OCEANEERING INTERNATIONAL, INC. AMENDED AND RESTATED 2002 RESTRICTED STOCK UNIT AWARD INCENTIVE AGREEMENT First Amendment
Exhibit 10.3
OCEANEERING INTERNATIONAL, INC.
AMENDED AND RESTATED
2002 RESTRICTED STOCK UNIT AWARD INCENTIVE AGREEMENT
AMENDED AND RESTATED
2002 RESTRICTED STOCK UNIT AWARD INCENTIVE AGREEMENT
First Amendment
Oceaneering International, Inc., a Delaware corporation (the “Company”), and ,
having entered into the 2002 Amended and Restated Restricted Stock Unit Award Incentive Agreement
(the “Agreement”), under the 2002 Incentive Plan of Oceaneering International, Inc., desire to
amend the Agreement, effective as of the close of business on December 31, 2008, as follows:
1. Section 1(c) of the Agreement is hereby amended to read as follows:
“‘Disability’ means 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. Participant’s inability and its anticipated
duration shall be determined solely by a medical physician of
Participant’s choice to be approved by the Company, which approval
shall not be unreasonably withheld.”
2. The first sentence of Section 3(e) of the Agreement is hereby amended to read as follows:
“Within 10 days after vesting of a Restricted Stock Unit, the
Company shall pay to Participant a cash lump-sum in an amount
sufficient to provide for the payment of all United States federal
income taxes imposed with respect to Participant’s acquisition of a
particular share of Common Stock issued for a Restricted Stock Unit,
as well as a cash lump-sum in an amount sufficient to reimburse
Participant for the tax obligation on such amounts so that
Participant is paid an amount as a tax assistance payment by the
Company sufficient to fund all of his income taxes on both the share
of Common Stock and the tax assistance payment.”
3. Section 3(g) of the Agreement is hereby amended to read as follows:
“In the event of the death or Disability of Participant while in the
service of the Company or any successor to the Company,
(i) Participant shall be fully vested in any Restricted Stock Units
not previously forfeited by Participant on the date of such death or
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Disability, (ii) the Company shall issue a share of Common Stock for
each such Restricted Stock Unit within 10 days of such death or
Disability, and (iii) tax assistance payments in the form of a cash
lump-sum shall be made by the Company to Participant with respect to
such event within 10 days of such death or Disability.”
IN WITNESS WHEREOF, Oceaneering International, Inc. has caused these presents to be executed
by its duly authorized officer in a number of copies, all of which shall constitute
one and the same instrument, which may be sufficiently evidenced by any executed copy hereof, on
this 15th day of December, 2008, but effective as of the close of business on December 31, 2008.
OCEANEERING INTERNATIONAL, INC. |
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By: | /s/ Xxxxxx X. Xxxxxxxxxxx, Xx. | |||
Xxxxxx X. Xxxxxxxxxxx, Xx. | ||||
Senior Vice President, General Counsel and Secretary | ||||
Participant hereby accepts the foregoing amendment to the Amended and Restated 2002 Restricted
Stock Unit Award Incentive Agreement on this 15th day of December, 2008.
By: | ||||
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