Document:

EX-4.1

 Exhibit 4.1 

EXECUTION COPY 
 CHASE ISSUANCE
TRUST 
 as Issuing Entity 

CLASS A(2015-4) TERMS DOCUMENT 

dated as of May 1, 2015 

to 
 AMENDED AND
RESTATED 
 CHASESERIES INDENTURE SUPPLEMENT 

dated as of October 15, 2004 

to 
 THIRD AMENDED AND
RESTATED 
 INDENTURE 

dated as of December 19, 2007 

WELLS FARGO BANK, NATIONAL ASSOCIATION 

as Indenture Trustee and Collateral Agent 

 TABLE OF CONTENTS 
  

							
	 		 		PAGE	 
	
	ARTICLE I	  
	
	Definitions and Other Provisions of General Application	  
			
	Section 1.01		Definitions		 	1	  
	Section 1.02		Governing Law		 	3	  
	Section 1.03		Counterparts		 	3	  
	Section 1.04		Ratification of Indenture and Indenture Supplement		 	3	  
	
	ARTICLE II	  
	
	The Class A(2015-4) Notes	  
			
	Section 2.01		Creation and Designation		 	5	  
	Section 2.02		Specification of Required Subordinated Amount and Other Terms		 	5	  
	Section 2.03		Interest Payment		 	5	  
	Section 2.04		Payments of Interest and Principal		 	6	  
	Section 2.05		Form of Delivery of Class A(2015-4) Notes; Depository; Denominations		 	6	  
	Section 2.06		Delivery and Payment for the Class A(2015-4) Notes		 	6	  
	Section 2.07		Supplemental Indenture		 	7	  
	Section 2.08		No Ratings Confirmation Required for Class A(2015-4) Notes.		 	7	  

 THIS CLASS A(2015-4) TERMS DOCUMENT (this “Terms Document”), among the CHASE ISSUANCE
TRUST, a statutory trust created under the laws of the State of Delaware (the “Issuing Entity”), having its principal office at c/o Wilmington Trust Company, 1100 North Market Street, Wilmington, Delaware 19890-1600, and WELLS FARGO BANK,
NATIONAL ASSOCIATION, a national banking association, as indenture trustee (the “Indenture Trustee”) and as collateral agent (the “Collateral Agent”), is made and entered into as of May 1, 2015. 

Pursuant to this Terms Document, the Issuing Entity and the Indenture Trustee shall create a new Tranche of CHASEseries Class A Notes and
shall specify the principal terms thereof. 
 ARTICLE I 

Definitions and Other Provisions of General Application 

Section 1.01 Definitions. For all purposes of this Terms Document, except as otherwise expressly provided or unless the context
otherwise requires: 
 (1) the terms defined in this Article have the meanings assigned to them in this Article, and include the plural as
well as the singular; 
 (2) all other terms used herein which are defined in the Indenture Supplement, the Indenture or the Asset Pool
Supplement, either directly or by reference therein, have the meanings assigned to them therein; 
 (3) as used in this Terms Document and in
any certificate or other document made or delivered pursuant hereto or thereto, accounting terms not defined in this Terms Document or in any such certificate or other document, and accounting terms partly defined in this Terms Document or in any
such certificate or other document to the extent not defined, shall have the respective meanings given to them under GAAP. To the extent that the definitions of accounting terms in this Terms Document or in any such certificate or other document are
inconsistent with the meanings of such terms under GAAP, the definitions contained in this Terms Document or in any such certificate or other document shall control; 

(4) the words “hereof,” “herein,” “hereunder” and words of similar import when used in this Terms Document shall
refer to this Terms Document as a whole and not to any particular provision of this Terms Document; references to any subsection, Section, clause, Schedule or Exhibit are references to subsections, Sections, clauses, Schedules and Exhibits in or to
this Terms Document unless otherwise specified; the term “including” means “including without limitation”; references to any law or regulation refer to that law or regulation as amended from time to time and include any successor
law or regulation; references to any Person include that Person’s successors and assigns; and references to any agreement refer to such agreement, as amended, supplemented or otherwise modified from time to time; 

(5) in the event that any term or provision contained herein shall conflict with or be inconsistent with any term or provision contained in the
Indenture Supplement, the Indenture or the Asset Pool Supplement, the terms and provisions of this Terms Document shall be controlling; and 

 (6) each capitalized term defined herein shall relate only to the Class A(2015-4) Notes and no
other Tranche of CHASEseries Notes issued by the Issuing Entity. 
 “Asset Pool Supplement” means the Second Amended and
Restated Asset Pool One Supplement to the Indenture, dated as of December 19, 2007, as amended, by and among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 

“Beneficiary” means Chase Bank USA, National Association, in its capacity as beneficial owner of the Issuing Entity. 

“Class A(2015-4) Adverse Event” means the occurrence of any of the following: (a) an Early Amortization Event with
respect to the Class A(2015-4) Notes, (b) an Event of Default and acceleration of the Class A(2015-4) Notes, (c) the Class A Usage of the Class B Required Subordinated Amount for the Class A(2015-4) Notes becomes greater than zero or
(d) the Class A Usage of the Class C Required Subordinated Amount for the Class A(2015-4) Notes becomes greater than zero. 

“Class A(2015-4) Note” means any Note, substantially in the form set forth in Exhibit A-1 to the Indenture Supplement,
designated therein as a Class A(2015-4) Note and duly executed and authenticated in accordance with the Indenture. 
 “Class
A(2015-4) Noteholder” means a Person in whose name a Class A(2015-4) Note is registered in the Note Register. 
 “Class
A(2015-4) Termination Date” means the earliest to occur of (a) the Principal Payment Date on which the Outstanding Dollar Principal Amount of the Class A(2015-4) Notes is paid in full, (b) the Legal Maturity Date and (c) the
date on which the Indenture is discharged and satisfied pursuant to Article V thereof. 
 “Class A Required Subordinated Amount of
Class B Notes” is defined in Section 2.02(a). 
 “Class A Required Subordinated Amount of Class C Notes” is
defined in Section 2.02(b). 
 “Controlled Accumulation Amount” means $64,583,333.34 provided, however, if the
Accumulation Period Length is determined to be less than twelve months pursuant to Section 3.12(b)(ii) of the Indenture Supplement, the Controlled Accumulation Amount for any Note Transfer Date with respect to the Class A(2015-4) Notes will be
the amount specified in the definition of “Controlled Accumulation Amount” in the Indenture Supplement. 

“Indenture” means the Third Amended and Restated Indenture, dated as of December 19, 2007, as amended, between the
Issuing Entity and the Indenture Trustee. 

  
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 “Indenture Supplement” means the Amended and Restated CHASEseries Indenture
Supplement, dated as of October 15, 2004, among the Issuing Entity, the Indenture Trustee and the Collateral Agent. 
 “Initial
Dollar Principal Amount” means $775,000,000. 
 “Interest Payment Date” means June 15, 2015 and the 15th day
of each month thereafter, or if such 15th day is not a Business Day, the next succeeding Business Day. 
 “Interest Period”
means, with respect to any Interest Payment Date, the period from and including the previous Interest Payment Date (or in the case of the initial Interest Payment Date, from and including the Issuance Date) to but excluding such Interest Payment
Date. 
 “Issuance Date” means May 1, 2015. 

“Legal Maturity Date” means April 15, 2022. 

“Note Interest Rate” means a rate per annum equal to 1.84%. 

“Paying Agent” means Wells Fargo Bank, National Association. 

“Predecessor Note” means, with respect to any particular Note, every previous Note evidencing all or a portion of the same
debt as that evidenced by such particular Note; and, for the purpose of this definition, any Note authenticated and delivered under Section 3.06 of the Indenture in lieu of a mutilated, lost, destroyed or stolen Note shall be deemed to evidence
the same debt as the mutilated, lost, destroyed or stolen Note. 
 “Record Date” means, for any Note Transfer Date, the
last Business Day of the preceding Monthly Period. 
 “Scheduled Principal Payment Date” means April 15, 2020. 

“Stated Principal Amount” means $775,000,000. 

Section 1.02 Governing Law. THIS TERMS DOCUMENT WILL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF THE STATE OF
DELAWARE WITHOUT REFERENCE TO ITS CONFLICT OF LAW PROVISIONS AND THE OBLIGATIONS, RIGHTS AND REMEDIES OF THE PARTIES HEREUNDER SHALL BE DETERMINED IN ACCORDANCE WITH SUCH LAWS. 

Section 1.03 Counterparts. This Terms Document may be executed in any number of counterparts, each of which so executed will be deemed
to be an original, but all such counterparts will together constitute but one and the same instrument. 
 Section 1.04 Ratification of
Indenture and Indenture Supplement. As supplemented by this Terms Document, each of the Indenture, the Asset Pool Supplement and 

  
 3 

 
the Indenture Supplement is in all respects ratified and confirmed and the Indenture as so supplemented by the Asset Pool Supplement and the Indenture Supplement as so supplemented by this Terms
Document shall be read, taken and construed as one and the same instrument. 
 [END OF ARTICLE I] 

  
 4 

 ARTICLE II 

The Class A(2015-4) Notes 

Section 2.01 Creation and Designation. There is hereby created a Tranche of CHASEseries Class A Notes to be issued pursuant to the
Indenture and the Indenture Supplement to be known as the “CHASEseries Class A(2015-4) Notes.” 
 Section 2.02 Specification of
Required Subordinated Amount and Other Terms. 
 (a) For the Class A(2015-4) Notes for any date of determination, the Class A
Required Subordinated Amount of Class B Notes will be an amount equal to 8.13953% of (i) prior to the occurrence of a Class A(2015-4) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2015-4) Notes on such date
of determination or (ii) on and after the date on which a Class A(2015-4) Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2015-4) Notes on such date of determination and
(2) the Adjusted Outstanding Dollar Principal Amount of the Class A(2015-4) Notes as of the close of business on the day immediately preceding the date on which such Class A(2015-4) Adverse Event shall have occurred. 

(b) For the Class A(2015-4) Notes for any date of determination, the Class A Required Subordinated Amount of Class C Notes will be
an amount equal to 8.13953% of (i) prior to the occurrence of a Class A(2015-4) Adverse Event, the Adjusted Outstanding Dollar Principal Amount of the Class A(2015-4) Notes on such date or (ii) on and after the date on which a
Class A(2015-4) Adverse Event shall have occurred, the greater of (1) the Adjusted Outstanding Dollar Principal Amount of the Class A(2015-4) Notes on such date of determination and (2) Adjusted Outstanding Dollar Principal
Amount of the Class A(2015-4) Notes as of the close of business on the day immediately preceding the date on which such Class A(2015-4) Adverse Event shall have occurred. 

(c) The Issuing Entity may change the percentages or the formulas set forth in either clause (a) or (b) above without the consent of
any Noteholder so long as the Issuing Entity has (i) received written confirmation from each Note Rating Agency that has rated any Outstanding Notes that the change in either of such percentages or formulas, as applicable, will not result in a
Ratings Effect with respect to any Outstanding Notes and (ii) delivered to the Indenture Trustee and the Note Rating Agencies a Master Trust Tax Opinion and an Issuing Entity Tax Opinion. 

Section 2.03 Interest Payment. 

(a) For each Interest Payment Date, the amount of interest due with respect to the Class A(2015-4) Notes shall be an amount equal to
one-twelfth of the product of (i) the Note Interest Rate, times, (ii) the Outstanding Dollar Principal Amount of the Class A(2015-4) Notes determined as of the close of business on the Interest Payment Date preceding the related Note
Transfer Date for the Class A(2015-4) Notes; provided, however, that for the first Interest Payment Date, the amount of interest due with respect to the Class A(2015-4) Notes shall be $1,742,888.89. Interest on the Class A(2015-4) Notes will be
calculated on the basis of a 360-day year consisting of twelve 30-day months. 

  
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 (b) Pursuant to Section 3.03 of the Indenture Supplement, on each Note Transfer Date with
respect to the Class A(2015-4) Notes, the Indenture Trustee shall deposit into the Class A(2015-4) Interest Funding Sub-Account the portion of CHASEseries Available Finance Charge Collections allocable to the Class A(2015-4) Notes. 

Section 2.04 Payments of Interest and Principal. 

(a) Any installment of interest or principal payable on any Class A(2015-4) Note which is punctually paid or duly provided for by the Issuing
Entity and the Indenture Trustee on the applicable Interest Payment Date or Principal Payment Date shall be paid by the Paying Agent to the Person in whose name such Class A(2015-4) Note (or one or more Predecessor Notes) is registered on the Record
Date, by wire transfer of immediately available funds to such Person’s account as has been designated by written instructions received by the Paying Agent from such Person not later than the close of business on the third Business Day preceding
the date of payment or, if no such account has been so designated, by check mailed first-class, postage prepaid to such Person’s address as it appears on the Note Register on such Record Date, except that with respect to Notes registered on the
Record Date in the name of the nominee of Cede & Co., payment shall be made by wire transfer in immediately available funds to the account designated by such nominee. 

(b) The right of the Class A(2015-4) Noteholders to receive payments from the Issuing Entity will terminate on the first Business Day
following the Class A(2015-4) Termination Date. 
 Section 2.05 Form of Delivery of Class A(2015-4) Notes; Depository; Denominations.

 (a) The Class A(2015-4) Notes shall be delivered in the form of a global Registered Note as provided in Sections 2.02 and 3.01(i) of
the Indenture, respectively. 
 (b) The Depository for the Class A(2015-4) Notes shall be The Depository Trust Company, and the
Class A(2015-4) Notes shall initially be registered in the name of Cede & Co., its nominee. 
 (c) The Class A(2015-4) Notes
will be issued in minimum denominations of $100,000 and integral multiples of $1,000 in excess of $100,000. 
 Section 2.06 Delivery and
Payment for the Class A(2015-4) Notes. 
 The Issuing Entity shall execute and deliver the Class A(2015-4) Notes to the Indenture Trustee
for authentication, and the Indenture Trustee shall deliver the Class A(2015-4) Notes when authenticated, each in accordance with Section 3.03 of the Indenture. 

  
 6 

 Section 2.07 Supplemental Indenture. 

The Issuing Entity may enter into a supplemental indenture with respect to the Class A(2015-4) Notes as provided in Section 9.01 of the
Indenture; provided, however, that any supplemental indenture which provides for an additional or alternative form of credit enhancement for the Class A(2015-4) Notes shall, in addition to the requirements set forth in Section 9.01 of the
Indenture, require confirmation from the Note Rating Agencies that have rated any Outstanding Notes of the CHASEseries that such change in credit enhancement will not result in a Ratings Effect with respect to any Outstanding Notes of the
CHASEseries. 
 Section 2.08 No Ratings Confirmation Required for Class A(2015-4) Notes. 

Notwithstanding Section 3.10(iv) of the Indenture, the Issuing Entity will not be required to obtain written confirmation from each Note
Rating Agency that an issuance of a new Tranche of Notes will not have a Ratings Effect on the Class A(2015-4) Notes. 
 [END OF ARTICLE II]

  
 7 

 IN WITNESS WHEREOF, the parties hereto have caused this Terms Document to be duly executed, all
as of the day and year first above written. 
  

			
	CHASE ISSUANCE TRUST
		
	By:		 CHASE BANK USA, NATIONAL ASSOCIATION,
 as
Beneficiary and not in its individual capacity

		
	By:		 /s/ David A. Penkrot

			Name: David A. Penkrot
			Title:   Executive Director

  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,

as Indenture Trustee and Collateral Agent

		
	By:		 /s/ Cheryl Zimmerman

			Name: Cheryl Zimmerman
			Title:   Vice President

 Chase Issuance Trust 

CHASEseries Class A(2015-4) Terms DocumentExhibit 101

		

			Exhibit 10.1

		

		
			MRC Global Inc.
		

		
			Performance Share Unit Award Agreement
		

		
			(Feb. 2015 rev)
		

		
			This Performance Share Unit Award Agreement (this “Agreement”) is made as of [Month Day, Year] (the “Grant Date”), between MRC Global Inc., a Delaware corporation (the “Company”), and [__________] (the “Participant”).
		

			
	
			
				 1.
			Grant of Performance Share Unit.  The Company hereby grants to the Participant an award (this  “Award”), under and pursuant to the MRC Global Inc. 2011 Omnibus Incentive Plan (the “Plan”), under which the Participant is granted the right to earn _____ Shares at target performance and up to twice that number of Shares at maximum performance (each, a “Performance Share Unit”) in respect of the three-year period (the “Performance Period”) commencing on January 1, 2015 (the “First Day of the Performance Period”) and ending on December 31, 2017 (the “Last Day of the Performance Period”, including as it may be modified in Section 5).    This Award is subject to Participant’s execution and return of this Agreement to the Company (including as Section 27 provides).  The Award is subject to all of the applicable provisions of the Plan that apply to Other-Stock Based Awards,  is intended to be Performance-Based Compensation in accordance with Article 14 of the Plan and is subject to the applicable terms of the Plan that are incorporated in this Agreement by reference.  To the extent that any provision of this Agreement conflicts with the terms of the Plan, the Participant acknowledges and agrees that the terms of the Plan shall control and, if necessary, the applicable provisions of this Agreement shall be deemed amended so as to carry out the purpose and intent of the Plan.  Capitalized terms used herein without definition shall have the same meanings given such terms in the Plan.

			
	
			
				 2.
			Overview of Performance Share Units.

			
	
			
				 2.1
			Performance Share Unit Generally. Each Performance Share Unit represents a contractual right to earn one Share under the terms and conditions of this Agreement.  The number of Shares that the Participant earns shall be determined based on the extent to which the Company achieves the applicable performance goals set forth in this Agreement.   The Participant’s right to earn up to 50% of the Performance Share Units is determined under provisions of Section 3 (the “Relative TSR Performance Share Units”), and the Participant’s right to earn up to the remaining 50% of the Performance Share Units is determined under Section 4 (the “RANCE Performance Share Units”).   The Participant’s right to receive Shares in respect of a  Performance Share Unit is generally contingent, in whole or in part, upon Participant’s continued employment with the Company or one of its Subsidiaries (collectively, the Company with all of its Subsidiaries, the “Company Group”) through the Last Day of the Performance Period, except as provided in Section 5.

			
	
			
				 2.2
			Dividend Equivalents. With respect to each outstanding Performance Share Unit, the Company shall credit a book entry account with an amount equal to the amount of any cash dividend paid on one Share that could be earned under the Performance Share Unit during the Performance Period. The amount credited to the book entry account shall be payable to the 
		

		 

 

			Participant at the same time or times, and subject to the same terms and conditions, as applicable to the Participant’s Performance Share Units but only with respect to Shares the Participant actually earns under the Performance Share Units.  If the Participant either forfeits or does not earn Shares under this Agreement at the end of the Performance Period, the deferred dividends or distributions only with respect to the unearned or forfeited Shares shall also be forfeited. Dividends and distributions payable on Shares other than in cash are addressed in accordance with Section 23.

			
	
			
				 3.
			Calculation of Earned Shares – Relative TSR Performance Share Units.  The number of Shares that the Participant earns under the Relative TSR Performance Share Units, if any, with respect to the Performance Period is determined by the schedule below, with each Relative TSR Performance Unit capable of earning one Share:

			
					
						
Relative TSR

					
					
						Percentage of Target
Relative TSR Performance Share Units Earned *

				
	
					
						[___]th percentile or above

					
					
						150%

				
	
					
						[___]th percentile

					
					
						125%

				
	
					
						[___]th percentile

					
					
						100%

				
	
					
						[___]th percentile

					
					
						50%

				
	
					
						Below [___]th percentile

					
					
						0%

				

		
			
*For any amounts calculated under this Section 3  that fall between two percentiles set forth in the left column above that are between the [___]th percentile and the [___]th percentile, the percentage of the number of Shares that the Participant earns under the Relative TSR Performance Share Units  shall be interpolated in a straight line between the two relevant percentiles.  
		

			
	
			
				 3.1
			“Relative TSR” means the percentile rank of the Company’s TSR for the Performance Period as compared to the TSR of each of the other companies included in the OSX Index on the Last Day of the Performance Period.    

			
	
			
				 3.2
			“TSR”  of the Company and each other relevant company shall be determined by dividing: 

		
			(a) the sum of:
		

		
			(i) the cumulative amount of dividends or similar equity distributions during the Performance Period, assuming reinvestment of dividends or distributions, and 
		

		
			(ii) the Average Share Price of the Company or such other company as of the Last Day of the Performance Period minus the Average Share Price of the Company or such other company as of the First Day of the Performance Period by 
		

		
			(b) the Average Share Price of the Company or such other company as of the First Day of the Performance Period,  
		

		 

		

			2

		

 

		
			with such amount expressed as a percentage so that the Company and each of the companies in the OSX Index may be ranked in order from the highest TSR to the lowest TSR and the relative ranking of the Company within that order may be determined (references to rank in this Agreement are determined from the lowest return so that, for example, the 35th percentile is the 35th percentile from the lowest TSR of the companies in the OSX Index).
		

			
	
			
				 3.3
			“Average Share Price” means the average of the closing prices of a Share or a share or other equity unit of each other relevant company on each trading day in the 20-trading day period ending on and including the applicable date of determination.  Dividends per share paid other than in the form of cash shall have a value equal to the amount of the dividends that the Company or other relevant company reports to its shareholders or equity holders for purposes of U.S. federal income taxation.

			
	
			
				 3.4
			“OSX Index” means the Philadelphia Oil Service Sector Index (or its successor index or, if the Philadelphia Oil Service Sector Index is discontinued, a comparable index or group of companies that the Committee determines is an appropriate comparator group).

			
	
			
				 3.5
			“Target Relative TSR Performance Units” means 50% of the target Performance Share Units listed in Section 1.

			
	
			
				 4.
			Calculation of Earned Shares – RANCE Performance Share Units.  If the Company has positive Net Income for the Performance Period, then the number of Shares that the Participant earns under the RANCE Performance Share Units, if any, with respect to the Performance Period is determined by the schedule below, with each RANCE Performance Unit capable of earning one Share:

			
					
						
RANCE

					
					
						Percentage of Target
RANCE Performance Share Units Earned *

				
	
					
						[___]% or more

					
					
						150%

				
	
					
						[___]%

					
					
						125%

				
	
					
						[___]%

					
					
						100%

				
	
					
						[___]%

					
					
						50%

				
	
					
						[___]% or less

					
					
						0%

				

		
			
* For any amounts calculated under this Section 4 that fall between two percentages set forth in the left column above that are between [___]% and [___]%, the percentage of the number of Shares that the Participant earns under the RANCE Performance Share Units  shall be interpolated in a straight line between the two relevant percentages.  
		

		
			If the Company has no positive Net Income for the Performance Period,  then the Participant’s rights to earn any RANCE Performance Share Units  shall lapse and be forfeited on the Last Day of the Performance Period.
		

			
	
			
				 4.1
			“Net Income” means  the Company’s net income in accordance with U.S. generally accepted accounting principles (“GAAP”).

		 

		

			3

		

 

			
	
			
				 4.2
			“RANCE” means the Company’s cumulative NOPAT for the Performance Period divided by the Company’s Average NCE, which quotient is then divided by 3 (or such other appropriate divisor if necessary pursuant to Section 5).

			
	
			
				 4.3
			“NOPAT” means the Company’s Net Income plus tax effected interest expense.

			
	
			
				 4.4
			 “NCE” means the aggregate value of the Company outstanding equity plus the aggregate amount of the Company’s long-term, interest bearing debt, as of the date of determination.

			
	
			
				 4.5
			“Average NCE” means the average of the Company’s NCE on the first and last day of each calendar year during the Performance Period.

			
	
			
				 4.6
			“Target RANCE Performance Units” means the other 50% of the target Performance Share Units listed in Section 1 that are not Target Relative TSR Performance Units.

		
			All amounts calculated under this Section 4 shall be based on the Company’s financial statements prepared in accordance with GAAP.
		

			
	
			
				 5.
			Additional Rules for Determining Earned Performance Share Units Upon Death, Disability, Change in Control or Retirement.  Notwithstanding Sections 3 and 4,  a Participant shall earn Shares with respect to the Performance Share Units  upon the occurrence of certain events as follows:

			
	
			
				 5.1
			Death or Disability.  Upon the Participant’s death or Disability at any time on or after the Grant Date and prior to the date on which payment in respect of Performance Share Units  has been made,  the Participant (or Participant’s beneficiary, executor, administrator or other legal representative)  will earn the number of the Shares that would have been actually awarded after completion of the Performance Period, prorated based on the number of years the Company employed the Participant in the Performance Period prior to Participant’s Death or Disability, rounded up to the nearest whole year.  

			
	
			
				 5.2
			Change in Control.  Upon a Change in Control that occurs during the Performance Period and prior to the Participant’s Termination due to death, Disability or Retirement,  for purposes of determining the number of earned Shares under the Performance Share Units, the closing date of the transaction that constitutes the Change in Control (the “Change in Control Date”) shall be deemed the Last Day of the Performance Period.

			
	
			
				 5.3
			Retirement.  If the Participant’s employment with the Company and its Subsidiaries Terminates during the Performance Period and either:

			
	
			
				 (a)
			the Participant is at least 65 years of age, or 

			
	
			
				 (b)
			the Participant’s age plus years of service equal to at least 80,

		
			in each case, upon that Termination, the Award shall not terminate and the Participant will earn the number of Shares with respect to the Performance Period that the Participant would have been actually awarded had the Participant not Terminated employment with the Company and its 
		

		 

		

			4

		

 

		Subsidiaries. Any Termination described in clause (a) or (b) of this Section 5.3 shall be referred to as a “Retirement” for the purposes of this Agreement.   
		

		
			Notwithstanding the foregoing,  for this Section 5.3 to have effect, the following must be satisfied:
		

		
			(A)the Participant must remain employed with the Company on or after the first anniversary of the Grant Date unless the Committee waives this requirement, and
		

		
			(B)the Participant must not engage in a “Prohibited Activity” as defined on Exhibit A prior to the payment of earned Shares in respect of the Performance Share Units. 
		

			
	
			
				 5.4
			Termination under an Employment Agreement.  This Section 5.4 shall apply if, and only if, the Participant and the Company have entered into an employment agreement that provides for continued vesting of a long-term equity award after the Participant is Terminated without Cause or Terminates with Good Reason  (each as defined in the Participant’s employment agreement).  If the Participant is Terminated without Cause or Terminates for Good Reason, under the terms of the employment agreement, prior to the date on which payment in respect of Performance Share Units  has been made, the Participant (or Participant’s beneficiaries, executor, administrator or other legal representative) will earn the number of the Shares tat would have been actually awarded after completion of the Performance Period, prorated based on the number of days the Company employed the Participant in the Performance Period prior to Participant’s Termination plus any period of continued vesting in the Performance Period after the Termination that Participant’s employment agreements requires, subject to the terms of that employment agreement.  

			
	
			
				 6.
			Conversion of Performance Share Units.  

			
	
			
				 6.1
			Time of Payment or Conversion of Performance Share Units.  

			
	
			
				 (a)
			

			
	
			
			Except in the case of Shares earned pursuant to the provisions of Section 5.2,  payment in respect of earned Performance Share Units shall be made on the March 1 following the Last Day of the Performance Period;  provided that no payment shall be made until the Committee determines, and, with respect to Covered Employees, certifies, the extent to which the performance objectives have been met over the Performance Period.

			
	
			
				 (b)
			

			
	
			
			In the case of Shares earned under Performance Share Units pursuant to the provisions of Section 5.2, payment in respect of the Performance Share Units  (whether Shares or the per Share consideration to be received in the transaction constituting the Change in Control) shall be made within five days of the date of the closing of the transaction constituting the Change in Control; however, if the transaction constituting the Change in Control is not a change in control event as described under Treas. Reg. § 1.409A-3(i)(5)(i), payment in respect of the Performance Share Units shall be made on the March 1 following the deemed Last Day of the Performance Period. 

		 

		

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				 6.2
			Form of Conversion and Settlement.  All payments in respect of earned Performance Share Units shall be made in Shares unless the Board or the Committee determines Shares are not available for payment, in which case payment shall be made in cash based on the Fair Market Value of the Shares on the date that payment is required.  Certificates or evidence of book-entry shares representing any Shares that Participant has earned pursuant to this Agreement shall be delivered to the Participant (or, at the discretion of the Participant, jointly in the names of the Participant and the Participant’s spouse), the Participant’s beneficiary or estate, if applicable, or to the Participant’s nominee. Any fractional earned Shares shall be rounded down to the nearest whole Share.

			
	
			
				 6.3
			Effect of Conversion and Settlement.  Upon conversion into Shares, all of Participant’s Performance Share Units shall be cancelled and terminated.  If and to the extent that Participant is still employed at the end of the Performance Period, and the Participant has not earned Shares under the Performance Share Units in accordance with the terms of this Agreement, all such Performance Share Units shall be cancelled and terminated.

			
	
			
				 7.
			Forfeiture

			
	
			
				 7.1
			Termination of Employment.  Any portion of the Award that has not vested or otherwise has been earned as of the day following the date of the Participant’s Termination for any reason other than Retirement, death or Disability or under Section 5.4 shall be forfeited upon the Termination, and all Shares that may have been issued under the Award that were not earned shall be treated as the terms of the Plan provide.  

			
	
			
				 7.2
			Retirement or Termination without Cause or for Good Reason.   In the case of a Termination by reason of Retirement, if the Participant engages in any Prohibited Activity (as defined in Exhibit A)  prior to the date of payment of any vested or earned Shares under Performance Share Units, any portion of the Award that has not been earned, issued or delivered may, in the sole discretion of the Committee, be immediately cancelled; and, in that case, all Shares that have not been issued or delivered shall be forfeited, cancelled and terminate without payment of any consideration therefor.  If the Company receives an allegation of a Prohibited Activity, the Company, in its sole discretion, may suspend the payment of any Award for up to three months to permit the investigation of the allegation. If the Company determines that the Participant did not engage in any Prohibited Activities, the Company shall deliver any Shares that would have otherwise been earned but for the suspension.    

			
	
			
				 8.
			Restrictive Covenant.  In consideration of the Award,  Participant agrees not to engage in Prohibited Activity during Participant’s employment with the Company Group and for a period of [CEO or President:  24][EVPs: 18][SVPs:  12] months after Participant’s Termination of employment with the Company Group (the “Restricted Period”).  If the Participant engages in a Prohibited Activity during the Restricted Period, the Company or its appropriate Subsidiaries may seek an injunction from a court of competent jurisdiction to prevent Participant from engaging in the Prohibited Activity during the Restricted Period without the necessity of posting bond or other security to obtain the injunction.  Both the Company and the Participant agree that monetary damages alone are an insufficient remedy for breach of the foregoing covenant.  The Company or its appropriate Subsidiaries may seek monetary damages in addition to an injunction, and the covenant in favor of the Company Group in this Agreement is in addition to, 
		

		 

		

			6

		

 

			and not in lieu of, any similar covenants that Participant may have entered into in favor of any member of the Company Group in any employment or other agreement.  To the extent that a court of competent jurisdiction rules that the restrictions in the foregoing covenant are too broad, these restrictions shall be interpreted and construed in the broadest possible manner to provide the Company Group the broadest possible protection, including (without limitation) with respect to geographic coverage, activities of the Company Group’s businesses and time of applicability of the restrictions. 

			
	
			
				 9.
			No Right to Continued Employment.  Nothing in this Agreement shall interfere with or limit in any way the right of the Company or its Subsidiaries to Terminate the Participant’s employment, nor confer upon the Participant any right to continuance of employment by the Company or any of its Subsidiaries or continuance of service as a Board member.

			
	
			
				 10.
			Withholding of Taxes.  Prior to the delivery to the Participant (or the Participant’s beneficiary) of Shares upon the conversion of a Performance Share Unit, the Participant (or the Participant’s beneficiary) shall be required to pay to the Company (or any Affiliate that employs the Participant), and the Company (or any Affiliate that employs the Participant) shall have the right and is hereby authorized to withhold, any applicable withholding taxes in respect of the Award, or any payment or transfer under, or with respect to, the Award, 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 Participant may elect to satisfy the withholding requirement, in whole or in part, by having the Company withhold from a payment the number of Shares having a Fair Market Value on the date the withholding is to be determined equal to the required withholding amount.  The Participant shall be solely responsible for the payment of all taxes relating to the payment or provision of any amounts or benefits under this Agreement.  

			
	
			
				 11.
			No Guarantee of Interests. The Board and the Company do not guarantee the Shares from loss or depreciation.

			
	
			
				 12.
			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, except as otherwise permitted under the Plan.

			
	
			
				 13.
			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.

			
	
			
				 14.
			Governing Law.  The validity, interpretation, construction and performance of this Agreement shall be governed by the laws of the jurisdiction set forth in the Plan, without giving effect to the conflicts of laws principles thereof.

			
	
			
				 15.
			Securities Laws.  Upon the payment of any Shares pursuant to this Agreement, the Participant shall make written representations, warranties and agreements as the Committee may reasonably request to comply with applicable securities laws or with this Agreement.

		 

		

			7

		

 

			
	
			
				 16.
			Legend on Certificates.  The certificates representing the Shares issued pursuant to this Award, if any, shall be subject to such stop transfer orders and other restrictions as the Committee may deem advisable under the Plan or under applicable state and federal securities or other laws, or under any ruling or regulation of any governmental body or national securities exchange unless an exemption to such registration or qualification is available and satisfied.  The Committee may cause a legend or legends to be put on any such certificates to make appropriate reference to such restrictions.

			
	
			
				 17.
			Underwriter Lockup Agreement.In the event of any underwritten public offering of securities by the Company, the Participant agrees to the extent requested in writing by a managing underwriter, if any, not to sell, transfer or otherwise dispose of any Shares acquired pursuant to this Award (other than as part of such underwritten public offering) during the time period reasonably requested by the managing underwriter, not to exceed 180 days or such shorter period as such managing underwriter may permit.

			
	
			
				 18.
			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 Participant’s legal representatives and beneficiaries.  All obligations imposed upon the Participant and all rights granted to the Company under this Agreement shall be binding upon the Participant’s beneficiaries, heirs, executors, administrators and successors.

			
	
			
				 19.
			Resolution of Disputes.  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 Committee.  Any determination made hereunder shall be final, binding and conclusive on the Participant, the Participant’s beneficiaries, heirs, executors, administrators and successors, and the Company and its Subsidiaries for all purposes.  By accepting the grant pursuant to this Agreement, the Participant confirms that Participant is subject to the policies of Participant’s employing company within the Company Group (except as may be specifically modified in an employment agreement), including (without limitation) any policy requiring mandatory arbitration of employment disputes and the grant pursuant to this Agreement is further consideration of those policies.

			
	
			
				 20.
			No Liability for Good Faith Determinations. None of the Company, Board or the members of the Board shall be liable for any act, omission or determination taken or made in good faith with respect to this Agreement or the Performance Share Units.

			
	
			
				 21.
			Non-Transferability.  Subject to the terms of the Plan, no rights under this Agreement shall be transferable otherwise than by will, the laws of descent and distribution or pursuant to a qualified Domestic Relations Order (“QDRO”), and, except to the extent otherwise provided herein, the rights and the benefits of the Agreement may be exercised and received, respectively, during the lifetime of the Participant only by the Participant or by the Participant’s executor, administrator, guardian or other legal representative or by an “alternate payee” pursuant to a QDRO. Following Participant’s death, any Shares distributable in respect of Performance Share Units will be delivered or paid, at the time specified in Section 6.1(a), in accordance with, and subject to, the terms and conditions of this Agreement and of the Plan.

		 

		

			8

		

 

			
	
			
				 22.
			Beneficiary Designation.  Participant may from time to time name any beneficiary or beneficiaries (who may be named contingently or successively) to whom shall be delivered or paid under this Agreement following Participant’s death any Shares that are distributable or cash payable hereunder in respect of Participant’s Performance Share Units at the time specified in Section 6.1(a).  Each designation will revoke all prior designations, shall be in a form prescribed by the Board, and will be effective only when filed in writing with the Board during Participant’s lifetime. In the absence of an effective beneficiary designation, Shares issuable in connection with Participant’s death shall be paid to Participant’s executor, administrator or other legal representative.

			
	
			
				 23.
			Adjustments in Respect of Performance Share Units. In the event of any stock dividend or stock split, recapitalization (including, but not limited to, the payment of an extraordinary dividend), merger, consolidation, combination, spin-off, distribution of assets to stockholders (other than cash dividends), exchange of shares, or other similar corporate change with regard to the Company, the Board or Committee may make appropriate adjustments to the aggregate number of Performance Share Units. The Board’s or the Committee’s determination with respect to any such adjustment shall be conclusive.

			
	
			
				 24.
			Recoupment.  If Participant is subject to the Company’s Executive Compensation Clawback Policy in effect on the Grant Date, Participant agrees that the Award is subject to the terms of the policy as it exists on the Grant Date.  

			
	
			
				 25.
			Entire Agreement.  This Agreement constitutes the entire understanding between the Participant and the Company and its Subsidiaries with respect to the Award, and supersedes all other agreements, whether written or oral, with respect to the Award.

			
	
			
				 26.
			Headings; References.  The headings of this Agreement are inserted for convenience only and do not constitute a part of this Agreement.  Unless the context clearly requires to the contrary, references in this Agreement to Sections mean the sections of this Agreement; references to the singular include the plural, and vice versa;  and references to Awards,  Relative TSR Performance Share Units, RANCE Performance Share Units or Performance Share Units mean the Awards,  Relative TSR Performance Share Units, RANCE Performance Share Units or Performance Share Units subject to this Agreement.

			
	
			
				 27.
			Counterparts and Electronic Administration.  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.  This Agreement may be signed by indicating assent to be bound by this Agreement through an electronic trading system that the Company establishes or sponsors rather than a physical signature.  

		
			MRC Global Inc.
		

		
			 
		

		
			 
		

		
			By:
		

		
			Name:
		

		
			Title:
		

		
			 
		

		

		

		 

		

			9

		

 

		 
		

		
			Participant
		

		
			 
		

		
			 
		

		
			By:
		

		
			Name:
		

		
			Title:
		

		

		

		 

		

			10

		

 

		
		

		
			Exhibit A
		

		
			 
		

		
			Non-Competition and Non-Solicitation
		

		
			 
		

		
			 A “Prohibited Activity” shall be deemed to have occurred, if the Participant: 
		

		
			 
		

		
			(i) divulges any non-public, confidential or proprietary information of the Company or of its past or present Subsidiaries (collectively, the “Company Group”), but excluding information that: 
		

		
			 
		

		
			(a) becomes generally available to the public other than as a result of the Participant’s public use, disclosure, or fault, 
		

		
			 
		

		
			(b) becomes available to the Participant on a non-confidential basis after the Participant’s employment termination date from a source other than a member of the Company Group prior to the public use or disclosure by the Participant; provided that the source is not bound by a confidentiality agreement or otherwise prohibited from transmitting the information by a contractual, legal or fiduciary obligation,
		

		
			 
		

		
			(c) is independently developed, discovered or arrived at by the Participant without using any of the information from the Company Group, or
		

		
			 
		

		
			(d) is disclosed by the Participant pursuant to a requirement of law, court order or legal, governmental, judicial, regulatory or similar process, or
		

		
			 
		

		
			(ii) directly or indirectly, consults with, becomes a director, officer or partner of, conducts, participates or engages in, or becomes employed by, any business that is competitive with the business of any current member of the Company Group, wherever from time to time conducted throughout the world, including situations where the Participant solicits or participates in or assists in any way in the solicitation or recruitment, directly or indirectly, of any employees of any current member of the Company Group.  For the avoidance of doubt, businesses that compete with the Company’s business include (without limitation) the distribution business to the energy industry of Distribution NOW, Lockwood, the Sunbelt and Southwest Stainless businesses of Shale Inland, Russell Metals, the Ferguson division of Wolseley, Van Leeuwen and the distribution businesses of Marubeni and Sumitomo and their successors.
		

		 

		

			11

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