EX-10.7.1 44 y90226exv10w7w1.htm EX-10.7.1 exv10w7w1
Exhibit 10.7.1
McJunkin Red Man Holding Corporation
835 Hillcrest Drive
Charleston, WV 25311
February 23, 2011
Andrew Lane
62 The Oval Street
Sugar Land, Texas 77479
Dear Andrew:
     This letter agreement memorializes our mutual understanding that the employment agreement entered into between you and McJunkin Red Man Holding Corporation (the “Company”) on September 10, 2008 (the “Employment Agreement”) shall be amended as follows.
1.   Annual Bonus. For the fiscal year commencing on January 1, 2011, your target annual bonus shall be sixty-seven percent (67%) of your base salary as in effect at the beginning of such fiscal year with the actual annual bonus to be based upon such individual and/or Company performance criteria established for each such fiscal year by the board of directors of the Company in consultation with you.
 
2.   Good Reason Consent. You hereby agree that the decrease in your target annual bonus for 2011 as set forth in this letter agreement does not constitute “Good Reason” pursuant to the Employment Agreement.
 
3.   Governing Law. This letter agreement shall be construed and enforced in accordance with, and the rights and obligations of the parties hereto shall be governed by, the laws of the State of New York, without giving effect to the conflicts of law principles thereof.
 
4.   Confirmation of Employment Agreement. In all other respects the Employment Agreement shall remain in effect and is hereby confirmed by the parties.
     If the foregoing terms and conditions accurately reflect your understanding, please sign this letter agreement below and return a copy to me.
[signature page follows]

 


 

         
  Very truly yours,

McJUNKIN RED MAN HOLDING CORPORATION
 
 
  /s/ Stephen W. Lake    
  By:   Stephen W. Lake   
  Title:   Executive Vice President and General Counsel   
 
     
ACCEPTED AND AGREED:
   
 
   
/s/ Andrew Lane
 
Andrew Lane
   
[Signature Page to Andrew Lane Letter Agreement]