure of power, prohibitive governmental laws or
regulations, riots, insurrections, war or other reason beyond the Company&#146;s
reasonable control; <u>provided</u>, <u>however</u>, that the Company shall not
be dissolved pursuant to this <u>Section&nbsp;9.1(d)</u> until, in each of the
aforesaid circumstances, the Members have diligently and in good faith sought
to abate and remove the circumstances causing such inoperability;</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the entry of a decree
of judicial dissolution of the Company under Section&nbsp;18-802 of the Act; or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the termination of the
Contribution Agreement prior to the Closing Date (as defined in the
Contribution Agreement).</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Notwithstanding the
foregoing, upon an Event of Withdrawal of a Member or upon the occurrence of
any other event which terminates the continued membership of a Member in the
Company (other than the last remaining Member of the Company), the Company
shall not be dissolved and the Business of the Company shall continue subject
to the terms and conditions of this Agreement.&#160;
Each Member hereby specifically consents to such continuation of the
Business of the Company upon the Event of Withdrawal of any<i> </i>Member (other than the last remaining
Member).&#160; Immediately upon an Event of
Withdrawal of a Member caused by (a) the making of an assignment for the
benefit of creditors, (b) being subject to bankruptcy (as defined in the Act)
or (c) appointment of a trustee or receiver for the Member or for all or any
substantial part of its property, such Member shall not be entitled to
participate in the management of the business and affairs of the Company or to
exercise the rights of a Member, including the right to vote, the right to
require any information or accounting of the Company&#146;s business or the right to
inspect the Company&#146;s books and records.&#160;
Such Member shall only be entitled to receive the share of distributions
and profits, including distributions representing the return of Capital
Contributions, to which such Member would otherwise be entitled with respect to
its Interest.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Notices to Secretary
of State</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">As soon as possible
following the occurrence of the events specified in <u>Section&nbsp;9.1</u>
hereof and the completion of the winding up of the Company, the Company shall
file a Certificate of Cancellation with the Secretary of State of Delaware
which cancels the Certificate of Formation.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">9.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Cash Distributions
upon Dissolution</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Upon the dissolution of
the Company as a result of the occurrence of <i>any
</i>of the events set forth in <u>Section&nbsp;9.1</u> hereof, the Board
of Managers shall proceed to wind up the affairs of and liquidate the
Company.&#160; The costs of liquidation shall
be borne as a Company expense.&#160; If the
Board of Managers determines that it would be in the best interest of the
Members to distribute any Property to the Members in-kind (which distributions
do not, as to the in-kind portions, have to be in the same proportions as they
would be if cash were distributed, but all such in-kind distributions shall be
taken into account at fair market value as determined in accordance with <u>Section
4.6</u>), then the Board of Managers may either defer liquidation of, and
withhold from distribution for a reasonable time, any Property except that
which is necessary to satisfy the Company&#146;s Liabilities or distribute the
Property to the Members in-kind.&#160; The
Liquidation Proceeds shall be applied and distributed in the following order of
priority:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>First, to the payment
of debts, Liabilities and obligations of the Company in the order of priority
as provided by Law (including Company Loans or any other loans or advances that
may have been made by any of the Members to the Company) and the expenses of
liquidation.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Second, to the
establishment of any reserve that the Board of Managers may deem reasonably
necessary for any contingent, conditional or unasserted claims or obligations
of the Company.&#160; Such reserve may be paid
over by the Board of Managers to an escrow agent to be</p>


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<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">held for disbursement in payment of any of the
aforementioned Liabilities and, at the expiration of such period as shall be
deemed advisable by the Board of Managers, for distribution of the balance in
the manner provided in this <u>Article&nbsp;9</u>.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Third, to the extent
not previously paid under <u>Section 9.3(a)</u> or <u>(b)</u>, in the order of
priority set forth in <u>Sections 4.3(a)</u> through <u>4.3(c)</u>.</p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
10<br>
<br>
ACCOUNTING AND BANK ACCOUNTS</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Fiscal Year and
Accounting Method</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Fiscal Year and
taxable year of the Company shall be as designated by the Board of Managers in
accordance with the Code, provided that initially the Fiscal Year of the
Company shall be as set forth in the definition thereof.&#160; The Board of Managers shall also determine
the accounting method to be used by the Company.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Books and Records</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The books and records
of the Company shall be maintained at its principal place of business.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company shall keep
the following books and records:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>true and full
information regarding the status of the Business and financial condition of the
Company;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>copies of the Company&#146;s
federal, state and local income tax return and sales and use tax returns for
each taxable year or other taxable period;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>a current list of the
name and last known business, residence or mailing address of each Member and
each member of the Board of Managers;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>copies of this
Agreement, the Certificate of Formation and all amendments thereto, together
with executed copies of any<i> </i>written
powers of attorney pursuant to which the Agreement, Certificate of Formation
and all amendments thereto, have been executed;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>true and full
information regarding the amount of cash and a description and statement of the
agreed value of any property or services contributed by each Member and that
each Member has agreed to contribute in the future, and the date on which each
became a Member; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>other information
regarding the affairs of the Company as is just and reasonable.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each Member (or such
Member&#146;s designated representative(s) or agents) shall have the right, during
ordinary business hours and upon reasonable Notice, to inspect and copy, and/or
otherwise conduct an independent audit or investigation of (in each case at
such</p>


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<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Member&#146;s own expense) the books and records of the
Company, including those required to be kept by <u>Section&nbsp;10.2(b)</u>
hereof or those described in <u>Section&nbsp;10.3</u> hereof.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Books, Financial
Reports and Compliance</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Board of Managers
shall or shall cause the Company to keep proper and complete records and books
of account in which shall be entered all transactions and other matters
relative to the Company&#146;s Business.&#160; The
Company&#146;s books and records shall be prepared in accordance with GAAP
consistent with the standards and policies required by the accounting staff of
the SEC for a public company that is required to comply with the Sarbanes-Oxley
Act of 2002 as an &#147;<u>accelerated filer</u>&#148; or a &#147;<u>large accelerated filer</u>&#148;
as such terms are defined in the regulations of the SEC (as amended, including
any successor statute), and regulations promulgated thereunder to the same
extent as Lone Star (an &#147;<u>Accelerated 1934 Act Company</u>&#148;).&#160; The Company, if requested by Lone Star, will
take such steps as required as if it is an Accelerated 1934 Act Company.&#160; The Company shall also prepare a set of books
in accordance with Indian GAAP.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company shall
provide the Members with the following reports and information:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>no later than fifteen
(15) days after the end of each Fiscal Year, the unaudited balance sheet of the
Company as of the end of such Fiscal Year and the related unaudited profit and
loss statement and statement of cash flows for the Fiscal Year then ended;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>no later than
twenty-one (21) days after the end of each Fiscal Year, an annual consolidated
financial statement of the Company prepared in reasonable detail and audited by
the Auditors;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>no later than sixty (60)
days after the end of each Fiscal Year, an estimate, and within ninety (90)
days after the end of each Fiscal Year, a report, that shall include all
necessary tax reporting information required by the Members for preparation of
their federal, state and local income or franchise tax returns, including each
Member&#146;s pro rata<i> </i>share of
profits or losses and any other items of income, gain, loss and deduction for
such Fiscal Year;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(iv)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>no later than fifteen
(15) days after the end of each of the first, second and third quarter of each
Fiscal Year, unaudited balance sheet of the Company as of the end of such
quarter and the related unaudited profit and loss statement and statement of
cash flows (for such quarter and for the year-to-date), together with an
analysis of the operating results of the Company as compared to the Annual
Business Plan and as compared to prior comparable periods and a summary
description of Company operations, marketing and sales during such quarter and
projected operations during the balance of the Fiscal Year;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(v)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>no later than five (5)
days after each month-end, unaudited income statements and operating statistics
of the Company for such month, together with an analysis of the operating
results of the Company as compared to the Annual Business Plan and a summary
description of Company operations, marketing and sales during such month;</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vi)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>promptly after receipt
thereof, all other reports or statements prepared by the Auditors; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(vii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>as promptly as
practicable, a copy of the Annual Business Plan for each Fiscal Year.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Welspun acknowledges
that Lone Star may be required to consolidate the financial results of the
Company and its subsidiaries with Lone Star&#146;s own financial results and Welspun
and Lone Star shall ensure that the Company and each of its subsidiaries is
operated in accordance with the laws and regulations that are applicable to
companies that are publicly traded in the United States.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Welspun will fully
cooperate with Lone Star in implementing, monitoring and maintaining compliance
at the Company and each of its subsidiaries with the anti-corruption policy
attached hereto as <u>Exhibit B</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Lone Star acknowledges
that Welspun may be required to consolidate the financial results of the
Company and its subsidiaries with Welspun&#146;s own financial results, and the
Company shall provide Welspun with the necessary information for such
consolidation.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.4</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Tax Returns and
Elections</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>It is intended that the
Company be classified as a partnership for federal income tax purposes.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The Company shall not
file any election pursuant to Treasury Regulations Section&nbsp;301.7701-3(c)
to be treated as an entity other than a partnership.&#160; The Company shall not elect, pursuant to Code
Section&nbsp;761(a), to be excluded from the provisions of subchapter K of the
Code.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>To ensure that
Interests are not traded on an established securities market within the meaning
of Treasury Regulations Section&nbsp;1.7704-1(b) or readily tradable on a
secondary market or the substantial equivalent thereof within the meaning of
Treasury Regulations Section&nbsp;1.7704-1(c) (collectively, a &#147;<u>Public
Market</u>&#148;), notwithstanding anything to the contrary contained herein:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(i)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company shall not
participate in the establishment of any such Public Market or the inclusion of
its Interests thereon; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:72.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(ii)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Company shall not
recognize any Transfer made on any Public Market by:</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:108.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(A)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>redeeming the transferor
Member (in the case of a redemption or repurchase by the Company); or</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:108.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(B)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>admitting the
transferee as a Member or otherwise recognizing any rights of the transferee,
such as a right of the transferee to receive distributions (directly or
indirectly) or to acquire an interest in the capital or profits of the Company.</p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Except as provided in <u>Section&nbsp;10.4(b)</u>
hereof, relating to the tax classification of the Company, the Board of
Managers may make, or not make, in its sole and absolute discretion, any tax
election or consent provided under the Code, or any provision of state, local
or foreign tax law.&#160; All decisions and
other matters concerning the computation and allocation of items of income,
gain, loss, expense, deduction and credits among the Members, and accounting
procedures not specifically and expressly provided for by the terms of this
Agreement, shall be determined by the Board of Managers.&#160; Any determination made pursuant to this <u>Section&nbsp;10.4(d)</u>
by the Board of Managers shall be conclusive and binding on all Members.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(e)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>In the event any Member
makes any tax election that requires the Company to furnish information to such
Member to enable such Member to compute its own tax liability, or requires the
Company to file any tax return or report with any tax authority, in either case
that would not be required in the absence of such election made by such Member,
the Board of Managers may, as a condition to furnishing such information or
filing such return or report, require such Member to pay to the Company any
incremental expenses incurred in connection therewith.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(f)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Unless otherwise
determined by the Board of Managers, Lone Star shall serve as the &#147;<u>tax
matters partner</u>&#148; within the meaning of Section 6231(a)(7) of the Code (&#147;<u>Tax
Matters Member</u>&#148;).&#160; The Tax Matters
Member shall not, without the written consent of all Members, agree to or grant
any extension or waiver of any statute of limitations period or otherwise
extend the period in which any Tax may be assessed or collected.&#160; If any state or local tax law provides for a
tax matters partner or person having similar rights, powers, authority or
obligations, the Tax Matters Member shall also serve in such capacity.&#160; In all other cases, the Tax Matters Member
shall represent the Company in all tax matters to the extent required or
allowed by law.&#160; Expenses incurred by
Lone Star as the Tax Matters Member or in similar capacity as set forth in this
<u>Section 10.4(f)</u> shall be borne by the Company.&#160; Such expenses shall include fees of attorneys
and other professional accountants, appraisers and experts, filing fees and
reasonable out-of-pocket costs.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">10.5</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Bank Accounts</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All funds of the Company
shall be deposited in a separate bank, money market or similar accounts
approved by the Board of Managers and in the Company&#146;s name.&#160; Withdrawals therefrom shall be made only by
persons authorized to do so by the Board of Managers.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
11<br>
<br>
CERTAIN COVENANTS</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Non-Solicitation</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as set forth
herein, each Member, by and on behalf of itself and its respective Affiliates,
covenants that it shall not, and its Affiliates shall not, directly or
indirectly for so long as such Member remains a Member without the written
consent of the other Member and for a period of two (2) years thereafter,
solicit, encourage to leave employment, or hire any officer or employee of the
Company or any employee of the other Member and such other Member&#146;s Affiliates,
except that the foregoing shall not prohibit (i) any Member or its Affiliates
from soliciting or</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">employing any individual
who has received notice of termination from, or has ceased to be employed by,
the Company, the other Member or any Affiliates of the other Member prior to
the first time such individual discussed with any representative of such Member
or its Affiliates employment by such party and (ii) any Member or its
Affiliates from employing an individual who responds to a general solicitation
of employment by such party.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Non-Competition</u></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>From the date hereof
through a period of one (1) year from the date of the expiration or termination
of this Agreement, or a period of one (1) year following the date of
termination or dissolution of the Company, or the date when Lone Star or
Welspun cease to have an Interest in the Company, whichever is longer (the &#147;<u>Non-Competition
Period</u>&#148;), Welspun shall not, and shall cause its Affiliates not to,
directly or indirectly, own, manage, engage in, operate, control, work for,
consult with, render services for, maintain any interest in (proprietary, financial
or otherwise) or participate in the ownership, management, operation or control
of, any business, whether in corporate, proprietorship or partnership form or
otherwise, engaged in a Competing Business in North America; <u>provided</u>, <u>however</u>,
that the restrictions contained in this <u>Section 11.2(a)</u> shall not
restrict (i) the acquisition by Welspun, directly or indirectly, of less than
2% of the outstanding capital stock of any publicly traded company engaged in a
Competing Business, (ii) Welspun from acting as a sales agent for a Third Party
or (iii) Welspun from selling the types of products currently manufactured at
any manufacturing facility owned or leased by Welspun or its Affiliates on the
date hereof.&#160; Notwithstanding anything to
the contrary, if any third party not currently an Affiliate of Welspun as of
the date hereof during the Non-Competition Period (i) acquires fifty percent
(50%) or more of the voting securities of Welspun or an Affiliate, including by
way of merger or any other business combination with Welspun or an Affiliate,
(ii) acquires all or substantially all assets of Welspun or an Affiliate, or
(iii) otherwise acquires the right to appoint a majority of the board seats of
Welspun or an Affiliate, then nothing in this <u>Section 11.2(a)</u> shall be a
limitation on any activities of such acquiring party or any entity directly or
indirectly controlling, controlled by or under common control with such
acquiring party (other than Welspun or any of its respective Affiliates which
are acquired and are subject to the provisions of this <u>Section 11.2(a)</u>
at the time of such acquisition, and which shall remain subject to this <u>Section
11.2(a)</u> after such acquisition).</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>During the
Non-Competition Period, Lone Star shall not, and shall cause its Affiliates not
to, directly or indirectly, own, manage, engage in, operate, control, work for,
consult with, render services for, maintain any interest in (proprietary,
financial or otherwise) or participate in the ownership, management, operation
or control of, any business, whether in corporate, proprietorship or
partnership form or otherwise, engaged in a Competing Business in North
America; <u>provided</u>, <u>however</u>, that the restrictions contained in
this <u>Section 11.2(b)</u> shall not restrict (i) the acquisition by Lone Star,
directly or indirectly, of less than 2% of the outstanding capital stock of any
publicly traded company engaged in a Competing Business, (ii) Lone Star from
acting as a sales agent for a Third Party or (iii) Lone Star from selling the
types of products currently manufactured at any manufacturing facility owned or
leased by Lone Star or its Affiliates on the date hereof.&#160; Notwithstanding anything to the contrary, if
any third party not currently an Affiliate of Lone Star as of the date hereof
during the Non-Competition Period (i) acquires fifty percent (50%) or more of
the voting securities of Lone Star or an Affiliate, including by way of merger
or any other business combination with Lone Star or an Affiliate, (ii) acquires
all or substantially all assets of Lone Star or an Affiliate, or (iii)
otherwise acquires the</p>


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<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">right to appoint a majority of the board seats of Lone
Star or an Affiliate, then nothing in this <u>Section 11.2(b)</u> shall be a
limitation on any activities of such acquiring party or any entity directly or
indirectly controlling, controlled by or under common control with such
acquiring party (other than Lone Star or any of its respective Affiliates which
are acquired and are subject to the provisions of this <u>Section 11.2(b)</u>
at the time of such acquisition, and which shall remain subject to this <u>Section
11.2(b)</u> after such acquisition).</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Miscellaneous
Agreements</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Member hereby agrees
that simultaneously with the delivery of the additional capital contributions
required by <u>Section 3.2(a)(i)</u> hereof, such Member shall, and/or shall
cause those of its Affiliates which are parties thereto (including the
Company), execute and deliver each of the following documents:</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Mutual Services
Agreement;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Lone Star Trademark
License;</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Welspun Trademark
License; and</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>the Contribution
Agreement.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.4</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Loan Arrangement</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Each of Lone Star and
Welspun agree that they will work together to attempt to arrange for (i) term
loan facilities or a bond facility for the Company in an aggregate amount of
$33,000,000 or more as may be commercially viable (the &#147;<u>Project Financing</u>&#148;)
and (ii) working capital loan facilities for the Company in an aggregate amount
of $20,000,000 or more (the &#147;<u>Working Capital Loan</u>&#148;, together with the
Project Financing, the &#147;<u>Loan</u>&#148;), in each case, on terms and conditions
which are acceptable to the Board of Managers.&#160;
Neither Lone Star nor Welspun shall be obligated to guarantee or provide
any other credit support in order for the Company to secure any loans, and the
Loan and any future financing obtained by the Company shall be with recourse
solely to the Company and its assets.&#160; Notwithstanding
the prior sentence, either Lone Star or Welspun may guarantee or provide any
other credit support in order for the Company to secure any Project Financing
or other loans, in their sole discretion.&#160;
For the avoidance of doubt, the Working Capital Loan shall not reduce
the Capital Contributions pursuant to <u>Sections 3.2</u> and <u>3.3</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>If after both Members
have paid all their Capital Contributions to the Company and the Company
requires additional capital but the Project Financing is not available, then
the Members shall use their commercially reasonable efforts, subject to
mutually acceptable documentation, to provide bridge financing (&#147;<u>Bridge
Loans</u>&#148;) in proportion to each Member&#146;s Percentage Interest on the terms set
forth on <u>Schedule D</u>, and in the event that one of the Members is unable
to provide such bridge financing, the other Member may provide, in its sole
discretion, the Bridge Loans on the terms set forth on <u>Schedule D</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">11.5</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Conflicting Agreements</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Member represents
and agrees that it shall not (a) grant any proxy or enter into or agree to be
bound by any voting trust or agreement with respect to the Interests, except as
expressly contemplated by this Agreement, (b)&nbsp;enter into any agreement or
arrangement of any kind with any Person with respect to its Interests
inconsistent with the provisions of this Agreement or for</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">the purpose or with the
effect of denying or reducing the rights of any other Member under this
Agreement, including agreements or arrangements with respect to the Transfer or
voting of its Interests or (c) act, for any reason, as a member of a group or
in concert with any other Person in connection with the Transfer or voting of
its Interests in any manner that is inconsistent with this Agreement.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">ARTICLE
12</font></b></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">MISCELLANEOUS</font></b></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.1</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Title to Property</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title to the Property
shall be held in the name of the Company.&#160;
No Member shall individually have any ownership interest or rights in
the Property except&nbsp;indirectly by virtue of such Member&#146;s ownership of an
Interest.&#160; No Member shall have any right
to ask for or obtain a partition of any of the assets of the Company, nor shall
any Member have the right to any specific assets of the Company upon the
liquidation of, or any distribution from, the Company.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.2</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Waiver of Default</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">No consent or waiver,
express or implied, by the Company or a Member with respect to any breach or
default by the Company or a Member hereunder shall be deemed or construed to be
a consent or waiver with respect to any other breach or default by any party of
the same provision or any other provision of this Agreement.&#160; Failure on the part of the Company or a Member
to complain of any act or failure to act of the Company or a Member or to
declare such party in default shall not be deemed or constitute a waiver by the
Company or the Member of any rights hereunder.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.3</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Amendment</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement shall not
be altered, modified or changed except by an amendment approved in writing by
all of the Members or as provided in <u>Section 6.7</u>.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.4</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>No Third Party Rights</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">None of the provisions
contained in this Agreement shall be for the benefit of or enforceable by any
Third Parties, including creditors of the Company.&#160; The Members expressly retain any and all
rights to amend this Agreement as herein provided, notwithstanding any interest
in this Agreement or in any party to this Agreement held by any other Person.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.5</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Severability</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">In the event any
provision of this Agreement is held to be illegal, invalid or unenforceable to
any extent, the legality, validity and enforceability of the remainder of this
Agreement shall not be affected thereby and shall remain in full force and
effect and shall be enforced to the greatest extent permitted by law.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.6</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Nature of Interest in
the Company</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">A Member&#146;s Interest shall
be personal property for all purposes.</font></p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.7</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Binding Agreement</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the
restrictions on the disposition or Transfer of Interests herein contained, the
provisions of this Agreement shall be binding upon, and inure to the benefit
of, the parties hereto and their respective heirs, personal representatives,
successors and permitted assigns.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.8</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Headings</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The headings of the
articles and sections of this Agreement are for convenience only and shall not
be considered in construing or interpreting any of the terms or provisions
hereof.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.9</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Word Meanings</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The words such as &#147;<u>herein,</u>&#148;
&#147;<u>hereinafter,</u>&#148; &#147;<u>hereof,</u>&#148; and &#147;<u>hereunder</u>&#148; refer to this
Agreement as a whole and not merely to a subdivision in which such words appear
unless the context otherwise requires.&#160;
The word &#147;<u>including</u>&#148; or any variation thereof means (unless the
context of its usage otherwise requires) &#147;<u>including, without limitation</u>&#148;
and shall not be construed to limit any general statement that it follows to
the specific or similar items or matters immediately following it.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The singular shall
include the plural, and vice versa, unless the context otherwise requires.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>Any reference in this
Agreement to $ or cash shall mean U.S. dollars.&#160;
All monetary amounts referenced herein shall be, unless otherwise
specifically referenced, U.S. dollar amounts.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>When calculating the
period of time before which, within which or following which any act is to be done
or step taken pursuant to this Agreement, the date that is the reference date
in calculating such period shall be excluded.&#160;
If the last day of such period is a non-Business Day, the period in
question shall end on the next succeeding Business Day.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.10</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Counterparts</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement may be
executed in several counterparts, all of which together shall constitute one
agreement binding on all parties hereto, notwithstanding that all the parties
have not signed the same counterpart.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.11</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Entire Agreement</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement, together
with all schedules and exhibits hereto, the Ancillary Agreements and the
Confidentiality Agreement contain the entire agreement between the parties and
supersedes all prior writings or agreements with respect to the subject matter hereof.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.12</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Partition</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Members agree that
the Property is not and will not be suitable for partition. Accordingly, each
Member hereby irrevocably waives any and all right that it may have to maintain
any action for partition of all or any portion of the Company&#146;s property,
including the Spiral Weld Mill, or to file a complaint or institute any
proceeding at law or in equity to have such property partitioned.&#160; Each Member, for itself, its successors,
representatives and assigns, hereby waives any right to proceed under any
applicable law or otherwise to partition any such property.&#160; Any</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">creditor of a Member
shall have recourse only against such Member&#146;s Interest in the Company, but
such creditor shall not have any recourse against the property of the Company.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.13</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Arbitration</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as provided in
this <u>Section&nbsp;12.13</u> and <u>Sections&nbsp;5.6</u> and <u>8.7</u>,<b> </b>any dispute arising out of or relating to
this Agreement or the breach, termination or validity hereof shall be resolved
exclusively by binding arbitration (the &#147;<u>Arbitration</u>&#148;) conducted before
a single arbitrator (the &#147;<u>Sole Arbitrator</u>&#148;) in London, England, pursuant
to the United Nations Commission on International Trade Law (&#147;<u>UNCITRAL</u>&#148;)
rules and administered by the London Court of International Arbitration (&#147;<u>LCIA</u>&#148;).&#160; The language of the arbitration shall be
English.&#160; Each Person involved in such
arbitration shall pay its own legal fees and expenses in connection with any
such arbitration and the Persons involved therein shall share equally the fees
and expenses of the LCIA and the Sole Arbitrator.&#160; The Sole Arbitrator shall be an attorney
mutually agreed upon by the parties to the Arbitration or, if no agreement can
be reached, to be determined by the LCIA.&#160;
All Arbitration proceedings and sessions shall be private and
confidential, and no one other than the parties and their legal representatives
may attend without the consent of the parties or by Order of the Sole
Arbitrator.&#160; All information disclosed in
the course of any and all Arbitration proceedings and sessions shall be
maintained in strict confidence except to the extent disclosure of any such
information is required by Law.&#160; The
prevailing party shall be entitled to any appropriate relief (including
monetary damages, if any), as well as reimbursement of all its actual costs
(including Sole Arbitrator&#146;s fees and fees payable to the LCIA) and attorneys&#146;
fees from the opposing party or parties.&#160;
The decision of the Sole Arbitrator, and any award pursuant thereto,
shall be final, binding and conclusive on the Persons involved therein and not
be appealable on the merits.&#160; Final
judgment on any such decision and any award may be entered by a court of
competent jurisdiction.&#160; Notwithstanding
the foregoing, this <u>Section&nbsp;12.13</u> shall not prohibit any Person
from pursuing equitable relief (including immediate, preliminary and permanent
injunctive relief) to which it may be entitled in any court of competent
jurisdiction in order to (A) preserve the status quo pending resolution of the
dispute at issue or (B) seek equitable relief under <u>Section 12.14</u>.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.14</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Confidentiality</u>.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(a)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The provisions of this
Agreement and all proprietary information pertaining to the Business, financial
condition, strategies, plans, policies, inventions, trade secrets, intellectual
property, computer programs, projections, pricing, or processes of the Company
or provided or disclosed by the Company to a Member, or by one Member to
another Member or by the Company or a Member to such Member&#146;s or the other
Member&#146;s directors, officers, partners, employees, advisors or agents, shall be
confidential, and shall not be disclosed or otherwise released to any other
Person without the unanimous written consent of the Members; <u>provided</u>, <u>however</u>,<i> </i>that any Member may disclose any such
information, on a &#147;need to know&#148; basis, to (i)&nbsp;the directors, officers,
partners, employees, counsel, auditors, consultants, lenders, insurance
providers and brokers of such Member and its Affiliates, and to credit rating
agencies and (ii)&nbsp;as required in order to file such Member&#146;s applicable
tax returns.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(b)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The obligations of a
Member under <u>Section&nbsp;12.14(a)</u> hereof shall not apply to
confidential information (i) that is received by such Member from a Person who
is not a Member or related to a Member and who has the right to give the
information to such Member and who does not require that such Member keep such
information confidential, (ii) that is or becomes</p>


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<p style="margin:0pt 0pt 12.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">public knowledge through no fault of such Member,
(iii) the disclosure of which is required by applicable Law or (iv) that a Member
is required to disclose pursuant to the rules and regulations of the SEC;
provided<i>, </i>that prior to
disclosing confidential information pursuant to clause (iii) of this <u>Section&nbsp;12.14(b)</u>,<b> </b>such Member shall give Notice to the
Company and the other Member, which shall describe the information proposed to
be disclosed and state the basis upon which such disclosing Member believes the
information is required to be disclosed, all so that the Company may seek an
appropriate protective order or other remedy and/or waive compliance with the
provisions of this Agreement, and the Member will cooperate with the Company
(at the Member&#146;s sole cost and expense) to obtain such protective order or
other appropriate remedy.&#160; In the event
that such protective order or other remedy is not obtained or the Company
waives compliance with the relevant provisions of this Agreement, the Member
will disclose only that portion of the above referenced information which, in
the reasonable opinion of its legal counsel, is legally required to be
disclosed and the Member will use its reasonable efforts to obtain assurances
that confidential treatment will be accorded to such information.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(c)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The covenants and
undertakings contained in this <u>Section&nbsp;12.14</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;12.14</u> will cause irreparable
injury to the non-breaching Member, the amount of which will be impossible to
estimate or determine and which cannot be adequately compensated.&#160; Accordingly, the remedy at law for any breach
of this <u>Section&nbsp;12.14</u> will be inadequate.&#160; Therefore, the non-breaching Member will be
entitled to entry of an injunction, a restraining order or other equitable
relief from any court of competent jurisdiction in the event of any breach of
this <u>Section&nbsp;12.14</u> without the necessity of proving actual damages
or posting any bond whatsoever.&#160; The
rights and remedies provided by this <u>Section&nbsp;12.14</u> are cumulative
and in addition to any other rights and remedies which the non-breaching Member
may have hereunder or at Law or in equity.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(d)</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font>The obligations of the
Members under this <u>Section&nbsp;12.14</u> hereof shall terminate upon the
termination of the Company in accordance with <u>Section&nbsp;2.5</u> hereof,
except as to the Company&#146;s intellectual property, which shall continue
indefinitely.</p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.15</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Governing Law</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">This Agreement, the
rights and obligations of the parties under this Agreement, and any claim or
controversy directly or indirectly based upon or arising out of this Agreement
or the transactions contemplated by this Agreement (whether based upon contact,
tort or any other theory), including all matters of construction, validity and
performance, shall be governed by and construed in accordance with the internal
Laws of the State of Delaware, without regard to any conflict of laws provision
that would require the application of the Law of any other jurisdiction.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.16</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Notices</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Any notice, consent,
payment, demand, or communication required or permitted to be given by any provision
of this Agreement shall be in writing and shall be (a) delivered personally to
the Person or to an officer of the Person to whom the same is directed, or (b)
sent by facsimile or registered or certified mail, return receipt requested,
postage and charges prepaid, addressed as follows: if to the Company, to the
Company at the address set forth in <u>Section&nbsp;2.2</u> hereof, or to such
other address as the Company may from time to time specify by Notice to the
Members; if</font></p>


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<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">to a Member, to such
Member at the address set forth below or to such other address as such Member
may from time to time specify by Notice to the Company; if to a member of the
Board of Managers, to such member of the Board of Managers, at the address as
such member of the Board of Managers may from time to time specify by Notice to
the Company.&#160; Any such Notice shall be
deemed to be delivered, given and received for all purposes as of: (i) the date
so delivered, if delivered personally, (ii) upon receipt, if sent by facsimile
or (iii) on the date of receipt or refusal indicated on the return receipt, if
sent by registered or certified mail, return receipt requested, postage and
charges prepaid and properly addressed.</font></p>

<p style="margin:0pt 0pt 12.0pt;page-break-after:avoid;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to Welspun, to:</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Welspun Pipes, Inc. <br>
c/o Welspun Gujarat Stahl Rohren Limited<br>
Village Vadadla <br>
Taluka Vagra <br>
Dahej Road <br>
Dist. Bharuch <br>
Gujarat, India<br>
Facsimile: +91 22 2490-8020/21<br>
Attn: Executive Director</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With a copy to:</font></p>

<p style="margin:0pt 0pt 12.0pt 36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Majmudar &amp; Co.<br>
96, Free Press House<br>
Free Press Journal Road<br>
Nariman Point<br>
Mumbai (Bombay) 400 021<br>
India<br>
Facsimile: +91 22 6630-7252<br>
Attn: Akil Hirani</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If to Lone Star, to:</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Lone Star Technologies, Inc.<br>
15660 N. Dallas Pkwy., Suite 500<br>
Dallas, TX 75248<br>
United States of America<br>
Facsimile:&#160; +1 972-770-6471<br>
Attn:&#160; General Counsel</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">With a copy to:</font></p>

<p style="line-height:normal;margin:0pt 0pt 12.0pt 36.0pt;text-indent:0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Weil, Gotshal &amp; Manges LLP<br>
200 Crescent Court, Suite 300<br>
Dallas, Texas 75201<br>
Facsimile:&#160; +1 214-746-7777<br>
Attn: Mary R. Korby</font></p>


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<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.17</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Waiver of Notice</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Whenever any notice is
required by the Act, the Certificate of Formation or this Agreement, to be
given to any member of the Board of Managers or to any Member, a waiver thereof
in writing, signed by the Person or Persons entitled to such notice, whether
before or after the time stated therein, and delivered to the Company for
inclusion in the minutes or filing with the Company&#146;s records, shall be deemed
equivalent thereto.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.18</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Expenses</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Except as otherwise
expressly provided in this Agreement, each Member will bear and be responsible
for costs and expenses incurred by it in connection with the negotiation,
execution and performance of this Agreement and the transactions contemplated
hereby.</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.19</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Member&#146;s Representatives</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Each Member shall
designate by Notice to the other Member one individual representative (and an
alternate for such representative) who will represent such Member for purposes
of giving approvals or consenting to any proposed action requiring the approval
or consent of the Members. Each Member may, from time to time, change the
individuals designated by it as its representative or its alternate but only upon
Notice given to the other Member.&#160; Each
such Member hereby represents that its representative or, if such
representative is absent or unavailable, its alternate, is or shall be
authorized to provide any approval or consent which may be required or requested
hereunder from such Member and the other Member may rely conclusively upon the
signature and authority of such representative or alternate to deliver or grant
such approval or consent on behalf of such Member without determining that such
representative or alternate is acting with the consent or approval of such
Member, or its board of directors or shareholders or other governing body.&#160; The Members hereby represent that the
following individuals are or shall be authorized to act as their respective representatives
and alternates pursuant to this Agreement to serve until their respective
successors are designated in the manner provided herein:</font></p>

<table border="0" cellspacing="0" cellpadding="0" style="border-collapse:collapse;font-family:Times New Roman;margin-left:36.6pt;">
 <tr style="page-break-inside:avoid;">
  <td width="148" valign="top" style="padding:0pt .7pt 0pt 0pt;width:111.3pt;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlHTMLTableLeft --><!-- SET mrlNoTableShading --><b>Lone Star</b></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Representative</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.55pt;">
  <p style="margin:0pt 0pt .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Rhys Best</font></u></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="148" valign="top" style="padding:0pt .7pt 0pt 0pt;width:111.3pt;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.55pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="148" valign="top" style="padding:0pt .7pt 0pt 0pt;width:111.3pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">First Alternate</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.55pt;">
  <p style="margin:0pt 0pt .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Chuck Keszler</font></u></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="148" valign="top" style="padding:0pt .7pt 0pt 0pt;width:111.3pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.55pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="148" valign="top" style="padding:0pt .7pt 0pt 0pt;width:111.3pt;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Welspun</font></b></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Representative</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.55pt;">
  <p style="margin:0pt 0pt .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">B.K. Mishra</font></u></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="148" valign="top" style="padding:0pt .7pt 0pt 0pt;width:111.3pt;">
  <p style="margin:0pt 0pt .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">&nbsp;</font></b></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="88" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="87" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.55pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="148" valign="top" style="padding:0pt .7pt 0pt 0pt;width:111.3pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="88" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.85pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">First Alternate</font></p>
  </td>
  <td width="16" valign="top" style="padding:0pt .7pt 0pt 0pt;width:12.0pt;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="87" valign="top" style="padding:0pt .7pt 0pt 0pt;width:65.55pt;">
  <p style="margin:0pt 0pt .0001pt;"><u><font size="2" face="Times New Roman" style="font-size:10.0pt;">Akhil Jindal</font></u></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="font-family:Times New Roman;font-size:10.0pt;margin:0pt 0pt 12.0pt;page-break-after:avoid;text-indent:36.0pt;text-justify:inter-ideograph;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">12.20</font><font size="1" style="font-size:8.5pt;">&#160;&#160;&#160;&#160;&#160;&#160; </font><u>Guarantee of the
Obligations of Welspun</u>.</p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Subject to the terms,
limitations and conditions set forth herein, Welspun Parent hereby unconditionally,
irrevocably and absolutely guarantees to Lone Star (and its successors and
assigns) from the date hereof until the second anniversary of the date hereof,
the due and punctual performance and discharge of all of Welspun&#146;s (and any
assignee of Welspun) obligations up to a maximum of $23,400,000 <u>less</u> the
product of (I) Welspun&#146;s Percentage Interest times (II) the actual amount that
the Project Financing exceeds $33,000,000 (collectively, the &#147;<u>Welspun
Capital Contributions Obligations</u>&#148;).&#160;
The guarantee under this <u>Section 12.20</u> is a guarantee of timely
payment and performance of the Welspun Capital</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">55</font></p> <br><hr size="3" width="100%" noshade color="#010101" align="center">

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 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>


<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Contributions Obligations
by Welspun Parent as primary obligor and not merely of collection.&#160; Welspun Parent unconditionally waives: (i)
any right to receive demands, protests, or other notices of any kind or
character whatsoever, as the same may pertain to Welspun Parent (including any
notice of Transfer to an assignee of Welspun), (ii) any right to require Lone
Star to proceed first against Welspun or to pursue any other remedy and (iii)
all suretyship and other defenses of every kind and nature. Welspun Parent is a
party to this Agreement solely for the purposes of this <u>Section 12.20</u>.</font></p>

<p align="center" style="margin:0pt 0pt 12.0pt;page-break-after:avoid;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">[Signature page follows]</font></p>


 <p style="font-size:10.0pt;margin:24.0pt 0pt .0001pt;text-align:center;"><font face="Times New Roman">56</font></p>
</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">

<div>
 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">IN WITNESS WHEREOF,<b> </b>the parties hereto have caused this
Agreement to be duly executed as of the date first written above.</font></p>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS AGREEMENT CONTAINS A
BINDING ARBITRATION PROVISION WHICH MAY BE ENFORCED BY THE PARTIES.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.46%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->MEMBERS:</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">LONE STAR TECHNOLOGIES, INC.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:35.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Rhys J. Best</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;Name: Rhys J. Best</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;Title: Chairman/CEO</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p align="center" style="margin:0pt 0pt .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">SIGNATURE PAGE TO<br>
LIMITED LIABILITY COMPANY AGREEMENT</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>


<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS AGREEMENT CONTAINS A
BINDING ARBITRATION PROVISION WHICH MAY BE ENFORCED BY THE PARTIES.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.46%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading -->MEMBER:</p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WELSPUN PIPES, INC.</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:35.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Akhil Jindal</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;Name:&nbsp;
  Akhil Jindal</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;Title:&nbsp;
  Authorized Signatory</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GUARANTOR:</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WELSPUN GUJARAT STAHL ROHREN<br>
  LIMITED</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.46%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="35%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:35.9%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ B.K. Goenka</font></p>
  </td>
  <td width="5%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:5.8%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;Name:&nbsp;
  B.K. Goenka</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="54%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:54.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="3%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:3.76%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="41%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:41.7%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;Title:&nbsp;
  Vice Chairman and Managing Director</font></p>
  </td>
 </tr>
</table>

<p style="line-height:1.0pt;margin:0pt 0pt 12.0pt;"><font size="1" face="Times New Roman">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<br><hr size="3" width="100%" noshade color="#010101" align="center">

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<br clear="all" style="page-break-before:always;">
 <p style="margin:0pt 0pt .0001pt;text-align:center;"></p>


<p style="margin:0pt 0pt 12.0pt;text-indent:36.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">THIS AGREEMENT
CONTAINS A BINDING ARBITRATION PROVISION WHICH MAY BE ENFORCED BY THE PARTIES.</font></p>

<table border="0" cellspacing="0" cellpadding="0" width="100%" style="border-collapse:collapse;font-family:Times New Roman;width:100.0%;">
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.54%;">
  <p style="font-size:10.0pt;margin:0pt 0pt .0001pt;"><!-- SET mrlNoTableShading --></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">WELSPUN-LONE STAR TUBULARS LLC</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
  <td width="49%" colspan="3" valign="top" style="padding:0pt .7pt 0pt 0pt;width:49.42%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">By:</font></p>
  </td>
  <td width="34%" valign="top" style="border:none;border-bottom:solid windowtext 1.0pt;padding:0pt .7pt 0pt 0pt;width:34.98%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/ Nikhil Amin</font></p>
  </td>
  <td width="10%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:10.28%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Name: Nikhil Amin</font></p>
  </td>
 </tr>
 <tr style="page-break-inside:avoid;">
  <td width="48%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:48.54%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="2%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:2.02%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="4%" valign="top" style="padding:0pt .7pt 0pt 0pt;width:4.16%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:1.0pt;">&nbsp;</font></p>
  </td>
  <td width="45%" colspan="2" valign="top" style="padding:0pt .7pt 0pt 0pt;width:45.26%;">
  <p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Title: Acting President</font></p>
  </td>
 </tr>
</table>

<p style="margin:0pt 0pt 12.0pt;text-indent:72.0pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

<p style="margin:0pt 0pt .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>

</div><br><hr size="3" width="100%" noshade color="#010101" align="center">

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