Document:

exv10w1

Exhibit 10.1

GLOBAL INDUSTRIES, LTD.

NON-EMPLOYEE DIRECTOR COMPENSATION POLICY

Effective May 20, 2009, each non-employee Director of Global Industries, Ltd. (the “Company”) shall
receive the following compensation for each election cycle he or she is elected or appointed to
serve as a Director:

	 	1.	 	Annual Cash Retainer – $60,000;
	 
	 	2.	 	Annual Equity Grant – $100,000 in Company common stock;
	 
	 	3.	 	Leadership Fee – $20,000 for the Lead Director and Audit Committee Chair
and $10,000 for other Committee Chairs;
	 
	 	4.	 	Annual Physical – Reimbursement of each non-employee Director and his or
her spouse for the cost of an annual physical at a medical facility to be selected or
approved from time to time by the Company, including any reasonable travel expenses;
and
	 
	 	5.	 	Expenses – Reimbursement of reasonable out-of-pocket expenses incurred
while fulfilling his or her duties as a Director of the Company, including attending
Company related activities and attending any meeting or Committee meeting of the Board
of Directors.

Payment Procedures

Compensation will be paid to non-employee Directors as follows:

	 	1.	 	Annual Cash Retainer – The annual cash retainer will be paid in two equal
installments with the initial payment made upon the Director’s election date and the
second payment on the six month anniversary of such date. In the event of appointment
during an election cycle, or if a Director serves less than the full election cycle,
the cash retainer will be pro-rated based upon the months served during the cycle.
Directors leaving the Board who have received advance payment of the Cash Retainer will
be required to repay a pro-rata share of such advance payment based on the number of
months served.
	 
	 	2.	 	Annual Equity Grant – The annual equity grant awarded under the Company’s
2005 Stock Incentive Plan (the “Plan”) will be made in four quarterly installments
valued at $25,000 based on the closing price of the Company’s common stock on the grant
date. The initial grant date will be the first day of trading in Company stock ninety
(90) days after the Director’s election with subsequent quarterly grant dates on the
first day of trading in Company stock occurring ninety (90) days after the prior grant
date. The number of shares awarded may be reduced at the election of the Director to
reflect federal and state taxes on the grant in accordance with applicable law. For
Directors serving less than a full election cycle, the number of shares awarded during
the Cycle will be adjusted on a pro-rata basis to reflect the number of months served.

 

 

	 	3.	 	Leadership Fee – The leadership fee will be paid in full in cash upon
appointment to a leadership position by the Board at the commencement of the election
cycle. Directors appointed to a leadership position during an election cycle will
receive a pro-rated leadership fee reflecting the number of months remaining in the
cycle. Any Director who has received advance payment of a leadership fee and who then
leaves the leadership position prior to conclusion of the election cycle shall repay
the Company a pro-rata share of the leadership fee based upon the number of months
served in the position.
	 
	 	4.	 	Change-In-Control – In the event of a Change-In-Control of the Company, as
defined in the Plan, each non-employee Director shall receive full payment for all
annual compensation payable under this Policy for the remainder of the election cycle
in the event their service as a Director is terminated early as a result of the
Change-In-Control. Installments of the Annual Cash Retainer will be made in cash by
the Company on the effective date of the Change-In-Control. Remaining quarterly
installments under the Annual Equity Grant shall be valued and granted to the Director
on the effective date of the Change-In-Control.

The Compensation Committee or the Board of Directors shall review this policy from time to time
to assess whether any amendments in the type and amount of compensation provided herein should
be adjusted, provided, however, that equity awards under this policy will cease without any
action of the Compensation Committee or the Board if the Plan expires or if there are no
remaining shares of Company common stock available for issuance under the Plan.

Employee Directors shall not receive any compensation for their service as a member of the
Board of Directors. Expenses of employee Directors incurred in connection with attending any
meeting of the Board of Directors or any of its Committees shall be reimbursed in accordance
with the Company’s expense reimbursement policies applicable to executives.

2exv10w2

Exhibit 10.2

FORM OF EXECUTIVE

LONG-TERM INCENTIVE

PERFORMANCE UNIT AGREEMENT

(EPS Based Multi Year)

     AGREEMENT made as of the ___ day of                     , 200___ between GLOBAL INDUSTRIES, LTD., a
Louisiana corporation (the “Company”), and                                          (“Participant”).

     To carry out the purposes of the GLOBAL INDUSTRIES, LTD. 2005 STOCK INCENTIVE PLAN (the
“Plan”) and in consideration of services performed by Participant and the mutual agreements and
other matters set forth herein and in the Plan, the Company and the Participant hereby agree as
follows:

     1. Grant of Performance Units. The Company, pursuant to the Plan, has granted on
                    , 20___ (the “Date of Grant”), to Participant                      performance units (each a
“Performance Unit”). Each Performance Unit represents the right to receive an unrestricted share
(which need not be a whole number) of common stock, $0.01 par value per share, of the Company
(“Stock”) for each Performance Unit to the extent “earned.” The Performance Units granted to
Participant under this Agreement shall be subject to all the terms, conditions and restrictions set
forth in the Plan and this Agreement, including future amendments to either, if any, pursuant to
the terms thereof. In the event of a change in the capitalization of the Company due to a stock
split, stock dividend, recapitalization, merger, consolidation, combination, or similar event, the
terms of this Agreement, including the number of Performance Units, may be adjusted by the
Committee to appropriately reflect such change.

     2. Earned Shares.

     (a) As soon as administratively practicable after the last day of the Performance
Period, the Committee shall determine for the Performance Period the Earnings Per Share for
the Company and the Earned Percentage. The Committee’s determinations pursuant to the
preceding sentence shall be certified by the Committee in writing and delivered to the
Secretary of the Company. For purposes of the preceding sentence, written authorization of
the Committee Chairman or approved minutes of the Committee meeting in which the
certification is made shall be treated as a written certification. Shares of Stock shall be
deemed earned under this Paragraph 2(a) (to the extent the applicable performance goals are
satisfied) on the date the Committee takes the action set forth in the first sentence of
this Paragraph 2(a) (the “Certification Date”). At the time of such certification and based
on the Earnings Per Share for the Performance Period, the number of shares of Stock that
shall be earned shall be equal to the number of Performance Units granted hereunder
multiplied by the Earned Percentage (expressed as a percentage rounded to two decimal
places). The Earned Percentage shall be determined in accordance with the schedules set
forth on Appendix A hereto.

     (b) Notwithstanding any provision of Paragraph 2(a) to the contrary, no shares of Stock
shall be earned if Participant’s employment is Terminated for Cause by the

 

 

Company or by Participant for any reason other than death, Disability or Retirement, in
either case before the Certification Date.

     (c) In the event of a Change in Control during the Performance Period if such Change of
Control occurs either (i) while Participant is in the employ of the Company or (ii) on or
after the date upon which Participant’s employment with the Company terminated by reason of
Retirement, death or Disability or by the Company other than a Termination for Cause,
one-half of one share of Stock shall be earned for each Performance Unit as of the effective
date of such Change in Control and the provisions of Section 2(a) shall cease to apply.

     (d) In the event of termination of Participant’s employment by reason of Retirement,
death or Disability or by the Company other than a Termination for Cause, and subject to the
provisions of Paragraph 2(c), the number of shares of Stock that shall be earned on the
Certification Date shall equal the total number of shares of Stock that would be earned as
provided in Paragraph 2(a) if Participant was still employed on the Certification Date
multiplied by the portion (expressed as a percentage rounded to two decimal places) of the
Performance Period during which Participant was an employee of the Company.

     3. Stock Issuance.

     (a) The Company shall cause to be issued certificates representing any shares of Stock
earned hereunder in the name of Participant (or the estate or beneficiary of Participant in
the event of Participant’s prior death) as promptly as practicable after the Certification
Date, but in no event later than April 15th of the calendar year after the calendar year in
which the Performance Period ends; provided however, that, if the shares of Stock are earned
pursuant to Paragraph 2(c), then the certificates shall be issued on the effective date of
the Change in Control. No fraction of a share of Stock shall be issued by the Company under
this Agreement; rather, the total number of shares of Stock that would otherwise be issued
hereunder shall be rounded up to the next whole share of Stock. Unless and until a
certificate or certificates representing such shares of Stock shall have been issued by the
Company to Participant, Participant (or the estate or beneficiary of Participant in the
event of Participant’s prior death) shall not be or have any of the rights or privileges of
a shareholder of the Company with respect to shares of Stock that may be, or have been,
earned under this Agreement.

     (b) The Company has registered or intends to register for issuance under the Securities
Act of 1933, as amended (the “Act”), the shares of Stock that may be earned under this
Agreement, and intends to keep such registration effective until the Committee shall make
its determination under Paragraph 2(a). In the absence of such effective registration or an
available exemption from registration under the Act, issuance of shares of Stock earned
under this Agreement will be delayed until registration of such shares is effective or an
exemption from registration under the Act is available. The Company intends to use its
reasonable best efforts to insure that no delay will occur. If an exemption from
registration under the Act is available and necessary upon issuance of shares of Stock
earned hereunder, Participant (or the estate or beneficiary of Participant

2

 

in the event of Participant’s prior death), if requested by the Company to do so, will
execute and deliver to the Company in writing an agreement containing such provisions as the
Company may require to assure compliance with applicable securities laws.

     (c) Participant agrees that the shares of Stock acquired hereunder will not be sold or
otherwise disposed of in any manner that would constitute a violation of any applicable
securities laws. Participant also agrees that (i) the certificates representing the shares
of Stock earned under this Agreement may bear such legend or legends as the Administrator of
the Plan deems appropriate in order to assure compliance with applicable securities laws,
(ii) the Company may refuse to register the transfer of the share of Stock earned under this
Agreement on the transfer records of the Company if such proposed transfer would, in the
opinion of counsel satisfactory to the Company, constitute a violation of any applicable
securities law and (iii) the Company may give related instructions to its transfer agent, if
any, to stop registration of the transfer of the shares of Stock earned under this
Agreement.

     4. Withholding of Tax. To the extent the earning or issuance of Performance Units or
shares of Stock results in the receipt of compensation income or wages by Participant for federal,
state or local tax purposes, Participant shall deliver to the Company at the time of such receipt
such amount of money (or, with the consent of the Administrator, shares of Stock) as the Company
may require to meet all obligations under applicable tax laws or regulations, and if Participant
fails to do so, the Company is authorized to withhold from any cash or stock compensation then or
thereafter payable to Participant, including from the shares of Stock otherwise issuable under this
Agreement, any tax required to be withheld by reason thereof.

     5. Employment Relationship. Nothing contained in this Agreement or the Plan shall
interfere with or limit in any way the right of the Company to terminate the employment of
Participant, nor confer upon Participant any right to continued employment. For purposes of this
Agreement, Participant shall be considered to be an employee of the Company so long as Participant
remains an employee of either the Company, or a parent or subsidiary of the Company. Without
limiting the scope of the preceding sentence, it is expressly provided that Participant’s
employment with the Company shall be considered to have been terminated at the time the entity or
other organization that employs Participant ceases to be a parent or subsidiary of the Company
event shall not constitute a Termination for Cause. Subject to the preceding sentence, any
question as to whether and when there has been a termination of such employment, and whether such
event is a Termination for Cause, shall be determined by the Committee, and its determination shall
be final.

     6. Entire Agreement; Amendment. Except to the extent expressly provided otherwise in
any employment, severance or change of control agreement with Participant, this Agreement replaces
and merges all previous agreements and discussions relating to this award of Performance Units
between Participant and the Company and together with the Plan constitutes the entire agreement
between Participant and the Company with respect to the subject matter of this Agreement. This
Agreement may not be modified in any respect by any verbal statement, representation or agreement
made by any employee, officer, or representative of the Company. Except as provided below, any
modification of this Agreement shall be effective only if it is in writing and signed by both
Participant and an authorized officer of the Company.

3

 

Notwithstanding anything in the Plan or this Agreement to the contrary, if the Committee
determines that the provisions of Section 409A of the Code apply to this Agreement and that the
terms of this Agreement do not, in whole or in part, satisfy the requirements of such section, then
the Committee, in its sole discretion, may unilaterally modify this Agreement in such manner as it
deems appropriate to comply with such section and any regulations or guidance issued thereunder.

     7. Notices. Any notices or other communications provided for in this Agreement shall
be sufficient if in writing. In the case of Participant, such notices or communications shall be
deemed effectively delivered if hand delivered to Participant at Participant’s principal place of
employment or if sent by registered or certified mail, return receipt requested, postage paid, to
Participant at the last address Participant has filed with the Company. In the case of the
Company, such notices or communications shall be effectively delivered if sent by registered or
certified mail to the Company at its principal executive offices.

     8. Interpretation. In the event of any conflict between the terms of this Agreement
and the Plan, the Plan shall control.

     9. Acknowledgments. Participant is not relying upon any written or oral statement or
representation of the Company, its affiliates, or any of its or their respective employees,
officers, directors, attorneys or agents (collectively, the “Company Parties”) regarding the tax
consequences associated with Participant’s execution of this Agreement, and in deciding to enter
into this Agreement, Participant is relying on his own judgment and the judgment of the
professionals of his choice with whom he has consulted. Participant hereby releases, acquits and
forever discharges the Company Parties from all actions, causes of actions, suits, debts,
obligations, liabilities, claims, damages, losses, costs and expenses of any nature whatsoever,
known or unknown, on account of, arising out of, or in any way related to the tax consequences
associated with Participant’s execution of this Agreement and his receipt of Performance Units or
shares of Stock hereunder.

     10. Certain Definitions. Wherever used in this Agreement, the following words and
phrases when capitalized will have the meanings ascribed below, unless the context clearly
indicates to the contrary, and all capitalized terms used in this Agreement, which are not defined
in this Agreement, will have the meanings set forth in the Plan.

“Earnings Per Share” or “EPS” means, with respect to the Performance Period, the sum of the annual
“earnings per common share — diluted” reflected in the regularly prepared and publicly available
consolidated financial statements of the Company prepared in accordance with GAAP for each fiscal
year included in the Performance Period, adjusted for non-recurring, unusual and unexpected items.

“GAAP” means United States generally accepted accounting principles, consistently applied.

“Performance Period” means the [___]-year period set forth on Appendix A of this Agreement.

“Retirement” means the termination of Participant’s employment with the consent of the Company
after at least ten years of service, not including service time with any company or entity acquired
by the Company prior to such acquisition.

4

 

“Termination for Cause” means termination as a result of Participant’s gross negligence or willful
misconduct in the performance of his employment or Participant’s final conviction of a misdemeanor
involving moral turpitude or any felony.

     11. Binding Effect. This Agreement shall be binding upon and inure to the benefit of
any successors to the Company and all persons lawfully claiming under Participant.

     12. Governing Law. This Agreement shall be governed by, and construed in accordance
with, the laws of the State of Texas.

[Signature page follows.]

5

 

     IN WITNESS WHEREOF, the Company has executed this Agreement by its duly authorized officer,
and Participant has executed this Agreement, all as of the day and year first above written.

	 	 	 	 	 	 	 
	 	 	GLOBAL INDUSTRIES, LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Name:
	 	 

	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 
	 	 	PARTICIPANT	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	 	 	 

	 	 

 

 

Appendix A

Performance Unit Agreement

(EPS Based; Multi-Year)

AWARD OF PERFORMANCE UNITS

	 	 	 	 	 	 	 	 	 	 	 	 	 
	Performance	 	 	 	 	 	 
	Period	 	Full EPS	 	Target EPS	 	Threshold EPS
	January 1, 20[__] to

December 31, 20[__]
	 	 	[$____]	 	 	 	[$____]	 	 	 	[$____]	 

	 	 	 
	Earnings Per Share for the	 	 
	Performance Period	 	Earned Percentage
	At or above the Full EPS

	 	100% 
	 
	 	 
	Above the Target EPS but less than the Full EPS

	 	Interpolated percentage between 50% and 100%
	 
	 	 
	At the Target EPS

	 	50% 
	 
	 	 
	Above the Threshold EPS but less than the Target EPS

	 	Interpolated percentage between 25% and 50%
	 
	 	 
	At the Threshold EPS

	 	25% 
	 
	 	 
	Below the Threshold EPS

	 	0% 

     The interpolated percentage referred to in the schedule above shall be determined (i) for an
Earnings Per Share greater than the Threshold EPS but less than the Target EPS by increasing the
stated Earned Percentage for Threshold EPS by the Below Target Incremental Percentage for each
$0.01 (one cent) by which the Earnings Per Share exceeds the Threshold EPS and (ii) for an Earnings
Per Share greater than the Target EPS but less than the Full EPS by increasing the stated Earned
Percentage for the Target EPS by the Above Target Incremental Percentage for each $0.01 (one cent)
by which the Earnings Per Share exceeds the Target EPS. “Below Target Incremental Percentage”
means the amount equal to (A) the Earned Percentage for Target EPS minus the Earned Percentage for
Threshold EPS divided by (B) 10 multiplied by the difference between the Target EPS and the
Threshold EPS; and “Above Target Incremental Percentage” means the amount equal to (A) the Earned
Percentage for Full EPS minus the Earned Percentage for Target EPS divided by (B) 10 multiplied by
the difference between the Full EPS and the Target EPS. To illustrate, if, for the Performance
Period, the Target EPS is $0.40, the Threshold EPS is $0.20, and the actual Earnings Per Share is
$0.30, then the Below Target Incremental Percentage is 1.25% (.25 divided by (100 multiplied by
(.40 minus .20))). Since the actual Earnings Per Share exceeds the Threshold EPS in this example
by $0.10, the Earned Percentage would be 37.5% (25% plus (1.25% multiplied by 10 (the number of
cents above threshold)).

Appendix A-1

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00158-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00158-of-00352.parquet"}]]