Horizon Offshore, Inc. 2005 Annual Incentive Bonus Plan
Horizon Offshore, Inc. established this 2005 Annual Incentive Bonus Plan for approximately 190 executives, officers, managers, and key employees, organized into nine tiers based on responsibility. The plan awards annual bonuses based on the company's EBITDA performance compared to a set goal. Bonus amounts range from 10% to 150% of base pay, depending on the employee's tier. Specific performance criteria are confidential. The plan aims to incentivize employees to achieve company financial targets.
Exhibit 10.1
HORIZON OFFSHORE, INC.
2005 ANNUAL INCENTIVE BONUS PLAN
| Eligibility: | Executive and other officers, managers and certain key employees (approximately 190 total employees) arranged in nine tiers generally by responsibility level |
| Measurement Criteria: | Earnings before interest, taxes, depreciation and amortization ("EBITDA") relative to EBITDA Goal |
| Award: | Zero to maximum bonus amount established for each tier |
| Maximum Bonus Amount: | Maximum bonus amount varies from 10%-150% of base pay depending upon the tier |
[Information omitted regarding specific quantitative performance related-factors, or factors or criteria involving confidential commercial or business information, the disclosure of which would have an adverse effect on the registrant.]
