Hornbeck Offshore sets CEO pay terms and 1.5 million-share inducement award tied to Helix merger
Hornbeck Offshore Services disclosed new employment agreements for its CEO Todd M. Hornbeck and five other senior executives, dated September 1, 2026, in connection with the Helix Energy Solutions merger. It also adopted a 2026 inducement plan without stockholder approval and granted the CEO a performance-based award of up to 1,500,000 shares tied to $75 million in annualized gross synergies and stock price targets of $14 and $20 per share.
Key points
- CEO agreement sets base salary of not less than $875,000, a 140% target bonus and a $4,500,000 target long-term incentive opportunity
- Performance award of 1,000,000 PSUs granted September 4, 2026, with up to 1,500,000 shares, vesting on $75 million in run-rate synergies by year-end 2029 and stock price targets of $14 (target) and $20 (maximum)
- Board reserved 1,500,000 shares under the 2026 Omnibus Inducement Incentive Plan, adopted September 2, 2026 without stockholder approval under NYSE Rule 303A.08
- Executive equity grants on September 2, 2026 include $4,500,000 for the CEO and $1,400,000 to $800,000 for other executives in grant date fair value
The filing
Written by AI on Nov 8, 2026, 2:07 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on September 04, 2026.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.