Document:

exv10w09

 

Exhibit 10.09

OCEANEERING INTERNATIONAL, INC. 2005 CASH BONUS AWARD PROGRAM

On March 17, 2005, the Compensation Committee of the Board of Directors of Oceaneering
International, Inc. (the “Company”) approved a 2005 Cash Bonus Award Program under the 2002
Incentive Plan. Cash bonuses to be awarded are based on the accomplishment of total Company
results in the case of Named Executive Officers (“NEO(s)”), and Individual, Profit Center and Total
Company results in the case of other employees. Awardees must be amongst the nominated group for
eligibility, and be employed by the Company at the time of funding. Bonuses are earned when paid.
Individuals, as designated, are subject to a maximum bonus eligibility of 10%-125% of current
annual base salary.

The 2005 Cash Bonus Award Program for NEOs is determined by comparing the Company’s net income
result with the objective planned, subject to the maximum bonus eligibility for the NEO.

The 2005 Cash Bonus Award Program for employees, other than NEOs, is based on the Individual
achieving specific results, and the net income results of his or her profit center and of the total
Company. In order to integrate each of these performances in a fashion that benefits the
Shareholders and employees, each item is interrelated. The amount of award payable is based on the
following methodology:

	 	a.	 	Individual Coefficient
	 
	 	 	 	The Individual Coefficient is determined by taking the individual’s weighted average
evaluation of objectives achieved times the individual’s salary maximum. This is the
beginning step in determining the final award. An individual’s performance must meet
certain minimum criteria or be eliminated from bonus award consideration.
	 
	 	b.	 	Profit Center Results Contribution
	 
	 	 	 	The Profit Center Contribution is determined by comparing the profit center net income
objective with the results achieved and determining the Contribution to the Individual
Coefficient.
	 
	 	 	 	If the profit center’s results are below a specified amount, then all the individuals in
that profit center may be eliminated from the Award Program. The Chief Executive Officer
may review the performance of areas within the region on a case-by-case basis and take
appropriate action. Should the actual results be equal to or greater than such specified
amount, the individual becomes eligible for an award.
	 
	 	c.	 	Oceaneering International, Inc. Results Contribution
	 
	 	 	 	The Company Results Contribution is determined by comparing the Company’s net income result
with the objective planned. The results achieved determine the multiplier used. Thus, an
individual may, subject to the determined maximum, be recommended for an award equal to the
Individual Coefficient times the Profit Center Contribution times the Company Results
Contribution times current annual base salary.

The 2005 Cash Bonus Award Program is in effect for 2005. It is extremely important that the
Company continue improved results. All participants must be committed to a reward system based on
achieving results. The Company is entrepreneurially oriented and must use its maximum creativity,
effort and determination in achieving individual results that collectively increases its
shareholders’ net wealth. The 2005 Bonus Award Program is structured to foster that position.
Payment of any cash awards under the 2005 Cash Bonus Award Program shall be made no later than
March 15, 2006.exv10w3

 

EXHIBIT 10.3

FRANKLIN BANK CORP

AMENDMENT TO 2004 LONG-TERM INCENTIVE PLAN

     This Amendment to the Franklin Bank Corp. 2004 Long-Term Incentive Plan is adopted by the
Board of Directors of Franklin Bank Corp.(The “Company”) effective March 1, 2006.

WITNESSETH:

     WHEREAS, the Company has previously adopted the Franklin Bank Corp. 2004 Long-Term Incentive
Plan (the “2004 Plan”) to provide incentives to its employees and directors; and

     WHEREAS, pursuant to Section 13 of the 2004 Plan, the Board of Directors is entitled to amend
such plan to take into account changes in law, tax and accounting rules as well as other
developments, subject to certain limitations described in such section; and

     WHEREAS, pursuant to Section 2 of the 2004 Plan, the Compensation Committee (the “Committee”)
is responsible for the administration of the 2004 Plan; and

     WHEREAS, recently adopted Section 409A of the Internal Revenue Code of 1986, as amended,
requires that certain provisions of the 2004 Plan be deleted in order to bring the Plan into
compliance with such section, and in its administration of the 2004 Plan the Committee has
identified certain other changes in the 2004 Plan that would be desirable; and the Committee
desires to recommend all of the foregoing changes to the Board of Directors for consideration and
adoption; and

     WHEREAS, the Compensation Committee has heretofore recommended to the Board of Directors the
approval of the amendments evidenced hereby; and

     WHEREAS, the Board of Directors has approved the amendments evidenced hereby;

     NOW THEREFOR, this Amendment to the 2004 Plan is executed and delivered by the Company to
evidence the amendment thereof by the Board of Directors:

     1. Plan Amendments. The 2004 Plan is hereby amended as follows:

     (a) Section 1(o) be amended by the addition of the phrase “(as defined in Section 3(2) of the
Employee Retirement Income Security Act of 1974, as amended)” after the the words “applicable
pension plan” and before the words “of such employer”.

     (b) Section 2(a) be deleted in its entirety and the following substituted therefor:

     ”(a) The Plan shall be administered by the Compensation Committee or such other
committee of the Board as the Board may from time to time designate (the “Committee”), which
shall be composed of not less than three Outside Directors, and shall be appointed by and
serve at the pleasure of the Board.”

 

 

     (c) Section 2(c)(vi) be deleted in its entirety, and Section 2(c)(vii) of the 2004 Plan be
redesignated as Section 2(c)(vi) thereof.

     (d) The second sentence of Section 5(d)(i) be deleted in its entirety and the following
substituted therefor:

     “The Option Price per share of Common Stock subject to a Stock Option shall not be less
than the Fair Market Value of the Common Stock subject to such Stock Option on the date of
grant.”

     (e) The last sentence of Section 5(d)(iv) be amended by the deletion of the introductory
phrase “Except as otherwise provided in Section 5(m) below,” and such sentence hereafter begin with
“A Participant shall ...”.

     (f) Section 5(f) be amended by the deletion of the last clause thereof, which reads “, except
in the case of an Incentive Stock Option, which shall be exercisable for (i) a period of one year
from the date of such death or (ii) the expiration of the stated term of the Incentive Stock
Option, whichever period is shorter”, and the addition of the following new sentence:

     “In the event of Termination of Employment by reason of death, if an Incentive Stock
Option is exercised after the expiration of the exercise periods that apply for purposes of
Section 422 of the Code, such Stock Option will thereafter be treated as a NonQualified
Stock Option.”

     (g) The first sentence of Section 5(g) be amended by the deletion in its entirety of the
introductory phrase “Unless otherwise determined by the Committee at the time of grant or, if a
longer period of exercise is desired, thereafter” and the following be substituted therefor:

     “Unless otherwise determined by the Committee at the time of grant,”.

     (h) The first sentence of Section 5(h) be amended by the deletion in its entirety of the
introductory phrase “Unless otherwise determined by the Committee at the time of grant or, if a
longer period of exercise is desired, thereafter” and the following be substituted therefor:

     “Unless otherwise determined by the Committee at the time of grant,”.

     (i) The first sentence of Section 5(i) be amended by the deletion in its entirety of the
introductory phrase “Unless otherwise determined by the Committee at the time of grant or, if a
longer period of exercise is desired, thereafter:” and the following be substituted therefor:

     “Unless otherwise determined by the Committee at the time of grant:”.

     (j) Section 5(m) be deleted in its entirety.

     (k) The last sentence of Section 6(b)(ii) be deleted in its entirety.

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     (l) The last clause of the first sentence of Section 6(c)(ii), which reads “, except with
respect to Freestanding Stock Appreciation Rights granted in lieu of foregone compensation” be
deleted in its entirety.

     (m) Section 6(c)(vii) be amended by the deletion of the phrase “, if a longer period of
exercise is desired thereafter,”.

     (n) The first sentence of Section 6(c)(viii) be amended by the deletion in its entirety of the
introductory phrase “Unless otherwise determined by the Committee at the time of grant or, if a
longer period of exercise is desired, thereafter” and the following be substituted therefor:

     “Unless otherwise determined by the Committee at the time of grant,”.

     (o) The first sentence of Section 6(c)(ix) be amended by the deletion in its entirety of the
introductory phrase “Unless otherwise determined by the Committee at the time of grant or, if a
longer period of exercise is desired, thereafter:” and the following be substituted therefor:

     “Unless otherwise determined by the Committee at the time of grant:”.

     (p) Section 6(c)(xii) of the 2004 Plan be deleted in its entirety.

     (q) The last sentence of Section 8(b)(iii) be deleted in its entirety and the following
substituted therefor:

     “Such election must be made prior to commencement of the Award Cycle for the
Performance Units in question.”

     (r) The first sentence of the second paragraph of Section 13 be amended by the insertion of
the phrase “(including Section 409A of the Code)” after the words “comply with applicable law”.

     (s) Section 15 be amended by the addition of the following section 15(j):

          "(j) Code Section 409A. It is intended that any grant of an Award to which Section 490A of
the Code is applicable shall satisfy all of the requirements of such Code section.

     2. Miscellaneous. Except as amended hereby, the 2004 Plan as in effect on the date hereof
shall remain in full force and effect.

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     IN WITNESS WHEREOF, the Company has executed this Amendment to the 2004 Plan, thereunto duly
authorized, effective as of March 1, 2006.

	 	 	 	 	 
	 	FRANKLIN BANK CORP

 	 
	 	By:  	/s/ Anthony J Nocella
 	 
	 	Name:  	Anthony J. Nocella 	 
	 	Title:  	President and Chief
Executive Officer 	 
	 

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