Document:

Exhibit 10.5

 Exhibit 10.5 
 2013 PERFORMANCE AWARD: GOALS AND MEASURES 
 ARTICLE 1 

ESTABLISHMENT AND PURPOSE 
 1.1 Establishment of the 2013-2015 Performance Goals. Oceaneering International, Inc. (the “Company”), has previously established the 2010 Incentive Plan of
Oceaneering International, Inc. (the “Plan”). The Plan permits the establishment of Performance Goals and the award of Performance Awards to Participants. The Committee has established Performance Goals (as detailed herein) for the first
performance period under the Plan which shall run from January 1, 2013 through December 31, 2015 (the “2013-2015 Performance Period”). This 2013-2015 Performance Period is subject to all the provisions of the Plan.

 1.2 Establishment of 2013-2015 Performance Goal Targets. The 2013-2015 Performance Goal targets
are as follows: 
  

					
	 ROIC/Kc:
	  	 	___	%1 
	 Cumulative Three Year Cash Flow:
	  	$	___	1 

 1.3 Purpose. The establishment of Performance Goals for the 2013-2015
Performance Period is to provide Participants with a long-term incentive opportunity in respect of the 2013-2015 Performance Period. Performance Awards granted in 2013 (the “2013 Performance Awards”) are subject to the attainment of these
Performance Goals. 
 ARTICLE 2 
 DEFINITIONS 
 2.1 Definitions. Whenever used in
this document, capitalized terms shall have the meanings assigned in the Plan, unless defined otherwise or specifically provided herein. The following terms shall have the meanings set forth below: 

(a) “Average Cost of Capital” means the average (the arithmetic mean) of the Cost of Capital for each of
the three calendar years within the 2013-2015 Performance Period. 
 (b) “Average Invested
Capital” means the sum of Average Total Debt and Average Shareholders’ Equity for each of the three calendar years within the 2013-2015 Performance Period. 

 

	1	 In accordance with
Instruction 2 to Item 402(e) and Instruction 4 to Item 402(b) of Regulation S-K, Oceaneering is not disclosing these and the other amounts or items left blank herein, as they reflect confidential commercial or business information.
Oceaneering believes that assuming current market conditions, it is likely that the undisclosed target levels will be achieved. 

  
 1 of 5

 (c) “Average Return on Invested Capital” or
“ROIC” means a percentage derived by dividing (i) the cumulative NOPAT (the sum of NOPAT for each of the three calendar years within the 2013-2015 Performance Period) by (ii) Average Invested Capital. 

(d) “Average Total Debt” means (i) the sum of the Total Debt as of the end of the prior year and the
Total Debt as of the end of the current year (ii) divided by two. For example, the Average Total Debt for calendar year 2013 will be the Total Debt as of December 31, 2012, plus the Total Debt as of December 31, 2013, divided by two.

 (e) “Average Shareholders’ Equity” means (i) the sum of Shareholders’ Equity
as of the end of the prior year and Shareholders’ Equity as of the end of the current year (ii) divided by two. 
 (f) “Cost of Capital” or “Kc” means a percentage determined by dividing (i) the sum of the Cost of Debt and the Cost of Equity for each of the three calendar years within
the 2013-2015 Performance Period by (ii) the sum of Average Total Debt and Average Shareholders’ Equity for each of the three calendar years within the 2013-2015 Performance Period. All components of Cost of Capital shall be obtained
directly from the audited financial statements of the Company for the applicable year. 
 (g) “Cost of
Debt” means the product of annual Interest Expense and 65% (100% less a deemed income tax rate of 35%). 

(h) “Cost of Equity” means the product of Average Shareholders’ Equity and 7.28%, which is the sum
of the 1.78% yield on the 10-year Treasury Notes as of December 31, 2012, as published by the U.S. Federal Reserve, plus an equity return premium of 5.5%. 
 (i) “Cumulative Three Year Cash Flow” means the sum of the earnings before interest, taxes, depreciation and amortization (“EBITDA”) amounts for each of the three calendar years
in the 2013-2015 Performance Period. EBITDA shall be calculated as Net Income (Loss) plus (or Minus) Net Interest Expense (Income), plus provisions for income taxes (or minus benefit from income taxes), plus depreciation and amortization. Each
component of EBITDA shall be obtained directly from the audited financials statements of the Company for the applicable year. 
 (j) “Income Before Income Taxes” means income before income taxes as reflected in the audited financial statements of the Company for the applicable calendar year. 

(k) “Interest Expense” means interest expense, net of amounts capitalized, as reflected in the audited
financial statements of the Company for the applicable calendar year. 
 (l) “Interest Income”
means interest income as reflected in the audited financial statements of the Company for the applicable calendar year. 

  
 Page 2 of 5

 (m) “Net Income (Loss)” means net income (loss) as
reflected in the audited financial statements of the Company for the applicable calendar year. 
 (n)
“Net Interest Expense (Income)” means the difference between (i) Interest Expense and (ii) Interest Income for the applicable calendar year. 

(o) “Net Operating Profit After Taxes” or “NOPAT” means Net Income (Loss) plus (or minus) the
product of (i) Net Interest Expense (Income) and (ii) 100% minus the effective income tax rate for the applicable year. The effective income tax rate will be determined by dividing the annual income tax provision (or benefit) by Income
Before Income Taxes. All components of NOPAT shall be obtained directly from the audited financial statements of the Company for the applicable calendar year. 
 (p) “Performance Unit” means the unit of measure underlying a Performance Award, with an initial notional value of $100. 

(q) “ROIC/Kc” means a percentage derived by dividing (i) Average Return on Invested Capital for the
2013-2015 Performance Period by (ii) Average Cost of Capital for the 2013-2015 Performance Period. A percentage greater than 100% indicates the Company earned a rate of return on its Average Invested Capital in excess of its Average Cost of
Capital. 
 (r) “Shareholders’ Equity” means the shareholders’ equity as reflected in
the audited financial statements of the Company for the applicable year. 
 (s) “Total Debt”
means the difference between (i) the sum of the debt components (in both current and long-term liabilities), as reflected in the audited financial statements of the Company for the applicable calendar year, and
(ii) construction-in-progress as disclosed in the footnotes to the audited financial statements of the Company to the extent such amount is greater than $20,000,000. 
 ARTICLE 3 
 AWARD DETERMINATION 

3.1 Award Opportunities. The Committee has determined the Participants for the 2013-2015 Performance Period
and each Participant’s 2013 Performance Award; such Participants and their individual Performance Awards are reflected in the Committee records. A Participant’s 2013 Performance Award is keyed to the Company’s performance with respect
to the 2013-2015 Performance Goals, and may result in a payment to the Participant having a value from zero percent to one hundred fifty percent of the initial notional value of the 2013 Performance Award. 

3.2 Performance Award Determination. As soon as is practicable after the close of the 2013-2015 Performance
Period, the Committee shall calculate the value of 2013 Performance Awards for each Participant as follows: 

(a) Determine ROIC/Kc for the 2013-2015 Performance Period. 

  
 Page 3 of 5

 (b) Determine the Cumulative Three Year Cash Flow for the 2013-2015
Performance Period. 
 (c) Determine the ROIC/Kc Performance Goal level based on the following: 

 

					
	 Threshold Level:
	  	 	___	% 
	 Target Level:
	  	 	___	% 
	 Maximum Level:
	  	 	___	% 

 (d) Determine the Cumulative Three Year Cash Flow Performance Goal level based on the
following: 
  

					
	 Threshold Level:
	  	 	___	% 
	 Target Level:
	  	 	___	% 
	 Maximum Level:
	  	 	___	% 

 (e) If the Company does not reach the Threshold level on both the ROIC/Kc and the
Cumulative Three Year Cash Flow Performance Goal, no amounts will be paid with respect to the 2013 Performance Awards. If the Company reaches the Threshold level on at least one Performance Goal, an amount will be payable with respect to the 2013
Performance Awards. 
 (f) The 2013 Performance Award for any Participant shall not be in an amount greater than
$10,000,000. 
 (g) Satisfaction of each Performance Goal at the Target level will result in a final value of
each Performance Unit of $100. The determination of the final value of each Performance Unit shall be based on application of the following grid (with interpolation between the specified levels): 

UNIT VALUES 
  

																			
		  	Maximum	  	$	75.00	  	  	$	112.50	  	  	$	125.00	  	  	$	150.00	  
	Cumulative	  	Target	  	$	50.00	  	  	$	87.50	  	  	$	100.00	  	  	$	125.00	  
	Three Year Cash Flow	  	Threshold	  	$	37.50	  	  	$	75.00	  	  	$	87.50	  	  	$	112.50	  
		  	Below Threshold	  	$	0.00	  	  	$	37.50	  	  	$	50.00	  	  	$	75.00	  
		  		  	 
  
	Below

Threshold
	  
   
	  	 	Threshold	  	  	 	Target	  	  	 	Maximum	  

 ROIC/Kc 

  
 Page 4 of 5

 (h) The Committee shall certify the determination of the final value of each
Performance Unit. If such value exceeds $100, the Committee retains the discretion to reduce such value to any amount above or equal to $100. 
 ARTICLE 4 
 PAYMENT OF 2013 PERFORMANCE AWARDS 

4.1 Determination of Amount. 2013 Performance Awards will be determined as soon as practicable after
(a) the Company’s financial statements for each of the three calendar years in the 2013-2015 Performance Period have been certified, (b) the Committee has certified in writing that the various Performance Goals and conditions set
forth herein and in the Plan have all been met or satisfied, and (c) the Committee has specifically authorized in writing the payment of any 2013 Performance Awards based on attainment of either Performance Goal at a level greater than Target.

 4.2 Vesting. The 2013 Performance Awards will vest as set forth in the Participant’s
Performance Unit Agreement. 
 4.3 Form of Payment. Each 2013 Performance Award will be paid in
cash. 
 4.4 Time of Payment. 2013 Performance Awards shall be paid as set forth in the
Participant’s Performance Unit Agreement. 

  
 Page 5 of 5Exhibit 10.6

 Exhibit 10.6 
 2013 NONEMPLOYEE DIRECTOR 
 RESTRICTED STOCK AGREEMENT 

This 2013 Nonemployee Director Restricted Stock Agreement (this “Agreement”) is between OCEANEERING
INTERNATIONAL, INC. (the “Company”) and            (the “Participant”), a nonemployee Director, regarding an award
(“Award”) of            shares of Common Stock (as defined in the 2010 INCENTIVE PLAN OF OCEANEERING
INTERNATIONAL, INC. (the “Plan”), such Common Stock comprising this Award referred to herein as “Restricted Stock”) awarded to the Participant effective February 22, 2013 (the “Award
Date”), such number of shares subject to adjustment as provided in Section 15 of the Plan, and further subject to the following terms and conditions: 
 1. Relationship to Plan. This Award is subject to all of the terms, conditions and provisions of the Plan and administrative interpretations thereunder, if any, which have been adopted by the Board
thereunder and are in effect on the date hereof. Except as defined or otherwise specifically provided herein, capitalized terms shall have the same meanings ascribed to them under the Plan. 

2. Vesting and Lapse of Restrictions. 
 (a) All shares of Restricted Stock subject to this Award shall vest in full (and all restrictions thereon shall lapse) on the first anniversary of the Award Date, provided the Participant is a
Director on such anniversary. 
 (b) All shares of Restricted Stock (and any substitute security and cash
component distributed in connection with a Change of Control) subject to this Award shall vest in full (and all restrictions thereon shall lapse), irrespective of the provision set forth in subparagraph (a) above, provided that the Participant
has been in continuous service as a Director since the Award Date, upon the earlier to occur of: 
 (i) the
Participant’s death; or 
 (ii) a Change of Control. 

(c) For purposes of this Agreement: 

(i) “Change of Control” means: 

(A) any Person is or becomes the “beneficial owner” (as defined in Rule 13d-3 under the Exchange Act and the
rules and regulations promulgated thereunder), directly or indirectly, of securities of the Company representing 20% or more of the combined voting power of the Company’s outstanding Voting Securities, other than through the purchase of Voting
Securities directly from the Company through a private placement; or 

  
 Page 1 of 6

 (B) individuals who constitute the Board on the date hereof (the
“Incumbent Board”) cease for any reason to constitute at least a majority thereof, provided that any person becoming a Director subsequent to the date hereof whose election, or nomination for election by the Company’s shareholders,
was approved by a vote of at least two-thirds of the Directors comprising the Incumbent Board shall from and after such election be deemed to be a member of the Incumbent Board; or 

(C) the Company is merged or consolidated with another corporation or entity, and as a result of such merger or
consolidation less than 60% of the outstanding Voting Securities of the surviving or resulting corporation or entity shall then be owned by the former shareholders of the Company; or 

(D) the consummation of a (i) tender offer or (ii) exchange offer by a Person other than the Company for the
ownership of 20% or more of the Voting Securities of the Company then outstanding; or 
 (E) all or
substantially all of the assets of the Company are sold or transferred to a Person as to which: 
 (1) the
Incumbent Board does not have authority (whether by law or contract) to directly control the use or further disposition of such assets; and 
 (2) the financial results of the Company and such Person are not consolidated for financial reporting purposes. 
 (F) Anything else in this definition to the contrary notwithstanding: 
 (1) no Change of Control shall be deemed to have occurred by virtue of any transaction which results in the Participant, or a group of Persons which includes the Participant, acquiring more than 20% of
either the combined voting power of the Company’s outstanding Voting Securities or the Voting Securities of any other corporation or entity which acquires all or substantially all of the assets of the Company, whether by way of merger,
consolidation, sale of such assets or otherwise; and 
 (2) no Change of Control shall be deemed to have
occurred unless such event constitutes an event specified in Code Section 409A(a)(2)(A)(v) and the Treasury regulations promulgated thereunder. 

  
 Page 2 of 6

 (ii) “Exchange Act” means the Securities Exchange Act of 1934, as
amended from time to time. 
 (iii) “Person” means, any individual, corporation, partnership,
“group” (as such term is used in Rule 13d-5 under the Exchange Act), association or other “person,” as such term is used in Sections 13(d) and 14(d) of the Exchange Act, and the related rules and regulations promulgated
thereunder. 
 (iv) “Voting Securities” means, with respect to any corporation or other business
enterprise, those securities, which under ordinary circumstances are entitled to vote for the election of directors or others charged with comparable duties under applicable law. 

3. Forfeiture of Award. If the Participant’s service as a Director terminates under any circumstances (except those provided
in Paragraph 2 of this Agreement or in any other written agreement between the Participant and the Company which provides for vesting of the Restricted Stock granted hereby), all unvested Restricted Stock as of the termination date shall be
forfeited. 
 4. Registration of Shares. The Participant’s right to receive the Restricted Stock shall be evidenced
by book entry registration (or by such other manner as the Committee may determine) at the beginning of the Restriction Period. Upon termination of the Restriction Period, a certificate representing such shares shall be delivered upon written
request to the Participant as promptly as is reasonably practicable following such termination. 
 5. Code Section 83(b)
Election. The Participant shall be permitted to make an election under Code Section 83(b), to include an amount in income in respect of the Award of Restricted Stock in accordance with the requirements of Code Section 83(b).

 6. Dividends and Voting Rights. The Participant is entitled to receive all dividends and other distributions made with
respect to Restricted Stock registered in his name and is entitled to vote or execute proxies with respect to such registered Restricted Stock, unless and until the Restricted Stock is forfeited. 

7. Delivery of Shares. The Company shall not be obligated to deliver any shares of Common Stock if counsel to the Company
determines that such sale or delivery would violate any applicable law or any rule or regulation of any governmental authority or any rule or regulation of, or agreement of the Company with, any securities exchange or association upon which the
Common Stock is listed or quoted. The Company shall in no event be obligated to take any affirmative action in order to cause the delivery of shares of Common Stock to comply with any such law, rule, regulation or agreement. 

  
 Page 3 of 6

 8. Notices. Unless the Company notifies the Participant in writing of a different
procedure, any notice or other communication to the Company with respect to this Agreement or the Plan shall be in writing addressed to the Corporate Secretary of the Company and shall be: (a) by registered or certified United States mail,
postage prepaid, to 11911 FM 529, Houston, Texas 77041-3011; or (b) by hand delivery or otherwise to 11911 FM 529, Houston, Texas 77041-3011. Any such notice shall be deemed effectively delivered or given upon receipt. 

Notwithstanding the foregoing, in the event that the address of the Company’s principal executive offices is changed prior to the
date of any settlement of this Award, notices shall instead be made pursuant to the foregoing provisions at the then current address of the Company’s principal executive offices. 

Any notice or other communication to the Participant with respect to this Agreement or the Plan shall be given in writing and shall be
deemed effectively delivered or given upon receipt or, in the case of notices mailed by the Company to the Participant, five days after deposit in the United States mail, postage prepaid, addressed to the Participant at the address specified at the
end of this Agreement or at such other address as the Participant hereafter designates by written notice to the Company. 

9. Assignment of Award. Except as otherwise permitted by the Committee and as provided in the immediately following paragraph, the
Participant’s rights under the Plan and this Agreement are personal, and no assignment or transfer of the Participant’s rights under and interest in this Award may be made by the Participant other than by a domestic relations order. This
Award is payable during his lifetime only to the Participant, or in the case of a Participant who is mentally incapacitated, this Award shall be payable to his guardian or legal representative. 

The Participant may designate a beneficiary or beneficiaries (the “Beneficiary”) to whom the Award under this Agreement, if
any, will pass upon the Participant’s death and may change such designation from time to time by filing with the Company a written designation of Beneficiary on the form attached hereto as Exhibit A, or such other form as may be prescribed by
the Committee; provided that no such designation shall be effective unless so filed prior to the death of the Participant and no such designation shall be effective as of a date prior to receipt by the Company. The Participant may change his
Beneficiary without the consent of any prior Beneficiary by filing a new designation with the Company. The last such designation that the Company receives in accordance with the foregoing provisions will be controlling. Following the
Participant’s death, the Award, if any, will pass to the designated Beneficiary and such person will be deemed the Participant for purposes of any applicable provisions of this Agreement. If no such designation is made or if the designated
Beneficiary does not survive the Participant’s death, the Award shall pass by will or, if none, then by the laws of descent and distribution. 

  
 Page 4 of 6

 10. Withholding. The Company’s obligation to deliver shares of Restricted Stock
to the Participant upon the vesting of such shares shall be subject to the satisfaction of all applicable withholding requirements including those related to federal, state and local income and employment taxes (the “Required
Withholding”). The Company may withhold from the Restricted Stock that would otherwise have been delivered to the Participant the number of shares necessary to satisfy the Participant’s Required Withholding, and deliver the remaining
shares of Restricted Stock to the Participant, unless the Participant has made arrangements with the Company for the Participant to deliver to the Company cash, check, other available funds or shares of previously owned Common Stock for the full
amount of the Required Withholding by 5:00 p.m. Central Standard Time on the date the shares of Restricted Stock become vested. The amount of the Required Withholding and the number of shares to satisfy the Participant’s Required Withholding
shall be based on the Fair Market Value of the shares on the date prior to the applicable date of vesting. 
 11. Stock
Certificates. Any certificate representing the Common Stock issued pursuant to the Award will bear all legends required by law and necessary or advisable to effectuate the provisions of the Plan and this Award. The Company may place a “stop
transfer” order against shares of the Common Stock issued pursuant to this Award until all restrictions and conditions set forth in the Plan or this Agreement and in the legends referred to in this Section 11 have been complied with.

 12. Successors and Assigns. This Agreement shall bind and inure to the benefit of and be enforceable by the
Participant, the Company and their respective permitted successors and assigns (including personal representatives, heirs and legatees), except that the Participant may not assign any rights or obligations under this Agreement except to the extent
and in the manner expressly permitted in Section 9 of this Agreement. 
 13. No Service as Director
Guaranteed. No provision of this Agreement shall confer any right upon the Participant to continued service with the Company as a Director. 
 14. Code Section 409A Compliance. This Award is intended to satisfy the requirements of Section 409A of the Code or alternatively, the short-term deferral exclusion under
Section 409A of the Code and related regulations and Treasury pronouncements. 
 15. Governing Law. This Agreement
shall be governed by, construed, and enforced in accordance with the laws of the State of Texas, excluding any choice of law provision thereof that would result in the application of the laws of any other jurisdiction. 

16. Amendment. Except as set forth herein, this Agreement cannot be modified, altered or amended except by an agreement, in
writing, signed by both the Company and the Participant. 

  
 Page 5 of 6

							
		 		 	OCEANEERING INTERNATIONAL, INC.
				
	Award Date: February 22, 2013	 		 	By:	 	 
		 		 		 	 David K. Lawrence
 Vice
President, General Counsel
 and Secretary

	
	 The Participant hereby accepts the foregoing 2013 Nonemployee Director Restricted Stock Agreement, subject to the terms and provisions of
the Plan and administrative interpretations thereof referred to above.

			
		 		 	PARTICIPANT:
			
	Date:                            
	 		 	  

			
		 		 	Participant’s Address:
			
		 		 	  

			
		 		 	  

			
		 		 	  

 Exhibit A to 2013 Nonemployee Director 

Restricted Stock Agreement 
 Designation of Beneficiary 

I,                      
  (“Participant”), hereby declare that upon my death,                        (the “Beneficiary”) of
                        (address), who is
my                        (relationship), will be entitled to the Award which may become payable under the Plan and all other
rights accorded the Participant under the Participant’s 2013 Nonemployee Director Restricted Stock Agreement (capitalized terms used but not defined herein have the respective meanings assigned to them in such agreement). 

It is understood that this designation of Beneficiary is made pursuant to the Agreement and is subject to the conditions stated therein,
including the Beneficiary’s survival of Participant. If any such condition is not satisfied, such rights shall devolve according to the Participant’s last will and testament, or if none, then the laws of descent and distribution.

 It is further understood that all prior designations of beneficiary under the Agreement are hereby revoked upon the filing of
this designation with the Company. This designation of Beneficiary may only be revoked in writing, signed by the Participant, and filed with the Corporate Secretary of the Company prior to the Participant’s death. 

 

			
	
		
		 	 
		 	Participant
		
		 	 
		 	 Date

  
 Page 6 of 6

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00213-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00213-of-00352.parquet"}]]