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<META content="Cal Dive" name=author>
<META content=09/15/2010 name=date>
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<P style="FONT-SIZE: 14pt; MARGIN: 0px; LINE-HEIGHT: 16pt"
align=center><B>UNITED STATES</B></P>
<P style="FONT-SIZE: 14pt; MARGIN: 0px; LINE-HEIGHT: 16pt"
align=center><B>SECURITIES AND EXCHANGE COMMISSION</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center><B>Washington, D.C. 20549</B></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="FONT-SIZE: 20pt; MARGIN: 0px; LINE-HEIGHT: 22pt"
align=center><B>Form&nbsp;8-K</B></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center><B>CURRENT REPORT</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center><B>Pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange
Act of 1934</B></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center><B>Date
of Report</B> <I>(Date of earliest event reported)</I>:<B> &nbsp;&nbsp;September
10, 2010</B></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="FONT-SIZE: 24pt; MARGIN: 0px; LINE-HEIGHT: 26pt" align=center><B>Cal
Dive International, Inc.</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center><I>(Exact name of registrant as specified in its charter)</I></P>
<P style="MARGIN: 0px" align=justify><BR></P>
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align=center>
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<TD width=212></TD></TR>
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<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center><B>Delaware</B></P>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><I>(State or other jurisdiction of incorporation)</I></P></TD>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top width=212>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center><B>001-33206</B></P>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><I>(Commission File Number)</I></P></TD>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top width=212>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center><B>61-1500501</B></P>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><I>(IRS Employer Identification
No.)</I></P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=justify><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0
align=center>
<TR style="DISPLAY: none; FONT-SIZE: 0px" height=0>
<TD width=319></TD>
<TD width=319></TD></TR>
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<TD
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<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: normal"
align=center><B>2500 CityWest Boulevard, Suite 2200<BR>Houston,
Texas<BR></B><FONT style="FONT-SIZE: 8pt"><I>(Address of principal
executive offices)</I></FONT></P></TD>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top width=319>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: normal"
align=center><B>77042<BR></B><FONT style="FONT-SIZE: 8pt"><I>(Zip
Code)</I></FONT></P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center><FONT
style="BACKGROUND-COLOR: #ffffff"><B>(713)&nbsp;361-2600</B></FONT></P>
<P style="FONT-SIZE: 8pt; MARGIN: 0px; LINE-HEIGHT: 10pt"
align=center><I>(Registrant&#146;s telephone number, including area code)</I></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR></P>
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<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0
align=center>
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<TD width=31></TD>
<TD width=619></TD></TR>
<TR>
<TD
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width=651 colSpan=2>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 11px" align=justify>Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligations of the registrant under any of the
following provisions:</P>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 11px"
align=justify>&nbsp;</P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top width=31>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 11px; FONT-FAMILY: Wingdings"
align=justify>o</P></TD>
<TD
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vAlign=top width=619>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 11px" align=justify>Written
communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR
230.425)</P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top width=31>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 11px; FONT-FAMILY: Wingdings"
align=justify>o</P></TD>
<TD
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vAlign=top width=619>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 11px" align=justify>Soliciting
material pursuant to Rule&nbsp;14a-12 under the Exchange Act (17 CFR
240.14a-12)</P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top width=31>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 11px; FONT-FAMILY: Wingdings"
align=justify>o</P></TD>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top width=619>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 11px"
align=justify>Pre-commencement communications pursuant to
Rule&nbsp;14d-2(b) under the Exchange Act (17&nbsp;CFR
240.14d-2(b))</P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top width=31>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 11px; FONT-FAMILY: Wingdings"
align=justify>o</P></TD>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top width=619>
<P style="MARGIN-TOP: 0px; MARGIN-BOTTOM: 11px"
align=justify>Pre-commencement communications pursuant to
Rule&nbsp;13e-4(c) under the Exchange Act (17&nbsp;CFR
240.13e-4(c))</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=justify><BR></P>
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<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="BORDER-TOP: #000000 3px double; MARGIN: 0px; PADDING-TOP: 4px"
align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR><BR></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -96px; LINE-HEIGHT: 14pt"
align=justify><B>Item 5.02</B></P>
<P style="PADDING-LEFT: 96px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify><B>Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.</B></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt"
align=justify>(e) &nbsp;<B><I>Elimination of Gross Up Protections.</I></B>
&nbsp;On September 10, 2010, the Compensation Committee of the Board of
Directors (the &#147;Committee&#148;) of Cal Dive International, Inc. (the &#147;Company&#148;)
approved amendments to the existing Severance and Change of Control Agreements
(the &#147;Agreements&#148;) with the following executive officers: Quinn J. H&#233;bert, Scott
T. Naughton and Lisa M. Buchanan. &nbsp;In line with the Company&#146;s strategy for
new severance agreements, the amended Agreements, which are effective
immediately, do not require the Company to pay executive officers a tax gross up
payment should the total severance amount trigger an excise tax under Internal
Revenue Code Section 4999. &nbsp;Instead, the severance payments will be reduced
to a level that does not trigger an excise tax if the net after-tax benefit of
such reduction exceeds the net after-tax benefit if such reduction is not made
(a &#147;best-net&#148; approach). &nbsp;This description of the amendment is qualified in
its entirety by the terms of Amendment No. 2 to Severance and Change of Control
Agreement, the form of which is attached as Exhibit 10.1 and is incorporated
herein by reference. &nbsp;</P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; LINE-HEIGHT: 14pt"
align=justify><B>Item 8.01 </B></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; TEXT-INDENT: 96px; LINE-HEIGHT: 14pt"
align=justify><B>Other Events.</B></P>
<P
style="MARGIN-TOP: 0px; FONT-SIZE: 12pt; MARGIN-BOTTOM: 16px; LINE-HEIGHT: 14pt"
align=justify><B><I>Elimination of Gross Up Protections for Senior Leadership
Team Members.</I></B> &nbsp;On September 10, 2010, the Committee adopted a new
form of Severance and Change of Control Agreement applicable to the
non-executive members of its senior leadership team. &nbsp;This new form, which
eliminates the excise tax gross up provisions and implements a &#147;best-net&#148;
approach, will replace the current Severance and Change of Control Agreements
upon their expiration on December 31, 2010. &nbsp;In addition, the Committee
amended and restated the Change of Control Severance Plan applicable to the
senior leadership team members who do not have individual agreements to remove
the excise tax gross up provisions and implement a &#147;best-net&#148; approach. </P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify><B><I>Amendment of Stock Ownership Guidelines.</I></B> &nbsp;The
Committee previously adopted minimum stock ownership guidelines to increase the
alignment of the Company&#146;s executive officers&#146; financial interests with those of
its shareholders. &nbsp;On September 10, 2010, the Committee amended the Stock
Ownership Guidelines to require that the Company&#146;s president and chief executive
officer accumulate over a five-year period shares of the Company&#146;s common stock
worth six times his annual base salary, instead of five times as previously
required.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P
style="MARGIN-TOP: 0px; PADDING-LEFT: 96px; FONT-SIZE: 12pt; MARGIN-BOTTOM: -18px; TEXT-INDENT: -96px; LINE-HEIGHT: 14pt"
align=justify><B>Item 9.01</B></P>
<P style="PADDING-LEFT: 96px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify><B>Financial Statements and Exhibits.</B></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify>&nbsp;</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify>(d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Exhibits.</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify>&nbsp;</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=justify>The
exhibit to this current report on Form 8-K is listed in the Exhibit Index, which
appears at the end of this report and is incorporated herein by reference.<A
name=_Toc158629411></A></P>
<P style="MARGIN: 0px" align=justify><BR><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>2</P>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=justify>
<HR>
<P></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center><B>SIGNATURES</B></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify>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.</P>
<P style="MARGIN: 0px" align=justify><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0 align=right >
<TR style="DISPLAY: none; FONT-SIZE: 0px" height=0>
<TD></TD>
<TD width=41></TD>
<TD width=268></TD></TR>
<TR>
<TD
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vAlign=top>
<P>&nbsp;</P></TD>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top width=334 colSpan=2>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"><B>CAL DIVE
INTERNATIONAL, INC.</B></P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top>
<P>&nbsp;</P></TD>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top width=41>
<P>&nbsp;</P></TD>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top width=268>
<P>&nbsp;</P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top>
<P>&nbsp;</P></TD>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top width=41>
<P>&nbsp;</P></TD>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top width=308>
<P>&nbsp;</P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top>
<P>&nbsp;</P></TD>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top width=41>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt">By:</P></TD>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px; BORDER-BOTTOM: #000000 1px solid"
vAlign=top width=268>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center>/s/ Lisa M. Buchanan</P></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top>
<P>&nbsp;</P></TD>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top width=41>
<P>&nbsp;</P></TD>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top width=268>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center>Lisa M. Buchanan<BR>Executive Vice President,<BR>General
Counsel and Secretary</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify>&nbsp;</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify>&nbsp;</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify>&nbsp;</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify>&nbsp;</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify>&nbsp;</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify>&nbsp;</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify>&nbsp;</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=justify>Date:
&nbsp;&nbsp;September 16, 2010</P>
<P style="MARGIN: 0px" align=center><BR>&nbsp;</P>
<P style="MARGIN: 0px" align=center>&nbsp;</P>
<P style="MARGIN: 0px" align=center>&nbsp;</P>
<P style="MARGIN: 0px" align=center><BR>&nbsp;</P>
<P align=center><FONT style="FONT-SIZE: 12pt">3</FONT></P>
<HR style="MARGIN-TOP: 9px; MARGIN-BOTTOM: 9px" noShade SIZE=1>
<P style="PAGE-BREAK-BEFORE: always; MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center><B>Cal
Dive International, Inc.</B></P>
<P style="MARGIN: 0px" align=center><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=center><B>Exhibit Index</B></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify>Exhibit</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify><U>Number</U></P>
<P style="MARGIN: 0px" align=justify><BR></P>
<TABLE style="FONT-SIZE: 10pt" borderColor=transparent cellSpacing=0>
<TR style="DISPLAY: none; FONT-SIZE: 0px" height=0>
<TD width=36></TD>
<TD width=9></TD>
<TD width=578></TD></TR>
<TR>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top width=36>
<P
style="FONT-SIZE: 12pt; MARGIN: 0px; TEXT-INDENT: 8px; LINE-HEIGHT: 14pt"
align=justify>10.1</P></TD>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top width=9>
<P style="FONT-SIZE: 12pt; MARGIN: 0px" align=justify>&nbsp;</P></TD>
<TD
style="PADDING-RIGHT: 9px; PADDING-LEFT: 9px; PADDING-BOTTOM: 0px; PADDING-TOP: 0px"
vAlign=top width=808>
<P
style="PADDING-LEFT: 6px; FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt"
align=justify>Form of Amendment No. 2 to Severance and Change of Control
Agreement, dated as of September 10, 2010, by and between Cal Dive
International, Inc. and each of Quinn J. H&#233;bert, Scott T. Naughton and
Lisa M. Buchanan.</P></TD></TR></TABLE>
<P style="MARGIN: 0px" align=justify><BR></P>
<P style="MARGIN: 0px" align=justify><BR>&nbsp;</P>
<P style="MARGIN: 0px" align=justify>&nbsp;</P>
<P style="MARGIN: 0px" align=justify>&nbsp;</P>
<P style="MARGIN: 0px" align=justify>&nbsp;</P>
<P style="MARGIN: 0px" align=justify>&nbsp;</P>
<P style="MARGIN: 0px" align=justify>&nbsp;</P>
<P style="MARGIN: 0px" align=justify>&nbsp;</P>
<P style="MARGIN: 0px" align=justify>&nbsp;</P>
<P style="MARGIN: 0px" align=justify>&nbsp;</P>
<P style="MARGIN: 0px" align=justify><BR>&nbsp;</P>
<P style="FONT-SIZE: 12pt; MARGIN: 0px; LINE-HEIGHT: 14pt" align=center>4</P>
<P style="MARGIN: 0px" align=justify><BR></P></BODY>
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form8k091610.doc
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)
:
September
10, 2010
Cal
Dive International, Inc.
(Exact name of registrant as specified in its charter)
Delaware
(State or other jurisdiction of incorporation)
001-33206
(Commission File Number)
61-1500501
(IRS Employer Identification
No.)
2500 CityWest Boulevard, Suite 2200
Houston,
Texas
(Address of principal
executive offices)
77042
(Zip
Code)
(713) 361-2600
(Registrant's telephone number, including area code)
Check the
appropriate box below if the Form 8-K filing is intended to simultaneously
satisfy the filing obligations of the registrant under any of the
following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
240.14a-12)
o
Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR
240.14d-2(b))
o
Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR
240.13e-4(c))
Item 5.02
Departure of Directors or Certain Officers; Election of
Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain
Officers.
(e)
Elimination of Gross Up Protections.
On September 10, 2010, the Compensation Committee of the Board of
Directors (the "Committee") of Cal Dive International, Inc. (the "Company")
approved amendments to the existing Severance and Change of Control Agreements
(the "Agreements") with the following executive officers: Quinn J. Hébert, Scott
T. Naughton and Lisa M. Buchanan.  In line with the Company's strategy for
new severance agreements, the amended Agreements, which are effective
immediately, do not require the Company to pay executive officers a tax gross up
payment should the total severance amount trigger an excise tax under Internal
Revenue Code Section 4999.  Instead, the severance payments will be reduced
to a level that does not trigger an excise tax if the net after-tax benefit of
such reduction exceeds the net after-tax benefit if such reduction is not made
(a "best-net" approach).  This description of the amendment is qualified in
its entirety by the terms of Amendment No. 2 to Severance and Change of Control
Agreement, the form of which is attached as Exhibit 10.1 and is incorporated
herein by reference.
Item 8.01
Other Events.
Elimination of Gross Up Protections for Senior Leadership
Team Members.
On September 10, 2010, the Committee adopted a new
form of Severance and Change of Control Agreement applicable to the
non-executive members of its senior leadership team.  This new form, which
eliminates the excise tax gross up provisions and implements a "best-net"
approach, will replace the current Severance and Change of Control Agreements
upon their expiration on December 31, 2010.  In addition, the Committee
amended and restated the Change of Control Severance Plan applicable to the
senior leadership team members who do not have individual agreements to remove
the excise tax gross up provisions and implement a "best-net" approach.
Amendment of Stock Ownership Guidelines.
The
Committee previously adopted minimum stock ownership guidelines to increase the
alignment of the Company's executive officers' financial interests with those of
its shareholders.  On September 10, 2010, the Committee amended the Stock
Ownership Guidelines to require that the Company's president and chief executive
officer accumulate over a five-year period shares of the Company's common stock
worth six times his annual base salary, instead of five times as previously
required.
Item 9.01
Financial Statements and Exhibits.
(d)        Exhibits.
The
exhibit to this current report on Form 8-K is listed in the Exhibit Index, which
appears at the end of this report and is incorporated herein by reference.
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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.
CAL DIVE
INTERNATIONAL, INC.
By:
/s/ Lisa M. Buchanan
Lisa M. Buchanan
Executive Vice President,
General
Counsel and Secretary
Date:
  September 16, 2010
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Cal
Dive International, Inc.
Exhibit Index
Exhibit
Number
10.1
Form of Amendment No. 2 to Severance and Change of Control
Agreement, dated as of September 10, 2010, by and between Cal Dive
International, Inc. and each of Quinn J. Hébert, Scott T. Naughton and
Lisa M. Buchanan.
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