Todd Hornbeck Receives 1.5 Million Share Equity Award Following Merger

The equity package, issued under the 2026 Omnibus Inducement Incentive Plan, links compensation directly to specific operational milestones. One-third of the award, totaling 500,000 shares, is contingent upon the company achieving target annualized gross synergies. The remaining 1,000,000 shares are tied to reaching defined share price benchmarks.

All vesting requirements must be satisfied by year-end 2029, provided Mr. Hornbeck maintains his service with the combined entity. The grant adheres to NYSE Rule 303A.08, which governs equity awards used as a material inducement for new executive employment. The company continues to operate as a provider of marine and subsea solutions across the deepwater oil, defense, and renewable energy sectors.