Item 5.02 - Departure of Directors or Principal Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers
Each of our named executive officers was paid a retention bonus on
Each named executive officer is required to repay the ratable portion of the after-tax value of the applicable clawback amount if his employment is terminated before the applicable period following the payment date of such bonus for any reason other than (i) by the Company without good cause (as defined in the executive's employment agreement), (ii) a constructive termination, as described under the executive's change in control agreement or employment agreement (as applicable) or (iii) upon the death or permanent disability of the executive.
The Company believes such bonuses, subject to the clawback provisions, are in-line with the Company's philosophy of balancing its dual objectives of pay-for-performance and retention of our executives in light of prevailing market conditions currently facing the Company and the offshore energy industry.
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