Civeo Corp
For the period ended May 27, 2026. Filed Apr 13, 2026.
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May 27, 2026 · Filed Apr 13, 2026
Contents
Performance Share Award Programs
Historically, our Performance Share Award Program has been comprised of the following key elements listed below.
| Performance metrics | Performance period | Participants |
|---|---|---|
| –Relative TSR (compared against our defined peer group)–Three-year growth in EBITDA (2024 and 2025 grants)–Cumulative cash flows provided by operating activities (2023 grant) | Three years | All NEOs and other senior management |
| Vesting | Award amount | Payout |
| Cliff vesting | Generally comprises at least 50% of a named executive officer’s annual LTIP award as determined by the Compensation Committee | Settled in either cash or shares, or a combination of both, at the discretion of the Compensation Committee |
Calculation of our relative TSR is conducted following completion of the three-year performance period and includes all dividends paid over the performance period.
The performance metrics for the 2023 performance share grants were weighted 50% to cumulative cash flows provided by operating activities and 50% to relative TSR. In 2024, the Compensation Committee replaced the cumulative cash flows provided by operating activities performance metric with a three-year growth in EBITDA performance metric. The performance metrics for the 2024 and 2025 performance share awards were weighted 70% to three-year growth in EBITDA and 30% to relative TSR. Performance share awards can be earned in amounts between 0% and 200% of the participant’s target performance share award, with the payout percentage to be determined based on Civeo’s performance with respect to the applicable performance metrics. Payouts under the performance shares are capped at 100% payout (Target) for the relative TSR component, if Civeo’s absolute TSR over the performance period is negative, irrespective of relative performance.
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