UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 22, 2020 (May 19, 2020)
(Exact name of registrant as specified in its charter)
(State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||
(Address of principal executive offices) | (Zip Code) | |||
Registrant's telephone number, including area code 281 -618-0400
NOT APPLICABLE
(Former name, former address and former fiscal year, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 5.02. Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Compensatory Arrangements
On May 19, 2020, the Compensation Committee (the “Committee”) of the Board of Directors (the “Board”) of Helix Energy Solutions Group, Inc. (“Helix” or “our”) approved voluntary temporary reductions in base salary for each of the continuing executive officers of Helix listed in the “Summary Compensation Table” in Helix’s proxy statement (the “Proxy Statement”) for its 2020 Annual Meeting of Shareholders (our “2020 Annual Meeting”) as a named executive officer (the “Named Executive Officers”).
The salary reductions equal ten percent (10%) of the amount of base salary that would have been paid to each of the Named Executive Officers, except that, in the case of Mr. Kratz, our President and Chief Executive Officer, the reduction percentage equals twenty-five percent (25%). The salary reductions will be effective as of June 1, 2020 and are scheduled to last for the remainder of 2020, with that decision to be reviewed by the Committee on at least a quarterly basis during the period of the reductions.
In connection with these temporary salary reductions, each of the Named Executive Officers, with the approval of the Committee, entered into substantially similar amendments to their respective employment agreements (collectively, the “Amendments”) to reflect the temporary salary reductions. The foregoing description of the Amendments is qualified in its entirety by reference to the full text of the Amendments, copies of which are attached hereto as exhibits and incorporated herein by reference.
In order to align the compensation of Helix’s Board with these salary reductions, the Board agreed to twenty percent (20%) reductions in its members’ annual Board cash retainers and the annual cash retainer paid to the Chairman of the Board for such service. These reductions will be effective as of June 1, 2020 and are scheduled to last for the remainder of 2020, with that decision to be reviewed on at least a quarterly basis during the period of the reductions.
Helix, the Named Executive Officers and the Board voluntarily undertook these reductions during this critical period due to the business and financial impact of the current volatility in oil prices and the overall energy market, as well as the ongoing global health pandemic, on our shareholders and employees.
Item 5.07. Submission of Matters to a Vote of Security Holders.
Helix held our 2020 Annual Meeting on May 20, 2020. Three proposals, as described in the Proxy Statement, were voted upon at the meeting. The following is a brief description of the matters voted upon and the final voting results:
● Election of Director Nominees.
Director | Votes For | Votes Withheld | Abstentions | Broker Non-Votes | ||||
Amy H. Nelson | 125,973,937 | 1,537,995 | — | 10,614,625 | ||||
William L. Transier | 121,174,929 | 6,337,003 | — | 10,614,625 | ||||
Each of the directors received the affirmative vote of a plurality (as well as a majority) of the shares cast and were elected as Class III directors to the Board to serve a three-year term expiring at the annual meeting of shareholders in 2023 or, if at a later date, until their respective successor is elected and qualified.
● Proposal to ratify the selection of KPMG LLP as Helix’s independent registered public accounting firm for 2020.
Votes For | Votes Against | Abstentions | Broker Non-Votes | |||
137,866,209 | 71,326 | 189,022 | — | |||
This proposal received a majority of the votes cast; accordingly, our shareholders ratified the selection of KPMG LLP as Helix’s independent registered public accounting firm for 2020.
● Approval, on a non-binding advisory basis, of the 2019 compensation of our named executive officers.
Votes For | Votes Against | Abstentions | Broker Non-Votes | |||
125,586,597 | 1,618,351 | 306,984 | 10,614,625 | |||
This proposal received a majority of the votes cast; accordingly our shareholders approved, on a non-binding advisory basis, the 2019 compensation of our named executive officers.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
Exhibit Number | Description | ||
10.1 | |||
10.2 | |||
10.3 | |||
10.4 | |||
104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | ||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
Date: May 22, 2020
HELIX ENERGY SOLUTIONS GROUP, INC. | ||||
By: | /s/ Kenneth E. Neikirk | |||
Kenneth E. Neikirk | ||||
Senior Vice President, General Counsel and Corporate Secretary | ||||