Document:

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OCEANEERING INTERNATIONAL, INC.                                   EXHIBIT 10.09
2000 BONUS AWARD PLAN

On June 16, 2000, a 2000 Bonus Award Plan was approved by the Company's Board of
Directors to be administered by its Compensation Committee. In November 2000,
the Company's fiscal year-end changed to a December 31st fiscal year and this
bonus award period is for April 1 - December 31, 2000. Individuals were
nominated and approved for inclusion in the Plan and reviewed after final
results were completed. Recommendations for cash bonus awards were based on the
accomplishment of results (Individual, Profit Center and Total Company) in order
to determine the amount of award, if any, to be made. People must be amongst the
nominated group for eligibility, and be employed by the Company at the time of
funding. Bonuses are earned when paid. Individuals, as designated, are subject
to a maximum bonus eligibility of 10%-150% of current base salary.

The 2000 Bonus Award Plan is based on achieving specific results by the
Individual, his Profit Center and the Total Company. In order to integrate each
of these performances in a fashion that benefits the Shareholders and Employees,
each item is interrelated. The amount of award recommendation was based on the
following methodology:

Individual Coefficient

The Individual Coefficient is determined by taking the individual's weighted
average evaluation of objectives achieved times the individual's salary maximum.
This is the beginning step in determining the final award. An individual's
performance must meet certain minimum criteria or he is eliminated from bonus
award consideration.

Profit Center Results Contribution

The Profit Center Contribution is determined by comparing the Profit Center Net
Income Objective with the results achieved and determining the Contribution to
the Individual Coefficient.

Should the Profit Center results be below a specified amount, all the
individuals in that Profit Center may be eliminated from the Award Program. The
Chief Executive Officer may review the performance of areas within the region on
a case-by-case basis and take appropriate action. Should the actual results be
equal to or greater than such specified amount, the individual becomes eligible
for an award.

Oceaneering International, Inc. Results Contribution

The Company Results Contribution is determined by comparing the Company's Net
Income Result with the Objective planned. The results achieved determine the
multiplier used. Thus, an individual may, subject to the determined maximum, be
recommended for an award equal to the Individual Coefficient times the Profit
Center Contribution times the Company Results Contribution times current base
salary.

The 2000 Bonus Award Plan is in effect for the nine-month period ended December
31, 2000. It is extremely important that the Company continue improved results.
All participants must be committed to a reward system based on achieving
results. The Company is entrepreneurially oriented and must use its maximum
creativity, effort and determination in achieving individual results that
collectively increases its Shareholders' Net Wealth. The 2000 Bonus Award Plan
is structured to foster that position.<PAGE>   1
                                                                     EXHIBIT 4.8

                                EIGHTH AMENDMENT
                                       TO
              FIRST AMENDED, RESTATED, AND COMBINED LOAN AGREEMENT
                              DATED AUGUST 28, 1997
                     BY AND BETWEEN CARRIZO OIL & GAS, INC.
                                AND COMPASS BANK

        This Eighth Amendment to the Loan Agreement (this "Eighth Amendment") by
and between CARRIZO OIL & GAS, INC., a Texas corporation (the "Borrower"), and
COMPASS BANK, an Alabama state chartered bank, formerly a Texas chartered bank
(the "Bank"), is entered into on this 11th day of November 1999, and shall be
effective as of that date for all purposes.

                                  WITNESSETH:

        Borrower and Bank entered into a First Amended, Restated, and Combined
Loan Agreement dated August 28, 1997, as amended by the First Amendment thereto
dated December 23, 1997, the Second Amendment thereto dated December 30, 1997,
the Third Amendment thereto dated July 30, 1998, the Fourth Amendment thereto
dated September 24, 1998, the Fifth Amendment thereto dated March 22, 1999, the
Sixth Amendment thereto dated April 23, 1999 and the Seventh Amendment thereto
dated August 27, 1999 (collectively, the "Loan Agreement"). Capitalized terms
used, but not defined herein, shall have the meanings prescribed therefor in the
Loan Agreement.

        Borrower has requested that the Loan Agreement be further amended and
that the Bank consent to Borrower entering into a certain subordinated loan
transaction otherwise disallowed under certain covenants in the Loan Agreement,
and the Bank has agreed to such requests, subject to the terms and conditions
set forth in this Eighth Amendment.

        NOW, THEREFORE, in consideration of the mutual promises herein
contained, and for other good and valuable consideration, the receipt and
sufficiency of which are acknowledged by Borrower and Bank, and each intending
to be legally bound hereby, the parties agree as follows:

        I.     Specific Amendments to Loan Agreement.

        Article I, Definitions, is hereby amended by adding the following
definitions thereto:

               "Directors" means, individually and collectively, Paul B. Loyd,
        Jr., Steven A. Webster and Douglas A.P. Hamilton.

               "Directors' Overriding Royalty Interests" means certain
        overriding royalty interests to be granted by Borrower to the Directors
        pursuant to an Assignment of Overriding Royalty Interest in the form of
        Exhibit "C" attached to the Subordinated Loan Agreement, to the extent
        of such interests as described on Exhibit "D" attached to the Eighth
        Amendment.

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               "Eighth Amendment" means the Eighth Amendment to this Agreement
        executed by Borrower and Bank on November 11, 1999.

               "Subordination Agreement" means the Subordination Agreement
        between the Bank, Borrower and the Directors dated November 11, 1999 in
        the form of Exhibit "B" attached to the Eighth Amendment.

               "Subordinated Lien Documents" means the (i) Deed of Trust,
        Assignment of Production, Security Agreement and Financing Statement,
        (ii) the Mortgage, Collateral Assignment, Security Agreement and
        Financing Statement, and (iii) the UCC-Financing Statements, all such
        documents dated November 11, 1999 and evidencing the subordinated liens
        and security interest granted by Borrower to the Directors pursuant to
        the Subordinated Loan Agreement.

               "Subordinated Loan Agreement" means that certain letter loan
        agreement between Borrower and the Directors dated November 11, 1999 in
        the form attached as Exhibit "C" to the Eighth Amendment.

               "Subordinated Promissory Note" means that certain promissory note
        dated November 11, 1999 executed by Borrower payable to Douglas A.P.
        Hamilton, as collateral agent for each of the Directors, in the form
        attached as Exhibit "A" to the Subordinated Loan Agreement.

        Article I, Definitions, is hereby amended by revising the definition of
"Loan Documents" by adding the clause "including the Subordination Agreement"
immediately after the word "Agreement" on the fourth line of that definition.

        Article III, Conditions, is hereby amended by adding the following
Section 3.22.

               3.22 Conditions Precedent in Connection with the Eighth
        Amendment. The Eighth Amendment shall not be binding on the Bank until
        satisfaction of the following conditions precedent:

               (a) Receipt of Eighth Amendment and Compliance Certificate. Bank
        shall have received multiple fully executed counterparts of the Eighth
        Amendment, as requested by Bank, and the Compliance Certificate duly
        executed by an authorized officer for Borrower.

               (b) Additional Loan Documents. Bank shall have received multiple
        fully executed counterparts of the Subordination Agreement and certain
        other Security Instruments, including (i) a Deed of Trust, Security
        Agreement, Financing Statement and Assignment of Production, (ii) a
        First Amendment to Deed of Trust, Security Agreement, Financing
        Statement and Assignment of Production, (iii) a Second Amendment to
        Security Agreement, (iv) UCC - Financing Statements, and (v) any other
        Security Instruments reasonably requested by Bank, all in form and
        substance satisfactory to Bank, to evidence the security interests in
        the additional Borrowing Base Oil and Gas Properties described on

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        Exhibit A to the Eighth Amendment, which are added to the Borrowing Base
        Properties pursuant to the Eighth Amendment.

               (c) Accuracy of Representations and Warranties and No Event of
        Default. The representations and warranties contained in Article IV of
        the Loan Agreement shall be true and correct in all material respects on
        the date of the Eighth Amendment with the same effect as though such
        representations and warranties had been made on such date; and no Event
        of Default shall have occurred and be continuing or will have occurred
        upon the execution of the Eighth Amendment.

               (d) Legal Matters Satisfactory to Special Counsel to Bank. All
        legal matters incident to the consummation of the transactions
        contemplated by the Eighth Amendment shall be satisfactory to the firm
        of Porter & Hedges, L.L.P., special counsel for Bank.

               (e) Legal Fees. All legal fees and expenses owed by Bank to
        Porter & Hedges, L.L.P. in connection with the Loan Agreement shall have
        been paid by Borrower. Such unpaid fees and expenses for which invoices
        have been sent to Borrower through October 1999 total $10,509.32. In
        addition, Borrower shall have paid the legal fees and expenses incurred
        by Bank to such counsel in connection with the Eighth Amendment through
        October 1999 in the amount of $5,150.00 for which an invoice will be
        delivered to Borrower upon its signing of the Eighth Amendment.

               (f) No Material Adverse Change. No material adverse change shall
        have occurred since the date of this Agreement in the condition,
        financial or otherwise, of Borrower.

        Article V, Affirmative Covenants, is hereby amended by adding the
following new Section 5.37:

               5.37 Unsatisfied Title Issues. Prior to January 15, 2000,
        Borrower shall cure or shall cause to be cured all unsatisfied title
        issues relating to the additional Borrowing Base Oil and Gas Properties
        added to the Borrowing Base pursuant to the Eighth Amendment as
        described on those certain letters dated October 21, 1999 and October
        22, 1999 from Bank's counsel, Porter & Hedges, L.L.P., to Borrower.

               Section 6.01, Other Indebtedness, as amended by the Seventh
        Amendment, is hereby further amended by deleting the word "and"
        immediately preceding clause (e) and adding the following clause (f) at
        the end of that Section:

               and (f) the Indebtedness evidenced by the Subordinated Promissory
               Note dated November 11, 1999 executed by Borrower and payable the
               order of Douglas A.P. Hamilton as collateral agent for each of
               the Directors evidencing the obligations of Borrower pursuant to
               the Subordinated Loan Agreement.

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        Schedule 1.01(a) of the Loan Agreement, as previously amended and/or
supplemented, is hereby amended by adding thereto the Borrowing Base Oil and Gas
Properties described on Exhibit "A" attached to this Eighth Amendment.

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        II     Certain Consents.  Bank consents to Borrower:

               A.     Entering into the Subordinated Loan Agreement and
                      executing the Subordinated Promissory Note evidencing
                      Borrower's obligations to the Directors pursuant to the
                      Subordinated Loan Agreement, the terms of such notes
                      thereby limited and restricted by the Subordination
                      Agreement;

               B.     Granting certain subordinated liens in the Borrowing Base
                      Oil and Gas Properties pursuant to the Subordinated Lien
                      Documents in favor of the Directors to the extent provided
                      for in the Subordinated Loan Agreement, the terms of such
                      lien documents thereby limited and restricted by the
                      Subordination Agreement; and

               C.     Granting of the Directors' Overriding Royalty Interests in
                      certain of the Borrowing Base Oil and Gas Properties to
                      the extent provided for in the Subordinated Loan
                      Agreement, provided that any such overriding royalty
                      interests shall be limited to the interests and the wells
                      described on Exhibit "D" attached to this Eighth
                      Amendment, calculated as set forth in Subordinated Loan
                      Agreement.

        III Certain Waivers. Bank hereby waives compliance with the negative
covenants of the Loan Agreement, including the provisions of Section 6.01, 6.04
and 6.06 of the Loan Agreement, solely to the extent that any such covenants
would be breached by the closing of the transaction evidenced by the
Subordinated Loan Agreement to the extent but only to the extent that such
transaction is described in the Subordinated Loan Agreement.

        IV Partial Releases of Liens. Upon the satisfaction of all the
conditions set forth in this Eighth Amendment and the Subordinated Loan
Agreement, Bank shall, if necessary and at the expense of Borrower, execute and
deliver to Borrower a partial release sufficient to allow Borrower to grant the
Directors' Overriding Royalty Interests, listed on Exhibit D attached hereto,
except for the Huebner #1 Well and the Fondren Le Tulle #1 Well for which the
Directors' Overriding Royalty Interests have been assigned contemporaneously
with this Eighth Amendment. If the assignment of such overriding royalty
interests causes the net revenue interests of Borrower that were mortgaged or
pledged to Bank to be less than as set forth in the applicable mortgage
instruments, such reduction will not be deemed to constitute a breach of any
representation or warranty INSOFAR BUT ONLY INSOFAR as the reduction is caused
by the assignment of such overriding royalty interests, provided that if any of
such assignments cause a reduction in the Borrowing Base such that a Loan Excess
results, Borrower shall cure such Loan Excess as provided in Section 2.09 of the
Loan Agreement.

        V Reaffirmation of Representations and Warranties. To induce Bank to
enter into this Eighth Amendment, Borrower hereby reaffirms, as of the date
hereof, its representations and warranties contained in Article IV of the Loan
Agreement and in all other documents executed pursuant thereto, and additionally
represents and warrants as follows:

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               A. The execution and delivery of this Eighth Amendment and the
        performance by Borrower of its obligations under this Eighth Amendment
        are within Borrower's power, have been duly authorized by all necessary
        corporate action, have received all necessary governmental approval (if
        any shall be required), and do not and will not contravene or conflict
        with any provision of law or of the articles of incorporation, charter
        or bylaws of Borrower or of any agreement binding upon Borrower.

               B. The Loan Agreement as amended by this Eighth Amendment,
        represents the legal, valid and binding obligations of Borrower,
        enforceable against Borrower in accordance with its terms, subject as to
        enforcement only to bankruptcy, insolvency, reorganization, moratorium
        or other similar laws affecting the enforcement of creditors' rights
        generally.

               C. No Event of Default or Unmatured Event of Default has occurred
        and is continuing as of the date hereof.

        VI Defined Terms. Except as amended hereby, terms used herein that are
defined in the Loan Agreement shall have the same meanings in this Eighth
Amendment.

        VII Reaffirmation of Loan Agreement. This Eighth Amendment shall be
deemed to be an amendment to the Loan Agreement, and the Loan Agreement, as
further amended hereby, is hereby ratified, approved and confirmed in each and
every respect. All references to the Loan Agreement herein and in any other
document, instrument, agreement or writing shall hereafter be deemed to refer to
the Loan Agreement as amended hereby.

        VIII Entire Agreement. The Loan Agreement, as hereby further amended,
embodies the entire agreement between Borrower and Bank and supersedes all prior
proposals, agreements and understandings relating to the subject matter hereof.
Borrower certifies that it is relying on no representation, warranty, covenant
or agreement except for those set forth in the Loan Agreement as hereby further
amended and the other documents previously executed or executed of even date
herewith.

        IX Governing Law. THIS EIGHTH AMENDMENT SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF TEXAS AND THE APPLICABLE
LAWS OF THE UNITED STATES OF AMERICA. This Eighth Amendment has been entered
into in Harris County, Texas, and it shall be performable for all purposes in
Harris County, Texas. Courts within the State of Texas shall have jurisdiction
over any and all disputes between Borrower and Bank, whether in law or equity,
including, but not limited to, any and all disputes arising out of or relating
to this Eighth Amendment or any other Loan Document; and venue in any such
dispute whether in federal or state court shall be laid in Harris County, Texas.

        X Severability. Whenever possible each provision of this Eighth
Amendment shall be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Eighth Amendment shall be
prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity, without
invalidating the remainder of such provision or the remaining provisions of this
Eighth Amendment.

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        XI Execution in Counterparts. Each party hereto acknowledges that this
Agreement may be executed in several counterparts by each party at different
times and in different locations; that each separate counterpart bearing the
signature of any party may be effectively delivered to the other parties by the
delivery of an electronic facsimile sent via telecopier; that each party so
delivering any such counterpart shall be bound by its facsimile signature
thereon; and that the signature pages from counterparts signed by each party may
be collated into one or more copies of this agreement, which shall constitute
one and the same agreement among all parties hereto.

        XII Section Captions. Section captions used in this Eighth Amendment are
for convenience of reference only, and shall not affect the construction of this
Eighth Amendment.

        XIII Successors and Assigns. This Eighth Amendment shall be binding upon
Borrower and Bank and their respective successors and assigns, and shall inure
to the benefit of Borrower and Bank, and the respective successors and assigns
of Bank.

        XIV Non-Application of Chapter 346 of Texas Finance Codes. In no event
shall Chapter 346 of the Texas Finance Code (which regulates certain revolving
loan accounts and revolving tri-party accounts) apply to this Loan Agreement as
hereby further amended or any other Loan Documents or the transactions
contemplated hereby.

        XV Notice. THIS EIGHTH AMENDMENT TOGETHER WITH THE LOAN AGREEMENT, AND
THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND
MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL
AGREEMENTS OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES.

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

BANK                                         BORROWER

COMPASS BANK                                 CARRIZO OIL & GAS, INC.

By:                                          By:
   --------------------------------             --------------------------------
        Kathleen J. Bowen                            Frank A. Wojtek
        Vice President                               Vice President

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<PAGE>   8

                                   EXHIBIT "A"

                              PROPERTY DESCRIPTION

I.      WELLS-MATAGORDA COUNTY, TEXAS

<TABLE>
<CAPTION>
================================================================================
                                                                  NET REVENUE
                  PROPERTY       INTEREST     WORKING INTEREST      INTEREST
   WELL NAME     DESCRIPTION      HOLDER         PERCENTAGE        PERCENTAGE
--------------------------------------------------------------------------------
<S>              <C>             <C>          <C>                 <C>

================================================================================
</TABLE>

II.     LEASES-MATAGORDA COUNTY, TEXAS

I.      WELLS-SAN PATRICIO COUNTY, TEXAS

<TABLE>
<CAPTION>
================================================================================
                                                                  NET REVENUE
                  PROPERTY       INTEREST     WORKING INTEREST      INTEREST
   WELL NAME     DESCRIPTION      HOLDER         PERCENTAGE        PERCENTAGE
--------------------------------------------------------------------------------
<S>              <C>             <C>          <C>                 <C>

================================================================================
</TABLE>

II.     LEASES-SAN PATRICIO COUNTY, TEXAS

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                                   EXHIBIT "B"

                         FORM OF SUBORDINATION AGREEMENT

                                       9
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                                   EXHIBIT "C"

                       FORM OF SUBORDINATED LOAN AGREEMENT

                                       10
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                                   EXHIBIT "D"

                     DIRECTOR'S OVERRIDING ROYALTY INTERESTS

                                        1
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                             COMPLIANCE CERTIFICATE

               I, Frank A. Wojtek, Vice President of CARRIZO OIL & GAS, INC.
(the "Company"), pursuant to Section 3.22 of the First Amended, Restated, and
Combined Loan Agreement dated as of August 28, 1997, as amended, by and among
COMPASS BANK ("Bank") and the Company (the "Agreement") do hereby certify, as of
the date hereof, that to my knowledge:

        1.     No Event of Default (as defined in the Agreement) has occurred
               and is continuing, and no Unmatured Event of Default (as defined
               in the Agreement) has occurred and is continuing;

        2.     No material adverse change has occurred in the business
               prospects, financial condition, or the results of operations of
               the Company since the date of the previous Financial Statements
               (as defined in the Agreement) provided to Bank;

        3.     Each of the representations and warranties of the Company
               contained in Article IV of the Agreement is true and correct in
               all respects.

               This certificate is executed this 11th day of November 1999.

                                             -----------------------------------
                                             Frank A. Wojtek

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