Document:

exv10w27

	 	 	 	 	 

Exhibit 10.27

MCJUNKIN RED MAN HOLDING CORPORATION

RESTRICTED STOCK AWARD AGREEMENT

     THIS RESTRICTED STOCK AWARD AGREEMENT (this “Agreement”), made as of September 10,
2009 (the “Grant Date”), between McJunkin Red Man Holding Corporation, a Delaware
corporation (the “Company”), PVF Holdings LLC, a Delaware limited liability company (solely
for purposes of Section 20 hereof) (“PVF LLC”), and Len Anthony (the “Grantee”).

     WHEREAS, the Company has adopted the McJ Holding Corporation 2007 Restricted Stock Plan (the
“Plan”), which Plan is incorporated herein by reference and made a part of this Agreement.
Capitalized terms not otherwise defined herein shall have the meanings given thereto in the Plan;
and

     WHEREAS, the Committee has determined to grant to the Grantee such award of restricted common
stock of the Company as provided herein (the “Restricted
Stock”).

     NOW, THEREFORE, the parties hereto agree as follows:

     1. Grant of Restricted Stock.

          The Company hereby grants to the Grantee an award of 7,300 shares of Restricted Stock (the
“Award”). The shares of Restricted Stock granted pursuant to the Award shall be issued in the form
of book-entry shares in the name of the Grantee as soon as reasonably practicable after the Grant
Date and shall be subject to the execution and return of this Agreement by the Grantee (or the
Grantee’s estate, if applicable) to the Company as provided in Section 8 hereof.

     2. Restrictions on Transfer.

          The shares of Restricted Stock issued under this Agreement may not be sold, transferred,
assigned or otherwise disposed of, may not be pledged or otherwise hypothecated, and shall be
subject to the terms of the Stockholders Agreement.

     3. Lapse of Restrictions Generally.

          Except as provided in Sections 4 and 5 hereof, 100% of the number of shares of Restricted
Stock issued hereunder shall vest, and the restrictions with respect to such Restricted Stock shall
lapse, on the fifth (5th) anniversary of the Grant Date, subject to the Grantee’s
continued service.

     4. Accelerated Vesting.

 

 

          In the event of a Transaction, or upon the termination of the Grantee’s service due to the
Grantee’s death or Disability, at any time on or after the Grant Date, all shares of Restricted
Stock which have not become vested in accordance with Section 3 hereof shall vest, and the
restrictions and conditions applicable to such Restricted Stock shall be deemed to have lapsed
immediately prior to the occurrence such event.

     5. Forfeiture of Restricted Stock.

          Any and all shares of Restricted Stock (whether or not vested) shall be forfeited and shall
revert to the Company upon the termination by the Company or any of its subsidiaries of the
Grantee’s service for Cause. Any and all shares of restricted stock which have not vested pursuant
to Sections 3 or 4 hereof shall be forfeited and shall revert to the Company upon the termination
of the Grantee’s service to the Company for any reason other than by the Company or any of its
subsidiaries for Cause.

     6. Delivery of Restricted Stock.

          Certificates or evidence of book-entry shares with respect to shares of Restricted Stock in
respect of which the restrictions have lapsed pursuant to Section 3 or 4 hereof shall be delivered
to the Grantee as soon as practicable following the date on which the restrictions on such
Restricted Stock have lapsed, free of all restrictions hereunder. Any certificates for shares of
Restricted Stock shall be held by the Company on behalf of the Grantee until such time as the
shares represented by such certificates are transferred as permitted by the Stockholders Agreement.

     7. Stockholders Agreement.

          In consideration of the Award, the Grantee agrees that the Grantee shall become a party to the
Stockholders Agreement.

     8. Execution of Agreements.

          The shares of Restricted Stock granted to the Grantee pursuant to the Award shall be subject
to the Grantee’s execution and return of (i) this Agreement and (ii) the Stockholders Agreement.

     9. No Right to Continued Service.

          Nothing in this Agreement shall confer upon the Grantee any right to continuance of service as
a Board member.

     10. Withholding
of Taxes.

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          Prior to the delivery to the Grantee (or the Grantee’s estate, if applicable) of evidence of
book-entry shares with respect to shares of Restricted Stock in respect of which all restrictions
have lapsed, the Grantee (or the Grantee’s estate) shall be required to pay to the Company or any
Affiliate, and the Company shall have the right and is hereby authorized to withhold, any
applicable withholding taxes in respect of such Restricted Stock, or any payment or transfer under,
or with respect to, such Restricted Stock, and to take such other action as may be necessary in the
opinion of the Committee to satisfy all obligations for the payment of such withholding taxes. The
Grantee shall be solely responsible for the payment of all taxes relating to the payment or
provision of any amounts or benefits hereunder.

     11. Modification of Agreement.

          This Agreement may be modified, amended, suspended or terminated, and any terms or conditions
may be waived, but only by a written instrument executed by the parties hereto.

     12. Severability.

          Should any provision of this Agreement be held by a court of competent jurisdiction to be
unenforceable or invalid for any reason, the remaining provisions of this Agreement shall not be
affected by such holding and shall continue in full force in accordance with their terms.

     13. Governing Law.

          The validity, interpretation, construction and performance of this Agreement shall be governed
by the laws of the State of New York, without giving effect to the conflicts of laws principles
thereof.

     14. Successors in Interest.

          This Agreement shall inure to the benefit of and be binding upon any successor to the Company.
This Agreement shall inure to the benefit of the Grantee’s legal representatives. All obligations
imposed upon the Grantee and all rights granted to the Company under this Agreement shall be
binding upon the Grantee’s heirs, executors, administrators and successors.

     15. No Liability.

          No member of the Board shall be liable for any action or determination made in good faith with
respect to this Award or this Agreement.

     16. Resolution of Disputes.

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          Any dispute or disagreement which may arise under, or as a result of, or in any way relate to,
the interpretation, construction or application of this Agreement shall be determined by the Board.
Any determination made hereunder shall be final, binding and conclusive on the Grantee, the
Grantee’s heirs, executors, administrators and successors, and the Company and its subsidiaries for
all purposes.

     17. Entire Agreement.

          This Agreement and the terms and conditions of the Stockholders
Agreement constitute the entire understanding between the Grantee and the Company and its
subsidiaries with respect to the Award, and supersede all other agreements, whether written or
oral, with respect to the Award.

     18. Headings.

          The headings of this Agreement are inserted for convenience only and do not constitute a part
of this Agreement.

     19. Accredited Investor Status Representation of Grantee.

          Please check the box next to any of the following statements that apply:

	þ	 	Your individual net worth, or joint net worth with your spouse, as of the date
hereof, exceeds $1,000,000;
	 
	þ	 	You had individual income in excess of $200,000 in each of the two most recent
years, or joint income with your spouse in excess of $300,000 in each of those years, and have a
reasonable expectation of reaching the same income level in the current year; or
	 
	o	 	None of the statements above apply.

     20. Adoption of Stockholders Agreement.

          The parties hereto agree that, upon the grant of the Restricted Stock hereunder, the Grantee
shall be made a party to the Management Stockholders Agreement among PVF LLC (formerly known as McJ
Holding LLC), the Company, and the other parties thereto (the “Stockholders Agreement”), as
an “Executive” (as defined in the Stockholders Agreement) with the rights and obligations of
holders of “Stock” (as defined in the Stockholders Agreement) and the Grantee hereby agrees to
become a party to the Stockholders Agreement and to be bound by, and subject to, all of the
representations, covenants, terms and conditions of the Stockholders Agreement that are applicable
to an Executive with such rights and obligations. Execution and delivery of this Agreement by the
Grantee shall also constitute execution and delivery by the Grantee of the Stockholders Agreement,
without further action of any party. A copy of the Stockholders Agreement is

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attached hereto as Exhibit A. In addition to the representations and warranties in the
Stockholders Agreement that Grantee makes as an Executive, the Grantee represents and warrants to
the Company that (a) the Grantee has carefully reviewed the Stockholders Agreement and has also
reviewed all other documents the Grantee deems necessary or desirable in order for the Grantee to
become a party to the Stockholders Agreement (by executing this Agreement); (b) the Grantee has
been granted the opportunity to ask questions of, and receive answers from, representatives of the
Company concerning the Stockholders Agreement and the terms and conditions thereof that the Grantee
deems necessary; and (c) this Agreement (and by executing this Agreement, the Stockholders
Agreement) has been duly executed and delivered by Grantee and constitutes a valid and binding
agreement of Grantee enforceable against the Grantee in accordance with its terms and the terms of
the Stockholders Agreement.

     21. Counterparts.

          This Agreement may be executed simultaneously in two or more counterparts, each of which shall
constitute an original, but all of which taken together shall constitute one and the same
agreement.

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     IN WITNESS WHEREOF, the parties hereto have executed this Agreement, effective as of the Grant
Date.

	 	 	 	 	 
	 	MCJUNKIN RED MAN HOLDING
CORPORATION

 
	 	By:  	/s/ Stephen W. Lake
 	 
	 	 	Name:  	Stephen W. Lake 	 
	 	 	Title:     Executive Vice-President, General
Counsel and Corporate Secretary 	 
	 
	 	PVF HOLDINGS LLC (for purposes of Section 20
only)

 	 
	 	By:  	/s/ Stephen W. Lake
 	 
	 	 	Name:  	Stephen W. Lake 	 
	 	 	Title:    
Executive Vice-President, General
Counsel and Corporate Secretary 	 
	 
	 	GRANTEE

 	 
	 	By:  	/s/ Leonard M. Anthony
 	 
	 	 	Name:  	Len Anthonyexv10w28

Exhibit 10.28

MCJUNKIN RED MAN HOLDING CORPORATION

SUBSCRIPTION AGREEMENT

     SUBSCRIPTION AGREEMENT (this “Agreement”) dated as of October 30, 2009 by and among
McJunkin Red Man Holding Corporation, a Delaware corporation (the “Company”), John Perkins
(the “Subscriber”) and, for purposes of Section 7 only, PVF Holdings LLC (“PVF”).

RECITALS

     WHEREAS, in exchange for the Cash Consideration (as defined below), the Subscriber
desires to purchase from the Company, and the Company desires to issue to the Subscriber, the
Purchased Shares (as defined below).

     NOW THEREFORE, in consideration of the mutual promises herein made, and in consideration
of the representations, warranties, and covenants herein contained, the Company and the
Subscriber hereby agree as set forth below.

          Section 1. Agreement to Sell and Purchase Securities. Subject to the terms and
provisions set forth in this Agreement, (a) Subscriber agrees to purchase 43,706 shares of
common stock, par value $0.01 per share, of the Company (the “Common Stock”), at a purchase
price of $11.44 per share, for an aggregate purchase price of $500,000 (the “Cash
Consideration”) and (b) in consideration for the Cash Consideration, the Company agrees to
issue, sell and deliver to the Subscriber 43,706 shares of Common Stock (the “Purchased
Shares”).

          Section 2. Closing. The delivery of the Purchased Shares to the Subscriber shall take
place at a closing (the “Closing”) on such date as the Company and the Subscriber shall
mutually agree. The Subscriber shall deliver the Cash Consideration to the Company by wire
transfer of immediately available funds or by such other form of payment acceptable to the
Company so that at the Closing, the Company can deliver the Purchased Shares against receipt
of cleared funds. The time and date upon which the Closing occurs is herein called the
“Closing Date.”

          Section 3. Acceptance. This Agreement is subject to the acceptance of the Company. The
Company reserves the right to accept or reject the subscription of Purchased Shares or any
portion thereof. Upon such acceptance, this Agreement shall become a binding agreement between
the Company, the Subscriber, and for purposes of Section 7 only, PVF.

          Section 4. Representations and Warranties of the Subscriber. The Subscriber
represents, warrants and agrees that:

          (a) The Subscriber has all requisite power and authority to execute and deliver this
Agreement and any and all instruments necessary or appropriate in order to effectuate fully
the terms and conditions of this Agreement and to perform and consummate his obligations
hereunder. This Agreement has been duly and validly executed and delivered by the Subscriber
and constitutes a valid and legally binding

 

 

obligation of the Subscriber, enforceable against the Subscriber in accordance with its terms
and conditions, except as enforceability thereof may be limited by any applicable bankruptcy,
reorganization, insolvency or other laws affecting creditors’ rights generally or by general
principles of equity.

          (b) The execution, delivery and performance of this Agreement by the Subscriber does not
(i) violate, conflict with, or constitute a breach of or default under any agreement to which
the Subscriber is a party or which he is bound or (y) violate any law, regulation, order,
writ, judgment, injunction or decree applicable to the Subscriber. No consent or approval of,
or filing with, any governmental or regulatory body is required to be obtained or made by the
Subscriber in connection with the execution and delivery of this Agreement.

          (c) The Subscriber is acquiring the Purchased Shares for his own account, for investment
and not with a view to the sale or distribution thereof, nor with any present intention of
distributing or selling the same. The Purchased Shares have not been registered under the U.S.
Securities Act of 1933, as amended (the “Securities Act”), and, consequently, the materials
relating to the offer have not been subject to review and comment by the staff of the
Securities and Exchange Commission or any other governmental authority. Furthermore, there is
not now and there may never be any public market for the Purchased Shares. Rule 144
promulgated under the Securities Act is not presently available with respect to the sale of
any Purchased Shares.

          (d) The Subscriber is an “accredited investor,” as such term is defined in Rule 501(a) of
Regulation D promulgated under the Securities Act and, in connection with the execution of
this Agreement, the Subscriber agrees to deliver such certificates to that effect as the board
of directors of the Company may request.

          (e) The Subscriber has had an opportunity to ask questions and receive answers concerning
the terms and conditions of the offering of the Purchased Shares and has had full access to
such other information concerning the Company as he has requested. The Subscriber’s knowledge
and experience in financial and business matters is such that he is capable of evaluating the
merits and risk of the investment in the Purchased Shares. The Subscriber has carefully
reviewed the terms and provisions of this Agreement and has evaluated the restrictions and
obligations contained herein. In furtherance of the foregoing, the Subscriber represents and
warrants that (i) no representation or warranty, express or implied, whether written or oral,
as to the financial condition, results of operations, prospects, properties or business of the
Company or as to the desirability or value of an investment in the Company has been made to
the Subscriber by or on behalf of the Company, (ii) the Subscriber has relied upon his own
independent appraisal and investigation, and the advice of his own counsel, tax advisors and
other advisors, regarding the risks of an investment in the Company and (iii) the Subscriber
will continue to bear sole responsibility for making his own independent evaluation and
monitoring of the risks of his investment in the Company.

          (f) The Subscriber’s financial situation is such that the Subscriber can afford to bear
the economic risk of holding the Purchased Shares for an indefinite period

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and the Subscriber can afford to suffer the complete loss of his investment in the Purchased
Shares.

          (g) The Subscriber is not subscribing for the Purchased Shares as a result of or
subsequent to any advertisement, article, notice or other communication published in any
newspapers, magazine or similar media or broadcast over television or radio, or presented at
any seminar or meeting, or any solicitation of a subscription by a person or entity not
previously known to the Subscriber in connection with investments in securities generally.

          (h) The Subscriber understands and acknowledges that (i) he is being issued the Purchased
Shares as part of a written compensatory contract pursuant to Rule 701 of the Securities Act
for services to the Company and its affiliates, and (ii) he or she would not be issued the
Purchased Shares if he or she were not an employee or director of the Company or one of its
affiliates.

          (i) The Subscriber hereby acknowledges that any investment gain attributable to ownership
of the Purchased Shares will not be taken into consideration for any compensation purpose.

          Section 5. Survival. All of the representations, warranties and agreements of the
Subscriber set forth herein shall survive the execution and delivery of this Agreement.

          Section 6. Subscriber’s Employment. Nothing in this Agreement shall confer upon the
Subscriber any right, following appointment of the Subscriber to the board of directors of the
Company, to continue to serve as a director of the Company or any of its affiliates or
interfere in any way with the right of the Company or any of its affiliates, as the case may
be, in their sole discretion, to terminate, following appointment of the Subscriber to the
board of directors of the Company, the Subscriber’s service as director or to increase or
decrease the Subscriber’s compensation at any time.

          Section 7. Stockholders Agreement

          (a) The Subscriber hereby agrees to become a party to the Management Stockholders
Agreement by and among PVF, the Company and the Executives named therein, dated as of March
27, 2007, as amended, attached hereto as Exhibit A (the “Stockholders Agreement”). Except as
otherwise expressly set forth in this Section 7, the Subscriber hereby agrees to be bound by,
and subject to, all of the representations, warranties, covenants, terms and conditions set
forth in the Stockholders Agreement that are applicable to an Executive (as defined in the
Stockholders Agreement). Execution and delivery of this Agreement by the Subscriber shall
also constitute execution and delivery by him of the Stockholders Agreement, without further
action of any party.

          (b) The Company, PVF and the Subscriber hereby agree that effective upon the consummation
of a Qualified IPO (as defined in the Stockholders Agreement)

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of the Company, the Subscriber shall no longer be a party to the Stockholders Agreement and
the Stockholders Agreement shall automatically terminate, without further action of any party,
with respect to the Subscriber and the Purchased Shares; provided that no such termination
shall relieve any party thereto (including the Subscriber) of any liability or damages to any
other party thereto resulting from a breach of the Stockholders Agreement prior to such
termination.

          Section 8. Governing Law; Waiver of Jury Trial. This Agreement shall be governed by and
construed and enforced in accordance with the laws of the State of Delaware, without reference
to the conflict of laws principles thereof. The parties hereby irrevocably submit to the
personal jurisdiction of the courts of the State of Delaware located in the County of New
Castle and the Federal courts of the United States of America located in the County of New
Castle solely in respect of the interpretation and enforcement of the provisions of this
Agreement and of the documents referred to in this Agreement, and in respect of the
transactions contemplated hereby, and hereby waive, and agree not to assert, as a defense in
any action, suit or proceeding for the interpretation or enforcement hereof or of any such
document, that it is not subject thereto or that such action, suit or proceeding may not be
brought or is not maintainable in said courts or that the venue thereof may not be appropriate
or that this Agreement or any such document may not be enforced in or by such courts, and the
parties hereto irrevocably agree that all claims with respect to such action or proceeding
shall be heard and determined in such a Delaware State or Federal court located in the County
of New Castle. The parties hereby consent to and grant any such court jurisdiction over the
person of such parties and, to the extent permitted by law, over the subject matter of such
dispute and agree that mailing of process or other papers in connection with any such action
or proceeding in the manner provided in this Agreement or in such other manner as may be
permitted by law shall be valid and sufficient service thereof. Each of the parties
irrevocably and unconditionally waives, to the fullest extent permitted by applicable law, any
and all rights to trial by jury in connection with any litigation arising out of or relating
to this Agreement or the transactions contemplated hereby.

          Section 9. Assignment; Binding Effect; Third Party Beneficiaries. Neither this Agreement
nor any of the rights, interests or obligations hereunder shall be assigned by the Subscriber
(whether by operation of law or otherwise) without the prior written consent of the Company.
Subject to the preceding sentence, this Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and assigns. Each of the
Company’s affiliates is a third party beneficiary under this Agreement. Notwithstanding
anything contained in this Agreement to the contrary, nothing in this Agreement (other than as
set forth in the immediately preceding sentence), express or implied, is intended to confer on
any person other than the parties hereto or their respective heirs, successors, executors,
administrators and assigns any rights, remedies, obligations or liabilities under or by reason
of this Agreement.

          Section 10. Entire Agreement. This Agreement and the Stockholders Agreement constitute
the entire agreement among the parties with respect to the subject

4

 

matter hereof and supersede all prior agreements and understandings (oral and written) among
the parties with respect thereto.

          Section 11. Severability. Any term or provision of this Agreement which is invalid or
unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent
of such invalidity or unenforceability without rendering invalid or unenforceable the
remaining terms and provisions of this Agreement or otherwise affecting the validity or
enforceability of any of the terms or provisions of this Agreement in any other jurisdiction.
If any provision of this Agreement is so broad as to be unenforceable, the provision shall be
interpreted to be only so broad as is enforceable.

          Section 12. Revocability. This Agreement may not be withdrawn or revoked by the
Subscriber in whole or in part without the prior written consent of the Company.

          Section 13. Notices. All notices, requests, demands, claims and other communications
provided for under the terms of this Agreement shall be in writing. Any notice, request,
demand, claim or other communication hereunder shall be sent by (i) personal delivery
(including receipted courier service) or overnight delivery service, (ii) facsimile during
normal business hours, with confirmation of receipt, to the number indicated, (iii) reputable
commercial overnight delivery service courier or (iv) registered or certified mail, return
receipt requested, postage prepaid and addressed to the intended recipient as set forth below:

			
	          If to the Company:	 	McJunkin Red Man Holding Corporation

8023 E. 63rd Place

Tulsa, OK 74133

Attention: General Counsel

Facsimile:

	          with a copy to:	 	GS Capital Partners

85 Broad Street

New York, NY 10004

Attention: Jack Daly

Facsimile: 212-357-5505

and

	 	 	Fried, Frank, Harris, Shriver & Jacobson LLP

One New York Plaza

New York, NY 10004

Attention: Robert C. Schwenkel, Esq.

Facsimile: 212-859-4000

	          If to the Subscriber:	 	John Perkins to his principal residence as reflected
in the records of the Company.

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

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          IN WITNESS WHEREOF, this Agreement has been duly executed as of the date first above
written.

	 	 	 	 	 
	 	SUBSCRIBER

 	 
	 	/s/ John Perkins
 	 
	 	John Perkins 	 
	 	 	 
	 	MCJUNKIN RED MAN HOLDING CORPORATION

 	 
	 	By:  	/s/ Stephen W. Lake
 	 
	 	 	Name:  	Stephen W. Lake 	 
	 	 	Title:  	Executive VP & General Counsel 	 
	 
	 	For purposes of Section 7 only:

 	 
	 	PVF HOLDINGS LLC

 	 
	 	By:  	/s/ Stephen W. Lake
 	 
	 	 	Name:  	Stephen W. Lake 	 
	 	 	Title:  	Executive VP & General Counsel 	 
	 

[Signature Page to Subscription Agreement]

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