Document:

deepdown_10q-ex1002.htm

Exhibit 10.2

 

WAIVER

THIS WAIVER (this “Waiver”) is entered into as of May 10, 2011 and effective as of March 31, 2011 (the “Effective Date”), between DEEP DOWN, INC., a Nevada corporation (“Borrower”), and WHITNEY NATIONAL BANK, a national banking association (the “Lender”).  Capitalized terms used but not defined in this Waiver have the meanings given them in the Credit Agreement (defined below).

 

RECITALS

 

A.           Borrower and Lender entered into that certain Second Amendment to Amended and Restated Credit Agreement dated as of April 14, 2011, (as amended, restated or supplemented, the “Credit Amendment”).

 

B.           Borrower acknowledges it is in violation and not in compliance with certain covenants as set forth under Section 10 of the Credit Agreement as of the fiscal quarter ending March 31, 2011.

 

C.           Borrower has requested that the Lender waive such noncompliance.

 

D.           Lender is willing to agree to such waiver, on the terms and conditions set forth herein.

 

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are acknowledged, the undersigned hereby agree as follows:

 

AGREEMENT

 

Section 1.                      As of the Effective Date, Lender hereby waives any Default under Sections 10.1 and 10.2 and 10.3 of the Credit Agreement for the fiscal quarter ending March 31, 2011.

 

Section 2.                      Representations and Warranties.  Borrower represents and warrants to Lender that (a) the representations and warranties in each Loan Document to which it is a party are true and correct in all material respects on and as of the date of this Waiver as though made on the date of this Waiver (except to the extent that such representations and warranties speak to a specific date), (b) it is in full compliance with all covenants and agreements contained in each Loan Document to which it is a party, and (c) no Default or Potential Default has occurred and is continuing.  The representations and warranties made in this Waiver shall survive the execution and delivery of this Waiver.  No investigation by Lender is required for Lender to rely on the representations and warranties in this Waiver.

 

Section 3.                      Miscellaneous.

 

(a)           No Waiver of Defaults.  Except as expressly set out above, this Waiver does not constitute (i) a waiver of, or a consent to, (A) any provision of the Credit Agreement or any other Loan Document not expressly referred to in this Waiver, or (B) any present or future violation of, or default under, any provision of the Loan Documents, or (ii) a waiver of Lender’s right to insist upon future compliance with each term, covenant, condition and provision of the Loan Documents.

 

  

  

  

 

(b)           Form.  Each agreement, document, instrument or other writing to be furnished Lender under any provision of this Waiver must be in form and substance satisfactory to Lender and its counsel.

 

(c)           Headings.  The headings and captions used in this Waiver are for convenience only and will not be deemed to limit, amplify or modify the terms of this Waiver, the Credit Agreement, or the other Loan Documents.

 

(d)           Costs, Expenses and Attorneys’ Fees.  Borrower agrees to pay or reimburse Lender on demand for all its reasonable out-of-pocket costs and expenses incurred in connection with the preparation, negotiation, and execution of this Waiver, including, without limitation, the reasonable fees and disbursements of Lender’s counsel.

 

(e)           Successors and Assigns.  This Waiver shall be binding upon and inure to the benefit of each of the undersigned and their respective successors and permitted assigns.

 

(f)           Multiple Counterparts.  This Waiver may be executed in any number of counterparts with the same effect as if all signatories had signed the same document.  All counterparts must be construed together to constitute one and the same instrument.  This Waiver may be transmitted and signed by facsimile or portable document format (PDF).  The effectiveness of any such documents and signatures shall, subject to applicable law, have the same force and effect as manually-signed originals and shall be binding on Borrower and Lender.  Lender may also require that any such documents and signatures be confirmed by a manually-signed original; provided that the failure to request or deliver the same shall not limit the effectiveness of any facsimile or PDF document or signature.

 

(g)           Governing Law.  This Waiver and the other Loan Documents must be construed, and their performance enforced, under Texas law.

 

[Signatures are on the following page.]

 

 

 

 

  

2

  

 

The Waiver is executed as of the date set out in the preamble to this Waiver.

 

BORROWER:

DEEP DOWN, INC.,

a Nevada corporation

By:           /s/ Eugene L. Butler                                                             

Eugene L. Butler

Executive Chairman & Chief Financial Officer

LENDER:

WHITNEY NATIONAL BANK,

a national banking association

By:       /s/ Paul W. Cole                                                                   

Paul W. Cole

Vice President

 

 

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  Exhibit 10.22    
    

Date

Name

Address

City, State 

Dear                        :

        I
am pleased to inform you that you are eligible to participate in the Triumph Long Term Incentive Plan for fiscal             . Under this plan you are
receiving an award with the potential to earn $                 in long term incentive compensation for the
             fiscal year. This
award value is equivalent to        % of your [base salary]. The award, if earned (as described below) provides for the potential receipt of shares of restricted stock
granted under Triumph Group's 2004 Stock Incentive Plan (equal to        % of the award value) and cash (equal to        % of the award value). The number of shares of
restricted stock
to be issued if the award is earned will be based upon the Triumph Group stock price at the time the Compensation and Management Development Committee of the Board (the "Committee") determines that
the award has been earned. 

        This
award will be earned by you if Triumph achieves [performance metric] of                          for fiscal
            , [provided that the Committee may, in its sole discretion, reduce or eliminate this award if [your company]
[Triumph Group] does not report positive operating income for fiscal             ]. The determination as to whether the award is
earned will be made by the Committee
within 90 days after the end of fiscal             . If earned, the award will be subject to forfeiture restrictions and will "vest" and become payable to you on
                 ,             , at which time you will receive the cash portion of the
award and
the shares, fully released from all forfeiture restrictions, as long as you remain employed by Triumph or one of its affiliates through that vesting date. 

        If
you have any questions about this award, please contact
                                     at Corporate
(                                    ).
 

        Thank
you for your efforts and your contribution to the success of Triumph Group, Inc. 

        Sincerely,

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  Exhibit 10.23    
    

Date

Name

Address

City, State, Zip

Dear            :

        On
                             ,         , you were
advised that you had been selected by
the Compensation and Management Development Committee (the "Committee") of the Board of Directors of the Company to receive an incentive award under the Triumph Group Inc. Executive Incentive
Plan (the "Executive Plan") for fiscal             . Defined terms used in this payment notice without definition have the meanings set forth in the Executive Plan, a
copy of which has been provided to you. 

        Under
the Executive Plan, you received an award with the potential to earn $                 at Target based upon the Company's achievement of
                         of
                        , at Target. The Committee also established a Threshold Performance of
                         of
                         and an Overachievement Performance of
                         of
                        . The performance period for this incentive award was
                     ,
         to                      ,
        . 

        I
am pleased to inform you that, because Triumph achieved actual                          of
                         for fiscal
            , [exceeding/below the minimum/target/maximum], the criteria for issuance of your Earned Incentive Award has been met. The Committee
made this determination on                      ,          (the "Award Date"). Pursuant
to the
Executive Plan, as of the Award Date you have been granted an Earned Cash Award of $                 (30% of the Earned Incentive Award) and an Earned Stock Award
of
                         shares of restricted Stock, which are awarded under the Company's 2004 Stock Incentive Plan (70%
of the Earned Incentive Award). The number of shares of
Common Stock subject to the Earned Stock Award is based on the Fair Market Value of the Company's Common Stock on the Award Date, which is $             per share. 

        Payment
of both the cash and stock components of your Earned Incentive Award are subject to further restrictions and will be made, if all obligations under the Executive Plan and 2004
Plan are met, as soon as practicable after the end of the Award Period, which ends on                      ,
        . In no event will payment of the award, if applicable, be later than                 
    ,         . Please note, one-third of the Earned Incentive Award is subject to forfeiture if the Threshold
Performance goal described above is not met over the three-year Award Period, and the entire Earned Incentive Award is subject to forfeiture if you are not providing services to or
otherwise employed by the Company or one of its affiliates on the last day of the Award Period (subject to an exception for death, permanent disability or Retirement). Further, the Committee has the
right under the Executive Plan to reduce, but not to increase, the value of the Earned Incentive Award. 

        The
Earned Stock Award is subject to all provisions relevant to restricted Stock Awards under the 2004 Plan. Tax obligations will arise if and when the Earned Stock Award "vests" on the
vesting date. In accordance with the authority delegated to the Committee under Section 4(b) of the 2004 Plan, at the vesting date you are hereby authorized to satisfy your withholding tax
obligation by electing, in writing (which can be by electronic mail), to have the Company withhold from the shares to be released from the forfeiture restrictions under this award that number of
shares having a Fair Market Value equal to the minimum amount required to be withheld. You may also elect to pay any tax withholding liability in cash. You will receive additional communication about
this process closer to the vesting date. 

 

        The
Earned Stock Award shares are deemed issued and outstanding, and during the Award Period you are entitled to vote the shares and to receive any dividends paid on all outstanding
shares of common stock. No stock certificates will be released to you until the forfeiture restrictions lapse following the vesting date. 

        For
further information about the Earned Stock Award issued to you, please consult the 2004 Plan and the related Prospectus. Feel free to contact
                                     at Corporate
(                                    ) if you have any
questions on these documents. 

        Thank
you for your efforts and your contribution to the success of Triumph Group, Inc. 

        Sincerely, 

2

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Exhibit 10.23

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