Document:

exhibit1014.htm

    Exhibit
10.14

    

      Hunter
Acquisition Corp.

      Orion
Marine Group

      

      Executive
Incentive Plan (“EIP”) 

      

       

      I.
Objectives

       

      
        	
                 
      

              	
                1.

              	
                To
      provide incentive to Orion’s Senior Management Team to grow the overall
      business of Orion in a profitable manner.

              	
                 

              

      

       

      
        	
                 
      

              	
                2.

              	
                To
      financially reward executives for achievement of overall Company goals, as
      well as individual goals.

              

      

       

      II.
Eligibility

       

      
        	
                 
      

              	
                3.

              	
                Eligibility
      for the EIP includes the CEO, President & COO, CFO and Regional
      Executive Vice Presidents.

              

      

       

      III.
Incentive Determination

       

      
        	
                 
      

              	
                4.

              	
                The
      EIP incentive pool will be based on Orion’s performance and will be based
      upon Orion’s pre-EIP bonus.

              

      

       

      
        	
                 
      

              	
                5.

              	
                Formula
      Component — 75% of the incentive determination for EIP participants will
      be based on the achievement of the consolidated Net Cash Flow target
      (the  “Target”).  This component is only available if
      Company meets or exceeds 80% of
Target.

              

      

       

      
        	
                 
      

              	
                6.

              	
                Discretionary
      Component – 25% of the incentive determination for EIP participants will
      based on annually agreed to individual objectives.  This
      component is only available if Company meets or exceeds 80% of
      Target.

              

      

       

      IV.
Award Allocation

       

      
        	
                 
      

              	
                7.

              	
                Earned
      awards are payable only if an EIP participant is an employee in good
      standing.  Good standing means that, at the time of payout, an
      employee:

              

      

       

                             a)            has
not resigned,

       

                             b)            has
not indicated an intention to resign,

       

                             c)            has
not been notified that their employment has been terminated,

       

                             d)            is
not on a performance improvement program.

       

      V.
Timing and Payout Form

       

      
        	
                 
      

              	
                8.

              	
                Incentive
      awards will be calculated and are payable as soon as practical following
      the close of the fiscal year.  Awards will be paid as ordinary
      income and will be subject to payroll tax
  withholding.

              

      

       

      VI.
Termination of Employment

       

                  9.           Any
EIP awards are forfeited in cases of termination.

       

      
        	
                 
      

              	
                10.

              	
                If
      an employee terminates prior to the fiscal year’s close because of death
      or disability (as defined in Company’s long-term disability plan), EIP
      awards will be prorated for the
year.

              

      

       

      VII.
Plan Administration

       

      
        	
                 
      

              	
                11.

              	
                The
      EIP Administrator will be a committee approved by the Board of Directors’
      Compensation Committee.

              

      

       

      
        	
                 
      

              	
                12.

              	
                The
      EIP Administrator will approve annually developed performance measures,
      performance standards, and award levels, subject to the approval of the
      Board of Directors’ Compensation Committee.

              	
                 

              

      

       

      
        	
                 
      

              	
                13.

              	
                The
      EIP Administrator will approve all finalized award payments before
      submission to payroll, subject to the approval of the Board of Directors’
      Compensation Committee.

              

      

       

      
        	
                 
      

              	
                15.

              	
                The
      EIP Administrator will have all authority to approve continuation,
      modification or elimination of the Plan based upon a review of actual
      results, subject to the approval of the Board of Director’s Compensation
      Committee. 

              

      

       

      
        	
                 
      

              	
                16.

              	
                Terms
      of valid employment agreements, if any, supercede the terms and conditions
      of this document.

              

      

       

      
        	
                 
      

              	
                17.

              	
                The
      EIP is effective as of the fiscal year beginning January 1, 2005 and will
      continue until terminated by the Board of
      Directors’  Compensation
Committee.

              

      

       

      
        	
                 
      

              	
                VIII.  Fiscal
      Year Provisions

              

      

       

      
        	
                 
      

              	
                18.

              	
                In
      any fiscal year the EIP Administrator, subject to the approval of the
      Board of Directors’ Compensation Committee, may set forth additional terms
      applicable to the administration of the EIP for such fiscal year in an
      appendix to this document; provided that no term may be set forth in an
      appendix to this document that would cause a “material modification” of
      the EIP, as defined in Treasury Regulation §
      1.162-27(h)(1)(iii).

              

      

       

      
        
          
            

            Dallas 1487393v.3

          

           

        

        
           

          
            

          

        

        
           

        

      

      APPENDIX
A

      

      Fiscal
Year 2009

       

       

      A.           Purpose

       

      This
Appendix A sets forth terms applicable to EIP awards granted with respect to
services performed during the 2009 fiscal year.  This Appendix A does
not amend the EIP, nor does this Appendix A apply to any award granted with
respect to services performed in any fiscal year other than the 2009 fiscal
year.

       

      B.           Limitations

       

      Payment
to an EIP participant pursuant to an EIP award earned for the 2009 fiscal year
may not exceed an amount equal to two (2) times their respective Target Bonus
amounts.exhibit1015.htm

    Exhibit
10.15

    

      Hunter
Acquisition/

       

      Orion
Marine Group

      Subsidiary
Incentive Plan (SIP) Document – Tier 2

       

      
        	
                I.  

              	
                Objectives

              

      

       

      
        	
                1.  

              	
                To
      provide incentive to Orion’s Subsidiary Management Teams to grow the
      overall business of Orion and their respective subsidiaries in a
      profitable manner.

              

      

       

      
        	
                2.  

              	
                To
      financially reward employees for achievement of corporate, subsidiary, and
      individual goals.

              

      

       

      
        	
                3.  

              	
                To
      provide competitive cash compensation when plan results are achieved, and
      exceed market norms when superior results
occur.

              

      

       

      
        	
                II.  

              	
                Eligibility

              

      

       

      
        	
                4.  

              	
                Eligibility
      for the SIP-Tier 2 includes senior management and business development
      staff of Orion’s subsidiaries.

              

      

       

      
        	
                III.  

              	
                Incentive
      Determination

              

      

       

      
        	
                5.  

              	
                Each
      Participant will have a target incentive bonus equal to from 30% to 50% of
      annual base salary. The incentive bonus available to Participants is
      dependent on the following four standard
  elements:

              

      

       

      
        	
                ●  

              	
                30%
      of Bonus — Overall Orion Marine Group Financial Performance relative to
      plan;

              

      

       

      
        	
                ●  

              	
                35%-45%
      of Bonus — Subsidiary Financial Performance relative to
    plan;

              

      

       

      
        	
                ●  

              	
                15%-20%
      of Bonus — Individual Goals established by the President or CEO of Orion
      Marine Group; and

              

      

       

      
        	
                ●  

              	
                10%-20%
      of Bonus — Subsidiary Safety
Performance.

              

      

       

      All bonus
elements above are conditioned on achievement of the Trigger Point (80%) of the
Consolidated Target (OMGI net cash flow target). The percentages for Subsidiary
Financial Performance, Individual Goals and Subsidiary Safety Performance may be
adjusted for an individual Participant at the discretion of the President or CEO
of Orion Marine Group.

       

      
        	
                6.  

              	
                The
      Individual Goals element for each Participant will be established at the
      discretion of the Orion Marine Group’s CEO, President and Sr. Management
      Team. Objectives may include safety record, a business unit’s operating,
      financial, and sales growth results, performance improvement, and other
      specific items.

              

      

       

      
        	
                7.  

              	
                Determination
      of achievement of goals shall be at the sole and absolute discretion of
      the SIP Administrator.

              

      

       

      
        	
                IV.  

              	
                Award
      Allocation

              

      

       

      
        	
                8.  

              	
                Earned
      awards are payable only if a SIP Participant is an employee in good
      standing. Good standing means that, at the time of payout, an
      employee:

              

      

       

      
        	
                a)  

              	
                has
      not resigned,

              

      

       

      
        	
                b)  

              	
                has
      not indicated an intention to
resign,

              

      

       

      
        	
                c)  

              	
                has
      not been notified that their employment has been
    terminated,

              

      

       

      
        	
                d)  

              	
                is
      not on a performance improvement
program.

              

      

       

      
        	
                9.  

              	
                If
      an employee terminates prior to the fiscal year’s close because of death
      or disability, SIP awards will be prorated for the
  year.

              

      

       

      
        	
                V.  

              	
                Timing
      and Payout Form

              

      

       

      
        	
                10.  

              	
                Incentive
      awards will be calculated and are payable as soon as practical following
      the close of the fiscal year. Awards will be paid as ordinary income and
      will be subject to payroll tax
withholding.

              

      

       

      
        	
                VI.  

              	
                Plan
      Administration

              

      

       

      
        	
                11.  

              	
                The
      SIP Administrator will be a committee appointed by Orion’s Senior
      Management Team.

              

      

       

      
        	
                12.  

              	
                The
      SIP Administrator will approve annually developed performance measures,
      performance standards, and award
levels.

              

      

       

      
        	
                13.  

              	
                The
      SIP Administrator will approve all finalized award payments before
      submission to payroll.

              

      

       

      
        	
                14.  

              	
                The
      SIP Administrator will have all authority to approve continuation,
      modification or elimination of the Plan based upon a review of actual
      results.

              

      

       

      
        	
                15.  

              	
                The
      SIP is effective as of the fiscal year beginning January 1, 2005 and will
      continue until terminated by the Board of Directors’ Compensation
      Committee.

              

      

       

      
        	
                16.  

              	
                To
      the extent any Named Executive Officer participates in the SIP, the
      Compensation Committee of the Board of Directors shall set goals, assess
      achievement of such goals, and approve pay
outs.

              

      

       

      
        	
                VII.  

              	
                Fiscal
      Year Provisions

              

      

       

      
        	
                17.  

              	
                In
      any fiscal year the SIP Administrator, subject to the approval of the
      Board of Director’s Compensation Committee, may set forth additional terms
      applicable to the administration of the SIP for such fiscal year in an
      appendix to this document; provided that no term may be set forth in an
      appendix to this document that would cause a “material modification” of
      the SIP, as defined in Treasury Regulation §
      1.162-27(h)(1)(iii).

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      APPENDIX
A

      

      Fiscal
Year 2009

       

       

      A.           Purpose

       

      This
Appendix A sets forth terms applicable to SIP awards granted with respect to
services performed during the 2009 fiscal year.  This Appendix A does
not amend the SIP, nor does this Appendix A apply to any award granted with
respect to services performed in any fiscal year other than the 2009 fiscal
year.

       

      B.           Limitations

       

      Payment
to a SIP participant pursuant to a SIP award earned for the 2009 fiscal year may
not exceed an amount equal to 75% of such participants’ respective Annual Base
Salaries.

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