AMENDMENT NO. 5 TO EXECUTIVE EMPLOYMENT AGREEMENT BY AND BETWEEN SEABULK INTERNATIONAL, INC. AND GERHARD E. KURZ
EXHIBIT 10.51
AMENDMENT NO. 5 TO
EXECUTIVE EMPLOYMENT AGREEMENT
BY AND BETWEEN
SEABULK INTERNATIONAL, INC. AND XXXXXXX X. XXXX
EXECUTIVE EMPLOYMENT AGREEMENT
BY AND BETWEEN
SEABULK INTERNATIONAL, INC. AND XXXXXXX X. XXXX
This Amendment to Executive Employment Agreement by and between Seabulk International, Inc., a
Delaware corporation formerly known as Hvide Marine Incorporated (the
“Company”), and Xxxxxxx
X. Xxxx (“Executive”), dated as of April 18, 2000, as amended (the “Agreement”), is entered into as
of the 28th day of June, 2005.
WHEREAS, the Company and Executive desire to amend the Agreement in certain
respects ;
NOW, THEREFORE, in consideration of the mutual covenants and the mutual benefits provided
in the Agreement, the receipt and sufficiency of which are hereby acknowledged, the Company and
Executive hereby amend the Agreement as set forth below:
1. Section 8.8(c) of the Agreement shall be deleted in its entirety and the following shall be
substituted therefor:
“(c) If Executive’s employment with the Company terminates prior to the payment
of incentive awards under the Company’s Management Annual Incentive Compensation
Plan (“MAICP”) for the 2005 calendar year (determined without regard to any payment
made under the MAICP for the six-month period ending on June 30, 2005 (the “Interim
2005 Bonus Payment”)), pay Executive, within five (5) days after the date of such
termination of employment, a lump sum cash payment equal to the excess, if any, of
(1) 100% of the 2005 maximum incentive award specified for Executive under the MAICP
multiplied by a fraction, the numerator of which shall be the number of days
Executive was employed by the Company during calendar year 2005 and the denominator
of which shall be 365, over (2) the amount of the Interim 2005 Bonus Payment paid to
Executive by the Company.”
2. As so amended, the Agreement remains in full force and effect.
IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment to be duly executed
and delivered as of the day and year first written above.
| SEABULK INTERNATIONAL, INC. | ||
/s/ Xxxxxxx X. Xxxx
|
/s/ Xxxx X. Xxxxxx | |
XXXXXXX X. XXXX
|
By: Xxxx X. Xxxxxx, Xx. Vice President |
