Amendment to 2021 Performance Share Unit Award Agreement between MRC Global Inc. and Participant

Contract Categories: Human Resources › Compensation Agreements
Summary

MRC Global Inc. and the Participant have agreed to amend their 2021 Performance Share Unit Award Agreement. The amendment clarifies that the Compensation Committee or Board will adjust the company's Net Income to exclude the effects of the last-in, first-out (LIFO) inventory costing method when determining performance. This change is effective as of November 8, 2021. The amendment ensures that LIFO accounting impacts do not affect the calculation of Net Income for performance awards.

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EX-10.1 2 ex_302894.htm EXHIBIT 10.1 ex_302894.htm

Exhibit 10.1

 

 

Amendment to 2021 Performance Share Unit Award Agreement

 

Reference is made to the Performance Share Unit Award Agreement (the “Agreement”) dated [ELT: February 8][CEO: March 15], 2021, between MRC Global Inc., a Delaware corporation (the “Company”) and _____ (the “Participant”).

 

Section 4.1 of the Agreement is hereby amended to add the following language at the end of Section 4.1:

 

“The Compensation Committee of the Board of Directors (the “Board”) of the Company, or the Board, shall adjust Net Income to remove the positive or negative impacts of the Company’s last-in, first-out (LIFO) inventory costing methodology on Net Income.”

 

The Company and the Participant agree to this amendment to the Agreement to be effective as of November 8, 2021.

 

 

MRC Global Inc.   Participant  
           
           
By:     By:    
Name:   Name:  
Title: