Document:

exv10w1

Exhibit 10.1

FIRST AMENDMENT TO SECOND AMENDED AND RESTATED

EMPLOYMENT AGREEMENT

     THIS FIRST AMENDMENT TO SECOND AMENDED AND RESTATED EMPLOYMENT AGREEMENT (the “Amendment”) is
effective as of August 19, 2010 (the “Effective Date”) and made by and between Trico Marine
Services, Inc., a Delaware corporation (the “Company”) and David Michael Wallace (“Executive”).

WITNESSETH:

     WHEREAS, Executive is currently employed by the Company; and

     WHEREAS, Executive and the Company previously entered into that certain Second Amended and
Restated Employment Agreement with an effective date of December 9, 2008 (the “Employment
Agreement”); and

     WHEREAS the Company desires to continue to employ Executive, and Executive desires to continue
to be employed by the Company, pursuant to the terms of the Employment Agreement as modified by
this Amendment;

     NOW, THEREFORE, the Employment Agreement shall be amended as follows, effective as of the
Effective Date:

     1. Section 1.2 of the Employment Agreement shall be deleted in its entirety and the following
shall be substituted therefor:

     “1.2 Positions. From and after August 19, 2010 and for the
duration of the term of this Agreement, Company shall employ Executive in
the position of interim Chief Operating Officer, or in such other positions
as the parties mutually may agree.”

     2. The first sentence of Section 3.1 of the Employment Agreement shall be deleted and the
following shall be substituted therefor:

“From and after August 19, 2010 and for the duration of the term of this
Agreement, Executive shall receive a minimum annual base salary of
$300,000.”

     3. Except as modified herein, the Employment Agreement shall remain in full force and effect.

     4. This Amendment may be executed in multiple counterparts, which together shall be considered
one and the same instrument.

[Signature page follows.]

-2-

 

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

	 	 	 	 	 
	 	TRICO MARINE SERVICES, INC.

 	 
	 	By:  	/s/ Brett Cenkus
 	 
	 	 	Name:  	Brett Cenkus 	 
	 	 	Title:  	General Counsel and Secretary 	 
	 
	 	DAVID MICHAEL WALLACE

 	 
	 	/s/ David Michael Wallaceexv10w1

Exhibit 10.1

FIRSTMERIT CORPORATION

AMENDED AND RESTATED

EXECUTIVE CASH INCENTIVE PLAN

	I.	 	TERM OF THE PLAN
	 
	 	 	The FirstMerit Corporation Executive Cash Incentive Plan (the “Plan”) was originally
effective beginning January 1, 2005. This amendment and restatement of the Plan is
effective as of August 19, 2010, and will remain in effect until revised or terminated by
the recommendation of the Compensation Committee and approval of the Board of Directors of
FirstMerit Corporation (“FirstMerit”).
	 
	II.	 	PLAN OBJECTIVES
	 
	 	 	FirstMerit is making available to eligible executive officers of FirstMerit and its
subsidiaries, through this Plan, compensation designed to foster superior financial results
for FirstMerit by encouraging executive officers to meet or exceed stated goals. The
objectives of the Plan are:

	 	1.	 	Foster superior financial results, producing a financial
benefit to FirstMerit shareholders;
	 
	 	2.	 	Motivate and reward executives toward superior financial
performance by FirstMerit;
	 
	 	3.	 	Retain key executive talent in order to achieve stated
financial objectives and continue long-term growth of FirstMerit; and
	 
	 	4.	 	Provide a competitive total cash compensation incentive
opportunity.

	III.	 	ELIGIBILITY
	 
	 	 	All employee members of the Executive Committee of officers and certain other employees
approved by the Compensation Committee are eligible to participate in the Plan
(“Participants”).
	 
	IV.	 	PLAN ELEMENTS
	 
	 	 	For each participant, goals must be attained in corporate and/or applicable line of business
(“LOB”) performance categories in order to receive compensation under the Plan. Each year
in the first quarter of the calendar year, (i) the Chief Executive Officer will determine
individual performance goals for each Participant, and (ii) the Compensation Committee of
the Board of Directors, taking into consideration recommendations by the Chief Executive
Officer, will determine the goals for the corporate performance categories, the weighting
between the corporate and applicable

 

 

	 	 	line of business categories, and the percentage amounts
of base salary to be paid for the attainment of all goals, subject to approval by the Board
of Directors. Goals and payment of percentage amounts of year end base salary for the Chief
Executive Officer will be determined by the Compensation Committee, subject to approval
by the independent members of the full Board of Directors, with the Chief Executive Officer
abstaining from discussion and voting.
	 
	 	 	There will be three tiers within each of the established corporate categories:

	 	•	 	threshold
	 
	 	•	 	target
	 
	 	•	 	maximum

	 	 	Each category will have a stated threshold, target and maximum goal. The corporate
performance categories will be:

	 	1)	 	credit quality
	 
	 	2)	 	revenue
	 
	 	3)	 	efficiency ratio
	 
	 	4)	 	net income
	 
	 	5)	 	one or more strategic or operating objectives

	 	 	The goals for corporate categories will be aligned with the corporate business plan and
financial objectives for the incentive year.
	 
	 	 	The goals for LOB categories will be aligned with performance results for the applicable
Participant’s area of responsibility. The accrual for Plan incentive payments will be
established in accordance with generally accepted accounting principles.
	 
	 	 	For corporate categories, the threshold level or better must be achieved for a Participant
to receive any weighted payment for the corporate category. For LOB categories, the
threshold level or better must be achieved for a Participant to receive any weighted payment
under the LOB category. If performance goals are achieved between tiers within any
category, then the weighted payment will be interpolated to the nearest percent.
	 
	 	 	Notwithstanding anything else in this Section IV or elsewhere in the Plan, in its sole
discretion, the Compensation Committee may adjust any one or more award amounts before or
after the calendar year end, change goals or waive any requirements for awards pursuant to
the Plan. In addition, the Chief Executive Officer may recommend to the Compensation
Committee, and the Compensation Committee may approve in its sole discretion, subject to
approval by the independent members of the full Board of Directors, a level of discretionary
bonuses to Participants other than the Chief Executive Officer based on other considerations
not necessarily relating to company performance in an amount not to exceed, when aggregated
with any discretionary bonus award determined for the Chief Executive Officer, the
Discretionary Bonus Pool (as defined

2

 

		 	hereafter) in any one calendar year. In addition, the
Compensation Committee may also recommend, and the independent members of the full Board of
Directors may approve, each in their sole discretion, a discretionary bonus for the Chief
Executive Officer not to exceed, when aggregated with any discretionary bonus award
determined for all other Participants, the Discretionary Bonus Pool in any one year. For
purposes of the Plan, the Discretionary Bonus Pool shall be determined annually based upon
the product of: (i) the sum of the base salaries of all Participants in the Plan (including
the Chief Executive Officer); and (ii) 23 percent (23%). The terms of the Plan shall not be
deemed to grant any employee an entitlement to payment under the Plan.
	 
	V.	 	PAYMENTS
	 
	 	 	Subject to applicable withholding, payments under the Plan are based on the corporate and/or
LOB results for each calendar year and will be made between January 1 and March 15 of the
following calendar year upon approval by the Compensation Committee and, with respect to the
Chief Executive Officer and all discretionary bonuses, the independent members of the full
Board of Directors.
	 
	 	 	If the Board learns of any misconduct by an executive officer (in this case, Section 16
officers), which contributed to the Company having to materially restate all or a
significant portion of its financial statements, the Board shall take such action as it
deems necessary to address the misconduct, prevent its recurrence and, if appropriate, based
on all relevant facts and circumstances, pursue remedies it deems appropriate against the
wrongdoer. In determining what remedies to pursue, the Board shall take into account all
relevant factors and whether such restatement was the result of negligent, intentional or
gross misconduct of the executive. The Board will, to the full extent permitted by
applicable law, in all appropriate cases, require reimbursement of any bonus paid or
incentive compensation awarded to an executive officer, and/or effect the cancellation of
unvested equity awards previously granted to the
executive officer if: (a) the amount of the bonus or incentive compensation was calculated
based on the achievement of financial results that were subsequently the subject of a
material restatement, (b) the executive officer engaged in intentional misconduct that
caused or partially caused the need for the restatement, and (c) the amount of the bonus or
incentive compensation that would have been awarded to the executive had the financial
results been properly reported would have been lower than the amount actually awarded. The
Company may pursue other actions, such as dismissal, legal action for breach of fiduciary
duty or other means to enforce the executive’s obligations to the Company, as may be
appropriate under the particular circumstances. In determining the appropriate action, the
Board may take into account penalties or punishments imposed by third parties, such as law
enforcement agencies, regulators or other authorities, although the Company’s power to
determine appropriate remedial action is in addition to, and not in replacement of, remedies
pursued by such entities.

3

 

	VI.	 	NEWLY HIRED, TRANSFERRED, PROMOTED AND TERMINATED PARTICIPANTS
	 
	 	 	If a Participant is transferred or promoted or becomes totally disabled in accordance with
the Company’s long-term disability plan before the last day of the calendar year, the
Participant will be eligible to receive payment under the Plan only if (a) the Participant
is employed on the last day of the calendar year, (b) the Participant remains employed
through the payment date, and (c) if the stated threshold goals have been achieved by the
last day of the calendar year, as such goals may be revised for the individual based upon a
change in position. Payments will be prorated based upon the tenure of the Participant in
the eligible position.
	 
	 	 	If the participant’s employment is terminated before the payment date for any reason other
than retirement, the Participant will not be eligible for any payment under the Plan
regardless of employment status on the last day of the calendar year.
	 
	 	 	If the Participant retires (as retirement is defined under the FirstMerit benefit plan
providing for the earliest possible retirement) effective before the end of the calendar
year, the Participant will not be entitled to payment under the Plan. If the participant
retires effective at any time after the end of the calendar year, the retiring Participant
will be entitled to payment in accordance with the terms of the Plan.
	 
	 	 	If a Participant dies before the end of the calendar year, neither the Participant nor their
estate will be eligible to receive any payment under the Plan. If a Participant dies after
the end of the calendar year, but before the payment date, the Participant, through their
estate, will be eligible to receive payment of an award amount under the Plan.
	 
	 	 	FirstMerit reserves the right to forfeit payments that are otherwise payable to any
Participant under the Plan based on a Participant’s violation of any of FirstMerit’s
policies and procedures or failure to achieve at minimum “meets standards” on the annual
performance evaluation, as approved by the Compensation Committee.
	 
	VII.	 	OTHER EMPLOYEE BENEFITS
	 
	 	 	Benefits to Participants under other benefit plans will not be affected by payments under
this Plan to the extent benefits under the other plans are based upon base salary, but will
be affected by payments under this Plan to the extent benefits under the other plans are
based upon Form W-2 earnings. FirstMerit retains the right to amend, cancel or change any
other benefit plans.
	 
	VIII.	 	AMENDMENT AND ADMINISTRATION OF THE PLAN
	 
	 	 	The Plan may be terminated or amended by the recommendation of the Compensation Committee,
subject to the approval of the Board of Directors. Any question of interpretation of the
Plan will be determined by the Compensation Committee. The Executive Vice President of
Human Resources and the Manager of Compensation are

4

 

	 	 	responsible for administering the Plan
in accordance with the terms of the Plan and the goals and payments determined annually by
the recommendation of the Compensation Committee and approval of the Board of Directors.

5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00177-of-00352.parquet"}]]