Document:

exv10w10w2

Exhibit 10.10.2

MRC Transmark Limited

Heaton House

Riverside Drive

Cleckheaton

West Yorkshire BD19 4DH

February 23, 2011

Neil Philip Wagstaff

Heaton House

Riverside Drive

Cleckheaton

West Yorkshire BD19 4DH

Dear Neil:

     This letter agreement memorializes our mutual understanding that the employment agreement
entered into between you and MRC Transmark Limited (formerly known as Transmark Fcx Limited) on
September 10, 2009 (the “Employment Agreement”) shall be amended as follows. Terms used in
this letter agreement that are not defined herein shall have the meanings given to such terms in
the Employment Agreement.

	1.	 	Annual Bonus. For the fiscal year commencing on January 1, 2011, your target annual
bonus shall be sixty-seven percent (67%) of your 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 Employer
and/or Group performance criteria established for each such fiscal year by the Board.

	2.	 	Good Reason Consent. You hereby agree that notwithstanding the terms of the
Employment Agreement the decrease in your target annual bonus for 2011 as set forth in this
letter agreement does not constitute “Good Reason” pursuant to the Employment Agreement.

	3.	 	Governing Law. This letter 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
England.

	4.	 	Confirmation of Employment Agreement. In all other respects the Employment
Agreement shall remain in effect and is hereby confirmed by the parties.

     If the foregoing terms and conditions accurately reflect your understanding, please sign this
letter agreement below and return a copy to me.

[signature page follows]

 

 

	 	 	 

	 

	 	Very truly yours,
	 
	 	 
	 
	 	 
	 

	 	MRC TRANSMARK LIMITED
	 
	 	 
	 
	 	 
	 

	 	/s/ Andrew R. Lane
	 

	 	 
	 

	 	By: Andrew R. Lane
	 

	 	Title:
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	ACCEPTED AND AGREED:
	 	 
	 
	 	 
	 
	 	 
	 
	 	 
	/s/ Neil Philip Wagstaff
	 	 
	 
	 	 
	Neil Philip Wagstaff
	 	 

[Signature Page to Neil Philip Wagstaff Agreement]exv10w12

Exhibit 10.12

McJunkin Red Man Holding Corporation

835 Hillcrest Drive

Charleston, WV 25311

December 22, 2008

Craig Ketchum 8311 S.

67th E. Ave.

Tulsa, OK 74136

Dear Craig:

     This letter agreement memorializes our mutual understanding that the amended and restated
employment agreement entered into between you and McJunkin Red Man Holding Corporation (the
“Company”) on September 24, 2008 (the “Employment Agreement”) shall be terminated
in accordance with this letter agreement.

	1.	 	Payment. In consideration of the termination of the Employment Agreement and
of the covenants set forth below, you shall be paid a lump sum payment equal to $2,442,752.61
(the “Agreed Amount”). This payment represents the value of all amounts to which you
would have become entitled during the remaining term of the Employment Agreement pursuant to
Sections 2.1. 2.2 and 2.4 thereof, based on your continued service during such remaining term.
The Agreed Amount (subject to all required withholdings) shall be paid to you in a lump sum on
January 5, 2009, provided that the release attached hereto as Appendix A has been executed,
delivered and has become irrevocable. It is understood and agreed that the Agreed Amount does
not include any amounts accrued prior to the date hereof and payable pursuant to the terms of
any of the company’s employee benefit plans, any such amounts to be paid in accordance with
the terms of such plans and, if applicable, in compliance with Section 409A of the Internal
Revenue Code and the regulations issued thereunder. Upon payment of the Agreed Amount, the
Employment Agreement shall terminate and be of no further force and effect.
	 
	2.	 	Profits Units. On December 21, 2007, pursuant to the Limited Liability
Company Agreement of McJ Holding LLC dated as of December 4, 2006 (the “LLC
Agreement”), you were granted 381.3098 Profits Units (as defined in the LLC Agreement). Notwithstanding Section 7.2(a) of the LLC Agreement, in the event of the termination of your
service as chairman of the board of directors of the Company and as a member of the board of
directors of the Company at any time for any reason, zero percent (0%) of your Profits Units
shall be subject to forfeiture.
	 
	3.	 	Unauthorized Disclosure; Non-Competition; Non-Solicitation; Interference with
Business Relationships. In consideration of your receipt of the Agreed Amount and other
such

 

 

	 	 	consideration provided for herein, you agree to be bound by the covenants set forth in
Appendix B to this letter agreement, which Appendix B shall be deemed to be incorporated
in, and be a part of, this letter agreement.
	 
	4.	 	Governing Law. This letter 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.

     If the foregoing terms and conditions are consistent with your understanding, please sign this
letter agreement below and return a copy to me.

	 	 	 	 	 	 	 	 	 

	 	 	 	 	Very truly yours,	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	McJUNKIN RED MAN HOLDING CORPORATION	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	   /s/ Stephen W. Lake	 	 
	 	 	 	 	 	 	 
	 

	 	 	 	By:
	 	Stephen W. Lake	 	 
	 

	 	 	 	Title:
	 	Executive Vice President, General	 	 
	 

	 	 	 	 	 	Counsel & Corporate Secretary	 	 
	 
	 	 	 	 	 	 	 	 
	ACCEPTED AND AGREED:
	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	/s/ Craig Ketchum
	 	 	 	 	 	 	 	 
	 

Craig Ketchum

	 	 	 	 	 	 	 	 

[Signature Page to Craig Ketchum -Letter Agreement]exv10w13w1

Exhibit 10.13.1

MCJ HOLDING CORPORATION

2007 STOCK OPTION PLAN

1. Purpose of the Plan

          The purpose of the Plan is to aid the Company and its Affiliates in recruiting and retaining
key employees, directors and consultants of outstanding ability and to motivate such key employees,
directors and consultants to exert their best efforts on behalf of the Company and its Affiliates
by providing incentives through the granting of Options. The Company expects that it will benefit
from the added interest which such key employees, directors or consultants will have in the welfare
of the Company as a result of their proprietary interest in the Company’s success.

2. Definitions

          The following capitalized terms used in the Plan or in an Option agreement have the respective
meanings set forth in this Section:

	 	(a)	 	Affiliate: With respect to any Person, any other
Person directly or indirectly controlling or controlled by or under direct or
indirect common control with such specified Person.
	 
	 	(b)	 	Board: The Board of Directors of the Company.
	 
	 	(c)	 	Cause: With respect to a Participant’s termination
of Employment, (a) if the Participant is at the time of termination a party to
an employment or retention agreement that defines such term, the meaning given
therein, and (b) in all other cases, the Participant’s (i) continuing failure,
for more than 10 days after the Company’s written notice to the Participant
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 Participant 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)
chronic absenteeism; or (vi) abuse of alcohol or another controlled
substance.
	 
	 	(d)	 	Code: The Internal Revenue Code of 1986, as amended,
or any successor thereto.
	 
	 	(e)	 	Committee: The Board or such committee of the Board
as may be designated from time to time to administer the Plan.
	 
	 	(f)	 	Company: McJ Holding Corporation, a Delaware
corporation, and any successor thereto by merger, consolidation or otherwise.
	 
	 	(g)	 	Company Group: Collectively, the Company, its
subsidiaries and its or their respective successors and assigns.
	 
	 	(h)	 	Disability: (a) if the Participant is at the time of
termination a party to an employment or retention agreement that defines such
term, the meaning given therein, and (b) in all other cases, the Participant
is unable to perform his duties or obligations to the Company by reason of
physical or mental incapacity for a period of one hundred twenty (120)
consecutive calendar days or a total period of two hundred ten (210) calendar
days in any three hundred sixty (360) calendar day period.
	 
	 	(i)	 	Effective Date: March 27, 2007.
	 
	 	(j)	 	Employment: The term “Employment” as used herein
shall be deemed to refer to (i) a Participant’s employment if the Participant
is an employee of the Company Group, (ii) a Participant’s services as a
consultant, if the Participant is a consultant to the Company Group and (iii)
a Participant’s services as a non-employee director, if the Participant is a
non-employee member of the Board.
	 
	 	(k)	 	Fair Market Value: On a given date, (i) if there
should be a public market for the Shares on such date, the arithmetic mean of
the high and low prices of the Shares as reported on such date on the

 

 

	 	 	 	composite tape of the principal national securities exchange on which such
Shares are listed or admitted to trading, or, if the Shares are not listed
or admitted on any national securities exchange, the arithmetic mean of the
per-Share closing bid price and per-Share closing asked price on such date
as quoted on the National Association of Securities Dealers Automated
Quotation System (or such market in which such prices are regularly quoted)
(the “Nasdaq”), or, if no sale of Shares shall have been reported on the
composite tape of any national securities exchange or quoted on the Nasdaq
on such date, the arithmetic mean of the per-Share closing bid price and
per-Share closing asked price on the immediately preceding date on which
sales of the Shares have been so reported or quoted, and (ii) if there is
not a public market for the Shares on such date, the value established by
the Committee in good faith, which in the context of a Transaction shall be
the price paid per Share.

	 	(l)	 	McJ Holding LLC: McJ Holding LLC, a Delaware limited
liability company.
	 
	 	(m)	 	McJ Holding LLC Agreement: The limited liability
company agreement of McJ Holding LLC, dated as of December 4, 2006.
	 
	 	(n)	 	McJunkin: McJunkin Corporation, a West Virginia
corporation and wholly owned subsidiary of the Company.
	 
	 	(o)	 	Option: A stock option granted pursuant to Section 6
of the Plan.
	 
	 	(p)	 	Option Price: The purchase price per Share of an
Option, as determined pursuant to Section 6(a) of the Plan.
	 
	 	(q)	 	Participant: An employee, director or consultant who
is selected by the Committee to participate in the Plan.
	 
	 	(r)	 	Person: Any individual, corporation, limited
liability company, limited or general partnership, joint venture, association,
joint-stock company, trust, unincorporated organization or government, or any
agency or political subdivisions thereof.

 

 

	 	(s)	 	Plan: This McJ Holding Corporation 2007 Stock Option
Plan.
	 
	 	(t)	 	Shares: Shares of common stock of the Company and
any other securities into which such shares of common stock are changed or for
which such shares of common stock are exchanged.
	 
	 	(u)	 	Stockholders Agreement: The Management Stockholders
Agreement dated as of March 27, 2007 (as amended and restated from time to
time) by and among the Company, McJ Holding LLC and such other Persons who are
or become parties thereto.
	 
	 	(v)	 	Transaction: (i) Any event which results in the GSCP
Members (as defined in the McJ Holding LLC Agreement) and its or their
Affiliates ceasing to directly or indirectly beneficially own, in the
aggregate, at least 35% of the equity interests of McJunkin that they
beneficially owned directly or indirectly as of the Effective Time (as defined
in the McJ Holding LLC Agreement); or (ii) in a single transaction or a series
of related transactions, the occurrence of the following event: a majority of
the outstanding voting power of McJ Holding LLC, the Company or McJunkin, or
substantially all of the assets of McJunkin, shall have been acquired or
otherwise become beneficially owned, directly or indirectly, by any Person
(other than any Member (as defined in the McJ Holding LLC Agreement) as of
December 4, 2006 or any of its or their Affiliates, or the McJ Holding LLC or
any of its Affiliates) or any two or more Persons (other than any Member as of
December 4, 2006 or any of its or their Affiliates, or McJ Holding LLC or any
of its Affiliates) acting as a partnership, limited partnership, syndicate or
other group, entity or association acting in concert for the purpose of
voting, acquiring, holding or disposing of the voting power of the McJ Holding
LLC, the Company, or McJunkin; it being understood that, for this purpose, the
acquisition or beneficial ownership of voting securities by the public shall
not be an acquisition or constitute beneficial ownership by any Person or
Persons acting in concert. For purposes of this definition, neither McJ
Holding LLC nor any Person controlled by McJ Holding LLC shall deemed to be an
Affiliate of any Member.

 

 

3. Shares Subject to the Plan

          The total number of Shares which may be issued under the Plan is 4,715.4509, subject to
adjustment pursuant to Section 7 hereof. The Shares may consist, in whole or in part, of unissued
Shares or treasury Shares. The issuance of Shares upon the exercise of an Option or in
consideration of the cancellation or termination of an Option shall reduce the total number of
Shares available under the Plan, as applicable. Shares which are subject to Options which
terminate or lapse without the payment of consideration may again be the subject of Options granted
under the Plan.

4. Administration

          The Plan shall be administered by the Committee. Subject to the express limitations of the
Plan, the Committee shall have authority in its discretion to determine the employees, consultants
or directors of the Company and its Affiliates to whom, and the time or times at which, Options may
be granted, the number of Shares subject to each Option, the Option Price of an Option, the time or
times at which an Option will become vested and any other conditions of an Option. Options may, in
the discretion of the Committee, be granted under the Plan in assumption of, or in substitution
for, outstanding awards previously granted by the Company or its Affiliates or by a company
acquired by the Company or with which the Company combines. The number of Shares underlying such
substitute awards shall be counted against the aggregate number of Shares available for Options
under the Plan. The Committee is authorized to interpret the Plan, to establish, amend and rescind
any rules and regulations relating to the Plan, and to make any other determinations that it deems
necessary or desirable for the administration of the Plan. The Committee may amend the terms of
any Option agreement, provided that no such amendment shall be made without the consent of a
Participant, if such action would diminish any of the rights of such Participant under such Option
agreement. The Committee may correct any defect or supply any omission or reconcile any
inconsistency in the Plan in the manner and to the extent the Committee deems necessary or
desirable. Any decision of the Committee in the interpretation and administration of the Plan,
except as otherwise provided herein, shall lie within its sole and absolute discretion and shall be
final, conclusive and binding on all parties concerned (including, without limitation, Participants
and their beneficiaries or successors). The Committee shall have the full power and authority to
establish the terms and conditions of any Option consistent with the provisions of the Plan and to
waive any such terms and conditions at any time (including, without limitation, accelerating or
waiving any vesting conditions). The Committee shall require Participants to make arrangements

 

 

which are satisfactory to it to pay any amounts it may determine are required to be withheld
for federal, state, local or other taxes in connection with an Option.

5. Limitations

          No Option may be granted under the Plan after the tenth anniversary of the Effective Date, but
Options theretofore granted may extend beyond that date.

6. Terms and Conditions of Options

          Options granted under the Plan shall be non-qualified stock options and shall be subject to
the foregoing and the following terms and conditions and to such other terms and conditions, not
inconsistent therewith, as the Committee shall determine and set forth in the applicable Option
agreement:

	 	(a)	 	Option Price. The Option Price shall be determined
by the Committee, provided that the Option Price may not be less than the Fair
Market Value of a Share on the date the Option is granted.
	 
	 	(b)	 	Exercisability. Options granted under the Plan shall
be exercisable at such time and upon such terms and conditions as may be
determined by the Committee, but in no event shall an Option be exercisable
more than ten years after the date it is granted.
	 
	 	(c)	 	Exercise of Options. Except as otherwise provided in
the Plan or in an Option agreement, an Option may be exercised for all, or
from time to time any part, of the Shares for which it is then exercisable.
For purposes of this Section 6 of the Plan, the exercise date of an Option
shall be the later of the date a notice of exercise is received by the Company
and, if applicable, the date payment is received by the Company pursuant to
the following sentence. The Option Price for the Shares as to which an Option
is exercised and any applicable withholding taxes shall be paid to the Company
in full at the time of exercise at the election of the Participant, in cash or
by check or wire transfer, or by such other means as are permitted by the
Committee. No Participant shall have any rights to dividends or other rights
of a stockholder with respect to Shares subject to an Option until the

 

 

	 	 	 	Participant has given written notice of exercise of the Option, has paid in
full for such Shares, satisfied any applicable withholding requirements
and, if applicable, has satisfied any other conditions imposed by the
Committee or pursuant to the Plan or the applicable Option agreement.
	 
	 	(d)	 	Unless the Committee determines otherwise, exercise of an
Option shall be conditioned upon the execution by the Participant of the
Stockholders Agreement, if such agreement remains in effect at the time of
such exercise.

7. Adjustments Upon Certain Events

          Notwithstanding any other provisions in the Plan to the contrary, the following provisions
shall apply to all Options granted under the Plan:

	 	(a)	 	Generally. In the event of any extraordinary cash or
Share dividend, or Share split, reverse split, reorganization,
reclassification, recapitalization, repurchase, issuance of warrants, rights
or debentures, merger, consolidation, spin-off, split-up, combination or
exchange of Shares or other corporate exchange, or any distribution to
shareholders of Shares or any transaction similar to the foregoing, the
Committee, without liability to any person, shall take such equitable actions
as are appropriate in its reasonable judgment to preserve the economic rights
of the Participant, whether by adjusting the terms of the Option or such other
means as the Committee shall determine.
	 
	 	(b)	 	Transaction. The Committee may provide in the
applicable Option agreement or otherwise that, in the event of a Transaction,
(i) any outstanding Options then held by Participants which are unexercisable
or otherwise unvested shall automatically be deemed exercisable or otherwise
vested upon the consummation of such Transaction, and (ii) the Committee may
either (A) cancel all Options and make payment in connection with such
cancellation equal to the excess, if any, of the Fair Market Value of the
Shares subject to such Options over the aggregate Option Price of such Options
or (B) provide for the issuance of substitute options or other awards that
will preserve, as

 

 

	 	 	 	nearly as practicable, the economic terms of Options previously granted
hereunder, in each case as determined by the Committee in good faith.

8. No Right to Employment or Options

          The granting of an Option under the Plan shall impose no obligation on the Company or any
Affiliate of the Company to continue the Employment of a Participant and shall not lessen or affect
the Company’s or such Affiliate’s right to terminate the Employment of such Participant. No
Participant or other Person shall have any claim to be granted any Option, and there is no
obligation for uniformity of treatment of Participants, or holders or beneficiaries of Options.
The terms and conditions of Options and the Committee’s determinations and interpretations with
respect thereto need not be the same with respect to each Participant (whether or not such
Participants are similarly situated).

9. Successors and Assigns

          The rights and obligations under the Plan shall be binding on and inure to all predecessors,
successors and assigns of the Company and any Participant, including, without limitation, the
estate of such Participant and the executor, administrator or trustee of such estate, or any
receiver or trustee in bankruptcy or representative of the Participant’s creditors.

10. Nontransferability of Options

          Unless otherwise determined by the Committee, an Option shall not be transferable or
assignable by the Participant otherwise than by will or by the laws of descent and distribution.
An Option exercisable after the death of a Participant may be exercised by the legatees, personal
representatives or distributees of the Participant.

11. Amendments or Termination

          The Board may amend, alter or discontinue the Plan, but no amendment, alteration or
discontinuation shall be made without the consent of a Participant, if such action would diminish
any of the rights of such Participant under any Option theretofore granted to such Participant
under the Plan; provided, however, that the Committee may

 

 

amend the Plan in such manner as it deems necessary to permit the granting of Options meeting
the requirements of the Code or other applicable laws.

12. Compliance with Law

          No Option shall be granted under the Plan, and no Shares shall be issued and delivered upon
exercise of an Option, unless and until the Company and/or the Participant shall have complied with
all applicable federal or state registration, listing and/or qualification requirements and all
other applicable requirements of law or of any regulatory agencies having jurisdiction.

          The Committee in its discretion may, as a condition to the exercise of any Option, require
each Participant (a) to represent in writing that the Shares received upon exercise of an Option
are being acquired for investment and not with a view to distribution and (b) to make such other
representations and warranties as are deemed reasonably appropriate by the Committee. Stock
certificates representing Shares acquired upon the exercise of any Option that have not been
registered under the Securities Act of 1933, as amended, shall, if required by the Committee, bear
the legends as may be required by the Stockholders Agreement or by the Option agreement evidencing
a particular Option. Without in any way limiting the provisions set forth above, no Participant
shall make any disposition of all or any portion of Shares acquired or to be acquired pursuant to
an Option, except in compliance with all applicable federal and state securities laws and the
provisions of the Stockholders Agreement.

13. International Participants

          With respect to Options which may be subject to the laws of jurisdictions outside the United
States of America, the Committee may, in its sole discretion, amend the terms of the Plan or
Options with respect to such Participants in order to conform such terms with the requirements of
such local law.

14. Choice of Law

          The Plan shall be governed by and construed in accordance with the laws of the State of New
York, without regard to conflicts of laws.

 

 

15. Effectiveness of the Plan

          The Plan shall be effective as of the Effective Date.

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