THIS THIRD AMENDMENT TO EMPLOYMENT AGREEMENT (this Amendment) is adopted, executed and agreed to as of this 27th day of May, 2020 (the Effective Date), between MRC Global Inc., a Delaware corporation (the Company), and Andrew R. Lane (the Executive), which are referred to as the parties to this Amendment.
WHEREAS, the parties previously entered into that certain Employment Agreement dated May 16, 2013, the First Amendment to Employment Agreement dated February 18, 2016, and the Second Amendment to Employment Agreement dated October 29, 2019 (including all exhibits and other attachments thereto, the Employment Agreement); and
WHEREAS, the parties desire and deem it to be in their respective best interests to amend the Employment Agreement as set forth in this Amendment.
NOW, THEREFORE, in consideration of the premises and the mutual covenants and agreements contained in this Amendment, and other valid consideration, the sufficiency of which the parties acknowledge, the parties agree to amend the Employment Agreement as follows:
AMENDMENTS TO EMPLOYMENT AGREEMENT
The Employment Agreement is amended by:
| ||(1) || |
Deleting Section 1.1 in its entirety and substituting in its place the following:
Term. The Company agrees to employ the Executive, and the Executive agrees to be employed by the Company, in each case, pursuant to this Agreement, for a period commencing on the Effective Date and ending on the earlier of:
| ||(i) || |
December 31, 2021 (the Retirement Date) and
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the termination of the Executives employment in accordance with Section 3 (the Term).
Notwithstanding anything to the contrary in the Agreement, if the Executives employment with the Company terminates (other than for death, Disability or Cause) on or before the Retirement Date, then the Executive shall not be entitled to any of the severance benefits described in the following sections of the Agreement:
(x) Section 3.2.(a)(iii),
(y) Section 3.2(a)(iv), and
(z) Section 3.2(c)(iii).