Document:

ex_158570.htm

Exhibit 10.41

 

Addendum No. 9 to

Contract No. 840/08625142/25/158-15 dtd. 2015.12.07

Date of signature: 14.12.2018

 

THE SELLER

Joint Stock Company «Isotope»,

(JSC «Isotope»)

 

Pogodinskaya str., 22, Moscow, 119435, Russia.

Phone: +7(499) 245-01-18, 245-13-81.

 

THE BUYER

The Company IsoRay Medical Inc.

350 Hills Street, Suite 106

Richland, WA 99354-5411 USA

 

THE BUYER and THE SELLERS have mutually agreed about the following:

 

	
			1.

				
			Terms of delivery of the Goods under the present Contract is extended for August 4, 2019.

			

 

The present addendum is the integral part of contract 840/08625142/25/158-15 and may be signed by E-mail.

 

All other terms and conditions are in accordance with Contract No. 840/08625142/25/158-15, Appendices 1 and 2, Addenda 1, 2, 3, 4, 5, 7, 8.

 

	THE SELLER	 	THE BUYER	 
	 	 	 	 
	/s/ Boris Akakiev                    	 	/s/ Lori A. Woods               	 
	Boris Akakiev	 	Lori A. Woods	 
	Advisor to Director General	 	11 Jul 2019	 
	JSC Isotope	 	Isoray - CEOex_158727.htm

Exhibit 10.45

 

	
			

				
			 

			Sherri L. Schwartz Contracting Officer

			P.O. Box 968 Richland, WA 99352-0968

			Ph. 509-372-5072

			SLSCHWARTZ@energy-northwest.com

			

 

 

LEASE MODIFICATION

 

Issued by:     S. L. Schwartz, Principal Contracting Officer

 

 

LESSEE:     ISORAY MEDICAL, INC.

350 Hills Street, Suite 106

Richland, WA 99354

 

 

Lease Agreement Number: X-40403

Modification Number:     26

Modification Date:     July 3, 2019

 

 

	 	
			1.

				
			DESCRIPTION OF MODIFICATION

			

 

The subject Lease Agreement is herein modified to extend the Term of the Lease, adjust Termination notice and document the Consumers Price Index (CPI) increase for year 2019 and future increases, as detailed below.

 

ARTICLE 2 – TERM

 

Effective May 1, 2021, the contract term shall extend for an additional 5 year term with a completion date of April 30, 2026.

 

ARTICLE 4 – RENT

 

MONTHLY RENT PAYMENTS – The rental rates set forth in Amendment 25 of the Lease Agreement shall not increase by the CPI for the lease period beginning May 1, 2019 to April 30th, 2020. The CPI rental rate increase requirements will resume on May 1st, 2020 and will be capped at 3%. Current total monthly Lease payment is $24,137.36.

 

ARTICLE 28 – TERMINATION

 

Both parties hereby agree to modify the advanced written notice of intent to terminate whereas either party shall be required to give the other party eighteen (18) months advanced written notice of its intent to terminate.

 

In addition to the termination notice of 18 months, both parties hereby agree to an early termination penalty as follows:

	 	
			o

				
			4 years or more: $40,000

			

	 	
			o

				
			3 years but less than 4 years:$30,000

			

	 	
			o

				
			2 years but less than 3 years:$20,000

			

	 	
			o

				
			1 year but less than 2 years: $10,000

			

 

 

 

 

 

 

 

 

The completion date, Contract Rent and all other terms, covenants and conditions of the above- referenced Contract, except as duly modified by this and previous amendments, if any, remain in full force and effect.

 

	 	
			2.

				
			EXECUTION

			

 

	
			LESSOR: ENERGY NORTHWEST

				
			LESSEE: ISORAY MEDICAL, Inc.

			
	
			Name: /s/ Brad Sawatzke

				
			Name: /s/ Jonathan Hunt

			
	
			Title: Chief Executive Officer

				
			Title: Chief Financial Officer (CFO)

			
	
			Date: 8/19/19

				
			Date: 7/17/19EX-10.1

 Exhibit 10.1 

EMPLOYMENT AGREEMENT 

This EMPLOYMENT AGREEMENT, is dated as of             , 20    
(this “Agreement”), by MRC Global, Inc., a Delaware corporation (the “Company”), and Kelly Youngblood (the “Executive”) to be effective as of
            , 20     (the “Effective Date”). 

WHEREAS, the Company desires to employ or continue to employ, as the case may be, the Executive as Executive Vice President and to utilize the
Executive’s management services as indicated herein, and the Executive has agreed to provide such management services to the Company; 

WHEREAS, the Executive desires to accept the Company’s offer of employment or offer of continued employment as set forth herein to be
effective on the Effective Date. 
 NOW, THEREFORE, in consideration of the mutual covenants contained herein and other valid consideration,
the sufficiency of which is acknowledged, the parties hereto agree as follows: 
  

	1.	 Employment 

  

	 	1.1.	 Term. The Company agrees to employ the Executive, and the Executive agrees to be employed by the
Company, in each case, pursuant to this Agreement, for a period commencing on the Effective Date and ending on the earlier of: 

  

	 	(i)	 the first anniversary of the Effective Date and 

 

	 	(ii)	 the termination of the Executive’s employment in accordance with Section 3 (the
“Term”); 

 provided, that on the first anniversary of the Effective Date and each subsequent
anniversary of the Effective Date, the Term shall automatically be extended for one year unless 90 days’ written notice of non-renewal is given by the Executive or the Company to the other party. 

 

	 	1.2.	 Duties. During the Term, the Executive shall serve as Executive Vice President and Chief Financial
Officer of the Company and in such other positions as an officer or director of the Company or its affiliates as the Executive and the Chief Executive Officer (“CEO”) or the Board of Directors (the “Board”) of the Company
shall mutually agree from time to time. The Executive shall perform such duties, functions and responsibilities commensurate with the Executive’s positions as the CEO or Board reasonably directs. 

 

	 	1.3.	 Exclusivity. During the Term, the Executive shall devote his full time and attention to the business and
affairs of the Company, shall faithfully serve the Company, and shall in all material respects conform to and comply with the lawful and reasonable directions and instructions that the Board gives the Executive, consistent with Section 1.2.
During the Term, the Executive shall use his best efforts to promote and serve the interests of the Company and shall not engage in any other business activity, whether or not the activity shall be engaged in for pecuniary profit, except that the
Executive may sit on the boards or similar governing bodies of other companies with the consent of the CEO or the Board, which shall not be unreasonably withheld. 

	2.	 Compensation 

  

	 	2.1.	 Salary. As compensation for the performance of the Executive’s services under this Agreement,
during the Term, the Company shall pay to the Executive a salary at an annual rate of $500,000 payable in accordance with the Company’s standard payroll policies (the “Base Salary”). The Board (or a committee of the Board)
shall review the Executive’s Base Salary annually and may adjust the Base Salary upward (but not lower) in the discretion of the Board (or a committee of the Board), based on competitive data and the Executive’s performance. No increase in
Base Salary shall limit or reduce any other right or obligation of the Executive under this Agreement and the Base Salary shall not be reduced at any time (including after any increase). 

 

	 	2.2.	 Annual Bonus. Beginning with the fiscal year that commences on January 1, 2020, for each completed
fiscal year during the Term, the Executive shall be eligible to receive additional cash incentive compensation pursuant to the annual bonus plan of the Company in effect at the time (the “Annual Bonus”). The target Annual Bonus
shall be 80% of the Executive’s Base Salary as in effect from time to time with the actual Annual Bonus to be based upon such individual or Company performance criteria established for each fiscal year by the Board in consultation with the CEO.
The Board (or a committee of the Board) shall review the Executive’s Annual Bonus target percentage annually and may adjust the Annual Bonus target percentage upward (but not lower) in the discretion of the Board (or a committee of the Board),
based on competitive data and the Executive’s performance. 

  

	 	2.3.	 Long-Term Incentive Plan Participation. Beginning with the fiscal year that commences on January 1,
2020, for each fiscal year during the Term, the Executive shall be eligible to receive long-term incentive compensation awards pursuant to the Company’s 2011 Omnibus Incentive Plan or any replacement or successor plan (the “Long-Term
Incentive Awards”) in such amounts as the Board (or a committee of the Board) determines in its discretion on terms and conditions (including time and performance based vesting conditions) that are generally applicable to other senior
executives of the Company; provided, that the mix of types of Long-Term Incentive Awards awarded to the Executive may differ from those awarded to other senior executives to address limitations on the amount and types of awards permitted by
the 2011 Omnibus Incentive Plan or any replacement or successor plan. 

  

	 	2.4.	 Employee Benefits. During the Term, the Executive shall be eligible to participate in such health and
other group insurance and other employee benefit plans and programs of the Company and its U.S. affiliates as in effect from time to time on the same basis as other senior executives of the Company. 

 

	 	2.5.	 Vacation. During the Term, the Executive shall be entitled to 25 days per calendar year of paid
vacation. 

  

	 	2.6.	 Business Expenses. The Company shall pay or reimburse the Executive for all commercially reasonable
business out-of-pocket expenses that the Executive incurs during the Term in performing his duties under this Agreement upon presentation of documentation and in
accordance with the expense reimbursement policy of the Company generally applicable to all senior executives as in effect from time to time. 

  

	 	2.7.	 Retirement. If Executive remains employed by the Company on or after the fifth anniversary of the
Effective Date (the “Target Date”), the Company terminates Executive’s employment 

  
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other than for Cause, death or Disability prior to the Target Date or the Executive terminates employment for Good Reason prior to the Target Date, Executive shall be deemed “Retired”
and to have satisfied any requirement that the Participant’s age plus years of service equal to at least 80 for the purposes of any equity award agreement granted pursuant to the Company’s 2011 Omnibus Incentive Plan, as amended, including
(without limitation) any Restricted Stock Agreement, Restricted Stock Unit Award Agreement, Performance Share Unit Award Agreement or Stock Option Agreement and Executive shall be entitled to continued vesting pursuant to the retirement provisions
of each such agreement and any requirement under the award agreement that Executive must remain employed with the Company for any period of time prior to such Retirement for the award to vest will be waived; provided, that in the case of any
Performance Share Unit Award Agreement the amount payable under the award shall be prorated as provided in the provision concerning “Termination under an Employment Agreement” set forth in Section 5.4 of the applicable Performance
Share Unit Award Agreement (notwithstanding the provisions in the “Retirement” provision of the award set forth in Section 5.3) and in the case of any Restricted Stock Unit Award Agreement the amount payable under the award shall be
payable within 30 days following the date the award becomes vested. Notwithstanding the foregoing in this Section 2.7, Executive shall only be entitled to the retirement treatment that this Section 2.7 provides if Executive meets the
Company’s Equity Ownership Guidelines measured as of the Target Date; provided that this requirement only applies if Executive’s employment is not otherwise terminated prior to the Target Date. 

 

	3.	 Termination of Employment 

 

	 	3.1.	 Generally. The Company may terminate the Executive’s employment for any reason during the Term, and
the Executive may voluntarily terminate his employment for any reason during the Term, in each case (other than a termination by the Company for Cause (defined below)) at any time upon not less than 14 days’ notice to the other party. Upon the
termination of the Executive’s employment with the Company for any reason, the Executive shall be entitled to any Base Salary earned but unpaid through the date of termination, any earned but unpaid Annual Bonus for completed fiscal years, any
unreimbursed expenses in accordance with Section 2.5 and, to the extent not yet paid or provided, any other amounts or benefits required to be paid or provided under any plan, program, policy or practice or other contract or agreement of the
Company and its affiliates through the date of termination of employment (collectively, the “Accrued Amounts”). 

  

	 	3.2.	 Certain Terminations 

 

	 	a)	 Termination by the Company other than for Cause, death or Disability; Termination by the Executive for Good
Reason. If the Executive’s employment is terminated during the Term by the Company other than for Cause, death or Disability (defined below), or by the Executive for Good Reason (defined below), the Executive shall be entitled to:

  

	 	(i)	 the Accrued Amounts, 

 

	 	(ii)	 a pro-rata bonus for the fiscal year of termination, based on actual
performance through the end of the applicable fiscal year and the number of days that have elapsed in the fiscal year through the date of termination (a “Pro-Rata Bonus”),

  
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	 	(iii)	 payment of an amount equal to the sum of 1/12 of Base Salary and 1/12 of the target Annual Bonus each month for
18 months following termination (the “Severance Payments”), and 

  

	 	(iv)	 continuation of medical, dental and vision benefits on the same terms as active senior executives
(“Medical Continuation”) for 18 months following termination. For the period of time during which the Executive is entitled to Medical Continuation under this Section 3.2(a)(iv) (or Section 3.2(c)(iii), if applicable), the
Executive shall pay the full cost of the benefits as determined under the then-current practices of the Company on a monthly basis, provided that the Company shall reimburse the Executive the amounts paid for the coverage. The Company shall
pay all reimbursements to the Executive as required under this Section 3.2(a)(iv) on a regular, periodic basis within 30 days after the reimbursable amounts are incurred by the Executive; provided that, prior to any reimbursement, the
Company must possess the applicable and appropriate evidence of the reimbursable amount. Any reimbursements provided during one taxable year of the Executive shall not affect the expenses eligible for reimbursement in any other taxable year of the
Executive (with the exception of applicable lifetime maximums applicable to medical expenses or medical benefits described in Section 105(b) of the Internal Revenue Code of 1986, as amended (the “Code”) and the right to
reimbursement under this Section 3.2(a)(iv) shall not be subject to liquidation or exchange for another benefit or payment. Following the Medical Continuation period, Executive shall be eligible to elect COBRA payable at Executive’s
expense in accordance with the Company’s standard procedures. 

 If, prior to a Change in Control (defined below) or
after the 24-month period following a Change of Control, the Executive’s employment is terminated during the Term by the Company other than for Cause, death or Disability, or by the Executive for Good
Reason, all outstanding options, restricted stock awards and other long-term equity awards will continue to vest for the next 18-month period as if Executive remained an active employee. Effective as of the
end of this 18-month period, any options, restricted stock awards and other long-term equity awards, in each case, that have not vested will be immediately forfeited. 

Receipt of the Severance Payments, Medical Continuation and extended vesting period shall be conditioned on: 

 

	 	(x)	 the Executive’s continued compliance with his obligations under Section 5, and 

 

	 	(y)	 the Executive’s execution, delivery and non-revocation of an
effective, valid and enforceable general release of claims (the “Release”) in the form attached as Exhibit A within 30 days of the effective date of Executive’s termination. 

If the Executive breaches any of the covenants set forth in Section 5, the Executive shall immediately return to the Company any portion
of the Severance Payments that have been paid to the Executive pursuant to this Section 3.2(a), the Medical Continuation shall immediately terminate and any options that became vested pursuant to this Section 3.2(a) shall immediately
terminate. Subject to Section 3.2(d) and the provision of a valid Release as required under this Section 3.2(a), the Company will commencing paying or 

  
 4 

 
providing the Severance Payments (other than the Pro-Rata Bonus) and Medical Continuation on the 30th
day following the effective date of Executive’s termination of employment. Executive shall forfeit any and all payments, benefits and extended vesting rights payable or due under this Agreement if Executive does not provide the Company with an
effective Release before such 30th day. The Pro-Rata Bonus will be paid at the time the Company ordinarily pays incentive bonuses to its executives with
respect to the fiscal year in which the termination occurs. 
  

	 	b)	 Termination upon Death or Disability. If the Executive’s employment is terminated due to the
Executive’s death or Disability, the Executive (or the Executive’s estate, if applicable) will receive (i) the Accrued Amounts, and (ii) a Pro-Rata Bonus. 

 

	 	c)	 Termination following a Change in Control. If, during the Term and within 24 months following a Change
in Control, the Executive’s employment is terminated by the Company other than for Cause, death or Disability, or by the Executive for Good Reason the Executive shall be entitled to: 

 

	 	(i)	 the Accrued Amounts, 

 

	 	(ii)	 payment of an amount equal to the sum of 24 months’ of Base Salary and two times the target Annual Bonus
in effect on his date of termination (the “Change of Control Severance Payments”), and 

  

	 	(iii)	 Medical Continuation for 24 months. Premiums for Medical Continuation shall be paid and reimbursed in
accordance with the provisions contained in Section 3.2(a)(iv). Following the Medical Continuation period, Executive shall be eligible to elect COBRA in accordance with the Company’s standard procedures. 

Receipt of the Change in Control Severance Payments and Medical Continuation shall be conditioned on the Executive’s execution, delivery
and non-revocation of an effective and valid Release in the form attached as Exhibit A within 30 days of Executive’s termination of employment. Subject to Section 3.2(d) and the provision of a valid
Release as required under this Section 3.2(c), the Company will pay the Change in Control Severance Payments in a single lump sum payment and commence providing Medical Continuation on the
30th day following the effective date of Executive’s termination of employment. Executive shall forfeit any and all payments and benefits payable under this Agreement if Executive does not
provide the Company with an effective Release before such 30th day. 
  

	 	d)	 Section 409A Specified Employee. Notwithstanding anything to the contrary contained
in this Agreement, if the Executive is a “specified employee” for purposes of Section 409A of the Code and regulations and other interpretive guidance issued under the Code (“Section 409A”), the
Company shall not commence payment of the Severance Payments to the Executive until one day after the day which is six months after the Executive’s termination date (the “Delay Period”), with the first payment equaling the
total of all payments that would have been paid during the Delay Period but for the application of Section 409A to those payments. For purposes of this Agreement, the Executive’s employment with the Company shall be considered to have
terminated when the Executive incurs a “separation from service” with the Company within the meaning of Section 409A(a)(2)(A)(i) of the Code, and applicable administrative guidance issued under the Code. 

  
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	 	e)	 Exclusive Remedy. The foregoing payments upon termination of the Executive’s employment described
in Section 3.2 shall constitute the exclusive severance payments due the Executive upon a termination of his employment under this Agreement. 

  

	 	3.3.	 Resignation from All Positions. Upon the termination of the Executive’s employment with the Company
for any reason, the Executive shall be deemed to have resigned, as of the date of such termination, from all positions he then holds as an officer, director, employee and member of the Board (and any committee of the Board) and the board of
directors or similar governing positions (and any committees of those bodies) of any of the Company’s affiliates. 

  

	 	3.4.	 Cooperation. Following the termination of the Executive’s employment with the Company for any
reason, the Executive agrees to reasonably cooperate with the Company upon reasonable request of the Board and to be reasonably available to the Company with respect to matters arising out of the Executive’s services to the Company and its
subsidiaries and affiliates. The Company shall pay the Executive a reasonable fee for any those services and promptly reimburse the Executive for expenses reasonably incurred in connection with those matters. 

 

	4.	 Section 280G. 

 

	 	(i)	 If the aggregate of all amounts and benefits due to the Executive under this Agreement and under any other
arrangement with the Company would, if received by the Executive in full and valued under Section 280G of the Code, constitute “parachute payments” as defined in and under Section 280G of the Code (collectively, “280G
Benefits”), and 

  

	 	(ii)	 if such aggregate would, if reduced by all federal, state and local taxes applicable thereto, including the
excise tax imposed pursuant to Section 4999 of the Code, be less than the amount the Executive would receive, after all taxes, if the Executive received aggregate 280G Benefits equal (as valued under Section 280G of the Code) to only three
times the Executive’s “base amount” as defined in and under Section 280G of the Code, less $1.00, 

then the 280G Benefits shall (to the extent that the reduction of the 280G Benefits can achieve the intended result) be reduced or eliminated
to the extent necessary so that the aggregate 280G Benefits received by the Executive will not constitute parachute payments. An independent auditor (the “Auditor”) that the Company pays shall make the determinations with respect to
this Section 4. The Auditor shall be the Company’s regular independent auditor unless the Executive reasonably objects to the use of that firm, in which event the Auditor will be a nationally recognized United States public accounting firm
that the parties choose. 
  

	5.	 Unauthorized Disclosure; Non-Competition; Non-Solicitation; Interference with Business Relationships; Proprietary Rights 

  

	 	5.1.	 Unauthorized Disclosure. The Executive agrees and understands that in the Executive’s position with
the Company, the Executive has been and will continue to be exposed to and 

  
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has and will receive information relating to the confidential affairs of the Company and its affiliates, including technical information, intellectual property, business and marketing plans,
strategies, customer information, software, other information concerning the products, promotions, development, financing, expansion plans, business policies and practices of the Company and its affiliates and other forms of information that the
Company and its affiliates consider to be confidential or in the nature of trade secrets (including, ideas, research and development, know-how, formulas, technical data, designs, drawings, specifications,
customer and supplier lists, pricing and cost information and business and marketing plans and proposals) (collectively, the “Confidential Information”). “Confidential Information” does not include any information that
becomes generally available to the public other than as a result of the Employee’s public use, disclosure, or fault. The Executive agrees that at all times during the Executive’s employment with the Company and thereafter, the Executive
shall not disclose such Confidential Information, either directly or indirectly, to any person or entity other than in connection with the Executive’s employment with the Company without the prior written consent of the Company and shall not
use or attempt to use any such Confidential Information in any manner other than in connection with his employment with the Company, unless required by law to disclose the Confidential Information, in which case the Executive shall provide the
Company with written notice of the requirement as far in advance of the anticipated disclosure as possible. This confidentiality covenant has no temporal, geographical or territorial restriction. Upon termination of the Executive’s employment
with the Company, the Executive shall promptly supply to the Company all property, keys, notes, memoranda, writings, lists, files, reports, customer lists, correspondence, tapes, disks, cards, surveys, maps, logs, machines, technical data and any
other tangible product or document that has been produced by, received by or otherwise submitted to the Executive during the Executive’s employment with the Company, and any copies thereof in his (or capable of being reduced to his) possession; provided, that the Executive may retain his full rolodex or similar address and telephone directories. 

 

	 	5.2.	 Non-Competition. By and in consideration of the Company entering
into this Agreement and the payments made and the benefits that this Agreement provides, and in further consideration of the Executive’s exposure to the Confidential Information of the Company and its affiliates, the Executive agrees that the
Executive shall not, during the Executive’s employment with the Company and for 18 months thereafter (or 24 months thereafter if Executive is entitled to receive the benefits of Section 3.2(c)) (in the applicable case, the
“Restriction Period”), directly or indirectly, own, manage, operate, join, control, be employed by, or participate in the ownership, management, operation or control of, or be connected in any manner with, including, without
limitation, holding any position as a stockholder, director, officer, consultant, independent contractor, employee, partner, or investor in, any Restricted Enterprise (defined below); provided, that in no event shall ownership of one percent
or less of the outstanding securities of any class of any issuer whose securities are registered under the Securities Exchange Act of 1934, as amended, standing alone, be prohibited by this Section 5.2, so long as the Executive does not have,
or exercise, any rights to manage or operate the business of the issuer other than rights as an equity or stock holder of the issuer. “Restricted Enterprise” means any person or entity that is actively engaged in any geographic area
in any business which is either: 

  

	 	(i)	 in competition with the business of the Company or any of its subsidiaries or affiliates or

  
 7 

	 	(ii)	 proposed to be conducted by the Company or any of its subsidiaries or affiliates in their respective business
plans as in effect at that time. 

 During the Restriction Period, upon request of the Company, the Executive shall notify
the Company of the Executive’s then-current employment status. 
  

	 	5.3.	 Non-Solicitation of Employees. During the Restriction Period,
the Executive shall not directly or indirectly contact, induce or solicit (or assist any person or entity to contact, induce or solicit) for employment any person who is, or within 12 months prior to the date of the solicitation was, an employee of
the Company or any of its subsidiaries or affiliates. 

  

	 	5.4.	 Interference with Business Relationships. During the Restriction Period (other than in connection with
carrying out his responsibilities for the Company and its affiliates), the Executive shall not directly or indirectly contact, induce or solicit (or assist any person or entity to contact, induce or solicit) any customer or client of the Company or
its subsidiaries or affiliates to terminate its relationship or otherwise cease doing business in whole or in part with the Company or its subsidiaries or affiliates, or directly or indirectly interfere with (or assist any person or entity to
interfere with) any material relationship between the Company or its subsidiaries or affiliates and any of its or their customers or clients so as to cause harm to the Company or its affiliates. 

 

	 	5.5.	 Extension of Restriction Period. The Restriction Period shall be tolled for any period during which the
Executive is in breach of any of Sections 5.2, 5.3 or 5.4. 

  

	 	5.6.	 Proprietary Rights. The Executive shall disclose promptly to the Company any and all inventions,
discoveries, and improvements (whether or not patentable or registrable under copyright or similar statutes), and all patentable or copyrightable works, initiated, conceived, discovered, reduced to practice, or made by him, either alone or in
conjunction with others, during the Executive’s employment with the Company and related to the business or activities of the Company and its affiliates (the “Developments”). Except to the extent any rights in any Developments
constitute a work made for hire under the U.S. Copyright Act, 17 U.S.C. § 101, et seq., that are owned ab initio by the Company or its applicable affiliate, the Executive assigns all of his right, title and interest in all
Developments (including all intellectual property rights therein) to the Company or its nominee without further compensation, including all rights or benefits therefor, including without limitation the right to sue and recover for past and future
infringement. The Executive acknowledges that any rights in any Developments constituting a work made for hire under the U.S. Copyright Act, 17 U.S.C. § 101, et seq., are owned upon creation by the Company or its applicable affiliate as
the Executive’s employer. Whenever requested to do so by the Company, the Executive shall execute any and all applications, assignments or other instruments which the Company shall deem necessary to apply for and obtain trademarks, patents or
copyrights of the United States or any foreign country or otherwise protect the interests of the Company and its affiliates therein. These obligations shall continue beyond the end of the Executive’s employment with the Company with respect to
inventions, discoveries, improvements or copyrightable works initiated, conceived or made by the Executive while employed by the Company, and shall be binding upon the Executive’s employers, assigns, executors, administrators and other legal
representatives. In connection with his execution of this Agreement, the Executive has informed the Company in writing of any interest in any inventions or intellectual property rights that he holds as of the date hereof as set forth on Exhibit B
(the “Existing Inventions”). Notwithstanding anything to the contrary in this 

  
 8 

	 	
Agreement, the Developments shall not include any Existing Inventions. If the Company is unable for any reason, after reasonable effort, to obtain the Executive’s signature on any document
needed in connection with the actions described in this Section 5.6, the Executive hereby irrevocably designates and appoints the Company and its duly authorized officers and agents as the Executive’s agent and attorney-in-fact to act for and on the Executive’s behalf to execute, verify and file any such documents and to do all other lawfully permitted acts to further the
purposes of this Section 5.6 with the same legal force and effect as if executed by the Executive. 

  

	 	5.7.	 Remedies. The Executive agrees that any breach of the terms of this Section 5 would result in
irreparable injury and damage to the Company for which the Company would have no adequate remedy at law. The Executive, therefore, also agrees that in the event of a breach of this Section 5 or any threat of such a breach, the Company shall be
entitled to an immediate injunction and restraining order to prevent the breach, threatened breach or continued breach by the Executive or any and all persons acting for or with the Executive, without having to prove damages, in addition to any
other remedies to which the Company may be entitled at law or in equity, in each case, without the necessity of posting a bond or other security with the applicable court or body. The terms of this Section 5.8 shall not prevent the Company from
pursuing any other available remedies for any breach or threatened breach of this Agreement, including, the recovery of damages from the Executive. The Executive and the Company further agree that the provisions of the covenants contained in this
Section 5 are reasonable and necessary to protect the businesses of the Company and its affiliates because of the Executive’s access to Confidential Information and his material participation in the operation of such businesses.

  

	6.	 Representation. The Executive and the Company each represents and warrants that: 

 

	 	a)	 he or it is not subject to any contract, arrangement, policy or understanding, or to any statute, governmental
rule or regulation, that in any way limits his or its ability to enter into and fully perform his or its obligations under this Agreement, and 

  

	 	b)	 he or it is not otherwise unable to enter into and fully perform his or its obligations under this Agreement.

  

	7.	 Non-Disparagement. From and after the Effective Date and
following termination of the Executive’s employment with the Company, the Executive agrees not to make any statement (other than statements made in connection with carrying out his responsibilities for the Company and its subsidiaries and
affiliates) that is intended to become public, or that should reasonably be expected to become public, and that criticizes, ridicules, disparages or is otherwise derogatory of the Company or any of its subsidiaries, affiliates, employees, officers,
directors or stockholders. The Company and its affiliates shall cause their officers and directors not to make any such statement regarding the Executive. 

  

	8.	 Withholding. The Company may withhold from any amounts payable under this Agreement such United States
federal, state local or foreign taxes as shall be required to be withheld pursuant to any applicable law or regulation. The Executive shall be solely responsible for the payment of all taxes relating to the payment or provision of any amounts or
benefits under this Agreement. 

  
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	9.	 Definitions. For purposes of this Agreement, the following capitalized terms shall have the following
meanings: 

  

	 	9.1.	 “Cause” means the Executive’s: 

 

	 	a)	 continuing failure, for more than ten days after the Company’s written notice to the Executive of the
failure, to perform such duties as the Company reasonably requests, 

  

	 	b)	 failure to observe material policies generally applicable to officers or employees of the Company unless the
failure is capable of being cured and is cured within ten days of the Executive receiving written notice of the failure, 

  

	 	c)	 failure to cooperate with any internal investigation of the Company or any of its affiliates;

  

	 	d)	 commission of any act of fraud, theft or financial dishonesty with respect to the Company or any of its
affiliates or indictment or conviction of any felony; or 

  

	 	e)	 material violation of the provisions of this Agreement unless the violation is capable of being cured and is
cured within ten days of the Executive receiving written notice of the violation. 

  

	 	9.2.	 “Change in Control” means: 

 

	 	a)	 An acquisition (other than directly from the Company) of any voting securities of the Company (the
“Voting Securities”) by any “Person” (for purposes of this Section 9.2, as the term “person” is used for purposes of Section 13(d) or 14(d) of the Exchange Act), immediately after which such
Person has “Beneficial Ownership” (within the meaning of Rule 13d-3 promulgated under the Exchange Act) of more than fifty percent of: 

 

	 	(i)	 the then-outstanding shares of common stock, par value $.01 per share, of the Company and any other securities
into which those shares are changed or for which those shares are exchanged (“Shares”) or 

  

	 	(ii)	 the combined voting power of the Company’s then-outstanding Voting Securities; 

provided, that in determining whether a Change in Control has occurred pursuant to this Section 9.2(a), the acquisition of Shares
or Voting Securities in a Non-Control Acquisition (defined below) shall not constitute a Change in Control. A “Non-Control Acquisition” means an
acquisition by: 
  

	 	(i)	 an employee benefit plan (or a trust forming a part thereof) maintained by: 

 

	 	(A)	 the Company or 

  

	 	(B)	 any corporation or other Person the majority of the voting power, voting equity securities or equity interest
of which is owned, directly or indirectly, by the Company 

  
 10 

 (for purposes of this definition, a “Related Entity”),

  

	 	(ii)	 the Company or any Related Entity, or 

 

	 	(iii)	 any Person in connection with a Non-Control Transaction (defined
below); or 

  

	 	b)	 The consummation of: 

 

	 	(i)	 A merger, consolidation or reorganization (x) with or into the Company or (y) in which securities of
the Company are issued (a “Merger”), unless the Merger is a “Non-Control Transaction.” 

A “Non-Control Transaction” means a Merger in which: 

 

	 	(A)	 the shareholders of the Company immediately before the Merger own directly or indirectly immediately following
the Merger at least a majority of the combined voting power of the outstanding voting securities of: 

  

	 	(I)	 the corporation resulting from the Merger (the “Surviving Corporation”), if there is no Person
that Beneficially Owns, directly or indirectly, 50% or more of the combined voting power of the then-outstanding voting securities of the Surviving Corporation (a “Parent Corporation”), or 

 

	 	(II)	 if there is one or more than one Parent Corporation, the ultimate Parent Corporation; 

 

	 	(B)	 the individuals who were members of the Board immediately prior to the execution of the agreement providing for
the Merger constitute at least a majority of the members of the board of directors of: 

  

	 	(I)	 the Surviving Corporation, if there is no Parent Corporation, or 

 

	 	(II)	 if there is one or more than one Parent Corporation, the ultimate Parent Corporation; and

  

	 	(C)	 no Person other than: 

 

	 	(I)	 the Company or another corporation that is a party to the agreement of Merger, 

 

	 	(II)	 any Related Entity, 

  

	 	(III)	 any employee benefit plan (or any trust forming a part thereof) that, immediately prior to the Merger, was
maintained by the Company or any Related Entity, or 

  

	 	(IV)	 any Person who, immediately prior to the Merger had Beneficial Ownership of 50% or more of the then outstanding
Shares or Voting Securities, 

  
 11 

 has Beneficial Ownership, directly or indirectly, of 50% or more of the combined voting
power of the outstanding voting securities or common stock of: 
  

	 	(x)	 the Surviving Corporation, if there is no Parent Corporation, or 

 

	 	(y)	 if there is one or more than one Parent Corporation, the ultimate Parent Corporation. 

 

	 	c)	 A complete liquidation or dissolution of the Company; or 

 

	 	d)	 The sale or other disposition of all or substantially all of the assets of the Company and its subsidiaries
taken as a whole to any Person (other than (x) a transfer to a Related Entity or (y) the distribution to the Company’s shareholders of the stock of a Related Entity or any other assets). 

Notwithstanding the foregoing, a Change in Control shall not be deemed to occur solely because any Person (the “Subject
Person”) acquired Beneficial Ownership of more than the permitted amount of the then outstanding Shares or Voting Securities as a result of the acquisition of Shares or Voting Securities by the Company which, by reducing the number of
Shares or Voting Securities then outstanding, increases the proportional number of shares Beneficially Owned by the Subject Persons; provided that if a Change in Control would occur (but for the operation of this sentence) as a result of the
acquisition of Shares or Voting Securities by the Company and, after such share acquisition by the Company, the Subject Person becomes the Beneficial Owner of any additional Shares or Voting Securities and such Beneficial Ownership increases the
percentage of the then outstanding Shares or Voting Securities Beneficially Owned by the Subject Person, then a Change in Control shall occur. 
  

	 	9.3.	 “Disability” means the Executive is entitled to receive long-term disability benefits under
the long-term disability plan of the Company or its affiliates in which Executive participates, or, if there is no such plan, the Executive’s inability, due to physical or mental ill health, to perform the essential functions of the
Executive’s job, with or without a reasonable accommodation, for 180 days during any 365 day period irrespective of whether such days are consecutive. 

  

	 	9.4.	 Good Reason” means 

 

	 	a)	 a material and adverse change in the Executive’s duties or responsibilities; provided that an
assignment to the President if the duties of CEO are split between the CEO and the President or to the Chief Operating Officer shall not be a material and adverse change; 

 

	 	b)	 a reduction in the Executive’s Base Salary or target Annual Bonus percentage other than reductions that
are equal in percentage and applicable to all executive vice presidents of the Company; 

  

	 	c)	 breach by the Company of any material provision of this Agreement; or 

 

	 	d)	 relocation of Executive’s principal place of employment by more than 50 miles from Executive’s then
current principal place of employment. 

  
 12 

 provided, that the Executive must give notice of termination for Good Reason within
60 days of the occurrence of the first event giving rise to Good Reason. 
  

	10.	 Miscellaneous. 

 

	 	10.1.	 Indemnification. The Company shall indemnify the Executive to the fullest extent provided under the
Company’s By-Laws. The Company shall also maintain director and officer liability insurance in such amounts and subject to such limitations as the Board shall, in good faith, deem appropriate for coverage
of directors and officers of the Company. 

  

	 	10.2.	 Amendments and Waivers. This Agreement and any of the provisions of this Agreement may be amended,
waived (either generally or in a particular instance and either retroactively or prospectively), modified or supplemented, in whole or in part, only by written agreement signed by the parties; provided, that, the observance of any provision
of this Agreement may be waived in writing by the party that will lose the benefit of such provision as a result of such waiver. The waiver by any party of a breach of any provision of this Agreement shall not operate or be construed as a further or
continuing waiver of the breach or as a waiver of any other or subsequent breach, except as otherwise explicitly provided for in the waiver. Except as otherwise expressly provided in this Agreement, no failure on the part of any party to exercise,
and no delay in exercising, any right, power or remedy hereunder, or otherwise available in respect thereof at law or in equity, shall operate as a waiver thereof, nor shall any single or partial exercise of such right, power or remedy by the party
preclude any other or further exercise thereof or the exercise of any other right, power or remedy. 

  

	 	10.3.	 Assignment; No Third-Party Beneficiaries. This Agreement, and the Executive’s rights and
obligations hereunder, may not be assigned by the Executive, and any purported assignment by the Executive in violation of this Agreement shall be null and void. Nothing in this Agreement shall confer upon any person not a party to this Agreement,
or the legal representatives of the person, any rights or remedies of any nature or kind whatsoever under or by reason of this Agreement. Executive acknowledges that for administrative convenience or other good business reasons, the Company may
administer this Agreement directly or through a wholly owned, direct or indirect subsidiary. 

  

	 	10.4.	 Notices. Unless otherwise provided in this Agreement, all notices, requests, demands, claims and other
communications provided for under the terms of this Agreement shall be in writing. Any notice, request, demand, claim or other communication under this Agreement shall be sent by 

 

	 	a)	 personal delivery (including receipted courier service) or overnight delivery service, 

 

	 	b)	 registered or certified mail, return receipt requested, postage prepaid and addressed to the intended recipient
as set forth below or 

  

	 	c)	 e-mail delivery, with confirmation of receipt, to the Company’s
General Counsel: 

  

					
		 	If to the Company:	  	MRC Global, Inc.
		 		  	1301 McKinney, Suite 2300
		 		  	Houston, Texas 77056
			
		 		  	Attention: General Counsel

  
 13 

					
		 		  	e-mail: #############
			
		 	If to the Executive:	  	Kelly Youngblood, at Executive’s principal office at the Company (e-mail: ############# (during the Term), and at all times to his principal residence as reflected in the records of the
Company.

 All such notices, requests, consents and other communications shall be deemed to have been given when
received. Either party may change its facsimile number or its address to which notices, requests, demands, claims and other communications under are this Agreement to be delivered by giving the other parties notice in the manner then set forth. 

 

	 	10.5.	 Governing Law. This Agreement shall be construed and enforced in accordance with, and the rights and
obligations of the parties shall be governed by, the laws of the State of Texas, without giving effect to the conflicts of law principles thereof. 

  

	 	10.6.	 Severability. Whenever possible, each provision or portion of any provision of this Agreement, including
those contained in Section 5 will be interpreted in such manner as to be effective and valid under applicable law but the invalidity or unenforceability of any provision or portion of any provision of this Agreement in any jurisdiction shall
not affect the validity or enforceability of the remainder of this Agreement in that jurisdiction or the validity or enforceability of this Agreement, including that provision or portion of any provision, in any other jurisdiction. In addition,
should a court or arbitrator determine that any provision or portion of any provision of this Agreement, including those contained in Section 5, is not reasonable or valid, either in period of time, geographical area, or otherwise, the parties
hereto agree that such provision should be interpreted and enforced to the maximum extent which such court or arbitrator deems reasonable or valid. 

  

	 	10.7.	 Entire Agreement. From and after the Effective Date this Agreement shall constitute the entire agreement
between the parties hereto, and supersede all prior representations, agreements and understandings (including any prior course of dealings), both written and oral, between the parties hereto with respect to the subject matter hereof.

  

	 	10.8.	 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be
deemed an original, but all such counterparts shall together constitute one and the same instrument. This Agreement may be delivered through the means of e-mail delivery of a portable document format (.pdf)
file of the signed Agreement. 

  

	 	10.9.	 Binding Effect. This Agreement shall inure to the benefit of and be binding on, the successors of each
of the parties, including, without limitation, the Executive’s heirs and the personal representatives of the Executive’s estate and any successor to all or substantially all of the business and/or assets of the Company.

  

	 	10.10.	 General Interpretive Principles. The name assigned this Agreement and headings of the sections,
paragraphs, subparagraphs, clauses and subclauses of this Agreement are for convenience of reference only and shall not in any way affect the meaning or interpretation of any of the provisions hereof. Words of inclusion shall not be construed as
terms of limitation herein, so that references to “include,” “includes” and “including” shall not be limiting and shall be regarded as references to non-exclusive and non-characterizing illustrations. In this Agreement, references to a “party” mean either of the Company or the Executive and to the 

  
 14 

	 	
“parties” mean both of them; references to a “person” mean any individual, corporation, partnership, limited liability company, association, trust or other entity or
organization, including a government or political subdivision or an agency or instrumentality thereof; references to “Sections” mean the sections and subsections of this Agreement; references to “Exhibits” mean the exhibits to
this Agreement; references to the singular include the plural and vice versa, in each case, unless the context expressly requires the contrary. 

  

	 	10.11.	 Mitigation. Notwithstanding any other provision of this Agreement, 

 

	 	a)	 the Executive will have no obligation to mitigate damages for any breach or termination of this Agreement by
the Company, whether by seeking employment or otherwise and 

  

	 	b)	 the amount of any payment or benefit due the Executive after the date of such breach or termination will not be
reduced or offset by any payment or benefit that the Executive may receive from any other source. 

  

	 	10.12.	 Section 409A Compliance. This Agreement is intended to comply with Section 409A
(to the extent applicable) and, to the extent it would not adversely impact the Company, the Company agrees to interpret, apply and administer this Agreement in the least restrictive manner necessary to comply with such requirements and without
resulting in any diminution in the value of payments or benefits to the Executive. 

  

	 	10.13.	 Retirement and Equity. If a “Retirement” occurs under any award agreement governing any
options, restricted stock or other long-term incentive awards because the Executive terminates employment on or after age 65, the Company hereby waives any requirement under the award agreement that the Executive must remain employed with the
Company for any period of time prior to Retirement for the award to vest beginning upon a Retirement in accordance with the terms of the award agreement. 

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

 

			
	 MRC GLOBAL,
INC.

 
			
		
	 By:
	 	
 

			
	 Name:
	 	
	 Title:
	 	

 
			
	
	 EXECUTIVE

	
	  

	 Kelly Youngblood

  
 15 

 Exhibit A 

Release 
  

	1.	 In consideration of the payments and benefits to be made under the Employment Agreement, effective dated as
                     (the “Employment Agreement”), to which
                         (the “Executive”) and MRC Global, Inc. (the “Company”) (each of the
Executive and the Company, a “Party” and collectively, the “Parties”) are parties, the sufficiency of which the Executive acknowledges, the Executive, with the intention of binding himself and his heirs, executors,
administrators and assigns, does hereby release, remise, acquit and forever discharge the Company and each of its subsidiaries and affiliates (the “Company Affiliated Group”), their present and former officers, directors,
executives, shareholders, agents, attorneys, employees and employee benefit plans (and the fiduciaries thereof), and the successors, predecessors and assigns of each of the foregoing (collectively, the “Company Released Parties”),
of and from any and all claims, actions, causes of action, complaints, charges, demands, rights, damages, debts, sums of money, accounts, financial obligations, suits, expenses, attorneys’ fees and liabilities of whatever kind or nature in law,
equity or otherwise, whether accrued, absolute, contingent, unliquidated or otherwise and whether now known or unknown, suspected or unsuspected, which the Executive, individually or as a member of a class, now has, owns or holds, or has at any time
heretofore had, owned or held, arising on or prior to the date hereof, against any Company Released Party that arises out of or relates to, the Employment Agreement, the Executive’s employment with the Company or any of its subsidiaries and
affiliates, or any termination of such employment, including claims 

  

	 	(i)	 for severance or vacation benefits, unpaid wages, salary or incentive payments, 

 

	 	(ii)	 for breach of contract, wrongful discharge, impairment of economic opportunity, defamation, intentional
infliction of emotional harm or other tort, 

  

	 	(iii)	 for any violation of applicable state and local labor and employment laws (including, without limitation, all
laws concerning unlawful and unfair labor and employment practices) and 

  

	 	(iv)	 for employment discrimination under any applicable federal, state or local statute, provision, order or
regulation, and including, without limitation, any claim under Title VII of the Civil Rights Act of 1964 (“Title VII”), the Civil Rights Act of 1988, the Fair Labor Standards Act, the Americans with Disabilities Act
(“ADA”), the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), the Age Discrimination in Employment Act (“ADEA”), and any similar or analogous state statute, excepting only:

  

	 	1.1.	 rights of the Executive arising under, or preserved by, this Release or Section 3 of the Employment
Agreement; 

  

	 	1.2.	 the right of the Executive to receive COBRA continuation coverage in accordance with applicable law;

	 	1.3.	 claims for benefits under any health, disability, retirement, life insurance or other similar employee benefit
plan (within the meaning of Section 3(3) of ERISA) of the Company Affiliated Group; and 

  

	 	1.4.	 rights to indemnification the Executive has or may have under the
by-laws or certificate of incorporation of any member of the Company Affiliated Group or as an insured under any director’s and officer’s liability insurance policy or other insurance policy of the
Company and its subsidiaries that benefits the Executive now or previously in force. 

  

	2.	 The Employee acknowledges and agrees that the release of claims set forth in this Release is not to be
construed in any way as an admission of any liability whatsoever by any Company Released Party, any such liability being expressly denied. 

  

	3.	 The release of claims set forth in this Release applies to any relief no matter how called, including, without
limitation, wages, back pay, front pay, compensatory damages, liquidated damages, punitive damages, damages for pain or suffering, costs, and attorneys’ fees and expenses. 

 

	4.	 The Executive specifically acknowledges that his acceptance of the terms of the release of claims set forth in
this Release is, among other things, a specific waiver of his rights, claims and causes of action under Title VII, ADEA, ADA and any state or local law or regulation in respect of discrimination of any kind; provided, that nothing in this
Release shall be deemed, nor does anything contained herein purport, to be a waiver of any right or claim or cause of action which by law the Executive is not permitted to waive. 

 

	5.	 As to rights, claims and causes of action arising under the ADEA, the Executive acknowledges that he has been
given but not utilized a period of 21 days to consider whether to execute this Release. If the Executive accepts the terms hereof and executes this Release, he may thereafter, for a period of seven days following (and not including) the date of
execution, revoke this Release as it relates to the release of claims arising under the ADEA. If no such revocation occurs, this Release shall become irrevocable in its entirety, and binding and enforceable against the Executive, on the day
next following the day on which the foregoing seven-day period has elapsed. If such a revocation occurs, the Executive shall irrevocably forfeit any right to payment of the Severance Payments (as defined in
the Employment Agreement), but the remainder of the Employment Agreement shall continue in full force. 

  

	6.	 Other than as to rights, claims and causes of action arising under the ADEA, the release of claims set forth in
this Release shall be immediately effective upon execution by the Executive. 

  

	7.	 The Executive acknowledges and agrees that he has not, with respect to any transaction or state of facts
existing prior to the date hereof, filed any complaints, charges or lawsuits against any Company Released Party with any governmental agency, court or tribunal. 

 

	8.	 The Executive acknowledges that he has been advised to seek, and has had the opportunity to seek, the advice
and assistance of an attorney with regard to the release of claims set forth in this Release, and has been given a sufficient period within which to consider the release of claims set forth in this Release. 

  
 2 

	9.	 The Executive acknowledges that the release of claims set forth in this Release relates only to claims which
exist as of the date of this Release. 

  

	10.	 The Executive acknowledges that the Severance Payments he is receiving in connection with the release of claims
set forth in this Release and his obligations under this Release are in addition to anything of value to which the Executive is entitled from the Company and any of its affiliates. 

 

	11.	 Each provision of this Release is severable from this Release, and if one or more provisions hereof are
declared invalid, the remaining provisions shall nevertheless remain in full force and effect. If any provision of this Release is so broad, in scope, or duration or otherwise, as to be unenforceable, such provision shall be interpreted to be only
so broad as is enforceable. 

  

	12.	 This Release constitutes the complete agreement of the Parties in respect of the subject matter hereof and
shall supersede all prior agreements between the Parties in respect of the subject matter hereof except to the extent set forth in this Release. 

  

	13.	 The failure to enforce at any time any of the provisions of this Release or to require at any time performance
by another party of any of the provisions hereof shall in no way be construed to be a waiver of such provisions or to affect the validity of this Release, or any part hereof, or the right of any party thereafter to enforce each and every such
provision in accordance with the terms of this Release. 

  

	14.	 This Release may be executed in several counterparts, each of which shall be deemed to be an original, but all
of which together shall constitute one and the same instrument. Signatures delivered by facsimile shall be deemed effective for all purposes. 

  

	15.	 This Release shall be binding upon any and all successors and assigns of the Executive and the Company.

  

	16.	 Except for issues or matters as to which federal law is applicable, this Release shall be governed by and
construed and enforced in accordance with the laws of the State of Texas without giving effect to the conflicts of law principles thereof. 

[Signature page follows] 

  
 3 

 IN WITNESS WHEREOF, this Release has been signed by or on behalf of each of the Parties, all as of
                            . 

 

			
	MRC GLOBAL, INC.

 
			
		
	By:	 	
 

			
	Name:	 	
	Title:	 	
	
	EXECUTIVE
	
	  

	Kelly Youngblood

  
 4 

 Exhibit B 

Existing Inventions 
 [None.]

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