Document:

2004 Performance Incentive Plan Dividend Agreement with Brad A. Morrice

 Exhibit 10.22 
  
 NEW CENTURY FINANCIAL CORPORATION 
 2004 PERFORMANCE INCENTIVE PLAN 
 DIVIDEND EQUIVALENT RIGHTS AWARD AGREEMENT 
  
 THIS DIVIDEND EQUIVALENT RIGHTS AWARD AGREEMENT (this “Award
Agreement”) is dated as of March 10, 2005 (the “Award Date”), by and between New Century Financial Corporation, a Maryland corporation (the “Corporation”), and Brad A. Morrice (the
“Participant”). 
  
 WITNESSETH 

 
 WHEREAS, pursuant to the New Century Financial Corporation 2004
Performance Incentive Plan (the “Plan”), the Corporation hereby grants to the Participant, effective as of the date hereof, a dividend equivalent rights award (the “Award”), upon the terms and conditions set forth
herein and in the Plan. 
  
 NOW THEREFORE, in consideration
of services rendered and to be rendered by the Participant, and the mutual promises made herein and the mutual benefits to be derived therefrom, the parties agree as follows: 
  
 1. Defined Terms. Capitalized terms used herein and not otherwise defined herein shall have the meaning
assigned to such terms in the Plan. 
  
 2. Grant;
Term of Award. Subject to the terms of this Award Agreement, the Corporation hereby grants to the Participant an Award with respect to 35,402 dividend equivalent rights (the “Dividend Equivalent Rights”). The Corporation
acknowledges that the consideration for the shares payable with respect to the Dividend Equivalent Rights on the terms set forth in this Award Agreement shall be the services rendered to the Corporation or any of its Subsidiaries by the Participant
prior to the applicable payment date (if any), the fair value of which is not less than the par value per share of the Corporation’s Common Stock. Each of the calendar years 2005, 2006 and 2007 is referred to herein as a “Performance
Year.” 
  
 3. Dividend Equivalents;
Performance Thresholds. At the conclusion of each Performance Year, the Administrator shall determine (1) the Earnings Per Share (as such term is defined in Appendix A of the Plan) for the Corporation on a stand-alone (not consolidated)
basis (the “Earnings Per Share”) and (2) the aggregate amount of the dividends paid by the Corporation on a share of its Common Stock (the “Aggregate Annual Dividend”) with respect to that Performance Year. For any
Performance Year, if either the Earnings Per Share with respect to that Performance Year is less than the EPS Threshold set forth below for that Performance Year, or the Aggregate Annual Dividend with respect to that Performance Year is less than
the Dividend Threshold set forth below for that Performance Year, the Participant shall have no rights under this Award with respect to that Performance Year. 
  

							
	 Performance Year

	  	EPS
Threshold

	  	Dividend
Threshold

	 2005
	  	$	4.00	  	$	6.30
	 2006
	  	$	4.40	  	$	7.00
	 2007
	  	$	4.84	  	$	7.75

  
 If, however, both the Earnings Per
Share with respect to a Performance Year is equal to or greater than the EPS Threshold set forth above for that Performance Year, and the Aggregate Annual Dividend with respect to that Performance Year is equal to or greater than the Dividend
Threshold set forth above for that Performance Year, the Corporation shall make a “Dividend Equivalent” payment to the Participant. The amount of the Dividend Equivalent payment will, subject to tax withholding, equal (i) the number
of Dividend Equivalent Rights subject to the Award, multiplied by (ii) the Aggregate Annual Dividend for such Performance Year. No interest or other earnings will be credited with respect to such Dividend Equivalent. 
  
 For purposes of the Award, a dividend shall be deemed paid by the Corporation
on the date the dividend is actually paid to the Corporation’s stockholders. 
  
 4. Payment. Subject to Section 8 below, any Dividend Equivalent payment for a Performance Year shall be paid to the Participant no later than forty-five (45) days after the last day of such
Performance Year (the “Award Payment Date”). Payment shall be made, in the Administrator’s sole discretion, either (i) in cash, or (ii) in a number of whole shares of Common Stock obtained by dividing (x) the amount of the
Dividend Equivalent being paid, by (y) the fair market value (determined in accordance with the Plan) of a share of Common Stock as of the applicable Award Payment Date. Fractional share interests shall be disregarded but may be cumulated or, in the
Administrator’s discretion, paid in cash. Payment in shares of Common Stock shall be made either by delivering one or more certificates for such shares or by entering such shares in book entry form, as determined by the Administrator in its
sole discretion. The Participant or other person entitled under the Plan to receive the shares shall deliver to the Corporation any representations or other documents or assurances required pursuant to Section 8.1 of the Plan. Delivery of any
certificates or cash payment will be made to the Participant’s last address reflected on the books of the Corporation or its Subsidiaries unless the Corporation is otherwise instructed in writing. 
  
 5. Continuance of Employment. The Participant’s
continued employment or service through each applicable Award Payment Date is a condition to the payment of the applicable portion of the Award and the rights and benefits under this Award Agreement. Partial employment or service, even if
substantial, during any applicable period will not entitle the Participant to any proportionate payment or avoid or mitigate a termination of rights and benefits upon or following a termination of employment or services as provided in Section 8
below or under the Plan. 
  

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 Nothing contained in this Award Agreement or the Plan constitutes an employment or service commitment by
the Corporation, affects the Participant’s status as an employee at will who is subject to termination without cause, confers upon the Participant any right to remain employed by or in service to the Corporation or any of its Subsidiaries,
interferes in any way with the right of the Corporation or any of its Subsidiaries at any time to terminate such employment or services, or affects the right of the Corporation or any of its Subsidiaries to increase or decrease the
Participant’s other compensation or benefits. Nothing in this paragraph, however, is intended to adversely affect any independent contractual right of the Participant without his or her consent thereto. 
  
 6. Limitations on Rights. The Dividend Equivalent Rights
and the Dividend Equivalents are for bookkeeping purposes only. Dividend Equivalents will not be treated as property or as a trust fund of any kind. The Participant shall have no rights as a stockholder of the Corporation, no dividend rights (except
as expressly provided herein with respect to the payment of Dividend Equivalents) and no voting rights with respect to the Dividend Equivalent Rights, the Dividend Equivalents or any shares of Common Stock issuable in respect of such Dividend
Equivalents, unless and until shares of Common Stock are actually delivered to and held of record by the Participant. Except as expressly provided herein, no adjustments will be made for dividends or other rights of a holder for which the record
date is prior to the date of delivery of the shares. The Participant’s rights with respect to the Award are merely those of a general unsecured creditor of the Corporation to receive payment as described herein subject to the terms and
conditions set forth herein. Neither the Participant nor any other person has any legal or equitable rights, claims or interest in any specific property or assets of the Corporation or any of its Subsidiaries. No assets of the Corporation or any
Subsidiary will be held under any trust or held in any way as collateral security of the fulfilling of the Corporation’s obligations under this Award Agreement. 
  
 7. Restrictions on Transfer. Neither the Dividend Equivalent Rights, nor the Dividend Equivalents
(prior to the time (if any) such Dividend Equivalents are paid), nor any other rights of the Participant under this Award Agreement or the Plan may be sold, assigned, transferred, pledged or otherwise disposed of, alienated or encumbered, either
voluntarily or involuntarily. The transfer restrictions in the preceding sentence shall not apply to (a) transfers to the Corporation, or (b) transfers by will or the laws of descent and distribution. 
  
 8. Effect of Termination of Employment or Services.
Subject to Section 9 below, if the Participant ceases to be employed by or ceases to provide services to the Corporation or a Subsidiary at any time before an Award Payment Date, the Award shall terminate and any Dividend Equivalent that would
otherwise be paid as of such Award Payment Date pursuant to this Award Agreement shall not be paid and shall be extinguished upon the date the Participant’s employment or services terminate (regardless of the reason for such termination,
whether with or without cause, voluntarily or involuntarily, or due to death or disability); provided, however, that the Administrator may in its sole discretion provide for payment of any Dividend Equivalent that would otherwise have been
extinguished pursuant to this Section 8. 
  
 9.
Adjustments Upon Specified Events; Change in Control Event. Upon the occurrence of certain events relating to the Corporation’s stock contemplated by Section 7.1 of the Plan, the Administrator shall make adjustments if
appropriate to the Award and the Dividend 

  

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Equivalent Rights. Furthermore, the Administrator shall adjust the Dividend Thresholds referenced above to the extent (if any) it determines that the
adjustment is necessary or advisable to preserve the intended incentives and benefits to reflect (1) any stock split, reverse stock split, stock dividend, material change in corporate capitalization, any material corporate transaction (such as a
reorganization, combination, separation, merger, acquisition, or any combination of the foregoing), or any complete or partial liquidation of the Corporation, (2) any change in accounting policies or practices, (3) the effects of any special charges
to the Corporation’s earnings, or (4) any other similar special circumstances. 
  
 Notwithstanding any other provision herein, upon the occurrence of a Change in Control Event following which the Corporation will not survive as a public company in respect of its Common Stock, the Award shall
immediately terminate, and the Participant’s Dividend Equivalent for the Performance Year in which the Change in Control Event occurs shall immediately become payable (regardless of whether the Annual Aggregate Dividend for such Performance
Year has exceeded the applicable Dividend Threshold). A Dividend Equivalent that becomes payable pursuant to this Section 9 shall be paid to the Participant as soon as practicable after such Change in Control Event. The Participant shall have no
further rights with respect to the Award or such Dividend Equivalent (except the right to receive any amounts which had previously become payable (or become payable upon such Change in Control Event) with respect to the Award but which had not yet
actually been paid). 
  
 10. Tax Withholding.
The Corporation (or any of its Subsidiaries last employing the Participant) shall be entitled to require a cash payment by or on behalf of the Participant and/or to deduct from other compensation payable to the Participant any sums required by
federal, state or local tax law to be withheld with respect to the payment of any Dividend Equivalent. Alternatively, the Participant or other person to whom shares of Common Stock are to be delivered in payment of a Dividend Equivalent may
irrevocably elect, in such manner and at such time or times prior to any applicable tax date as may be permitted or required under Section 8.5 of the Plan and rules established by the Administrator (and subject to the requirements of applicable
law), to have the Corporation withhold and reacquire shares at their fair market value at the time of payment to satisfy any minimum withholding obligations of the Corporation or its Subsidiaries with respect to such payment. Any election to have
shares so held back and reacquired shall be subject to such rules and procedures, which may include prior approval of the Administrator, as the Administrator may impose. 
  
 11. Notices. Any notice to be given under the terms of this Award Agreement shall be in writing and
addressed to the Corporation at its principal office to the attention of the Secretary, and to the Participant at the Participant’s last address reflected on the Corporation’s payroll records. Any notice shall be delivered in person or
shall be enclosed in a properly sealed envelope, addressed as aforesaid, registered or certified, and deposited (postage and registry or certification fee prepaid) in a post office or branch post office regularly maintained by the United States
Government. Any such notice shall be given only when received, but if the Participant is no longer an Eligible Person, shall be deemed to have been duly given five (5) business days after the date mailed in accordance with the foregoing provisions
of this Section 11. 
  
 12. Plan. The Award
and all rights of the Participant under this Award Agreement are subject to the terms and conditions of the provisions of the Plan, incorporated herein by 

  

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reference. The Participant agrees to be bound by the terms of the Plan and this Award Agreement. The Participant acknowledges having read and understanding
the Plan, the Prospectus for the Plan, and this Award Agreement. Unless otherwise expressly provided in other sections of this Award Agreement, provisions of the Plan that confer discretionary authority on the Board or the Administrator do not (and
shall not be deemed to) create any rights in the Participant unless such rights are expressly set forth herein or are otherwise in the sole discretion of the Board or the Administrator so conferred by appropriate action of the Board or the
Administrator under the Plan after the date hereof. 
  
 13. Entire Agreement. This Award Agreement and the Plan together constitute the entire agreement and supersede all prior understandings and agreements, written or oral, of the parties hereto with respect to the subject
matter hereof. The Plan and this Award Agreement may be amended pursuant to Section 8.6 of the Plan. Such amendment must be in writing and signed by the Corporation. The Corporation may, however, unilaterally waive any provision hereof in writing to
the extent such waiver does not adversely affect the interests of the Participant hereunder, but no such waiver shall operate as or be construed to be a subsequent waiver of the same provision or a waiver of any other provision hereof. 

 
 14. Section Headings. The section headings of this
Award Agreement are for convenience of reference only and shall not be deemed to alter or affect any provision hereof. 
  
 15. Governing Law. This Award Agreement shall be governed by and construed and enforced in accordance with the laws of the State of
Maryland without regard to conflict of law principles thereunder. 
  
 IN WITNESS WHEREOF, the Corporation has caused this Award Agreement to be executed on its behalf by a duly authorized officer and the Participant has hereunto set his or her hand as of the date and year first above written.

  

			
	 NEW CENTURY FINANCIAL CORPORATION,
 a Maryland corporation

		
	 By:
	 	 /s/ Robert K. Cole

	 Name:
	 	 Robert K. Cole

	 Its:
	 	 Chairman and Chief Executive Officer

	
	PARTICIPANT
		
	 By:
	 	 /s/ Brad A. Morrice

	 Name:
	 	 Brad A. Morrice

  

 5The Company's 2006 Executive Officer Annual Incentive Plan

 Exhibit 10.1 
  
 PROVISIONS OF THE TIDEWATER INC. 
 EXECUTIVE OFFICER ANNUAL INCENTIVE PLAN 
 FOR 
 FISCAL 2006 
  

	I.	PLAN OBJECTIVE 

  
 The primary objective of the Tidewater Inc. Executive Officer Annual Incentive Plan (the “Executive Incentive Plan” or the “Plan”) is
to reward Tidewater’s Executive Officers for their assistance in helping the Company achieve its financial and operating goals for the fiscal year. 
  
 The Executive Incentive Plan links a significant element of variable annual compensation to the accomplishment of these goals. 
  
 The Compensation Committee of the Board of Directors established this Plan
to maximize Tidewater’s deduction under Section 162(m) of the Internal Revenue Code, provided that such actions are consistent with its philosophy and in the best interest of Tidewater and its shareholders. Notwithstanding the provisions of
Section 162 (m) of the Internal Revenue Code, the Committee may award compensation that is not fully tax deductible if the Company determines that such award is consistent with its philosophy and in the best interest of Tidewater and its
shareholders. 
  

	II.	ADMINISTRATION 

  
 The Plan shall be administered by the Compensation Committee of the Board of Directors of the Company; provided that all of the members of the
Compensation Committee qualify as outside directors under Section 162(m) of the Internal Revenue Code. If all of the members do not so qualify, the Plan shall be administered by the Special Subcommittee of the Compensation Committee, all of the
members of which qualify as outside directors under Section 162(m). The term “Committee” shall be used herein to refer to the committee that is currently authorized to administer the Plan. The Committee shall have the authority to
interpret the Plan, to establish rules and regulations and to make any and all determinations that it believes necessary or advisable for the proper administration of the Plan. 
  

	III.	BASIC PLAN CONCEPT 

  
 The Plan concept for fiscal 2006 focuses on Tidewater’s overall performance. Adjusted net income and return on total capital are the bases upon which
a monetary pool is established for the participants if certain financial and operating goals are accomplished. Awards from the pool are based upon three specific criteria: (1) adjusted net income, (2) return on total capital, and (3) safety. An
additional amount may be earned for exceptional safety performance. 
  

	IV.	ELIGIBILITY CRITERIA 

  
 Eligibility for participation in the Executive Incentive Plan is limited to those executive officers who have a potential to earn compensation in excess
of $1,000,000. The specific positions eligible to participate in the Plan will be reviewed and determined 
  

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 annually by the Compensation Committee of the Board of Directors, but for fiscal 2006, Tidewater’s
Chief Executive Officer (CEO) is the sole participant. 
  

	V.	PERFORMANCE MEASURES AND STANDARDS 

  
 The performance goals under which a bonus may be paid for any fiscal year shall be any or a combination of the following: earnings per share, return on
assets, an economic value added measure, shareholder return, earnings, stock price, return on equity, return on total capital, safety performance, reduction of expenses or increase in cash flow of the Company, a division of the Company or a
subsidiary. For any performance period, such performance goals may be measured on an absolute basis or relative to a group of peer companies selected by the Compensation Committee, relative to internal goals or relative to levels attained in prior
years. 
  
 Prior to June 30 of each fiscal year, specific
corporate and, if appropriate, divisional measures and standards will be set. In addition, the appropriate weighting of each measure will also be established. 
  

	VI.	AWARD OPPORTUNITIES 

  
 Prior to June 30 of each fiscal year, the Committee will specify target incentive awards for each eligible position. These target awards will determine
the threshold and maximum incentive award amounts. These amounts are determined from each eligible participant’s base salary multiplied by the target percent associated with the participant’s position within the Company. 
  
 For fiscal year 2006, the Company has established that the CEO’s target
award will be the equivalent of 120% of base salary and the maximum award will be equivalent to 225% of base salary. The threshold and maximum awards are intended to recognize the risk/reward component of the Company’s overall compensation
program. The actual percentage of base salary that a participant is eligible to receive is calculated as provided on Exhibit 2. The annual award to the participant under this Plan will not exceed $2 million. 
  

	VII.	GENERATION OF FUNDING POOL 

  
 For fiscal 2006, the Company’s three financial performance measures described below in this Section VII will be used to determine the pool funding
amount (the “Pool Funding Amount”). The matrix attached as Exhibit 2 provides the pool funding calculation. 
  
 A. Return on Total Capital (ROTC) Relative to Peer Companies (“Relative ROTC”) – Relative ROTC is weighted 33%. ROTC is determined pursuant
to the following formula: 
  

			
	 Earnings Before Interest Expense, Taxes
 Depreciation and Amortization (EBITDA)

	 	 = ROTC

	 Average Shareholders Equity + Average Long-Term Debt (including current maturities of Long-Term Debt)
	 

  

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 Note: Average shareholders equity and average long-term debt shall be determining by summing the
respective totals as of the end of each interim quarterly reporting period during the fiscal year and shown on the Company’s consolidated balance sheet and dividing such sums by the number of interim reporting periods. 
  
 The standard for the Relative ROTC performance measure will be established
by considering Tidewater’s performance against the Peer Group of companies (See Exhibit 1). 
  
 B. Return on Total Capital Percentage – ROTC % is Tidewater’s ROTC percentage for the fiscal year, determined as provided above, and is weighted
33%. 
  
 C. Adjusted Net Income (ANI) versus Budget. 

 
 (a) Adjusted Net Income (ANI) versus Budget. Under this test, net
income as compared with budgeted net income, adjusted as specified below, is used. This test compares actual results against budgeted results for the year. 
  
 To encourage good management/business decisions, certain adjustments to net income will be made in determining if the net income test has been met.
Accordingly, the following items reported in the Company’s consolidated statement of earnings will be added to or subtracted from net income as reported in order to determine net income for purposes of the Plan: 
  

	 	(i)	Cumulative affect of accounting changes. 

  

	 	(ii)	Extraordinary items, as that term is defined in Accounting Principles Board Opinion #30. 

  

	 	(iii)	Discontinued operations; and 

  

	 	(iv)	Unusual or infrequently occurring items (less the amount of related income taxes), as that term is used in Accounting Principles Board Opinion #30. 

  
 Note: For purposes of calculating achievement of this performance measure,
budgeted net income shall be divided by the average number of common shares outstanding for the year as contemplated by the budget. Likewise, the amount of actual adjusted net income shall be divided by the average number of common shares
outstanding during the year. When calculating these earnings per share calculations, common stock equivalent shall not be considered in determining the average number of common shares outstanding. 
  
 ANI versus budget is weighted at 34%. 
  
 Before any individual incentive amount can be awarded, Tidewater must
achieve minimum (threshold) performance in at least one of the three Company performance measures. 
  
 Exceptional safety performance can entitle a participant to an award amount in addition to the Pool Funding Amount generated by the pool. 
  

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	VIII.	   INDIVIDUAL AWARD OPPORTUNITIES 

  
 For fiscal 2006, the CEO shall be entitled to receive 75% of the Pool Funding Amount. The final 25% of the Pool Funding Amount may be decreased or
increased depending upon the Company’s safety performance. 
  
 The safety performance measurement is determined by achievement of the Company’s overall established safety performance goals for the fiscal year (See Exhibit 3). Under this performance measure, payout is directly correlated with the
Total Recordable Incident Rate (TRIR) for the current fiscal year. “Total Recordable Incident Rate” is defined as follows: 
  

					
	 (Loss Time Accidents + Recordable
 Incidents) X
 200,000 (man hours)

	  	=	  	 Total Recordable Incident
 Rate per
 200,000 man hours of
 exposure

	Total Man Hour Exposure	  	 	  

  
 Non-job related
deaths will not count as a TRIR. The Company’s TRIR for fiscal 2006 must be less than .42 for any of the safety portion of the award to be earned. This measurement carries a weight of 25%. However, a TRIR of less than .32 will entitle a
participant to a safety payment in an amount that is greater than 25% of the Pool Funding Amount and which may be up to 150% of 25% of the Pool Funding Amount. (See Exhibit 3.) Pro rating will be permitted. 
  

	IX.	   AWARD PAYMENTS 

  
 Awards will be paid in cash no later than June 15, 2006. 
  

	X.	   MISCELLANEOUS 

  
 A. Nothing in this Plan shall confer upon a participant any right to continue in the employment of the Company, or to interfere in any way with the right
of the Company to terminate the participant’s employment relationship with the Company at any time. 
  
 B. The Plan shall be governed by and construed in accordance with the laws of the State of Louisiana. 
  
 C. If any term or provision of the Plan, shall at any time or to any extent
be invalid, illegal or unenforceable in any respect as written, the participant and the Company intend for any court construing the Plan to modify or limit such provision so as to render it valid and enforceable to the fullest extent allowed by law.
Any such provision that is not susceptible of such reformation shall be ignored so as to not affect any other term or provision hereof, and the remainder of the Plan, or the application of such term or provision to persons or circumstances other
than those as to which it is held invalid, illegal or unenforceable, shall not be affected thereby and each term and provision of the Plan shall be valid and enforced to the fullest extent permitted by law. 
  
 D. The Company’s obligation under the Plan is an unsecured and unfunded
promise to pay benefits that may be earned in the future. The Company shall have no obligation to set aside, earmark or invest any fund or money with which to pay its obligations under 

  

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the Plan. The participant or any successor in interest shall be and remain a general creditor of the Company in the same manner as any other creditor having
a general claim for matured and unpaid compensation. 
  
 E. The
Company shall have the right to terminate the plan at any time in its sole discretion. 
  
 F. The Company shall deduct from any payment made hereunder all applicable federal and state income and employment taxes. 
  
 G. Prior to any payout hereunder, the Committee shall certify in writing, by resolution or otherwise, the amount of the payout value of the award to be
paid to each participant as a result of the achieved performance goals, as described herein. 
  
 H. The Committee shall not increase the amount payable to a participant to an amount that is higher than the amount payable under the formula described herein. 
  

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