Document:

exv10w20w1

Exhibit 10.20.1

Execution Version

AMENDMENT NO. 1 TO THE

AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT

OF

PVF HOLDINGS LLC

     This Amendment No. 1 (this “Amendment”) to the Amended and Restated Limited Liability
Company Agreement of PVF Holdings LLC (the “Company”) dated October 31, 2007 (the
“Agreement”) is entered into and effective as of December 18, 2007, by and among the GSCP
Members.

WITNESSETH

     WHEREAS, pursuant to Section 14.12 of the Agreement, the amendments set forth herein may be
made with the written approval of the Members holding a majority of the then outstanding Common
Units (which majority must include the GSCP Members); and

     WHEREAS, the GSCP Members, who, as of the date hereof hold in the aggregate a majority of the
outstanding Common Units, wish to amend the Agreement as set forth herein.

     NOW, THEREFORE, in consideration of the foregoing, the GSCP Members hereby agree as follows:

1. Amendments.

     1.1. Section 5.1(e) of the Agreement is hereby amended by adding the following at the
beginning of such subsection:

Except as may otherwise be provided in a Member’s subscription agreement
with respect to his, her or its Interests,

     1.2. ARTICLE VI of the Agreement is hereby amended to add a new Section 6.5 as follows:

Section 6.5 Midfield Members.

     (a) Notwithstanding the provisions of Section 6.3, each Midfield Member
shall be required to contribute cash to the Company in an amount equal to
the amount of United States Dollars set forth under the heading “Deferred
Capital Contribution” on Schedule A, as adjusted pursuant to this Section
6.5(a). Beginning on the date such Midfield Member is admitted as a Member
of the Company, interest shall accrue on his or her outstanding Deferred
Capital Contribution at a rate of 3.88% per annum, compounded annually on
each anniversary of the date such Midfield Member is admitted as Member of
the Company and calculated

 

 

on the basis of a three hundred sixty-five (365) day-year or three
hundred sixty-six (366) day-year, as applicable, applied to the actual
number of days such Deferred Capital Contribution is outstanding (with
respect to each Midfield Member, the sum of (x) his or her Deferred Capital
Contribution and (y) any accrued interest, such Midfield Member’s
“Deferred Cash Contribution Amount”). Each Midfield Member shall be
required to contribute his or her Deferred Cash Contribution Amount to the
Company on the earlier to occur of (i) the date of the closing of Red Man
Pipe & Supply Canada Ltd.’s exercise of its call right set forth in Section
10 of the Midfield Shareholders Agreement and (ii) December 31, 2008 (the
earlier of (i) and (ii), the “Due Date”). Upon contribution of cash
by a Midfield Member to the Company in an amount equal to such Midfield
Member’s Deferred Cash Contribution Amount, all Deferred Common Units held
by such Midfield Member shall no longer be Deferred Common Units but shall
remain as Common Units. A Midfield Member’s Deferred Capital Contribution,
as set forth on Schedule A, shall constitute a Capital Contribution for
purposes of Section 9.1(a).

     (b) If any Midfield Member fails to contribute to the Company in cash
his or her Deferred Cash Contribution Amount pursuant to Section 6.5(a) by
the Due Date (each such Midfield Member, a “Defaulting Midfield
Member”), then, in addition to any other remedy the Company may have
under this Agreement or in law or equity against such Defaulting Midfield
Member, at any time within thirty days after the Due Date, the Company shall
have the right, but not the obligation to cause all of the Deferred Common
Units held by such Defaulting Midfield Member to be immediately forfeited.
Such forfeiture shall be deemed to have satisfied each such Defaulting
Midfield Member’s Deferred Cash Contribution Amount by the Fair Market Value
of the Deferred Common Units so forfeited; provided, that such Defaulting
Member shall remain liable for the Deferred Cash Contribution Amount to the
extent that the Fair Market Value of the Deferred Common Units so forfeited
is less than the Deferred Cash Contribution Amount. For the avoidance of
doubt, if the Fair Market Value of the Deferred Common Units so forfeited is
greater than the Deferred Cash Contribution Amount, the Midfield Member
shall not be entitled to receive any consideration from the Company or
otherwise with respect to such forfeited Deferred Common Units. If such
Defaulting Midfield Member does not hold any Common Units other than
Deferred Common Units that have been so forfeited, then such Defaulting
Midfield Member shall no longer be a Member of the Company and Schedule A
shall be amended to remove such Defaulting Midfield Member as a Member.

     (c) Notwithstanding anything herein to the contrary, if the Company
exercises its Equity Call Option pursuant to Section 12.11 with respect to
any Midfield Member who at such time has an obligation to

2

 

deliver a Deferred Cash Contribution Amount to the Company, then within
ten days of such exercise the Company shall have the right, but not the
obligation, to cause all of the Deferred Common Units held by each such
Midfield Member to be immediately forfeited. Such forfeiture shall be
deemed to have satisfied in full the Company’s obligation to pay each such
Midfield Member the Equity Call Purchase Price pursuant to this Agreement
with respect to all Deferred Common Units held by such Midfield Member, and
such forfeiture shall be deemed to have satisfied each such Midfield
Member’s Deferred Cash Contribution Amount by the Equity Call Purchase Price
of the Deferred Common Units so forfeited; provided, that such Defaulting
Member shall remain liable for the Deferred Cash Contribution Amount to the
extent that the Equity Call Purchase Price of the Deferred Common Units so
forfeited is less than the Deferred Cash Contribution Amount. For the
avoidance of doubt, if the Equity Call Purchase Price of the Deferred Common
Units so forfeited is greater than the Deferred Cash Contribution Amount,
the Midfield Member shall not be entitled to receive any consideration from
the Company or otherwise with respect to such forfeited Deferred Common
Units.

     (d) Notwithstanding anything herein to the contrary, any amount
otherwise distributable to a Midfield Member pursuant to Article IX with
respect to his or her Deferred Common Units shall not be distributed to such
Midfield Member to the extent such Midfield Member has an obligation to
deliver a Deferred Cash Contribution Amount. Instead, such amount shall be
retained by the Company and shall be deemed to have satisfied such Midfield
Member’s Deferred Cash Contribution Amount by the amount otherwise
distributable and the number of Common Units of such Midfield Member that
are Deferred Common Units shall be appropriately reduced. In connection
with a Transfer of Deferred Common Units by a Midfield Member pursuant to
Section 12.8, each Midfield Member shall direct the transferee of such
Deferred Common Units to pay directly to the Company on behalf of such
Midfield Member that portion of the proceeds that such Midfield Member would
otherwise be entitled to receive in the Transfer equal to the amount of such
Midfield Member’s Deferred Cash Contribution Amount.

     (e) Notwithstanding anything herein to the contrary, Midfield Members
shall not be entitled to participate in Transfers pursuant to Section 12.7
with respect to any Deferred Common Units.

     (f) If a Midfield Member contributes Canadian Dollars to the Company in
satisfaction of all or a portion of his or her Deferred Cash Contribution
Amount, the extent to which such contribution satisfies such Midfield
Member’s Deferred Cash Contribution Amount shall be determined by converting
the amount of contributed Canadian Dollars to

3

 

United States Dollars based upon the spot rate at the close of business
on the business day immediately prior to the Due Date, or, if earlier, the
business day immediately prior to the day such Midfield Member contributes
Canadian Dollars to the Company.

     1.3. Section 9.1(a) of the Agreement is hereby amended to add the following to the beginning
of the second sentence thereof:

          Subject to Section 6.5 and Section 9.1(b),

     1.4. ARTICLE XV of the Agreement is hereby amended to add the following definitions:

“Deferred Cash Contribution Amount” has the meaning set forth in
Section 6.5(a).

“Deferred Common Units” means the Common Units issued to certain
Midfield Members and described as “Deferred Common Units” on Schedule A.

“Defaulting Midfield Member” has the meaning set forth in Section
6.5(b).

“Deferred Common Unit Certificates” has the meaning set forth in
Section 14.20.

“Due Date” has the meaning set forth in Section 6.5(a).

“Midfield Members” means the Coinvest Management Members listed
under the sub-heading “Midfield Members” on Schedule A.

“Midfield Shareholders Agreement” means the Shareholders Agreement,
dated June 15, 2005, by and among Midfield Supply ULC, Red Man Pipe & Supply
Canada Ltd. and Midfield Holdings (Alberta) Ltd., as amended.

     1.5. Clause (b) of the definition of “Fair Market Value” in Article XV of the Agreement is
hereby amended to add the following immediately before subclause (i) thereof:

, Section 6.5 (Midfield Members) and the definition of “Equity Call Purchase
Price”

     1.6. Section 14.19 is hereby amended to add the following at the end thereof:

Each of the Units shall be a “security” for the purposes of the Securities
Transfer Act, or the equivalent enactment (if any), of each Province or
Territory of Canada.

     1.7. A new Section 14.20 is added to the Agreement as follows:

4

 

Section 14.20 Certificates for Deferred Common Units. All Deferred
Common Units shall be represented by certificates (“Deferred Common
Certificates”). At such time as Deferred Common Units no longer are
Deferred Common Units, the Company may cancel such certificates and in such
case such Common Units that were previously Deferred Common Units shall be
uncertificated. In order to provide for the safekeeping of the Deferred
Common Certificates and to facilitate the enforcement of the terms and
conditions hereof, all Deferred Common Certificates shall be held by the
Company on behalf of the Midfield Members. Each Midfield Member hereby
irrevocably appoints the Company as his or her true and lawful agent and
attorney-in-fact, with full powers of substitution, to act in such Midfield
Member’s name, place and stead, to do or refrain from doing all such acts
and things, and to execute and deliver all such documents, as the Company
shall deem necessary or appropriate in connection with a public offering of
securities of the Company or a sale pursuant to Section 12.8, including,
without in any way limiting the generality of the foregoing, in the case of
a sale pursuant to Section 12.8, to execute and deliver on behalf of such
Midfield Member a purchase and sale agreement and any other agreements and
documents that the Company deems necessary in connection with any such sale,
and in the case of a public offering, to execute and deliver on behalf of
such Midfield Member an underwriting agreement, a “hold back” agreement, a
custody agreement, and any other agreements and documents that the Company
deems necessary in connection with any such public offering, and in the case
of any sale pursuant to Section 12.8 and any public offering, to receive on
behalf of such Midfield Member the proceeds of the sale or public offering
of such Midfield Member’s Units, to hold back from any such proceeds any
amount that the Company deems necessary to reserve against such Midfield
Member’s share of any expenses of sale and sale obligations. Each Midfield
Member hereby ratifies and confirms all that the Company shall do or cause
to be done by virtue of its appointment as his or her agent and
attorney-in-fact. In acting for each Midfield Member pursuant to the
appointment set forth in this Section 14.20, the Company shall not be
responsible to any Midfield Member for any loss or damage a Midfield Member
may suffer by reason of the performance by the Company of its duties under
this Agreement, except for loss or damage arising from willful violation of
law or gross negligence by the Company in the performance of its duties
hereunder. The appointment of the Company shall be deemed coupled with an
interest and as such shall be irrevocable and shall survive the death,
incompetency, mental illness or insanity of the Midfield Member, and any
person dealing with the Company may conclusively and absolutely rely,
without inquiry, upon any act of the Company as the act of such Midfield
Member in all matters referred to in this Section 14.20.

2. Capitalized Terms. Capitalized terms used herein and not otherwise defined shall have
the meanings given to them in the Agreement (as in effect immediately prior to the effectiveness

5

 

of this Amendment).

3. Governing Law. This Amendment shall be governed by and construed in accordance with the
laws of the state of Delaware.

[Signature page follows]

6

 

     IN WITNESS WHEREOF, the GSCP Members have caused this Amendment to be executed and delivered
as of the date first written above.

	 	 	 	 	 	 	 	 	 

	 	 	GS Capital Partners V Fund, L.P.	 	 
	 	 	By:	 	GSCP V Advisors, L.L.C.,	 	 
	 	 	 	 	its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Christine Vollertsen
 

Name: Christine Vollertsen
	 	 
	 

	 	 	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GS Capital Partners V Offshore Fund, L.P.	 	 
	 	 	By:	 	GSCP V Offshore Advisors, L.L.C.,	 	 
	 	 	 	 	its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Christine Vollertsen
 

Name: Christine Vollertsen
	 	 
	 

	 	 	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GS Capital Partners V Institutional, L.P.	 	 
	 	 	By:	 	GS Advisors V, L.L.C.,	 	 
	 	 	 	 	its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Christine Vollertsen
 

Name: Christine Vollertsen
	 	 
	 

	 	 	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GS Capital Partners V GmbH & Co. KG	 	 
	 	 	By:	 	GS Advisors V, L.L.C.,	 	 
	 	 	 	 	its managing limited partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Christine Vollertsen
 

Name: Christine Vollertsen
	 	 
	 

	 	 	 	 	 	Title: Vice President	 	 

7

 

	 	 	 	 	 	 	 	 	 

	 	 	GS Capital Partners VI Fund, L.P.	 	 
	 	 	By:	 	GSCP VI Advisors, L.L.C.,	 	 
	 	 	 	 	its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Christine Vollertsen
 

Name: Christine Vollertsen
	 	 
	 

	 	 	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GS Capital Partners VI Offshore Fund, L.P.	 	 
	 	 	By:	 	GSCP VI Offshore Advisors, L.L.C.,	 	 
	 	 	 	 	its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Christine Vollertsen
 

Name: Christine Vollertsen
	 	 
	 

	 	 	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GS Capital Partners VI Parallel, L.P.	 	 
	 	 	By:	 	GS Advisors VI, L.L.C.,	 	 
	 	 	 	 	its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Christine Vollertsen
 

Name: Christine Vollertsen
	 	 
	 

	 	 	 	 	 	Title: Vice President	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GS Capital Partners VI GmbH & Co. KG	 	 
	 	 	By:	 	GS Advisors VI, L.L.C.,	 	 
	 	 	 	 	its managing limited partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ Christine Vollertsen
 

Name: Christine Vollertsen
	 	 
	 

	 	 	 	 	 	Title: Vice President	 	 

8exv10w20w2

Exhibit 10.20.2

AMENDMENT NO. 2 TO THE

AMENDED AND RESTATED LIMITED LIABILITY COMPANY AGREEMENT

OF

PVF HOLDINGS LLC

     This Amendment No. 2 (this “Amendment”) to the Amended and Restated Limited Liability
Company Agreement of PVF Holdings LLC (the “Company”) dated October 31, 2007, as amended
(the “Agreement”) is entered into and effective as of October 30, 2009, by and among the
GSCP Members and the Company.

WITNESSETH

     WHEREAS, pursuant to Section 14.12 of the Agreement, the amendments set forth herein may be
made with the written approval of the Members holding a majority of the then outstanding Common
Units (which majority must include the GSCP Members); and

     WHEREAS, the GSCP Members, who, as of the date hereof hold in the aggregate a majority of the
outstanding Common Units, wish to amend the Agreement as set forth herein.

     NOW, THEREFORE, in consideration of the foregoing, the GSCP Members hereby agree as follows:

1. Amendments.

     1.1. ARTICLE I of the Agreement is hereby amended by deleting the first sentence of Section
1.6 and replacing it with the following:

The principal place of business of the Company is located at 85 Broad Street,
10th Floor, New York, NY 10004.

     1.2. ARTICLE III of the Agreement is hereby amended by adding the following at the end of
Section 3.2(b):

at the time of issuance of such Profits Units.

     1.3. ARTICLE III of the Agreement is hereby amended by adding the following after the
reference to “a Management Member” in Section 3.9(a):

and as a “GSCP Member”, a “RM Member”, a “McJ Member”, a “TM Member”, a “Co-Invest
Management Member” or any other designation

     1.4. ARTICLE III of the Agreement is hereby amended by deleting “or an Investor Member” and
replacing it with the following in Section 3.9(b)(iv):

 

 

, an Investor Member (including whether such Investor Member will be a GSCP Member,
a RM Member, a McJ Member, a TM Member or any other designation), or any other type
of Member.

     1.5. ARTICLE IV of the Agreement is hereby amended by deleting Section 4.1(b) and replacing it
with the following:

(b) Board Composition.

(i) The Board shall consist of twelve (12) Directors or such greater number of
Directors as may from time to time be determined by the Board. From and after a
Qualified IPO, the Board shall be comprised of the number of Directors determined by
the GSCP Members holding a majority of the Units held by all GSCP Members.

(ii) Subject to Section 4.1(c), (x)(A) from and after the date hereof until the
earlier of (i) a Qualified IPO or (ii) October 31, 2009 (the “RM Initial
Period”), the RM Members shall collectively have the right to designate three
(3) Directors (the persons from time to time designated by the RM Members in
accordance with the foregoing being referred to herein as the “RM
Directors”), (B) from and after the date hereof until a Qualified IPO, (the
“TM Initial Period”) Gerard Krans shall have the right to be a Director
(Gerard Krans shall be referred to herein as the “TM Director”), and (C) the
GSCP Members shall collectively have the right to designate the remaining Directors,
and (y)(A) if a Qualified IPO has not occurred prior to October 31, 2009, the GSCP
Members shall thereafter collectively have the right to designate all of the
Directors other than the TM Director, and (B) following a Qualified IPO, the GSCP
Members shall collectively have the right to designate all of the Directors (the
persons from time to time designated by the GSCP Members in accordance with the
foregoing clauses (x) and (y) being referred to herein as the “GSCP
Directors”). One of the GSCP Directors shall be designated by GSCP
Institutional and one of the GSCP Directors shall be designated by GSCP Parallel.
As of the date hereof, the Directors shall be (i) Henry Cornell, John F. Daly, and
Christopher A.S. Crampton (who shall be the GSCP Directors), (ii) H.B. Wehrle, III,
David Fox, III, and E. Gaines Wehrle (referred to herein as the “McJ
Directors”), (iii) Craig Ketchum and Peter C. Boylan (who shall be the RM
Directors), (iv) Gerard Krans, and (v) Harry K. Hornish, Rhys J. Best and Sam B.
Rovit (referred to herein as the “Independent Directors”). At all times
(including during the RM Initial Period and the TM Initial Period), if the Board
elects to increase the number of Directors, such additional Directors will be
elected by the GSCP Members holding a majority of the Units held by all GSCP
Members.

     1.6. ARTICLE IV of the Agreement is hereby amended by deleting Section 4.1(c) and replacing it
with the following:

(c) Board Vacancies; Resignation; Removal.

2

 

(i) Subject to Section 4.1(c)(ii), each Director shall hold his office until his
death or until his successor shall have been duly elected and qualified in
accordance with this Section 4.1. If any GSCP Director, any McJ Director or any
Independent Director shall cease for any reason to serve as a Director, the vacancy
resulting thereby shall be filled by another person designated by the GSCP Members.
During the RM Initial Period, if any RM Director shall cease for any reason to serve
as a Director, the vacancy resulting thereby shall be filled by another person
designated by the RM Members holding a majority of the Units then held by all RM
Members (after the expiration of the RM Initial Period such vacancies shall be
filled by a person designated by the GSCP Members). During the TM Initial Period and
after expiration of the TM Initial Period, if Gerard Krans shall cease for any
reason to serve as a Director, the vacancy resulting thereby shall be filled by
another person designated by the GSCP Members.

(ii) (A) The removal from the Board of any GSCP Director, McJ Director or
Independent Director shall be only at the written request of the GSCP Members, (B)
during the RM Initial Period, the removal from the Board of any RM Director shall be
only at the written request of the RM Members, and (C) during the TM Initial Period,
the removal from the Board of the TM Director shall be only at the written request
of Transmark Holdings N.V. Following the RM Initial Period, any RM Director may be
removed from the Board at the written request of the GSCP Members and following the
TM Initial Period, the TM Director may be removed from the Board at the written
request of the GSCP Members. Upon receipt of any such written request, the Board
and the Members shall promptly take all such action necessary or desirable to cause
the removal of such Director from office. Notwithstanding the foregoing, any
Director may be removed for Director Cause by a Majority in Interest. Upon removal
from the Board, the Director shall cease to be a “manager” (within the meaning of
the Delaware Act).

     1.7. ARTICLE IV of the Agreement is hereby amended by deleting Section 4.1(e) and replacing it
with the following:

(e) Quorum and Acts of the Board. At all meetings of the Board, a quorum
shall consist of not less than a number of Directors holding a majority of the votes
held by all Directors, provided that during the RM Initial Period and the TM
Initial Period a quorum shall include at least three (3) GSCP Directors (who, for
the avoidance of doubt, shall not include any McJ Director or any Independent
Director). All actions of the Board shall require the affirmative vote of at least
a majority of the votes held by all Directors (whether or not present at the
meeting). Each Director shall be entitled to one vote on each matter that comes
before the Board; provided that each of Henry Cornell, John F. Daly and
Christopher A.S. Crampton shall be entitled to six (6) votes on each matter that
comes before the Board. From and after the date hereof, the GSCP Members shall be
entitled, upon provision of written notice to the Company, to increase or decrease
the number of votes held by any GSCP Director. Any action that may be taken at a
meeting of the Board or any committee thereof may also be taken by written consent
of Directors holding a majority of the votes held by all Directors or members of the

3

 

committee holding a majority of the votes held by all members of the committee in
lieu of a meeting.

     1.8. ARTICLE IV of the Agreement is hereby amended by deleting the proviso at the end of the
second sentence of Section 4.1(g) and replacing it with the following:

provided that each such committee shall include, during the TM Initial Period, the
TM Director and, during the RM Initial Period, at least one RM Director.

     1.9. ARTICLE IV of the Agreement is hereby amended by deleting the first sentence of Section
4.1(i) and replacing it with the following:

(A) If, at any time, GSCP Institutional owns any Units, GSCP Institutional shall
have such other rights as are set forth in a letter agreement entered into as of the
Effective Time between the Company and GSCP Institutional (the “GSCP
Institutional Letter Agreement”); and (B) if, at any time, GSCP Parallel owns
any Units, GSCP Parallel shall have such other rights as are set forth in a letter
agreement entered into as of October 31, 2007 between the Company and GSCP Parallel
(the “GSCP Parallel Letter Agreement”).

     1.10. ARTICLE IV of the Agreement is hereby amended by deleting the first sentence of Section
4.3 and replacing it with the following:

The Board shall from time to time as it deems advisable, appoint officers of the
Company (the “Officers”) and assign such officers titles.

     1.11. ARTICLE V of the Agreement is hereby amended by deleting the last sentence of Section
5.1(d) and replacing it with the following:

For purposes of this Section 5.1(d), the Company includes each Subsidiary of the
Company and their respective businesses.

     1.12. ARTICLE V of the Agreement is hereby amended by adding the following at the end of
Section 5.2(b):

     , and (iii) TM Members holding a majority of the outstanding Common Units then
held by all TM Members.

     1.13. ARTICLE VI of the Agreement is hereby amended to add the following after “common stock
of Red Man to the Company pursuant to a contribution agreement entered into by each such Member” in
the last sentence of Section 6.1:

, the TM Members have contributed ordinary shares of Transmark to the Company
pursuant to a contribution agreement entered into by each such Member

     1.14. ARTICLE VII of the Agreement is hereby amended to add the following after “in a manner
more favorable to such Management Member” in Section 7.2(a)(ii):

4

 

and subject to Section 7.2(a)(iii) and 7.2(a)(iv),

     1.15. ARTICLE IX of the Agreement is hereby amended to delete the reference to “Capital
Contributions” in the last line of Section 9.1(a)(i) and replace it with the following:

Booked-Up Capital Contributions

     1.16. ARTICLE IX of the Agreement is hereby amended to add the following immediately after the
second sentence of Section 9.1(d):

In this regard, it is agreed that with respect to any Common Units existing
immediately prior to the Transmark Closing Date, once the holders of such Common
Units have received a return of their Capital Contributions out of distributions
with respect to such Common Units under Section 9.1(a)(i), all additional
distributions to such holders with respect to such Common Units under Section
9.1(a)(i) shall be shared between such holders and the holders of Profits Units
existing immediately prior to the Transmark Closing Date, as if (x) such additional
distributions were made pursuant to Section 9.1(a)(ii) and (y) the only Units
outstanding were the Common Units and the Profits Units existing immediately prior
to the Transmark Closing Date.

     1.17. ARTICLE XI of the Agreement is hereby amended to add a new Section 11.6 (and the
existing Section 11.6 (Severability) shall be renumbered Section 11.7 accordingly):

     Other Rights; Continuation of Right to Indemnification. All rights to
indemnification under this Article XI shall be deemed to be a contract between the
Company and each Covered Person. Any repeal or modification of this Article XI or
any repeal or modification of relevant provisions of the Delaware Act or any other
applicable laws shall not in any way diminish any rights to indemnification of such
Covered Person or the obligations of the Company arising hereunder with respect to
any proceeding arising out of, or relating to, any actions, transactions or facts
occurring prior to the final adoption of such repeal or modification.

     1.18. ARTICLE XII of the Agreement is hereby amended to add “TM Member,” before each reference
to “McJ Member” in the first sentence of Section 12.1.

     1.19. ARTICLE XII of the Agreement is hereby amended by adding the following to the end of
Section 12.9(a):

, and (z) any such amendment that would adversely impact the TM Members in a manner
differently than it impacts the GSCP Members shall be subject to the prior approval of TM
Members holding a majority of the Common Units then held by all TM Members, such approval
not to be unreasonably withheld.

     1.20. ARTICLE XII of the Agreement is hereby amended to add a new 12.10(c) as follows:

5

 

     (c) Redemption by TM Members. From and after the first anniversary of a
Qualified IPO, TM Members holding a majority of the outstanding Common Units then held by
all TM Members will have the right to cause the Company to redeem the Common Units held by
all TM Members in return for their share of the Company’s assets that they would receive if
the Company were to be liquidated under Article XIII on such redemption date (or use its
reasonable best efforts to cause the shares of any Subsidiary to be distributed to the TM
Members if the Qualified IPO is a Subsidiary IPO). The date of such redemption requested by
the TM Members shall be the date determined by the Board in its reasonable discretion. Upon
a redemption pursuant to this Section 12.10(c), each Member agrees that the Company may
(without the consent of any Member) amend the Registration Rights Agreement and this
Agreement (including amendments to allocations of income, gain or loss, to cause the TM
Members to have a capital account balance immediately before the distribution equal to the
value of the assets being distributed to them, as determined by the Board in its sole
discretion) to reflect the transactions contemplated by this Section 12.10(c).
Notwithstanding the forgoing, the Company will not be required to make any redemption
pursuant to this Section 12.10(c) if the Board determines that such redemption is reasonably
likely to have a material adverse tax consequence to the Company or to any Member other than
the Members requesting such redemption.

     1.21. ARTICLE XIV of the Agreement is hereby amended by adding the following at the end of
Section 14.1:

If to the TM Members:

c/o Gerard Krans

Belgischelplein 13

2587 AP Den Haag

The Netherlands

Fax: + 31 20 404 9367

and

Neil Wagstaff

25 Hopgrove Lane South

York

Y08E 9TG

United Kingdom

and

Hugh Brown

Langland House

17 Park Road

Menston

Ilkley

LS29 6LS

United Kingdom

6

 

with copies to:

Holland & Knight LLP

100 North Tampa Street, Suite 4100

Tampa, Florida 33602

Attention: Robert J. Grammig

Fax: (813) 229-0134

and:

Allen & Overy LLP

Apollolaan 15

1077 AB Amsterdam

The Netherlands

Attention: Johan Kleyn

Fax: +31 20 674 1034

and

DLA Piper UK LLP

Princes Exchange

Princes Square

Leeds

LS1 4BY

United Kingdom

Attention: Wendy Harrison

Fax: 44 (0) 113 369 2499

     1.22. ARTICLE XIV of the Agreement is hereby amended by deleting Section 14.12 and replacing
it with the following:

     14.12 Amendment and Waiver. Subject to Section 12.9 and except as otherwise
expressly provided in this Agreement, any provisions of this Agreement may be amended,
modified, supplemented or waived with the written approval of the Members holding a majority
of the then outstanding Common Units (which majority must include the GSCP Members);
provided, however, that (a) any amendment, modification, supplement or
waiver of any of the provisions of Sections 3.10, 4.1 (other than 4.1(b)(ii)), 11.4, 12.1,
12.7, 14.11 or 14.12, in each case that affects the McJ Members disproportionately vis-à-vis
the GSCP Members and results in a material adverse effect on the McJ Members will require
the written approval of both of the GSCP Members and of the McJ Members holding a majority
of the outstanding Units then held by all McJ Members (such approval by the McJ Members not
to be unreasonably withheld or delayed), (b)(i) any amendment, modification, supplement or
waiver of any of the provisions of Sections 3.10, 4.1 (other than 4.1(b)(ii)), 11.4, 12.1,
12.7, 14.11 or 14.12, in each case that affects the RM Members disproportionately vis-à-vis
the GSCP Members

7

 

and results in a material adverse effect on the RM Members will require the written
approval of both of the GSCP Members and of the RM Members holding a majority of the
outstanding Units then held by all RM Members (such approval by the RM Members not to be
unreasonably withheld or delayed), and (ii) during the RM Initial Period, any amendment,
modification, supplement or waiver of Section 4.1(b)(ii) (subject to the terms thereof) to
decrease the number of RM Directors on the Board will require the written approval of both
of the GSCP Members and of the RM Members holding a majority of the outstanding Common Units
then held by all RM Members, and (c)(i) any amendment, modification, supplement or waiver of
any of the provisions of Sections 3.10, 4.1 (other than 4.1(b)(ii)), 11.4, 12.1, 12.7, 14.11
or 14.12, in each case that affects the TM Members disproportionately vis-à-vis the GSCP
Members and results in a material adverse effect on the TM Members will require the written
approval of both of the GSCP Members and of the TM Members holding a majority of the
outstanding Units then held by all TM Members (such approval by the TM Members not to be
unreasonably withheld or delayed), and (ii) during the TM Initial Period, any amendment,
modification, supplement or waiver of Section 4.1(b)(ii) (subject to the terms thereof) to
decrease the number of TM Directors on the Board will require the written approval of both
of the GSCP Members and of the TM Members holding a majority of the outstanding Common Units
then held by all TM Members. No waiver of any of the provisions of this Agreement shall be
deemed to or shall constitute a waiver of any other provision hereof (whether or not
similar). No failure or delay on the part of any party in exercising any right, power or
privilege hereunder shall operate as a waiver thereof or of any other or future exercise of
any such right, power or privilege.

     1.23. ARTICLE XV of the Agreement is hereby amended to add the following definitions:

“Independent Director” has the meaning set forth in Section 4.1(b)(ii).

“TM Director” has the meaning set forth in Section 4.1(b)(ii).

“TM Initial Period” has the meaning set forth in Section 4.1(b)(ii).

“TM Member” shall mean each of Transmark Holdings N.V., Neil Wagstaff and
Hugh Brown, and shall include any Person admitted as an additional or substitute TM
Member pursuant to this Agreement.

“Transmark” shall mean Transmark Fcx Group B.V.

     1.24. Clause (b) of the definition of “Fair Market Value” in Article XV of the Agreement is
hereby amended by adding the following before subclause (i) thereof:

or the definition of Equity Call Purchase Price,

     1.25. ARTICLE XV of the Agreement is hereby amended by adding “TM Member, “ before each
reference to “McJ Member” in the definition of “Permitted Transfer”.

8

 

     1.26. ARTICLE XV of the Agreement is hereby amended by adding “the TM Members,” after “the
GSCP Members,” in the definition of “Investor Member”.

     1.27. ARTICLE XV of the Agreement is hereby amended by adding the following definition
immediately after the definition of “Board”:

“Booked-Up Capital Contribution” means, the amount set forth on Schedule A
under the heading “Booked-Up Capital Contribution,” which (a) for each Member
holding Common Units (including Restricted Common Units) prior to the Transmark
Closing Date shall reflect the value of the Common Units as of the Transmark Closing
Date and (b) for each TM Member shall be such TM Member’s Capital Contribution.

     1.28. ARTICLE XV of the Agreement is hereby amended by adding the following definition
immediately after the definition of “Transfer”:

“Transmark Closing Date” means [insert closing date of Contribution
Agreement]

2. Capitalized Terms. Capitalized terms used herein and not otherwise defined shall have
the meanings given to them in the Agreement (as in effect immediately prior to the effectiveness of
this Amendment).

3. Governing Law. This Amendment shall be governed by and construed in accordance with the
laws of the state of Delaware.

[Signature page follows]

9

 

     IN WITNESS WHEREOF, the Company and the GSCP Members have caused this Amendment to be
executed and delivered as of the date first written above.

	 	 	 	 	 	 	 	 	 

	 	 	THE COMPANY:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	PVF HOLDINGS LLC	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	By:	 	/s/ Stephen W. Lake	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	Name:
	 	Stephen W. Lake	 	 
	 

	 	 	 	Title:
	 	Executive Vice President, General Counsel and	 	 
	 

	 	 	 	 	 	Corporate Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GSCP MEMBERS:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GS Capital Partners V Fund, L.P.	 	 
	 	 	By:	 	GSCP V Advisors, L.L.C.,	 	 
	 	 	 	 	its general partner	 	 
	 
	 

	 	By:
	 	 	 	/s/ John E. Bowman
 

Name: John E. Bowman
	 	 
	 

	 	 	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GS Capital Partners V Offshore Fund, L.P.	 	 
	 	 	By:	 	GSCP V Offshore Advisors, L.L.C.,	 	 
	 	 	 	 	its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ John E. Bowman
 

Name: John E. Bowman
	 	 
	 

	 	 	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GS Capital Partners V Institutional, L.P.	 	 
	 	 	By:	 	GS Advisors V, L.L.C.,	 	 
	 	 	 	 	its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ John E. Bowman
 

Name: John E. Bowman
	 	 
	 

	 	 	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GS Capital Partners V GmbH & Co. KG	 	 
	 	 	By:	 	GS Advisors V, L.L.C.,	 	 
	 	 	 	 	its managing limited partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ John E. Bowman
 

Name: John E. Bowman
	 	 
	 

	 	 	 	 	 	Title: Managing Director	 	 

[Signature Page to Amendment No. 2 to the LLC Agreement]

 

 

	 	 	 	 	 	 	 	 	 

	 	 	GS Capital Partners VI Fund, L.P.	 	 
	 	 	By:	 	GSCP VI Advisors, L.L.C.,	 	 
	 	 	 	 	its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ John E. Bowman
 

Name: John E. Bowman
	 	 
	 

	 	 	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GS Capital Partners VI Offshore Fund, L.P.	 	 
	 	 	By:	 	GSCP VI Offshore Advisors, L.L.C.,	 	 
	 	 	 	 	its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ John E. Bowman
 

Name: John E. Bowman
	 	 
	 

	 	 	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GS Capital Partners VI Parallel, L.P.	 	 
	 	 	By:	 	GS Advisors VI, L.L.C.,	 	 
	 	 	 	 	its general partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ John E. Bowman
 

Name: John E. Bowman
	 	 
	 

	 	 	 	 	 	Title: Managing Director	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	GS Capital Partners VI GmbH & Co. KG	 	 
	 	 	By:	 	GS Advisors VI, L.L.C.,	 	 
	 	 	 	 	its managing limited partner	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	 	 	/s/ John E. Bowman
 

Name: John E. Bowman
	 	 
	 

	 	 	 	 	 	Title: Managing Director	 	 

[Signature Page to Amendment No. 2 to the LLC Agreement]

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00186-of-00352.parquet"}]]