Document:

Employment Agreement

 Exhibit 10.9 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT (the
“Agreement”) is entered into as of April 12, 2007 (the “Effective Date”) between REGENERX BIOPHARMACEUTICALS, INC., a Delaware corporation (the
“Company”), and C. Neil Lyons (the “Executive”). 
 RECITALS 
 WHEREAS, the Executive possesses substantial knowledge and experience with respect to the Company’s business, in particular finance,
accounting and administration; and 
 WHEREAS, the Company desires to employ the Executive to have the benefits of his expertise and
knowledge. The Executive, in turn, desires employment with the Company. The parties, therefore, enter into this Agreement to establish the terms and conditions of the Executive’s employment with the Company. 
 In consideration of the mutual covenants and representations contained in this Agreement, the Company and the Executive agree as follows: 
 1. Employment of Executive; Position. The Company agrees to employ the Executive and the Executive agrees to be employed by the Company as the Chief
Financial Officer subject to the terms and conditions of this Agreement. In connection therewith, Executive shall devote his best efforts, experience and judgment and all of his business time and attention (except for vacation periods as set forth
herein and reasonable periods of illness or other incapacities permitted by the Company’s general employment policies) to the business of the Company. 
 2. Term of Employment and Renewal. The term of Executive’s employment under this Agreement will commence on the Effective Date. Unless terminated earlier subject to the provisions of Section 13 of this
Agreement, the term of Executive’s employment hereunder shall be for one (1) year from the Effective Date and shall renew each year on the anniversary of the Effective Date, unless either party provides written notice thirty days before
the anniversary of the Effective Date (the “Term”). The last day of the Term is the “Expiration Date.” 
 3. Duties.
During the Term, the Executive shall serve in an Executive capacity and shall perform such duties and responsibilities as are customarily associated with his position and such other duties not inconsistent with his title and position and as may be
assigned to him by the Company. Executive shall act in conformity with the written and oral policies of the Company and within the limits, budgets, business plans and instructions as set by its Board of Directors (the “Board”). Executive
shall be subject to the authority of the Board and the Company’s duly appointed officers, including the President and Chief Executive Officer (“CEO”). 
 4. Place of Employment. Executive acknowledges that the Company’s offices and headquarters are currently located in the County of Montgomery, State of Maryland and that shall be the initial
site of Executive’s employment. 
 5. Other Employment Policies. The employment relationship between the parties shall also be
governed by the general employment policies and practices of the Company, including those relating to protection of confidential information and assignment of inventions, except that when the terms of this Agreement differ from or are in conflict
with the Company’s general employment policies or practices, this Agreement shall control. 
  

 6. Compensation. 
 6.1 Base Salary. The Executive shall receive an annual base salary of one hundred and ninety six thousand, six hundred and thirty eight U.S. Dollars (US$196,638) (the “base salary”),
subject to standard federal and state payroll withholding requirements. The base salary shall be payable in equal periodic installments which are not less than on a monthly basis. The Company will review and may adjust the base salary from time to
time, usually annually. 
 6.2 Bonus. The Executive shall be eligible to receive an annual bonus in such amount
as shall be determined in the sole discretion of the Company’s Board of Directors and CEO. 
 6.3 Life Insurance. The Company
will reimburse the Executive for 2/3 of his annual term life insurance premium, which premium shall be: (i) for term life insurance coverage not to exceed two times his annual salary, and (ii) reasonable and mutually agreeable. 

7. Stock. 
 7.1 Stock
Options. To date, the Executive has been granted options to purchase 275,000 shares of the Company’s common stock. Additionally, and from time to time at the sole discretion of the Company’s Board of Directors, the Company may make
additional stock option awards to the Executive. 
 7.2 Acceleration Clause for Stock Vesting. 
 (a) In the event of a Change In Control event as set forth under Section 12.1 of this Agreement, the Executive’s shares
of stock under the options granted in Section 7.1 shall immediately vest and be released from the Company repurchase option. 
 (b) In the event the Executive is terminated without cause by the CEO, the Executive shall receive accelerated vesting only for those shares that would have vested during that employment year had the Executive not been terminated.

 (c) In the event the Executive is terminated without cause by a new CEO, the Executive’s options granted in
Section 7.1 shall immediately vest. 
 8. Benefits. Executive shall be entitled to (i) participate in and receive all standard
employee benefits under applicable Company welfare benefits plans and programs (if and when such benefits are established by the Company) to the same extent as other senior executives of the Company; (ii) participate in all applicable incentive
plans, including stock option, stock, bonus, savings and retirement plans provided by the Company (if and when such plans are established by the Company), which are offered to senior executive officers in the company; (iii) receive such
perquisites as the Company may establish from time to time which are commiserate with Executive’s position and comparable to those received by other senior executives of the Company; (iv) paid vacation of at least three (3) weeks per
annum; and (v) holidays, leaves of absence and leaves for illness and temporary disability in accordance with the policies of the Company and federal, state and local law. 
 9. Outside Activities. 
 9.1 Other Employment/Enterprise.
Except with the prior written consent of the Company’s Board of Directors, Executive will not, while employed by the Company undertake or 

  

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engage in any other employment, occupation or business enterprise, other than ones in which Executive is a passive investor. Executive may engage in civic
and not-for-profit activities or serve as a member of a not-for-profit or for-profit board of directors so long as such activities do not materially interfere or conflict with the performance of his duties hereunder. 
 9.2 Conflicting Interests. Except as permitted by Section 9.3, while employed by the Company, Executive agrees not to
acquire, assume or participate in, directly or indirectly, any position, investment or interest known by him to be adverse or antagonistic to the Company, its business or prospects, financial or otherwise. 
 9.3 Competing Enterprises. While employed by the Company, except on behalf of the Company, Executive will not directly or
indirectly, whether as an officer, director, stockholder, partner, proprietor, associate, representative, consultant, or in any capacity whatsoever engage in, become financially interested in, be employed by or have any business connection with any
other person, corporation, firm, partnership or other entity whatsoever which were known by him to compete directly with the Company, throughout the world, in any line of business engaged in (or planned to be engaged in) by the Company; provided,
however, that anything above to the contrary notwithstanding, he may own, as a passive investor, securities of any public competitor corporation, so long as his direct holdings in any one such corporation shall not in the aggregate constitute more
than 1% of the voting stock of such corporation. 
 10. Proprietary Information, Nonsolicitation, Noncompetition and Inventions Assignment
obligations. As a condition of employment, Executive agrees to abide by the Proprietary Information, Nonsolicitation, Noncompetition and Inventions Assignment Agreement previously entered into on April 18, 2005. 
 11. Former Employment 
 11.1 No
Conflict With Existing Obligations. Executive represents that his performance of all the terms of this Agreement and as an employee of the Company does not and will not breach any agreement or obligation of any kind made prior to his
employment by the Company, including agreements or obligations he may have with prior employers or entities for which he has provided services. Executive has not entered into, and agrees he will not enter into, any agreement or obligation either
written or oral in conflict herewith. 
 11.2 No Disclosure of Confidential Information. If, in spite of the
second sentence of Section 11.1, Executive should find that confidential information belonging to any former employer might be usable in connection with the Company’s business, Executive will not intentionally disclose to the Company or
use on behalf of the Company any confidential information belonging to any of Executive’s former employers (except in accordance with agreements between the Company and any such former employer); but during Executive’s employment by the
Company he will use in the performance of his duties all information which is generally known and used by persons with training and experience comparable to his own and all information which is common knowledge in the industry or otherwise legally
in the public domain. 
 12. Change of Control. 
 12.1 Definition. “Change of Control” shall be deemed to occur upon any of the following events: 
 (a) the dissolution or liquidation of the Company; 
  

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 (b) the sale of all or substantially all of the assets of the Company to an unrelated person or
entity; 
 (c) a merger, reorganization or consolidation in which the holders of the Company’s outstanding voting power
immediately prior to such transaction do not own a majority of the outstanding voting power of the surviving or resulting entity immediately upon completion of such transaction; 
 (d) the sale of all of the Stock of the Company to an unrelated person or entity; 
 (e) if any “individual, firm, corporation, or other entity, or any group (as defined in § 13(d) of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”)), other than (1) a trustee or other fiduciary holding securities of the Company under an employee benefit plan of the Company or (2) the Executive becomes the “beneficial owner” (as
defined in Rule 13d-3 under the Exchange Act), directly or indirectly, of securities of the Company representing 50% or more of (A) the outstanding shares of common stock of the Company, or (B) the combined voting power of the
Company’s then-outstanding securities entitled to vote generally in the election of directors; or 
 (f) any other transaction in
which the owners of the Company’s outstanding voting power prior to such transaction do not own at least a majority of the outstanding voting power of the relevant entity after the transaction, in each case, regardless of the form thereof.

 12.2 Severance.  
 (a) In the event the Executive’s employment is terminated without Cause, as defined in Section 13.1 of this Agreement, or the employee terminates this Agreement for any reason within 12 months after a
change of control event, as defined in Section 12.1, provided that the Release described below has become effective, the Company shall pay Executive beginning not later than thirty (30) days following the date of termination, a severance
payment, less any applicable federal and state taxes and withholdings (“Severance Payment”). Such Severance Payment shall be paid to Executive, following Severance, in equal monthly installments during the period as set forth in
Section 12.2 (b). To receive such payment, the Executive shall be required to execute a general release of any claims against or liability by the Company, its officers, directors, agents and employees (the “Release”) within twenty-one
days of the effective date of termination (the “General Release”). 
 (b) Severance pursuant to 12.2 (a) shall include
and be calculated as follows: six (6) months Severance. Severance shall include salary and medical and dental insurance payments as describe herein. In no event, shall Severance Payment be more than 50% of Executive’s annual salary, other
than as to medical and dental insurance. 
 13. Termination. The parties acknowledge that Executive’s employment with the Company
is at-will. The provisions of Sections 13.1 through 13.5 govern the amount of compensation, if any, to be provided to Executive upon termination of employment and do not alter this at-will status. 
 13.1 Termination by the Company Without Cause. 
 (a) The Company shall have the right to terminate Executive’s employment with the Company at any time without Cause (as that term is defined in section 13.2) by giving notice as described in
Section 13.5 of this Agreement. 
  

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 (b) In the event Executive’s employment is terminated without Cause, the Company shall pay
the Executive Severance, provided, that, the Executive shall not receive Severance unless and until the General Release becomes effective. 
 13.2 Termination by Company for Cause. 
 (a) The Company, by action of its Board, may terminate the
Executive’s employment under this Agreement for Cause at any time by giving notice as described in Section 13.5 of this Agreement. 
 (b) “Cause” for termination means: (i) refusal, failure or neglect to perform the material duties of his employment under this Agreement (other than by reason of the Executive’s physical or mental illness or
impairment); (ii) committing willful dishonesty, fraud, embezzlement or misconduct with respect to the business or affairs of the Company; (iii) indictment or conviction of a felony or of any crime involving dishonesty or moral turpitude;
or (iv) Executive’s refusal to abide by or comply with the directives of the Board or Chief Executive Officer, so long as those directives are lawful and ethical. 
 (c) In the event Executive’s employment is terminated at any time with cause, he will not receive Severance pay or any further compensation.

 13.3 Voluntary Termination By Executive. 
 (a) Executive may voluntarily terminate his employment with the Company at any time by giving notice as described in Section 13.5. 

(b) In the event Executive voluntarily terminates his employment, he will not receive Severance or any further compensation. 
 13.4 Termination for Inability to Regularly Perform Duties. 
 (a) Company may terminate Executive in the event of Executive’s death, or any illness, disability or other incapacity in such a manner that
Executive is rendered unable regularly to perform his duties hereunder for more than either ninety (90) consecutive days or more than a total of one hundred twenty (120) days in any consecutive twelve (12) month period, unless
otherwise prohibited by any applicable federal, state, or local law or ordinance. 
 (b) The determination regarding whether Executive
is unable regularly to perform his duties under (a) above shall be made by a doctor mutually acceptable to the Executive and the Company. Executive’s inability to be physically present on the Company’s premises shall not constitute a
presumption that Executive is unable to perform such duties. 
 13.5 Notice; Effective Date of Termination.
Termination of Executive’s employment pursuant to this Agreement shall be effective on the earliest of: 
 (a) thirty
(30) days after Executive, for any reason, gives written notice to the Company of his termination; 
 (b) thirty (30) days
after the Company, without cause, gives written notice to Executive of his termination; Executive will receive compensation through the 30-day notice period in 

  

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the event of termination for any reason. However, the Company reserves the right to require that the Executive not perform any services or report to work
during the 30-day notice period. 
 (c) immediately upon the Company giving written notice to Executive of his
termination. Notices. Any notices provided hereunder must be in writing and shall be deemed effective upon the earlier of personal delivery (including personal delivery by hand, telecopier, or telex) or the third day after mailing by
first class mail, to the Company at its primary office location and to Executive at his address as listed on the Company payroll. 
 14.
Validity; Complete Agreement. This Agreement and its Exhibit constitute the entire agreement between Executive and the Company. This Agreement is the complete, final, and exclusive embodiment of their agreement with regard to this
subject matter and supercedes any prior oral discussions or written communications and agreements. This Agreement is entered into without reliance on any promise or representation other than those expressly contained herein, and it cannot be
modified or amended except in writing signed by the CEO. 
 15. Waiver. Any waiver of any breach of this Agreement must be in writing.
If either party should waive any breach of any provisions of this Agreement, he or it shall not thereby be deemed to have waived any preceding or succeeding breach of the same or any other provision of this Agreement. 
 16. Severability. Whenever possible, each provision of this Agreement will be interpreted in such manner as to be effective and valid under
applicable law, but if any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect under any applicable law or rule in any jurisdiction, such invalidity, illegality or unenforceability will not affect any other
provision or any other jurisdiction, but this Agreement will be reformed, construed and enforced in such jurisdiction as if such invalid, illegal or unenforceable provisions had never been contained herein. 
 17. Amendment. This Agreement shall not be modified or amended except by written agreement of the parties hereto. 
 18. Choice of Law; Jurisdiction. This Agreement shall be governed by and construed in accordance with the law of the State of Maryland regardless of
the choice of law provisions of the State of Maryland or any other jurisdiction. The Parties consent to the exclusive jurisdiction of the federal and state courts in Maryland. 
 19. Arbitration of Disputes. Any controversy or claim arising out of this Agreement or any aspect of the Executive’s relationship with the Company including the cessation thereof shall be
resolved by arbitration in accordance with the Company’s Dispute Resolution Policy, which is Attachment A to this Agreement and incorporated herein by reference. This policy provides that any dispute between Executive and the Company that is
covered by the Dispute Resolution Policy and cannot be resolved on a more informal basis shall be resolved exclusively through final and binding arbitration, instead of litigation. The parties agree that the award of the arbitrator shall be final
and binding. 
 20. Indemnification. During the Term of this Agreement, the Executive shall be entitled to coverage under any liability
insurance procured by Company to the same extent as other senior executives at the Company. 
 21. Counterpart. This Agreement may be
executed in any number of counterparts, all of which shall be considered one and the same agreement. 
  

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 22. Delay; Partial Exercise. No failure or delay by any party in exercising any right, power or
privilege under this Agreement shall operate as a waiver thereof; nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or further exercise thereof or the exercise of any other right, power or
privilege. 
 23. Successors and Assigns. This Agreement is intended to bind and inure to the benefit of and be enforceable by Executive
and the Company, and their respective successors, assigns, heirs, executors and administrators, except that Executive may not assign any of his duties hereunder and he may not assign any of his rights hereunder without the written consent of the
Company, which shall not be withheld unreasonably. 
 24. Mutual Acknowledgement. The Executive and the Company hereby acknowledge that
both parties have read and fully understand the terms of the Agreement and are entering into the Agreement knowingly and voluntarily. 
 25.
Headings. The headings of the sections hereof are inserted for convenience only and shall not be deemed to constitute a part hereof nor to affect the meaning thereof. 
 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the day and year first written above. 
  

			
	       “EXECUTIVE”
       C. Neil Lyons

		
		 	/S/    C. NEIL LYONS
		 	By: C. Neil Lyons

  
  

			
	       “THE COMPANY”
       RegeneRx Biopharmaceuticals, Inc.

		
		 	/S/    J.J. FINKELSTEIN
		 	 By: J.J. Finkelstein
 Title: President &
CEO

  

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 Attachment A 
 DISPUTE RESOLUTION POLICY 
 Scope of Policy 
 This Policy applies to any controversy, claim or dispute that could be brought before a court or agency, whether based on contract or tort or any state, federal or local
law (collectively, a “Claim”), relating to or arising out of your employment with or separation from RegeneRx Biopharmaceuticals, Inc. (“RegeneRx”), or the termination thereof. This Policy does not apply to claims for
unemployment or workers’ compensation, temporary injunctive relief necessary to prevent irreparable harm or to enforce an arbitration decision issued in accordance with this Policy. 
 Informal Resolution and Mediation 
 You shall provide RegeneRx’s Principal with a written statement of the
claim (“Statement of Claim”). Similarly, if RegeneRx has a Claim against you, it shall provide you with a Statement of Claim. The Statement of Claim will describe the Claim to be resolved, identify any documents and witnesses (or other
people who have information) relating to the Claim, and request the relief sought. The responding party shall have 15 working days in which to offer the relief requested or proposed, or otherwise satisfy the demand of the aggrieved party. If the
Claim has not been resolved and the aggrieved party wants to pursue the matter, then the aggrieved party shall request within 10 working days that the Claim be submitted to non-binding mediation in Montgomery County, Maryland, before a mediator to
be jointly selected by the parties. RegeneRx will pay the mediator’s fee. Such mediation must be held within 90 days of the request for mediation. 
 Arbitration 
 If mediation does not resolve the Claim and the aggrieved party wants to pursue the matter, the Claim will be resolved
by binding arbitration in Montgomery County, Maryland, in accordance with applicable JAMS Employment Arbitration Rules and Procedures (“Rules”) (for full text of the Rules, please see www.jamsadr/arbitration_guide.asp). Except as otherwise
specifically provided herein, hearings under this Policy will be conducted in accordance with the Rules. If there is a conflict between this Policy and the Rules, this Policy will govern. 
 Time Limits 
 The aggrieved party must request arbitration in
accordance with the Rules within the limitations period that would apply if the Claim had been filed in court or with an administrative agency under statute or common law. 
 Failure to demand arbitration within this time period shall constitute a waiver of all rights to bring such a Claim. Arbitration cannot be requested until the party has submitted a Statement of Claim and exhausted the
informal resolution and mediation procedure described in this Policy. 
 Terms of Arbitration. 
 Arbitrations under this Policy will be governed by the Federal Arbitration Act, 9 U.S.C. § 1, et seq. The parties shall attempt to agree upon an arbitrator who
shall hear and decide the dispute. If the parties are unable to agree upon a mutually acceptable arbitrator, they shall select an arbitrator through the 

  

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procedures established by the Rules. Both parties will be entitled to discovery and to be represented by counsel if they choose. 
 RegeneRx will pay the arbitrator’s costs and fees. RegeneRx and the employee or former employee each is solely responsible for its own attorneys’ fees and
costs incurred (such as for production of documents, witness fees, transcripts, depositions, etc.), unless the arbitrator shall order the award of attorney’s fees and costs in accordance with the applicable law. 
 Arbitrator’s Authority. 
 The arbitrator shall have the
authority to rule only on an issue that has been submitted in a Statement of Claim in accordance with these procedures. Failure to submit a Statement of Claim in accordance with these procedures will constitute a waiver of the right to pursue any
Claim under this Policy or in any court or other forum. The arbitrator shall base the decision and award, if any, on the facts presented in briefs and at the hearing in accordance with governing prevailing law, including statutory and judicial
authority. The arbitrator must follow RegeneRx’s personnel policies as set forth in the Policy Manual in effect at the time of the event resulting in the complaint. The arbitrator may not ignore, modify or revoke any lawful provision of this
Policy or any other RegeneRx policy. The arbitrator’s authority shall be consistent with the Rules. 
 The Arbitrator’s Decision/Award.

 The arbitrator’s decision will be final and binding on RegeneRx and the employee/former employee and may be recorded as a judgment in a court
of competent jurisdiction. 
 Arbitration As Exclusive Means For Resolution. 
 In exchange for the parties’ mutual agreement to submit claims to the arbitration process, and to preserve the expeditious and inexpensive nature of arbitration, which is of value to the parties, the parties
agree that arbitration shall be the sole and exclusive means of resolution of all Claims. Further, the parties expressly waive their right, if any, to have controversies between them decided by a court or jury. 
 Nothing in the Policy shall limit the right of the parties to obtain from a court of competent jurisdiction either (1) injunctive relief where necessary to prevent
irreparable harm or violation of any trade secret and confidentiality agreement then in force, or (2) enforcement of an arbitration decision issued in accordance with this Policy. 
 Miscellaneous. 
 RegeneRx may modify the Dispute Resolution Policy in writing, by providing employees with 30
days notice of the modification. No other form of modification shall be valid. Any Claim arising prior to the effective date of the modification would be handled pursuant to the procedures in existence prior to the change, except by mutual
agreement. If any of the provisions of this Policy are determined to be invalid by a court or governing agency of competent jurisdiction, it is agreed that such determination shall not affect the enforceability of the other provisions of this
Policy. 
  

 9Severance Agreement between Tidewater Inc. and J. Keith Lousteau

 Exhibit 10.1 
 SEVERANCE AGREEMENT 
 This Severance Agreement (“Agreement”) between Tidewater Inc., a
Delaware corporation (the “Company”), and J. Keith Lousteau (the “Executive”) is dated as of May 10, 2007 (the “Agreement Date”). 
 ARTICLE 1 
 DEFINITIONS 
 As used in this Agreement, the following terms have the meanings specified: 
 Section 1.1 Cause. “Cause” shall mean: 
 (a) the willful and continued
failure of the Executive to perform substantially the Executive’s duties with the Company or its Affiliates (other than any such failure resulting from incapacity due to physical or mental illness), after a written demand for substantial
performance is delivered to the Executive by the board of directors of the Company (the “Board”) which specifically identifies the manner in which the Board believes that the Executive has not substantially performed the Executive’s
duties; 
 (b) the Executive’s conviction of, or plea of guilty or nolo contendere to, a felony or other crime involving
dishonesty or moral turpitude; or 
 (c) the willful engaging by the Executive in conduct which is demonstrably and materially
injurious to the Company or its subsidiaries, monetarily or otherwise. 
 For purposes of this provision, no act or failure to act, on the
part of the Executive, shall be considered “willful” unless it is done, or omitted to be done, by the Executive in bad faith or without reasonable belief that the Executive’s action or omission was in the best interests of the Company
or its Affiliates. The cessation of employment of the Executive shall not be deemed to be for Cause unless his action or inaction meets the foregoing standard and until there shall have been delivered to the Executive a copy of a resolution duly
adopted by the affirmative vote of not less than three-quarters of the entire membership of the Board at a meeting of the Board called and held for such purpose, finding that, in the good faith opinion of the Board, the Executive is guilty of the
conduct described in subparagraph (a), (b) or (c) above, and specifying the particulars thereof in detail. 
 Section 1.2
Confidential Information. “Confidential Information” shall mean any information, knowledge or data of any nature and in any form (including information that is electronically transmitted or stored on any form of magnetic or
electronic storage media) relating to the past, current or prospective business or operations of any of the Companies, that at the time or times concerned is not generally known to persons engaged in businesses similar to those conducted or
contemplated by any of the Companies, whether produced by any of the Companies or any of their respective consultants, agents or independent contractors or by the Executive, and whether or not marked confidential, including without limitation
information 

  

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relating to any of the Companies’ services, projects or jobs, estimating or bidding procedures, bidding strategies, business plans, business
acquisitions, joint ventures, trade secrets, marketing data, strategies or techniques, financial reports, budgets, projections, cost analyses, pricing information and analyses, employee lists, customer records, customer lists, customer source lists,
and internal notes and memoranda relating to any of the foregoing. 
 Section 1.3 Date of Termination. “Date of Termination”
shall mean (a) if the Executive’s employment is terminated by the Company, the date on which the Company notifies the Executive of such termination or any later date specified in the notice of termination, or (b) if the
Executive’s employment is terminated voluntarily by the Executive, the date on which the Executive notifies the Company of such termination or any later date specified therein (which date shall not be more than 15 days after the giving of such
notice); but only if such termination of employment under (a) or (b) qualifies as a “separation from service” under Section 409A of the Internal Revenue Code of 1986, as amended. 
 (a) Good Reason. “Good Reason” shall mean a material breach by the Company of the terms of this Agreement, without the Executive’s
prior consent; provided that the Executive must provide the Company with written notice of the existence of such breach within 90 days of such breach and the Company shall not have remedied such breach within 30 days of receipt of such written
notice. 
 ARTICLE 2 
 COVENANTS OF THE COMPANY ANDTERM 
 Section 2.1 Covenants of the Company. While this Agreement remains in
effect: 
 (a) the Company shall not reduce Executive’s base salary; 
 (b) the Company shall not reduce the Executive’s annual bonus opportunity, expressed as a percentage of base salary, and the
Executive shall continue to participate in the Company’s annual bonus arrangement for executive officers with the same Company performance criteria applicable to other executive officers of the Company other than the Chief Executive Officer;

 (c) the Company shall not reduce the Executive’s employee benefits (except for any reduction in employee benefits that
is attributable to a reduction in group benefits offered by the Company); and 
 (d) the Company shall not transfer the
Executive to a Company location other than Houston, Texas or New Orleans, Louisiana, except under circumstances where the Company relocates the majority of its executive team to such location. 
 Section 2.2 Term. This Agreement shall commence on the Agreement Date and continue in effect through the third anniversary date of the date of the
Agreement. 
  

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 ARTICLE 3 
 OBLIGATIONS UPON TERMINATION OF EMPLOYMENT 
 Section 3.1 Termination of Employment by the
Company without Cause or by the Executive for Good Reason. If during the term of this Agreement, the employment of the Executive is terminated by the Company without Cause or is terminated by the Executive for Good Reason, the Executive shall be
entitled to the following, in addition to the sums payable in accordance with Section 3.3: 
 (a) An amount equal to
three times the sum of (1) the Executive’s base salary at the rate in effect on the Date of Termination and (2) the average of the annual bonuses earned by the Executive, inclusive of the bonus bank, with respect to the three full
fiscal years that immediately preceded the year in which the Date of Termination occurs under the Company’s annual bonus plan, which payment is intended to constitute a short-term deferral under Section 409A of the Internal Revenue Code of
1986, as amended, and the regulations thereunder (“Section 409A”). The Company shall pay such amounts in a lump sum on the eighth day following the Executive’s execution of the Waiver and Release in the form attached as
Exhibit A. 
 (b) For a period of 18 months following the Date of Termination, the Company shall continue to provide
group life insurance, long-term disability insurance and health insurance benefits (collectively, the “Group Benefits”) to the Executive commensurate with those received by the Executive immediately prior to the Date of Termination or,
alternatively, the Company shall compensate the Executive for the out-of-pocket costs incurred by the Executive to obtain commensurate benefits, including a gross-up payment to the Executive for the income tax consequences of such reimbursements
(but not a gross-up for any other purpose); provided, however, that if the Executive is provided some or all of his Group Benefits by a subsequent employer, the Company’s obligation hereunder shall be limited to the obligation to make up
any shortfall, if and to the extent the benefits provided by the subsequent employer are less favorable than those provided by the Company, and provided further, that Executive shall submit all benefit claims and requests for reimbursement
hereunder in a timely manner in order that all payments due under this Section 3.1(b) may be made no later than the end of the calendar year following the year in which the expense was incurred, after which time no payments shall be made. Any
gross-up payment made hereunder shall be made no later than the end of the calendar year following the calendar year in which Executive remits the related taxes to the applicable taxing authorities. 
 (c) Continuation coverage under the Company’s plan(s) in accordance with and pursuant to the Consolidated Omnibus Budget
Reconciliation Act of 1985 (COBRA) and the Company’s group health plan(s), under the same terms and conditions applicable to other Company employees, for amounts incurred within 18 months following the Date of Termination. 
 (d) Any stock options or restricted stock granted to the Executive by the Company that are not then vested shall become fully vested. To
the extent this Section 3.1(d) changes the terms of stock options or restricted stock held by the Executive now or in the future in a manner that is beneficial to the Executive, this Section 3.1(d) shall be deemed to be an 

  

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amendment to the agreement between the Company and the Executive setting forth the terms of such awards and shall form a part of such agreement. 

(e) The Company at its cost, and up to a maximum of $25,000, shall provide to the Executive outplacement assistance by a reputable firm
specializing in such services for the period beginning with the Date of Termination and for a period of 18 months following the Date of Termination; provided that all such payments by the Company for such services shall be made no later than the
last day of the calendar year following the year in which the cost for the outplacement services was incurred. 
 (f) Any
positive balance in the Executive’s bonus bank at the Date of Termination shall be paid by the Company to the Executive in a lump sum on the eighth day following the Executive’s execution of the Waiver and Release in the form attached as
Exhibit A. 
 Section 3.2 Other Severance Plans. If the Executive becomes entitled to receive severance benefits under
Section 3.1, the Company shall not be required to pay to the Executive any additional severance payment under any other severance or salary continuation policy, plan, agreement or arrangement in favor of the officers or employees of the Company
or its Affiliates unless such other policy, plan, agreement or arrangement expressly provides to the contrary, or unless Executive elects to take the benefits of such other plan or plans in lieu of the severance benefit payable under
Section 3.1, provided, however, that with respect to any change of control agreement between the Executive and the Company, the Executive, following a change of control (as defined in such agreement) shall have the right to claim the benefits
under such agreement in accordance with its terms, or to claim the benefits under this Agreement in accordance with the terms hereof, but may not claim benefits under both agreements. 
 Section 3.3 Accrued Obligations and Other Benefits. Upon termination of the Executive’s employment for any reason, the Company shall promptly
pay the Executive or his legal representatives, in addition to any other benefits specifically provided herein, and in addition to any other benefits in which the Executive is vested or becomes vested by virtue of the termination of his employment
(a) the Executive’s base salary accrued through the Date of Termination to the extent not previously paid, (b) any accrued vacation pay, to the extent not previously paid, and (c) any other amounts or benefits required to be paid
or provided or which the Executive is entitled to receive under any plan, program, policy, practice or agreement of the Company. 
 Section
3.4 Stock Options and Restricted Stock. The benefits provided for in this Article 3 are intended to be in addition to the value or benefit of any stock options or restricted stock, the exercisability or vesting which is accelerated or
otherwise enhanced, pursuant to the terms of any stock incentive plan or agreement heretofore or hereafter adopted by the Company, upon a termination of Executive’s employment. 
  

 4 

 ARTICLE 4 
 NONDISCLOSURE OF CONFIDENTIAL INFORMATION 
 Section 4.1 Nondisclosure of Confidential
Information. For so long as Executive is an employee of the Company, the Executive shall hold in a fiduciary capacity for the benefit of the Company all Confidential Information which shall have been obtained by the Executive during the
Executive’s employment (whether prior to or after the Agreement Date) and shall use such Confidential Information solely in the good faith performance of his duties for the Company. If the employment of the Executive is terminated for any
reason, then, commencing with the Date of Termination and continuing perpetually thereafter, the Executive agrees (a) not to communicate or make available to any person or entity (other than the Company) any such Confidential Information,
except upon the prior written authorization of the Company or as may be required by law or legal process, and (b) to deliver promptly to the Company upon its written request any Confidential Information in his possession. In the event that the
provisions of any applicable law or the order of any court would require the Executive to disclose or otherwise make available any Confidential Information to a governmental authority or to any other third party, the Executive shall give the
Company, unless it is unlawful to do so, prompt prior written notice of such required disclosure and an opportunity to contest the requirement of such disclosure or apply for a protective order with respect to such Confidential Information by
appropriate proceedings. Provided the Executive is in compliance with the requirements of this Section 4.1, nothing herein shall limit the Executive’s ability to seek or accept employment with any successor employer that might be in direct
competition with the Company or to use his general industry knowledge. 
 Section 4.2 Injunctive Relief; Forfeiture of Future Payments and
Benefits; Other Remedies. The Executive acknowledges that a breach by the Executive of Section 4.1 herein would cause immediate and irreparable harm to the Company for which an adequate monetary remedy does not exist; hence, the Executive
agrees that, in the event of a breach or threatened breach by the Executive of the provisions of Section 4.1 herein during or after the Date of Termination, the Company shall be entitled to injunctive relief restraining the Executive from such
violation without the necessity of proof of actual damage or the posting of any bond, except as required by non-waivable, applicable law. Nothing herein, however, shall be construed as prohibiting the Company from pursuing any other remedy at law or
in equity to which the Company may be entitled under applicable law in the event of a breach or threatened breach of this Agreement by the Executive, including without limitation the recovery of damages and/or costs and expenses, such as reasonable
attorneys’ fees, incurred by the Company as a result of any such breach or threatened breach. In addition to the exercise of the foregoing remedies, the Company shall have the right upon the occurrence of any such breach to cancel any unpaid
severance payments, salary, bonus, commissions or reimbursements otherwise outstanding at the Date of Termination. In particular, the Executive acknowledges that the payments provided under Article 3 are conditioned upon the Executive fulfilling the
nondisclosure agreement contained in this Article 4. If the Executive shall at any time materially breach the nondisclosure agreement contained in this Article 4, the Company may suspend or eliminate payments and benefits under Article 3 during the
period of such breach or threatened breach. The Executive acknowledges that any such suspension or elimination of payments would be an exercise of the Company’s right to suspend or terminate its performance hereunder upon the Executive’s
breach 

  

 5 

 
of this Agreement; such suspension or elimination of payments would not constitute, and should not be characterized as, the imposition of liquidated damages.

 ARTICLE 5 
 MISCELLANEOUS 
 Section 5.1 Binding Effect; Successors. 
 (a) This Agreement shall be binding upon and inure to the benefit of the Company and any of its successors or assigns, but the Company may
assign this Agreement only (i) to one of its affiliates, provided the Company guarantees such affiliate’s performance of its obligations under this Agreement, or (ii) pursuant to a merger or consolidation in which the Company is not
the continuing entity, or the sale or liquidation of all or substantially all of the assets of the Company, provided that the assignee or transferee is the successor to all or substantially all of the assets of the Company; and such assignee or
transferee assumes the liabilities, obligations and duties of the Company, as contained in this Agreement, either contractually or as a matter of law. 
 (b) This Agreement is personal to the Executive and shall not be assignable by the Executive without the consent of the Company (there being no obligation to give such consent) other than such rights or benefits as
are transferred by will or the laws of descent and distribution. 
 Section 5.2 Notices. All notices hereunder must be in writing and
shall be deemed to have given upon receipt of delivery by: (a) hand (against a receipt therefor), (b) certified or registered mail, postage prepaid, return receipt requested, (c) a nationally recognized overnight courier service
(against a receipt therefor) or (d) facsimile transmission with confirmation of receipt. All such notices must be addressed as follows: 
 If to the Company, to: 
 Tidewater Inc. 
 Pan-American Life Center 
 601 Poydras Street, Suite 1900 
 New Orleans, Louisiana 70130 
 Attention: Dean
E. Taylor 
 Facsimile: 504-566-4511 
 Email: detaylor@tdw.com 
 If to the Executive, to: 
 J. Keith Lousteau 
 136 W. Ruelle Drive 
 Mandeville LA 70471 
 Facsimile: 504-566-4511

 Email: loosetoe@charter.net 
  

 6 

 or such other address as to which any party hereto may have notified the other in writing. 
 Section 5.3 Governing Law. This Agreement shall be construed and enforced in accordance with and governed by the internal laws of the State of
Louisiana without regard to principles of conflict of laws. 
 Section 5.4 Withholding. The Executive agrees that the Company has the
right to withhold, from the amounts payable pursuant to this Agreement, all amounts required to be withheld under applicable income and/or employment tax laws, or as otherwise stated in documents granting rights that are affected by this Agreement.

 Section 5.5 Amendment, Waiver. No provision of this Agreement may be modified, amended or waived except by an instrument in writing
signed by both parties. 
 Section 5.6 Waiver of Breach. The waiver by either party of a breach of any provision of this Agreement
shall not operate or be construed as a waiver of any subsequent breach thereof. 
 Section 5.7 Remedies Not Exclusive. No remedy
specified herein shall be deemed to be such party’s exclusive remedy, and accordingly, in addition to all of the rights and remedies provided for in this Agreement, the parties shall have all other rights and remedies provided to them by
applicable law, rule or regulation. 
 Section 5.8 Company’s Reservation of Rights. The Executive acknowledges and understands
that the Executive serves at the pleasure of the board of directors and that the Company has the right at any time to terminate the Executive’s status as an employee of the Company, or to change or diminish his status, subject to the rights of
the Executive to claim the benefits conferred by this Agreement. 
 Section 5.9 Counterparts. This Agreement may be executed in one or
more counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. 
 Section 5.10 Release. Notwithstanding anything in this Agreement to the contrary, Executive shall not be entitled to receive any payments pursuant to Article 3 of this Agreement unless Executive has executed a general release of all
claims Executive may have against the Company and its Affiliates in the form attached as Exhibit A hereto and such release has become final. 
 Section 5.11 Resignation from Board of Directors. If the Executive is a director of the Company or any of its Affiliates and his status as an employee is terminated for any reason other than death, the Executive shall, if requested
by the Company or its affiliates, as the case may be, and as a condition to be paid or refunded any amounts or benefits hereunder, immediately resign as a director of the Company or the affiliates, as the case may be. 
 Section 5.12 Company’s Representations. The Company represents and warrants that it is fully authorized and empowered to enter into this
Agreement, that the Agreement has been duly authorized by all necessary corporate action, that the performance of its obligations under 

  

 7 

 
this Agreement will not violate any agreement between it and any other person, firm or organization or any applicable law or regulation and that this
Agreement is enforceable in accordance with its terms. 
 Section 5.13 Entire Agreement. Except as otherwise noted herein, this
Agreement constitutes the entire agreement between the parties concerning the subject matter hereof and supersedes all prior and contemporaneous agreements, if any, between the parties relating to the subject matter hereof. 
 Section 5.14 Deferred Compensation Laws. In the event that the compensation agreed to be paid to the Executive by the Company hereunder is
non-qualified deferred compensation subject to the Section 409A and the provisions hereof do not meet the requirements of Section 409A, the parties agree to consider and to negotiate in good faith amendments to the Agreement necessary or
desirable to avoid additional taxes and penalties imposed by the Act as a result of the compensation agreed to be paid hereunder. 
 Section
5.15 Prohibition on Acceleration of Payments. No acceleration of the timing of the payments and benefits provided herein that constitute non-qualified deferred compensation under Section 409A shall be permitted, except as permitted by
Section 409A, which permits, among other things, (a) payments necessary to pay taxes and penalties arising as a result of the payment and benefits provided for in this Agreement failing to meet the requirements of Section 409A or
(b) payments in connection with a termination of the Agreement under the provisions of Section 409A that allow termination and payout in the event of a corporate dissolution, bankruptcy, in the event of the termination of all similar
compensation arrangements that would be aggregated with the Agreement under Section 409A or in connection with a change of control event, as described in Section 409A. 
 Section 5.16 Indemnification. The benefits provided herein are in addition to any rights to indemnification provided to the Executive as an
officer of the Company pursuant to the Company’s Certificate of Incorporation and its Bylaws. 
 Section 5.17 Non-Mitigation. The
parties agree that the Executive shall not be obligated to seek other employment or take any other action to mitigate the amounts payable to the Executive pursuant to this Agreement. 
 IN WITNESS WHEREOF, the Company and the Executive have caused this Agreement to be executed as of the Agreement Date. 
  

			
	 COMPANY:
  
 TIDEWATER INC.

		
	By:	 	/s/ Dean E. Taylor
	Name:	 	Dean E. Taylor
	Title	 	 Chairman of the Board, President and
 Chief Executive
Officer

  

 8 

	
	EXECUTIVE:
	
	/s/ J. Keith Lousteau
	J. Keith Lousteau

  

 9 

 Exhibit A 
 To Severance Agreement 
 Form of 
 WAIVER AND RELEASE 
 WHEREAS, Tidewater Inc., a Delaware corporation (the
“Company”), and                          (the “Executive”) are parties to that certain Severance
Agreement (the “Agreement”) dated as of May 10, 2007; and 
 WHEREAS, as a result of the Executive’s termination of
employment, the Executive is entitled to receive certain benefits pursuant to the Agreement, the receipt of which is conditioned upon the Executive’s execution of this Waiver and Release pursuant to Section 5.10 of the Agreement.

 1. Waiver and Release by the Executive. In consideration of the Company’s provision of the benefits set forth in the
Agreement, the Executive hereby and forever, irrevocably and unconditionally, waives and releases the Company from (a) any and all rights, claims and causes of action against the Company of whatever kind or nature, known or unknown, asserted or
unasserted, that arise or exist as a result of acts or omissions prior to the date of Executive’s execution of this Waiver and Release and (b) any and all claims or rights against the Company arising or that could be asserted under the
Employee Retirement Income Security Act, 29 U.S.C. § 1001 et seq.; the Americans with Disabilities Act, 42 U.S.C. § 12101 et seq.; the Louisiana Employment Discrimination Law, La. R.S. 23:331 et seq.; the Louisiana penalty wage
statute, La. R.S. § 631 and 632; the Louisiana Whistleblower Law, La. Rev. Stat. Ann. § 23:967; Title VII of the Civil Rights Act of 1964, 42 U.S.C. § 2000e et seq.; the Civil Rights Act of 1991; the Civil Rights Act of
1866, 42 U.S.C. § 1981; the Age Discrimination in Employment Act and the Older Workers’ Benefits Protection Act, 29 U.S.C. § 621, et seq.; the Equal Pay Act, 29 U.S.C. § 206, et seq.; Executive Order 11246 and its
implementing regulations or any other federal, state, or local statute, law, rule or regulation concerning employment discrimination or otherwise concerning the employment relationship. In addition, it is understood and agreed that by this Waiver
and Release, Employee waives any claims he may have against the Company based on any other theory of liability, statutory or non-statutory, in contract or in tort, for wrongful or constructive discharge or breach of any express or implied employment
contract or agreement. It is further understood and agreed that the parties covered by the Executive’s waiver and release include the Company’s present and former shareholders, officers, directors, employees, agents, insurers, assigns,
predecessors, and successors, and that any reference to the Company in this Agreement is understood to include all of the foregoing persons or entities. Notwithstanding the foregoing, the Executive does not waive any rights under or pursuant to the
Agreement, rights under benefits plans of the Company or rights under the Company’s current Bylaws, including rights to indemnification and advancement provided therein. 
 2. Review and Consultation; Information Provided to the Executive. It is understood and agreed that the Executive has executed this Waiver and
Release voluntarily and that such execution by the Executive is not based upon any representations or promises of any kind made by the Company or any of its representatives except as expressly recited in the Agreement. The Executive further
acknowledges that he has read and fully understands each 

  

 A-1 

 
paragraph of the Agreement and this Waiver and Release, that he was advised in writing by the Company to consult with an attorney prior to executing this
Waiver and Release, and that he has availed himself of legal or other counsel to the full extent that he desires. The Executive also acknowledges that he was advised in writing by the Company that he could take up to twenty-one (21) days within
which to consider and sign this Waiver and Release and that he has considered this Waiver and Release to the full extent that he desires. 
 Finally, the Executive agrees and acknowledges that the consideration provided under the Agreement is in addition to any other payments, benefits or other things of value to which he is entitled and that he would not be entitled to any of
the consideration provided under the Agreement in the absence of his execution and acceptance of this Waiver and Release. 
 3. Right of Revocation. The Executive shall have seven (7) days following his
execution of this Waiver and Release within which to exercise a right of revocation, and this Waiver and Release will not be enforceable or effective, and no payments shall be made pursuant to the Agreement, until the expiration of such seven-day
period. Any such revocation of this Waiver and Release must be communicated in writing and delivered in person or by fax to the Company as specified in the Agreement not later than the close of business on the seventh (7th) day following the Executive’s execution of this Waiver and Release. Otherwise, such revocation shall be of no force
or effect. 
 This Waiver and Release is dated as of
                        , 20        . 
  

	
	EXECUTIVE:
	
	   
	

  

 A-2

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