Exhibt 10.22

                            MAVERICK TUBE CORPORATION
                           DEFERRED COMPENSATION PLAN


1.  Purpose.  The Maverick  Tube  Corporation  Deferred  Compensation  Plan (the
"Plan") is established to provide additional incentive to executive personnel to
remain in the employ of Maverick  Tube  Corporation  (the  "Corporation")  for a
period of five years by offering deferred compensation to such personnel subject
to such continued employment.

2. Administration.  The Plan shall be administered by the Compensation Committee
of the Board of Directors of the Corporation (the "Committee"), which Committee,
subject to any permitted  action by the Board of Directors,  shall have complete
discretion and authority with respect to the Plan and its application  except to
the extent that discretion is limited by the Plan.

3. Participants.  Any key employee ("Employee") of the Corporation, who has been
designated  as  eligible  to  participate  under  the  Plan by the  Compensation
Committee, shall become a participant  ("Participant").  Employees who have been
designated  as  Participants  by the  Committee  shall be listed in  Schedule A,
attached  hereto and made a part hereof by  reference.  The  Committee may amend
Schedule A from time to time by adding additional Participants thereto.

4.  Deferred  Compensation.  At the  time of  designation  of an  Employee  as a
Participant,  the  Compensation  Committee  shall designate with respect to each
Participant the amount of compensation to be deferred annually and the number of
years  for  which  such  annual  amount  will  be  so  deferred.   Any  deferred
compensation  pursuant to this Section shall be recorded by the Corporation in a
deferred  compensation  account  ("Account")  maintained  in  the  name  of  the
Participant,  which Account shall be credited as of the first day of each fiscal
calendar year of the Corporation  (except for fiscal year 1995, as to which such
amount shall be credited to a  Participant's  Account on or before  February 29,
1996) in the designated amount and for the designated number of years. No amount
shall be credited to the Account of a Participant  in respect of any fiscal year
unless the  Participant is employed by the  Corporation on the first day of such
fiscal year.

5. Investment of Deferred Amounts.  The Participant  shall designate,  in a form
prescribed by the Corporation, the allocation of amounts credited to his Account
as though invested as designated by the Participant from those  investments made
available by the Corporation.  Such  designations may be changed annually by the
Participant  and shall be effective  only as of the first day of the fiscal year
after  receipt by the  Corporation  of written  notice of such  change  from the
Participant.  All interest,  other  earnings,  gains or losses on any investment
medium into which amounts are so allocated (collectively,  the "Earnings") shall
be owned by the  Corporation  and the  Participant  shall have no  ownership  or
control over any amounts of deferred compensation or the Earnings thereon.

6. Distribution of Deferred Amounts. Unless a Participant's  employment with the
Corporation has been terminated by reason of death or disability or unless there
occurs a Change of  Control  as  hereinafter  provided,  if the  Participant  is
employed by the Corporation on October 1, 2000 (the "Normal Vesting Date"),  the
Corporation shall direct distribution of the amounts credited to a Participant's
Account,  including  Earnings  credited thereon pursuant to Section 5 hereof, to
the  Participant  in a lump sum no later than 120 days  following the end of the
Corporation's fiscal year ending in the year 2000.

7.       Termination of Employment.

                  (a)  Subject  to  Section 8 hereof,  upon  termination  of the
         employment of a Participant  with the  Corporation for any reason other
         than death or  disability  on or prior to  September  30,  2000 (I) the
         Participant shall forfeit the entire balance of his Account  (including
         all Earnings  thereon),  and (ii) all obligations of the Corporation to
         the Participant with respect to deferred  compensation  hereunder shall
         thereupon cease.

                  (b) Upon  termination of the employment of a Participant  with
         the Corporation by reason of his death,  the  Participant's  designated
         beneficiary or  beneficiaries  shall be entitled to receive all amounts
         credited to the Account of the Participant,  together with all Earnings
         thereon, as of the date of his death, in a single sum payable not later
         than 120 days  after the end of the  fiscal  year in which  such  death
         occurs.  If there is no  designated  beneficiary,  such amount shall be
         paid to the estate of the deceased Participant.

                  (c) Upon  termination of the employment of a Participant  with
         the  Corporation  by  reason  of  the  Participant's  Disability,   the
         Participant  shall be entitled  to receive all amounts  credited to his
         Account,  together  will all  Earnings  thereon,  as of the date of his
         termination of  employment,  in a single sum payable not later than 120
         days  after  the  end  of the  fiscal  year  in  which  termination  of
         employment occurs.

8. Change of Control. Notwithstanding the foregoing, in the event of a Change of
Control of the Corporation,  the Participant shall immediately thereupon vest in
all amounts in his  Account.  A "Change of Control"  shall mean the  purchase or
other acquisition by any person, entity or group of persons,  within the meaning
of section 13(d) or 14(d) of the Securities Exchange Act of 1934 ("Act"), or any
comparable successor  provision,  of beneficial ownership (within the meaning of
Rule 13d-3 promulgated under the Act) of thirty-five (35%) or more of either the
outstanding shares of common stock or the combined voting power of Corporation's
then outstanding voting securities  entitled to vote generally,  or the approval
by  the   stockholders   of  Corporation  of  a   reorganization,   merger,   or
consolidation, in each case, with respect to which persons who were stockholders
of Corporation immediately prior to such reorganization, merger or consolidation
do not,  immediately  thereafter,  own  more  than  fifty  percent  (50%) of the
combined voting power entitled to vote generally in the election of directors of
the  reorganized,   merged  or  consolidated   Corporation's   then  outstanding
securities, or a liquidation or dissolution of Corporation or the sale of all or
substantially all of Corporation's  assets.  If a change of Control occurs,  the
Plan shall continue an all amounts credited to the Account of the Employee shall
be paid at the time that such amount would be otherwise  payable to him, without
respect  to the  provisions  of  paragraph  (a) of  Section 7 hereof,  until the
earlier  of (I) the  termination  of  employment  of the  Participant  with  the
Corporation,  regardless of the reason  therefor,  (ii) the Normal  Vesting Date
whereupon the Participant  shall be entitled to receive all amounts  credited to
his Account,  together  with all Earnings  thereon,  in a single sum payable not
later than 120 days after the end of the fiscal  year in which such  termination
occurred or the Normal Vesting Date, as the case may be.

9. Participant's  Rights Unsecured.  The Corporation may, at is sole discretion,
elect to segregate funds representing annual deferred  compensation  amounts may
deposit such funds into a trust  constituting a grantor trust under Sections 671
through 679 of the Internal  Revenue Code of 1986,  as amended,  and meeting the
requirement of Rev. Proc. 92-64 ("Rabbi Trust"). The right of the Participant or
his  designated  beneficiary  to receive a  distribution  hereunder  shall be an
unsecured claim against the general assets of the  Corporation,  and neither the
Participant nor his designated  beneficiary  shall have any rights in or against
any amount credited to his Account, whether or not separate funds are being held
in a Rabbi Trust, or any other specific assets of the  Corporation.  All amounts
credited to an Account or deposited in or held by a Rabbi Trust shall constitute
general assets of the  Corporation  and,  subject to the provisions of the Rabbi
Trust,  may be disposed of by the Corporation at such time and for such purposes
as it may deem  appropriate.  The Plan shall  constitute  a mere promise to make
benefit payments in the future.

10. Prohibition Against Assignment. The payments,  benefits or interest provided
for under this Plan shall not be  subject  to any claim of any  creditor  of any
Participant or the  beneficiary of any Participant in law or in equity and shall
not be subject to attachment,  garnishment,  execution or other legal process by
any such creditor;  nor shall the  Participant  have any right to sell,  assign,
transfer,  pledge,  encumber,  anticipate,  alienate or otherwise dispose of any
such payments, benefits or interest.

11.  Amendment to the Plan. The Board of Directors of the  Corporation may amend
the  Plan  at any  time,  without  the  consent  of the  Participants  or  their
beneficiaries; provided, however, that no amendment shall divest any Participant
or beneficiary of the balance in his Account, or of any rights to which he would
have been  entitled  under the Plan  prior to such  amendment,  or  relieve  the
Corporation of any obligation  hereunder,  including,  without  limitation,  its
obligation for subsequent  credit of deferred  compensation with respect to such
Participants.

12.  Termination  of the Plan.  This Plan shall  terminate  on  February 1, 2002
unless sooner terminated by the Board of Directors of the Corporation; provided,
however, that no such termination shall affect the rights of the Participants to
whom obligations for deferred compensation then still exist.

13.      Notices.  Any notice or  election  required or  permitted  to be given
hereunder  shall be in writing and shall be deemed to be filed:

         (a)      on the date it is personally delivered to the Secretary of the
                    Corporation;
                  or
         (b)      three business days after it is sent by registered or 
                    certified mail, addressed to the Corporation's Secretary at
                    Maverick Tube Corporation, 400 Chesterfield Center, 
                    2nd Floor, Chesterfield, Missouri  63017.

14.      Effective Date.  This plan shall be effective October 1, 1995.




<TABLE>

                            MAVERICK TUBE CORPORATION
                           DEFERRED COMPENSATION PLAN

                                   Schedule A
<CAPTION>

Participant           Annual Deferred Compensation       Period of Participation
<S>                        <C>                       <C>   

GRegg Eisenberg            $15,000                   10/1/1995 through 9/30/2000

S. Kanthamneni             $20,000                   10/1/1995 through 9/30/2000

S. Evans                   $15,000                   10/1/1995 through 9/30/2000
</TABLE>








                            MAVERICK TUBE CORPORATION
                           DEFERRED COMPENSATION PLAN

                           Designation of Beneficiary

         Pursuant to the Maverick Tube Corporation  Deferred  Compensation  Plan
(the "Plan"),  I hereby  designate the following  persons as my beneficiaries to
receive all amounts held for me under the Plan which have not been paid to me at
the date of my death:

         Primary Beneficiary(ies):

              Name                       Relationship                 Percentage

        ---------------------      --------------------------         ---------%

        ---------------------      --------------------------         ---------%

        ---------------------      --------------------------         ---------%

         Secondary Beneficiary(ies):

              Name                       Relationship                 Percentage

        ---------------------      --------------------------         ---------%

        ---------------------      --------------------------         ---------%

        ---------------------      --------------------------         ---------%

Date:_____________________          __________________________________________
                                            Signature


                                    ------------------------------------------
                                            Print Name


Reviewed and approved:

Date:_____________________          By:_______________________________________