Oceaneering International Inc.

03/20/2026 | Press release | Distributed by Public on 03/20/2026 15:01

Management Change/Compensation (Form 8-K)

Item 5.02(e) Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
CEO Change of Control Agreement and Change of Control Plan and
On March 17, 2026, the Compensation Committee (the "Committee") of the Board of Directors of Oceaneering International, Inc. (the "Company") approved an amendment and restatement of the Change of Control Agreement between the Company and Roderick A. Larson, the Company's President and Chief Executive Officer (the "Amended CEO Change of Control Agreement") and of the Company's Change of Control Plan (the "Amended Change of Control Plan").
The Amended CEO Change of Control Agreement modifies Mr. Larson's prior Change of Control Agreement by conditioning Mr. Larson's entitlement to the severance benefits payable under the agreement on his execution of a release of claims in favor of the Company and his compliance with restrictive covenants, including non-competition, non-solicitation, non-disparagement, confidentiality and cooperation, and by providing for outplacement services for 24 months.
The Amended Change of Control Plan modifies the prior Change of Control Plan by, among other things, providing for a prorated short-term incentive award for the year of termination determined based on actual performance for such year (with any personal goals deemed met at target), payment of any earned but unpaid short-term incentive award for the prior year, and outplacement services for 12 months.
The foregoing descriptions of the Amended CEO Change of Control Agreement and the Amended Change of Control Plan are general descriptions only and are qualified in their entirety by the full text of such agreement and plan, copies of which are attached as Exhibit 10.1 and Exhibit 10.2, respectively.
Executive Leadership Team Severance Plan
On March 17, 2026, the Committee also adopted the Oceaneering International, Inc. Executive Leadership Team Severance Plan (the "ELT Severance Plan"), which provides for severance benefits to eligible executives, including certain of the the Company's named executive officers.
Under the ELT Severance Plan, if an executive's employment is terminated by the Company without "Cause" or by the executive for "Good Reason" (as such terms are defined in the ELT Severance Plan), the executive will be entitled to the following severance benefits:
•An aggregate amount equal to one times (or two times, for the Chief Executive Officer) the sum of the executive's base salary plus target short-term incentive opportunity, payable in equal installments over 12 months (or 24 months, for the Chief Executive Officer).
•A prorated short-term incentive award for the year of termination, determined based on actual performance for such year (with any personal goals deemed met at target), and payment of any earned but unpaid short-term incentive award for the prior year.
•For a period of 12 months (or 18 months, for the Chief Executive Officer), payment of the Company's portion of the monthly premium for continued coverage under the Company's medical, dental and vision plans, and continued participation in the Company's supplemental executive health plan for executives (to the extent permitted by the plan).
•Prorated vesting of equity awards (for performance-based awards, to the extent that the performance goals are met based on performance for the full performance period).
•Outplacement services for 12 months (or 24 months, for the Chief Executive Officer).
These severance benefits are conditioned on the executive's execution of a release of claims in favor of the Company and the executive's compliance with restrictive covenants, including non-competition, non-solicitation, non-disparagement, confidentiality and cooperation.
No severance benefits are payable under the ELT Severance Plan to an executive whose employment is terminated by the Company without Cause or by the executive for Good Reason if, in connection with the termination, the executive is eligible for severance benefits under the Amended Change of Control Plan described below or an individual agreement.
The foregoing description of the ELT Severance Plan is a general description only and is qualified in its entirety by the full text of such plan, a copy of which is attached as Exhibit 10.3.
Oceaneering International Inc. published this content on March 20, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on March 20, 2026 at 21:01 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]