HORNBECK OFFSHORE SERVICES, INC.
For the period ended May 14, 2025. Filed Apr 2, 2025.
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May 14, 2025 · Filed Apr 2, 2025
Contents
Summary Compensation Table
The following table provides a summary of the cash and non-cash compensation for the years ended December 31, 2024, 2023 and 2022, for our named executive officers: (1) the Chief Executive Officer and the Chief Financial Officer and (2) other than the Chief Executive Officer and the Chief Financial Officer, each of the two most highly compensated executive officers of Helix during 2024. These individuals are our only executive officers.
The table may not reflect the actual compensation received by the named executive officers for the three-year period. For example, amounts recorded in the stock awards column reflect the grant date fair value of the awards. The actual value of compensation realized by the named executive officer with respect to any equity award will vary from the grant date fair value due to stock price fluctuations and/or forfeitures.
| Name and Principal Position | Year | Salary(1) | Bonus | Stock Awards(2) | Non-Equity Incentive Plan Compensation(3) | All Other Compensation(4) | Total |
|---|---|---|---|---|---|---|---|
| Owen Kratz President and Chief Executive Officer | 2024 | $800,000 | $-0- | $3,952,815 | $914,400 | $8,625 | $5,675,840 |
| 2023 | $800,000 | $-0- | $4,057,310 | $2,157,600 | $8,250 | $7,023,160 | |
| 2022 | $700,000 | $-0- | $4,249,038 | $1,400,000 | $7,625 | $6,356,663 | |
| Scotty Sparks Executive Vice President and Chief Operating Officer | 2024 | $460,000 | $-0- | $1,509,749 | $350,520 | $-0- | $2,320,269 |
| 2023 | $460,000 | $-0- | $1,549,607 | $827,080 | $-0- | $2,836,687 | |
| 2022 | $460,000 | $-0- | $1,386,837 | $611,800 | $-0- | $2,458,637 | |
| Erik Staffeldt Executive Vice President and Chief Financial Officer | 2024 | $440,000 | $-0- | $1,427,417 | $335,280 | $8,625 | $2,211,322 |
| 2023 | $440,000 | $-0- | $1,465,144 | $791,120 | $8,250 | $2,704,514 | |
| 2022 | $440,000 | $-0- | $1,268,813 | $585,200 | $7,625 | $2,301,638 | |
| Ken Neikirk Executive Vice President, General Counsel and Corporate Secretary | 2024 | $400,000 | $-0- | $1,043,101 | $304,800 | $8,625 | $1,756,526 |
| 2023 | $400,000 | $-0- | $1,070,679 | $719,200 | $8,250 | $2,198,129 | |
| 2022 | $400,000 | $-0- | $944,230 | $532,000 | $7,625 | $1,883,855 |
| (1) | For 2022 no salaries were increased compared to the prior year. For 2023, no salaries were increased compared to the prior year except for Mr. Kratz’s in the amount of $100,000. For 2024, no salaries were increased compared to the prior year. |
| (2) | During the periods shown, the long-term incentive program was structured such that the awarded value of RSUs (on the one hand) and PSUs (on the other) was identical, based on the quoted closing market price of $10.28 per share of our common stock on December 31, 2023 for awards made in January 2024, $7.38 per share of our common stock on December 31, 2022 for awards made in January 2023, and $3.12 per share of our common stock on December 31, 2021 for awards made in January 2022. |
| Helix Energy Solutions Group, Inc. | 2025 Proxy Statement | 55 |
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For 2022, as compared to the prior year, the total grant values of long-term incentive awards to Messrs. Kratz, Sparks and Staffeldt were increased by $2,500,000, $175,000, and $175,000, respectively, and the total grant value of the long-term incentive award to Mr. Neikirk was not changed. For 2023, the total grant values of long-term incentive awards to Messrs. Sparks, Staffeldt and Neikirk were increased by $200,000, $225,000, and $150,000, respectively, and the total grant value of the long-term incentive award to Mr. Kratz was not changed. For 2024, the total grant values of long-term incentive awards to each of our NEOs was not changed as compared to the prior year. PSUs and RSUs granted in 2022, 2023 and 2024 are payable in either cash or shares of our common stock upon vesting at the discretion of the Compensation Committee.
The amounts shown in this column represent the grant date fair value of the RSU awards and PSU awards as calculated in accordance with the provisions of FASB ASC Topic 718 (as opposed to the awarded value of the grant). While the awarded value and the FASB ASC Topic 718 determined value for RSU awards are the same, the values for PSU awards are different. See the “Grant of Plan-Based Awards” table below for details of the 2024, 2023 and 2022 awards and the related grant date fair value. The value ultimately realized by each named executive officer may not be equal to the FASB ASC Topic 718 determined value. No stock options were granted in 2024, 2023 or 2022.
Not included in the table are the payments made to our named executive officers upon the vesting of PSU awards. In early 2025, each of the following named executive officers received the following amounts in stock from their 2022 PSU awards, which were three-year cliff vesting, based on the quoted closing market price of $9.32 per share of our common stock on December 31, 2024: Mr. Kratz, $9,140,776; Mr. Sparks, $3,509,931; Mr. Staffeldt, $3,211,225; and Mr. Neikirk, $2,389,741. Mr. Kratz also received in early 2025 $1,613,068 in cash for a portion of his 2022 PSU awards. In March 2024, the following named executive officers received the following amounts in stock from their 2021 PSU awards, which were three-year cliff vesting, based on the quoted closing market price of $10.28 per share of our common stock on December 31, 2023 as well as the cumulative Free Cash Flow generated by Helix during the three-year performance period: Mr. Kratz, $2,436,596; Mr. Sparks, $2,215,104; Mr. Staffeldt, $1,993,611; and Mr. Neikirk, $1,772,077. In January 2023, the following named executive officers received the following amounts in stock from their 2020 PSU awards, which were three-year cliff vesting, based on the quoted closing market price of $7.38 per share of our common stock on December 31, 2022: Mr. Kratz, $1,065,620; Mr. Sparks, $347,805; Mr. Staffeldt, $318,203; and Mr. Neikirk, $222,005. In January 2022, the following named executive officers received the following amounts in stock from their 2019 PSU awards, which were three-year cliff vesting, based on the quoted closing market price of $3.12 per share of our common stock on December 31, 2021: Mr. Kratz, $1,446,391; Mr. Sparks, $485,896; and Mr. Staffeldt, $485,896.
| (3) | The amounts shown in this column reflect the payments made to each named executive officer under Helix’s STI programs for the applicable performance year that are paid in March of the following year. In addition, the amounts shown in this column for Mr. Neikirk include a cash payment under our long-term incentive program for non-executive awards granted in 2019. That amount totaled $51,000 in 2022. |
| (4) | The amounts in this column consist of matching contributions by Helix through our Employees’ 401(k) Savings Plan. For 2022, Helix reinstated its previously suspended discretionary matching contributions at the rate of 50% of an employee’s pre-tax contributions up to 5% of the employee’s compensation, subject to contribution limits and such discretionary matching contributions by Helix remained at the same rate in 2023 and 2024. |
| 56 | 2025 Proxy Statement | Helix Energy Solutions Group, Inc. |
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