Document:

2005 Stock and Incentive Plan

 EXHIBIT 10.8 
 KIRBY CORPORATION 
 2005 STOCK AND
INCENTIVE PLAN 
 ARTICLE I 

GENERAL 
 Section
1.1. Purpose. The purpose of this Plan is to advance the interests of Kirby Corporation, a Nevada corporation (the “Company”), by providing an additional incentive to attract and retain qualified and competent employees for the
Company and its subsidiaries, upon whose efforts and judgment the success of the Company is largely dependent, through the award of (i) Options to purchase shares of Common Stock (which Options may be Incentive Stock Options or Nonincentive
Stock Options); (ii) shares of Restricted Stock; and (iii) Performance Awards. 
 Section 1.2. Definitions. As
used herein, the following terms shall have the meaning indicated: 
 (a) “Award” means a grant under this Plan in the
form of Options, Restricted Stock, Performance Awards or any combination of the foregoing. 
 (b) “Board” means the
Board of Directors of the Company. 
 (c) “Change in Control” means the occurrence of any of the following events:

 (i) Any “person” (as such term is used in Sections 13(d) and 14(d)(2) of the Securities Exchange
Act of 1934, as amended) becomes the beneficial owner, directly or indirectly, of voting securities representing thirty percent (30%) or more of the combined voting power of the Company’s then outstanding voting securities; 

(ii) The Board ceases to consist of a majority of Continuing Directors, with the term “Continuing Director”
meaning a Director who (A) is a Director on the effective date of the Plan or (B) is nominated or appointed to serve as a Director by a majority of the then Continuing Directors; 

(iii) (A) Any consolidation or merger of the Company or any Subsidiary that results in the holders of the Company’s
voting securities immediately prior to the consolidation or merger having (directly or indirectly) less than a majority ownership interest in the outstanding voting securities of the surviving entity immediately after the consolidation or merger,
(B) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the assets of the Company or (C) the liquidation or dissolution of the Company; 

(iv) The stockholders of the Company accept a share exchange, with the result that stockholders of the Company
immediately before such share exchange do not own, 

  
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immediately following such share exchange, at least a majority of the voting securities of the entity resulting from such share exchange in substantially the same proportion as their ownership of
the voting securities outstanding immediately before such share exchange; or 
 (v) Any tender or exchange offer
is made to acquire thirty percent (30%) or more of the voting securities of the Company, other than an offer made by the Company, and shares are acquired pursuant to that offer. 
 For purposes of this definition, the term “voting securities” means equity securities, or securities that are convertible or exchangeable into equity securities, that have the right to vote
generally in the election of Directors. 
 (d) “Code” means the Internal Revenue Code of 1986, as amended. 

(e) “Committee” means the Compensation Committee, if any, appointed by the Board. 

(f) “Date of Grant” means the date on which the Committee takes formal action to grant an Award to an Eligible Person or such
later date as may be specified by the Committee when approving the Award. 
 (g) “Director” means a member of the
Board. 
 (h) “Disability” means mental or physical disability as determined by a medical doctor satisfactory to the
Committee. 
 (i) “Eligible Person” means an employee of the Company or a Subsidiary. 

(j) “Existing Plan” means the 2005 Stock and Incentive Plan as approved by the stockholders of the Company on April 26,
2005, as amended by the Board on January 22, 2007 and as amended by the Board on March 6, 2008 and approved by the stockholders of the Company on April 22, 2008. 

(k) “Fair Market Value” of a Share means the closing price on the New York Stock Exchange on the day of reference. If the
Shares are not listed for trading on the New York Stock Exchange, the Fair Market Value on the date of reference shall be determined by any fair and reasonable means prescribed by the Committee. 

(l) “Incentive Stock Option” means an option that is an incentive stock option as defined in Section 422 of the Code.

 (m) “Nonincentive Stock Option” means an option that is not an Incentive Stock Option. 

(n) “Option” means any option granted under this Plan. 

  
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 (o) “Optionee” means a person to whom a stock option is granted under this Plan or
any successor to the rights of such person under this Plan by reason of the death of such person. 
 (p) “Participant”
means a person to whom an Award is granted under the Plan. 
 (q) “Performance Award” means an Award granted pursuant
to Article IV. 
 (r) “Performance Objectives” means the objectives established by the Committee pursuant to
Section 4.1(b). 
 (s) “Performance Period” means the period over which the performance of a holder of a
Performance Award is measured. 
 (t) “Plan” means this Kirby Corporation 2005 Stock and Incentive Plan. 

(u) “Restricted Stock” means Shares granted under this Plan that are subject to restrictions imposed by the Committee pursuant
to Article III. 
 (v) “Restricted Stock Award” means an award of Restricted Stock under this Plan. 

(w) “Section 162(m) Participant” means each Participant who would be a “covered employee” under Section 162(m)
of the Code. 
 (x) “Share” means a share of the common stock, par value ten cents ($0.10) per share, of the Company.

 (y) “Subsidiary” means any corporation (other than the Company) in any unbroken chain of corporations beginning
with the Company if each of the corporations other than the last corporation in the unbroken chain owns stock possessing 50% or more of the total combined voting power of all classes of stock in one of the other corporations in the chain.

 Section 1.3. Total Shares and Limitations. 
 (a) The maximum number of Shares that may be issued under the Plan shall be Three Million (3,000,000) Shares, which may be from Shares held in the Company’s treasury or from authorized and
unissued Shares. If any Award granted under the Plan shall terminate, expire or be cancelled or surrendered as to any Shares, or the Award is paid in cash in lieu of Shares, the Shares that were subject to such Award shall not count against the
above limit and shall again be available for grants under the Plan. Shares equal in number to the Shares surrendered in payment of the option price of an Option and Shares that are withheld in order to satisfy federal, state or local tax liability,
shall not count against the above limit and shall be available for grants under the Plan. All Share numbers in the Plan reflect the 2-for-1 split of the common stock of the Company effected on May 31, 2006. 

(b) The maximum aggregate number of Shares that may be issued under the Plan pursuant to the exercise of Incentive Stock Options shall be
1,000,000. 

  
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 (c) The maximum number of Shares that may be issued to any Participant pursuant to the
exercise of Options during any calendar year shall be 500,000. 
 (d) The maximum number of Shares that may be issued to any
Participant pursuant to any Performance Award during the term of the Plan shall be 400,000. 
 (e) The maximum amount of cash
that may be paid to any Participant pursuant to any Performance Award during any calendar year shall be $3,000,000. 
 Section
1.4. Awards Under the Plan. 
 (a) Only Eligible Persons may receive awards under the Plan. Awards to Eligible Persons
may be in the form of (i) Options; (ii) shares of Restricted Stock; (iii) Performance Awards; or (iv) any combination of the foregoing. No Award shall confer on any person any right to continue as an employee of the Company or
any Subsidiary. 
 (b) Each Award shall be evidenced by an agreement containing any terms deemed necessary or desirable by the
Committee that are not inconsistent with the Plan or applicable law. 
 ARTICLE II 

STOCK OPTIONS 

Section 2.1. Grant of Options. The Committee may from time to time grant Options to Eligible Persons. Options may be Incentive
Stock Options or Nonincentive Stock Options as designated by the Committee on or before the Date of Grant. If no such designation is made by the Committee for an Option, the Option shall be a Nonincentive Stock Option. The aggregate Fair Market
Value (determined as of the Date of Grant) of the Shares with respect to which Incentive Stock Options are exercisable for the first time by an Optionee during any calendar year under the Plan and all such plans of the Company and any parent or
subsidiary of the Company (as defined in Section 424 of the Code) shall not exceed $100,000. 
 Section 2.2. Exercise
Price. The exercise price per Share for any Option shall be determined by the Committee, but shall not be less than the Fair Market Value on the Date of Grant and shall not be less than 110% of the Fair Market Value on the Date of Grant for any
Incentive Stock Option if the Optionee is a person who owns directly or indirectly (within the meaning of Section 422(b)(6) of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the Company.

 Section 2.3. Term of Option. The term of an Option shall be determined by the Committee, provided that, in the case of
an Incentive Stock Option, if the grant is to a person who owns directly or indirectly (within the meaning of Section 422(b)(6) of the Code) stock possessing more than 10% of the total combined voting power of all classes of stock of the
Company, the term of the Option shall not exceed five years from the Date of Grant. Notwithstanding any other provision of this Plan, no Option shall be exercised after the expiration of its term. 

Section 2.4. Vesting. Options shall be exercisable at such times and subject to such terms and conditions as the Committee shall
specify in the option agreement. Unless the option 

  
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agreement specifies otherwise, the Committee shall have discretion at any time to accelerate such times and otherwise waive or amend any conditions in respect of all or any portion of any
Options. Notwithstanding the other provisions of this Section 2.4 and unless otherwise provided in the option agreement, upon the occurrence of a Change in Control, all Options outstanding at the time of the Change in Control shall become
immediately exercisable. 
 Section 2.5. Termination of Options. 

(a) Except as otherwise provided in the option agreement, the portion of an Option that is exercisable shall automatically and without
notice terminate upon the earliest to occur of the following: 
 (i) thirty (30) days after the date on
which the Optionee ceases to be an Employee for any reason other than (x) death, (y) Disability or (z) termination for cause; 
 (ii) one (1) year after the date on which the Optionee ceases to be an Employee as a result of a Disability; 
 (iii) either (y) one (1) year after the death of the Optionee or (z) six (6) months after the death of the Optionee if the Optionee dies during the 30-day period described in
Section 2.5(a)(i) or the one-year period described in Section 2.5(a)(ii); 
 (iv) the date on which
the Optionee ceases to be an Employee as a result of a termination for cause; and 
 (v) the tenth anniversary
of the Date of Grant of the Option. 
 (b) The portion of an Option that is not exercisable shall automatically and without
notice terminate on the date on which the Optionee ceases to be an Employee for any reason. 
 (c) The Committee shall have
discretion at any time to extend the term of any Nonincentive Stock Option to any date that is not later than the date described in Section 2.5(a)(v). 
 Section 2.6. Exercise of Options. An Option may be exercised in whole or in part to the extent exercisable in accordance with Section 2.4 and the option agreement. An Option shall be deemed
exercised when (i) the Company has received written notice of such exercise in accordance with the terms of the Option and (ii) full payment of the aggregate exercise price of the Shares as to which the Option is exercised has been made.
Unless further limited by the Committee for any Option, the exercise price of any Shares purchased shall be paid solely in cash, by certified or cashier’s check, by money order, by personal check or with Shares owned by the Optionee for at
least six months, or by a combination of the foregoing. If the exercise price is paid in whole or in part with Shares, the value of the Shares surrendered shall be their Fair Market Value on the date received by the Company. 

Section 2.7. Corporate Transactions. 

  
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 (a) In the event of a merger, consolidation or other reorganization of the Company in which
the Company is not the surviving entity, the Board or the Committee may provide for payment in cash or in securities of the Company or the surviving entity in lieu of and in complete satisfaction of Options. 

(b) Except as otherwise expressly provided herein, the issuance by the Company of shares of its capital stock of any class, or securities
convertible into shares of capital stock of any class, either in connection with direct sale or upon the exercise of rights or warrants to subscribe therefor, or upon conversion of shares or obligations of the Company convertible into such shares or
other securities, shall not affect, and no adjustment by reason thereof shall be made with respect to, the number of or exercise price of Shares then subject to outstanding Options granted under the Plan. 

(c) Without limiting the generality of the foregoing, the existence of outstanding Options granted under the Plan shall not affect in any
manner the right or power of the Company to make, authorize or consummate (i) any or all adjustments, recapitalizations, reorganizations or other changes in the Company’s capital structure or its business; (ii) any merger or
consolidation of the Company; (iii) any issue by the Company of debt securities, or preferred or preference stock that would rank above the Shares subject to outstanding Options; (iv) the dissolution or liquidation of the Company;
(v) any sale, transfer or assignment of all or any part of the assets or business of the Company; or (vi) any other corporate act or proceeding, whether of a similar character or otherwise. 

Section 2.8. Issuance of Shares. No person shall be, or have any of the rights or privileges of, a stockholder of the Company with
respect to any of the Shares subject to any Option unless and until such Shares (whether represented by certificates or in book-entry or other electronic form) shall have been issued and delivered to such person. 

ARTICLE III 

RESTRICTED STOCK 

Section 3.1. Grant of Restricted Stock Awards. The Committee may from time to time grant Restricted Stock Awards to Eligible
Persons. 
 Section 3.2. Terms and Conditions of Restricted Stock Awards. Each Restricted Stock Award shall specify the
number of shares of Restricted Stock awarded, the price, if any, to be paid by the Participant receiving the Restricted Stock Award, the date or dates on which the Restricted Stock will vest and any other terms and conditions that the Committee may
determine. The vesting and number of shares of Restricted Stock may be conditioned upon the completion of a specified period of service with the Company or its Subsidiaries or upon the attainment of any performance goals established by the
Committee, including without limitation goals related to the performance of the Company or any Subsidiary, division, department or other unit of the Company, the performance of the Company’s common stock or other securities, the performance of
the recipient of the Restricted Stock Award or any combination of the foregoing. 
 Section 3.3. Restrictions on Transfer.
Unless otherwise provided in the grant relating to a Restricted Stock Award, the Restricted Stock granted to a Participant (whether represented 

  
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by certificates or in book-entry or other electronic form) shall be registered in the Participant’s name or, at the option of the Committee, not issued until such time as the Restricted
Stock shall become vested or as otherwise determined by the Committee. If certificates are issued prior to the shares of Restricted Stock becoming vested, such certificates shall either be held by the Company on behalf of the Participant, or
delivered to the Participant bearing a legend to restrict transfer of the certificate until the Restricted Stock has vested, as determined by the Committee. The Committee shall determine whether the Participant shall have the right to vote and/or
receive dividends on the Restricted Stock before it has vested. Except as may otherwise be expressly permitted by the Committee, no share of Restricted Stock may be sold, transferred, assigned or pledged by the Participant until such share has
vested in accordance with the terms of the Restricted Stock Award. Unless the grant of a Restricted Stock Award specifies otherwise, in the event that a Participant ceases to be an Employee before all the Participant’s Restricted Stock has
vested, or in the event other conditions to the vesting of Restricted Stock have not been satisfied prior to any deadline for the satisfaction of such conditions set forth in the award agreement, the shares of Restricted Stock that have not vested
shall be forfeited and any purchase price paid by the Participant for the forfeited Shares shall be returned to the Participant. At the time Restricted Stock vests (and, if the Participant has been issued legended certificates for Restricted Stock,
upon the return of such certificates to the Company), such vested shares shall be issued to the Participant (or the beneficiary designated by the Participant in the event of death), in certificated or book entry or other electronic form, free of all
restrictions. 
 Section 3.4. Accelerated Vesting. Notwithstanding the vesting conditions set forth in a Restricted Stock
Award, unless the Restricted Stock Award grant or other agreement with the Participant specifies otherwise: 
 (a) the Committee
may in its discretion at any time accelerate the vesting of Restricted Stock or otherwise waive or amend any conditions of a grant of a Restricted Stock Award, and 
 (b) all shares of Restricted Stock shall vest upon a Change in Control of the Company. 
 Section 3.5. Section 83(b) Election. If a Participant receives Restricted Stock that is subject to a “substantial risk of forfeiture,” such Participant may elect under
Section 83(b) of the Code to include in his or her gross income, for the taxable year in which the Restricted Stock is received, the excess of the Fair Market Value of such Restricted Stock on the Date of Grant (determined without regard to any
restriction other than one which by its terms will never lapse), over the amount paid for the Restricted Stock. If the Participant makes the Section 83(b) election, the Participant shall (a) make such election in a manner that is
satisfactory to the Committee, (b) provide the Company with a copy of such election, (c) agree to notify the Company promptly if any Internal Revenue Service or state tax agent, on audit or otherwise, questions the validity or correctness
of such election or of the amount of income reportable on account of such election and (d) agree to such federal and state income tax withholding as the Committee may reasonably require in its sole discretion. 

ARTICLE IV 

PERFORMANCE AWARDS 

  
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 Section 4.1. Terms and Conditions of Performance Awards. The Committee may from time
to time grant Awards that are intended to be “performance-based compensation,” which are payable in stock, cash or a combination thereof, at the discretion of the Committee. 

(a) Performance Period. The Committee shall establish a Performance Period for each Performance Award at the time
such Performance Award is granted. A Performance Period may overlap with Performance Periods relating to other Performance Awards granted hereunder to the same Participant. The Committee shall not grant Performance Awards to Section 162(m)
Participants after the earliest to occur of (i) the
90th day after the start of the Performance Period,
(ii) the date on which 25% of the Performance Period has elapsed or (iii) the date on which the satisfaction of the Performance Objectives becomes substantially certain. 

(b) Performance Objectives. The Committee shall establish written performance objectives for the Participant at the time of the grant of
each Performance Award. Each Performance Award shall be contingent upon the achievement of the Performance Objectives established by the Committee. Performance Objectives shall be based on earnings, cash flow, economic value added, total stockholder
return, return on equity, return on capital, return on assets, revenues, operating profit, EBITDA, net profit, earnings per share, stock price, cost reduction goals, debt to capital ratio, financial return ratios, profit or operating margins,
working capital or other comparable objective tests selected by the Committee, or any combination of the foregoing, for the Company on a consolidated basis or, if applicable, for one or more Subsidiaries, divisions, departments or other units of the
Company or one or more of its Subsidiaries. 
 (c) Amount; Frequency. The Committee shall determine at the time of grant of
Performance Awards the target and maximum values of Performance Awards and the date or dates when Performance Awards are earned. 
 (d) Payment. Following the end of each Performance Period, the holder of each Performance Award will be entitled to receive payment of an amount, not exceeding the maximum value of the Performance Award,
based on the achievement of the Performance Objectives for such Performance Period, as determined in writing by the Committee. Unless otherwise provided in the Performance Award, if the Participant exceeds the specified minimum level of acceptable
achievement but does not attain the Performance Objectives, the Participant shall be deemed to have partly earned the Performance Award, and shall become entitled to receive a portion of the total award, as determined by the Committee. Unless
otherwise provided in the Performance Award, if a Performance Award is granted after the start of a Performance Period, the Performance Award shall be reduced to reflect the portion of the Performance Period during which the Performance Award was in
effect. 
 (e) Termination of Employment. Unless otherwise provided in the Performance Award, a Participant who receives a
Performance Award and who ceases to be an Employee as a result of death, Disability or retirement before the end of the applicable Performance Period shall be entitled to receive, to the extent earned as a result of the full or partial achievement
of the Performance Objectives during the Performance Period, a portion of the Performance Award that is proportional to the portion of the Performance Period during which the Participant was employed, with payment to be made following the end of the
Performance Period. Unless 

  
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otherwise provided in the Performance Award, a Participant who receives a Performance Award who ceases to be an Employee for any reason other than death, Disability or retirement shall not be
entitled to any part of the Performance Award. 
 (f) Accelerated Vesting. Notwithstanding the vesting conditions set forth in a
Performance Award, unless the Performance Award specifies otherwise (i) the Committee may in its discretion at any time accelerate the time at which the Performance Award is considered to have been earned or otherwise waive or amend any
conditions (including but not limited to Performance Objectives) in respect of a Performance Award, and (ii) all Performance Awards shall be considered earned upon a Change in Control of the Company. In addition, upon a Change in Control of the
Company, unless a Performance Award specifies otherwise, each Participant shall receive the target Performance Award such Participant could have earned for the proportionate part of the Performance Period prior to the Change in Control, and shall
retain the right to earn any additional portion of his or her Performance Award if such Participant remains in the Company’s employ through the end of the Performance Period. 

(g) Stockholder Rights. The holder of a Performance Award shall, as such, have none of the rights of a stockholder of the Company.

 (h) Annual Incentive Plan. Cash awards based on the attainment of the performance objectives established under the
Company’s Annual Incentive Plan may, in the Committee’s discretion, be considered Performance Awards granted under the Plan, provided that such awards are subject to the terms and conditions of this Article IV. 

ARTICLE V 

ADDITIONAL PROVISIONS 
 Section 5.1. Administration of the Plan. The Plan shall be administered by the Committee. The Committee shall have the authority to interpret the provisions of the Plan, to adopt such rules and
regulations for carrying out the Plan as it may deem advisable, to decide conclusively all questions arising with respect to the Plan, to establish performance criteria in respect of Awards under the Plan, to determine whether Plan requirements have
been met for any Participant in the Plan and to make all other determinations and take all other actions necessary or desirable for the administration of the Plan. All decisions and acts of the Committee shall be final and binding upon all affected
Participants. If there is no Committee, the Board shall administer the Plan and in such case all references to the Committee shall be deemed to be references to the Board. 
 Section 5.2. Adjustments for Changes in Capitalization. In the event of any (a) stock dividends, stock splits, recapitalizations, combinations, exchanges of shares, mergers, consolidations,
liquidations, split-ups, split-offs, spin-offs or other similar changes in capitalization, (b) distributions to stockholders, including a rights offering, other than regular cash dividends, (c) changes in the outstanding stock of the
Company by reason of any increase or decrease in the number of issued Shares resulting from a split-up or consolidation of Shares or any similar capital adjustment or the payment of any stock dividend, (d) Share repurchase at a price in excess
of the market price of the Shares at the time such repurchase is announced or (e) other similar increase or decrease in the number of the Shares, the Committee, in its sole 

  
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discretion, shall make appropriate adjustment in the number and kind of shares authorized by the Plan in the number, price or kind of shares covered by the Awards and in any outstanding Awards
under the Plan. In addition, upon the occurrence of any event described in this Section 5.2, the Committee, in its sole discretion, shall make appropriate adjustment in the limits specified in Section 1.3(b), (c) and (d) so that
the effect of such limits is, as nearly as practicable, equivalent to the effect of such limits prior to the event in question, provided that any such adjustment complies with applicable laws and does not cause an award that is intended to satisfy
the performance-based compensation exception under Section 162(m) of the Code to fail to satisfy the exception. In the event of any adjustment in the number of Shares covered by any Award, any fractional Shares resulting from such adjustment
shall be disregarded and each such Award shall cover only the number of full Shares resulting from such adjustment. 
 Section
5.3. Amendment. 
 (a) The Board may amend or modify the Plan in any respect at any time, subject to stockholder approval
if required by applicable law or regulation or by applicable stock exchange rules. Such action shall not impair any of the rights of any Participant with respect to any Award outstanding on the date of the amendment or modification without the
Participant’s written consent. 
 (b) The Committee shall have the authority to amend any Award to include any provision
which, at the time of such amendment, is authorized under the terms of the Plan; however, no outstanding Award may be revoked or altered in a manner unfavorable to the Participant without the written consent of the Participant. 

Section 5.4. Transferability of Awards. An Award shall not be transferable by the Participant otherwise than by will or the laws
of descent and distribution. So long as a Participant lives, only such Participant or his or her guardian or legal representative shall have the right to exercise such Award. 
 Section 5.5. Beneficiary. A Participant may file with the Company a written designation of beneficiary, on such form as may be prescribed by the Committee, to receive any Shares, Awards or payments
that become deliverable to the Participant pursuant to the Plan after the Participant’s death. A Participant may, from time to time, amend or revoke a designation of beneficiary. If no designated beneficiary survives the Participant, the
executor or administrator of the Participant’s estate shall be deemed to be the Participant’s beneficiary. 
 Section
5.6. Non-uniform Determinations. Determinations by the Committee under the Plan (including, without limitation, determinations of the Eligible Persons to receive Awards, the form, amount and timing of Awards, the terms and provisions of
Awards and the agreements evidencing Awards and provisions with respect to termination of employment) need not be uniform and may be made by the Committee selectively among persons who receive, or are eligible to receive, Awards under the Plan,
whether or not such persons are similarly situated. 
 Section 5.7. Duration and Termination. The Plan shall be of
unlimited duration, provided that no Incentive Stock Option shall be granted under the Plan on or after the tenth anniversary of the effective date of the Plan. The Board may suspend, discontinue or terminate

  
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the Plan at any time. Such action shall not impair any of the rights of any holder of any Award outstanding on the date of the Plan’s suspension, discontinuance or termination without the
holder’s written consent. 
 Section 5.8. Withholding. Prior to the issuance of any Shares under the Plan,
arrangements satisfactory to the Committee in its sole discretion shall have been made for the Participant’s payment to the Company of the amount, if any, that the Committee determines to be necessary for the Company or Subsidiary employing the
Participant to withhold in accordance with applicable federal or state income tax withholding requirements. If the Committee allows Shares to be withheld from an Award to satisfy such withholding requirements, the amount withheld in Shares shall not
exceed the minimum amount required to be withheld, determined on the date that the amount of tax to be withheld is to be determined. When payments under the Plan are made in cash, such payments shall be net of an amount sufficient to satisfy such
withholding requirements. 
 Section 5.9. Agreements and Undertakings. As a condition of any issuance or transfer of
Shares, the Committee may obtain such agreements or undertakings, if any, as it may deem necessary or advisable to assure compliance with any provision of the Plan, any agreement or any law or regulation including, but not limited to, the following:

 (a) a representation, warranty or agreement by the Participant to the Company that the Participant is acquiring the Shares
for investment and not with a view to, or for sale in connection with, the distribution of any such Shares; and 
 (b) a
representation, warranty or agreement to be bound by any restrictions that are, in the opinion of the Committee, necessary or appropriate to comply with the provisions of any securities law deemed by the Committee to be applicable to the issuance of
the Shares. 
 Section 5.10. Uncertificated Shares. In lieu of issuing stock certificates for Shares acquired pursuant to
the Plan, the Company may issue such Shares in book-entry or other electronic or uncertificated form, unless prohibited by applicable law or regulation or by applicable stock exchange rules. 

Section 5.11. Governing Law. The Plan shall be governed by the laws of the State of Texas except to the extent that federal law or
Nevada corporate law is controlling. 
 Section 5.12. Effective Date. The Plan amends and restates the Existing Plan in
its entirety, effective upon approval by the Board on July 22, 2008. 

  
 11Amendments to Oceaneering International, Inc. Retirement Investment Plan

 Exhibit 10.02 
 AMENDATORY AGREEMENT 
 TO THE 

OCEANEERING RETIREMENT INVESTMENT PLAN 
 Pursuant to Section 11.02 of the basic plan document, Oceaneering International, Inc. hereby amends Item 8(b) of the adoption agreement, which enumerates the Employees who are excluded from
participation in the Oceaneering Retirement Investment Plan (the “Plan”), to eliminate the exclusion of non-resident aliens from participation in the Plan, as provided in Part (3), to read as follows: 

 

							
		 	(b)	  	[X]	  	Exclusions. The following Employees are Excluded Employees (either as to all Contribution Types or to the designated Contribution Type) (Choose one or more of
(1) through (7) as applicable):

 . . . 

 

																									
	 	  	 	 	 	 	  	 (1)
 All
Contributions
	 	 	 	  	 (2)
 Elective
Deferrals
	 	 	 (3)
 Matching
	 	 	 (4)
 Nonelective
	 
		  				 		  	. . .	 				  				 				 			
								
	(3)	  	 	[    	] 	 	Non-Resident Aliens. As described in Code §410(b)(3)(C). See Section 1.21(D)(2).	  	[    ]	 	 	OR	  	  	 	[    ]	  	 	 	[    ]	  	 	 	[    ]	  

 IN WITNESS WHEREOF,
Oceaneering International, Inc. has caused the Amendatory Agreement to the Oceaneering Retirement Investment Plan to be executed by its duly authorized officers on this 5th day of November 2010. 

 

			
	OCEANEERING INTERNATIONAL, INC.
		
	By:	 	 /s/ George R. Haubenreich, Jr.

		
	Title:	 	 Secretary

Attest: Katherine L. Bradley 

 DC HEART/WRERA - Sponsor 
  

 AMENDMENT FOR 

HEART AND WRERA 
 (Defined Contribution Plan) 
 ARTICLE I 

PREAMBLE 
  

	1.1	Effective date of Amendment. The Employer, or if applicable, the prototype sponsor or volume submitter practitioner on behalf of the Employer, adopts this
Amendment to the Plan to reflect recent law changes. This Amendment is effective as indicated below for the respective provisions. 

  

	1.2	Superseding of inconsistent provisions. This Amendment supersedes the provisions of the Plan to the extent those provisions are inconsistent with the provisions
of this Amendment. 

  

	1.3	Employer’s election. The Employer adopts all the default provisions of this Amendment except as otherwise elected in Article II. 

 

	1.4	Construction. Except as otherwise provided in this Amendment, any reference to “Section” in this Amendment refers only to sections within this
Amendment, and is not a reference to the Plan. The Article and Section numbering in this Amendment is solely for purposes of this Amendment, and does not relate to any Plan article, section or other numbering designations. 

 

	1.5	Effect of restatement of Plan. If the Employer restates the Plan, then this Amendment shall remain in effect after such restatement unless the provisions in this
Amendment are restated or otherwise become obsolete (e.g., if the Plan is restated onto a plan document which incorporates these HEART and WRERA provisions). 

 

	1.6	Adoption by prototype sponsor/volume submitter practitioner. Except as otherwise provided herein, pursuant to the provisions of the Plan, the prototype sponsor
or volume submitter practitioner hereby adopts this Amendment on behalf of all adopting employers. The adoption by the sponsor/practitioner becomes applicable with respect to an adopting Employer’s Plan as of the last day of the first Plan Year
beginning after December 31, 2009, unless the Employer individually adopts this Amendment, or an alternative amendment, prior to such date. 

 ARTICLE II 
 EMPLOYER ELECTIONS 

The Employer only needs to complete the questions in Sections 2.2 through 2.3 below in order to override the default provisions set forth below. If the
Plan will use all of the default provisions, then nothing needs to be checked below and the Employer does not need to execute this Amendment. 
  

	2.1	Default Provisions. Unless the Employer elects otherwise in this Article, the following defaults will apply: 

 

	 	a.	Continued benefit accruals pursuant to the Heroes Earnings Assistance and Relief Tax Act of 2008 (HEART Act) are not provided. 

 

	 	b.	Differential wage payments are treated as Compensation for all Plan benefit purposes. 

 

	 	c.	The Plan permits distributions pursuant to the HEART Act on account of “deemed” severance of employment. 

 

	 	d.	Required Minimum Distributions (RMDs) for 2009 were suspended unless a Participant or Beneficiary elected to receive such distributions.

  

	2.2	HEART ACT provisions (Article III).  

 Continued benefit accruals. Amendment Section 3.2 will not apply unless elected below: 
 a. [X] The provisions of Amendment Section 3.2 apply effective as of: (select one) 
 1. [X] the first day of the 2007 Plan Year 
 2. [    ]
                     (may not be earlier than the first day of the 2007 Plan Year). 

However, the provisions no longer apply effective as of: (select if applicable) 

3. [  ]
                        . 

  

					
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 Differential pay. Differential wage payments (as described in Amendment
Section 3.3) will be treated, for Plan Years beginning after December 31, 2008, as compensation for all Plan benefit purposes unless b. is elected below: 
  

											
		 	b.	  	[  ]	  	In lieu of the above default provision, the employer elects the following (select all that apply; these selections do not affect the operation of Amendment Section
3.3(ii)):
						
		 		  		  	1.	  	[  ]	  	the inclusion is effective for Plan Years beginning after
                         (may not be earlier than December 31, 2008).
						
		 		  		  	2.	  	[  ]	  	the inclusion only applies to Compensation for purposes of Elective Deferrals.

 Distributions for deemed severance of employment. The Plan permits distributions pursuant to Amendment Section 3.4 unless otherwise elected below: 

 

							
		 	c.	  	[X]	  	The Plan does not permit such distributions.
				
		 	d.	  	[  ]	  	The Plan permits such distributions effective as of
                         (may not be earlier than January 1, 2007).

 

	2.3	WRERA (RMD waivers for 2009). The provisions of Amendment Section 4.1 apply (RMDs are suspended unless a Participant or Beneficiary elects otherwise) unless
otherwise elected below: 

  

							
		 	a.	  	[  ]	  	The provisions of Amendment Section 4.2 apply (RMDs continued unless otherwise elected by a Participant or Beneficiary).
				
		 	b.	  	[  ]	  	RMDs continued in accordance with the terms of the Plan without regard to this Amendment (i.e., no election available to Participants or Beneficiaries).
				
		 	c.	  	[  ]	  	Other:
                                         
                   

 For purposes of Amendment Section 4.3, the Plan will also treat the 2009 RMDs (as defined in Article IV of this Amendment) as eligible rollover distributions in 2009 but only if paid with an
additional amount that is an eligible rollover distribution without regard to Code §401(a)(9)(H). 
  

							
		 	d.	  	[  ]	  	Other:
                                         
                   

 ARTICLE III 
 HEART ACT PROVISIONS 

 

	3.1	Death benefits. In the case of a death occurring on or after January 1, 2007, if a Participant dies while performing qualified military service (as defined
in Code §414(u)), the Participant’s Beneficiary is entitled to any additional benefits (other than benefit accruals relating to the period of qualified military service) provided under the Plan as if the Participant had resumed employment
and then terminated employment on account of death. Moreover, the Plan will credit the Participant’s qualified military service as service for vesting purposes, as though the Participant had resumed employment under USERRA immediately prior to
the Participant’s death. 

  

	3.2	Benefit accrual. If the Employer elects in Amendment Section 2.2 to apply this Section 3.2, then effective as of the date specified in Amendment
Section 2.2, for benefit accrual purposes, the Plan treats an individual who dies or becomes disabled (as defined under the terms of the Plan) while performing qualified military service with respect to the Employer as if the individual had
resumed employment in accordance with the individual’s reemployment rights under USERRA, on the day preceding death or disability (as the case may be) and terminated employment on the actual date of death or disability.

  

	 	a.	Determination of benefits. The Plan will determine the amount of employee contributions and the amount of elective deferrals of an individual treated as
reemployed under this Section 3.2 for purposes of applying paragraph Code §414(u)(8)(C) on the basis of the individual’s average actual employee contributions or elective deferrals for the lesser of: (i) the 12-month period of
service with the Employer immediately prior to qualified military service; or (ii) the actual length of continuous service with the Employer. 

  

	3.3	Differential wage payments. For years beginning after December 31, 2008: (i) an individual receiving a differential wage payment, as defined by Code
§3401(h)(2), is treated as an employee of the employer making the payment; (ii) the differential wage payment is treated as compensation for purposes of Code §415(c)(3) and Treasury Reg. §1.415(c)-2 (e.g., for purposes of Code
§415, top-heavy provisions of Code §416, determination of highly compensated employees under Code §414(q), and applying the 5% gateway requirement under the Code §401(a)(4) regulations); and (iii) the Plan is not treated as
failing to meet the requirements of any provision described in Code §414(u)(1)(C) (or corresponding plan provisions, including, but not limited to, Plan provisions related to the ADP or ACP test) by reason of any contribution or benefit which
is based on the differential wage payment. The Plan Administrator operationally may determine, for purposes of the provisions described in Code §414(u)(1)(C), whether to take into account any deferrals, and if applicable, any matching
contributions, attributable to differential wages. Differential wage payments (as described herein) will also be considered compensation for all Plan purposes unless otherwise elected at Amendment Section 2.2. 

Section 3.3(iii) above applies only if all employees of the Employer performing service in the uniformed services described in Code
§3401(h)(2)(A) are entitled to receive differential wage payments (as defined in Code §3401(h)(2)) on 

  

					
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reasonably equivalent terms and, if eligible to participate in a retirement plan maintained by the Employer, to make contributions based on the payments on reasonably equivalent terms (taking
into account Code §§410(b)(3), (4), and (5)). 
  

	3.4	Deemed Severance. Notwithstanding Section 3.3(i), if a Participant performs service in the uniformed services (as defined in Code §414(u)(12)(B)) on
active duty for a period of more than 30 days, the Participant will be deemed to have a severance from employment solely for purposes of eligibility for distribution of amounts not subject to Code §412. However, the Plan will not distribute
such a Participant’s account on account of this deemed severance unless the Participant specifically elects to receive a benefit distribution hereunder. If a Participant elects to receive a distribution on account of this deemed severance, then
the individual may not make an elective deferral or employee contribution during the 6-month period beginning on the date of the distribution. If a Participant would be entitled to a distribution on account of a deemed severance, and a distribution
on account of another Plan provision (such as a qualified reservist distribution), then the other Plan provision will control and the 6-month suspension will not apply. 

ARTICLE IV 

WAIVER OF 2009 REQUIRED DISTRIBUTIONS 
  

	4.1	Suspension of RMDs unless otherwise elected by Participant. This paragraph does not apply if the Employer elected Amendment Section 2.3a, b, or c.
Notwithstanding the provisions of the Plan relating to required minimum distributions under Code §401(a)(9), a Participant or Beneficiary who would have been required to receive required minimum distributions for 2009 but for the enactment of
Code §401(a)(9)(H) (“2009 RMDs”), and who would have satisfied that requirement by receiving distributions that are (1) equal to the 2009 RMDs or (2) one or more payments in a series of substantially equal distributions
(that include the 2009 RMDs) made at least annually and expected to last for the life (or life expectancy) of the Participant, the joint lives (or joint life expectancy) of the Participant and the Participant’s designated Beneficiary, or for a
period of at least 10 years (“Extended 2009 RMDs”), will not receive those distributions for 2009 unless the Participant or Beneficiary chooses to receive such distributions. Participants and Beneficiaries described in the preceding
sentence will be given the opportunity to elect to receive the distributions described in the preceding sentence. Notwithstanding anything above, a Participant or Beneficiary who had previously elected to receive installment payments under the terms
of the Plan, including installments for purposes of satisfying lifetime RMDs, will receive those distributions for 2009 unless the Participant or Beneficiary chooses to not receive such distributions. 

 

	4.2	Continuation of RMDs unless otherwise elected by Participant. This paragraph applies if Amendment Section 2.3a is selected. Notwithstanding the provisions
of the Plan relating to required minimum distributions under Code §401(a)(9), a Participant or Beneficiary who would have been required to receive required minimum distributions for 2009 but for the enactment of Code §401(a)(9)(H)
(“2009 RMDs”), and who would have satisfied that requirement by receiving distributions that are (1) equal to the 2009 RMDs or (2) one or more payments in a series of substantially equal distributions (that include the 2009 RMDs)
made at least annually and expected to last for the life (or life expectancy) of the Participant, the joint lives (or joint life expectancy) of the Participant and the Participant’s designated Beneficiary, or for a period of at least 10 years
(“Extended 2009 RMDs”), will receive those distributions for 2009 unless the Participant or Beneficiary chooses not to receive such distributions. Participants and Beneficiaries described in the preceding sentence will be given the
opportunity to elect to stop receiving the distributions described in the preceding sentence. 

  

	4.3	Direct Rollovers. Notwithstanding the provisions of the Plan relating to required minimum distributions under Code §401(a)(9), and solely for purposes of
applying the direct rollover provisions of the Plan, certain additional distributions in 2009, as elected by the Employer in Amendment Section 2.3, will be treated as eligible rollover distributions. 

ARTICLE V 

DIVESTMENT OF EMPLOYER SECURITIES 
  

	5.1	Application and Effective Date of Article.  

  

	 	a.	 Application. This Article V only applies to a Plan that is an “applicable defined contribution plan.” Except as provided herein or in
Treas. Reg. §1.401(a)(35)-1, an “applicable defined contribution plan” means a defined contribution plan that holds employer securities (within the meaning of Treas. Reg. 1.401(a)(35)-1(f)(3)) that are publicly traded (within the
meaning of Treas. Reg. 1.401(a)(35)-1(f)(5)). An “applicable defined contribution” does not include a one-participant plan, as defined in Code §401(a)(35)(E)(iv) or an employee stock ownership plan (“ESOP”) as defined in
Code §4975(e)(7) if: (i) the ESOP holds no contributions (or related earnings) that are (or were ever) subject to Code §§ 401(k) or 401(m); and (ii) the ESOP is a separate plan, for purposes of Code §414(l), from any
other defined benefit plan or defined contribution plan maintained by the same employer or employers. Except as provided in Treas. Reg. §1.401(a)(35)-1(f)(2)(iv) or in Code §401(a)(35)(F)(ii) (relating to certain controlled groups), the
Plan is treated as holding publicly traded Employer securities if any Employer corporation, 

  

					
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or any member of a controlled group of corporations which includes such Employer corporation (as defined in Code §401(a)(35)(F)(iii)) has issued a class of stock which is a publicly traded
Employer security. 

  

	 	b.	Effective date. The provisions of Code §401(a)(35) generally apply to Plan Years beginning after December 31, 2006. However, the effective date of the
provisions relating to Treas. Reg. 1.4.01(a)(35)-1 are applicable to Plan Years beginning on or after January 1, 2011. 

  

	5.2	Rule applicable to elective deferrals and employee contributions. If any portion of an “applicable individual’s” account attributable to elective
deferrals or employee contributions is invested in publicly-traded Employer securities, then, except as otherwise provided herein, the “applicable individual” may elect to direct the Plan to divest any such securities, and to reinvest an
equivalent amount in other investment options which satisfy the requirements of Section 5.4. For purposes of this Section 5.2, an “applicable individual” means: (i) a Participant; (ii) an alternate payee who has an
account under the Plan; or (iii) a Beneficiary of a deceased Participant. 

  

	5.3	Rule applicable to Employer contributions. If any portion of an “applicable individual’s” account attributable to nonelective or matching
contributions is invested in publicly-traded Employer securities, then, except as otherwise provided herein, the “applicable individual” may elect to direct the Plan to divest any such securities, and to reinvest an equivalent amount in
other investment options which satisfy the requirements of Section 5.4. 

  

	 	a.	Definition of “Applicable individual.” For purposes of this Section 5.3, an “applicable individual” means: (i) a Participant who
has completed at least three (3) years of service; (ii) an alternate payee who has an account under the Plan with respect to a Participant who has completed at least three (3) years of service; or (iii) a Beneficiary of a
deceased Participant. For this purpose, a Participant completes three (3) years of service on the last day of the vesting computation period provided for under the Plan that constitutes the completion of the third year of service under Code
§411(a)(5). However, if the Plan uses the elapsed time method of crediting service for vesting purposes (or the Plan provides for immediate vesting without using a vesting computation period or the elapsed time method of determining vesting), a
Participant completes three (3) years of service on the day immediately preceding the third anniversary of the Participant’s date of hire. 

  

	 	b.	Three-year phase-in applicable to Employer contributions. For Employer securities acquired with nonelective or matching contributions during a Plan Year
beginning before January 1, 2007, the rule described in this Section 5.3 only applies to the percentage of the Employer securities (applied separately for each class of securities) as follows: 

 

					
	 Plan Year
	  	Percentage	 
	 2007
	  	 	33	  
	 2008
	  	 	66	  
	 2009
	  	 	100	  

  

	 	c.	Exception to phase-in for certain age 55 Participants. The 3-year phase-in rule of Section 5.3.b does not apply to a Participant who has attained age 55 and
who has completed at least three (3) years of service (as defined in Section 5.3.a above) before the first Plan Year beginning after December 31, 2005. 

 

	 	d.	Exception for less restrictive divestment. Pursuant to a uniform and nondiscriminatory policy, the Employer may provide for participants’ divestment of
Employer securities in a manner which is less restrictive than the provisions outlined in this Article V. 

  

	5.3	Investment options. For purposes of this Article V, other investment options must include not less than three (3) investment options, other than Employer
securities, to which the individual who has the right to divest under Amendment Section 5.2 or 5.3 may direct the proceeds from the divestment of Employer securities. Each of the three (3) investment options must be diversified and have
materially different risk and return characteristics. For this purpose, investment options that constitute a broad range of investment alternatives within the meaning of Department of Labor Regulation §2550.404c–1(b)(3) are treated as
being diversified and having materially different risk and return characteristics. 

  

	5.4	Restrictions or conditions on investments in Employer securities. The Plan must provide reasonable divestment and reinvestment opportunities at least quarterly.
Furthermore, except as permitted by Treas. Reg. §1.401(a)(35)-1(e), the Plan may not impose restrictions or conditions on the investment of Employer securities which the Plan does not impose on the investment of other Plan assets.

 * * * * * * * 

  

					
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 Except with respect to any election made by the employer in Article II, this amendment is hereby adopted
by the prototype sponsor/volume submitter practitioner on behalf of all adopting employers. 

 

 

 (Signature and Date) 
 Sponsor/Practitioner Name: Allyson Lavine, Vice President, Wells Fargo Bank N.A. 
 NOTE:
The Employer only needs to execute this Amendment if an election has been made in Article II. 
 This Amendment has been executed this
    14     day of December             ,     2010         .

  

			
	Name of Plan:	 	 Oceaneering Retirement Investment Plan

		
	Name of Employer:	 	
Oceaneering International, Inc.

 

			
	By:	 	 /s/ Janet G. Charles

		 	 EMPLOYER

  

					
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