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This Consulting Agreement
(the “Agreement”) is entered into as of July 4,
2008, by and between Helix Energy Solutions Group, Inc. (the
“Company”) and A. Wade Pursell
(“Consultant”) to set forth the agreement of the
Company and Consultant (individually, a “Party” and
collectively, the “Parties”), with respect to the
engagement of Consultant and the terms and conditions of such
engagement.
The Company hereby engages
Consultant to perform certain consulting, advisory and management
services and to provide certain information and expertise to the
Company, including advice and general business and financial
analysis, as the Company may from time to time request
(collectively, the “Services”). The Parties hereby
acknowledge and agree that the Services provided hereunder shall be
less than 20 percent of the average level of services
performed by Consultant as an employee of the Company in the
36-month period immediately prior to the date hereof.
As consideration for the
Services to be rendered hereunder, the Company shall pay Consultant
an amount equal to Thirty Thousand Four Hundred and Fifteen Dollars
($30,415) per month (which the Company may pay in monthly or
bi-weekly payments); provided, however, that such consulting fees
during the initial six-month period commencing on the date hereof
will be accumulated and paid to Consultant in one aggregate payment
six months after the date hereof on January 4, 2009. In the
event the Consultant should die prior to the Termination Date, all
amounts payable hereunder through the Termination Date, shall be
due and payable to Consultant’s estate within 30 days of
Consultant’s death.
The term of this Agreement
shall commence on the date hereo
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