Document:

Amend No. 5 to Executive Employment Agreement

 

EXHIBIT 10.51

AMENDMENT NO. 5 TO

EXECUTIVE EMPLOYMENT AGREEMENT

BY AND BETWEEN

SEABULK INTERNATIONAL, INC. AND GERHARD E. KURZ

     This Amendment to Executive Employment Agreement by and between Seabulk International, Inc., a
Delaware corporation formerly known as Hvide Marine Incorporated (the
“Company”), and Gerhard
E. Kurz (“Executive”), dated as of April 18, 2000, as amended (the “Agreement”), is entered into as
of the 28th day of June, 2005.

     WHEREAS, the Company and Executive desire to amend the Agreement in certain
respects ;

     NOW, THEREFORE, in consideration of the mutual covenants and the mutual benefits provided
in the Agreement, the receipt and sufficiency of which are hereby acknowledged, the Company and
Executive hereby amend the Agreement as set forth below:

     1. Section 8.8(c) of the Agreement shall be deleted in its entirety and the following shall be
substituted therefor:

     “(c) If Executive’s employment with the Company terminates prior to the payment
of incentive awards under the Company’s Management Annual Incentive Compensation
Plan (“MAICP”) for the 2005 calendar year (determined without regard to any payment
made under the MAICP for the six-month period ending on June 30, 2005 (the “Interim
2005 Bonus Payment”)), pay Executive, within five (5) days after the date of such
termination of employment, a lump sum cash payment equal to the excess, if any, of
(1) 100% of the 2005 maximum incentive award specified for Executive under the MAICP
multiplied by a fraction, the numerator of which shall be the number of days
Executive was employed by the Company during calendar year 2005 and the denominator
of which shall be 365, over (2) the amount of the Interim 2005 Bonus Payment paid to
Executive by the Company.”

     2. As so amended, the Agreement remains in full force and effect.

     IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be duly executed
and delivered as of the day and year first written above.

	 	 	 
	 

	 	SEABULK INTERNATIONAL, INC.
	 

	 	 
	/s/ Gerhard E. Kurz

	 	/s/ Alan R. Twaits
	 

	 	 
	GERHARD E. KURZ

	 	By: Alan R. Twaits, Sr. Vice PresidentAmend No.1 to Executive Defferred Compensation Pln

 

EXHIBIT 10.52

AMENDMENT NO. 1 TO

SEABULK INTERNATIONAL, INC.

EXECUTIVE DEFERRED COMPENSATION PLAN

     WHEREAS, SEABULK INTERNATIONAL, INC. (the “Company”) has heretofore adopted the SEABULK
INTERNATIONAL, INC. EXECUTIVE DEFERRED COMPENSATION PLAN (the “Plan”); and

     WHEREAS, the Company desires to amend the Plan’s restricted stock unit adjustment provisions;
and

     WHEREAS, the Company also desires to amend the Plan’s termination provisions; and

     WHEREAS, the Compensation Committee of the Board of Directors of the Company has authorized
this amendment on April 18, 2005.

     NOW THEREFORE, the Plan shall be amended as follows, effective as of April 18, 2005:

	I.	 	Section 4.8 of the Plan shall be deleted and replaced with the following:

	 	“4.8	 	In the event of stock dividends, spin offs of assets or other
extraordinary dividends, stock splits, combinations of shares,
recapitalizations, mergers, consolidations, reorganizations, liquidations,
issuances of rights or warrants and similar transactions or events, the number
or type of shares or other property in which RSUs are deemed to be invested
shall be adjusted appropriately by the Deferred Compensation Committee, as
determined in its sole discretion. The Deferred Compensation Committee may, in
its sole discretion, make such other adjustments to the operation of this
Article 4 as it determines to be appropriate to reflect an adjustment made
pursuant to the preceding sentence.”

	II.	 	The following shall be added to the end of Section 4.9 of the Plan:

“Notwithstanding the foregoing or any provision of a Restricted Stock
Deferral Agreement to the contrary, in the event of an adjustment pursuant
to Section 4.8, distributions from a Participant’s RSU Account shall be made
in such forms or forms as the Deferred Compensation Committee determines in
its sole discretion to be necessary to appropriately reflect such
adjustment.”

	III.	 	The following shall be added to the end of Section 13.2 of the Plan:

“Notwithstanding the foregoing, in the event of the consummation of a merger
of the Company with Seacor Holdings Inc. or a subsidiary thereof on or
before December 31, 2005, the Plan shall not be terminated pursuant to this
Section 13.2 before the expiration of a period of ten (10) years following
the effective date of such merger.”

 

 

	IV.	 	As amended hereby, the Plan is specifically ratified and reaffirmed.

	 	 	 	 	 
	 	Seabulk International, Inc.

 	 
	 	By:  	/s/ Alan R. Twaits
 	 
	 	 	     Alan R. Twaits 	 
	 	 	     Senior Vice President, General Counsel

     and SecretaryAmend No.1 to Stock Option Plan for Directors

 

EXHIBIT 10.53

AMENDMENT NO. 1 TO

SEABULK INTERNATIONAL, INC.

STOCK OPTION PLAN FOR DIRECTORS

     WHEREAS, SEABULK INTERNATIONAL, INC., (the “Company”), has heretofore adopted the SEABULK
INTERNATIONAL, INC. STOCK OPTION PLAN FOR DIRECTORS (the “Plan”); and

     WHEREAS, the Company desires to amend the Plan in certain respects; and

WHEREAS,
the Compensation Committee of the Board of Directors of the Company has authorized this amendment on April 18, 2005.

     NOW, THEREFORE, the Plan shall be amended as follows, effective as of April 18, 2005:

	I.	 	Section 5.3 of the Plan shall be deleted and replaced with the following:

	 	“5.3	 	Adjustment in Capitalization.
	 
	 	 	 	In the event of stock dividends, spin offs of assets or other extraordinary
dividends, stock splits, combinations of shares, recapitalizations, mergers,
consolidations, reorganizations, liquidations, issuances of rights or
warrants and similar transactions or events, the number of shares of Stock
that may be issued under the Plan, as well as the number or type of shares
or other property subject to outstanding Options and the applicable option
or purchase price per share, shall be adjusted appropriately by the
Committee, as determined in its sole discretion.”

	II.	 	As amended hereby, the Plan is specifically ratified and reaffirmed.

	 	 	 	 	 
	 	Seabulk International, Inc.

 	 
	 	By:  	/s/ Alan R. Twaits
 	 
	 	 	    Alan R. Twaits 	 
	 	 	    Senior Vice President, General Counsel

    and SecretarySpecimen of Amend No.2 - Non-Qualified Stock Optio

 

EXHIBIT 10.54

Amendment No. 2 to Non-Qualified Stock Option Agreements

     This Amendment No. 2 to each of the Non-Qualified Stock Option Agreements (the “Agreements”)
by and between Seabulk International, Inc., a Delaware corporation (the “Company”), and
___(“Employee”), with grant dates of ___and ___, is entered into as of
the 18th day of April, 2005.

     WHEREAS, the Company and Employee desire to amend each of the Agreements in certain respects;
and

     WHEREAS, the Compensation Committee of the Board of Directors of the Company has authorized
this amendment on April 18, 2005.

     NOW, THEREFORE, in consideration of the premises set forth above and the mutual covenants set
forth herein, the receipt and sufficiency of which are hereby acknowledged, the Company and
Employee hereby amend each of the Agreements as set forth herein below, effective as of the date
first set forth above:

	1.	 	Section 2.2 of each of the Agreements is hereby amended and restated by
deleting the text appearing therein in its entirety and inserting the following text
in lieu thereof:

          “2.2 Notwithstanding anything to the contrary contained in this
Agreement, in the event of any Termination of Employment, other than by
reason of death or Disability, within two years following a Change in
Control, this Option shall become one hundred percent (100%) Vested and
exercisable. The Committee may, in its sole discretion, accelerate the
exercisability of any unexercisable portion of this Option at any time.”

	2.	 	Section 6 of each of the Agreements is hereby amended and restated by
deleting the text appearing therein in its entirety and inserting the following text
in lieu thereof:

“6. Intentionally left blank.”

	3.	 	As so amended, each of the Agreements remains in full force and effect.

     IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be duly
executed and delivered as of the date first set forth above.

	 	 	 	 	 	 	 
	 	 	 	 	SEABULK INTERNATIONAL, INC.
	 
	 	 	 	 	 	 
	 

	 	 	 	By:	 	 
	 

	 	 	 	 	 	 
	“Employee”Amend No 1 to Amended & Restated Equity Ownership

 

EXHIBIT 10.55

AMENDMENT NO. 1 TO

SEABULK INTERNATIONAL, INC.

AMENDED AND RESTATED

EQUITY OWNERSHIP PLAN

     WHEREAS, SEABULK INTERNATIONAL, INC., (the “Company”), has heretofore adopted the SEABULK
INTERNATIONAL, INC. AMENDED AND RESTATED EQUITY OWNERSHIP PLAN (the “Plan”); and

WHEREAS, the Company desires to amend the Plan in certain respects; and

WHEREAS,
the Compensation Committee of the Board of Directors of the Company has authorized this amendment on April 18, 2005.

NOW, THEREFORE, the Plan shall be amended as follows, effective as of April 18, 2005:

	I.	 	Section 3.1(d) of the Plan shall be deleted and replaced with the following:

          “(d) The Committee may provide in any Stock Agreement a vesting schedule. The
vesting schedule shall specify when such Awards shall become Vested and thus
exercisable. Notwithstanding any vesting schedule which may be specified in a Stock
Agreement, in the event the Participant terminates within two years following a
Change in Control, such Participant’s Awards granted under the Plan shall become
100% Vested and exercisable.”

	II.	 	As amended hereby, the Plan is specifically ratified and reaffirmed.

	 	 	 	 	 
	 	Seabulk International, Inc.

 

 	 
	 	By:  	/s/ Alan R. Twaits
 	 
	 	 	      Alan R. Twaits 	 
	 	 	      Senior Vice President, General Counsel

      and Secretary

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