Amend No. 4 to Executive Employment Agreement



 






EXHIBIT 10.50




AMENDMENT NO. 4 TO

EXECUTIVE EMPLOYMENT AGREEMENT

BY AND BETWEEN

SEABULK INTERNATIONAL, INC. AND GERHARD E. KURZ




     This Amendment No. 4 to the Executive Employment Agreement by and between Seabulk
International, Inc., a Delaware corporation formerly known as Hvide Marine Incorporated (the
“Company”), and Gerhard E. Kurz (“Executive”), dated as of April 18, 2000 (the “Agreement”),
is entered into as of the 18th day of April, 2005.



     WHEREAS, the Company and Executive desire to amend the Agreement in certain respects, and
the Compensation Committee of the Board of Directors of the Company authorized this amendment on
April 18, 2005;



     NOW, THEREFORE, in consideration of the mutual covenants and the mutual benefits provided
in the Agreement, the receipt and sufficiency of which are hereby acknowledged, the Company and
Executive hereby amend the Agreement as set forth below:



     1. The following new Section 8.7 shall be added to the Agreement:




     “8.7 Notwithstanding any provision of this Agreement to the contrary, if
Executive’s employment with the Company is terminated for any reason other than for
“cause” or without “good reason,” as defined herein, the Company shall pay Executive
a single lump sum cash payment in respect of his accrued but unused vacation days
(if any) for the year of termination within five (5) days after the date of such
termination of employment.”



     2. The text of Item 1 of Amendment No. 3 to the Agreement, designated as Section 4.3(b) of the
Agreement in such amendment, is hereby re-designated as new Section 8.8 of the Agreement and is
hereby restated in its entirety as follows:




     “8.8 Notwithstanding any provision of this Agreement to the contrary, if
Executive’s employment with the Company is terminated “without cause” or for “good
reason,” as defined herein, within two years after the date upon which a Change in
Control occurs, then the Company will take the following actions, such actions to be
taken as of the last day of Executive’s employment with the Company unless otherwise
provided below:




          (a) Cause any and all outstanding options to purchase common stock of
the Company and any and all restricted stock which have not become
nonforfeitable held by Executive to become immediately exercisable and
nonforfeitable in full; and cause Executive’s accrued benefits under any and
all nonqualified deferred compensation plans sponsored by the Company to
become immediately nonforfeitable.



 









 






          (b) Cause any and all outstanding options to purchase common stock of
the Company held by Executive to remain exercisable for thirty-six (36)
months after the last day of Executive’s employment with the Company (but in
no event shall any such option be exercisable for (i) a longer period than
the original term of such option or (ii) a shorter period than that already
provided for under the terms of such option).




          (c) If Executive’s employment with the Company terminates prior to the
payment of incentive awards under the Company’s Management Annual Incentive
Compensation Plan (“MAICP”) for the 2005 calendar year, pay Executive,
within five (5) days after the date of such termination of employment, a
lump sum cash payment equal to 100% of the 2005 maximum incentive award
specified for Executive under the MAICP multiplied by a fraction, the
numerator of which shall be the number of days Executive was employed by the
Company during calendar year 2005 and the denominator of which shall be
365.”



     3. As so amended, the Agreement remains in full force and effect.



     IN WITNESS WHEREOF, each of the parties hereto has caused this Amendment No. 4 to be duly
executed and delivered as of the day and year first written above.



	 	 	 
	 

	 	SEABULK INTERNATIONAL, INC.
	 
	 	 
	/s/ Gerhard E. Kurz

	 	/s/ Alan R. Twaits
	 

	 	 
	GERHARD E. KURZ

	 	By: Alan R. Twaits, Sr. Vice President







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