Document:

EX-10.23

 Exhibit 10.23 

LAYNE CHRISTENSEN COMPANY 

LONG-TERM INCENTIVE PLAN 

SECTION I. EFFECTIVE DATE. 
 This
Layne Christensen Company Long-Term Incentive Plan (the “LTI Plan” or “Plan”) is effective as of February 1, 2014. This Plan supersedes and replaces the Layne Christensen Company Long-Term
Incentive Compensation Plan in effect on February 1, 2013. 
 SECTION II. PURPOSE OF PLAN AND PLAN OVERVIEW. 

Layne Christensen Company (“Company”) has created the LTI Plan to provide a general framework for the Company’s
Compensation Committee to use in determining annual equity incentive awards to selected employees (“Participants”). The LTI Plan is structured to provide incentive compensation in line with the Company’s stated pay
philosophy. Awards of equity under the LTI Plan relate to the Company’s common stock (“Company Stock”), and are made pursuant to a separate, shareholder-approved Company equity plan (the “Company Equity
Plan”). 
 During the first 90 days of each fiscal year (the “Award Year”) the Company’s Board of
Directors (the “Board”) will establish an annual equity pool (“Annual Equity Pool”) for the LTI Plan. The Annual Equity Pool represents the total value of awards for the Award Year to be granted to LTI
Plan participants. The total value of each Annual Equity Pool is based on and expressed as a percentage of the Company’s market capitalization. The Annual Equity Pool is allocated among eligible Participants based on each eligible
Participant’s long-term incentive target percentage (“LTI Percentage”), which is a percentage of a Participant’s base salary in effect on LTI award determination date. The product of each eligible Participant’s
LTI Percentage and base salary is that Participant’s “LTI Target Opportunity.” Each eligible Participant receives a grant from the Annual Equity Pool with an approximate value equal to that Participant’s LTI Target
Opportunity. Such equity grant will be composed of a mix of the following equity awards, each in percentages as determined by the Committee: time-vested nonqualified stock option awards (a “Time-Vested Options”); time-vested
restricted stock unit awards (“Time-Vested RSUs”); and performance-vested performance shares award (“Performance Shares”). The applicable Time-Vested Options, Time-Vested RSUs and Performance Shares
award percentages shall total 100% of the Participant’s LTI Target Opportunity and collectively, all such awards are referred to herein as the “LTI Awards.” The term “Grant” or
“Granting” as used herein shall refer to the Committee’s act of issuing or Granting the LTI Awards under the Company Equity Plan. 

SECTION III. ADMINISTRATION. 
 The
administration of this Plan shall be established and overseen by the Compensation Committee (the “Committee”) of the Board. Subject to the terms of the Company Equity Plan, the Committee, with the approval of the Board, shall
have complete discretion to determine the terms of all LTI Awards, including the amount and vesting conditions thereof. LTI Percentages shall initially be determined by the Chief Executive Officer (“CEO”) of the Company,
recommended by the CEO to the Committee, and, if recommended and 

 
approved by the Committee, approved by the Board. The Board may accept or may elect to change any LTI Percentage for any eligible Participant. The Committee shall have full power to delegate to
one or more members of senior management of the Company, or a committee thereof, all or a part of the Committee’s power and authority to calculate and track actual financial performance of one or more targeted goals and validation of other
non-financial measures. All audited financial results and any performance measurement related thereto will be presented to the Committee for review and approval and, if approved by the Committee, submitted for approval by the Board. Subject to the
approval of the Board, the Committee shall have the full power, in its sole discretion, to interpret, construe and administer this Plan and to adopt rules and regulations relating to this Plan. Decisions made by the Board (or its designee) in good
faith and in the exercise of its powers and duties hereunder shall be final and binding upon all parties concerned. No member of the Board (or its designee) shall be liable to anyone for any action taken or decision made in good faith pursuant to
the power or discretion vested in such member or the Board or any designee under this Plan. 
 SECTION IV. ELIGIBILITY. 

Eligibility for participation in this Plan is limited solely to those persons selected by the Committee and recommended for approval by the
Board. Eligibility shall initially be limited to the Company’s executives and division presidents. Selection as a Participant does not guarantee receipt of any LTI Award and participation for an Award Year does not entitle such person to be a
Participant for any future Award Year. Generally, the Board shall select and designate the Participants who will be eligible for an LTI Award for a specific Award Year no later than the ninetieth
(90th) day of such Award Year; provided, however, the Board may, in its sole discretion be permitted to add new Participants at any time during such Award Year. 

SECTION V. DETERMINATION OF ANNUAL EQUITY POOL. 

For each Award Year the Board shall establish that year’s Annual Equity Pool and such Annual Equity Pool shall generally have a value
equal to 2% of the Company’s average market capitalization for the 30-day period ending January 31 of that Award Year. For each Award Year, the total value of LTI Awards Granted to eligible Participants (such LTI Awards’ value
determined pursuant to Section VII) shall not exceed the value of that Award Year’s Annual Equity Pool. Advance Board approval must be obtained if LTI Awards having a value in excess of the Annual Equity Pool are to be Granted to Participants
at any point during the Award Year. 
 SECTION VI. DETERMINATION OF PARTICIPANT’S TARGET LTI OPPORTUNITY. 

Subject to and in accordance with the conditions set forth in this Section VI, for any Award Year the Board allocates the Annual Equity Pool by
Granting a combination of Options, Restricted Stock and Performance Shares to selected Participants. The manner in which each Award Year’s Annual Equity Pool is allocated among Participants, and the number of shares underlying the LTI Awards,
shall be based upon each Participant’s Target LTI Opportunity calculated as follows: 
 (A) First, each Participant’s LTI
Percentage will be determined based on the Participant’s Title and Level and as outlined in Appendix A to this Plan; and 

 (B) Second, each Participant’s LTI Target Opportunity will be determined by multiplying the
Participant’s LTI Percentage by the Participant’s then current base salary. 
 Notwithstanding the above, if either the Plan is
revised to include additional Participants or the size of the Annual Equity Pool increases or decreases due to changes in the Company’s market capitalization, and the calculated Participant LTI Target Opportunities exceed or are below the
Annual Equity Pool, the Participants’ LTI Percentages will be adjusted up or down to meet the Annual Equity Pool for that year. 
 SECTION VII.
FORM AND TIMING OF LTI AWARDS. 
 Each Participant’s LTI Target Opportunity shall be converted into LTI Awards in accordance with
this Section VII. In all cases, a Participant must be employed by the Company or one of its subsidiaries on the date the LTI Awards for that Award Year are Granted (the “Grant Date”) to be eligible to receive the LTI Awards.

 (A) Shares Subject to LTI Awards. For each Award Year: 

(i) A Committee-determined percentage of each Participant’s LTI Target Opportunity shall be granted in the form of a
Time-Vested Option. The percentage is generally expected to be 40% of each Participant’s LTI Target Opportunity, but the Committee has sole discretion to increase or decrease this percentage recognizing that circumstances surrounding annual LTI
grants will change from year to year. Accordingly, the number of Shares covered by the Time-Vested Option shall be the quotient of (A) the Committee-determined percentage of the Participant’s LTI Target Opportunity allocated for a
Time-Vested Option Award, divided by (B) the Grant Date per share fair value (determined using a lattice valuation model selected by the Board or Committee) of a 10-year stock option to purchase a share of Company Stock with an exercise price
equal to the closing price of the Company Stock on the date of grant of the LTI Awards. The option exercise price for the Time-Vested Option shall, in all cases, be the “Fair Market Value” (as determined under the Company Equity Plan) of a
share of Company Stock on the Time-Vested Option’s Grant Date; 
 (ii) A Committee-determined percentage, if any, of
each Participant’s LTI Target Opportunity shall be granted in the form of Time-Vested RSUs. The percentage is generally expected to be 10% of each Participant’s LTI Target Opportunity, but the Committee has sole discretion to increase or
decrease this percentage recognizing that circumstances surrounding annual LTI grants will change from year to year. Accordingly, the number of Shares subject to the Time-Vested RSU award shall be the quotient of (A) the Committee-determined
percentage of the Participants’ LTI Target Opportunity allocated for a Time-Vested RSU Award, divided by (B) the Grant Date “Fair Market Value” (as determined under the Company Equity Plan) of a share of Company Stock on the
Time-Vested RSU’s Grant Date; and 
 (iii) A Committee-determined percentage of each Participant’s LTI Target
Opportunity shall be granted in the form of Performance Shares. The percentage is generally expected to be 50% of each Participant’s LTI Target Opportunity, but the Committee has sole discretion to increase or decrease this percentage
recognizing that 

 
circumstances surrounding annual LTI grants will change from year to year. Accordingly, the number of Performance Shares covered by the Performance Shares award shall be the quotient of
(A) the Committee-determined percentage of the Participant’s LTI Target Opportunity allocated for a Time-Vested Performance Share Award, divided by (B) the Grant Date per share value of a Performance Share award (as determined by the
Board or Committee) as of the Performance Shares’ Grant Date. 
 All fractional Shares subject to any LTI Award may be rounded up or down as determined
by the Board. 
 (B) General Vesting/Payment Terms. The LTI Awards shall become exercisable, vest and be settled as set forth below in
this Section VII (B). All LTI Awards will also be subject to the terms and conditions of the Company Equity Plan and the respective LTI Award agreement. 

(i) Time-Vested Option. Provided the Participant has remained continuously employed by the Company through the
applicable vesting date, the Time-Vested Option shall vest (i.e., become exercisable) in ratable 1/3 increments on the first, second and third anniversaries of the option’s Grant Date. 

(ii) Time-Vested RSUs. Provided the Participant has remained continuously employed by the Company through the applicable
vesting date, the Time-Vested RSU’s shall vest and be settled upon the earliest to occur of (a) the third (3rd) anniversary of the Time-Vested RSUs Grant Date, or (b) subject
to Section XI(C), the Participant’s separation from service with the Company after attaining the age of 60 and after having been employed by the Company or one of its affiliates for five years or more (a “Retirement”). The Time-Vested
RSUs shall remain nontransferable and subject to forfeiture restrictions until such vesting; provided, however, if upon a Participant’s separation from service all or a portion of the Time-Vested RSUs would otherwise be forfeited, the Board
may, in its sole discretion, agree to vest all or a portion of such Time-Vested RSUs if in its judgment the performance of Participant has warranted such vesting and/or such vesting is in the best interests of the Company. Any such accelerated
vesting and issuance of shares of Company Stock shall be subject to potential delay in accordance with Section XI(C). All shares of Company Stock received in connection with the settlement of a vested RSU shall be subject to a transferability
restriction such that no such shares may be sold or transferred until the Participant’s separation from service with the Company; provided, however, the Committee may elect to withhold shares of Company Stock at the time a vested RSU is settled
to the extent necessary to satisfy the Company’s payroll and tax withholding obligations. 
 (iii) Performance
Shares. Provided the Participant has remained continuously employed by the Company through the end of applicable three (3) year performance period upon which the payment of the Performance Shares will be based, Performance Shares will vest
and be payable based on the level of achievement of one or more performance goals eligible to be used for equity awards granted under a Company Equity Plan (the “Performance Goal”) for such performance period, as set forth in
the Performance Shares’ award agreement. 
 (C) Other Equity Grants. Nothing in this Plan shall prevent or restrict the Board
from making additional equity award grants to the extent permissible under the Company Equity Plan. 

 SECTION VIII. RIGHTS TO LTI BONUSES ARE UNSECURED. 

A Participant’s potential right to an LTI Award does not constitute an equity or other ownership interest in the Company. The Company
shall not be required to and shall not segregate any funds representing any LTI Award and nothing in this Plan shall be construed as providing for such segregation. Nothing in this Plan and no action taken pursuant to its terms, shall create or be
construed to create a trust or escrow account of any kind, or a fiduciary relationship between the Company, on the one hand, and a Participant, or any other person, on the other hand. Employee has no preferred claim on, or any beneficial ownership
in, any assets of the Company. 
 SECTION IX. AMENDMENT AND TERMINATION OF PLAN; TERM OF PLAN. 

The Board may, at any time or times, amend this Plan, pursuant to written resolution adopted by the Board. The Board may, with respect to any
Award Year, terminate this Plan by written resolution adopted by the Board. In the event this Plan is terminated, no further LTI Awards will be Granted under this Plan except that all LTI Awards Granted before the termination of this Plan shall
continue in accordance with this Plan until such LTI Award either becomes exercised, vested and payable, or is forfeited. 
 SECTION X.
NON-ASSIGNABILITY. 
 A Participant’s rights pursuant to this Plan may not be transferred, alienated, assigned, pledged,
hypothecated or otherwise disposed of other than by will or by the laws of descent and distribution. If a Participant attempts to alienate, assign, pledge, hypothecate, or otherwise dispose of the Participant’s rights to any LTI Award or any
other right pursuant to this Plan, or in the event of any levy, attachment, execution, or similar process upon the right or interest conferred by this Plan, the Board may terminate all of the Participant’s rights under this Plan and all LTI
Awards granted to such Participant, and all of such Participant’s rights under this Plan will thereupon become null and void. 
 SECTION XI.
MISCELLANEOUS. 
 (A) The Company’s obligation to make any payment, or deliver any shares of Company Stock, pursuant to this Plan
shall be subject to the Participant’s satisfaction of all applicable federal, state and local income and other tax withholding requirements. 

(B) Nothing in this Plan shall be construed to give any person any benefit, right or interest except as expressly provided herein, and nothing
in this Plan shall be construed as establishing any right of continued employment by the Company. 
 (C) Notwithstanding any provision in
this Plan or any LTI Award to the contrary, this Plan and all LTI Awards shall be interpreted and administered in accordance with Section 409A of the Internal Revenue Code and regulations and other guidance issued thereunder. For purposes of
determining whether any payment made pursuant to this Plan or an LTI Award results in a “deferral of compensation” within the meaning of Treasury Regulation §1.409A-1(b), the Company shall maximize the exemptions described in such
section, as applicable. Any reference to a “termination of employment” or similar term or phrase shall be 

 
interpreted as a “separation from service” within the meaning of Section 409A and the regulations issued thereunder. If any deferred compensation payment is payable due to a
“specified employee” under Section 409A on account of a separation from service for any reason other than death, then such payment shall be delayed for a period of six months and paid immediately following the expiration of such six
month period. A Participant or beneficiary, as applicable, shall be solely responsible and liable for the satisfaction of all taxes and penalties that may be imposed on the Participant or beneficiary in connection with any payments to such
Participant or beneficiary pursuant to this Plan, including but not limited to any taxes, interest and penalties under Section 409A, and neither the Company nor any of its subsidiaries shall have any obligation to indemnify or otherwise hold a
Participant or beneficiary harmless from any and all of such taxes and penalties. 
 (D) The provisions of this Plan, except where otherwise
required by law, will be governed, construed, enforced, and administered in accordance with the laws of the State of Delaware. 

 Appendix A – Target LTI Percentages 

 

									
	 Title / Band
	  	Level	 	  	Target LTI
Percentage	 
	 CEO
	  	 	0	  	  	 	200	% 
	 Corporate Executives (COO, CFO, GC, CAO)
	  	 	1 Corp.	  	  	 	100	% 
	 Division Presidents
	  	 	1 Div.	  	  	 	60	% 
	 Non-Executive Corporate Officers
	  	 	2 Corp.	  	  	 	30	% 
	 Corporate VPs
	  	 	3 Corp.	  	  	 	30	% 
	 Field VP’s
	  	 	3 Div.	  	  	 	30	% 
	 Corporate Directors
	  	 	4 Corp.	  	  	 	15	% 
	 Field Directors
	  	 	4 Div.	  	  	 	15	%Form of executive restricted stock award contract

 Exhibit 10.57 

HCI GROUP, INC. 
 2012
OMNIBUS INCENTIVE PLAN 
 RESTRICTED STOCK AWARD CONTRACT 

 

	
	  

	  

	  

 Dear
                                    : 

You have been granted a Restricted Stock award for shares of common stock of HCI Group, Inc. (the “Company”) under the HCI Group, Inc. 2012 Omnibus
Incentive Plan (the “Plan”) with the following terms and conditions. For the purposes of this contract “Restricted Shares” means Restricted Stock awarded pursuant to the Plan and this contract. 

 

			
	Grant Date:	  	February 28, 2014
		
	Number of Shares:	  	2,500 Shares
		
	Vesting Schedule:	  	 Your Restricted Shares will initially be subject to a Restriction Period. The Restriction Period will lapse and the Restricted Shares will
vest as follows:
  
 One-fourth of your Restricted Shares on January 15, 2015, one-fourth
on January 15, 2016, one-fourth on January 15, 2017 and the remaining shares on January 15, 2018. Fractional shares will be rounded down to the nearest whole number until the last vesting date.

 
 The lapse of your Restriction Period and vesting may be suspended or delayed as a result
of a leave of absence.

		
	Form of Issuance:	  	The Company will instruct its transfer agent to evidence the Restricted Shares by electronic entry on the transfer agent’s books and to indicate the Restriction Period (and any other restrictions the Company may require to
ensure compliance with the Securities Act and state and other securities laws) and the risks of forfeiture within those book entries. Upon the lapse of a Restriction Period, provided you have paid applicable withholding taxes, the Company will
instruct the transfer agent to deliver the applicable shares, without restriction, to a brokerage account established in your name.

			
	 Transferability of
 Restricted
Shares:
	  	You may not assign, sell, transfer, pledge, encumber or otherwise alienate or hypothecate any of your Restricted Shares until they are vested. In addition, by accepting this Award, you agree not to sell any Restricted Shares
acquired under this Award at a time when applicable laws, Company policies or any agreement between the Company and its underwriters prohibits a sale. You will not sell your shares except during an open trading window as described in the
Company’s Insider Trading Policy.
		
	Forfeiture	  	Unvested Restricted Shares will be forfeited when your service to the Company ends. Forfeiture may also occur under other circumstances described in the Plan.
		
	Voting and Dividends:	  	You may exercise full voting rights and will receive all dividends and other distributions paid with respect to the Restricted Shares, in each case so long as the applicable record date occurs before you forfeit such Shares. If,
however, any such dividends or distributions are paid in Shares, such Shares will be subject to the same risk of forfeiture, restrictions on transferability and other terms of this Award as are the Restricted Stock with respect to which they were
paid. Dividends on unvested Restricted Shares will be treated as wages for federal income tax purposes and will therefore be subject to federal income tax, Social Security tax, and Medicare tax withholdings.
		
	Tax Withholding:	  	You understand that you (and not the Company) will be responsible for your own federal, state, local or foreign tax liability and any of your other tax consequences that may arise as a result of the transactions contemplated by
this Award. You shall rely solely on the determinations of your tax advisors or your own determinations, and not on any statements or representations by the Company or any of its agents, with regard to all such tax matters. You may be able to alter
the tax consequences of the acquisition of the Shares by filing an election under Section 83(b) of the Internal Revenue Code of 1986, as amended (the “Code”). Such election may be filed only within thirty (30) days after the date of this
Award. You should consult with your tax advisor to determine the tax consequences of acquiring the Shares and the advantages and disadvantages of filing the Code Section 83(b) election. You acknowledge that it is your sole responsibility, and not
the Company’s, to file a timely election under Code Section 83(b), even if you request the Company or its representatives make this filing on your behalf.

			
		  	To the extent that the receipt of the Restricted Stock or the vesting of the Restricted Stock results in income to you for Federal, state or local income tax purposes, you shall surrender to the Company at the time the Company is
obligated to withhold taxes in connection with such receipt or vesting, as the case may be, such number of Restricted Shares as the Company requires to meet its withholding obligation under applicable tax laws or regulations, and if you fail to do
so, the Company has the right and authority to deduct or withhold from other compensation payable to you an amount sufficient to satisfy its withholding obligations. You will surrender that number of Restricted Shares having an aggregate Fair Market
Value on the date the tax is to be determined equal to the minimum statutory total tax that the Company must withhold in connection with the vesting of such Shares.
		
	Miscellaneous:	  	 •     This Restricted Stock Award may be amended only by written
consent signed by you and the Company, except if the amendment is not to your detriment or as otherwise permitted by the terms of the Plan.
  

•     As a condition of the granting of this Award, you agree, for yourself and your
legal representatives or guardians, that this contract and the Plan shall be interpreted by the Committee and that any interpretation by the Committee of the terms of this contract or the Plan and any determination made by the Committee pursuant to
this contract or the Plan shall be final, binding and conclusive.
  

•     This contract may be executed in counterparts.

 This Restricted Stock Award is granted under and governed by the terms and conditions of the Plan. Additional provisions
regarding your Award and definitions of capitalized terms used and not defined in this Award can be found in the Plan. 
 BY SIGNING BELOW AND ACCEPTING
THIS RESTRICTED STOCK AWARD, YOU AGREE TO ALL OF THE TERMS AND CONDITIONS DESCRIBED HEREIN AND IN THE PLAN. YOU ALSO ACKNOWLEDGE THAT YOU HAVE READ THIS AGREEMENT, THE PLAN AND THE PROSPECTUS DESCRIBING THE PLAN. 

 

					
		 	  
	 	
	Paresh Patel	 		 	
	Chief Executive Officer	 		 	
	HCI Group, Inc.

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