exv10w37






Exhibit 10.37



AMENDMENT ONE TO PARTICIPATION AGREEMENT


SUPPLEMENTAL INCOME PLAN OF GULFMARK OFFSHORE, INC.


Compliance with IRC § 409A for post-2004 deferrals



          You, Bruce A. Streeter, became a participant in the Supplemental Income Plan of Gulfmark
Offshore, Inc. (the “Plan”) effective January 1, 2000. Effective generally as of January 1, 2005
for amounts deferred under the Plan after 2004, Section 409A of the Internal Revenue Code of 1986,
as amended (“Section 409A”) imposed new requirements on nonqualified deferred compensation. This
Amendment One to Participation Agreement (this “Amendment”) conforms your participation in the Plan
to the requirements of Section 409A for amounts deferred under the Plan after 2004.




          By executing our signatures below, you and Gulfmark Offshore, Inc. (the “Company”)
indicate our agreement that this Amendment shall be binding on us with respect to amounts
deferred under the Plan for you after 2004.




          Effective January 1, 2005, for amounts deferred after December 31, 2004, we agree that
the Plan is amended as follows with respect to your participation:




          1. The following sentence is added at the end of Section 2.7:





Additionally, for amounts deferred after December 31, 2004
(determined in accordance with the rules under Section 409A of the
Internal Revenue Code of 1985, as amended (“Section 409A” of the
“Code”)), an Executive shall not be deemed to have undergone a
“termination of employment” for purposes of determining his
“Retirement Date” unless and until the Executive has undergone a
“separation from service” under Section 409A.



          2. The following sentence is added at the end of Section 4.1 of the Plan:




Additionally, the portion of the Executive’s Deferred Benefit
Account attributable to amounts deferred after December 31, 2004
shall in no event be later than the later of (a) December 31 of the
calendar year in which the Executive’s Retirement Date occurs or (b)
the 75th day following the Executive’s Retirement Date; provided,
however, that if the Executive is a “specified employee” under
Section 409A and his “Retirement Date” occurs because of his
separation from service, then the portion of his Deferred Benefit
Account attributable to amounts deferred after December 31 , 2004
shall not be paid to him until the later of (a) the date six months
after his separation from service or (b) the date 18 months



 









 






after the date on which the Plan was amended by its Amendment One
to Participation Agreement.


3. A new Section 7.3 is added to the Plan, to read as follows:





7.3 Notwithstanding any other provision of this Plan, in no case
shall any amendment to the Plan, including its termination, result
in the payment to the Executive of any portion of the his Deferred
Benefit Account before his Retirement Date, except in compliance
with the requirements under Section 409A.



	 	 	 	 	 	 	 
	 	 	GULFMARK OFFSHORE, INC.	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Quintin V. Kneen

	 	 
	 
	 

	 	Its:
	 	CFO
	 	 
	 
	 

	 	Date:
	 	12-28-2010 

	 	 
	 

	 	 	 	
	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	/s/ Bruce A. Streeter
	 	 
	 	 	Bruce A. Streeter, Participant	 	 
	 

	 	Date:
	 	12-28-10