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Exhibit 10.3

    
              Shares
NONEMPLOYEE DIRECTOR 
RESTRICTED STOCK AGREEMENT
This NONEMPLOYEE DIRECTOR RESTRICTED STOCK AGREEMENT (this “Agreement”) is between OCEANEERING INTERNATIONAL, INC.  (the “Company”) and ____________________ (the “Participant”), a nonemployee Director, regarding an award (this “Award”) of __________________ shares of Common Stock (as defined in the 2020 INCENTIVE PLAN OF OCEANEERING INTERNATIONAL, INC.  (the “Plan”), such Common Stock comprising this Award referred to herein as “Restricted Stock”) awarded to the Participant effective ____________________ (the “Award Date”), such number of shares being subject to adjustment as provided in Section 15 of the Plan and further subject to the following terms and conditions:
1.Relationship to Plan.  This Award is subject to all of the terms, conditions and provisions of the Plan and administrative interpretations thereunder, if any, which have been adopted by the Board thereunder and are in effect on the date hereof.  Except as defined or otherwise specifically provided herein, capitalized terms shall have the same meanings ascribed to them under the Plan.
2.Vesting and Lapse of Restrictions.
(a)All shares of Restricted Stock shall vest in full (and all restrictions thereon shall lapse) on the first anniversary of the Award Date, provided the Participant is continuously providing service as Director through such date.
(b)All shares of Restricted Stock (and any substitute security and cash component distributed in connection with a Change of Control) shall vest in full (and all restrictions thereon shall lapse), irrespective of the provision set forth in subparagraph (a) above, provided that the Participant has been in continuous service as a Director since the Award Date, upon the earlier to occur of:
(i)the Participant’s termination of service due to death or Disability; or
(ii)a Change of Control.
For purposes of this Award, “Disability” means the Participant is unable to engage in any substantial gainful activity by reason of any medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months.  The Participant’s inability and its anticipated duration shall be determined solely by a medical physician of the Participant’s 
Exhibit 10.3    Page 1 or 4

choice to be approved by the Company, which approval shall not be unreasonably withheld.
3.Forfeiture of Award.  If the Participant’s service as a Director terminates under any circumstances (except those provided in Paragraph 2 of this Agreement or in any other written agreement between the Participant and the Company which provides for vesting of the Restricted Stock), all unvested Restricted Stock as of the termination date shall be forfeited.
4.Registration of Shares.  The Participant’s right to receive the Restricted Stock shall be evidenced by book entry registration (or by such other manner as the Committee may determine) at the beginning of the Restriction Period.  Upon termination of the Restriction Period, a certificate representing such shares shall be delivered upon written request to the Participant as promptly as is reasonably practicable following such termination.
5.Code Section 83(b) Election.  The Participant shall be permitted to make an election under Code Section 83(b), to include an amount in income in respect of this Award in accordance with the requirements of Code Section 83(b).
6.Dividends and Voting Rights.  All dividends and other distributions made with respect to Restricted Stock registered in the Participant's name will accrue and will be payable at such time as the shares of Restricted Stock vest and the restrictions thereon lapse.  The Participant is entitled to vote or execute proxies with respect to such registered Restricted Stock, unless and until the Restricted Stock is forfeited.
7.Delivery of Shares.  The Company shall not be obligated to deliver any shares of Common Stock if counsel to the Company determines that such sale or delivery would violate any applicable law or any rule or regulation of any governmental authority or any rule or regulation of, or agreement of the Company with, any securities exchange or association upon which the Common Stock is listed or quoted.  The Company shall in no event be obligated to take any affirmative action in order to cause the delivery of shares of Common Stock to comply with any such law, rule, regulation or agreement.
8.Notices.  Unless the Company notifies the Participant in writing of a different procedure, any notice or other communication to the Company with respect to this Agreement or the Plan shall be in writing addressed to the Corporate Secretary of the Company and shall be:  (a) by registered or certified United States mail, postage prepaid, to 11911 FM 529, Houston, Texas 77041-3011; or (b) by hand delivery or otherwise to 11911 FM 529, Houston, Texas 77041-3011.  Any such notice shall be deemed effectively delivered or given upon receipt.
Notwithstanding the foregoing, in the event that the address of the Company’s principal executive offices is changed prior to the date of any settlement of this Award, notices shall instead be made pursuant to the foregoing provisions at the then current address of the Company’s principal executive offices.
Any notice or other communication to the Participant with respect to this Agreement or the Plan shall be given in writing and shall be deemed effectively delivered or given upon receipt or, in the case of notices mailed by the Company to the Participant, five days 
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after deposit in the United States mail, postage prepaid, addressed to the Participant at the address specified at the end of this Agreement or at such other address as the Participant hereafter designates by written notice to the Company.
9.Assignment of Award.  Except as otherwise permitted by the Committee and as provided in the immediately following paragraph, the Participant’s rights under the Plan and this Agreement are personal, and no assignment or transfer of the Participant’s rights under and interest in this Award may be made by the Participant other than by a domestic relations order.  This Award is payable during his or her lifetime only to the Participant, or in the case of the Participant being mentally incapacitated, this Award shall be payable to his or her guardian or legal representative.
The Participant may designate a beneficiary or beneficiaries to whom this Award under this Agreement, if any, will pass upon the Participant’s death and may change such designation from time to time.  The Participant may change his or her beneficiary without the consent of any prior beneficiary by filing a new designation with the Company.  The last such designation that the Company receives in accordance with the foregoing provisions will be controlling.  Following the Participant’s death, this Award, if any, will pass pursuant to the most recent beneficiary designation provided to the Company or its representative, and such person will be deemed the Participant for purposes of any applicable provisions of this Agreement.  If no such designation is made or if the designated beneficiary does not survive the Participant’s death, this Award shall pass to the Participant's estate.
10.Successors and Assigns.  This Agreement shall bind and inure to the benefit of and be enforceable by the Participant, the Company and their respective permitted successors and assigns (including personal representatives, heirs and legatees), except that the Participant may not assign any rights or obligations under this Agreement except to the extent and in the manner expressly permitted in Paragraph 9 of this Agreement.
11.No Service as Director Guaranteed.  No provision of this Agreement shall confer any right upon the Participant to continued service with the Company as a Director.
12.Governing Law.  This Agreement shall be governed by, construed, and enforced in accordance with the laws of the State of Texas, excluding any choice of law provision thereof that would result in the application of the laws of any other jurisdiction.
13.Amendment.  Except as set forth herein, this Agreement cannot be modified, altered or amended except by an agreement, in writing, signed by both the Company and the Participant.
14.Entire Agreement.  This Agreement, together with the applicable provisions of the Plan, constitute the entire agreement of the Company and the Participant with respect to the subject matter hereof and supersede all prior agreements and understandings, both written and oral, regarding the subject matter hereof.
[Signature Page Follows]
Exhibit 10.3    Page 3 of 4

															
		OCEANEERING INTERNATIONAL, INC.
			
	Award Date:			By:	
			David K.  Lawrence
			Senior Vice President, General Counsel
			and Secretary

The Participant hereby accepts the foregoing Nonemployee Director Restricted Stock Agreement, subject to the terms and provisions of the Plan and administrative interpretations thereof referred to above.
												
			
				PARTICIPANT:
			
	Date:			
			Participant’s Address:
			
			

Exhibit 10.3    Page 4 of 4Document

Exhibit 10.4

OCEANEERING INTERNATIONAL, INC.
2022 ANNUAL CASH BONUS AWARD PROGRAM SUMMARY

The Compensation Committee (the “Committee”) of the Board of Directors of Oceaneering International, Inc. (“Oceaneering,” and together with its subsidiaries, the “Company”) approved a 2022 Annual Cash Bonus Award Program (the “Program”) for Employees selected by the Committee, under Oceaneering’s 2020 Incentive Plan (the “Incentive Plan”), that establishes certain goals for the Company or functional units or business segments thereof in 2022 (the “Program Goals”).  The terms “Employee” and “Participant” have the respective meanings set forth in the Incentive Plan.
Under the Program, cash bonuses payable to Participants in the Program are determined by the Committee based on the level of achievement of the Program Goals approved by the Committee and, where applicable, individual goals, weighted as follows:
(a)for Oceaneering’s executive officer Participants:
    60%    the Company’s consolidated earnings before interest, taxes, depreciation and amortization for the year ending December 31, 2022, adjusted to remove the net impact of:  foreign currency gains and losses; sales of fixed assets and investments resulting in gains or losses; impairments, write-downs and/or write-offs of assets; corporate restructuring expenses; and other unusual items; in each case, as may be approved by the Committee (“Adjusted EBITDA”);
    25%    the Company’s net cash provided by operating activities less purchases of property and equipment for the year ending December 31, 2022, as approved by the Committee (“Free Cash Flow”);
    10%    safety goals for the Company; and
    5%    environmental goals for the Company; and
(b)for other corporate and functional staff Participants:
    40%    Adjusted EBITDA;
    25%    Free Cash Flow;
    15%    individual goals;
    10%    safety goals for the Company; and
    10%    quality goals for the relevant functional unit; and
(c)for other business segment Participants:
    40%    Adjusted EBITDA;
    25%    Free Cash Flow;
    15%    individual goals;
    10%    safety goals for the relevant segment; and
    10%    quality goals for the relevant segment.
For each Participant under the Program, the cash bonus achievable is an amount, determined in U.S. Dollars, payable on or before March 15, 2023, based on a percentage approved by the Committee or its delegate, applied to:  (1) the 2022 annual base salary for each Participant serving as an executive officer of the Company during 2022; and (2) the annual base salary rate in effect on October 1, 2022 for each of the other Participants.
The foregoing notwithstanding, payments are subject to the Company's Clawback Policy, and the Committee has absolute discretion to approve payment of amounts other than those determined based on the level of achievement of Program Goals and, where applicable, individual goals.  Further, the Committee has delegated full authority under the Program to Oceaneering’s Chief Executive Officer, except with respect to any Participant who, at the time of award or payment, serves the Company as:  (1) a member of the Board; (2) an executive officer or other officer appointed by the Board; (3) an Employee with the title of vice president or above; (4) the Director, Internal Audit (or an Employee with an equivalent position); or (5) the Chief Compliance Officer (or an Employee with an equivalent position).
In any event, to be eligible to receive a cash bonus under the Program, a Participant must be either:  (1) an active Employee in good standing of the Company, as determined in the absolute discretion of the Committee or Oceaneering’s Chief Executive Officer (within his delegated authority); or (2) a member of Oceaneering’s Board of Directors, at the time cash bonuses are paid under the Program.
Exhibit 10.4

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