SEC Contract Filing

Filing Date: 2021-02-12

Document Content:
<DOCUMENT>
<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>ex_225313.htm
<DESCRIPTION>EXHIBIT 10.1
<TEXT>
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<p style="margin-bottom: 0; text-align: right; margin-top: 0; font-family: &quot;Times New Roman&quot;, Times, serif; font-size: 10pt"><font style="font-family: 'Times New Roman', Times, serif; font-size: 10pt"><b>Exhibit 10.1</b></font></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:center;text-transform:uppercase;"><b>Executive SEPARATION Policy</b></p>

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<p style="font-family: 'Times New Roman', Times, serif; font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;">This Executive Separation Policy (this &#8220;Policy&#8221;) applies to participating executives (&#8220;Executives&#8221;) of MRC Global Inc. and its subsidiaries (the &#8220;Company&#8221;) beginning as of February&nbsp;8, 2021 (the &#8220;Effective Date&#8221;).&nbsp; Capitalized terms used but not otherwise defined in this Policy have the meanings ascribed to them in <u>Exhibit A</u>.</p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;"><u><b>Purpose</b></u></p>

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<p style="font-family:'Times New Roman', Times, serif;font-size:10pt;margin:0pt;text-align:left;">The purposes of this Policy are to:</p>

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 <p style="font-family:'Times New Roman', Times, serif;margin-right:0pt;margin-top:0pt;text-align:left;margin-bottom:0pt;font-size:10pt;">&#9679;</p>
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 <td style="vertical-align:top;">provide the participating Executives with a separation benefit if the Company, in its sole discretion, terminates an Executive&#8217;s employment with the Company without Cause or the Executive terminates employment for Good Reason for actions the Company takes, in its sole discretion&nbsp;</td>
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 <td style="vertical-align:top;">provide a retention incentive for each Executive to continue the Executive&#8217;s service with the Company during transitional periods such as internal re-organizations, changes in Company leadership, potential or actual changes in control of the Company or similar circumstances &nbsp;</td>
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 <td style="vertical-align:top;">provide each Executive with further comfort to discharge the Executive&#8217;s duties to raise and debate ideas for the benefit of the Company and its shareholders&nbsp;</td>
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 <td style="vertical-align:top;">provide a benefit to each Executive in exchange for a release of any potential claims upon termination of the Executive&#8217;s employment and to obtain from each Executive confirmation of the Executive&#8217;s obligations under post-employment restrictive covenants &nbsp;</td>
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