Attached files
file | filename |
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10-K - FORM 10-K - GLOBAL INDUSTRIES LTD | h69809e10vk.htm |
EX-32.1 - EX-32.1 - GLOBAL INDUSTRIES LTD | h69809exv32w1.htm |
EX-31.2 - EX-31.2 - GLOBAL INDUSTRIES LTD | h69809exv31w2.htm |
EX-31.1 - EX-31.1 - GLOBAL INDUSTRIES LTD | h69809exv31w1.htm |
EX-23.1 - EX-23.1 - GLOBAL INDUSTRIES LTD | h69809exv23w1.htm |
EX-32.2 - EX-32.2 - GLOBAL INDUSTRIES LTD | h69809exv32w2.htm |
EX-21.1 - EX-21.1 - GLOBAL INDUSTRIES LTD | h69809exv21w1.htm |
EX-10.58 - EX-10.58 - GLOBAL INDUSTRIES LTD | h69809exv10w58.htm |
EX-10.56 - EX-10.56 - GLOBAL INDUSTRIES LTD | h69809exv10w56.htm |
Exhibit 10.57
FIRST AMENDMENT TO FORM OF EXECUTIVE LONG-TERM INCENTIVE
PERFORMANCE UNIT AGREEMENT
(EPS BASED MULTI-YEAR)
PERFORMANCE UNIT AGREEMENT
(EPS BASED MULTI-YEAR)
WHEREAS, the Performance Units granted under the Form of Executive Long-Term Incentive
Performance Unit Agreement (EPS Based Multi-Year) (the Agreement) granted under the Global
Industries, Ltd 2005 Stock Incentive Plan for 2009 are not vested; and
WHEREAS, Section 6 of the Agreement provides that the Committee in its sole discretion may
unilaterally modify this Agreement as it deems necessary or appropriate to comply with Section 409A
of the Internal Revenue Code of 1986, as amended and any regulations or guidance issued thereunder
(the Code); and
WHEREAS, the Committee and Global Industries, Ltd. desire to amend the Agreement;
NOW, THEREFORE, the Agreement is hereby amended to add the following:
1. New Section 13.
To the extent that Code Section 409A applies to any Performance Units granted under this
Agreement, this Agreement shall be construed and interpreted to comply with Code Section 409A.
With respect to any shares to be issued on account of a termination of employment of a Participant
who is a Specified Employee within the meaning of Code Section 409A at the time of such
termination of employment, such shares shall not be issued until the first business day which is
six (6) months after the Participants termination of employment. For the purposes of Code Section
409A, a termination of employment under this Agreement shall mean a separation of service within
the meaning of Code Section 409A. In addition, an event under this Agreement will not constitute a
Change in Control unless it is also a change in the ownership or effective control of the
Company, or a change in the ownership of a substantial portion of the assets of the Company (in
each case as determined under Section 409A(a)(2)(A)(v) of the Code and final Treasury Regulations
or other IRS guidance issued under Code Section 409A from time to time).
IN WITNESS WHEREOF, the Committee has authorized and the Company has executed this Agreement
by its duly authorized officer.
GLOBAL INDUSTRIES, LTD. |
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By: | /s/ David R. Sheil | |||
Name: | David R. Sheil | |||
Title: | Senior Vice President, Human Resources | |||
Date: December 22, 2009 |
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