Document:

Exhibit 10.29

PERFORMANCE SHARE UNIT AWARD AGREEMENT

Cal Dive International, Inc.

Amended and Restated

2006 Long Term Incentive Plan

This Performance Share Unit Award Agreement (the "Agreement") is made by and between Cal Dive International, Inc. ("Company" or "DVR") and __________ ("Employee") effective as of December 11, 2012 ("Grant Date"), pursuant to the Cal Dive International" Inc. Amended and Restated 2006 Long Term Incentive Plan, (the "Plan"), which is incorporated by reference herein in its entirety.

WHEREAS, the Company desires to grant to the Employee the performance share units specified herein (the "Units"), subject to the terms and conditions of the Plan and the terms and conditions of this Agreement; and

WHEREAS, the Employee desires to be granted the Units subject to the terms and conditions of this Agreement and the Plan;

NOW, THEREFORE, in consideration of the mutual covenants and agreements contained herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto, intending to be legally bound hereby, agree as follows:

1.            The Plan.  The Plan, a copy of which has been made available to the Employee, is incorporated by reference and made a part of this Agreement as if fully set forth herein. This Agreement uses a number of defined terms that are defined in the Plan or in the body of this Agreement. These defined terms are capitalized wherever they are used.

 

2.            Award.

 

(a)            On the Date of Grant, the Committee granted to the Employee __________ OF UNITS] Units, which constitute Restricted Stock Units under the Plan and which are subject to the terms and conditions of this Agreement and the Plan.  The Employee has the opportunity to earn up to 200% of the __________ Units granted hereby based upon the performance criteria described in Section 2(c).

 

(b)            Depending on the Company's achievement of the performance goals specified in Section 2(c) during the period beginning January 1, 2013 and ending December 31, 2015 (the "Performance Period"), the Employee shall be entitled to a payment equal to the value of the Units determined pursuant to Section 2(d) if, except as otherwise provided in Section 3, the Employee remains actively employed with the Company through the end of the Performance Period.

(c)            The amount paid with respect to the Units shall be based upon the Company's total shareholder return relative to the total shareholder return of the Company's "Peer Group" listed on Schedule A attached hereto ("Relative TSR") in accordance with the following matrix:

 

	
Performance Level

	
Cal Dive's Percentile

 Rank

	
Payout as % of Target Award (+TSR for DVR)

	
Payout as % of Target Award (-TSR for DVR)

	
Maximum

	
100% ile

	
200%

	
100%

	
Target

	
50% ile

	
100%

	
50%

	
Threshold

	
25% ile

	
25%

	
0%

	
Below Threshold

	
<25% ile

	
0%

	
0%

	
Note:  Amounts interpolated between threshold and maximum.

"Total Shareholder Return" or "TSR" = (Ending Stock Price – Beginning Stock Price + Dividends, if any, paid over the Performance Period)/Beginning Stock Price.

Ending and Beginning Stock Price = the average Stock Price for the 20 trading days prior to the ending and beginning dates of the Performance Period.

Stock Price = the closing price for the day as reported on the applicable exchange or market.

TSR of the Company or any member of the Peer Group shall be equitably adjusted to reflect any spin off, stock split, reverse stock split, stock dividend, recapitalization, or reclassification or other similar change in the number of outstanding shares of common stock.

(d)            The amount payable to the Employee pursuant to this Agreement, if any, shall be paid in cash, unless the Committee determines to make payment in shares of Stock of the Company.  Any Units payable to the Employee shall be calculated by multiplying the number of Units awarded to the Employee by the Performance Percentage set forth above for the level of achievement of the performance criteria set forth in Section 2(c).  By way of example, if the Company reached the 50th percentile in Relative TSR, 100% of the Units would be payable to the Employee.  Except as provided in Section 3(b), the cash value payable shall be determined by multiplying the number of Units payable by the Fair Market Value of a share of Stock on the date of the Committee's certification described in Section 2(e) below.

 

(e)            Except as provided in Section 3(b), payment of amounts due shall be made between the end of the Performance Period and the March 15 following the end of the Performance Period.  Prior to any payments under this Agreement, the Committee shall certify in writing, by resolution or otherwise, the amount to be paid in respect of the Units as a result of the achievement of Relative TSR.  If the Employee's compensation is subject to the deduction limitation provided in Section 162(m) of the Code, notwithstanding any terms of the Plan and except as provided in Section 3(b), the Committee shall not (i) increase the amount payable to the Employee to an amount that is higher than the amount payable under the formula described herein; (ii) waive any of the Relative TSR requirements provided herein; or (iii) accelerate the vesting of the Units.

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3.            Early Termination; Change of Control.

 

(a)            In the event of the Employee's termination of employment prior to the end of the Performance Period due to (i) death, (ii) disability (within the meaning of Section 22(e)(3) of the Internal Revenue Code of 1986, as amended (the "Code") ("Disability"), or (iii) Retirement (as hereinafter defined), the Employee shall vest in a number of Units determined by multiplying the number of Units granted by a fraction, the numerator of which is the number of full months between the beginning of the Performance Period and the date of termination due to death, Disability or Retirement and the denominator of which is thirty-six (36).  The Committee shall determine the number of Units vested and the amount to be paid to the Employee or his estate in accordance with Section 2(e) based on the Relative TSR performance criteria for the entire Performance Period.  As used herein, "Retirement" is defined as the voluntary termination of employment at or after age 55 with at least five years of service and the Employee not, at any time on or before the date that is two years following termination of employment, accepting employment with, acquiring a 5% or more equity or participation interest in, serving as a consultant, advisor, director or agent of, directly or indirectly soliciting or recruiting any employee of the Company who was employed at any time during Employee's service with the Company, or otherwise assisting in any other capacity or manner any company or enterprise that is directly or indirectly in competition with or acting against the interests of the Company or any of its lines of business, except for any service or assistance that is provided at the request or with the written permission of the Company.

 

(b)            In the event of a Change of Control, the Employee shall vest in all of the Units granted to the Employee under this Agreement.  The amount paid with respect to the Units will be determined based on the Relative TSR performance criteria as set forth in Section 2(c); however, the total shareholder return of the Company and the Peer Group will be determined over an adjusted performance period, defined as the period beginning on the original beginning date of the Performance Period and ending on the effective date of the Change of Control.  If the award is payable in cash, the cash value payable shall be determined by multiplying the number of Units payable by the Fair Market Value of a share of Stock on the effective date of the Change of Control.  Payment shall be made to the Employee as soon as administratively practical following the Change of Control, but in no event later than two and one-half months following the end of the year in which such Change of Control occurs.  Notwithstanding the foregoing, if the Change of Control does not qualify as a "change in control event" under Section 409A of the Code, and any regulations or guidance promulgated thereunder, then payment shall be made at the time specified in Section 2(e) or 3(a), as applicable.

 

(c)            The Units may also vest under circumstances provided in severance arrangements established by the Company.  If the Employee is a party to a severance agreement with the Company or a participant in a severance plan of the Company that provides for accelerated vesting of restricted stock units that were scheduled to vest within a specified period, the Units will be treated as scheduled to vest within such specified period if the Performance Period for such Units is scheduled to end within such specified period and the Relative TSR for the Performance Period results in a payout for the Units.  By way of example, if an Employee's employment is terminated by the Company under circumstances that would entitle the Employee to the acceleration of vesting of restricted stock units that are scheduled to vest within the next twelve months and the Employee holds Units with a Performance Period ending within the next twelve months, the Employee would receive a payout for those Units following the end of the Performance Period in accordance with the terms of this Agreement based on the Company's Relative TSR for the Performance Period.

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4.            Tax Withholding.  To the extent that the receipt or payout of the Units results in income to the Employee for federal, state or local income or employment tax purposes with respect to which the Company has a withholding obligation, the Company shall withhold all applicable tax  from any cash payable for the Units.

 

5.            Employment Relationship.  For purposes of this Agreement, the Employee shall be considered to be in the employment of the Company and its Affiliates as long as the Employee has an employment relationship with the Company and its Affiliates. The Committee shall determine any questions as to whether and when there has been a termination of such employment relationship, and the cause of such termination, under the Plan and the Committee's determination shall be final and binding on all persons.

 

6.            Not an Employment Agreement.  This Agreement is not an employment agreement, and no provision of this Agreement shall be construed or interpreted to create an employment relationship between the Employee and the Company and its Affiliates or guarantee the right to remain employed by the Company and its Affiliates for any specified term.

 

7.            Notices.  Any notice, instruction, authorization, request or demand required hereunder shall be in writing, and shall be delivered either by personal delivery, by telegram, telex, telecopy or similar facsimile means, by certified or registered mail, return receipt requested, or by courier or delivery service, addressed to the Company at the then current address of the Company's Principal Corporate Office, and to the Employee at the Employee's address indicated beneath the Employee's signature on the execution page of this Agreement, or at such other address and number as a party shall have previously designated by written notice given to the other party in the manner hereinabove set forth. Notices shall be deemed given when received, if sent by facsimile means (confirmation of such receipt by confirmed facsimile transmission being deemed receipt of communications sent by facsimile means); and when delivered (or upon the date of attempted delivery where delivery is refused), if hand-delivered, sent by express courier or delivery service, or sent by certified or registered mail, return receipt requested.

 

8.            Amendment and Waiver.  This Agreement may be amended, modified or superseded only by written instrument executed by the Company and the Employee. Only a written instrument executed and delivered by the party waiving compliance hereof shall make any waiver of the terms or conditions. Any waiver granted by the Company shall be effective only if executed and delivered by a duly authorized executive officer of the Company other than the Employee. The failure of any party at any time or times to require performance of any provisions hereof shall in no manner effect the right to enforce the same. No waiver by any party of any term or condition, or the breach of any term or condition contained in this Agreement, in one or more instances, shall be construed as a continuing waiver of any such condition or breach, a waiver of any other condition, or the breach of any other term or condition.

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9.            Governing Law and Severability.  This Agreement shall be governed by the laws of the State of Texas, without regard to its conflicts of law provisions. The invalidity of any provision of this Agreement shall not affect any other provision of this Agreement, which shall remain in full force and effect.

 

10.            Successors and Assigns.  This Agreement shall bind, be enforceable by and inure to the benefit of the Company and its successors and assigns, and to the Employee, the Employee's permitted assigns, executors, administrators, agents, legal and personal representatives.

 

11.            Counterparts.  This Agreement may be executed in multiple counterparts, each of which shall be an original for all purposes but all of which taken together shall constitute but one and the same instrument.

 

12.            Section 409A.  This Agreement shall be construed and interpreted to comply with Section 409A of the Internal Revenue Code of 1986, as amended, and any regulations or other guidance promulgated thereunder ("Section 409A").  Neither the Company nor the members of the Committee shall be liable for any determination or action taken or made with respect to this Agreement or the Units granted thereunder.

 

13.            Non-Transferability.  Neither this Agreement nor the rights of Employee hereunder shall be transferable by the Employee during his life other than by will or pursuant to applicable laws of descent and distribution. No rights or privileges of the Employee in connection herewith shall be transferred, assigned, pledged or hypothecated by Employee or by any other person in any way, whether by operation of law, or otherwise, and shall not be subject to execution, attachment, garnishment or similar process. In the event of any such occurrence, this Agreement shall automatically be terminated and shall thereafter be null and void.

 

14.            Entire Agreement.  The Plan and this Agreement contain the entire agreement between the parties with respect to the subject matter contained herein and may not be modified, except as provided herein or in the Plan or as it may be amended from time to time by a written document signed by each of the parties hereto. Any oral or written agreements, representations, warranties, written inducements, or other communications with respect to the subject matter contained herein made prior to the execution of the Agreement shall be void and ineffective for all purposes.

 

15.            Unsecured Promise to Pay.  The Company's obligation under the Plan and this Agreement is an unsecured and unfunded promise to pay benefits that may be earned in the future.  The Company shall have no obligation to set aside, earmark or invest any fund or money with which to pay its obligations under this Agreement. The Employee or any successor in interest shall be and remain a general creditor of the Company in the same manner as any other creditor having a general claim for matured and unpaid compensation.

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IN WITNESS WHEREOF, the Company has caused this Agreement to be duly executed by its duly authorized representative, and the Employee has executed this Agreement, all effective as of the date first above written.                                                                                                                         

	
CAL DIVE INTERNATIONAL, INC.

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
Quinn J. Hébert

Chairman, President and

Chief Executive Officer

	
 

	
 

	
 

	
 

	
EMPLOYEE:

	
 

	
 

	
 

	
 

	
 

	
(Name)

6

Schedule A

PEER GROUP COMPANIES

Dril-Quip Inc.

Gulfmark Offshore Inc.

Helix Energy Solutions Group, Inc.

Hercules Offshore Inc.

Hornbeck Offshore Services Inc.

Matrix Service Company

Newpark Resources, Inc.

PHI Inc.

TETRA Technologies Inc.

Tidewater Inc.

If any Peer Group company's Relative TSR shall cease to be publicly available (due to a business combination, receivership, bankruptcy or other event) or if any such company is no longer publicly held, the Committee shall exclude that company from the Peer Group.

If the number of Peer Group companies is reduced to eight companies, the first company listed on the substitute Peer Group list shall be added to the Peer Group so that the number of Peer Group companies will not be lower than nine companies.  Once a company is removed from the Peer Group as described above, that company shall be treated as having been removed from the Peer Group for the entire Performance Period and the substitute Peer Group company shall be treated as included in the Peer Group for the entire Performance Period.

SUBSTITUTE PEER GROUP

Seacor Holdings, Inc.

Bristow Group, Inc.

Basic Energy Services, Inc.

Superior Well Services, Inc.

Key Energy Services, Inc.Exhibit 10.5

 

Emergent BioSolutions Inc.

Form of Director Nonstatutory Stock Option Agreement

Granted Under the Second Amended and Restated

2006 Stock Incentive Plan

1.            Grant of Option.

 

This agreement evidences the grant by Emergent BioSolutions Inc., a Delaware corporation (the "Company"), on _______ (the "Grant Date") to _______, a non-employee director of the Company (the "Participant"), of an option to purchase, in whole or in part, on the terms provided herein and in the Company's Second Amended and Restated 2006 Stock Incentive Plan (the "Plan"), a total of ______ shares (the "Shares") of common stock, $0.001 par value per share, of the Company ("Common Stock") at $_____ per Share.  Unless earlier terminated, this option shall expire at 5:00 p.m., Eastern time, on _______ (the "Final Exercise Date").

It is intended that the option evidenced by this agreement shall not be an incentive stock option as defined in Section 422 of the Internal Revenue Code of 1986, as amended, and any regulations promulgated thereunder (the "Code").  Except as otherwise indicated by the context, the term "Participant", as used in this option, shall be deemed to include any person who acquires the right to exercise this option validly under its terms.

2.            Vesting Schedule.

 

This option will become exercisable ("vest") one-third per year over three years on the anniversary of the date of grant provided that the individual is serving on the Board on such date (or in the case of an option granted under Section 6(b), if earlier, on the date which is one business day prior to date of the Company's next annual meeting), provided that no additional vesting shall take place after the Participant ceases to serve as a director and further provided that the Board may provide for accelerated vesting in the case of death, disability, attainment of mandatory retirement age or retirement following at least 10 years of service.

The right of exercise shall be cumulative so that to the extent the option is not exercised in any period to the maximum extent permissible it shall continue to be exercisable, in whole or in part, with respect to all Shares for which it is vested until the earlier of the Final Exercise Date or the termination of this option under Section 3 hereof or the Plan.

3.            Exercise of Option.

 

(a)            Form of Exercise.  Each election to exercise this option shall be in writing in the form attached hereto as Exhibit A or in another form as prescribed by the Company, signed by the Participant, and received by the Company at its principal office, accompanied by this agreement, and payment in full in the manner provided as follows:

the form of consideration acceptable for exercise of any option (but not for the payment of any applicable withholding or other taxes or any other financial obligation of the option holder) shall be:

	
1.

	
Cash or by check payable to the order of the Corporation; or

	
2.

	
by delivery (i) of an irrevocable and unconditional undertaking by a creditworthy broker to deliver promptly to the Company sufficient funds to pay the exercise price and any required tax withholding or (ii) by the Participant to the Company of a copy of irrevocable and unconditional instructions to a creditworthy broker to deliver promptly to the Company cash or a check sufficient to pay the exercise price and any required tax withholding;

	
3.

	
by delivery (either by actual delivery or attestation) of shares of Common Stock owned by the option holder valued at fair market value on the date on which the shares of Common Stock are delivered to the Corporation (which fair market value shall be the closing price of the Common Stock on the New York Stock Exchange (or such other principal exchange on which the Common Stock is then listed for trading) on the date immediately preceding the delivery to the Corporation of the Common Stock) provided: (i) such payment is then permitted by applicable law; (ii) such Common Stock was owned by the option holder for a period of not less than six months prior to delivery to the Corporation; and (iii) such Common Stock is not subject to any repurchase, forfeiture, unfulfilled vesting or other similar requirements on the date of delivery; or

	
4.

	
Any combination of the foregoing

The Participant may purchase less than the number of shares covered hereby, provided that no partial exercise of this option may be for any fractional share.

(b)            Continuous Relationship with the Company Required.  Except as otherwise provided in this Section 3, this option may not be exercised unless the Participant, at the time he or she exercises this option, is, and has been at all times since the Grant Date, an employee, officer or director of, or consultant or advisor to, the Company or any other entity the employees, officers, directors, consultants, or advisors of which are eligible to receive option grants under the Plan (an "Eligible Participant").

 

(c)            Termination of Relationship with the Company.  If the Participant ceases to be an Eligible Participant for any reason, then, except as provided in paragraphs (d) and (e) below, the right to exercise this option shall terminate three months after such cessation (but in no event after the Final Exercise Date), provided that this option shall be exercisable only to the extent that the Participant was entitled to exercise this option on the date of such cessation.  Notwithstanding the foregoing, if the Participant, prior to the Final Exercise Date, violates the non-competition or confidentiality provisions of any employment contract, confidentiality and nondisclosure agreement or other agreement between the Participant and the Company, the right to exercise this option shall terminate immediately upon such violation.

 

(d)            Exercise Period Upon Death or Disability.  If the Participant dies or becomes disabled (within the meaning of Section 22(e)(3) of the Code) prior to the Final Exercise Date while he or she is an Eligible Participant and the Company has not terminated such relationship for "cause" as specified in paragraph (e) below, this option shall be exercisable, within the period of one year following the date of death or disability of the Participant, by the Participant (or in the case of death by an authorized transferee), provided that this option shall be exercisable only to the extent that this option was exercisable by the Participant on the date of his or her death or disability, and further provided that this option shall not be exercisable after the Final Exercise Date.

 

(e)            Termination for Cause.  If, prior to the Final Exercise Date, the Participant's employment or other relationship with the Company is terminated by the Company for Cause, the right to exercise this option shall terminate immediately upon the effective date of such termination of employment or other relationship.

 

4.            Withholding.

 

No Shares will be issued pursuant to the exercise of this option unless and until the Participant pays to the Company, or makes provision satisfactory to the Company for payment of, any federal, state or local withholding taxes required by law to be withheld in respect of this option.

5.            Nontransferability of Option.

 

This option may not be sold, assigned, transferred, pledged or otherwise encumbered by the Participant, either voluntarily or by operation of law, except by will or the laws of descent and distribution, and, during the lifetime of the Participant, shall be exercisable only by the Participant; provided, however, that the gratuitous transfer of this Option by the Participant to or for the benefit of any immediate family member, domestic partner, family trust or other entity established for the benefit of the Participant and/or an immediate family member thereof if, with respect to such proposed transferee, the Company would be eligible to use a Registration Statement on Form S-8 for the registration of the sale of the Common Stock subject to such Option under the Securities Act of 1933, as amended; provided, further, that the Company shall not be required to recognize any such transfer until such time as the Participant and such authorized transferee shall, as a condition to such transfer, deliver to the Company a written instrument in form and substance satisfactory to the Company confirming that such transferee shall be bound by all of the terms and conditions of the Option; and, provided, further, that no option intended to be an incentive stock option shall be transferable unless the Board of Directors shall otherwise permit.

6.            Provisions of the Plan.

 

This option is subject to the provisions of the Plan, a copy of which is furnished to the Participant with this option.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the Agreement Date.

	
EMERGENT BIOSOLUTIONS INC.

 

__________________________

Name:

Title:

	
PARTICIPANT

 

__________________________

Name:

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