Document:

exv10w34

Exhibit 10.34

GM OFFSHORE, INC.

SUPPLEMENTAL INCOME PLAN

	1.	 	Establishment and Purpose of Plan

	 
	1.1	 	Establishment and Duration of Plan. The Board of Directors of GM Offshore, Inc., (the
“Company”), a Delaware corporation, hereby establish the Supplemental income Plan of GulfMark
Offshore, Inc. and its successors, effective as of the first day of January, 2000.
By executing a Participation Agreement, an Executive agrees to the terms of the Plan. The
Plan shall continue until terminated by the Board of Directors of the Company, subject to the
provisions of Section 7.1.

	 
	1.2	 	Purpose of Plan. The Company has entered or intends to enter into collateral
assignment split-dollar insurance agreements with certain of its executive or
highly-compensated employees whereby the Company will pay the premiums on a whole life
insurance policy on the life of the employee. The purpose of the Plan is to provide a means of
vesting in the participating employees an amount measured by the outstanding cash value of the
life insurance policy, which amount may vary among participating employees and which will
increase over time, such that at the end of a certain term of continuous, full time employment
with the Company, the participating employee will have earned an amount in his or her Deferred
Benefit Account equal to the full cash value of the policy less the cash value in excess of
the amount owed to the company under the Split-Dollar Insurance Agreement for premiums paid by
the Company. When the participating employee is fully vested, the amount of his or her
Deferred Benefit Account, when added to the employee’s ownership of excess cash value in the
employee’s policy, will equal one hundred percent of the cash value of the policy. The Plan
will also provide each participating employee’s beneficiaries with certain benefits in the
event the employee’s employment is terminated on account of death.

	 
	2.	 	Definitions

	 
	2.1	 	“Annual Vesting Percentage” means the fixed amount, expressed as a number of percentage
points, established in an Executive’s Participation Agreement, by which the Cumulative Vested
Percentage increases at the beginning of each year of continuous, full time employment,
beginning on the first anniversary of the Executive’s Entry Date. If an Executive’s Annual
Vesting Percentage is specified as one hundred percent (100%), the Executive shall be fully
vested in his or her Deferred Benefit Account as of the Executive’s Entry Date.

	 
	2.2	 	“Beneficiary” means, with respect to an Executive, the person or persons who are designated
as such in the Executive’s Participation Agreement. The Executive shall have the right to
amend or change the designation of the Executive’s Beneficiary from time to time by written
notice provided to the Company, signed by the Executive.

	 
	2.3	 	“Cause” means, with respect to the termination of Executive’s employment by the Company,
anyone or more of the following: a breach by Executive of one or more of his duties to the
Company, which breach is material to the purposes or business of the Company; gross neglect by
Executive of his duties or obligations to the Company which results in substantial damage to
the business or operations of the Company; the intentional infliction by Executive of
substantial damage to the business or operations of the Company; Executive’s conviction of a
federal or state felony offense or his conviction of any other criminal offense that would
impair his ability to

 

 

	 	 	perform his duties hereunder or would impair the Company; and Executive’s commission of a
willful serious act, such as fraud, embezzlement or theft against the Company. For purposes
of this definition of “Cause,” the company shall be deemed to include the Company, its
parent and any subsidiary or affiliate of the Company and its parent by which Executive may
be employed.

	 
	2.4	 	“Company” means GM Offshore, Inc., a Delaware corporation having its registered address at 5
Post Oak Park, Suite 1170, Houston, Texas 77027, or any successor thereto, and its
subsidiaries.

	 
	2.5	 	“Cumulative Vested Percentage” means the cumulative number of percentage points, not to
exceed 100, which begins at a certain number (which may be zero) as of the entry Date and
which increases annually by the Annual Vesting Percentage on the first day of each year of
employment beginning with the first anniversary of an Executive’s Entry Date. The Cumulative
Vested Percentage is used to determine the credit to an Executive’s Deferred Benefit Account
as of any time under the Plan.

	 
	2.6	 	“Deferred Benefit Account” means the account being administered for the benefit of Executive
under Article 3 of the Plan. Such account shall consist of amounts credited to such account
pursuant to the Plan. Such account shall not actually be funded but shall be a bookkeeping
account established on the Company’s records.

	 
	2.7	 	“Employed” or “employment,” when used with regard to an Executive’s employment with the
Company its parent and any subsidiary or affiliate of the Company or its parent, shall mean
and refer to active, continuous employment on a full-time basis.

	 
	2.8	 	“Entry Date” with regard to any Executive means the date established as such in the
Executive’s Participation Agreement under the Plan.

	 
	2.9	 	“Excess Cash Value” means the amount of cash surrender value in an Executive’s Policy in
excess of the amount owed to the Company under the Executive’s Split-Dollar Agreement, after
deduction of any loans to the Company against cash value.

	 
	2.10	 	“Executive” means any employee who is designated as eligible to participate in the Plan by
the Board of directors of the Company, who has executed a Participation Agreement, and who has
a Split-Dollar Insurance Agreement with the Company. Only management and highly paid employees
within the meaning of the Employee Retirement Income and Security Act of 1974 shall be
eligible to participate.

	 
	2.11	 	“Gross Cash Value” means the cash value of a Policy without consideration or deduction of any
loans against cash value.

	 
	2.12	 	“Participation Agreement” means the agreement executed by an Executive upon being admitted to
the Plan. The Participation Agreement shall be an integral part of the Plan with respect to
the Executive who executes such Participation Agreement.

	 
	2.13	 	“Plan” means the Supplemental Income Plan of the Company and its successors as established
and described herein as the same may hereafter from time to time be amended.

	 
	2.14	 	“Policy” means a policy of whole life insurance on the life of an Executive, owned by the
Executive, the premiums of which are being paid by the Company, and which has been
collaterally assigned to the Company to secure the repayment of the premiums paid by the
Company.

 

 

	2.15	 	“Normal Retirement Age” means, with respect to an Executive, the date established as such in
his Participation Agreement.

	 
	2.16	 	“Split-Dollar Insurance Agreement” means, for purposes of the Plan, an agreement between the
Company and an Executive pursuant to which the Company agrees to advance the premiums due on a
Policy owned by Executive, which advances are secured by a collateral assignment of the
Policy.

	 
	2.17	 	“Retirement Date” means, with respect to an Executive, the earlier of (a) the date on which
he attains his Normal Retirement Age or (b) the date of termination of his employment with the
Company for any reason other than termination for Cause or the Executive’s death.

	 
	3.	 	Administration of Accounts

	 
	 	 	Subject to all other terms and conditions of the Plan, if an Executive remains employed by
the company, then on each anniversary of an Executive’s Entry Date, beginning with the first
such anniversary, the amount of the Cumulative Vested percentage applicable to the Executive
shall increase by the Annual Vesting Percentage until such time that the Executive’s
Cumulative Vested Percentage shall not exceed one hundred percent (100%). The Cumulative
Vested percentage shall not exceed one hundred percent. To determine the amount of the
credit in an Executive’s Deferred Benefit Account as of any time, the then-outstanding Gross
Cash Value of the Executive’s Policy shall be multiplied by the Cumulative Vested Percentage
as of that time and from the result thus obtained there shall be subtracted an amount equal
to the Excess Cash Value in the Executive’s Policy; the remaining amount after such
subtraction shall be the amount of the credit in the Executive’s Deferred Benefit Account,
which in no event shall be less than zero.

	 
	4.	 	Payment of Benefits

	 
	4.1	 	If an Executive has remained employed by the Company from the Executive’s Entry Date, then on
the Executive’s Retirement Date the Company will pay to the Executive the full balance of his
or her Deferred Benefit Account, determined as of that date in the manner provided in Article
3, in a lump sum less any required withholding of taxes or other sums. Nothing in this Plan
shall affect the Company’s rights under the Executive’s Split-Dollar Insurance Agreement which
shall be and remain a separate agreement between the Company and the Executive, and the
Company shall retain whatever rights and interest it may then have to repayment of the
premiums paid by the Company pursuant to the Executive’s Split-Dollar Insurance Agreement and
the related collateral assignment of the Policy, but in no event shall the Executive
personally owe any portion of the premiums so paid.

	 
	4.2	 	If an Executive’s employment with the Company is terminated on account of his or her death,
and the Executive has not received and is not entitled to receive the benefits payable under
Section 4.1 as of his or her death, then the Company will make a lump-sum payment to the
Executive’s Beneficiary, within thirty (30) days following the date of payment of proceeds
under the Executive’s Policy, of an amount in cash equal to that portion of the Policy
Proceeds payable to the Company under the terms of the Executive’s Split-Dollar Insurance
Agreement and related collateral assignment for premiums advanced by the Company.

 

 

	5.	 	Rights and Duties of Executives

	 
	5.1	 	No Executive or any other person shall have any interest in any fund or in any specific asset
or assets of the Company by reason of this Plan, or for any other reason, or have any right to
receive any distributions under the Plan except as and to the extent expressly provided under
the Plan. An Executive is a general creditor of the Company.

	 
	5.2	 	Each Executive shall receive an updated copy of the Plan and shall receive copies of any
modifications or amendments to the Plan within ten (10) days after their adoption.

	 
	5.3	 	No right of any Executive to receive a payment under this Plan shall be subject to
alienation, transfer, sale, assignment, pledge, attachment, garnishment or encumbrance of any
kind. Any attempt to alienate, sell, transfer, assign, pledge or otherwise encumber any such
payments whether presently or hereafter payable shall be void. No payment under this Plan
shall be subject to debts or liabilities of any Executive.

	 
	5.4	 	No payment of any kind shall be due under this Plan to any Executive or the Beneficiary of
such Executive, whose employment with the Company is terminated for cause.

	 
	5.5	 	Every Executive receiving or claiming a payment under this Plan shall be presumed to be
mentally competent until the date on which the Company receives a written notice in a form and
manner acceptable to the Company that such person is incompetent and that a guardian,
conservator or other person legally vested with the interest of his or her estate has been
appointed. If a guardian or conservator of the estate of any person receiving or claiming a
payment under this Plan is appointed, the payment may be made to such guardian or conservator
provided that the proper proof of appointment and continuing qualification is furnished in a
form and manner acceptable to the Company. Any payment so made shall be a discharge and
satisfaction of any liability of the Company for such payment.

	 
	5.6	 	Each Executive entitled to receive a credit or payment under the Plan shall provide the
Company with such information it may from time to time deem necessary or in its best interest
in administering the Plan. Any such person shall also furnish the Company with such documents,
evidence, data or other information as the Company may from time to time deem necessary of
advisable.

	 
	6.	 	Duties of the Plan Administrator

	 
	6.1	 	The Plan shall be administered by the Plan Administrator.

	 
	6.2	 	The Plan Administrator may from time to time establish rules and regulations for the
administration of the Plan and adopt standard forms for such matters as elections, beneficiary
designations and applications for benefits, provided such rules and forms are not inconsistent
with the provisions of the Plan.

	 
	6.3	 	All determinations of the Plan Administrator shall be binding on all parties, subject to the
rights of any party to obtain de novo review of the Plan Administrator’s interpretations of
the Plan or its terms and the Plan Administrator’s factual determinations, by any’ court of
competent jurisdiction under applicable law. The Plan Administrator shall not be deemed to
have discretion in the interpretation of the Plan and its terms. In construing or applying the
provisions of the Plan, the Company shall have the right to rely upon a written opinion of
legal counsel, which may be

 

 

	 	 	independent legal counsel or legal counsel regularly employed by the Company, whether or not
any question or dispute has arisen as to any distribution from the Plan.

	 
	6.4	 	The Plan Administrator shall be responsible for maintaining books and records for the Plan.
Each Executive shall be notified once annually upon request of the applicable credit amount of
his Deferred Benefit Account.

	 
	7.	 	Amendment or Termination

	 
	7.1	 	The Company reserves the right to amend, modify, terminate or discontinue the Plan at any
time. However, no such amendment, modification, termination or discontinuance shall have the
effect of:

	 
	 	 	(a) Reducing the value of an Executive’s Deferred Benefit Account below the amount of the
credit in such account as of the date of such amendment, modification, termination or
discontinuance.

	 
	 	 	(b) Deferring the time at which benefits shall be paid to an Executive pursuant to the Plan.

	 
	 	 	(c) Eliminating, reducing or diminishing in any way an Executive’s Annual Vesting
Percentage, or any increases to an Executive’s Cumulative Vested percentage or Deferred
Benefit Account which the Executive would otherwise have been entitled to receive under the
Plan if the amendment, modification, termination or discontinuance had not occurred.

	 
	7.2	 	An Executive’s participation in this Plan shall terminate upon the Executive’s death,
and the deceased Executive’s Deferred Benefit Account will be reduced to zero (0) effective
immediately upon such termination. No distribution or payment of benefits of any kind shall
be due to the heirs, successors or beneficiaries of the deceased Executive under this Plan
except as expressly provided in Section 4.2 above, however, nothing in this Plan shall in
any way affect, limit or restrict the payment of the death benefit payable under the Policy
to the beneficiaries named in the policy, subject to the Company’s rights under the
Executive’s Split-Dollar Insurance Agreement.

	 
	8.	 	Not a Contract of Employment

	 
	8.1	 	This Plan is not a contract of employment between an Executive and the Company, nor does this
Plan modify the “at-will” nature of an executive’s employment with the Company. No provision
of this Plan restricts the right of the Company to discharge an Executive, whether with or
without Cause, for any lawful reason, or restricts the right of an Executive to terminate his
employment.

	 
	9.	 	Claims Procedure

	 
	9.1	 	If a benefit under this Plan is not paid to an Executive and such person believes that he or
she is entitled to receive it, a claim shall be made in writing the Plan Administrator within
sixty (60) days from the date the payment was to be made. Such claim shall be reviewed by the
Plan Administrator and the Company. If the Claim is denied, in full or in part, the Plan
Administrator shall provide written notice within ninety (90) days of the submission of the
claim setting forth the specific reasons for denial. The notice shall include specific
reference to the provisions of the Plan upon which the denial is based and any additional
material or information necessary to perfect the claim, if any. Such written notice shall also
indicate the steps to be taken if a review of the denial is desired.

 

 

	9.2	 	If the claim is denied and a review is desired, the claimant shall notify the Plan
Administrator in writing within sixty (60) days following the giving of notice of denial. A
claim shall be treated as denied if the Plan Administrator does not take action in the
aforesaid ninety (90) day period. In requesting review, the claimant may review this Plan or
any documents relating to it and submit any written issues and comments he or she may feel
appropriate. In his or her sole discretion, the Plan Administrator shall then review the claim
and provide a written decision within sixty (60) days of the request for review. This decision
likewise shall state the specific provisions of this Plan on which the decision is based.
Nothing in this Article 9 is intended to limit the right of any Executive or Beneficiary to
obtain de novo review of any interpretation of the Plan or its terms or any factual
determination made by the Plan Administrator from a court of competent jurisdiction, in
accordance with applicable law. The Plan Administrator shall not be deemed to have discretion
in the interpretation of the Plan and its terms.

	 
	9.3	 	The Chairman of the Board, provided he or she is not the Executive, in which event it shall
be the President or a Vice President who is not the Executive of the Company, is hereby
designated as the Named Fiduciary and Plan Administrator of this Plan.

	 
	9.4	 	Any notice which any party mayor is required to give under this Plan shall be given in
writing to the other party, at the address hereafter provided or at such other address as may
be designated in writing by the party from time to time in a notice given pursuant to this
paragraph, by (a) certified or registered mail, return receipt requested, postage prepaid, in
which event notice shall be deemed given upon deposit in the United States Mail or (b) in the
case of a notice to the Company, hand delivery to the representative of the Company designated
below or such other representative as may be designated in writing by the company from time to
time in a notice given to each Executive or Beneficiary, as the case may be, pursuant to this
paragraph, or, in the case of a notice to an Executive or Beneficiary, hand delivery to the
Executive or Beneficiary in either of which cases notice shall be deemed given upon delivery.
Rejection or other refusal to accept or the inability to delivery because of a changed address
of which no notice was given, shall be nevertheless effective notice for all purposes under
this agreement.

Notices to the Company should be addressed to GM Offshore, Inc.,

Attn.: Chairman of the Board, 5 Post Oak Park, #1170, Houston, TX 77027.

	 	 	Notices to an Executive or Beneficiary shall be sent to the address stated in the
Executive’s Participation Agreement.

	 
	10.	 	Construction and Expense

	 
	10.1	 	Whenever the context so requires, words in the masculine include the feminine and words in
the feminine include the masculine and the definition of any terms in the singular may include
the plural.

	 
	10.2	 	An Executive’s Split-Dollar Insurance Agreement is a separate agreement to which this Plan
refers. In the event of any conflict between the terms, provisions or interpretation of the
Plan and the terms, provisions or interpretation of an Executive’s Split-Dollar Insurance
Agreement, the Split-Dollar Insurance Agreement shall control unless the parties have
expressly agreed in writing otherwise.

	 
	10.3	 	All expenses of administering the Plan shall be paid by the Company unless the Plan provides
to the contrary.exv10w35

Exhibit 10.35

SPLIT-DOLLAR INSURANCE AGREEMENT

(Collateral Assignment)

          THIS AGREEMENT is entered into this 1st day of January, 2000, effective as of January 1, 2000,
by and between GM Offshore, Inc., a Delaware corporation, hereinafter call “the Company,” and Bruce
A. Streeter hereinafter call “Employee.”

          WHEREAS, Employee, is a valued employee of the Company and the Company wishes to retain him in
its employ, and

          WHEREAS, the Company, as an inducement to such continued employment, previously provided the
Employee with a split-dollar life insurance plan intended to assist him with his personal life
insurance, and,

          WHEREAS, the parties now desire to document and memorialize the parties’ existing split-dollar
life insurance plan and incorporate same into this Agreement, which shall supersede the prior
agreement of the parties.

          NOW THEREFORE, the Company and Employee agree as follows:

          1. The life insurance policy with which this agreement deals is Policy Number 11-604-649,
having a policy date of November 29, 1990 (hereinafter called the “Policy”) issued by the
Northwestern Mutual Life Insurance Company (hereinafter called “Insurer”) on the life of Employee.
Employee is and shall remain sole owner of the Policy.

          2. The entire premium on the Policy has been and shall continue to be paid by the Company as
it becomes due.

          3. The Policy may, at the Company’s discretion, provide a waiver of premium for disability
benefit. If it does so provide, the cost shall be borne by the Company and the Company shall remit
that amount to the Insurer when due.

          4. Dividends payable on the Policy shall be used to purchase additional paid-up insurance
protection.

          5. To secure the premiums paid by the Employer pursuant to paragraph 2 above (including all
premiums on the Policy previously paid and all premiums to be paid pursuant to this Agreement),
Employee has executed and filed with the Insurer a collateral assignment of the Policy. Employee
agrees that the collateral assignment agreement shall remain in effect during the term of this
Agreement, failing which the Company shall have no obligation to make the premium payments on the
Policy. The Company’s interest in the Policy shall not exceed the total amount of premiums paid by
it on the Policy.

 

 

          6. In the event the Policy becomes claim by reason of Employee’s death, the Company shall have
an interest in the proceeds of the Policy equal to the total value of the premiums paid on the
Policy under paragraph 2 of this Agreement, less any policy indebtedness to the Insurer. The
balance, if any, of the proceeds of the Policy shall be paid directly by the Insurer to the
beneficiary designated by the Employee.

          7. This Agreement may be terminated, subject to the provisions of paragraphs 8, 9 and 10
below, by Employee, with or without the consent of the Company, by giving notice in writing to the
Company. This Agreement may be terminated by the Company, subject to the provisions of paragraphs
8, 9 and 10 below, at any time with the written consent of Employee or, without the consent of
Employee, for cause as hereafter defined. Termination shall be effective three (3) days following
the date of giving of notice of such termination. For purposes of this agreement, “cause” means: a
breach by Employee of one or more of his duties to the Company, which breach is material to the
purposes of business of the Company; gross neglect by Employee of his duties or obligations to the
Company which results in substantial damage to the business or operations of the Company; the
intentional infliction by employee of substantial damage to the business or operations of the
Company; Employee’s conviction of a federal or state felony offense or his conviction of any other
criminal offense that would impair his ability to perform his duties hereunder or would impair the
Company; and Employee’s commission of a willful serious act, such as fraud, embezzlement or theft
against the Company. For purposes of this definition of “cause,” the Company shall be deemed to
include the Company, its parent and any subsidiary or affiliate of the Company and its parent by
which employee may be employed. Notwithstanding anything herein to the contrary, in the event this
agreement is terminated by the Company for cause, the termination shall become effective upon the
giving of notice of the termination in writing by the Company to Employee specifying the cause on
which the termination is based.

          8. In the event of termination of this agreement as provided above, the Company shall no
longer be obligated to make payments of the premiums on the policy, effectively immediately upon
such termination, and Employee shall have the right and option for a period of 90 days after the
date of termination to purchase from the Company all interest of the Company in the Policy upon
payment to the Company within that time of an amount equal to the premiums paid by the Company on
the Policy under paragraph 2 of this Agreement, less any policy indebtedness to the Insurer or
other indebtedness secured by the cash value of the Policy. If Employee exercises such right and
option to purchase, the Company shall execute all necessary documents required by the Insurer to
effect a release of interest, or absolute assignment of the Policy by the Company to Employee.
Notwithstanding anything contained herein to the contrary, except for the price due upon purchase
of the Company’s interest by Employee, should Employee so elect, Employee shall not be personally
obligated to repay any portion of the premiums on the Policy paid by the Company, but the Company
shall retain in full its right to repayment of the premiums paid by it, it being understood and
agreed that Company’s repayment shall come solely out of the proceeds of the Policy as herein
provided.

          9. If Employee fails to exercise his right and option granted in paragraph 8 and to repay to
the Company, to the extent required, the amounts specified in that paragraph within 90 days of the
date of termination of the agreement pursuant to the provisions of paragraph 7 above, the

 

 

Company shall have the right, at its sole option, to exercise the rights provided in the collateral
assignment granted pursuant to paragraph 5 to cause the Policy cash value to be paid to Company or
to cancel the policy and receive the cash value thereof, up to the full amount of the premiums paid
by the Company pursuant to paragraph 2, less any policy or other indebtedness secured by the cash
value of the Policy; Employee shall execute any and all instruments that may be required to allow
the Company to exercise those rights.

          10. Any payments under the Policy to the Company in connection with the rights granted to the
Company in the collateral assignment referred to in paragraph 5 shall first be made from Policy
cash value attributable to the paid-up additional life insurance purchased by the dividends on the
Policy. Employee shall have no interest in the paid-up additional life insurance protection except
to the extent the death benefit or cash value thereof exceeds the total of the premiums on the
Policy paid by the Company.

          11. Employee shall have the right to assign any part or all of employee’s retained interest in
the Policy and this Agreement to any person, entity or trust by execution of a written assignment
delivered to the Company and to the Insurer.

          12. The Company and Employee can mutually agree to amend this agreement and such amendment
shall be in writing and signed by the Company and Employee in order to have legal effect.

          13. This agreement shall bind and inure to the benefit of the Company and its successors and
assigns; Employee and his heirs, executors, administrators and assigns; and any beneficiary of the
Policy.

          14. In the event of any conflict between a provision of this Agreement and any provision or
provisions of any employment agreement or supplemental income plan between the Company and
Employee, this agreement shall control, unless the parties expressly declare otherwise in the
employment agreement or plan.

          15. Any notice which either party mayor is required to give hereunder shall be given in
writing to the other party, each at the address set forth below, or at such other address as may be
designated in writing by the party from time to time in a notice given pursuant to this paragraph,
by (a) certified or registered mail, return receipt requested, postage prepaid, in which event
notice shall be deemed given upon deposit in the United States Mail or (b) in the case of a notice
to the Company, hand delivery to the representative of the Company designated below or such other
representative as may be designated in writing by the Company from time to time in a notice given
pursuant to this paragraph, or, in the case of a notice to Employee, hand delivery to Employee, in
either of which cases notice shall be deemed given upon delivery. Rejection or other refusal to
accept or the inability to deliver because of a changed address of which no notice was given, shall
be nevertheless effective notice for all purposes under this agreement.

	 	 	 

	If to Company:

	 	GM Offshore, Inc.
	 

	 	Attn.: Chairman of the Board
	 

	 	5 Post Oak Park, Suite 1170

 

 

	 	 	 

	 

	 	Houston, Texas 77027
	 
	 	 
	If to Employee:

	 	Bruce A. Streeter
	 

	 	108 Hanover Square
	 

	 	Lafayette, Louisiana 70508

          16 This Agreement is intended to constitute the complete agreement of the parties and to
integrate all agreements and understandings with regard to its subject matter, and replaces and
supersedes all prior verbal and written agreements, understandings, promises or representations
with regard to its subject matter.

          17. The following provisions are part of this agreement and are intended to meet the
requirements of the Employee Retirement Income Security Act of 1974:

(a) The Plan: This agreement.

(b) The named fiduciary: The Company.

(b) The funding policy under this Plan is that all premiums on the Policy be remitted to the
Insurer when due.

(c) Direct payment by the Insurer is the basis of payment of benefits under this Plan, with
those benefits in turn being based on the payment of premiums as provided in the Plan.

(d) For claims procedure purposes, the “Claims Manager” shall be the Company’s Chairman of
the Board provided he or she is not the Employee, in which event, it shall be the President
or a Vice President who is not the Employee.

(1) If for any reason a claim for benefits under this Plan is denied by the Company,
the Claims Manager shall deliver to the claimant a written explanation setting for
the specific reasons for the denial, pertinent references to the Plan section on
which the denial is based, such other data as may be pertinent and information on
the procedures to be followed by the claimant in obtaining a review of his claim,
all written in a manner calculated to be understood by the claimant. For this
purpose:

(i) The claimant’s claim shall be deemed filed when presented orally or in
writing to the Claims Manager.

(ii) The Claims Manager’s explanation shall be in writing delivered to the
claimant within 90 days of the date the claim is filed.

(2) The claimant shall have 60 days following his receipt of the denial of the
claim to file with the Claims Manager a written request for review of the denial.
For such review, the claimant or his representative may submit pertinent documents
and written issues and comments.

 

 

(3) The Claims Manager shall decide the issue on review and furnish the claimant
with a copy within 60 days of receipt of the claimant’s request for review of his
claim. The decision on review shall be in writing and shall include specific reasons
for the decision, written in a manner calculated to be understood by the claimant,
as well as specific references to the pertinent Plan provisions on which the
decision is based. If a copy of the decision is not so furnished to the claimant
within such 60 days, the claim shall be deemed denied on review.

(4) Factual determinations and interpretations of the Plan and its terms by the
Claims Manager shall be subject to de novo review by a court of competent
jurisdiction, in accordance with applicable law, and the Claims Manager shall not be
deemed to have discretion in interpreting the Plan.

          18. This Agreement shall be governed by the laws of the United States of American, and to the
extent state law is applicable, by the laws of the State of Louisiana.

          IN WITNESS WHEREOF the parties have signed this agreement.

In the presence of

	 	 	 	 	 	 	 

	 

	 	 	 	  GM Offshore, Inc.	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	/s/ Edward A. Guthrie, Jr.	 	 
	 

	 	 
	 	 

  Edward A. Guthrie, Jr.
	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	/s/ Bruce A. Streeter	 	 
	 

	 	 
	 	 

  Bruce A. Streeter

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