Document:

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EXHIBIT 10.6

                      PLAN AND AGREEMENT OF REORGANIZATION
                          UNDER I.R.C. SS.368(a)(1)(C)

                         REVOLUTIONS MEDICAL CORPORATON

                                       AND

                      CLEAR IMAGE ACQUISITIION CORPORATION

         THIS PLAN AND AGREEMENT OF REORGANIZATION, dated this 26th day of
January, 2007, made by and between:

         REVOLUTIONS MEDICAL CORPORATION, a Nevada corporation having its
principal business office located at 2073 Shell Ring Circle, Mt. Pleasant, South
Carolina 29466 (hereinafter referred to as "Buyer");

                                       AND

         CLEAR IMAGE ACQUISITION CORPORATION, a Nevada corporation having its
principal business office located at 9 Meriam Street, Suite 5, Lexington,
Massachusetts 01240 (hereinafter "Seller"): WITNESSETH THAT:

         WHEREAS, Seller desires to transfer to Buyer at the Closing (as
hereinafter defined), and Buyer desires to acquire from Seller at the Closing,
all of Seller's assets, as more fully described herein, upon and subject to the
terms and conditions contained in this Agreement; and

         WHEREAS, it is intended by the parties that the transaction qualify as
a tax-free reorganization within the meaning of Section 368(a)(1)(C) of the
Internal Revenue Code of 1986, as amended (the "Code") and that for accounting
purposes it is intended that the transaction be treated as a "purchase";

NOW, THEREFORE, intending to be legally bound, and in consideration of the
foregoing recitals and the mutual promises and covenants contained herein, and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Buyer and Seller hereby agree as follows:

<PAGE>

                                    ARTICLE I
        SALE AND TRANSFER OF ASSETS AND ASSUMPTION OF CERTAIN LIABILITES

         1.1 Transfer of Assets. Buyer acknowledges that: Seller is a
newly-organized Nevada corporation which was formed specifically to acquire a
controlling block of shares of Clear Image, Inc., an Oklahoma corporation; that
such controlling block, consisting of 9,824,139 shares of the Common Stock of
Clear Image, Inc., was contributed by Seller's shareholders pursuant to a
Section 351 Agreement and constitutes the sole asset of Seller: and that
accordingly the only asset being acquired by Buyer is such 9,824,139 shares of
the Common Stock of Clear Image, Inc., which are hereinafter referred to as the
"Assets". Except as otherwise herein expressly set forth, Seller hereby agrees
that at the Closing provided for in Section 4.1 hereof (the "Closing"), Seller
shall sell, assign, transfer, convey and deliver to Buyer all of Seller's right,
title and interest in and to such shares (the Assets). Seller represents that
the shares are all of the assets of Seller.

         1.2 Excluded Assets. Seller and Buyer understand and agree that since
the 9,824,139 shares of the Common Stock of Clear Image, Inc. are the sole asset
of Seller, there are no excluded or Seller- retained assets.

         1.3 Assumed Obligations. Buyer has represented and warranted that it
has no debts, liabilities, or other payables, will not have any debts,
liabilities or other payables as of Closing, and that the only liabilities that
it will incur following the Closing will be the costs related to its liquidation
and dissolution. Relying upon such representation, Buyer agrees to pay only
those costs and expenses directly related to the liquidation and dissolution of
Seller and then limited to an amount within the allowed percentage of the value
of the gross assets obtained as permitted under Section 368(a)(1)(C).

                                   ARTICLE II
                                  CONSIDERATION

         2.1 Assumption of Certain Liabilities and Stock Issuance. In full and
complete payment for the Assets, Buyer agrees to (i) assume the assumed
liabilities pursuant to Section 1.3 hereof (I.E., the costs and expenses of
Seller's liquidation and dissolution) and (ii) issue to the Seller 8,260,139
post-split shares of Common Stock of the Buyer, issued in the name of and paid
to Seller (the 8,260,139 shares of Common Stock are hereinafter referred to as
the "RMS Stock)"

         2.2 Investment Representations.  Seller acknowledges, agrees
and represents that:

         (a) It has been advised that none of the shares of Buyer being acquired
hereunder have been registered under the Securities Act of 1933 (the "1933
Act").

         (b) All of the shares of Buyer being acquired hereunder are being, and
will be, acquired and held for investment, not for resale or distribution to the
public and not for the purpose of effecting or causing to be effected a public
offering of such securities.

         (c) It has been advised and is aware of the fact, that by reason of the
foregoing investment representations and restrictions upon transfer: (i) the
shares of the Buyer's Common Stock must be held indefinitely unless they are
subsequently registered under the 1933 Act or an exemption from such
registration is available; (ii) if Rule 144 of the Rules and Regulations
promulgated by the SEC is applicable to any future routine sales of any such
securities, such sales can be made only in limited amounts in accordance with
the terms and conditions of that Rule; (iii) in the case of securities to which
that Rule is not applicable, compliance with some applicable exemption, if any
be available, will be required; (iv) all of the certificates for the shares of
Buyer's Common Stock will bear a legend restricting transfer thereof; and (v)
the Transfer Agent of Buyer's Common Stock will be given "stop-transfer"
instructions so as to prevent any illegal transfer of such shares.

         (d) It has relied only and exclusively upon its own investigation into
Buyer and its financial condition for purposes of deciding to enter into and
close this Agreement and to accept shares of Buyer's Common Stock in exchange
for its Assets. It has not relied upon any oral or written representation made
by Buyer or any of its officers or directors or representatives of Buyer and
that no representation, or statements shall survive the Closing with the sole
exception of the representations and warranties contained in this Agreement.

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         (e) It has reviewed the filings made by the Buyer pursuant to the
Securities Exchange Act of 1934, including the included financial statements,
and has had full opportunity to review and inspect all books and records of
Buyer.

         2.3 Liquidation of Seller. Seller acknowledges awareness that (i)
following the transfer of the Assets it is required by the Internal Revenue Code
and related IRS Regulations to dissolve and in connection therewith to
distribute the RMS Stock to its shareholders, (ii) the RMS Stock has not been
registered with the Securities and Exchange Commission and cannot be distributed
without an eligible exemption from such registration, and (iii) all of Seller's
shareholders are "accredited investors" and it will make a distribution of the
8,260,139 shares of RMS Stock to its shareholders pursuant to Rule 506 of
Regulation D.

                                   ARTICLE III
                                     CLOSING

         3.1 Closing. The Closing shall occur at the close of business
on January 31, 2007.

                                   ARTICLE IV
                    REPRESENTATIONS AND WARRANTIES OF SELLER

         Seller represents and warrants to Buyer as of the date hereof (which
representations and warranties shall survive the execution and delivery of this
Agreement and the transfer of the Assets), as set forth below:

         4.1 Litigation. There are no outstanding orders, judgments, writs,
injunctions. or decrees of any court, governmental authority or arbitration or
mediation panel or tribunal against or affecting the Assets.

         4.3 Non-Contravention. Seller is not in breach of, default under, or in
violation of any applicable law, decree or order that may cause a material
adverse effect relating to the Assets and Seller is not in breach of, default
under, or in violation of any deed, lease, loan agreement, commitment, bond,
note, deed of trust, restrictive covenant, license, indenture, contract or other
agreement, instrument or obligation to which it is a party or by which it is
bound or to which any of its respective assets is subject that may cause a
material adverse effect on the Assets.

         4.4 Title. Seller has good, complete, indefeasible and marketable title
to, and ownership of, the Assets, free and clear of all liens, encumbrances,
charges, pledges, voting trusts and pools, defects, claims, and security
interests.

         4.5 Assets. The Assets are free and clear of all liens, encumbrances,
charges, pledges, voting trusts and pools, defects, claims, and security
interests.

                                    ARTICLE V
                     REPRESENTATIONS AND WARRANTIES OF BUYER

         Buyer represents and warrants to Seller as of the date hereof (which
representations and warranties shall survive the execution and delivery of this
Agreement and the transfer of the Assets), as set forth below:

         5.1 Legal Compliance. To its knowledge, (i) Buyer is not in violation
of any applicable law that would apply to it or to its business, the violation
of which would cause a material adverse effect, (ii) Buyer is not in violation
of any applicable environmental, securities or employee benefits law, which
violation would cause a material adverse effect, and (iii) neither Buyer nor, to
the knowledge of Buyer, any of Buyer's agents, contractors or employees has been
notified of any action, suit, proceeding or investigation which calls into
question compliance by Buyer.

         5.2 Shares and Corporate Documents. All of the RMS Stock to be issued
hereunder have been duly authorized and when issued will be valid and legally
issued shares of the Common Stock, fully paid and nonassessable, free and clear
of all liens or encumbrances, and not in violation of any preemptive or similar
rights or any securities laws.

<PAGE>

         5.3 Undisclosed Liabilities. The Buyer does not have any liabilities
(whether known or unknown, whether absolute, conditional or contingent and
whether liquidated or unliquidated and whether due or to become due), except for
(a) liabilities that will be accrued for or reserved against in the December 31,
2006 balance sheet, and (b) contractual or statutory liabilities incurred in the
ordinary course of business which are not required to be reflected on a balance
sheet. Buyer's balance sheet and the related income statement as of September
31, 2006 were prepared in accordance with generally accepted accounting
principles and fairly present the assets, liabilities, financial condition and
results of operations of Buyer as of the date indicated and for the period
referred to therein. Except as disclosed in writing to Buyer, there have been no
events, changes or effects with respect to Buyer or its subsidiaries that,
individually or in the aggregate, have had or reasonably would be expected to
have had a material adverse effect.

                                   ARTICLE VI
                      MUTUAL REPRESENTATIONS AND WARRANTIES

         Each party hereto represents and warrants to the other party as of the
date hereof (which representations and warranties shall survive the execution
and delivery of this Agreement and the transfer of the Assets) as set forth
below:

         6.1  Organization; Good-Standing.

         (a) Seller is a corporation duly formed, validly organized and in good
standing in the State of Nevada.

         (b) Buyer is a corporation duly formed, validly organized and in good
standing, in the State of Nevada.

         6.2 No Untrue Statements or Material Omissions. Each party hereto
represents to the other party hereto, on its own respective behalf, that no
statement in writing furnished by such party to the other party in connection
with the transactions contemplated herein contains any untrue statement of
material fact or omits to state a material fact necessary to make the statement
not misleading in any material respects.

         6.3 No Default. Each party hereto represents to the other party, on its
own respective behalf, that neither the execution and delivery of this Agreement
nor the performance by such party of its respective obligations hereunder will
cause any breach, default or violation or will require the consent or approval
of any court or governmental authority, except as expressly contemplated by the
terms of this Agreement.

         6.4 Power and Authority. Each party hereto represents to the other
party, on its own respective behalf, that (i) it has full power and authority to
enter into this Agreement any other related documents, to incur the obligations
as contemplated hereby, and to carry out the provisions of this Agreement; and
(ii) it has taken all action necessary for the execution and delivery of this
Agreement and each of the other related documents and for the performance of
each of its obligations hereunder, and thereunder, as evidenced by corporate
resolution(s) or other authorization.

         6.5 Enforceability. Upon execution and delivery by each of the parties
hereto, this Agreement and any other related document shall be the legal, valid
and binding obligations of each party and shall be enforceable against each
party in accordance with their respective terms.

                                   ARTICLE VII
                                  MISCELLANEOUS

         7.1 Non-Waiver. No course of dealing between the parties or any failure
or delay on the part of either party in exercising any rights or remedies
hereunder shall operate as a waiver of any rights or remedies of either party
under this or any other applicable instrument. No single or partial exercise of
any rights or remedies hereunder shall operate as a waiver or preclude the
exercise of any other rights or remedies hereunder.

<PAGE>

         7.2 Indemnification.

         (a) Seller. Seller hereby agrees to defend, indemnify and hold harmless
Buyer against any and all actions, suits, proceedings, claims, demands,
judgments, costs and expenses directly related to or arising from (i) the breach
of a representation or warranty by Seller herein or the documents delivered at
Closing or (ii) any liabilities of Seller not assumed by Buyer at Closing.

         (b) Buyer. Buyer hereby agrees to defend, indemnify and hold harmless
Seller against any and all actions, suits, proceedings, claims, demands,
judgments, costs and expenses directly related to or arising from (i) the breach
of a representation or warranty by Seller herein or the documents delivered at
Closing or (ii) any of the assumed liabilities.

         (c) Procedure. The indemnified party shall promptly notify the
indemnifying, party in writing of any claim, demand, action or proceeding for
which indemnification will be sought under Sections 7.2(a) or 7.2(b), and, if
such claim, demand, action or proceeding is a third party claim, demand, action
or proceeding, the indemnifying party will have the right at its expense to
assume the defense thereof using counsel reasonably acceptable to the
indemnified party. The indemnified party shall have the right to participate, at
its own expense, with respect to any such third party claim, demand, action or
proceeding. In connection with any such third party claim, demand, action or
proceeding, Buyer and Seller shall cooperate with each other and provide each
other with access to relevant books and records in their possession related to
such claim. No such third party claim, demand, action or proceeding shall be
settled without the prior written consent of the indemnified party, which
consent shall not be unreasonably withheld. If a firm written offer is made to
settle any such third party claim, demand, action or proceeding, which offer
does not involve any injunctive or non-monetary relief against the indemnified
party, and the indemnifying party proposes to accept such settlement and the
indemnified party refuses to consent to such settlement, then: (i) the
indemnifying party shall be excused from, and the indemnified party shall be
solely responsible for, all further defense of such third party claim, demand,
action or proceeding and (ii) the maximum liability of the indemnifying party
relating to such third party claim, demand, action or proceeding shall be the
amount of the proposed settlement if the amount thereafter recovered from the
indemnified party on such third party claim, demand, action or proceeding is
greater than the amount of the proposed settlement. In the event that Buyer or
Seller shall fail to make such commercially reasonable efforts to mitigate or
resolve any claim or liability, then notwithstanding, anything else to the
contrary herein, the other party shall not be required to indemnify any person
for any Losses that could reasonably be expected to have been avoided if Buyer
or Seller, as the case may be, had made such efforts.

         7.3 Notices. All notices or communications under this Agreement shall
be to the following addresses (or to such other address as shall at any time be
designated by any party in writing to the other parties):

         To Buyer:                  Revolutions Medical Corporation
                                    2073 Shell Ring Circle
                                    Mt. Pleasant, South Carolina 29466

         To Seller:                 Clear Image Acquisition Corporation
                                    9 Meriam Street, Suite 5
                                    Lexington, Massachusetts 01240

         With a copy to:            Richard C. Fox, Esq.
                                    2 Village Hill Lane, #3
                                    Natick, Massachusetts 01760

Notice shall be deemed given three days after deposit in the U.S. mail, postage
prepaid, or one day after deposit with a nationally recognized overnight
delivery service. Rejection or other refusal to accept, or the inability to
deliver because of a changed address of which no notice was given, shall not
affect the effectiveness or the date of delivery for any notice sent in
accordance with the foregoing provisions.

         7.4 Binding Agreement; Survival. This Agreement shall inure to the
benefit of, and be binding upon, Seller and Buyer, and their respective
legatees, distributees, estates, executors, administrators, personal
representatives, successors and assigns, and other legal representatives. All
representations, warranties, covenants and agreements by the parties contained
in this Agreement shall survive the Closing for a period of one (1) year from
the Closing Date.

<PAGE>

         7.5 Entire Agreement; Integration Clause. This Agreement sets forth the
entire agreement and understanding of the parties hereto with respect to this
transaction, and any prior agreements are hereby merged herein and terminated.

         7.6 Brokers' or Finders' Fees. No agent, broker, person, or firm acting
on behalf of either party or any of their subsidiaries or under the authority of
any of them is or will be entitled to any commission or broker's or finder's fee
or financial advisory fee in connection with any of the transactions
contemplated herein.

         7.7 No Oral Modification or Waivers. The terms herein may not be
modified or waived orally, but only by an instrument in writing signed by the
party against which enforcement of the modification or waiver (as the case may
be) is sought.

         7.8 Controlling Law; Venue. This Agreement and each of the other
documents ancillary hereto shall be governed by, and interpreted and construed
in accordance with, the internal laws of the State of Nevada (without regard to
its conflicts of law principles). Venue for the adjudication of any claim or
dispute arising out of this Agreement or any of the other ancillary documents
shall be proper only in the state or federal courts of the State of Nevada, and
the parties to this Agreement hereby consent to such venue.

         7.9 Headings. The headings of this Agreement and each of the other
documents ancillary hereto are inserted for convenience only and shall not be
deemed to constitute a part of this Agreement or such ancillary documents.

         7.10 Severabilitv. To the extent any provision herein violates any
applicable law, that provision shall be considered void and the balance of this
Agreement shall remain unchanged and in full force and effect.

         7.11 Public Disclosure. Seller acknowledges that Buyer is a reporting
company under the Securities Exchange Act of 1934 and must disclose this
Agreement and the terms and conditions hereof. Accordingly, Seller authorizes
Buyer to issue such press release and file such periodic report as may be
required.

         7.12 Counterparts. This Agreement may be executed in as many
counterpart copies as may be required. All counterparts shall collectively
constitute a single agreement.

         7.13 Third Party Beneficiary. This Agreement shall not confer any
rights or remedies upon any person other than the parties and their respective
successors and permitted assigns.

         7.14 Expenses. Each party shall be responsible for its own costs and
expenses (including legal, financial advisory, investment banking and accounting
fees and expenses) incurred in connection with this Agreement and the
transactions contemplated hereby.

         7.15 Tax Treatment. Buyer and Seller hereby agree and covenant that
they shall not (before or after the Closing Date and individually or
collectively) take any action and shall not (before or after the Closing) fail
to take any action which action or failure to act would prevent, or would be
reasonably likely to prevent, the transactions contemplated hereby from
qualifying as a reorganization within the meaning of Section 368(a)(l)(C) of the
Code.

         7.16 Dissolution. Buyer and Seller hereby agree that from and after the
Closing Date, Seller will not engage in any new business, will promptly
liquidate and dissolve as a corporation, and will distribute the 8,260,139
shares of RMS Stock pursuant to the terms and conditions of the differing
contributions under the Section 351 Contribution Agreement.

         In Witness Whereof, the undersigned have executed and delivered this
Plan and Agreement of Reorganization as of the day and year first above written.

                                        REVOLUTIONS MEDICAL  CORPORATION

                                        By:
                                            ------------------------------------

                                        CLEAR IMAGE ACQUISITION CORPORATION

                                        By:
                                            -----------------------------------Exhibit 10.1

    
      

    

     

    EMPLOYMENT
      AGREEMENT

     

     

    THIS
      EMPLOYMENT AGREEMENT
      (the
      "Agreement")
      is
      entered into effective as of the 31st
      day of
      December, 2006 (the "Effective
      Date")
      by and
      between GM Offshore, Inc., a Delaware corporation (the "Company"),
      and
      Bruce A. Streeter (the "Executive").

     

     

    W
      I T
      N E S S E T H:

     

     

    WHEREAS,
      the
      Company wishes to assure itself of the continued services of the Executive
      for
      the period provided in this Agreement, and the Executive wishes to serve in
      the
      employ of the Company on the terms and conditions hereinafter provided;
      and

     

     

    WHEREAS,
      it
      is in
      the best interests of the Company and its shareholders to assure that the
      Company will have the continued attention and dedication of the Executive to
      their assigned duties without distraction in potentially disturbing
      circumstances arising from the possibility of a Change of Control (as defined
      in
      Section 1 below) of GulfMark Offshore, Inc., a Delaware corporation
      ("Parent"),
      which
      is the sole shareholder of the Company; and

     

     

    WHEREAS,
      it is
      imperative to diminish the inevitable distraction of the Executive by virtue
      of
      the personal uncertainties and risks created by a pending or threatened Change
      of Control and to encourage the Executive's full attention and dedication to
      the
      Company currently and in the event of any threatened or pending Change of
      Control; and

     

     

    WHEREAS,
      it is
      imperative to provide the Executive with compensation and benefits arrangements
      upon a Change of Control which ensure that the compensation and benefits
      expectations of the Executive will be satisfied and which are competitive with
      those of other corporations.

     

     

    NOW,
      THEREFORE,
      in order
      to accomplish these objectives, and in consideration of the mutual covenants
      and
      agreements set forth herein and other good and valuable consideration, the
      receipt and sufficiency of which are hereby acknowledged, the parties, intending
      to be legally bound, agree as follows:

     

     

    1. Change
      of Control.
      For the
      purposes of this Agreement, a "Change
      of Control"
      shall
      mean the occurrence of any one or more of the following:

     

    (a) The
      acquisition by any individual, entity or group (within the meaning of Section
      13(d)(3) or 14(d)(2) of the Securities Exchange Act of 1934, as amended (the
      "Exchange
      Act"))
      (a
      "Person")
      of
      beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
      Exchange Act) of twenty percent (20%) or more of either (i) the then outstanding
      shares of common stock of Parent or (ii) the combined voting power of the then
      outstanding voting securities of Parent entitled to vote generally in the
      election of directors; provided, however, that the following acquisitions shall
      not constitute a Change of Control: (i) any acquisition directly from Parent;
      (ii) any acquisition by Parent; (iii) any acquisition by any employee benefit
      plan (or related trust) sponsored or maintained by Parent or any corporation
      controlled by Parent; or

    
      
        
        

      

      
        1

        
          

        

      

      
        
        

      

    

     

    (b) Parent
      shall sell, lease, exchange or transfer (in one transaction or a series of
      related transactions) substantially all of its assets, except to a wholly owned
      subsidiary; or

     

     

    (c) Approval
      by the stockholders of Parent of any plan or proposal for the liquidation or
      dissolution of the Company; or

     

     

    (d) Individuals
      who, as of the date hereof, constitute the Board of Parent (the "Incumbent
      Board")
      cease
      for any reason to constitute at least a majority of the Board; provided,
      however, that any individual becoming a director subsequent to the date hereof
      whose election, or nomination for election by the Parent's shareholders, was
      approved by a vote of at least a majority of the directors then comprising
      the
      Incumbent Board shall be considered as though such individual were a member
      of
      the Incumbent Board, but excluding, for this purpose, any such individual whose
      initial assumption of office occurs as a result of an actual or threatened
      election contest with respect to the election or removal of directors or other
      actual or threatened solicitation of proxies or consents by or on behalf of
      a
      Person other than the Board; or

     

     

    (e) Subject
      to applicable law, in a Chapter 11 bankruptcy proceeding, the appointment of
      a
      trustee or the conversion of a case involving Parent to a case under Chapter
      7;
      or

     

     

    (f) Any
      consolidation, reorganization, or merger of Parent in which Parent is not the
      continuing or surviving corporation or pursuant to which shares of Parent's
      common stock would be converted into cash, securities or other property, other
      than a consolidation, reorganization or merger of Parent in which the holders
      of
      Parent's common stock immediately prior to the consolidation, reorganization
      or
      merger have the same proportionate ownership of common stock of the surviving
      corporation immediately after the consolidation, reorganization or
      merger.

     

     

    2. Employment
      Period.
      The
      Company hereby agrees to continue the Executive in its employ, and the Executive
      hereby agrees to remain in the employ of the Company, in accordance with the
      terms and provisions of this Agreement, for the period commencing on the
      Effective Date and ending on December 31, 2007 (the "Term");
      provided, however, that on such date and on each anniversary thereafter, the
      Term of this Agreement shall automatically be extended for one additional year
      unless either party shall have given notice at least 120 days prior thereto
      that
      such party does not wish to extend the Term.

     

     

    3. Terms
      of Employment. The
      following terms shall govern the Executive's employment during the
      Term:

     

     

    (a) Position
      and Duties.

     

     

    (i) During
      the Term, the Executive shall be employed as President of the Company with
      corresponding authority, duties and responsibilities.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    (ii) During
      the Term, and excluding any periods of vacation and sick leave to which the
      Executive is entitled, the Executive agrees to devote reasonable attention
      and
      time during normal business hours to the business and affairs of the Company
      and, to the extent necessary to discharge the responsibilities assigned to
      the
      Executive hereunder, to use the Executive's reasonable best efforts to perform
      faithfully and efficiently such responsibilities. During the Term, it shall
      not
      be a violation of this Agreement for the Executive to serve on corporate, civic
      or charitable boards or committees, deliver lectures, fulfill speaking
      engagements, teach at educational institutions, and manage personal investments,
      so long as such activities do not significantly interfere with the performance
      of the Executive's responsibilities as an employee of the Company in accordance
      with this Agreement. It is expressly understood and agreed that to the extent
      that any such activities have been conducted by the Executive prior to the
      Effective Date, the continued conduct of such activities (or the conduct of
      activities similar in nature and scope thereto) subsequent to the Effective
      Date
      shall not thereafter be deemed to interfere with the performance of the
      Executive's responsibilities to the Company.

     

    (b) Compensation.
      During
      the Term, and prior to the termination of the Executive's employment as
      described in Section 4 or 5 hereof, the Executive shall be entitled to the
      following items of compensation:

     

     

    (i) Base
      Salary.
      During
      the Term, the Executive shall receive an annual base salary ("Annual
      Base Salary"),
      which
      shall be paid in equal installments on a semi-monthly basis (less applicable
      withholding and salary deductions), of $400,000.00. Any discretionary increase
      in Annual Base Salary during the Term shall not serve to limit or reduce any
      other obligation to the Executive under this Agreement. Annual Base Salary
      shall
      not be reduced after any such increase, and the term "Annual
      Base Salary"
      as
      utilized in this Agreement shall refer to Annual Base Salary as so
      increased.

     

     

    (ii) Annual
      Bonus.
      During
      the Term, the Executive shall receive, for each fiscal year ending during the
      Term, an annual bonus (the "Annual
      Bonus"),
      which
      shall be paid in cash within ninety (90) days of the end of each fiscal year
      for
      which the Annual Bonus is awarded, in an amount to be determined in accordance
      with the Company’s Incentive Compensation Plan. Any discretionary increase in
      the Annual Bonus during the Term shall not serve to limit or reduce any other
      obligation to the Executive under this Agreement.

     

     

    (iii) Incentive,
      Savings and Retirement Plans.
      During
      the Term, the Executive shall be entitled to participate in all incentive,
      savings and retirement plans, practices, policies and programs applicable
      generally to other peer executives of the Company and its affiliated companies.
      As used in this Agreement, the term "affiliated
      companies"
      shall
      include any company controlled by, controlling or under common control with
      the
      Company.

     

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    (iv) Welfare
      Benefit Plans.
      During
      the Term, the Executive and/or the Executive's family, as the case may be,
      shall
      be eligible for participation in and shall receive all benefits under welfare
      benefit plans, practices, policies and programs provided by the Company and
      its
      affiliated companies (including, without limitation, medical, supplemental
      health, prescription, dental, disability, salary continuance, employee life,
      group life, accidental death and travel accident insurance plans and programs)
      to the extent applicable generally to other peer executives of the Company
      and
      its affiliated companies.

     

    (v) Expenses.
      During
      the Term, the Executive shall be entitled to receive prompt reimbursement for
      all reasonable out-of-pocket employment expenses incurred by the Executive
      in
      accordance with the policies, practices and procedures of the Company and its
      affiliated companies in effect with respect to other peer executives of the
      Company and its affiliated companies.

     

     

    (vi) Vacation.
      During
      the Term, and subject to the following provisions of this paragraph, the
      Executive shall be entitled to five (5) weeks paid vacation at the beginning
      of
      each fiscal year. Such vacations shall be taken at such times as are consistent
      with the reasonable business needs of the Company. Up to 30 days of unused
      vacation time may be carried forward and used by the Executive in succeeding
      years. 

     

     

    (vii) Automobile.
      During
      the Term, the Company will provide the Executive with an automobile (the
      "Automobile")
      for
      use by the Executive in connection with the performance of his duties under
      this
      Agreement. The Executive may also use the Automobile for reasonable personal
      use. The Executive agrees to pay all operating costs of the Automobile, and
      the
      Company agrees to reimburse to the Executive, to cover operating costs of the
      Automobile related to non-personal use, 87.5% of the actual operating costs
      of
      the Automobile upon the submission by the Executive to the Company of receipts
      evidencing such operating costs.

     

     

    (viii) Life
      Insurance.
      The
      Company has purchased a split dollar whole life insurance policy on the life
      of
      the Executive with a face value of $500,000. The insurance policy is owned
      by
      the Executive. The Executive has the right to designate one or more
      beneficiaries, and to change such designation at any time and from time to
      time.
      The Company shall continue to pay all premiums on such policy. The Company
      owns
      the cash value of the insurance policy up to the aggregate amount of premiums
      paid by the Company, and the Company shall be entitled to recover from the
      cash
      value of the insurance policy or the death proceeds the aggregate amount of
      premiums paid by the Company, pursuant to the terms of a collateral assignment
      executed by the Executive for the purpose of securing the Company's interest
      in
      the insurance policy. Such insurance coverage shall be in addition to, and
      not
      in lieu of, any other insurance normally provided by the Company to other peer
      executives of the Company and its affiliated companies.

     

     

    (ix) Club
      Membership.
      During
      the Term, the Company will pay all reasonable period dues for membership in
      Royal Oaks Country Club of Houston. 

     

    

    

    (x) Office
      and Support Staff.
      During
      the Term, the Executive shall be entitled to an office or offices of a size
      and
      with furnishings and other appointments, and to secretarial and other
      assistance, at least equal to the most favorable of the foregoing provided
      to
      other peer executives of the Company and its affiliated companies.

     

    (xi) Benefits
      Not in Lieu of Compensation.
      No
      benefit or perquisite provided to the Executive shall be deemed to be in lieu
      of
      the Executive's Annual Base Salary, Annual Bonus or other
      compensation.

     

     

    4. Termination
      of Employment.

     

     

    (a) Death
      or Disability.
      The
      Executive's employment shall terminate automatically upon the Executive's death
      during the Term. If the Company determines in good faith that the Disability
      of
      the Executive has occurred during the Term (pursuant to the definition of
      Disability set forth below), it may give to the Executive written notice in
      accordance with Section 14(b) hereof of its intention to terminate the
      Executive's employment. In such event, the Executive's employment with the
      Company shall terminate effective on the 30th day after receipt of such notice
      by the Executive (the "Disability
      Date"),
      provided that, within the 30 days after such receipt, the Executive shall not
      have returned to full-time performance of the Executive's duties. For purposes
      of this Agreement, "Disability"
      shall
      mean the absence of the Executive from the Executive's duties with the Company
      on a full-time basis for 180 consecutive days as a result of incapacity due
      to
      mental or physical illness which is determined to be total and permanent by
      a
      physician selected by the Company or its insurers and acceptable to the
      Executive or the Executive's legal representative (such agreement as to
      acceptability not to be withheld unreasonably).

     

     

    (b) Termination
      by the Company for Cause.
      The
      Company may terminate the Executive's employment during the Term for Cause.
      For
      purposes of this Agreement, "Cause"
      shall
      mean (i) the willful and continued failure by the Executive to substantially
      perform his duties as an employee of the Company (other than any such failure
      resulting from incapacity due to physical or mental illness), which failure
      is
      not cured to the Board’s satisfaction within a reasonable period after written
      notice thereof to Executive, (ii) the Executive being convicted of or a plea
      of
      nolo contendere to the charge of a
      felony
      (other than a felony involving a traffic violation or as a result of vicarious
      liability), (iii) the commission by the Executive of a material act of
      dishonesty or breach of trust resulting or intending to result in personal
      benefit or enrichment to the Executive at the expense of the Company, or (iv)
      an
      unauthorized absence from employment that is not cured to the Board’s
      satisfaction within five (5) days after written notice thereof to Executive.
      For
      purposes of this paragraph, no act, or failure to act, on the Executive's part
      shall be considered "willful" unless done, or omitted to be done, by him not
      in
      good faith and without reasonable belief that his action or omission was not
      in
      the best interest of the Company. Notwithstanding the foregoing, the Executive
      shall not be deemed to have been terminated for Cause unless and until there
      shall have been delivered to him a copy of a resolution duly adopted by the
      affirmative vote of not less than two-thirds (2⁄3) of the entire authorized
      membership of the Board at a meeting of the Board (after reasonable notice
      and
      an opportunity for the Executive, together with counsel, to be heard before
      the
      Board) finding that in the good faith of the Board the Executive was guilty
      of
      conduct set forth in clauses (i), (ii), (iii) or (iv) of the second sentence
      of
      this paragraph and specifying the particulars thereof in detail.

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    (c) Voluntary
      Termination by Executive for Good Reason.
      The
      Executive's employment may be terminated during the Term by the Executive for
      Good Reason. For purposes of this Agreement, "Good
      Reason"
      shall
      mean:

     

    (i) the
      assignment to the Executive of any duties inconsistent in any respect with
      the
      Executive's position (including status, offices, titles and reporting
      requirements), authority, duties or responsibilities as contemplated by Section
      3(a) or any removal of the Executive from or failure to re-elect the Executive
      to any of such positions or any other actions by the Company which results
      in a
      diminution in such position, authority, duties or responsibilities (except
      in
      connection with the termination of the Executive's employment for Cause,
      Disability or retirement or as a result of the Executive's death or by the
      Executive other than for Good Reason or within a Change in Control Termination
      Period), excluding for this purpose an isolated, insubstantial and inadvertent
      action not taken in bad faith and which is remedied by the Company promptly
      after receipt of notice thereof given by the Executive;

     

    (ii) a
      material breach of this Agreement by the Company, provided the Executive gives
      the Company written notice of the occurrence of the breach which specifically
      identifies the manner in which the Executive believes that the breach has
      occurred and which is delivered to the Company within a reasonable period (but
      in no event more than 30 days) after the Executive has knowledge of the events
      asserted to give rise to the breach, and the Company fails to correct such
      breach within a reasonable period (but in no event more than 30 days) after
      receipt of such notice;

     

     

    (iii) relocation
      of the Executive’s primary work location, without the Executive’s consent, to a
      location more than 75 miles from the Executive’s primary work location as of the
      Effective Date.

     

     

    For
      purposes of this Section 4(c), any good faith determination of "Good
      Reason"
      made by
      the Executive shall be conclusive.

     

     

    (d) Termination
      by Executive during a Change in Control Termination Period.
      The
      Executive may voluntarily terminate employment during a Change in Control
      Termination Period. For purposes of this Agreement, “Change in Control
      Termination Period” means the period beginning on the six (6) month anniversary
      of a Change in Control and ending on the twelve (12) month anniversary of such
      Change in Control. If the Executive’s employment terminates during a Change in
      Control Termination Period due to death or Disability, such termination of
      employment shall not be deemed to be a voluntary termination under this
      paragraph (d) but shall be treated as a termination under paragraph (a) next
      above.

     

     

    (e) Retirement.
      The
      Executive may voluntarily terminate his employment for Retirement. For purposes
      of this Agreement, “Retirement” means the Executive’s voluntary termination of
      employment with the Company or any affiliated company, other than for Good
      Reason or during a Change in Control Termination Period, on or after attainment
      of age 62 and not becoming employed by any person or entity that is engaged
      in
      the same or similar line of business as that of the Company or an affiliated
      company as determined in the sole and absolute discretion of the Board of
      Directors of the Company.

     

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

    (f) Notice
      of Termination.
      Any
      termination by the Company for Cause, or by the Executive for Good Reason or
      during a Change in Control Termination Period, shall be communicated by Notice
      of Termination to the other party hereto given in accordance with Section 14(b).
      For purposes of this Agreement, a "Notice
      of Termination"
      means a
      written notice which (i) indicates the specific termination provision in this
      Agreement relied upon, (ii) to the extent applicable, sets forth in reasonable
      detail the facts and circumstances claimed to provide a basis for termination
      of
      the Executive's employment under the provision so indicated, and (iii) if the
      Date of Termination (as defined below) is other than the date of receipt of
      such
      notice, specifies the termination date (which date shall be not more than 15
      days after the giving of such notice). The failure by the Executive or the
      Company to set forth in the Notice of Termination any fact or circumstance
      which
      contributes to a showing of Good Reason or Cause shall not waive any right
      of
      the Executive or the Company hereunder or preclude the Executive or the Company
      from asserting such fact or circumstance in enforcing the Executive's or the
      Company's rights hereunder.

     

    (f) Date
      of Termination.
      "Date
      of Termination"
      means
      (i) if the Executive's employment is terminated by the Company for Cause, or
      by
      the Executive for Good Reason, during a Change in Control Termination Period,
      or
      for Retirement, the date of receipt of the Notice of Termination or any later
      date specified therein, as the case may be, (ii) if the Executive's employment
      is terminated by the Company other than for Cause or Disability, the Date of
      Termination shall be the date on which the Company notifies the Executive of
      such termination, and (iii) if the Executive's employment is terminated by
      reason of death or Disability, the Date of Termination shall be the date of
      death of the Executive or the Disability Date, as the case may be.

     

    5. Obligations
      of the Company upon Termination

     

     

    (a) Termination
      by the Executive for Good Reason or During a Change in Control Termination
      Period or by the Company Other Than for Cause, Death or
      Disability.
      If,
      during the Term, the Company shall terminate the Executive's employment other
      than for Cause, Death or Disability or the Executive shall terminate employment
      for Good Reason or during a Change in Control Termination Period:

     

     

    (i) the
      Company shall pay to the Executive in a lump sum in cash within 30 days after
      the Date of Termination the aggregate of the following amounts:

     

     

    A. the
      sum
      of (1) the Executive's Annual Base Salary through the Date of Termination,
      (2)
      the product of (x) the Annual Bonus paid or payable to the Executive for the
      immediately preceding year and (y) a fraction, the numerator of which is the
      number of days in the current fiscal year through the Date of Termination,
      and
      the denominator of which is 365, (3) any compensation previously deferred by
      the
      Executive (together with any accrued interest or earnings thereon), provided
      that deferrals under any arrangement subject to Code Section 409A shall be
      paid
      in accordance with the terms of such deferral arrangement, and (4) any accrued
      vacation pay, in each case to the extent not theretofore paid (the sum of the
      amounts described in clauses (1), (2), (3) and (4) shall be hereinafter referred
      to as the "Accrued
      Obligations");
      and

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

     

    B. an
      amount
      equal to 2.5 multiplied by the sum of (1) the Executive's Annual Base Salary
      as
      in effect immediately prior to such Date of Termination, and (2) the Annual
      Bonus paid or payable to the Executive for the immediately preceding fiscal
      year; provided,
      however,
      that
      such amount shall be reduced by the present value (determined as provided in
      Section 280G(d)(4) of the Internal Revenue Code of 1986, as amended (the
      "Code"))
      of
      any other amount of severance relating to salary or bonus continuation, if
      any,
      to be received by the Executive upon termination of employment of the Executive
      under any severance plan, policy or arrangement of the Company; and

     

     

    (ii) any
      or
      all Stock Options and shares of restricted stock awarded to the Executive under
      any plan not previously exercisable and vested shall become fully exercisable
      and vested; and

     

    (iii) for
      the
      remainder of the Term, provided that the Executive's continued participation
      is
      possible under the general terms and provisions of such plans and programs
      and
      permissible without violating the requirements of Code Section 409A, the Company
      shall continue benefits to the Executive and/or the Executive's family at least
      equal to those which would have been provided to them in accordance with the
      plans, programs, practices and policies described in Section 3(b)(iv) if the
      Executive's employment had not been terminated in accordance with the most
      favorable plans, practices, programs or policies of the Company and its
      affiliated companies as in effect generally at any time thereafter with respect
      to other peer executives of the Company and its affiliated companies and their
      families; provided,
      however,
      that if
      the Executive becomes reemployed with another employer and is eligible to
      receive medical or other welfare benefits under another employer-provided plan,
      the medical and other welfare benefits described herein shall be secondary
      to
      those provided under such other plan during such applicable period of
      eligibility; in the event that the Executive's participation in any such plan
      or
      program is barred, the Company shall arrange to provide the Executive with
      benefits substantially similar to those which he is entitled to receive under
      such plans and programs; and 

     

    (iv) subject
      to the provisions of Section 6, to the extent not theretofore paid or provided
      and to the extent permissible without violating the requirements of Code Section
      409A, the Company shall timely pay or provide to the Executive and/or the
      Executive's family any other amounts or benefits required to be paid or provided
      or which the Executive and/or the Executive's family is eligible to receive
      pursuant to this Agreement and under any plan, program, policy or practice
      of or
      contract or agreement with the Company and its affiliated companies as in effect
      generally thereafter with respect to other peer executives of the Company and
      its affiliated companies and their families (such other amounts and benefits
      shall be hereinafter referred to as the "Other
      Benefits");
      and

     

     

    (v) the
      Executive shall be entitled to use of the Automobile until the earliest to
      occur
      of (x) the date the Executive is employed elsewhere, or (y) six (6) months
      from
      the Date of Termination; provided,
      however,
      that
      during such time period, the Executive shall be solely responsible for all
      expenses incurred in the use of the Automobile, including maintaining insurance
      of the same types and at the same levels as previously maintained by the Company
      immediately prior to the Date of Termination; and

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    (vi) in
      addition to the benefits to which the Executive is entitled under any retirement
      plans or programs in which the Executive participates or any successor plans
      or
      programs in effect on the Date of Termination, the Company shall pay the
      Executive in one sum in cash at the Executive's normal retirement age as defined
      in the retirement plans or programs in which the Executive participates or
      any
      successor plans or programs in effect on the Date of Termination, an amount
      equal to the actuarial equivalent of the retirement pension to which the
      Executive would have been entitled under the terms of such retirement plans
      or
      programs without regard to "vesting" thereunder, had the Executive accumulated
      an additional two and one-half (2-1⁄2) years of continuous service at his Annual
      Base Salary in effect on the Date of Termination under such retirement plans
      or
      programs reduced by the single sum actuarial equivalent of any amounts to which
      the Executive is entitled pursuant to the provisions of said retirement plans
      and programs; for purposes of this paragraph, "actuarial equivalent" shall
      be
      determined using the same methods and assumptions utilized under the Company's
      retirement plans and programs on the Effective Date; and

    

    (vii) the
      Company shall promptly transfer and assign to the Executive all such life
      insurance policies for which the Company or Parent was previously reimbursing
      premium payments made by the Executive pursuant to an agreement between the
      Executive and the Company or Parent; and

     

    (viii) for
      a
      period of six (6) months after the Date of Termination, the Company shall
      promptly reimburse the Executive for reasonable expenses incurred for
      outplacement services and/or counseling.

     

     

    (b) Termination
      upon Death.
      If the
      Executive's employment is terminated by reason of the Executive's death during
      the Term, this Agreement shall terminate without further obligations to the
      Executive's legal representatives under this Agreement, other than for (i)
      payment of Accrued Obligations (which shall be paid to the Executive's estate
      or
      beneficiary, as applicable, in a lump sum in cash within 30 days of the Date
      of
      Termination) and (ii) the timely payment or provision of any and all Other
      Benefits, which under their terms are available in the event of
      death.

     

     

    (c) Termination
      upon Disability.
      If the
      Executive's employment is terminated by reason of the Executive's Disability
      during the Term, this Agreement shall terminate without further obligations
      to
      the Executive, other than for (i) payment of Accrued Obligations (which shall
      be
      paid to the Executive in a lump sum in cash within 30 days of the Date of
      Termination) and (ii) the timely payment or provision of any and all Other
      Benefits, which under their terms are available in the event of a
      Disability.

     

     

    (d) Termination
      for Retirement.
      If the
      Executive’s employment is terminated by reason of Retirement during the Term,
      the Executive shall be entitled to the following:

     

     

    (i) payment
      of Accrued Obligations (which shall be paid to the Executive in a lump sum
      in
      cash within 30 days of the Date of Termination); and

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

     

    (ii) any
      or
      all Stock Options and shares of restricted stock awarded to the Executive under
      any plan not previously exercisable and vested shall become fully exercisable
      and vested; and

     

     

    (iii) the
      Executive shall be entitled to use of the Automobile for a period of six (6)
      months from the Date of Termination; provided,
      however,
      that
      during such time period, the Executive shall be solely responsible for all
      expenses incurred in the use of the Automobile, including maintaining insurance
      of the same types and at the same levels as previously maintained by the Company
      immediately prior to the Date of Termination; and

     

     

    (iv) until
      the
      Executive becomes eligible for Medicare, and to the extent the Executive's
      continued participation is possible under the general terms and provisions
      of
      the Company’s medical plans and programs and permissible without violating the
      requirements of Code Section 409A, the Company shall continue to provide medical
      benefits to the Executive and/or the Executive's family at least equal to those
      which would have been provided to them if the Executive's employment had not
      terminated; provided,
      however,
      that if
      the Executive becomes reemployed with another employer and is eligible to
      receive medical benefits under another employer-provided plan, the medical
      benefits described herein shall be secondary to those provided under such other
      plan during such applicable period of eligibility; in the event that the
      Executive's participation in any such plan or program is barred, the Company
      shall arrange to provide the Executive with benefits substantially similar
      to
      those which he is entitled to receive under such plans and programs;
      and

     

    (v) the
      Company shall promptly transfer and assign to the Executive all such life
      insurance policies for which the Company or Parent was previously reimbursing
      premium payments made by the Executive pursuant to an agreement between the
      Executive and the Company or Parent.

    

     

    (e) Termination
      by Company for Cause or by Executive Other than for Good Reason or During Change
      in Control Termination Period.
      If the
      Executive's employment shall be terminated for Cause during the Term, this
      Agreement shall terminate without further obligations to the Executive other
      than the obligation to pay to the Executive Annual Base Salary through the
      Date
      of Termination plus the amount of any compensation previously deferred by the
      Executive and any accrued vacation pay, in each case to the extent theretofore
      unpaid. If the Executive terminates employment during the Term, excluding a
      termination for Good Reason, during a Change in Control Termination Period,
      or
      Retirement, this Agreement shall terminate without further obligations to the
      Executive, other than for payment of Accrued Obligations and the timely payment
      or provision of any and all Other Benefits. In such case, all Accrued
      Obligations shall be paid to the Executive in a lump sum in cash within 30
      days
      of the Date of Termination.

     

     

    6. Waiver
      of Rights For Other Severance.
      The
      Executive hereby agrees any and all benefits or payments arising out of or
      relating to any plan, program, policy or practice of or contract or agreement
      with the Company and its affiliated companies relating to the severance of
      employment, shall be fully offset against any benefits or payments due and
      owing
      hereunder.

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

     

    7. Non-Exclusivity
      of Rights.
      Nothing
      herein shall limit or otherwise affect such rights as the Executive may have
      under any contract or agreement with the Company or any of its affiliated
      companies. Amounts which are vested benefits or which the Executive is otherwise
      entitled to receive under any plan, policy, practice or program of or any
      contract or agreement with the Company or any of its affiliated companies at
      or
      subsequent to the Date of Termination shall be payable in accordance with such
      plan, policy, practice or program or contract or agreement except as explicitly
      modified by this Agreement.

     

     

    8. Full
      Settlement; Resolution of Disputes.

     

     

    (a) The
      Company's obligation to make the payments provided for in this Agreement and
      otherwise to perform its obligations hereunder shall not be affected by any
      set-off, counterclaim, recoupment, defense or other claim, right or action
      which
      the Company may have against the Executive or others. In no event shall the
      Executive be obligated to seek other employment or take any other action by
      way
      of mitigation of the amounts payable to the Executive under any of the
      provisions of this Agreement and, except as specifically provided in Section
      5,
      such amounts shall not be reduced whether or not the Executive obtains other
      employment. The Company agrees to pay promptly as incurred, to the full extent
      permitted by law, all legal fees and expenses which the Executive may reasonably
      incur as a result of any contest (regardless of the outcome thereof) by the
      Company, the Executive or others of the validity or enforceability of, or
      liability under, any provision of this Agreement or any guarantee of performance
      thereof (including as a result of any contest by the Executive about the amount
      of any payment pursuant to this Agreement), plus in each case interest on any
      delayed payment at the applicable Federal rate provided for in Section
      7872(f)(2)(A) of the Code.

     

     

    (b) If
      there
      shall be any dispute between the Company and the Executive (i) in the event
      of
      any termination of the Executive's employment by the Company, whether such
      termination was for Cause, or (ii) in the event of any termination of employment
      by the Executive, whether Good Reason existed, then, unless and until there
      is a
      final, nonappealable judgment by a court of competent jurisdiction declaring
      that such termination was for Cause or that the determination by the Executive
      of the existence of Good Reason was not made in good faith, as the case may
      be,
      the Company shall pay all amounts, and provide all benefits, to the Executive
      and/or the Executive's family or other beneficiaries, as the case may be, that
      the Company would be required to pay or provide pursuant to Section 5 as though
      such termination were by the Company without Cause or by the Executive with
      Good
      Reason; provided,
      however,
      that the
      Company shall not be required to pay any disputed amounts pursuant to this
      paragraph except upon receipt of an undertaking by or on behalf of the Executive
      and/or the Executive's family or other beneficiaries, as the case may be, to
      repay all such amounts to which the Executive is ultimately adjudged by such
      court not to be entitled.

     

     

    9. Certain
      Additional Payments by the Company.

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

     

    (a) Notwithstanding
      anything in this Agreement to the contrary, in the event it shall be determined
      that any payment or distribution by the Company to or for the benefit of the
      Executive (whether paid or payable or distributed or distributable pursuant
      to
      the terms of this Agreement or otherwise, but determined without regard to
      any
      additional payments required under this Section 9) (a "Payment")
      would
      be subject to the excise tax imposed by Section 4999 of the Code, or any
      successor provision thereto, or any interest or penalties are incurred by the
      Executive with respect to such excise tax (such excise tax, together with any
      such interest and penalties, are hereinafter collectively referred to as the
      "Excise
      Tax"),
      then
      the Executive shall be entitled to receive an additional payment (a
      "Gross-Up
      Payment")
      in an
      amount such that after payment by the Executive of all taxes (including any
      interest or penalties imposed with respect to such taxes), including, without
      limitation, any income taxes (and any interest and penalties imposed with
      respect thereto) and any Excise Tax imposed upon the Gross-Up Payment, the
      Executive retains an amount of the Gross-Up Payment equal to the Excise Tax
      imposed upon the Payments.

     

     

    (b) Subject
      to the provisions of Section 9(c), all determinations required to be made under
      this Section 9, including whether and when a Gross-Up Payment is required and
      the amount of such Gross-Up Payment and the assumptions to be utilized in
      arriving at such determination, shall be made by the Company's independent
      certified public accountants (the "Accounting
      Firm")
      which
      shall provide detailed supporting calculations both to the Company and the
      Executive within 15 business days of the receipt of notice from the Executive
      that there has been a Payment, or such earlier time as is requested by the
      Company. In the event that the Accounting Firm is serving as accountant or
      auditor for the individual, entity or group effecting the Change of Control,
      the
      Executive shall appoint another nationally recognized accounting firm to make
      the determinations required hereunder (which accounting firm shall then be
      referred to as the Accounting Firm hereunder). All fees and expenses of the
      Accounting Firm shall be borne solely by the Company. Any Gross-Up Payment,
      as
      determined pursuant to this Section 9, shall be paid by the Company to the
      Executive within five days of the receipt of the Accounting Firm's
      determination. If the Accounting Firm determines that no Excise Tax is payable
      by the Executive, it shall furnish the Executive with a written opinion that
      failure to report the Excise Tax on the Executive's applicable federal income
      tax return would not result in the imposition of a negligence or similar
      penalty. Any determination by the Accounting Firm shall be binding upon the
      Company and the Executive. As a result of the uncertainty in the application
      of
      Section 4999 of the Code at the time of the initial determination by the
      Accounting Firm hereunder, it is possible that Gross-Up Payments which will
      not
      have been made by the Company should have been made ("Underpayment"),
      consistent with the calculations required to be made hereunder. In the event
      that the Company exhausts its remedies pursuant to Section 9(c) and the
      Executive thereafter is required to make a payment of any Excise Tax, the
      Accounting Firm shall determine the amount of the Underpayment that has
      occurred, and any such Underpayment shall be promptly paid by the Company to
      or
      for the benefit of the Executive.

     

    
      
        
        

      

      
        11

        
          

        

      

      
        
        

      

    

     

    (c) The
      Executive shall notify the Company in writing of any claim by the Internal
      Revenue Service that, if successful, would require the payment by the Company
      of
      the Gross-Up Payment. Such notification shall be given as soon as practicable
      but no later than ten business days after the Executive is informed in writing
      of such claim and shall apprise the Company of the nature of such claim and
      the
      date on which such claim is requested to be paid. The Executive shall not pay
      such claim prior to the expiration of the 30-day period following the date
      on
      which it gives such notice to the Company (or such shorter period ending on
      the
      date that any payment of taxes with respect to such claim is due). If the
      Company notifies the Executive in writing prior to the expiration of such period
      that it desires to contest such claim, the Executive shall:

     

     

    (i) give
      the
      Company any information reasonably requested by the Company relating to such
      claim,

     

     

    (ii) take
      such
      action in connection with contesting such claim as the Company shall reasonably
      request in writing from time to time, including, without limitation, accepting
      legal representation with respect to such claim by an attorney reasonably
      selected by the Company,

     

     

    (iii) cooperate
      with the Company in good faith in order effectively to contest such claim,
      and

     

     

    (iv) permit
      the Company to participate in any proceedings relating to such
      claim;

     

     

    provided,
      however,
      that the
      Company shall bear and pay directly all costs and expenses (including additional
      interest and penalties) incurred in connection with such contest and shall
      indemnify and hold the Executive harmless, on an after-tax basis, for any Excise
      Tax or income tax (including interest and penalties with respect thereto)
      imposed as a result of such representation and payment of costs and expenses.
      Without limitation on the foregoing provisions of this Section 9(c), the Company
      shall control all proceedings taken in connection with such contest and, at
      its
      sole option, may pursue or forgo any and all administrative appeals,
      proceedings, hearings and conferences with the taxing authority in respect
      of
      such claim and may, at its sole option, either direct the Executive to pay
      the
      tax claimed and sue for a refund or contest the claim in any permissible manner,
      and the Executive agrees to prosecute and contest to a determination before
      any
      administrative tribunal, in a court of initial jurisdiction and in one or more
      appellate courts, as the Company shall determine; provided,
      however,
      that if
      the Company directs the Executive to pay such claim and sue for a refund, the
      Company shall advance the amount of such payment to the Executive, on an
      interest-free basis, and shall indemnify and hold the Executive harmless, on
      an
      after-tax basis, from any Excise Tax or income tax (including interest or
      penalties with respect thereto) imposed with respect to such advance or with
      respect to any imputed income with respect to such advance; and further provided
      that any extension of the statute of limitations relating to payment of taxes
      for the taxable year of the Executive with respect to which such contested
      amount is claimed to be due is limited solely to such contested amount.
      Furthermore, the Company's control of the contest shall be limited to issues
      with respect to which a Gross-Up Payment would be payable hereunder, and the
      Executive shall be entitled to settle or contest, as the case may be, any other
      issue raised by the Internal Revenue Service or any other taxing
      authority.

     

    
      
        
        

      

      
        12

        
          

        

      

      
        
        

      

    

     

    (d) If,
      after
      the receipt by the Executive of an amount advanced by the Company pursuant
      to
      Section 9(c) hereof, the Executive becomes entitled to receive any refund with
      respect to such claim, the Executive shall, subject to the Company's complying
      with the requirements of Section 9(c), promptly pay to the Company the amount
      of
      such refund (together with any interest paid or credited thereon after taxes
      applicable thereto). If, after the receipt by the Executive of an amount
      advanced by the Company pursuant to Section 9(c) hereof, a determination is
      made
      that the Executive shall not be entitled to any refund with respect to such
      claim and the Company does not notify the Executive in writing of its intent
      to
      contest such denial of refund prior to the expiration of 30 days after such
      determination, then such advance shall be forgiven and shall not be required
      to
      be repaid and the amount of such advance shall offset, to the extent thereof,
      the amount of Gross-Up Payment required to be paid.

     

     

    10. Confidential
      Information.
      The
      Executive shall hold in a fiduciary capacity for the benefit of the Company
      all
      secret or confidential information, knowledge or data relating to the Company
      or
      any of its affiliated companies, and their respective businesses, which shall
      have been obtained by the Executive during the Executive's employment by the
      Company or any of its affiliated companies and which shall not be or become
      public knowledge (other than by acts by the Executive or representatives of
      the
      Executive in violation of this Agreement). After termination of the Executive's
      employment with the Company, the Executive shall not, without the prior written
      consent of the Company or as may otherwise be required by law or legal process,
      communicate or divulge any such information, knowledge or data to anyone other
      than the Company and those designated by it. In no event shall an asserted
      violation of the provisions of this section constitute a basis for deferring
      or
      withholding any amounts otherwise payable to the Executive under this
      Agreement.

     

     

    11. Nonsolicitation;
      No Tampering.
      During
      the Term and, unless the Agreement terminates pursuant to Section 5(a), through
      the first anniversary of the expiration thereof, the Executive shall not (a)
      solicit, attempt to solicit, request, induce or attempt to influence any
      distributor or supplier of goods or services to the Company or its affiliated
      companies to curtail or cancel any business they may transact with the Company
      or its affiliated companies; (b) solicit, attempt to sell to, request, induce
      or
      attempt to influence any customers of the Company or its affiliated companies
      or
      potential customers which have been in contact with the Company or its
      affiliated companies to curtail or cancel any business they may transact with
      any member of the Company or its affiliated companies; or (c) solicit, attempt
      to solicit, request, induce or attempt to influence any employee of the Company
      or its affiliated companies to terminate his or her employment with the Company
      or its affiliated companies.

     

     

    12. Remedies.
      The
      Executive acknowledges that a remedy at law for any breach or attempted breach
      of the Executive's obligations under Sections 10 and 11 may be inadequate,
      agrees that the Company may be entitled to specific performance and injunctive
      and other equitable remedies in case of any such breach or attempted breach,
      and
      further agrees to waive any requirement for the securing or posting of any
      bond
      in connection with the obtaining of any such injunctive or other equitable
      relief. The Company shall have the right to offset against amounts paid to
      the
      Executive pursuant to the terms hereof any amounts from time to time owing
      by
      the Executive to the Company. The termination of the Agreement shall not be
      deemed a waiver by the Company of any breach by the Executive of this Agreement
      or any other obligation owed the Company, and notwithstanding such a termination
      the Executive shall be liable for all damages attributable to such a
      breach.

     

    
      
        
        

      

      
        13

        
          

        

      

      
        
        

      

    

     

    13. Successors
      and Assigns.

     

     

    (a) This
      Agreement is personal to the Executive and without the prior written consent
      of
      the Company shall not be assignable by the Executive otherwise than by will
      or
      the laws of descent and distribution. This Agreement shall inure to the benefit
      of and be enforceable by the Executive's legal representatives.

     

     

    (b) This
      Agreement shall inure to the benefit of and be binding upon the Company and
      its
      successors and assigns.

     

     

    (c) The
      Company will require any successor (whether direct or indirect, by purchase,
      merger, consolidation or otherwise) to all or substantially all of the business
      and/or assets of the Company to expressly assume and agree to perform this
      Agreement in the same manner and to the same extent that the Company would
      be
      required to perform it if no such succession had taken place. As used in this
      Agreement, "Company"
      shall
      mean the Company as hereinbefore defined and any successor to its business
      and/or assets as aforesaid which assumes and agrees to perform this Agreement
      by
      operation of law, or otherwise.

     

     

    14. Miscellaneous.

     

     

    (a) This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Texas, without reference to principles of conflict of laws. The
      captions of this Agreement are not part of the provisions hereof and shall
      have
      no force or effect. This Agreement may not be amended or modified otherwise
      than
      by a written agreement executed by the parties hereto or their respective
      successors and legal representatives.

     

     

    (b) All
      notices and other communications hereunder shall be in writing and shall be
      given by hand delivery to the other party or by registered or certified mail,
      return receipt requested, postage prepaid, addressed as follows:

     

     

    If
      to the
      Executive:  
Bruce
      A.
      Streeter

                                                                                
      11640 Noblewood Crest Lane

                                                                                
      Houston, TX 77082

     

     

    If
      to the
      Company:  
GM
      Offshore, Inc.

                                                                                
      10111
      Richmond Ave., Suite 340

                                                                                
      Houston, Texas 77042

     

     

    or
      to
      such other address as either party shall have furnished to the other in writing
      in accordance herewith. Notice and communications shall be effective when
      actually received by the addressee.

     

     

    (c) The
      invalidity or unenforceability of any provision of this Agreement shall not
      affect the validity or enforceability of any other provision of this
      Agreement.

     

    
      
        
        

      

      
        14

        
          

        

      

      
        
        

      

    

     

    (d) The
      Company may withhold from any amounts payable under this Agreement such Federal,
      state or local taxes as shall be required to be withheld pursuant to any
      applicable law or regulation.

     

     

    (e) The
      Executive's or the Company's failure to insist upon strict compliance with
      any
      provision of this Agreement or the failure to assert any right the Executive
      or
      the Company may have hereunder, including, without limitation, the right of
      the
      Executive to terminate employment for Good Reason pursuant to Section
      4(c)(i)-(v) hereof, shall not be deemed to be a waiver of such provision or
      right or any other provision or right of this Agreement.

     

     

    15. Prior
      Employment Agreements Superseded.
      Upon
      execution and delivery of this Agreement, any and all prior employment
      agreements, if any, between (a) the Company, GulfMark Offshore, Inc., GulfMark
      International, Inc. and its and their affiliates and subsidiaries and (ii)
      the
      Executive shall be of no further force or effect and this Agreement shall
      supersede all such prior agreements, if any.

     

     

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Agreement as of the date first above
      written.

     

    Executive:

    

    /s/
      Bruce A. Streeter

    Bruce
      A.
      Streeter

    

    Company:

    

    GM
      OFFSHORE, INC.

    By:
      /s/
      Edward A. Guthrie

    Title:
      Executive Vice President - Finance & CFO

     

    The
      undersigned executes this Agreement to evidence its agreement to guarantee
      to
      the Executive the prompt payment and the prompt performance when due of all
      obligations and liabilities of the Company to the Executive arising out of
      or
      pursuant to this Agreement, in which event the undersigned shall have all of
      the
      rights of the Company described in this Agreement.

     

     

    GULFMARK
      OFFSHORE, INC.

     

     

    By:
      /s/
      David J. Butters

     

     

    Chairman
      of the Board

     

     

    

    
      
        
        

      

      
        15

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