EXHIBIT 10.24
THE EXECUTIVE NONQUALIFIED EXCESS PLAN
GM OFFSHORE, INC.
INITIAL SALARY DEFERRAL AGREEMENT
This Salary Deferral Agreement ("Agreement") is entered into this ____
day of _____________, _____- by and between GM Offshore, Inc., a Delaware
corporation, having its principal place of business at 0000 Xxxx Xxx
Xxxxxxx, Xxxxx 0000, Xxxxxxx, XX 00000-0000 (hereinafter the "Employer")
and ________________________________, an individual having his/her
principal place of residence located at _______________, ____________, _______,
__________ (hereinafter "Participant"). (address) (city) (state)
(zip)
RECITALS
A. The Employer has previously adopted a Nonqualified Deferred
Compensation Plan effective April 1, 2001 (hereinafter the "Plan")
primarily for the purpose of providing deferred compensation
benefits for a select group of management or highly compensated
participants.
B. The Participant, in recognition of his/her valuable service to the
Employer, has been selected by the committee as an eligible
participant in the Plan.
In consideration of the mutual covenants and conditions contained herein,
and for such good and valuable consideration, the receipt and adequacy of which
is hereby admitted and acknowledged, the parties hereto agree as follows:
1. ACCEPTANCE OF PLAN: (Participant must check one of the two options)
[ ] The Participant, by virtue of his/her execution of this Agreement,
does hereby acknowledge receiving a copy of the Plan Summary and
AGREES to be bound by the terms and conditions contained within the
Plan. The provisions of the Plan are hereby incorporated by
reference into this Agreement.
OR
[ ] The Participant, by virtue of his/her execution of the Agreement,
does hereby acknowledge receiving a copy of the Plan Summary and
DECLINES to participate in the Plan at this time.
2. DEFERRAL OF COMPENSATION:
Pursuant to the terms of the Plan, the Participant hereby agrees to defer
his/her compensation from the Employer as follows:
A. DEFERRAL OF BASE ANNUAL COMPENSATION: (minimum of 1% and maximum of
50% of salary)
[ ] Percentage: ________% from each paycheck or payment
[ ] Fixed Amount: $________ from each paycheck or payment
[ ] No deferral
DEFERRAL OF BONUS COMPENSATION: (minimum of 10% and no maximum
limit)
[ ] Percentage: ________% from each paycheck or payment
[ ] Fixed Amount: $________ from each paycheck or payment
[ ] No deferral
DEFERRAL OF DIRECTOR'S FEES: (minimum of 5% and no maximum limit)
[ ] Percentage: ________% from each paycheck or payment
[ ] Fixed Amount: $________ from each paycheck or payment
[ ] No deferral
2
B. DEFERRAL OF COMPENSATION SHOULD BE ALLOCATED INTO THE FOLLOWING
ACCOUNTS:
_______% 1) RETIREMENT ACCOUNT:
PAYMENT OF PLAN BENEFIT (ENTIRE RETIREMENT ACCOUNT INCLUDING ALL
FORMS OF COMPENSATION)
I have been informed of the options for payment of my benefit from
the above-named plan. I understand the options, and I choose
payments in the form of (elect one):
[ ] Lump sum
[ ] Annual installments for five years
[ ] Annual installments for ten years
[ ] Annual installments for fifteen years
[ ] Other: _______________________
_______% 2) IN-SERVICE DISTRIBUTION ACCOUNT:
Irrevocable Distribution Date _____ / _____ / _____
_______% 3) COLLEGE EDUCATION ACCOUNTS:
Payment Period
(Years)
Circle One:
-----------
100% _____% __________________________ ____/____/____ 4 5 6
(name of eligible dependent) (date of birth)
_____% __________________________ ____/____/____ 4 5 6
(name of eligible dependent) (date of birth)
_____% __________________________ ____/____/____ 4 5 6
(name of eligible dependent) (date of birth)
_____% __________________________ ____/____/____ 4 5 6
(name of eligible dependent) (date of birth)
_____% __________________________ ____/____/____ 4 5 6
(name of eligible dependent) (date of birth)
100%
3
3. INVESTMENT ALLOCATION:
As established in the Plan, the Employer has established a Deferred Compensation
Account, to which the Participant's compensation Deferral will be credited. Any
participant deferrals into the deferred compensation plan, in excess of 7.5%,
will be credited with earnings (and losses) based upon the investment returns
and expense Deferrals (or enhancements) of the following indices. The initial
7.5% will be invested in the GulfMark Offshore, Inc.(gmrk). The indices selected
must total 100%. IF INCOMPLETE, THE FUNDS WILL AUTOMATICALLY DEFAULT TO THE
COMPANY STOCK ACCOUNT.
---------------------------------------------------------------------------------------
EMPLOYEE
DEFERRALS IN IN-SERVICE COLLEGE
EXCESS OF DISTRIBUTION EDUCATION
INDICES: 7.5%: ACCOUNT: ACCOUNTS:
---------------------------------------------------------------------------------------
GulfMark Offshore, Inc. Company Stock
(gmrk) % % %
---------------------------------------------------------------------------------------
Prime Rate + 2%
(Wall Street Journal rate) % % %
---------------------------------------------------------------------------------------
---------------------------------------------------------------------------------------
TOTALS (must equal 100%) 100% 100% 100%
---------------------------------------------------------------------------------------
4. EFFECTIVE DATE:
This agreement shall become effective for the first payroll period that
commences on or after the January 1 that next follows the date the Agreement is
filed with the Employer. If the Participant first becomes eligible to
participate in the Plan during a plan year, but after January 1 of that plan
year, this Agreement shall be effective as of the first payroll period next
following the later of the date he/she is eligible to enter the Plan or the date
the committee receives an executed copy of this Agreement. This Agreement shall
continue in effect, unless modified or revoked by the Participant, until the
Participant terminates his/her service with the Employer, or, if earlier, until
the Participant ceases to be an Active Participant under the plan.
5. COUNTERPARTS:
This Agreement may be executed in two or more counterparts, each of which shall
be deemed an original but all of which together shall constitute one and the
same instrument.
4
6. ACKNOWLEDGEMENTS: The Participant hereby acknowledges the following:
A. The obligation of the Employer to make payments under the Plan
and the Agreement is a contractual liability of the Employer
to the Participant.
B. Such payments shall be made from the general funds of the
Employer, and the Employer shall not be required to establish
or maintain any special or separate fund, or otherwise to
segregate assets to make the payment.
C. The Participant shall not have any interest in any particular
assets of the Employer by reason of the Employer's obligation
under the Plan and this Agreement.
D. To the extent that the Participant or any other person
acquires a right to receive payments from the Employer, such
rights shall be no greater than the right or an unsecured
creditor of the Employer.
IN WITNESS WHEREOF, This Agreement has been executed by and on behalf of
the parties hereto as of the date first written above.
------------------------------
Participant Signature
GM OFFSHORE, INC.
------------------------------ ------------------------
Signature of Company Officer Title of Company Officer
5
