Document:

exv10w2

Exhibit 10.2

AMENDMENT NO. 3

TO THE

2005 NON-EMPLOYEE DIRECTOR SHARE INCENTIVE PLAN

     The Board of Directors of GulfMark Offshore, Inc., a Delaware corporation (the “Company”)
hereby adopts the following Amendment No. 3 to the 2005 Non-Employee Director Share Incentive Plan
(this “Amendment No. 3”).

     WHEREAS, effective February 24, 2010, the Company merged with its parent corporation, GulfMark
Offshore, Inc., a Delaware corporation (“Old GulfMark”), pursuant to an Agreement and Plan of
Reorganization, dated as of October 14, 2009, with the Company as the surviving corporation (such
transaction, the “Reorganization”); and

     WHEREAS, Old GulfMark previously adopted the 2005 Non-Employee Director Share Incentive Plan
(as amended to date, the “Plan”); and

     WHEREAS, upon the Reorganization, the Company assumed the Plan and all obligations of Old
GulfMark thereunder; and

     WHEREAS, the Board of Directors believes that the definition of Common Stock contained in the
Plan should be amended to clarify that the Common Stock subject to the Plan is the Company’s Class
A Common Stock following the Reorganization; and

     WHEREAS, the Board of Directors believes it to be the best interests of the Company to amend
and clarify certain provisions relating to vesting of Stock Awards in the event of termination of
service of Non-Employee Directors; and

     WHEREAS, pursuant to Section 15 of the Plan, the Board of Directors has the authority to amend
the Plan as provided herein without the approval of the shareholders of the Company;

     NOW, THEREFORE, the Plan is hereby amended as follows:

     1. Section 1 of the Plan is hereby amended by replacing the reference to “Common Stock, par
value $.01 per share, of the Company” with the following:

“Class A Common Stock, par value $0.01 per share, of the Company”

     2. Section 7(c) of the Plan is hereby amended and restated in its entirety to read as follows:

“Such Stock Award shares granted under (a) and (b) shall be
delivered to such Non-Employee Director on the first anniversary of
each grant from the date of such grant or, if any such date is not a
business day, the next succeeding business day (each such grant of
shares, until the delivery date therefore, being referred to as an

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“Unvested Stock Award”); provided, however, that if a Non-Employee’s
service as a director of the Company terminates for any reason
(except for (i) death, (ii) disability (as defined in Section
22(c)(3) of the Code, (iii) retirement, or (iv) due to the failure
of the Company to nominate the Non-Employee Director for re-election
or the failure of such Non-Employee Director to be re-elected by the
Stockholders following nomination by the Company and the
Non-Employee Director completes his elected or appointed term of
service), any and all Unvested Stock Awards shall terminate and
become null and void.”

     3. Section 7(d) of the Plan is hereby amended and restated in its entirety to read as follows:

“In the event of death, disability (as defined in Section 22(c)(3)
of the Code, or retirement, all Unvested Stock Awards shall
immediately vest and all restrictions thereon shall lapse.”

     4. Section 7(e) of the Plan is hereby added to read as follows:

“In the event a Non-Employee Director’s service terminates due to
the failure of the Company to nominate the Non-Employee Director for
re-election or the failure of such Non-Employee Director to be
re-elected by the Stockholders following nomination by the Company
and the Non-Employee Director completes his elected or appointed
term of service, all Unvested Stock Awards shall vest and all
restrictions thereon shall lapse upon the earlier of (i) the first
anniversary of their date of grant or (ii) immediately prior to the
adjournment of the Annual Meeting of Stockholders of the Company
where such Non-Employee Director was not re-elected.”

Adopted by the Board of Directors on

March 17, 2010

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Exhibit 10.3

GulfMark Offshore, Inc.

2005 Non-Employee Director Share Incentive Plan:

Stock Award Agreement

	 	 	 
	Payment for Shares

	 	No payment is required for the shares that you are receiving.
	 
	 	 
	Vesting

	 	The shares that you are receiving will vest in installments, as
shown in the Notice of Stock Award. In addition, the shares vest
in full if a “Change in Control” (as defined in the Plan) occurs
before your tenure as a director terminates. Except as expressly
provided in the Plan, no additional shares vest after you are no
longer a Director for any reason.
	 
	 	 
	Shares Restricted

	 	Unvested shares will be considered “Unvested Stock Awards.” You may
not sell, transfer, pledge or otherwise dispose of any Unvested
Stock Awards without the written consent of the Company.
	 
	 	 
	Forfeiture

	 	If your term as a director terminates for any reason, except as
expressly permitted in the Plan, then your shares will be forfeited
to the extent that they have not vested before the termination date
and your shares do not vest as a result of the termination. This
means that the Unvested Stock Awards will immediately revert to the
Company. You receive no payment for Unvested Stock Awards that are
forfeited.
	 
	 	 
	 

	 	The Company determines when your term as a director terminates for
this purpose.
	 
	 	 
	Stock Certificates

	 	Any certificates for Unvested Stock Awards that are issued by the
Company will have stamped on them a special legend. The Company
will have no obligation to deliver any shares to you unless such
delivery or distribution would comply with all applicable laws
(including the Securities Act), and the applicable requirements of
any securities exchange or similar entity. As your Unvested Stock
Awards vest, you may request that the Company release to you a
non-legended certificate for your vested shares.
	 
	 	 
	Voting Rights

	 	You may vote your shares even before they vest.
	 
	 	 
	Withholding Taxes

	 	You understand that you (and not the Company) are responsible for

 

 

	 	 	 
	 

	 	your own federal, state, local or foreign tax liability and any of
your other tax consequences that may arise as a result of the
transactions contemplated by this Agreement. You shall rely solely
on the determinations of your tax advisors or your own
determinations, and not on any statements or representations by the
Company or any of its agents, with regard to all such tax matters,
including, with regard to determining whether you are eligible to
make an election with respect to the Unvested Award Shares under
Section 83(b) of the Internal Revenue Code of 1986, as amended (the
“Code”), and determining whether such an election would be in your
best interests. You shall notify the Company in writing if you
file an election pursuant to Section 83(b) of the Code with the
Internal Revenue Service within 30 days from the date of the
acquisition of the Award Shares hereunder.
	 
	 	 
	 

	 	No stock certificates will be released to you unless you have made
acceptable arrangements to pay any withholding taxes that may be
due as a result of this award or the vesting of the shares. Within
the Company’s consent, these arrangements may include (a)
withholding share of Company stock that otherwise would be issued
to you when they vest or (b) surrendering shares that you
previously acquired. The fair market value of the shares you
surrender, determined as of the date when taxes otherwise would
have been withheld in cash, will be applied as a credit against the
withholding taxes.
	 
	 	 
	Restrictions on Resale

	 	You agree not to sell any shares at a time when applicable laws,
Company policies or an agreement between the Company and its
underwriters prohibit a sale. This restriction will apply as long
as you serve as a director and for such period of time after the
termination of your serving as a director as the Company may
specify.
	 
	 	 
	Tenure

	 	Your right, if any, to continue to serve as a director of the
Company or any of its subsidiaries or affiliates is not enlarged or
otherwise affected by your designation as a participant under this
Plan.
	 
	 	 
	Adjustments

	 	If there shall be any change in the Company’s Class A Common Stock,
through merger, consolidation, reorganization, recapitalization,
stock dividend, stock split, reverse stock split, split up,
spin-off, combination of shares, exchange of shares, dividend in
kind or other like change in capital structure or distribution
(other than normal cash dividends) to stockholders of the Company,
an adjustment shall be made to your Stock Award (including any
Unvested Stock Award) so that your Stock Award will thereafter be
exercisable or vested and deliverable for such property as would
have been received for the Class A Common Stock subject to your
Stock Award had your Stock Award been exercised or vested and
delivered in full immediately prior to such change or

 

 

	 	 	 
	 

	 	distribution,
and an adjustment shall be made each time any such change occurs.
	 
	 	 
	Applicable Law

	 	This Agreement will be interpreted and enforced under the laws of
the State of Delaware (without regard to their choice-of-law
provisions).
	 
	 	 
	The Plan and Other Agreements

	 	The text of the Plan is incorporated in this Agreement by reference.
	 
	 	 
	 

	 	This Agreement and the Plan constitute the entire understanding
between you and the Company regarding this awarded. Any prior
agreements, commitments or negotiations concerning this award are
superseded. This Agreement may be amended only by another written
agreement between the parties.
	 
	 	 
	Spousal Consent

	 	By executing the cover sheet of this Agreement, your spouse
acknowledges that he or she is fully aware of, understands, and
fully consents and agrees to, the provision of this Agreement and
its binding effect, and your spouse hereby acknowledges,
stipulates, confesses and agrees that the Unvested Award Shares
owned by you as of the date of this Agreement are your separate
property or community property subject to your sole management and
control.

By signing the cover sheet of this Agreement, you agree to all of the terms and conditions described

above and in the Plan.

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