Document:

Environmental Indemnity Agreement

 EXHIBIT 10.21 
 Loan No. 10057878 
 ENVIRONMENTAL INDEMNITY AGREEMENT 

THIS ENVIRONMENTAL INDEMNITY AGREEMENT (this “Agreement”) is made as of the 6th day of January, 2012, by TNP
SRT PORTFOLIO I, LLC, a Delaware limited liability company, having an address at 1900 Main Street, Suite 700, Irvine, California 92614 (“Borrower”) and TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation, having an
address at 1900 Main Street, Suite 700, Irvine, California 92614 (“Strategic”; Borrower and Strategic hereinafter referred to, individually and collectively, as the context may require, as “Indemnitor”), in favor of
KEYBANK NATIONAL ASSOCIATION, a national banking association, having an address at 11501 Outlook, Suite 300, Overland Park, Kansas 66211 (together with its successors and assigns, “Indemnitee”) and the other Indemnified
Parties. 
 RECITALS: 
 A. Borrower is the owner of the Property (as defined in the Loan Agreement (defined below)). 
 B. Indemnitee is prepared to make a loan (the “Loan”) to Borrower in the principal amount of $33,200,000.00 pursuant to a Loan Agreement of even date herewith between Indemnitee and
Borrower (as the same may hereafter be amended, restated, replaced, supplemented, renewed, extended or otherwise modified from time to time, the “Loan Agreement”), which Loan shall be evidenced by that certain Promissory Note of
even date herewith given by Borrower in favor of Indemnitee (as the same may hereafter be amended, restated, replaced, supplemented, renewed, extended or otherwise modified from time to time, the “Note”) and secured by, among other
things, one or more mortgages/deeds of trust, assignments of leases and rents and security agreements, dated as of the date hereof (as the same may hereafter be amended, restated, replaced, supplemented, renewed, extended or otherwise modified from
time to time, individually and collectively, the “Security Instrument”). Capitalized terms not otherwise defined herein shall have the meaning set forth in the Loan Agreement. 

C. Indemnitee is unwilling to make the Loan unless Indemnitor agrees to provide the indemnification, representations, warranties,
covenants and other matters described in this Agreement for the benefit of the Indemnified Parties. 
 D. Indemnitor is entering
into this Agreement to induce Indemnitee to make the Loan. 

 AGREEMENT: 
 NOW THEREFORE, in consideration of the premises and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, Indemnitor hereby agrees for the benefit of
the Indemnified Parties as follows: 
 1. Indemnification. Indemnitor covenants and agrees, at its sole cost and
expense, to protect, defend, indemnify, release and hold the Indemnified Parties harmless for, from and against any and all Losses (defined below) imposed upon or incurred by or asserted against any Indemnified Parties and directly or indirectly
arising out of or in any way relating to any one or more of the following: (a) any presence of any Hazardous Substances in, on, above, or under the Property (or any portion thereof); (b) any past, present or threatened Release of Hazardous
Substances in, on, above, under or from the Property (or any portion thereof); (c) any activity by Indemnitor, any Person affiliated with Indemnitor, and any tenant or other user of the Property (or any portion thereof) in connection with any
actual, proposed or threatened use, treatment, storage, holding, existence, disposition or other Release, generation, production, manufacturing, processing, refining, control, management, abatement, removal, handling, transfer or transportation to
or from the Property (or any portion thereof) of any Hazardous Substances at any time located in, under, on or above the Property (or any portion thereof); (d) any activity by Indemnitor, any Person affiliated with Indemnitor, and any tenant or
other user of the Property (or any portion thereof) in connection with any actual or proposed Remediation of any Hazardous Substances at any time located in, under, on or above the Property (or any portion thereof), whether or not such Remediation
is voluntary or pursuant to court or administrative order, including any removal, remedial or corrective action; (e) any past, present or threatened non-compliance or violations of any Environmental Laws (or permits issued pursuant to any
Environmental Law) in connection with the Property (or any portion thereof) or operations thereon, including any failure by Indemnitor, any Person affiliated with Indemnitor, and any tenant or other user of the Property (or any portion thereof) to
comply with any order of any Governmental Authority in connection with any Environmental Laws; (f) the imposition, recording or filing or the threatened imposition, recording or filing of any Environmental Lien encumbering the Property (or any
portion thereof); (g) any administrative processes or proceedings or judicial proceedings in any way connected with any matter addressed in this Agreement; (h) any past, present or threatened injury to, destruction of or loss of natural
resources in any way connected with the Property (or any portion thereof), including costs to investigate and assess such injury, destruction or loss; (i) any acts of Indemnitor, any Person affiliated with Indemnitor, and any tenant or other
user of the Property (or any portion thereof) in arranging for disposal or treatment, or arranging with a transporter for transport for disposal or treatment, of Hazardous Substances at any facility or incineration vessel containing such or similar
Hazardous Substances; (j) any acts of Indemnitor, any Person affiliated with any Indemnitor, and any tenant or other user of the Property (or any portion thereof) in accepting any Hazardous Substances for transport to disposal or treatment
facilities, incineration vessels or sites from which there is a Release, or a threatened Release of any Hazardous Substance which causes the incurrence of costs for Remediation; (k) any personal injury, wrongful death, or Property (or any
portion thereof) or other damage arising under any statutory or common law or tort law theory, including damages assessed for private or public nuisance or for the conducting of an abnormally dangerous activity on or near the Property (or any
portion thereof); and (l) any misrepresentation or inaccuracy in any representation or warranty or material breach or failure to perform any covenants or other obligations pursuant to this Agreement, the Loan Agreement or the Security
Instrument. 

  
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 2. Duty to Defend and Attorneys and Other Fees and Expenses. Upon written
request by any Indemnified Party, Indemnitor shall defend same (if requested by any Indemnified Party, in the name of the Indemnified Party) by attorneys and other professionals approved by the Indemnified Parties. Notwithstanding the foregoing, any
Indemnified Parties may, in their sole and absolute discretion, engage their own attorneys and other professionals to defend or assist them, and, at the option of such Indemnified Parties, their attorneys shall control the resolution of any claim or
proceeding, providing that no compromise or settlement shall be entered without Indemnitor’s consent, which consent shall not be unreasonably withheld. Upon demand, Indemnitor shall pay or, in the sole and absolute discretion of the Indemnified
Parties, reimburse, the Indemnified Parties for the payment of reasonable fees and disbursements of attorneys, engineers, environmental consultants, laboratories and other professionals in connection therewith. 

3. Definitions. Capitalized terms used herein and not specifically defined herein shall have the respective meanings
ascribed to such terms in the Loan Agreement. As used in this Agreement, the following terms shall have the following meanings: 

The term “Legal Action” means any claim, suit or proceeding, whether administrative or judicial in nature. 

The term “Losses” includes any losses, damages, costs, fees, expenses, claims, suits, judgments, awards, liabilities
(including strict liabilities), obligations, debts, diminutions in value, fines, penalties, charges, costs of Remediation (whether or not performed voluntarily), amounts paid in settlement, foreseeable and unforeseeable consequential damages,
litigation costs, attorneys’ fees, engineers’ fees, environmental consultants’ fees, and investigation costs (including costs for sampling, testing and analysis of soil, water, air, building materials, and other materials and
substances whether solid, liquid or gas), of whatever kind or nature, and whether or not incurred in connection with any judicial or administrative proceedings, actions, claims, suits, judgments or awards. 

4. Unimpaired Liability. The liability of Indemnitor under this Agreement shall in no way be limited or impaired by, and
Indemnitor hereby consents to and agrees to be bound by, any amendment or modification of the provisions of the Note, the Loan Agreement, the Security Instrument or any other Loan Document to or with Indemnitee by Indemnitor or any Person who
succeeds Indemnitor or any Person as owner of the Property (or any portion thereof). In addition, the liability of Indemnitor under this Agreement shall in no way be limited or impaired by (i) any extensions of time for performance required by
the Note, the Loan Agreement, the Security Instrument or any of the other Loan Documents, (ii) any sale or transfer of all or part of the Property, (iii) except as provided herein, any exculpatory provision in the Note, the Loan Agreement,
the Security Instrument, or any of the other Loan Documents limiting Indemnitee’s recourse to the Property or to any other security for the Note, or limiting Indemnitee’s rights to a deficiency judgment against Indemnitor, (iv) the
accuracy or inaccuracy of the representations and warranties made by Indemnitor under the Note, the Loan Agreement, the Security Instrument or any of the other Loan Documents or herein, (v) the release of Indemnitor or any other Person from
performance or observance of any of the agreements, covenants, terms or conditions contained in any of the other Loan Documents by operation of law, Indemnitee’s voluntary act, or otherwise, (vi) the release or substitution in whole or in
part of any security for 

  
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the Loan, or (vii) Indemnitee’s failure to record the Security Instrument or file any UCC financing statements (or Indemnitee’s improper recording or filing of any thereof) or to
otherwise perfect, protect, secure or insure any security interest or lien given as security for the Loan; and, in any such case, whether with or without notice to Indemnitor and with or without consideration. 

5. Enforcement. The Indemnified Parties may enforce the obligations of Indemnitor without first resorting to or exhausting
any security or collateral or without first having recourse to the Note, the Loan Agreement, the Security Instrument, or any other Loan Documents or any of the Property, through foreclosure proceedings or otherwise, provided, however, that nothing
herein shall inhibit or prevent Indemnitee from suing on the Note, foreclosing, or exercising any power of sale under, the Security Instrument, or exercising any other rights and remedies thereunder. This Agreement is not collateral or security for
the Debt, unless Indemnitee expressly elects in writing to make this Agreement additional collateral or security for the Debt, which Indemnitee is entitled to do in its discretion. It is not necessary for an Event of Default to have occurred for the
Indemnified Parties to exercise their rights pursuant to this Agreement. Notwithstanding any provision of the Loan Agreement, the obligations pursuant to this Agreement are exceptions to any non-recourse or exculpation provision of the Loan
Agreement; Indemnitor is fully and personally liable for such obligations, and such liability is not limited to the original or amortized principal balance of the Loan or the value of the Property. 

6. Survival. The obligations and liabilities of Indemnitor under this Agreement shall fully survive indefinitely
notwithstanding any termination, satisfaction, assignment, entry of a judgment of foreclosure, exercise of any power of sale, or delivery of a deed in lieu of foreclosure of the Security Instrument. Notwithstanding the provisions of this Agreement
to the contrary, the liabilities and obligations of Indemnitor hereunder shall not apply to the extent that Indemnitor can prove that such liabilities and obligations arose solely from Hazardous Substances that: (a) were not present on or a
threat to the Property (or any portion thereof) prior to the date that Indemnitee or its nominee acquired title to the Property (or any portion thereof), whether by foreclosure, exercise of power of sale or otherwise and (b) were not the result
of any act or negligence of Indemnitor or any of Indemnitor’s affiliates, agents or contractors. 
 7.
Interest. Any amounts payable to any Indemnified Parties under this Agreement shall become immediately due and payable on demand and, if not paid within thirty (30) days of such demand therefor, shall bear interest at the lesser
of (a) the Default Rate or (b) the maximum interest rate which Indemnitor may by law pay or the Indemnified Parties may charge and collect, from the date payment was due, provided that the foregoing shall be subject to the provisions of
Section 10 of the Note. 
 8. Waivers. (a) Indemnitor hereby waives (i) any right or claim of right
to cause a marshaling of Indemnitor’s assets or to cause Indemnitee or other Indemnified Parties to proceed against any of the security for the Loan before proceeding under this Agreement against Indemnitor; (ii) and relinquishes all
rights and remedies accorded by applicable law to indemnitors or guarantors, except any rights of subrogation which Indemnitor may have, provided that the indemnity provided for hereunder shall neither be contingent upon the existence of any such
rights of subrogation nor subject to any claims or defenses whatsoever 

  
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which may be asserted in connection with the enforcement or attempted enforcement of such subrogation rights including any claim that such subrogation rights were abrogated by any acts of
Indemnitee or other Indemnified Parties; (iii) the right to assert a counterclaim, other than a mandatory or compulsory counterclaim, in any action or proceeding brought against or by Indemnitee or other Indemnified Parties; (iv) notice of
acceptance hereof and of any action taken or omitted in reliance hereon; (v) presentment for payment, demand of payment, protest or notice of nonpayment or failure to perform or observe, or other proof, or notice or demand; and (vi) all
homestead exemption rights against the obligations hereunder and the benefits of any statutes of limitations or repose. Notwithstanding anything to the contrary contained herein, Indemnitor hereby agrees to postpone the exercise of any rights of
subrogation with respect to any collateral securing the Loan until the Loan shall have been paid in full. 
 (b) Indemnitor
hereby waives, to the fullest extent permitted by law, the right to trial by jury in any action, proceeding or counterclaim, whether in contract, tort or otherwise, relating to this agreement or the other loan documents or any acts or omissions of
any indemnified parties in connection therewith. 
 9. Subrogation. Indemnitor shall take any and all reasonable
actions, including institution of legal action against third parties, necessary or appropriate to obtain reimbursement, payment or compensation from such Person responsible for the presence of any Hazardous Substances at, in, on, under or near the
Property (or any portion thereof) or otherwise obligated by law to bear the cost. The Indemnified Parties shall be and hereby are subrogated to all of Indemnitor’s rights now or hereafter in such claims. 

10. Indemnitor’s Representations and Warranties. Indemnitor represents and warrants that: 

(a) if Indemnitor is a corporation, a limited liability company, a trust or partnership, it has the full corporate/ limited liability
company/ partnership/ trust power and authority to execute and deliver this Agreement and to perform its obligations hereunder; the execution, delivery and performance of this Agreement by Indemnitor has been duly and validly authorized; and all
requisite corporate/ limited liability company/ partnership/ trust action has been taken by Indemnitor to make this Agreement valid and binding upon Indemnitor, enforceable in accordance with its terms; 

(b) if Indemnitor is a corporation, a limited liability company, a trust or partnership, its execution of, and compliance with, this
Agreement is in the ordinary course of business of Indemnitor and will not result in the breach of any term or provision of the charter, by-laws, partnership, operating or trust agreement, or other governing instrument of Indemnitor or result in the
breach of any term or provision of, or conflict with or constitute a default under, or result in the acceleration of any obligation under, any agreement, indenture or loan or credit agreement or other instrument to which Indemnitor or the Property
(or any portion thereof) is subject, or result in the violation of any law, rule, regulation, order, judgment or decree to which Indemnitor or the Property (or any portion thereof) is subject; 

(c) to the best of Indemnitor’s knowledge, there is no action, suit, proceeding or investigation pending or threatened against it
which, either in any one instance or in the 

  
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aggregate, may result in any material adverse change in the business, operations, financial condition, properties or assets of Indemnitor, or in any material impairment of the right or ability of
Indemnitor to carry on its business substantially as now conducted, or in any material liability on the part of Indemnitor, or which would draw into question the validity of this Agreement or of any action taken or to be taken in connection with the
obligations of Indemnitor contemplated herein, or which would be likely to impair materially the ability of Indemnitor to perform under the terms of this Agreement; 
 (d) it does not believe, nor does it have any reason or cause to believe, that it cannot perform each and every covenant contained in this Agreement; 

(e) to the best of Indemnitor’s knowledge, no approval, authorization, order, license or consent of, or registration or filing with,
any governmental authority or other person, and no approval, authorization or consent of any other party is required in connection with this Agreement; and 
 (f) this Agreement constitutes a valid, legal and binding obligation of Indemnitor, enforceable against it in accordance with the terms hereof. 

11. No Waiver. No delay by any Indemnified Party in exercising any right, power or privilege under this Agreement shall
operate as a waiver of any such privilege, power or right. 
 12. Notice of Legal Actions. Each party hereto
shall, within five (5) business days of receipt thereof, give written notice to the other party hereto of (i) any notice, advice or other communication from any Governmental Authority or any source whatsoever with respect to Hazardous
Substances on, from or affecting the Property (or any portion thereof), and (ii) any legal action brought against such party or related to the Property (or any portion thereof), with respect to which Indemnitor may have liability under this
Agreement. Such notice shall comply with the provisions of Section 16 hereof. 
 13. Examination of Books and
Records. At reasonable times and upon reasonable notice, the Indemnified Parties and their accountants shall have the right to examine the records, books, management and other papers of Indemnitor pertaining to its financial condition or the
income, expenses and operation of the Property, at the Property or at the office regularly maintained by Indemnitor where the books and records are located. The Indemnified Parties and their accountants shall have the right to make copies and
extracts from the foregoing records and other papers. 
 14. Taxes. Indemnitor has filed all federal, state,
county, municipal, and city income and other tax returns required to have been filed by it and has paid all taxes and related liabilities which have become due pursuant to such returns or pursuant to any assessments received by it. Indemnitor has no
knowledge of any basis for any additional assessment in respect of any such taxes and related liabilities for prior years. 

  
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 15. Notices. All notices or other written communications hereunder shall be
made in accordance with Section 10.6 of the Loan Agreement. Notices to Indemnitor shall be addressed as follows: 
  

			
		 	 c/o Thompson National Properties, LLC
 1900 Main Street, Suite 700
 Irvine, California 92614

Attention: Christopher Lal
 Facsimile No.:
(949) 252-0212

		
	With a copy to:	 	 Kaplan Voekler Cunningham & Frank PLC
 7 East 2nd
Street
 Richmond, Virginia 23218-2470

Attention: Thomas Voekler
 Facsimile No.:
(804) 525-1794

 16. Duplicate Originals; Counterparts. This Agreement may be executed in any number of
duplicate originals and each duplicate original shall be deemed to be an original. This Agreement may be executed in several counterparts, each of which counterparts shall be deemed an original instrument and all of which together shall constitute a
single Agreement. The failure of any party hereto to execute this Agreement, or any counterpart hereof, shall not relieve the other signatories from their obligations hereunder. 

17. No Oral Change. This Agreement, and any provisions hereof, may not be modified, amended, waived, extended, changed,
discharged or terminated orally or by any act or failure to act on the part of Indemnitor or any Indemnified Party, but only by an agreement in writing signed by the party against whom enforcement of any modification, amendment, waiver, extension,
change, discharge or termination is sought. 
 18. Headings, Etc. The headings and captions of various paragraphs
of this Agreement are for convenience of reference only and are not to be construed as defining or limiting, in any way, the scope or intent of the provisions hereof. 
 19. Number and Gender/Successors and Assigns. All pronouns and any variations thereof shall be deemed to refer to the masculine, feminine, neuter, singular or plural as the identity of the
Person referred to may require. Without limiting the effect of specific references in any provision of this Agreement, the term “Indemnitor” shall be deemed to refer to each and every Person comprising an Indemnitor from time to
time, as the sense of a particular provision may require, and to include the heirs, executors, administrators, legal representatives, successors and assigns of Indemnitor, all of whom shall be bound by the provisions of this Agreement, provided that
no obligation of Indemnitor may be assigned except with the written consent of Indemnitee. Each reference herein to Indemnitee shall be deemed to include its successors and assigns. This Agreement shall inure to the benefit of the Indemnified
Parties and their respective successors and assigns forever. 
 20. Release of Liability. Any one or more parties
liable upon or in respect of this Agreement may be released without affecting the liability of any party not so released. 
 21.
Rights Cumulative. The rights and remedies herein provided are cumulative and not exclusive of any rights or remedies which Indemnitee has under the Note, the Security Instrument, the Loan Agreement or the other Loan Documents or would
otherwise have at law or in equity. 

  
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 22. Inapplicable Provisions. If any term, condition or covenant of this
Agreement shall be held to be invalid, illegal or unenforceable in any respect, this Agreement shall be construed without such provision. 
 23. Governing Law. 
 (a) LENDER HAS OFFICES IN THE STATE OF NEW
YORK AND THE PROCEEDS OF THE LOAN DELIVERED PURSUANT HERETO WERE DISBURSED FROM THE STATE OF NEW YORK (“GOVERNING STATE”), WHICH STATE THE PARTIES AGREE HAS A SUBSTANTIAL RELATIONSHIP TO THE PARTIES AND TO THE UNDERLYING TRANSACTION
EMBODIED HEREBY, AND IN ALL RESPECTS, INCLUDING, WITHOUT LIMITING THE GENERALITY OF THE FOREGOING, MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS AND THE OBLIGATIONS ARISING HEREUNDER AND
THEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED IN SUCH STATE (WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS) AND ANY APPLICABLE LAW OF THE UNITED
STATES OF AMERICA, EXCEPT THAT AT ALL TIMES THE PROVISIONS FOR THE CREATION, PERFECTION, AND ENFORCEMENT OF THE LIEN AND SECURITY INTEREST CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED ACCORDING
TO THE LAW OF THE STATE IN WHICH THE PROPERTY IS LOCATED, IT BEING UNDERSTOOD THAT, TO THE FULLEST EXTENT PERMITTED BY THE LAW OF SUCH STATE, THE LAW OF THE STATE OF NEW YORK SHALL GOVERN THE CONSTRUCTION, VALIDITY AND ENFORCEABILITY OF ALL LOAN
DOCUMENTS AND ALL OF THE OBLIGATIONS ARISING HEREUNDER OR THEREUNDER. TO THE FULLEST EXTENT PERMITTED BY LAW, BORROWER HEREBY UNCONDITIONALLY AND IRREVOCABLY WAIVES ANY CLAIM TO ASSERT THAT THE LAW OF ANY OTHER JURISDICTION GOVERNS THIS AGREEMENT,
THE NOTE AND THE OTHER LOAN DOCUMENTS, AND THIS AGREEMENT, THE NOTE AND THE OTHER LOAN DOCUMENTS SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK PURSUANT TO SECTION 5-1401 OF THE NEW YORK GENERAL OBLIGATIONS
LAW. 
 (b) ANY LEGAL SUIT, ACTION OR PROCEEDING AGAINST LENDER OR BORROWER ARISING OUT OF OR RELATING TO THIS
AGREEMENT OR THE OTHER LOAN DOCUMENTS (“ACTION”) MAY AT LENDER’S OPTION BE INSTITUTED IN ANY FEDERAL OR STATE COURT IN THE CITY OF NEW YORK, COUNTY OF NEW YORK, PURSUANT TO SECTION 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND
BORROWER WAIVES ANY OBJECTIONS WHICH IT MAY NOW OR HEREAFTER HAVE BASED ON VENUE AND/OR 

  
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FORUM NON CONVENIENS OF ANY SUCH ACTION, AND BORROWER HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY SUCH COURT IN ANY ACTION. BORROWER DOES HEREBY DESIGNATE AND APPOINT: 

RICHARD L. YELLEN & ASSOCIATES, LLP 
 111 BROADWAY, 11TH FLOOR 
 NEW YORK, NEW YORK 10006 

PH (212) 404-6988 
 FX (212) 404-7857 
 AS ITS AUTHORIZED AGENT TO ACCEPT AND
ACKNOWLEDGE ON ITS BEHALF SERVICE OF ANY AND ALL PROCESS WHICH MAY BE SERVED IN ANY SUCH ACTION IN ANY FEDERAL OR STATE COURT IN NEW YORK, NEW YORK, AND AGREES THAT SERVICE OF PROCESS UPON SAID AGENT AT SAID ADDRESS AND WRITTEN NOTICE OF SAID
SERVICE MAILED OR DELIVERED TO BORROWER IN THE MANNER PROVIDED HEREIN SHALL BE DEEMED IN EVERY RESPECT EFFECTIVE SERVICE OF PROCESS UPON BORROWER IN ANY SUCH ACTION IN THE STATE OF NEW YORK. BORROWER (I) SHALL GIVE PROMPT NOTICE TO LENDER OF
ANY CHANGED ADDRESS OF ITS AUTHORIZED AGENT HEREUNDER, (II) MAY AT ANY TIME AND FROM TIME TO TIME DESIGNATE A SUBSTITUTE AUTHORIZED AGENT WITH AN OFFICE IN NEW YORK, NEW YORK (WHICH SUBSTITUTE AGENT AND OFFICE SHALL BE DESIGNATED AS THE PERSON AND
ADDRESS FOR SERVICE OF PROCESS), AND (III) SHALL PROMPTLY DESIGNATE SUCH A SUBSTITUTE IF ITS AUTHORIZED AGENT CEASES TO HAVE AN OFFICE IN NEW YORK, NEW YORK OR IS DISSOLVED WITHOUT LEAVING A SUCCESSOR. 

24. Miscellaneous. (a) Wherever pursuant to this Agreement (i) Indemnitee exercises any right given to it to
approve or disapprove, (ii) any arrangement or term is to be satisfactory to Indemnitee, or (iii) any other decision or determination is to be made by Indemnitee, the decision of Indemnitee to approve or disapprove, all decisions that
arrangements or terms are satisfactory or not satisfactory and all other decisions and determinations made by Indemnitee, shall be in the sole and absolute discretion of Indemnitee and shall be final and conclusive, except as may be otherwise
expressly and specifically provided herein. 
 (b) Wherever pursuant to this Agreement it is provided that Indemnitor pay any
costs and expenses, such costs and expenses shall include legal fees and disbursements of Indemnitee, whether retained firms, the reimbursements for the expenses of the in-house staff or otherwise. 

(c) If Indemnitor consists of more than one person or party, the obligations and liabilities of each such person or party hereunder shall
be joint and several. 

  
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 (d) The following rules of construction shall be applicable for all purposes of this
Agreement and all documents or instruments supplemental hereto, unless the context otherwise clearly requires: 
  

	 	(i)	The terms “include,” “including” and similar terms shall be construed as if followed by the phrase “without being limited to”;

  

	 	(ii)	the term “or” has, except where otherwise indicated, the inclusive meaning represented by the phrase “and/or”; 

 

	 	(iii)	the words “hereof,” “herein,” “hereby,” “hereunder,” and similar terms in this Agreement refer to this Agreement as a whole and
not to any particular provision or section of this Agreement; 

  

	 	(iv)	an Event of Default shall “continue” or be “continuing” until such Event of Default has been waived in writing by Lender; 

 

	 	(v)	no inference in favor of or against any party shall be drawn from the fact that such party has drafted any portion hereof or any other Loan Document;

  

	 	(vi)	any capitalized term used herein that is defined in any other Loan Document and not otherwise defined herein shall have the same meaning when used in this Agreement;
and 

  

	 	(vii)	references herein to “the Property or any portion thereof” and words of similar import shall be deemed to refer, as applicable, to any portion of the Property
taken as a whole (including any Individual Property) and any portion of any Individual Property. 

 25.
State Specific Provisions. In the event of any inconsistencies between the other terms and conditions of this Agreement and this Section 25, the terms and conditions of this Section 25 shall control and be
binding. 
 25.1 Additional Waivers. Without limiting the generality, scope or meaning of any of
the foregoing or any other provision of this Agreement, to the extent it is determined that California law is applicable to this Agreement: 
 (a) Strategic hereby waives any and all benefits and defenses under California Civil Code Section 2810 and agrees that by doing so Strategic shall be liable even if Borrower had no liability at the
time of execution of the Note, the Security Instrument or any other Loan Document or thereafter ceases to be liable. Strategic hereby waives any and all benefits and defenses under California Civil Code Section 2809 and agrees that by doing so
Strategic’s liability may be larger in amount and more burdensome than that of Borrower. Strategic waives all rights to require Lender to pursue any other remedy it may have against Borrower, or any member of Borrower, including any and all
benefits under California Civil Code Section 2845, 2849 and 2850. Strategic further waives any rights, defenses and benefits that may be derived from Sections 2787 to 2855, inclusive, of the California Civil Code or comparable provisions of the
laws of any other jurisdiction and further waives all other suretyship defenses Strategic would otherwise have under the laws of California or any other jurisdiction. 

  
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 (b) Upon a default by Borrower, Lender in its sole discretion, without prior
notice to or consent of Strategic, may elect to (A) foreclose either judicially or nonjudicially against any real or personal property security it may hold for the Loan, (B) accept a transfer of any such security in lieu of foreclosure,
(C) compromise or adjust the Loan or any part of it or make any other accommodation with Borrower or (D) exercise any other remedy against Borrower or any security. No such action by Lender shall release or limit the liability of
Strategic, who shall remain liable under this Agreement after the action, even if the effect of the action is to deprive Strategic of any subrogation rights, rights of indemnity, or other rights to collect reimbursement from Borrower for any sums
paid to Lender, whether contractual or arising by operation of law or otherwise. Strategic expressly agrees that under no circumstances shall it be deemed to have any right, title, interest or claim in or to any real or personal property to be held
by Lender or any third party after any foreclosure or transfer in lieu of foreclosure of any security for the Loan. 
 (c) Regardless of whether Strategic may have made any payments to Lender, Strategic hereby waives (A) all rights of subrogation, indemnification, contribution and any other rights to collect
reimbursement from Borrower or any other party for any sums paid to Lender, whether contractual or arising by operation of law (including the United States Bankruptcy Code or any successor or similar statute) or otherwise, (B) all rights to
enforce any remedy that Lender may have against Borrower and (C) all rights to participate in any security now or later to be held by Lender for the Loan. The waivers given in this subsection (C) shall be effective until the Loan has been
paid and performed in full. 
 (d) Strategic waives all rights and defenses arising out of an election of
remedies by Lender, even though that election of remedies, such as a nonjudicial foreclosure with respect to security for a guarantied obligation, has destroyed Strategic’s rights of subrogation and reimbursement against Borrower by operation
of Section 580d of the California Code of Civil Procedure or otherwise. Strategic further waives any right to a fair value hearing under California Code of Civil Procedure Section 580a, or any other similar law, to determine the size of
any deficiency owing (for which Strategic would be liable hereunder) following a non-judicial foreclosure sale. 

(e) Without limiting the foregoing or anything else contained in this Agreement, Strategic waives all rights and defenses
that Strategic may have because the Loan is secured by real property. This means, among other things: 
 (i)
that Lender may collect from Strategic without first foreclosing on any real or personal property collateral pledged by Borrower; and 
 (ii) if Lender forecloses on any real property collateral pledged by Borrower: (x) the amount of the Loan may be reduced only by the price for which that collateral is sold at the foreclosure sale,
even if the 

  
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collateral is worth more than the sale price; and (y) Lender may collect from Strategic even if Lender, by foreclosing on the real property collateral, has destroyed any right Strategic may
have to collect from Borrower. 
 This subsection (e) is an unconditional and irrevocable waiver of any
rights and defenses Strategic may have because the Loan is secured by real property. These rights and defenses include, but are not limited to, any rights or defenses based upon Sections 580a, 580b, 580d, or 726 of the California Code of Civil
Procedure. 
 (f) Strategic waives all rights and defenses arising out of any failure of the Lender to disclose
to the Strategic any information relating to the financial condition, operations, properties or prospects of Borrower now or in the future known to the Lender (Strategic waiving any duty on the part of the Lender to disclose such information).

 (g) Strategic waives all rights and defenses, if any, now or hereafter arising under the laws of the State of
New York, which are the same as or similar to the rights and defenses waived as described above. 
 25.2
California Provisions. If it is determined that California law is applicable, then the first sentences of Sections 5 and 6 are hereby modified by adding the following to the beginning thereof: “To the extent not prohibited by
California law,”. 
 Section 23(a) is hereby modified by deleting “AND ENFORCEMENT OF THE LIEN
AND SECURITY INTEREST CREATED PURSUANT HERETO AND PURSUANT TO THE OTHER LOAN DOCUMENTS” and substituting the following therefor: “AND ENFORCEMENT OF THE LIENS AND SECURITY INTERESTS CREATED PURSUANT TO THE OTHER LOAN DOCUMENTS, AND
THE PROVISIONS HEREOF RELATED TO SUCH LIENS AND SECURITY INTERESTS,”. 
 26. Additional Provisions. In
the event of any inconsistencies between the other terms and conditions of this Agreement and this Section 26, the terms and conditions of this Section 26 shall control and be binding. 

None. 

[NO FURTHER TEXT ON THIS PAGE] 

  
 12 

 IN WITNESS WHEREOF, this Agreement has been executed by Indemnitor and is effective as of
the day and year first above written. 
  

							
	INDEMNITOR:
	
	 TNP SRT PORTFOLIO I, LLC,
 a Delaware limited liability company

		
	By:	 	TNP Strategic Retail Trust Operating Partnership, LP, its Member
			
		 	By:	 	TNP Strategic Retail Trust, Inc.,
		 		 	its General Partner
				
		 		 	By:	 	 /s/ James Wolford

		 		 	Name: James Wolford
		 		 	Title: CFO
	
	TNP STRATEGIC RETAIL TRUST, INC., a Maryland corporation
		
	By:	 	 /s/ James Wolford

	Name: James Wolford
	Title: CFO

  

SIGNATURE PAGE TO ENVIRONMENTAL INDEMNITY
AGREEMENTAmended and Restated Emp. Agreement, dated December 5,2011 with James Underhill

 Exhibit 10.6 
 SECOND 
 AMENDED AND RESTATED 

EMPLOYMENT AGREEMENT 
 This SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT, dated as of December 5, 2011, but effective November 15, 2011 (this “Second Amended Employment Agreement”), is by and
between McJunkin Red Man Holding Corporation, a Delaware corporation (the “Company”), and James F. Underhill (the “Executive,” together with the Company, the “Parties”). 

WHEREAS, on December 4, 2006, PVF Holdings LLC, a Delaware limited liability company (“PVF”), McJunkin Red Man
Corporation, a West Virginia corporation, and the Executive entered into an Employment Agreement (the “Original Employment Agreement”); 
 WHEREAS, on December 31, 2009, the Company and the Executive entered into an Amended and Restated Employment Agreement (the “First Amended Employment Agreement”) which superseded the
Original Employment Agreement; 
 WHEREAS, the Parties desire to extend the term of the First Amended Employment Agreement and
to make certain other changes to the First Amended Employment Agreement; and 
 WHEREAS, the First Amended Employment Agreement
is hereby superseded by this Second Amended Employment Agreement, which reflects the current terms of the Executive’s employment. 
 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: 

Section 1. Employment. 
 1.1. Term. The Company agrees to continue to employ the Executive, and the Executive agrees to continue to be employed by the Company, in each case pursuant to this Second Amended Employment
Agreement, for a period ending on the earlier to occur of (i) November 15, 2014, and (ii) the termination of the Executive’s employment in accordance with Section 3 hereof (the “Term”). 

1.2. Duties. During the Term, the Executive shall serve as the Company’s Executive Vice President and Chief Operating Officer
– North America and such other positions as an officer or director of the Company and such affiliates of the Company as the Executive and the board of directors of the Company (the “Board”) shall mutually agree from time to
time. In such positions, the Executive shall perform such duties, functions and responsibilities during the Term commensurate with the Executive’s positions as reasonably directed by the Chief Executive Officer of the Company (the
“CEO”). 

 1.3. Exclusivity. During the Term, and excluding any periods of vacation and sick
leave to which the Executive is entitled, 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 given to him by the CEO, consistent with Section 1.2 hereof. 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 such activity shall be engaged in for pecuniary profit; provided, however, that it shall not be a violation of this Second Amended Employment Agreement for the Executive to engage in other outside
business activities with the Board’s prior written consent. 
 Section 2. Compensation. 

2.1 Salary. As compensation for the performance of the Executive’s services hereunder, during the Term, the Company shall pay
to the Executive a salary at an annual rate of Five Hundred Thousand Dollars ($500,000.00), payable in accordance with the Company’s standard payroll policies (the “Base Salary”). The Base Salary will be reviewed annually and
may be adjusted upward by the Board (or a committee thereof) in its discretion, based on competitive data and the Executive’s performance. No increase in Base Salary shall limit or reduce any other right or obligation to the Executive under
this Second Amended Employment Agreement, and the Base Salary shall not be reduced at any time (including after any such increase). 
 2.2 Annual Bonus. For each completed fiscal year occurring during the Term, the Executive shall be eligible to receive additional cash incentive compensation (the “Annual Bonus”).
For the fiscal year commencing on January 1, 2011, the target Annual Bonus shall be 67% of the Executive’s Base Salary as in effect at the beginning of such fiscal year, with the actual Annual Bonus to be based upon such individual and/or
Company performance criteria established for each such fiscal year by the Board in consultation with the CEO. For the fiscal year commencing on January 1, 2012, and each fiscal year thereafter during the Term, the target Annual Bonus shall be
75% of the Executive’s Base Salary as in effect at the beginning of such fiscal year, with the actual Annual Bonus to be based upon such individual and/or Company performance criteria established for each such fiscal year by the Board in
consultation with the CEO. 
 2.3 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 as in effect from time to time on the same basis as other senior executives of the Company. 

2.4 Vacation. During the Term, the Executive shall be entitled to paid vacation in accordance with the Company’s vacation
policy as in effect from time to time. 
 2.5 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 Second Amended Employment Agreement upon presentation of documentation and in accordance with the expense
reimbursement policy of the Company as approved by the Board (or a committee thereof) and in effect from time to time. 

  
 2 

 Section 3. Employment Termination. 

3.1 Termination of Employment. 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) at any time upon not less than thirty (30) 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, and
any unreimbursed expenses in accordance with Section 2.5 hereof, and, to the extent not theretofore 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 affiliated companies through the date of termination of employment (collectively, the “Accrued Amounts”). 
 3.2 Certain Terminations. 
 (a)
Termination by the Company other than for Cause or Disability; Termination by the Executive for Good Reason. If the Executive’s employment is terminated during the Term (i) by the Company other than for Cause or Disability or
(ii) by the Executive for Good Reason, in addition to the Accrued Amounts the Executive shall be entitled to the following payments and benefits: (x) the continuation of his Base Salary at the rate in effect immediately prior to the date
of termination for a period of twelve (12) months, (y) the continuation on the same terms as an active senior executive of medical benefits the Executive would otherwise be eligible to receive as an active senior executive of the Company
for twelve (12) months or until such earlier time as the Executive becomes eligible for medical benefits from a subsequent employer, and (z) a pro rata Annual Bonus for the fiscal year in which the termination occurs (the “Pro Rata
Annual Bonus Payment”), based on the Company’s actual performance through the end of such fiscal year and the number of days the Executive was employed during such fiscal year (such payments and benefits, the “Severance
Payments”). The Company’s obligations to make the Severance Payments shall be conditioned upon: (i) the Executive’s continued compliance with his obligations under Section 4 of this Second Amended Employment Agreement
and (ii) the Executive’s execution, delivery and non-revocation of a valid and enforceable general release of claims (the “Release”) in the form attached hereto as Exhibit A. In the event that the Executive breaches any of
the covenants set forth in Section 4 of this Second Amended Employment Agreement, the Executive will 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). Subject to Section 3.2(d), the Severance Payments (with the exception of the Pro Rata Annual Bonus Payment) will commence to be paid to the Executive on the sixtieth (60th) day following the termination of the Executive’s
employment, provided that the Release has been executed, delivered and has become irrevocable as of such date. The Pro Rata Annual Bonus Payment will be paid at the time the Company ordinarily pays incentive bonuses to its executives. 

  
 3 

 (b) Termination upon Death or Disability. If the Executive’s
employment is terminated due to the Executive’s death or Disability, in addition to the Accrued Amounts, the Executive (or the Executive’s estate, if applicable) shall be entitled to receive a pro-rated portion of the Annual Bonus based on
the Company’s performance for the full fiscal year in which termination occurs and the number of days the Executive was employed by the Company during such fiscal year. 

(c) Definitions. For purposes of this Section 3.2, the following terms shall have the following meanings:

 (1) “Cause” shall mean the Executive’s (i) continuing failure, for more than 10
days after the Company’s written notice to the Executive thereof, to perform such duties as are reasonably requested by the Company; (ii) failure to observe material policies generally applicable to officers or employees of the Company
unless such failure is capable of being cured and is cured within 10 days of the Executive receiving written notice of such failure; (iii) failure to cooperate with any internal investigation of the Company; (iv) commission of any act of
fraud, theft or financial dishonesty with respect to the Company or indictment or conviction of any felony; (v) material violation of the provisions of this Second Amended Employment Agreement unless such violation is capable of being cured and
is cured within 10 days of the Executive receiving written notice of such violation; (vi) chronic absenteeism; or (vii) abuse of alcohol or another controlled substance. 

(2) “Disability” shall mean the Executive is entitled to receive long-term disability benefits under the
long-term disability plan of the Company 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. 
 (3) “Good Reason” shall mean (i) a material and adverse change in the Executive’s duties or responsibilities, or (ii) a reduction in the Executive’s Base Salary or
target Annual Bonus, or (iii) a relocation of the Executive’s principal place of employment from either the Charleston, WV or Houston, TX area. 
 (d) Section 409A Specified Employee. If the Executive is a “specified employee” for purposes of Section 409A of the United States Internal Revenue Code of 1986, as amended (the
“Code”), and the regulations thereunder, to the extent required to comply with Section 409A of the Code, any Severance Payments required to be made pursuant to Section 3.2(a) which are subject to Section 409A of the
Code shall not commence until one day after the day which is six (6) months from the date of termination, with the first payment equaling six (6) months of his Base Salary at the rate in effect immediately prior to the date of termination.
For purposes of this Second Amended Employment 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 thereunder. 

  
 4 

 3.3 Exclusive Remedy. The foregoing payments upon termination of the Executive’s
employment shall constitute the exclusive severance payments due the Executive upon a termination of his employment under this Second Amended Employment Agreement. 
 3.4 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 thereof) and the board of directors (and any committee thereof) of any of the Company’s affiliates. 

3.5 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. The Company
shall pay the Executive a reasonable fee for any such services and promptly reimburse the Executive for expenses reasonably incurred in connection with such matters. 
 Section 4. Unauthorized Disclosure; Non-Competition; Non-Solicitation; Interference with Business Relationships; Proprietary Rights. 

4.1 Unauthorized Disclosure. The Executive agrees and understands that in the Executive’s position with the Company, the
Executive has been and will be exposed to and has and will receive information relating to the confidential affairs of the Company and its affiliates, including, without limitation, 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 considered by the Company and its affiliates to be confidential or in the nature of trade secrets (including, without limitation, 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”). 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 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 (each a “Person”) 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 information in any manner other than in connection with his employment with the Company, unless required by law to disclose such information, in which case the Executive shall provide the Company
with written notice of such requirement as far in advance of such 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,

  
 5 

 
logs, machines, technical data and any other tangible product or document which 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, however, that the Executive may retain his full rolodex or similar address and telephone directories. 

4.2 Non-Competition. By and in consideration of the Company’s entering into this Second Amended Employment Agreement and the
payments to be made and the benefits to be provided hereunder 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 (whether during the Term or thereafter) and for a period of twelve (12) months thereafter (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 (as defined below) and in connection with the Executive’s association directly or indirectly engage in any activity that is similar to any activity that the Executive was engaged in
with the Company during the 12 months preceding the date of termination; provided, that in no event shall ownership of one percent (1%) 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 4.2, so long as the Executive does not have, or exercise, any rights to manage or operate the business of such issuer other than rights as a
stockholder thereof. For purposes of this paragraph, “Restricted Enterprise” shall mean (i) any Person that is actively engaged in any geographic area in any business which materially competes with the Company or any of its
subsidiaries’ or affiliates’ business of the distribution of industrial pipe, valves and fittings or any other business which is material to the Company or any of its subsidiaries or affiliates (a “Material Business”) or
(ii) any Person who within a two (2) year period following termination of the Executive’s employment is reasonably expected to materially compete with a Material Business or have revenue in excess of $100,000,000 derived from a
business that is competitive with a Material Business. During the Restriction Period, upon request of the Company, the Executive shall notify the Company of the Executive’s then-current employment status. 

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

4.4 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 to contact, induce or solicit) any customer or client of the Company or its subsidiaries to
terminate its relationship or otherwise cease doing business in whole or in part with the Company or its subsidiaries, or directly or indirectly interfere with (or assist any Person to interfere with) any material relationship between the Company or
its subsidiaries and any of its or their customers or clients so as to cause harm to the Company or its affiliates. 

  
 6 

 4.5 Extension of Restriction Period. The Restriction Period shall be tolled for any
period during which the Executive is in breach of any of Sections 4.2, 4.3 or 4.4 hereof. 
 4.6 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 and/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 and/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 Second Amended Employment 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 hereto (the “Existing Inventions”). Notwithstanding anything to the contrary herein, 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 4.6, 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 4.6 with the same legal force and effect as if executed by the Executive. 
 4.7 Confidentiality of Agreement. Other than with respect to information required to be disclosed by applicable law, the Parties hereto agree not to disclose the terms of this Second Amended
Employment Agreement to any Person; provided the Executive may disclose this Second Amended Employment Agreement and/or any of its terms to the Executive’s immediate family, financial advisors and attorneys, so long as the Executive instructs
every such Person to whom the Executive makes such disclosure not to disclose the terms of this Second Amended Employment Agreement further. 

  
 7 

 4.8 Remedies. The Executive agrees that any breach of the terms of this
Section 4 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 said breach or any threat of breach, the Company shall
be entitled to an immediate injunction and restraining order to prevent such breach and/or threatened breach and/or continued breach by the Executive and/or any and all Persons acting for and/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, including, without limitation, the obligation of the Executive to return any Severance Payments made by the Company to the Company. The terms of this
paragraph shall not prevent the Company from pursuing any other available remedies for any breach or threatened breach hereof, including, without limitation, the recovery of damages from the Executive. The Executive and the Company further agree
that the provisions of the covenants contained in this Section 4 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. 
 Section 5. Representation. 

The Executive and the Company each represents and warrants that (i) 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 Second Amended Employment Agreement and (ii) he or it is not
otherwise unable to enter into and fully perform his or its obligations under this Second Amended Employment Agreement. 

Section 6. Non-Disparagement. 
 The Executive agrees not to make any statement (other than statements made in connection with carrying out his responsibilities for the Company and its 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
subsidiaries and affiliates shall advise their officers and directors not to make any such statement regarding the Executive. 

Section 7. Withholding. 
 The Company may withhold from any amounts payable under this Second Amended Employment Agreement such 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 hereunder. 

  
 8 

 Section 8. Good Reason Consent. 

Executive agrees that neither the change in duties provided in Section 1.2 nor the decrease in the target annual bonus provided in
Section 2.2 constitutes “Good Reason” pursuant to the First Amended Employment Agreement. 

Section 9. Miscellaneous. 
 9.1 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. 
 9.2 Amendments and Waivers. This Second Amended Employment Agreement and any of the provisions hereof 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 hereto; provided, that the observance of any provision of this Second Amended Employment 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 hereto of a breach of any provision of this Second Amended Employment Agreement shall not operate or be construed as a further or continuing
waiver of such breach or as a waiver of any other or subsequent breach, except as otherwise explicitly provided for in such waiver. Except as otherwise expressly provided herein, 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 hereof 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 such party preclude any
other or further exercise thereof or the exercise of any other right, power or remedy. 
 9.3 Assignment; No Third-Party
Beneficiaries. This Second Amended Employment 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 hereof shall be null and void.
Nothing in this Second Amended Employment Agreement shall confer upon any Person not a party to this Second Amended Employment Agreement, or the legal representatives of such Person, any rights or remedies of any nature or kind whatsoever under or
by reason of this Second Amended Employment Agreement. 

  
 9 

 9.4 Notices. Unless otherwise provided herein, all notices, requests, demands, claims
and other communications provided for under the terms of this Second Amended Employment Agreement shall be in writing. Any notice, request, demand, claim or other communication hereunder shall be sent by (i) personal delivery (including
receipted courier service) or overnight delivery service, (ii) facsimile during normal business hours, with confirmation of receipt, to the number indicated, (iii) reputable commercial overnight delivery service courier or
(iv) registered or certified mail, return receipt requested, postage prepaid and addressed to the intended recipient as set forth below: 
  

			
	If to the Company:	  	 McJunkin Red Man Holding Corporation
 2 Houston Center, Suite 3100
 909 Fannin Street

Houston, TX 77010
 Attention: General
Counsel
 Facsimile: (713) 655-0159

		
	with a copy to:	  	 GS Capital Partners V Fund, L.P.
 85 Broad Street
 New York, NY 10004
 Attention: Henry Cornell
 Facsimile: (212) 357-5505

 

                    and

 
 Fried, Frank, Harris, Shriver & Jacobson LLP

One New York Plaza
 New York, NY 10004

Attention: Robert C. Schwenkel, Esq.
 Facsimile:
(212) 859-4000

		
	If to the Executive:	  	 James F. Underhill, at his principal office
 at the Company (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 hereunder are to be delivered by giving the other Parties hereto notice in the manner then set forth.

 9.5 Governing Law. This Second Amended Employment Agreement shall be construed and enforced in accordance with, and
the rights and obligations of the Parties hereto shall be governed by, the laws of the State of New York, without giving effect to the conflicts of law principles thereof. 
 9.6 Severability. Whenever possible, each provision or portion of any provision of this Second Amended Employment Agreement, including those contained in Section 4 hereof, 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 Second Amended Employment Agreement in any jurisdiction shall not affect the validity or
enforceability of the remainder of this Second Amended Employment Agreement in that jurisdiction or the validity or enforceability of this Second Amended Employment 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 Second Amended Employment Agreement, including those contained in Section 4 hereof, 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 

 9.7 Entire Agreement. From and after the date hereof, this Second Amended Employment
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. 
 9.8 Counterparts. This Second Amended Employment 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. 
 9.9 Binding Effect. This Second Amended Employment 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. 

9.10 General Interpretive Principles. The name assigned this Second Amended Employment Agreement and headings of the sections,
paragraphs, subparagraphs, clauses and subclauses of this Second Amended Employment 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. 
 9.11 Mitigation. Notwithstanding any other provision of this Second Amended Employment Agreement,
(i) the Executive will have no obligation to mitigate damages for any breach or termination of this Second Amended Employment Agreement by the Company, whether by seeking employment or otherwise and (ii) 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. 

9.12 Section 409A Compliance. This Second Amended Employment Agreement is intended to comply with Section 409A of the
Code (to the extent applicable) and, to the extent it would not adversely impact the Company, the Company agrees to interpret, apply and administer this Second Amended Employment 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. 
 [Signature
page follows] 

  
 11 

 IN WITNESS WHEREOF, the Parties have executed this Second Amended Employment Agreement as of
the date first written above. 
  

					
	McJUNKIN RED MAN HOLDING CORPORATION
		
	By:	 	 /s/ Andrew R. Lane

		 	Name:	 	Andrew R. Lane
		 	Title:	 	Chairman, President & Chief Executive Officer

  

			
		 	 /s/ James F. Underhill

		 	James F. Underhill

 [Second Amended Employment Agreement with J. Underhill] 

  
 12 

 Exhibit A 

Release 
 1. In
consideration of the payments and benefits to be made under the Second Amended and Restated Employment Agreement, dated as of December 5, 2011 (the “Second Amended Employment Agreement”), but effective November 15, 2011,
to which James Underhill (the “Executive”) and McJunkin Red Man Holding Corporation (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 Second Amended 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: 
 (A) rights of the Executive arising under, or preserved by, this Release or Section 3 of
the Second Amended Employment Agreement; 
 (B) the right of the Executive to receive COBRA continuation coverage
in accordance with applicable law; 
 (C) 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 

  

 (D) 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 now or previously in force. 

2. The Executive 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 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, however, that nothing
herein 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 twenty-one (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 (7) 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 and provision of the Severance Benefits (as defined in the Second Amended Employment
Agreement), but the remainder of the Second Amended Employment Agreement shall continue in full force. 
 6. Other than as to
rights, claims and causes of action arising under the ADEA, 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 this Release, and has been given a sufficient period within which to consider this Release. 

  
 2 

 9. The Executive acknowledges that this Release relates only to claims which exist as of the
date of this Release. 
 10. The Executive acknowledges that the Severance Benefits he is receiving in connection with this
Release are in addition to anything of value to which the Executive is entitled from the Company and are more than adequate consideration for the execution of this Release. 
 11. Each provision hereof 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 herein. 
 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 New York 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             . 
  

					
	McJUNKIN RED MAN HOLDING CORPORATION
		
	By: 	 	 
		 	Name:	 	Andrew R. Lane
		 	Title:	 	Chairman, President & Chief Executive Officer
		
		 	 
		 	 James F. Underhill

  
 4 

 Exhibit B 

Existing Inventions 
 None.

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