McJunkin Red Man Holding Corporation 835 Hillcrest Drive Charleston, WV 25311
Exhibit 10.7.1
XxXxxxxx Red Man Holding Corporation
000 Xxxxxxxxx Xxxxx
Xxxxxxxxxx, XX 00000
000 Xxxxxxxxx Xxxxx
Xxxxxxxxxx, XX 00000
February 23, 2011
Xxxxxx Xxxx
00 Xxx Xxxx Xxxxxx
Xxxxx Xxxx, Xxxxx 00000
00 Xxx Xxxx Xxxxxx
Xxxxx Xxxx, Xxxxx 00000
Dear Xxxxxx:
This letter agreement memorializes our mutual understanding that the employment agreement
entered into between you and XxXxxxxx 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, XxXXXXXX RED MAN HOLDING CORPORATION |
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/s/ Xxxxxxx X. Xxxx | ||||
By: | Xxxxxxx X. Xxxx | |||
Title: | Executive Vice President and General Counsel | |||
ACCEPTED AND AGREED: |
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/s/ Xxxxxx Xxxx
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[Signature Page to Xxxxxx Xxxx Letter Agreement]