Document:

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                                                                   EXHIBIT 10.27

                               FOURTH AMENDMENT TO
                      AMENDED AND RESTATED CREDIT AGREEMENT

         THIS FOURTH AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT (this
"FOURTH AMENDMENT") is executed as of December 16, 2003, by and among Maverick
Tube Corporation, a Delaware corporation ("COMPANY"), SeaCAT, L.P., a Texas
limited partnership ("SC ACQUISITION"), SEAC Acquisition, LLC, a Delaware
limited liability company ("SEAC"), Maverick C&P, Inc., a Delaware corporation
("C&P"), Maverick Investment Corporation, a Delaware corporation ("INVESTMENT"),
Maverick Tube, L.P., a Delaware limited partnership ("TUBE"), Precision Tube
Holding Corporation, a Delaware corporation ("HOLDING"), Maverick GP, Inc., a
Delaware corporation ("MAVERICK GP"), Precision GP, LLC, a Delaware limited
liability company ("PRECISION GP"), Precision Tube Technology, L.P., a Texas
limited partnership ("PRECISION" and collectively with Company, SC Acquisition,
SEAC, C&P, Investment, Tube, Holding, Maverick GP and Precision GP, the "US
BORROWERS" and individually, a "US BORROWER"), Prudential Steel Ltd., an Alberta
corporation ("PRUDENTIAL"), Maverick Exchangeco (Nova Scotia) ULC, a Nova Scotia
unlimited liability company ("EXCHANGECO"), Maverick Tube (Canada) Inc., an
Alberta corporation ("TUBE CANADA"), Precision Tube Canada Limited, an Alberta
corporation ("PRECISION CANADA" and collectively with Prudential, Exchangeco and
Tube Canada, the "CANADIAN BORROWERS" and individually, a "CANADIAN BORROWER")
(the US Borrowers and the Canadian Borrowers are together referred to herein as
"BORROWERS" and individually, a "BORROWER"), JPMorgan Chase Bank, individually
as a Lender, as an Issuing Bank, as the Swingline Lender and as the
Administrative Agent, CIT Business Credit Canada Inc., individually as a Lender,
as an Issuing Bank and as the Canadian Administrative Agent, General Electric
Capital Corporation, as a Lender and as the Documentation Agent, and each of the
other Lenders that is a signatory hereto.

                              W I T N E S S E T H:

         WHEREAS, Borrowers, Agents and Lenders are parties to that certain
Amended and Restated Credit Agreement dated as of December 31, 2002, as amended
by that certain First Amendment to Amended and Restated Credit Agreement dated
as of February 28, 2003, that certain Second Amendment to Amended and Restated
Credit Agreement dated as of June 2, 2003, and that certain Third Amendment to
Amended and Restated Credit Agreement dated as of September 19, 2003
(collectively, the "CREDIT AGREEMENT;" unless otherwise defined herein, all
capitalized terms used herein which are defined in the Credit Agreement shall
have the meaning given such terms in the Credit Agreement, including, to the
extent applicable, after giving effect to this Fourth Amendment); and

         WHEREAS, Borrowers have advised the Administrative Agent and Lenders
that Borrowers intend to complete a corporate restructuring of the Company's
Canadian and Scotish operations and more specifically to effect the following
corporate restructuring transactions (collectively referred to herein as the
"CANADIAN RESTRUCTURE"):

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                  A.       the Company forms International Holdings as a new,
                           direct, wholly owned Subsidiary that will be a
                           Delaware corporation;

                  B.       International Holdings forms Maverick ULC as a new,
                           direct, wholly owned Subsidiary that will be a Nova
                           Scotia unlimited liability corporation;

                  C.       Maverick ULC forms Canada GP as a new, direct, wholly
                           owned Subsidiary that will be an Alberta limited
                           corporation;

                  D.       Canada LP is formed; the sole general partner of
                           which is Canada GP and the initial limited partner of
                           which is Maverick ULC;

                  E.       Canada LP forms Prudential Holdings as a new, direct,
                           wholly owned Subsidiary that will be a Nova Scotia
                           unlimited liability corporation;

                  F.       the Company contributes the Equity of Exchangeco to
                           International Holdings in consideration for the
                           issuance of Equity by International Holdings to the
                           Company;

                  G.       the Company loans up to the Dollar equivalent of
                           C$150,000,000 of cash to International Holdings
                           evidenced by an unsecured demand note in favor of the
                           Company in the form attached as Exhibit A hereto (the
                           "COMPANY/HOLDINGS NOTE");

                  H.       International Holdings makes a loan of cash to
                           Maverick ULC evidenced by an unsecured note in favor
                           of International Holdings;

                  I.       International Holdings contributes the Equity of
                           Exchangeco to Maverick ULC in consideration for cash
                           and Equity issued by Maverick ULC to International
                           Holdings;

                  J.       International Holdings repays the Company/Holdings
                           Note in full;

                  K.       Maverick ULC contributes the Equity of Exchangeco to
                           Canada LP in consideration for a limited partner
                           interest in Canada LP and then contributes a portion
                           of such limited partner interest to Canada GP;

                  L.       Canada LP contributes the Equity of Exchangeco to
                           Prudential Holdings in consideration for the issuance
                           of unsecured debt evidenced by an unsecured note and
                           Equity by Prudential Holdings to Canada LP;

                  M.       C&P distributes all of its assets which are located
                           at, or which are directly related to C&P's Counce,
                           Tennessee facility to Tube;

                  N.       Investment converts to a limited liability company
                           ("INVESTMENT LLC") and Maverick GP converts to a
                           limited liability company ("MAVERICK GP LLC");

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                  O.       Tube distributes 95% of the capital stock of C&P to
                           Investment LLC and 5% of the capital stock of C&P to
                           GP LLC;

                  P.       Investment LLC and Maverick GP LLC distribute all of
                           the capital stock of C&P to the Company;

                  Q.       C&P recapitalizes its capital stock to create a class
                           of preferred stock;

                  R.       C&P issues preferred stock to the Company, and the
                           Company contributes such preferred stock to
                           International Holdings in consideration for the
                           issuance of additional Equity by International
                           Holdings to the Company;

                  S.       International Holdings contributes a portion of the
                           preferred stock of C&P to Maverick ULC in
                           consideration for the issuance of Equity, of Maverick
                           ULC to International Holdings.

                  T.       Holding converts to a limited liability company
                           ("HOLDING LLC");

                  U.       Holding LLC distributes the Equity of Precision
                           Canada and Precision Scotland to the Company;

                  V.       the Company contributes the equity of Precision
                           Canada and Precision Scotland to International
                           Holdings in consideration of the issuance of Equity
                           by International Holdings to the Company;

                  W.       International Holdings contributes the Equity of
                           Precision Canada to Maverick ULC in consideration for
                           the issuance of Equity by Maverick ULC to
                           International Holdings;

                  X.       Maverick ULC contributes the Equity of Precision
                           Canada to Canada LP in consideration for the issuance
                           of a limited partner interest by Canada LP to
                           Maverick ULC; and

                  Y.       International Holdings contributes the remaining
                           portion of the preferred stock of C&P to Maverick ULC
                           in consideration for the issuance of unsecured debt
                           evidenced by an unsecured note by Maverick ULC to
                           International Holdings;

         WHEREAS, after giving effect to the Canadian Restructure, the
organizational structure of the Borrowers and Subsidiaries will be as set forth
on Exhibit B hereto (the "POST-CONSUMMATION ORGANIZATIONAL STRUCTURE CHART");
and

         WHEREAS, after giving effect to the Canadian Restructure, Borrowers
intend to amalgamate Prudential Holdings, Exchangeco, Tube Canada and Prudential
into a new Canadian corporation (the "AMALGAMATION"), and after giving effect to
the Amalgamation, the corporate structure of the Borrowers and their
Subsidiaries will be as set forth on Exhibit C hereto; and

         WHEREAS, Borrowers have advised the Administrative Agent and Lenders
that Borrowers desire (i) to create Maverick de Venezuela, and (ii) to
capitalize Maverick de

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Venezuela with up to $10,000,000 (the preceding clauses (i) and (ii) are
collectively referred to herein as the "VENEZUELAN TRANSACTION"); and

         WHEREAS, Maverick de Venezuela will (i) purchase raw steel from an
unrelated Venezuelan manufacturer, (ii) engage Tube to (a) ship the raw steel to
the Hickman, Arkansas facility on a tolling basis (with title of the steel (in
its raw form, as work-in-process and in the form of the green tubes produced in
Hickman) always remaining with Maverick de Venezuela), (b) process the raw steel
into green tubes, and (c) ship the green tubes back to Venezuela, (iii) engage a
third party to convert the green tubes into finished tubes, and (iv) sell the
finished tubes to Petroleos de Venezuela (a.k.a. Pdvsa) and other entities; and

         WHEREAS, Borrowers have requested that the limitation on the aggregate
of all Canadian Letter of Credit Liabilities and US Letter of Credit Liabilities
at any one time outstanding be increased from $10,000,000 to $20,000,000; and

         WHEREAS, Borrowers have requested that (i) Lenders consent to
consummation of the Canadian Restructure as more fully set forth herein and on
the Post-Consummation Organizational Structure Chart, (ii) Lenders consent to
the Venezuelan Transaction, and (iii) the Credit Agreement be amended as set
forth in this Fourth Amendment; and

         WHEREAS, subject to the terms and conditions set forth herein, Lenders
have agreed to Borrowers' requests.

         NOW THEREFORE, for and in consideration of the mutual covenants and
agreements herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged and confessed, the
parties hereto hereby agree as follows:

SECTION 1. AMENDMENTS. In reliance on the representations, warranties, covenants
and agreements contained in this Fourth Amendment, and subject to the
satisfaction of each condition precedent contained in Section 3 and Sections 4
and 5, as applicable, of this Fourth Amendment the Credit Agreement shall be
amended effective as of the date hereof in the manner provided in this Section
1.

         1.1. AMENDED DEFINITIONS. The definitions of "CANADIAN CREDIT PARTY",
"FINANCING DOCUMENTS", "GP INC.", "GP LLC", "HOLDING" and "US CREDIT PARTY"
contained in Section 1.1 of the Credit Agreement shall be amended to read in
full as follows:

                  "CANADIAN CREDIT PARTY" shall mean the Canadian Borrowers and
         each other Credit Party which is formed or organized under the federal
         laws of Canada or under the laws of any province or territory in
         Canada; provided, that, for all purposes of this Agreement and the
         other Financing Documents, International Holdings shall be deemed to be
         a Canadian Credit Party.

                  "FINANCING DOCUMENTS" shall mean this Agreement, the First
         Amendment, the Second Amendment, the Third Amendment, the Fourth
         Amendment, the Notes, the Security Instruments, the Applications,
         Borrowing Requests, Borrowing Base Reports, the Canadian Fee Letter,
         the Fee Letter, and the other documents, instruments or agreements
         described in Section 3.1 and Section 3.2, together with any other
         document,

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         instrument or agreement (other than participation, agency or similar
         agreements among the Lenders or between any Lender and any other bank
         or creditor with respect to any indebtedness or obligations of the
         Company or its Subsidiaries hereunder or thereunder) now or hereafter
         entered into in connection with the Loans, the Lender Indebtedness or
         the Collateral, as such documents, instruments or agreements may be
         amended, modified or supplemented from time to time.

                  "GP INC." shall, prior to the consummation of the Canadian
         Restructure, mean Maverick GP, Inc., a Delaware corporation, and as
         result of its conversion to a Delaware limited liability company as
         part of the Canadian Restructure, shall thereafter mean Maverick GP.

                  "GP LLC" shall mean Precision GP.

                  "HOLDING" shall, prior to the consummation of the Canadian
         Restructure, mean Precision Tube Holding Corporation, a Delaware
         corporation, and as result of its conversion to a Delaware limited
         liability company as part of the Canadian Restructure, shall thereafter
         mean Precision Tube Holding, LLC, a Delaware limited liability company,
         in each case owned 100% by the Company.

                  "INVESTMENT" shall, prior to the consummation of the Canadian
         Restructure, mean Maverick Investment Corporation, a Delaware
         corporation, and as result of its conversion to a Delaware limited
         liability company as part of the Canadian Restructure, shall thereafter
         mean Maverick Investment, LLC, a Delaware limited liability company, in
         each case owned 100% by the Company.

                  "US CREDIT PARTY" shall mean the US Borrowers and any other
         Credit Party which is organized under the laws of any state of the
         United States or any political subdivision thereof; provided, that, for
         all purposes of this Agreement and the other Financing Documents,
         International Holdings shall not be deemed a US Credit Party.

         1.2.     ADDITIONAL DEFINITIONS. Section 1.1 of the Credit Agreement
shall be amended to add thereto in alphabetical order the following defined
terms:

                  "CANADA GP" shall mean Maverick Tube Canada GP, Ltd., an
         Alberta limited corporation to be owned 100% by Maverick ULC.

                  "CANADA LP" shall mean Maverick Tube Canada LP, an Alberta
         limited partnership to be owned 99% by Maverick ULC and 1% by Canada
         GP.

                  "CANADIAN RESTRUCTURE" has the meaning assigned to such term
         in the Fourth Amendment.

                  "FOURTH AMENDMENT" shall mean the Fourth Amendment to Amended
         and Restated Credit Agreement dated as of December 16, 2003, by and
         among Borrowers and Lenders.

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                  "INTERNATIONAL HOLDINGS" shall mean Maverick Tube
         International Holdings, Inc., a Delaware corporation to be owned 100%
         by the Company.

                  "INTERNATIONAL HOLDINGS BLOCKED ACCOUNT" shall mean the demand
         deposit account established by International Holdings with the
         Administrative Agent (a) which International Holdings and the
         Administrative Agent jointly designate as the "International Holdings
         Blocked Account," (b) into which all cash receipts of International
         Holdings from whatever source (including, without limitation, all
         currency, checks and drafts representing proceeds of the Collateral)
         shall be deposited pursuant to Section 4.9 hereof and pursuant to the
         Security Documents, and (c) which are subject to the provisions of
         Section 4.9 hereof.

                  "MAVERICK DE VENEZUELA" shall mean Maverick Tube de Venezuela,
         a Venezuelan corporation to be owned 100% by the Company.

                  "MAVERICK GP" shall mean Maverick GP, LLC, a Delaware limited
         liability company and successor by conversion to GP, Inc.

                  "MAVERICK ULC" shall mean Maverick Tube Canada ULC, a Nova
         Scotia unlimited liability corporation to be owned 100% by
         International Holdings.

                  "MAVERICK ULC BLOCKED ACCOUNT" shall mean the demand deposit
         account established by Maverick ULC with the Administrative Agent (a)
         which Maverick ULC and the Administrative Agent jointly designate as
         the "Maverick ULC Blocked Account," (b) into which all cash receipts of
         Maverick ULC from whatever source (including, without limitation, all
         currency, checks and drafts representing proceeds of the Collateral)
         shall be deposited pursuant to Section 4.10 hereof and pursuant to the
         Security Documents, and (c) which are subject to the provisions of
         Section 4.10 hereof.

                  "PRECISION GP" shall mean Precision GP, LLC, a Delaware
         limited liability company.

                  "PRUDENTIAL HOLDINGS" shall Prudential Steel Holdings, Ltd., a
         Nova Scotia unlimited liability corporation to be owned 100% by Canada
         LP.

         1.3.     AMENDMENT TO LETTER OF CREDIT SUB-LIMIT. Each reference to
"$10,000,000" in clauses (a) and (b) of Section 2.3 of the Credit Agreement is
amended to be "$20,000,000".

         1.4.     AMENDMENTS TO ARTICLE 4. Article 4 of the Credit Agreement is
hereby amended to add a new Section 4.9 and a new Section 4.10 which shall read
in full as follows:

                  "Section 4.9 ESTABLISHMENT OF INTERNATIONAL HOLDINGS BLOCKED
         ACCOUNT. So long as this Agreement is in effect or any Lender
         Indebtedness shall be outstanding, International Holdings acknowledges
         and agrees that all funds received by International Holdings from any
         source, have been and shall continue to be deposited directly upon
         receipt into the International Holdings Blocked Account. Such deposits
         shall be made in the exact form received subject only to any necessary
         endorsements, if any. International Holdings hereby acknowledges and
         agrees (a) it hereby irrevocably instructs the

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         Administrative Agent to transfer all amounts received in the
         International Holdings Blocked Account (other than the receipt of funds
         set forth in recital G of the Fourth Amendment) to the US Blocked
         Account not later than one Business Day following the date of receipt
         thereof in the International Holdings Blocked Account, (b) except for
         the transfer of funds to Maverick ULC provided for in recital H of the
         Fourth Amendment, it shall not have any power of withdrawal over the
         funds in the International Holdings Blocked Account, (c) that
         International Holdings has granted a Lien on and pledged to the
         Administrative Agent as additional collateral security for the Lender
         Indebtedness, in the International Holdings Blocked Account and all
         funds on deposit therein and "control" has been established with
         respect to the International Holdings Blocked Account as defined in
         Section 9.104 of the UCC, (d) International Holdings may not
         unilaterally terminate the International Holdings Blocked Account, and
         (e) after the completion of the transfer of funds to Maverick ULC
         provided for in recital H of the Fourth Amendment, the International
         Holdings Blocked Account and all funds on deposit therein shall be
         subject to the absolute dominion and control of the Administrative
         Agent. Each of International Holdings and the Administrative Agent
         agree that the International Holdings Blocked Account is a "deposit
         account" within the meaning of 9-102(a)(29) of the UCC and that for
         purposes of Section 9-304 of this UCC, the State of New York shall be
         the jurisdiction of the Administrative Agent."

                  "Section 4.10 ESTABLISHMENT OF MAVERICK ULC BLOCKED ACCOUNT.
         So long as this Agreement is in effect or any Lender Indebtedness shall
         be outstanding, Maverick ULC acknowledges and agrees that all funds
         received by Maverick ULC from any source, have been and shall continue
         to be deposited directly upon receipt into the Maverick ULC Blocked
         Account. Such deposits shall be made in the exact form received subject
         only to any necessary endorsements, if any. Maverick ULC hereby
         acknowledges and agrees (a) it hereby irrevocably instructs the
         Administrative Agent to transfer all amounts received in the Maverick
         ULC Blocked Account to the International Holdings Blocked Account not
         later than one Business Day following the date of receipt thereof in
         the Maverick ULC Blocked Account, (b) it shall not have any power of
         withdrawal over the funds in the Maverick ULC Blocked Account, (c) that
         Maverick ULC has granted a Lien on and pledged to the Administrative
         Agent as additional collateral security for the Lender Indebtedness, in
         the Maverick ULC Blocked Account and all funds on deposit therein and
         "control" has been established with respect to the Maverick ULC Blocked
         Account as defined in Section 9.104 of the UCC, (d) Maverick ULC may
         not unilaterally terminate the Maverick ULC Blocked Account, and (e)
         the Maverick ULC Blocked Account and all funds on deposit therein shall
         be subject to the absolute dominion and control of the Administrative
         Agent. Each of Maverick ULC and the Administrative Agent agree that the
         Maverick ULC Blocked Account is a "deposit account" within the meaning
         of 9-102(a)(29) of the UCC and that for purposes of Section 9-304 of
         this UCC, the State of New York shall be the jurisdiction of the
         Administrative Agent."

         1.5.     AMENDMENT TO MERGERS, SALES, ETC. COVENANT. Section 7.4 of the
Credit Agreement is hereby amended and restated in its entirety to read as
follows:

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                  "Section 7.4 MERGER, SALES, ETC. Merge into or with or
         consolidate or amalgamate with, or permit any other Credit Party to
         merge into or with or consolidate or amalgamate with, any other Person,
         or sell, lease or otherwise dispose of, or permit any other Credit
         Party to sell, lease or otherwise dispose of (whether in one
         transaction or in a series of transactions) all or any part of its
         Property to any other Person. Notwithstanding the foregoing limitation
         (a) the Credit Parties may sell inventory in the ordinary course of
         business, (b) any Credit Party may sell, redeem or trade cash
         equivalent investments permitted under Section 7.6 hereof, (c) any US
         Borrower (other than SC Acquisition) shall be permitted to consolidate
         or merge with any other US Borrower (other than SC Acquisition)
         (provided, that, in the case of any merger involving the Company, the
         Company shall be the surviving entity), (d) any Canadian Borrower shall
         be permitted to consolidate, amalgamate or merge with any other
         Canadian Borrower, (e) any Borrower (other than SC Acquisition) shall
         be permitted to sell, assign or convey all or any part of its Property
         to any US Borrower (other than SC Acquisition), (f) any Canadian
         Borrower shall be permitted to sell, assign or convey all or any part
         of its Property to any other Canadian Borrower, (g) the Merger
         Transactions shall be expressly permitted hereunder, (h) the Borrowers
         may sell assets not material to the operations and business of the
         Borrowers so long as the aggregate sale price for all assets sold in
         any Fiscal Year does not exceed $1,000,000, (i) the US Borrowers may
         enter into a Lay Down Real Estate Lease with Stone & Webster
         Construction, Inc., a Louisiana corporation for approximately five
         acres and certain improvements of the US Borrowers' Longview,
         Washington facility, and (j) the Canadian Restructure shall be
         expressly permitted hereunder; provided, that, with respect to
         transactions described in clauses (c), (d), (e) and (f) of this Section
         7.4 (other than the sale of inventory in the ordinary course of
         business), Borrowers shall have given the Administrative Agent not less
         then ten (10) Business Days prior written notice of such transactions
         and Borrowers shall have executed and delivered such documents,
         instruments and agreements and taken all such actions as the
         Administrative Agent requires with respect to such transaction to fully
         evidence, protect and preserve the Liens intended to be granted for the
         benefit of the Lenders and the Secured Affiliates pursuant to the
         Security Instruments. Upon the termination of the Lewis Note, the SC
         Collateral Documents and all obligations with respect to the Lewis Note
         and the Earn Out Obligations, each parenthetical contained in this
         Section 7.4 which contains the phrase "other than SC Acquisition" shall
         be deleted."

         1.6.     AMENDMENT TO DIVIDEND COVENANT. Section 7.5 of the Credit
Agreement is hereby amended and restated in its entirety as follows:

                  "Section 7.5 DIVIDENDS, ETC. Declare or pay any dividend on
         its Equity, make any payment to purchase, redeem, retire or otherwise
         acquire any of its Equity now or hereafter outstanding, return any
         capital to its stockholders, partners or members, make any distribution
         of its assets, Equity, obligations or securities to its stockholders,
         partners or members (an "EQUITY DISTRIBUTION"), except (a) that any
         Credit Party may make equity distributions to any US Borrower, (b) C&P
         may make equity distributions to Maverick ULC in respect of the
         preferred stock of C&P held by Maverick ULC which has been pledged by
         Maverick ULC to secure the Lender Indebtedness, provided, that, (i) C&P
         may make equity distributions on such preferred stock in cash only to
         Maverick ULC and (ii) C&P shall deposit all such cash equity
         distributions directly into the Maverick ULC

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         Blocked Account (and Maverick ULC hereby irrevocably authorizes and
         instructs C&P to make such deposits into the Maverick ULC Blocked
         Account), (c) any Canadian Borrower may make equity distributions to
         other Canadian Borrowers, provided, that, cash equity distributions by
         Maverick ULC shall be deposited into the International Holdings Blocked
         Account (and International Holdings hereby irrevocably authorizes and
         instructs Maverick ULC to make such deposits into the International
         Holdings Blocked Account), (d) the Company may purchase, redeem, retire
         or otherwise acquire its outstanding Equity (a "STOCK REPURCHASE") so
         long as (1) Excess Availability was not less than $40,000,000 at any
         time during the thirty (30) day period ending on the date of such Stock
         Repurchase assuming that such Stock Repurchase occurred on the first
         day of such period, (2) Excess Availability will be not less than
         $40,000,000 immediately after giving effect to such Stock Repurchase,
         (3) no Default exists or will exist after giving effect to such Stock
         Repurchase, (4) the aggregate amount paid for all such Stock
         Repurchases does not exceed $20,000,000 during the period beginning on
         March 28, 2002 and running through the term of this Agreement, and (e)
         the Company may pay dividends on its outstanding Equity so long as (i)
         Excess Availability was not less than $40,000,000 at any time during
         the thirty (30) day period ending on the date such dividends are paid
         assuming that such dividends were paid in the first day of such period,
         (ii) Excess Availability will be not less than $40,000,000 immediately
         after giving effect to the payment of such dividends, (iii) no Default
         exists or will exist after giving effect to the payment of such
         dividend, (iv) the aggregate amount of all dividends paid does not
         exceed (1) $5,000,000 in any period of twelve consecutive months, or
         (2) $10,000,000 during the term of this Agreement."

         1.7.     AMENDMENT TO INVESTMENTS COVENANT. Section 7.6 of the Credit
Agreement is hereby amended (a) to amend and restate clause (i) in its entirety
as set forth below, (b) to delete the "and" at the end of clause (i), to delete
the period at the end of clause (j) thereof, to insert in lieu of such period ";
and", and (c) to add thereto a new clause (k) which shall read in full as set
forth below:

                  "(i)     other investments not to exceed an aggregate of
         $5,000,000; provided, that, none of the investments made pursuant to
         this clause (i) shall be in Maverick de Venezuela;"

                  "(k)     investments, loans or advances in Maverick de
         Venezuela not to exceed an aggregate of $10,000,000."

         1.8.     AMENDMENT TO NEGATIVE COVENANTS WITH RESPECT TO CERTAIN CREDIT
PARTIES. Section 7.23 of the Credit Agreement is hereby amended and restated in
its entirety to read as follows:

                  "Section 7.23 NEGATIVE COVENANTS WITH RESPECT TO CERTAIN
         CREDIT PARTIES. Permit, allow or cause any of Precision International,
         Maverick International, Exchangeco, International Holdings, Maverick
         ULC, Canada GP, Canada LP, Prudential Holdings, to (a) conduct any
         business or operations (other than (1) the payment of equity
         distributions to the extent permitted by Section 7.5 hereof, (2)
         Exchangeco's exercise of its rights and performance of its existing
         obligations under the Precision Purchase

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         Documents in connection with the exchange of the exchangeable shares of
         Tube Canada, (3) the payment of the debt referenced in clauses H, L and
         Y of the recitals to the Fourth Amendment by Maverick ULC and
         Prudential Holdings; provided, that, any payments on debt owing to
         International Holdings shall be deposited directly into the
         International Holdings Blocked Account (and International Holdings
         hereby irrevocably authorizes and instructs Maverick ULC to make such
         deposits into the International Holdings Blocked Account), (4) the
         actions permitted by Section 7.4(d), and (5) the actions necessary to
         effect the Canadian Restructure), (b) own, lease, license or otherwise
         have the right to use any Property (other than (i) Exchangeco's
         ownership of all of the issued and outstanding Equity of Tube Canada,
         (ii) International Holdings' ownership of all of the issued and
         outstanding Equity of Maverick ULC and Precision Scotland, (iii)
         Maverick ULC's ownership of all of the issued and outstanding Equity of
         Canada GP, a portion of the issued and outstanding limited partner
         interests of Canada LP, and all preferred stock of C&P, (iv) Canada
         GP's ownership of all of the issued and outstanding general partner
         interests and a portion of the limited partner interests of Canada LP,
         (v) Canada LP's ownership of all of the issued and outstanding Equity
         of Prudential Holdings and Precision Canada, and (vi) Prudential
         Holdings ownership of all of the issued and outstanding Equity of
         Exchangeco), (c) incur any liabilities or obligations to any Person
         (other then the debt referenced in clauses H, L and Y of the recitals
         to the Fourth Amendment), or (d) employ any employees."

SECTION 2. LIMITED CONSENT. Subject to the covenants, terms and conditions set
forth in this Fourth Amendment, in reliance upon the representations and
warranties of Borrowers herein contained, and subject to the satisfaction of
each condition precedent contained in Section 3 and Sections 4 and 5, as
applicable, of this Fourth Amendment, Lenders hereby consent to:

         (a)      the Canadian Restructure;

         (b)      the Venezuelan Transaction; and

         (c)      the sale of the Real Property located in Longview, Washington
and described on Schedule 5.24 of the Credit Agreement (the "LONGVIEW
PROPERTY").

The consents set forth in this Section 2 are expressly limited to the Canadian
Restructure and the Venezuelan Transaction as each is described in the Recitals
hereto.

SECTION 3. CONDITIONS PRECEDENT. The effectiveness of the amendments to the
Credit Agreement contained in Section 1 hereof and the consents contained in
Section 2 hereof are subject to the satisfaction of each of the following
conditions precedent (and to the extent so indicated, subject to the further
conditions precedent set forth in Sections 4 and 5 hereof):

         3.1.     AMENDMENT FEES. The Borrowers shall have paid to the
Administrative Agent for the benefit of each Lender (for purposes of this
provision only, each Lender and its Related Affiliate, if any, shall be deemed
to consist of a single Lender) which executes and delivers this Amendment on or
before December 26, 2003 an amendment fee in the amount of US$5,000.

         3.2.     ADDITIONAL FEES AND EXPENSES. The Borrowers shall have paid
all fees and expenses incurred by the Administrative Agent in connection with
the preparation, negotiation

                                                                              10
<PAGE>

and execution of this Fourth Amendment, including, without limitation, all fees
and expenses of Vinson & Elkins L.L.P., counsel to the Administrative Agent.

         3.3.     DOCUMENTATION. The Administrative Agent shall have received
such other documents, instruments and agreements as it (or any Lender acting
through it) may reasonably request, all in form and substance reasonably
satisfactory to the Administrative Agent and the Lenders.

         3.4.     NO DEFAULTS. No Default or Event of Default shall exist.

SECTION 4. CONDITIONS PRECEDENT TO CANADIAN RESTRUCTURE. The effectiveness of
the amendments to the Credit Agreement contained in Sections 1.1, 1.2, 1.4, 1.5,
1.6 and 1.8 hereof and the consent contained in Section 2(a) hereof are subject
to the satisfaction of each of the following conditions precedent:

         4.1.     OFFICERS' CERTIFICATES; RESOLUTIONS; ETC. The Borrowers shall
have delivered to the Administrative Agent such certificates of authorized
officers of the Borrowers, certificates of Governmental Authorities, certified
copies of the certificate of incorporation, as amended, of C&P (after giving
effect to the re-capitalization of C&P pursuant to the Canadian Restructure),
certified copies of resolutions of the partners, managers or members, as
applicable of the Borrowers and such other documents, instruments and agreements
as the Administrative Agent shall require to evidence the valid corporate
existence and authority to consummate the Canadian Restructure and the due
authorization, execution and delivery of this Fourth Amendment, any other
documents related to the Canadian Restructure (collectively, the "CANADIAN
RESTRUCTURE DOCUMENTS"), and any other legal maters relating to the Borrowers,
any Subsidiary or the other Financing Documents by the Borrowers, all in a form
and substance satisfactory to the Administrative Agent and its counsel.

         4.2.     AMENDMENT TO THE GUARANTY AND SECURITY AGREEMENT. The
Administrative Agent shall have received the First Amendment to Guaranty and
Security Agreement, in the form attached as Exhibit D hereto, duly completed and
executed by each US Borrower.

         4.3.     JOINDER AGREEMENTS. The Administrative Agent shall have
received Borrower Joinder Agreements, in the form attached as Exhibit L to the
Credit Agreement, duly completed and executed by each of the Canada GP, Canada
LP, International Holdings, Maverick ULC and Prudential Holdings (collectively,
the "NEW CANADIAN BORROWERS"), pursuant to which each of the New Canadian
Borrowers shall become a Canadian Borrower under the Credit Agreement, together
with all deliveries required pursuant thereto, including each of the following:

                  (a)      A signature page to each Canadian Revolving Credit
Note held by each Canadian Lender to evidence that each New Canadian Borrower is
a maker of each such Canadian Revolving Credit Note and is jointly and severally
obligated to pay the principal and interest on each such Canadian Revolving
Credit Note in full when due. Each Canadian Lender is hereby authorized to
attach such signature page(s) to each Canadian Revolving Credit Note held by
such Lender;

                  (b)      Certified copies of the resolutions of the Board of
Directors, Members, or Partners, as applicable, of each of the New Canadian
Borrowers dated on or prior to the date of

                                                                              11
<PAGE>

the applicable Borrower Joinder Agreement and approving the Canadian Revolving
Credit Loans, the Canadian Revolving Credit Notes, the applicable Borrower
Joinder Agreement, and all other Financing Documents, if any, to which the New
Canadian Borrower is required to become a party to pursuant to the Credit
Agreement, the applicable Borrower Joinder Agreement, and this Fourth Amendment
and evidencing corporate authorization with respect to such documents;

                  (c)      A certificate of the Secretary or an Assistant
Secretary of each New Canadian Borrower dated as of the date hereof and
certifying (i) the name, title and true signature of each officer of such Person
authorized to execute the applicable Borrower Joinder Agreement and the other
Financing Documents, (ii) the name, title and true signature of each officer of
such Person authorized to provide the certifications required pursuant to the
applicable Borrower Joinder Agreement, and (iii) that attached to the applicable
Borrower Joinder Agreement is a true and complete copy of the certificate of
incorporation or certificate of limited partnership, as applicable, certified by
the appropriate Governmental Authority of the jurisdiction of incorporation,
formation or organization, as applicable, of each New Canadian Borrower and the
bylaws, operating agreement or limited partnership agreement, as applicable, of
such New Canadian Borrower, each as amended to date, recent good standing
certificates and/or certificates of existence for such New Canadian Borrower and
certificates of foreign qualification for such New Canadian Borrower in such
jurisdictions as the Administrative Agent shall require; and

                  (d)      Opinions of each of Gallop, Johnson & Neuman, P.C.
and McCarthy Tetrault LLP, as applicable, each as counsel to the New Canadian
Borrowers dated as of the date of each such Borrower Joinder Agreement addressed
to the Agents, the Issuing Banks and the Lenders and covering such matters as
the Agents, the Issuing Banks or the Lenders may reasonably request.

         4.4.     ASSUMPTION AGREEMENTS TO THE GUARANTY AND SECURITY AGREEMENT.
The Administrative Agent shall have received Assumption Agreements (pursuant to
which each of International Holdings and Maverick ULC, respectively, shall
become an additional grantor under the Guaranty and Security Agreement) duly
completed and executed by each of International Holdings and Maverick ULC
granting to the Administrative Agent a first priority security interest in all
of the personal property, but subject to the express limitations on such grants
set forth in the Guaranty and Security Agreement, of each of International
Holdings and Maverick ULC, respectively, as security for the Lender
Indebtedness.

         4.5.     ASSUMPTION AGREEMENTS TO THE CANADIAN SECURITY AGREEMENT. The
Administrative Agent shall have received Assumption Agreements (pursuant to
which each of the New Canadian Borrowers, respectively, shall become an
additional grantor under the Canadian Security Agreement) duly completed and
executed by each New Canadian Borrower granting to the Canadian Administrative
Agent a first priority security interest in all of the personal property of each
New Canadian Borrower, respectively, as security for the Canadian Lender
Indebtedness.

                                                                              12
<PAGE>

         4.6.     CERTIFIED COPY OF CANADIAN RESTRUCTURE DOCUMENTS. The
Administrative Agent shall have received a certified copy of each of the
Canadian Restructure Documents, each of which shall be substantially in form and
substance acceptable to the Administrative Agent.

         4.7.     INTER-COMPANY NOTES. The Administrative Agent shall have
received the Company/Holdings Note duly executed and completed and the Canadian
Administrative Agent shall have received a duly executed and completed
promissory note with respect to each loan made as part of the Canadian
Restructure, each in form and substance satisfactory to the Administrative Agent
and the Canadian Administrative Agent, along with an executed allonge executed
in blank for each such promissory note and the Company/Holdings Note.

         4.8.     ACCOUNTS FOR INTER-COMPANY TRANSFERS. All bank accounts into
which any of the funds transferred as part of the Canadian Restructure shall be
held by the Administrative Agent or the Canadian Administrative Agent.

         4.9.     ESTABLISHMENT OF BLOCKED ACCOUNTS. The Borrowers shall have
established the Maverick ULC Blocked Account and the International Holdings
Blocked Account with the Administrative Agent.

SECTION 5. CONDITIONS PRECEDENT TO VENEZUELAN TRANSACTION. The effectiveness of
the amendment to the Credit Agreement contained in Section 1.7 hereof and the
consent contained in Section 2(b) hereof is subject to the satisfaction of each
of the following conditions precedent:

         5.1.     ORGANIZATIONAL DOCUMENTS. The Administrative Agent shall have
received (i) a true and complete copy of the organizational documents of
Maverick de Venezuela certified by a Responsible Officer of Maverick de
Venezuela, which organizational documents shall prohibit Maverick de Venezuela
from incurring any Indebtedness other than Indebtedness owed to a Borrower as
permitted under the Credit Agreement as amended hereby, (ii) recent good
standing certificates and/or certificates of existence for Maverick de
Venezuela, and (iii) certificates of foreign qualification for Maverick de
Venezuela in Arkansas and for such other jurisdictions as the Administrative
Agent shall require.

         5.2.     LETTER AGREEMENT WITH TUBE REGARDING INVENTORY. Maverick de
Venezuela and Tube shall execute and deliver to the Administrative Agent a
letter agreement, in form and substance satisfactory to the Administrative
Agent, pursuant to which (i) Maverick de Venezuela agrees that in the event that
any steel held at the Hickman facility is unidentifiable or whose ownership is
in dispute, that such steel shall be deemed the exclusive property of the
Company, free and clear of any lien or claim by Maverick de Venezuela, and (ii)
Tube agrees to label and/or segregate all steel owned by Maverick de Venezuela
such that it can be clearly identified.

SECTION 6. REPRESENTATIONS AND WARRANTIES. In order to induce each Agent and
each Lender to enter into this Fourth Amendment, Borrowers hereby jointly and
severally represent and warrant to each Agent and each Lender that:

         6.1.     ACCURACY OF REPRESENTATIONS AND WARRANTIES. Each
representation and warranty of each Borrower contained in the Financing
Documents is true and correct in all material respects as of the date hereof
(except to the extent that such representations and

                                                                              13
<PAGE>

warranties are expressly made as of a particular date, in which event such
representations and warranties were true and correct as of such date).

         6.2.     DUE AUTHORIZATION, NO CONFLICTS. The execution, delivery and
performance by Borrowers of this Fourth Amendment, and all other documents,
instruments or agreements executed by any of Borrowers in connection with this
Fourth Amendment, are within Borrowers', as applicable, corporate, partnership
or limited liability company powers, have been duly authorized by all necessary
corporate, partnership or limited liability company action, require no action by
or in respect of, or filing with, any governmental body, agency or official and
do not violate or constitute a default under any provision of applicable law or
any material agreement binding upon Borrowers or their Subsidiaries, or result
in the creation or imposition of any Lien upon any of the assets of Borrowers or
their Subsidiaries except for Permitted Liens.

         6.3.     VALIDITY AND BINDING EFFECT. This Fourth Amendment and all
other documents, instruments or agreements executed by any of Borrowers in
connection with this Fourth Amendment each constitutes the valid and binding
obligations of the applicable Borrowers enforceable in accordance with its
terms, except as the enforceability thereof may be limited by bankruptcy,
insolvency or similar laws affecting creditor's rights generally, and the
availability of equitable remedies may be limited by equitable principles of
general application.

         6.4.     ABSENCE OF DEFAULTS. Neither a Default nor an Event of Default
has occurred which is continuing.

         6.5.     NO DEFENSE. No Borrower has any defense to payment,
counterclaim or rights of set-off with respect to Lender Indebtedness on the
date hereof.

         6.6.     SALE OF LONGVIEW PROPERTY. Promptly upon the consummation of
the sale of the Longview Property, the Borrowers shall inform the Administrative
Agent of the amount of the Net Cash Proceeds from such Disposition, the amount
of the reduction in the US Equipment Component that occurred on the date of such
Disposition, and the amount of the reduction to the US Borrowing Base that
occurred on the date of such Disposition.

SECTION 7. MISCELLANEOUS.

         7.1.     REAFFIRMATION OF FINANCING DOCUMENTS; EXTENSION OF LIENS. Any
and all of the terms and provisions of the Credit Agreement and the Financing
Documents shall, except as amended and modified hereby, remain in full force and
effect. Each Borrower hereby extends each Lien granted by such Borrower to
secure Lender Indebtedness (or Canadian Lender Indebtedness in the case of
Canadian Borrowers) until Lender Indebtedness (or Canadian Lender Indebtedness
in the case of Canadian Borrowers) has been paid in full, and agree that the
amendments and modifications herein contained shall in no manner affect or
impair Lender Indebtedness (or Canadian Lender Indebtedness in the case of
Canadian Borrowers) or the Liens securing payment and performance thereof, all
of which are ratified and confirmed.

         7.2.     PARTIES IN INTEREST. All of the terms and provisions of this
Fourth Amendment shall bind and inure to the benefit of the parties hereto and
their respective successors and assigns.

                                                                              14
<PAGE>

         7.3.     COUNTERPARTS, EFFECTIVENESS OF FOURTH AMENDMENT. This Fourth
Amendment may be executed in counterparts, and all parties need not execute the
same counterpart; however, no party shall be bound by this Fourth Amendment
until this Fourth Amendment has been executed by each Borrower and each Lender,
at which time this Fourth Amendment shall be binding on, enforceable against and
inure to the benefit of Borrowers, each Agent and all Lenders. Facsimiles shall
be effective as originals.

         7.4.     COMPLETE AGREEMENT. THIS FOURTH AMENDMENT, THE CREDIT
AGREEMENT AND THE OTHER FINANCING DOCUMENTS REPRESENT THE FINAL AGREEMENT AMONG
THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR
ORAL AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN
THE PARTIES.

         7.5.     HEADINGS. The headings, captions and arrangements used in this
Fourth Amendment are, unless specified otherwise, for convenience only and shall
not be deemed to limit, amplify or modify the terms of this Fourth Amendment,
nor affect the meaning thereof.

         7.6.     NO IMPLIED WAIVERS. No failure or delay on the part of Lenders
in exercising, and no course of dealing with respect to, any right, power or
privilege under this Fourth Amendment, the Credit Agreement or any other
Financing Document shall operate as a waiver thereof, nor shall any single or
partial exercise of any right, power or privilege under this Fourth Amendment,
the Credit Agreement or any other Financing Document preclude any other or
further exercise thereof or the exercise of any other right, power or privilege.

         7.7.     REVIEW AND CONSTRUCTION OF DOCUMENTS. Borrowers hereby
acknowledge, and represent and warrant to Lenders, that (a) Borrowers have had
the opportunity to consult with legal counsel of their own choice and have been
afforded an opportunity to review this Fourth Amendment with their legal
counsel, (b) Borrowers have reviewed this Fourth Amendment and fully understand
the effects thereof and all terms and provisions contained herein, (c) Borrowers
have executed this Fourth Amendment of their own free will and volition, and (d)
this Fourth Amendment shall be construed as if jointly drafted by Borrowers and
Lenders. The recitals contained in this Fourth Amendment shall be construed to
be part of the operative terms and provisions of this Fourth Amendment.

         7.8.     ARMS-LENGTH/GOOD FAITH. This Fourth Amendment has been
negotiated at arms-length and in good faith by the parties hereto.

         7.9.     INTERPRETATION. Wherever the context hereof shall so require,
the singular shall include the plural, the masculine gender shall include the
feminine gender and the neuter and vice versa.

         7.10.    SEVERABILITY. In case any one or more of the provisions
contained in this Fourth Amendment shall for any reason be held to be invalid,
illegal or unenforceable in any respect, such invalidity, illegality, or
unenforceability shall not affect any other provision hereof, and this Fourth
Amendment shall be construed as if such invalid, illegal, or unenforceable
provision had never been contained herein.

                                                                              15
<PAGE>

         7.11.    FURTHER ASSURANCES. Borrowers agree to execute, acknowledge,
deliver, file and record such further certificates, instruments and documents,
and to do all other acts and things, as may be requested by Lenders as necessary
or advisable to carry out the intents and purposes of this Fourth Amendment.

         7.12.    WAIVER OF JURY TRIAL. TO THE MAXIMUM EXTENT ALLOWED BY
APPLICABLE LAW, EACH OF BORROWERS, AGENTS, THE ISSUING BANKS AND LENDERS (a)
IRREVOCABLY AND UNCONDITIONALLY WAIVE TRIAL BY JURY IN ANY LEGAL ACTION OR
PROCEEDING RELATING TO ANY FINANCING DOCUMENT AND FOR ANY COUNTERCLAIM THEREIN;
(b) IRREVOCABLY WAIVE ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH
LITIGATION ANY SPECIAL, EXEMPLARY, PUNITIVE OR CONSEQUENTIAL DAMAGES, OR DAMAGES
OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES; (c) CERTIFY THAT NO PARTY HERETO
NOR ANY REPRESENTATIVE OR COUNSEL FOR ANY PARTY HERETO HAS REPRESENTED,
EXPRESSLY OR OTHERWISE, OR IMPLIED THAT SUCH PARTY WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS; AND (d) ACKNOWLEDGE THAT IT
HAS BEEN INDUCED TO ENTER INTO THIS FOURTH AMENDMENT, THE CREDIT AGREEMENT, THE
OTHER FINANCING DOCUMENTS AND THE TRANSACTIONS CONTEMPLATED HEREBY AND THEREBY
BASED UPON, AMONG OTHER THINGS, THE MUTUAL WAIVERS AND CERTIFICATIONS CONTAINED
IN THIS SECTION.

                            [Signature Pages Follow]

                                       16
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have executed this Fourth
Amendment as of the day and year first above written.

                                         JPMORGAN CHASE BANK, as a Lender and as
                                         the Administrative Agent

                                         By: /s/ Christopher D. Capriotti
                                         Christopher D. Capriotti,
                                         Vice President

                                         JPMORGAN CHASE BANK, TORONTO BRANCH, as
                                         a Lender

                                         By: /s/ Christine Chan
                                             Christine Chan, Vice President

                                         CIT BUSINESS CREDIT CANADA INC., as a
                                         Lender and as the Canadian
                                         Administrative Agent

                                         By: /s/ Don Rogers
                                         Name: Don Rogers
                                         Title: Vice President

                                         GENERAL ELECTRIC CAPITAL CORPORATION,
                                         as a Lender and as the Documentation
                                         Agent

                                         By: /s/ James P. Welsh
                                         Name: James P. Welsh
                                         Title: Its Duly Authorized Signatory

                                         GENERAL ELECTRIC CAPITAL CANADA INC.,
                                         as a Lender

                                         By: /s/ Stephen B. Smith
                                         Name: Stephen B. Smith
                                         Title: Senior Vice President

                                Signature Page to
            Fourth Amendment to Amended and Restated Credit Agreement

<PAGE>

                                         THE CIT GROUP/BUSINESS CREDIT, INC.,
                                         as a Lender

                                         By: /s/Grant Weiss
                                         Name: Grant Weiss
                                         Title: Vice President

                                         U.S. BANK NATIONAL ASSOCIATION,
                                         as a Lender

                                         By: /s/ Thomas Visconti
                                         Name: Thomas Visconti
                                         Title: Vice President

                                         FLEET CAPITAL CANADA CORPORATION,
                                         as a Lender

                                         By: /s/Doug McKenzie
                                         Name: Doug McKenzie
                                         Title: Vice President & General Manager

                                         FLEET CAPITAL CORPORATION, as a Lender

                                         By: /s/ Edward M. Bartkowski
                                         Name: Edward M. Bartkowski
                                        Title: Senior Vice President

                                         RBC CENTURA BANK, as a Lender

                                         By: /s/ E. Mark Stubblefield
                                         Name: E. Mark Stubblefield
                                         Title: Market Manager/National Division

                                         ROYAL BANK OF CANADA, as a Lender

                                         By: /s/ Roger G. M. Straathof
                                         Name: Roger G.M. Straathof
                                         Title: Account Manager

                                Signature Page to
            Fourth Amendment to Amended and Restated Credit Agreement

<PAGE>

                                         CITIZENS BUSINESS CREDIT, as a Lender

                                         By: /s/ Todd Pacifico
                                         Name:   Todd Pacifico
                                         Title:  Vice President

                                         MAVERICK TUBE CORPORATION

                                         By: /s/ Pamela G. Boone
                                                 Pamela G. Boone,
                                                 Vice President

                                         SEACAT, L.P.

                                         By:  Precision GP, LLC, its general
                                              partner
                                              By:  Maverick Tube Corporation,
                                                   its sole member

                                                   By: /s/ Pamela G. Boone
                                                           Pamela G. Boone,
                                                           Vice President

                                         SEAC ACQUISITION, LLC

                                         By:  Maverick Tube Corporation, its
                                              sole member

                                              By: /s/ Pamela G. Boone
                                                      Pamela G. Boone,
                                                      Vice President

                                         MAVERICK C&P, INC.

                                         By: /s/ Pamela G. Boone
                                                 Pamela G. Boone,
                                                 Vice President

                                         MAVERICK INVESTMENT CORPORATION

                                         By: /s/ Pamela G. Boone
                                                 Pamela G. Boone,
                                                 Vice President

                                Signature Page to
            Fourth Amendment to Amended and Restated Credit Agreement

<PAGE>

                                         MAVERICK TUBE, L.P.

                                         By:  Maverick GP, Inc., its general
                                              partner

                                              By: /s/ Pamela G. Boone
                                                      Pamela G. Boone,
                                                      Vice President

                                         PRECISION TUBE HOLDING CORPORATION

                                         By: /s/ Pamela G. Boone
                                                 Pamela G. Boone,
                                                 Vice President

                                         MAVERICK GP, INC.

                                         By: /s/ Pamela G. Boone
                                                 Pamela G. Boone,
                                                 Vice President

                                         PRECISION GP, LLC

                                         By:  Maverick GP, Inc., its general
                                              partner

                                              By: /s/ Pamela G. Boone
                                                      Pamela G. Boone,
                                                      Vice President

                                         PRECISION TUBE TECHNOLOGY, L.P.

                                         By: Precision GP, LLC, its general
                                             partner

                                         By: /s/ Pamela G. Boone
                                                 Pamela G. Boone,
                                                 Vice President

                                         PRUDENTIAL STEEL LTD.

                                         By: /s/ Pamela G. Boone
                                                 Pamela G. Boone,
                                                 Vice President and Secretary

                                Signature Page to
            Fourth Amendment to Amended and Restated Credit Agreement

<PAGE>

                                         MAVERICK TUBE (CANADA) INC.

                                         By: /s/ Pamela G. Boone
                                                 Pamela G. Boone,
                                                 Vice President and Secretary

                                         MAVERICK EXCHANGECO (NOVA SCOTIA) ULC

                                         By: /s/ Pamela G. Boone
                                                 Pamela G. Boone,
                                                 Vice President and Secretary

                                         PRECISION TUBE CANADA LIMITED

                                         By: /s/ Pamela G. Boone
                                                 Pamela G. Boone,
                                                 President

                                Signature Page to
            Fourth Amendment to Amended and Restated Credit Agreement

<PAGE>

                                   EXHIBIT A

                          FORM OF UNSECURED DEMAND NOTE

                                 PROMISSORY NOTE

                                                            December _____, 2003
$______________                                              St. Louis, Missouri

         FOR VALUE RECEIVED, MAVERICK TUBE INTERNATIONAL HOLDINGS, INC., a
Delaware corporation (the "OBLIGOR"), hereby promises to pay to the order of
MAVERICK TUBE CORPORATION, a Delaware corporation (the, "HOLDER"), the principal
sum of [AMOUNT TO BE DETERMINED, BUT THE MAXIMUM WILL BE THE US DOLLAR
EQUIVALENT OF C$150 MILLION]; without interest. The full amount of this Note
shall be payable on demand.

         The Obligor shall have the right to prepay the outstanding balance of
this Note in whole or in part at any time or from time to time, without premium
or penalty.

         If any payment under this Note shall not be paid at or within the time
provided herein, and this Note shall be placed in the hands of an attorney for
collection, the Obligor promises to pay all fees and expenses of such attorney
and court costs in addition to the full amount due hereon, whether or not
litigation shall be commenced.

         This Note is made in the State of Missouri and shall be governed by and
interpreted in accordance with the laws of the State of Missouri. Demand for
payment, presentment, protest, notice of dishonor and notice of acceptance are
hereby waived by all who are or shall become parties of this Note.

         IN CONSIDERATION OF THE ABOVE, Obligor has executed and delivered this
Note as of the day and year first above written.

                                         MAVERICK TUBE INTERNATIONAL HOLDINGS,
                                         INC.

                                         By: /s/ Pamela G. Boone
                                         Name: Pamela G. Boone
                                         Title: President

                                                                             A-1
<PAGE>

                                    EXHIBIT B

                           POST-CONSUMMATION STRUCTURE

                                                                 [MAVERICK LOGO]

Organizational Chart By Legal Entity (Post-Consummation Structure)

               [ORGANIZATIONAL CHART BY LEGAL ENTITY  FLOW CHART]

                                      B-1
<PAGE>

                                   EXHIBIT C

                           POST-AMALGAMATION STRUCTURE

                                                                 [MAVERICK LOGO]

Organizational Chart By Legal Entity (Post-Consummation Structure)

                [ORGANIZATIONAL CHART BY LEGAL ENTITY FLOW CHART]

                                      C-1
<PAGE>

                                   EXHIBIT D

               FIRST AMENDMENT TO GUARANTY AND SECURITY AGREEMENT

         THIS FIRST AMENDMENT TO GUARANTY AND SECURITY AGREEMENT (this
"AMENDMENT") is effective as of the ____ day of December, 2003 and executed by
JPMorgan Chase Bank in its capacity as Administrative Agent (as herein defined)
and each party designated as a Grantor on the signature page hereto (the
"GRANTORS").

                              W I T N E S S E T H:

         WHEREAS, JPMorgan Chase Bank as Administrative Agent (in such capacity,
the "ADMINISTRATIVE AGENT"), CIT Business Credit Canada, Inc., as Canadian
Administrative Agent, General Electric Capital Corporation as Documentation
Agent, Maverick Tube Corporation and certain of its subsidiaries as Borrowers,
and certain financial institutions parties thereto as Lenders are parties to
that certain Amended and Restated Credit Agreement, dated as of December 31,
2002 (as amended, supplemented or otherwise modified from time to time, the
"CREDIT AGREEMENT") Unless otherwise defined herein, all terms used herein with
their initial letter capitalized shall have the meaning given such terms in the
Credit Agreement, including, to the extent applicable, after giving effect to
this Fourth Amendment; and

         WHEREAS, to secure the Lender Indebtedness, the Grantors executed and
delivered to Administrative Agent that certain Guaranty and Security Agreement
dated as of March 28, 2002 (the "GUARANTY AND SECURITY AGREEMENT"); and

         WHEREAS, Borrowers, Agents and Lenders have entered into that certain
Fourth Amendment to Amended and Restated Credit Agreement dated as of the date
hereof (the "FOURTH AMENDMENT"), pursuant to which among other things, the
Credit Agreement will be amended in certain respects and the Lenders will
consent to (i) the Canadian Restructure, and (ii) the Venezuelan Transaction (as
defined in the Fourth Amendment); and

         WHEREAS, the Canadian Restructuring and the Venezuelan Transaction will
result in the creation of certain new Subsidiaries and the Equity of certain of
such new Subsidiaries will, subject to limitations set forth in the Guaranty and
Security Agreement as amended by this Amendment, be pledged to secure the Lender
Indebtedness; and

         WHEREAS, contemporaneous with the execution and delivery of this
Amendment, International Holdings and Maverick ULC will enter into an Assumption
Agreement pursuant to which International Holdings and Maverick ULC will become
Grantors under and as defined in the Guaranty and Security Agreement; and

         WHEREAS, the Lenders have required, as a condition precedent to the
effectiveness of the amendments and consents contained in the Fourth Amendment,
that the Guaranty and Security Agreement be amended as provided for herein.

                                                                             D-1
<PAGE>

         NOW THEREFORE, for and in consideration of the mutual covenants and
agreements herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged and confessed, the
parties hereto hereby agree as follows:

SECTION 1. Amendments.

         1.1.     Amended Definition. The definition of "Collateral" contained
in Section 1.1 of the Guaranty and Security Agreement shall be amended to read
in full as follows:

                  "Collateral" shall have the meaning provided in Section 3;
         provided, that, such term shall expressly exclude all Equity of Canada
         LP and Precision Scotland"

         1.2.     Amendment to Guaranty. A new Section 2.6 shall be added to the
Guaranty and Security Agreement which shall read in full as follows:

                  "2.6 Grantors Excluded as Guarantors. Solely for purposes of
         Sections 2.1, 2.2, 2.3, 2.4 and 2.5 hereof, the term "Grantors" shall
         be deemed to exclude any Grantors that are also Canadian Borrowers."

         1.3.     Amendment to Grant of Security Interest. The second paragraph
of Section 3 of the Guaranty and Security Agreement shall be amended and
restated in its entirety to read as follows:

                  "Notwithstanding the foregoing, to the extent any Equity was
         issued by a International Holdings or an Issuer organized under the
         laws of any jurisdiction other than the United States of America, a
         State thereof, or the District of Columbia (a "Foreign Issuer"), and to
         the extent this security interest secures Lender Indebtedness or a
         guarantee of Canadian Lender Indebtedness which is not Canadian Lender
         Indebtedness such security interest in Equity shall be limited to all
         non voting Equity and sixty five percent (65%) of the issued and
         outstanding voting Equity of any Issuer. The foregoing limitation shall
         not be applicable to the security interest in Equity issued by a
         Foreign Issuer to the extent the security interest secures Canadian
         Lender Indebtedness or a guarantee of Canadian Lender Indebtedness.

SECTION 2. Miscellaneous.

         2.1.     Reaffirmation of Financing Documents; Extension of Liens. Any
and all of the terms and provisions of the Guaranty and Security Agreement and
the Financing Documents shall, except as amended and modified hereby, remain in
full force and effect. Each party executing this Amendment hereby extends the
Liens granted by it to secure the Lender Indebtedness until the Lender
Indebtedness has been paid in full, and agrees that the amendments and
modifications herein contained shall in no manner affect or impair the Lender
Indebtedness or the Liens securing payment and performance thereof.

         2.2      Headings. The headings, captions and arrangements used in this
Amendment are, unless specified otherwise, for convenience only and shall not be
deemed to limit, amplify or modify the terms of this Amendment, nor affect the
meaning thereof.

                                                                             D-2
<PAGE>

         2.3      Financing Document. This Amendment is a Financing Document and
is subject to all provisions of the Credit Agreement applicable to Financing
Document.

                            [Signature Pages Follow]

                                                                             D-3
<PAGE>

         IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be
duly executed by their respective Responsible Officers on the date and year
first above written.

ADMINISTRATIVE AGENT:                    JPMORGAN CHASE BANK,
                                         as a Lender and as the Administrative
                                         Agent

                                         By:/s/ Christopher D. Capriotti
                                                Christopher D. Capriotti,
                                                Vice President

GRANTORS:                                MAVERICK TUBE CORPORATION

                                         By: /s/ Pamela G. Boone
                                                 Pamela G. Boone,
                                                 Vice President

                                         SEACAT, L.P.

                                         By:  Precision GP, LLC, its general
                                              partner

                                              By:  Maverick Tube Corporation,
                                                   its sole member

                                                    By: /s/ Pamela G. Boone
                                                            Pamela G. Boone,
                                                            Vice President

                                         SEAC ACQUISITION, LLC

                                         By:  Maverick Tube Corporation, its
                                              sole member

                                              By: /s/ Pamela G. Boone
                                                      Pamela G. Boone,
                                                      Vice President

                                         MAVERICK C&P, INC.

                                         By: /s/ Pamela G. Boone
                                                 Pamela G. Boone,
                                                 Vice President

                                         MAVERICK INVESTMENT CORPORATION

                                         By: /s/ Pamela G. Boone
                                                 Pamela G. Boone,
                                                 Vice President

                                                                             D-4
<PAGE>

                                         MAVERICK TUBE, L.P.

                                         By:  Maverick GP, Inc., its general
                                              partner

                                              By: /s/ Pamela G. Boone
                                                      Pamela G. Boone,
                                                      Vice President

                                         PRECISION TUBE HOLDING CORPORATION

                                         By: /s/ Pamela G. Boone
                                                 Pamela G. Boone,
                                                 Vice President

                                         MAVERICK GP, INC.

                                         By: /s/ Pamela G. Boone
                                                 Pamela G. Boone,
                                                 Vice President

                                         PRECISION GP, LLC

                                         By:  Maverick GP, Inc., its general
                                              partner

                                              By: /s/ Pamela G. Boone
                                                      Pamela G. Boone,
                                                      Vice President

                                         PRECISION TUBE TECHNOLOGY, L.P.

                                         By:  Precision GP, LLC, its general
                                              partner

                                              By: /s/ Pamela G. Boone
                                                      Pamela G. Boone,
                                                      Vice President
                                                                             D-6<PAGE>

                                                                   EXHIBIT 10.28

                               SEVERANCE AGREEMENT

         This Severance Agreement (the "Agreement") is made as of the 19 day of
February, 2003, by and between MAVERICK TUBE CORPORATION, a Delaware corporation
(the "Company"), and Jim Cowan ("Executive").

         WHEREAS, the Board of Directors of the Company ("Board") has determined
that it is in the best interests of the Company and its stockholders that the
continuous employment of key management personnel be fostered; and

         WHEREAS, the Board has determined that appropriate steps should be
taken to reinforce and encourage the continued attention and dedication of such
personnel to their management duties;

         NOW, THEREFORE, for good and valuable consideration, the sufficiency
and receipt of which is hereby acknowledged, the Company and the Executive
hereby agree as follows:

         1. DEFINITIONS. Capitalized terms used in this Agreement have the
meanings set forth below.

         (a) "Cause" means the commission of (i) an act or acts of personal
dishonesty performed by the Executive and intended to result in substantial
personal enrichment of the Executive at the expense of the Company or an
affiliate; (ii) an act of disloyalty or conduct clearly tending to bring
discredit upon the Company or any affiliate; or (iii) a felony involving moral
turpitude.

         (b) "Change in Control" means:

                  (i) the acquisition, direct or indirect, by any individual,
         entity, or group ("Person"), of beneficial ownership of thirty-five
         percent (35%) or more of either all then outstanding shares of Stock
         or, if different, the combined voting power of all then outstanding
         voting securities entitled to vote generally in the election of
         directors ("Other Voting Securities") of the Company, provided that the
         following acquisitions shall not constitute a change of control: (A)
         any acquisition directly from the Company; (B) any acquisition by the
         Company; (C) any acquisition by any employee benefit plan or related
         trust sponsored or maintained by the Company or any affiliate; and (D)
         any acquisition pursuant to a transaction immediately following which
         the conditions described in clauses (A), (B), and (C) of part (iii) of
         this paragraph (b) are satisfied; or

                  (ii) the failure for any reason of the Incumbent Directors to
         constitute the majority of the Board; or

                  (iii) the approval by the stockholders of the Company of a
         reorganization, merger, or consolidation (each, a "Transaction")
         unless, in each case, following such

<PAGE>

         Transaction (A) all or substantially all of the beneficial owners of
         the Stock and the combined voting power of all outstanding Other Voting
         Securities of the Company immediately prior to such Transaction
         beneficially own, directly or indirectly, more than fifty percent (50%)
         of, respectively, the common stock and the combined voting power of all
         outstanding Other Voting Securities of the corporation resulting from
         such Transaction ("Resulting Corporation") in substantially the same
         proportions as their ownership immediately prior to such Transaction;
         (B) no Person (other than the Company and any employee benefit plan or
         related trust of the Company or a Resulting Corporation) beneficially
         owns thirty-five percent (35%) or more of, respectively, the then
         outstanding shares of common stock of the Resulting Corporation or the
         combined voting power of all then outstanding Other Voting Securities
         of such Resulting Corporation and (C) at least a majority of the
         directors of the Resulting Corporation were members of the Incumbent
         Board at the time of the execution of the initial agreement providing
         for such Transaction; or

                  (iv) the approval by the stockholders of the Company of (A) a
         complete liquidation or dissolution of the Company or (B) the
         disposition of substantially all of the assets of the Company other
         than to a corporation with respect to which all of the following is
         true following such disposition: (I) more than 50% of, respectively,
         the then outstanding shares of common stock of such corporation ("New
         Stock") and the combined voting power of all outstanding Other Voting
         Securities of such corporation ("New Other Voting Securities") is then
         owned beneficially, directly or indirectly, by substantially all of the
         beneficial owners of the Stock and the combined voting power of all
         outstanding Other Voting Securities of the Company in substantially the
         same proportions as their ownership of such securities of the Company
         immediately prior thereto; (II) no Person other than the Company and
         any employee benefit plan or related trust of the Company or of such
         corporation then beneficially owns thirty-five percent (35%) or more of
         the New Stock or the New Other Voting Securities; and (III) at least a
         majority of the directors of such corporation were members of the
         Incumbent Board at the time of the execution of the initial agreement
         or action providing for such disposition.

         (c)      "Effective Date" means the date on which the termination of
the Executive's employment is to be effective under the terms of any written
notice or other documentation thereof.

         (d)      "Good Reason" for termination by the Executive of his
employment means the occurrence (without the Executive's written consent) of any
of the following unless, in the case of any of (i), (v), (vi), or (vii), such
act or failure to act is corrected within five business days following the
giving of notice of termination by the executive, and in the case of (iii)
below, such act is not objected to in writing by the Executive within fourteen
days after notification thereof:

                  (i) the assignment to the Executive of duties inconsistent
         with his status as an executive officer of the Company or a meaningful
         alteration, adverse to the Executive, in the nature or status of his
         responsibilities (other than reporting responsibilities) from those in
         effect immediately prior to the Change in Control;

                                        2
<PAGE>

                  (ii) a reduction in the Executive's Regular Annual Salary
         except for an across-the-board salary reduction similarly affecting all
         senior executives of the Company and all senior executives of any
         person or entity in control of the Company;

                  (iii) a requirement by the Company that the Executive relocate
         his residence outside the metropolitan area in which the Executive was
         based immediately prior to a Change in Control, provided that business
         travel in an amount substantially consistent with an Executive's
         previous travel obligations shall in no event constitute such a
         requirement;

                  (iv) failure by the Company to pay any portion of his
         compensation within fourteen days of the date it is due;

                  (v) failure by the Company to continue in effect any
         compensation plan in which the Executive participates immediately prior
         to a Change in Control that is material to the Executive's
         compensation, unless an equitable arrangement has been made with
         respect to such plan;

                  (vi) failure by the Company to continue the Executive's
         participation in a plan described in (v) or a substitute or alternative
         plan on a basis not materially less favorable to the Executive as
         existed at the time of a Change in Control;

                  (vii) failure by the Company to continue to provide the
         Executive with benefits substantially similar to those enjoyed by him
         prior to a Change in Control; or

                  (viii) the determination by the Executive, in his sole and
         absolute discretion, that the business philosophy or policies of the
         Company or its successor or the implementation thereof is not
         compatible with those of the Executive.

The Executive's continued employment shall not of itself constitute consent to,
or a waiver of rights with respect to, any act or failure to act constituting
Good Reason hereunder.

         (e)      "Incumbent Director" means an individual who, as of the date
of this Agreement is a director of the Company; provided, however, that any
individual becoming a director of the Company after the date of this Agreement
whose election or nomination was approved by at least a majority of the
Incumbent Directors shall be deemed an Incumbent Director unless such individual
became a director as a result of either an actual or threatened election contest
or solicitation of proxies or consent by or on behalf of an individual or entity
other than the Board; or

         (f)      "Potential Change in Control" means:

                  (i) the entrance by the Company into an agreement the
         consummation of which would result in the occurrence of a Change in
         Control;

                                        3
<PAGE>

                  (ii) the announced intention of the Company or any person or
         entity of taking any action that, if consummated, would constitute a
         Change in Control; or

                  (iii) the adoption by the Board of a resolution to the effect
         that for purposes of this Agreement, a Potential Change in Control has
         occurred.

         (g)      "Regular Annual Salary" means the base annual salary being
paid to the Executive immediately prior to the Effective Date, exclusive of any
bonuses or other incentive compensation, but inclusive of any compensation then
being deferred by the Executive under the Company's Deferred Compensation Plan.

         (h)      "Retirement" means the termination of employment of a Company
employee if such employee immediately thereafter receives benefits under any
retirement plan of the Company in effect immediately prior to a Change in
Control or if such termination is in accordance with any retirement arrangement
established with the Executive's consent with respect to the Executive.

         (i)      "Stock" means the $.01 par value common stock of the Company.

         (j)      "Tax Gross-up Amount" means the sum of (x) an amount equal to
all taxes imposed upon Executive under Section 4999(a) of the Internal Revenue
Code of 1986, as amended (the "Code"), resulting from payments or other benefits
(including, without limitation, accelerated vesting or exercisability of stock
rights or options) to Executive under this Agreement being deemed "excess
parachute payments," as such term is defined in Section 280(G)(b) of the Code
(the "Subject Taxes"), and (y) an amount which will as closely as reasonably
practicable approximate any additional income or excise taxes payable by
Executive as a result of the payment of the Subject Taxes on behalf of the
Executive pursuant to this Agreement.

         (k)      "Total Disability" means the inability of the Executive to
perform the duties of his position for the greater of 180 successive days or a
total of 270 days in any period of 365 days or such period as constitutes "total
disability" under any disability insurance program or plan maintained by the
Company.

         2. TERM. The term of this Agreement shall begin as of the date set
forth above and shall continue through November 11, 2003 and each November 11
thereafter, the term of this Agreement shall automatically be extended for one
additional year unless, not less than six months prior to any such date, either
(i) the Company or the Executive shall have given notice to the contrary, or
(ii) a Change of Control has occurred. If a Change in Control occurs at any time
during the term or any renewal term of this Agreement, notwithstanding notice of
termination having been given, this Agreement shall remain in effect for a
period of not less than thirty (30) months from the date of such Change in
Control.

         3. SEVERANCE PAY. If the employment of Executive is terminated at a
time not within the thirty (30) month period following a Change in Control,
other than (i) by the Company for Cause, (ii) by reason of death, Total
Disability, or Retirement, or (iii) by the Executive without

                                        4
<PAGE>

Good Reason, as of the Effective Date, and in addition to all obligations
otherwise owing to the Executive on the Effective Date, the Company shall
continue to pay to the Executive for a period of six months following the
Effective Date (I) amounts equal to those received periodically prior to the
Effective Date in payment of his Regular Annual Salary, on the same periodic
schedule as prior to the Effective Date, and (II) benefits under group health
and life insurance plans in which the Executive participated prior to the
Effective Date, to the extent permissible under the terms of such plans to do
so. Except as specifically provided herein, no other payments or benefits will
be furnished or paid, and all contributions or deductions, if any (other than
deductions made in connection with the benefits specifically provided for
herein, if any), shall cease as of the Effective Date.

         4. CONFIDENTIALITY. The Executive specifically acknowledges that all
information pertaining to the Company or its business received by him during the
course of his employment that has been designated confidential by the Company or
has not been made publicly available is the exclusive property of the Company,
and the Executive agrees that during and after his employment by the Company, he
will not disclose any of such information without the prior written consent of
the Board to anyone not employed by the Company or engaged by the Company to
render services to it. The Executive further agrees that he will not use such
information for his own benefit or the benefit of any party other than the
Company. This Section 4 shall survive termination of this Agreement.

         5. EXECUTIVE'S COVENANTS. The Executive agrees that, subject to the
terms and conditions of this Agreement, in the event of a Potential Change in
Control during the term of this Agreement, the Executive will remain in the
employ of the Company following the occurrence of such event until the earliest
of (i) six months from the date of such Potential Change in Control, (ii) the
date of a Change in Control, (iii) the date of termination by the Executive of
his employment for Good Reason (determined by treating a Potential Change in
Control as a Change in Control in applying the definition of Good Reason) or by
reason of death, Retirement or Total Disability, or (iv) the termination by the
Company of the Executive's employment for any reason.

         6. COMPENSATION UPON TERMINATION FOLLOWING A CHANGE IN CONTROL. If,
within thirty (30) months after the occurrence of a Change in Control, the
Executive's employment is terminated other than (i) by the Company for Cause,
(ii) by reason of death, Total Disability, or Retirement, or (iii) by the
Executive without Good Reason, then, in addition to all obligations otherwise
owing to the Executive on the Effective Date, the Company shall pay or provide
to the Executive within sixty (60) days of the Effective Date the following: (I)
a lump sum amount equal to the product of 2.5 and the sum of (a) the Executive's
then Regular Annual Salary, and (b) the annual amount that would be paid to
Executive pursuant to the Company's Performance Bonus Plan assuming that all
performance levels had been achieved at maximum levels; (II) for a period of
thirty (30) months following the Effective Date, (A) the continuation of health
insurance, life insurance, and disability insurance benefits substantially the
same as any such benefits provided to Executive immediately prior to the
Effective Date by the Company under group insurance plans or otherwise, to the
extent permissible under the terms of such plans to do so and if such coverage
is not permitted, amounts necessary for premium payments for such coverage; (B)
the continuation of Executive's car allowance, and club membership fees, if any

                                        5
<PAGE>

(or an amount sufficient to cover such continued car allowance and club
membership fees); and (III) the Tax Gross-Up Amount, if applicable. Except as
specifically provided herein, no other payments or benefits will be furnished or
paid, and all contributions or deductions, if any (other than deductions made in
connection with the benefits specifically provided for herein, if any), shall
cease as of the Effective Date.

         The Executive's employment shall be deemed to have been terminated
within thirty (30) months after the occurrence of a Change in Control by the
Company without Cause or by the Executive with Good Reason and the Executive
shall be entitled to receive the payments described in this Section 6 (i) if
terminated prior to a Change in Control without Cause at the direction of a
person or entity who or that has entered into an agreement with the Company the
consummation of which will constitute a Change in Control or (ii) if the
Executive terminates his employment with Good Reason prior to a Change in
Control (determined by treating a Potential Change in Control as a Change in
Control in applying the definition of Good Reason) if the circumstance or event
that constitutes Good Reason occurs at the direction of such person or entity.

         7. NOT AN EMPLOYMENT AGREEMENT; SUPERCEDING EFFECT. This Agreement
shall not be construed as creating an express or implied contract of employment.
This Agreement shall supercede any severance agreement previously entered into
or obligation otherwise agreed to between the parties hereto with respect to
severance payments.

         8. SUCCESSORS; BINDING AGREEMENT.

         (a) In addition to any obligations imposed by law upon any successor to
the Company, the Company will require any successor (whether direct or indirect,
by purchase, merger, consolidation, or otherwise) to all or substantially all of
the business or assets (or a combination thereof) of the Company expressly to
assume and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place. Failure of the Company to obtain such assumption and agreement
prior to the effectiveness of any such succession shall be a breach of this
Agreement and shall entitle the Executive to the payments described in Section 6
that would be payable upon termination by the Executive for Good Reason
immediately after a Change in Control.

         (b) This Agreement shall inure to the benefit of and be enforceable by
the Executive's legal representatives and other successors in interest, provided
that this Agreement may not be assigned by Executive. If Executive dies while
any amount (other than an amount that by its terms is to terminate upon his
death) would still be payable to him hereunder if he was still living, all such
amounts shall be paid in accordance with this Agreement to the executors,
personal representatives, or administrators of the Executive's estate.

         9. FEES. The Company shall pay to Executive all legal fees and expenses
incurred by Executive as a result of Executive's termination (including all such
fees and expenses, if any, incurred in contesting or disputing any such
termination or in seeking to or in connection with any tax audit or proceeding
to the extent attributable to the application of Section 4999 of the Code, to
any payment or benefit provided hereunder) unless such termination is (i) by the

                                        6
<PAGE>

Company for Cause; (ii) by reason of death, Total Disability or Retirement, or
(iii) by the Executive without Good Reason.

         10. MISCELLANEOUS. No provision of this Agreement may be modified,
waived, or discharged unless so agreed by the parties in writing. No waiver
shall be deemed a waiver of the same or any other provision at the same or any
other time. This Agreement sets forth the entire agreement of the parties
regarding its subject matter. This Agreement shall be governed by the laws of
the State of Missouri other than the conflicts of law provisions thereof. All
payments provided for hereunder shall be made net of any applicable withholding
requirements of federal, state, or local law. The invalidity or unenforceability
of any provision of this Agreement shall not affect the validity or
enforceability of any other provision of this Agreement.

         IN WITNESS WHEREOF, the parties have executed or caused to be executed
this Agreement as of the date set forth above.

                                    MAVERICK TUBE CORPORATION

                                    By: /s/ Gregg Eisenberg
                                    Title: President & CEO

                                    Executive:

                                    /s/ Jim Cowan, Feb. 19, 2003
                                    Jim Cowan

                                        7

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