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HLX > SEC Filings for HLX > Form 8-K on 10-Dec-2013All Recent SEC Filings

Show all filings for HELIX ENERGY SOLUTIONS GROUP INC | Request a Trial to NEW EDGAR Online Pro

Form 8-K for HELIX ENERGY SOLUTIONS GROUP INC


10-Dec-2013

Change in Directors or Principal Officers


Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.

On December 5, 2013, the Compensation Committee (the "Committee") of the Board of Directors of Helix Energy Solutions Group, Inc. (the "Company") determined and approved the 2014 Short Term Incentive Program for 2014 annual bonuses for the Company's executive officers (payable in 2015), including the target and maximum bonuses that can be earned by each executive officer. The target and maximum bonuses for 2014 are set forth below as a percentage of base salary, as are the targets for the 2013 Short Term Incentive Program. The 2013 program set the target bonus equal to the maximum bonus that could be earned by an executive officer based on three financial metrics. The 2014 program sets the target bonus as a lower percentage of base salary, with an opportunity to earn additional bonus amounts, up to a maximum amount, if the Company's performance exceeds the target levels for the metrics. Other than the structural change to the bonus program, there were no material changes to the executive officers' compensation.

                        2013 Short          2014 Short Term
                           Term            Incentive Program
                        Incentive
 Executive Officer       Program
                                                       Maximum
                                                        (i.e.
                       Target (i.e.   Target (i.e.   Achievement
                          Target         Target      of financial
                        financial      financial       metrics
                       metrics are    metrics are    above target
                        achieved)      achieved)        level)

Owen Kratz,                200%           150%        up to 200%
President and Chief
Executive Officer

Anthony Tripodo,           125%           120%        up to 160%
Executive Vice
President and
Chief Financial
Officer

Clifford Chamblee,         151%           120%        up to 160%
Executive Vice
President and
Chief Operating
Officer

Alisa Johnson,             104%           100%        up to 133%
Executive Vice
President and
General Counsel

Information related to the other elements of total compensation for the Company's named executive officers will be disclosed in the Company's 2013 Proxy Statement to the extent required by the rules related to proxy statements and the disclosure of executive compensation.


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