Company: HLX
Filing Date: 2025-04-02
Form Type: DEF 14A
Source: 0001140361-25-011655
Chunk: 45

Company: HELIX ENERGY SOLUTIONS GROUP INC
Filing Date: 2025-04-02
Form: DEF 14A
Chunk 45
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 Sustainability among our stakeholders, the Compensation Committee, with input from management and its independent compensation consultant, determined to continue the inclusion of a balanced scorecard of Sustainability-related KPIs in the 2024 STI program. Under the 2024 STI program, Adjusted EBITDA accounted for ninety percent (90%) of an individual’s STI target, and the Sustainability scorecard accounted for ten percent (10%). As with prior years’ programs, there was for 2024 a “stretch” element—to earn a target payout, Adjusted EBITDA had to significantly exceed the Company’s Board-approved 2024 annual budget. This approach is designed to provide executives and employees an STI payment that would be meaningful if a certain financial performance level was achieved, but not in an amount that would negatively affect Adjusted EBITDA if the Company did not achieve its annual budget. Set forth below are the 2024 Adjusted EBITDA thresholds at which various levels of STI payouts could be earned:

|           |     | 2024 Adjusted EBITDA |
| Threshold |     | $224 million         |
| Target    |     | $320 million         |
| Maximum   |     | $376 million         |

10% of an individual’s STI target could be earned based on achievement of KPIs related to Emissions, Safety and Engagement, each of which was determined by the Compensation Committee as drivers for positive behaviors designed to enhance shareholder value. Whereas an individual could achieve greater than his or her STI target by out-performing certain levels of Adjusted EBITDA, the Sustainability-related component was not subject to an upwards adjustment factor in excess of the 10%. No executive officer could earn an STI payout in excess of his or her individual maximum level set by the Compensation Committee. Thus, it was possible for an NEO to earn an STI payout below or above his or her target amount, but not above the maximum level. In addition, notwithstanding the stated performance metrics, any individual executive officer’s STI payout for 2024 could be adjusted in the discretion of the Compensation Committee. Set forth below are the 2024 STI targets and actual payouts for each NEO. For 2024, Helix reported Adjusted EBITDA of $303 million, exceeding the Company’s Board-approved 2024 annual budget. Further, and notwithstanding that the Compensation Committee and executive management believed the Company achieved each of the Sustainability-related KPIs articulated in the 2024 STI program, in