Exhibit 10.20
[Executive Name]
Personal & Confidential
May 24, 2022
Dear [Executive]:
SUBJECT: 2022 Short-Term Incentive (“STI”) Participation Letter
You are a valuable member of Diamond Offshore and your continued employment is important to the Company’s future success. As such, you have been designated as a participant in the 2022 Executive Short-Term Incentive Plan (the “Plan”). This letter provides a summary of the Plan, so please read carefully.
The Compensation Committee recently approved the Plan for the Company’s executive leadership team members. The Plan target amount will be calculated on the participant’s annual base salary. Additional details are outlined below.
Outlined are your Plan award details.
|
| 2022 Short Term Incentive | ||||
Name | Title | Base Salary | Target Bonus % | Annual Short Term Incentive Threshold (50%) | Annual Short Term Incentive Target (100%) | Annual Short Term Incentive Stretch (150%) |
[Executive Name] | [Executive Title] | [XX] | [XX] | [XX] | [XX] | [XX] |
Three approved 2022 STI Performance Metrics refer to Exhibit A for metric details.
Congratulations on participating in the 2022 Executive Short-Term Incentive Plan.
Regards,
/s/ Bernie Wolford, Jr.
Bernie Wolford, Jr.
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President & CEO
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Exhibit A
[Performance goal threshold, target and stretch levels and calculations] [Omitted]
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