Document:

EX-10.2

 EXHIBIT 10.2 
 TIDEWATER INC.
 INDIVIDUAL PERFORMANCE EXECUTIVE OFFICER

ANNUAL INCENTIVE PLAN
 FOR
FISCAL YEAR 2014 
  

	I.	PLAN OBJECTIVE 

 The primary objective of the
Tidewater Inc. Individual Performance Executive Officer Annual Incentive Plan (the “Plan”) is to reward Tidewater Inc.’s (the “Company”) executive officers for their individual performance. The Plan links a significant
element of potential variable annual compensation to the accomplishment of individual goals established for each participant. 
 The
Compensation Committee of the Board of Directors (the “Committee”) established the Plan to provide a mechanism to add an individual performance-based annual incentive award to the compensation of executive officers who participate in
Tidewater Inc.’s (the “Company”) Company Performance Executive Officer Annual Incentive Plan (the “Company Performance Plan”). The Company Performance Plan is formula-based and designed to qualify as
“performance-based” compensation under Section 162(m) of the Internal Revenue Code of 1986, as amended. 
  

	II.	ADMINISTRATION 

 The Plan shall be
administered by the Committee, except that the Chief Executive Officer shall have certain administrative powers as provided herein. The authority of the Committee shall include, in particular, authority to: 

 

	 	A.	designate participants and target award percentages; 

  

	 	B.	after considering recommendations from the Chief Executive Officer, establish individual performance goals and objectives; 

 

	 	C.	determine the individual performance multiple of between 0 and 2 times the target award percentage; 

 

	 	D.	consider the achievement of the individual performance goals and objectives and other performance factors for the Chief Executive Officer and the amount of any payment hereunder;
and 

  

	 	E.	establish regulations for the administration of the Plan and make all determinations deemed necessary for the administration of the Plan. 

The Chief Executive Officer shall consider the achievement of the individual performance goals and objectives and other performance factors for
Plan participants other than himself and whether the participant shall receive the entire Committee approved individual performance multiple or a lesser amount. 
 The Committee may also use its discretion to reduce or to eliminate, but not to increase, the maximum bonus amount payable to any participant under the Plan for a particular year. 

  

	III.	BASIC PLAN CONCEPT 

 The Plan is designed to
reward executive officers for their individual accomplishments and performance. 
  

	IV.	ELIGIBILITY CRITERIA 

 Eligibility for
participation in the Plan is limited to those executive officers who participate in the Company Performance Plan. 
  

	V.	AWARD OPPORTUNITIES AND PERFORMANCE MEASURES 

For the 2014 fiscal year, the Committee will specify potential target incentive award amounts for each participant. These amounts are determined
based upon each eligible participant’s base salary in effect as of June 29, 2013 multiplied by the target percent established by the Committee. 
 The Committee, or the Chief Executive Officer with respect to participants other than the Chief Executive Officer, shall establish particular individual performance goals for each participant. The goals may be
subjective or objective. 
 At the end of fiscal 2014, the Committee will approve the overall individual performance multiple for the Plan
for the fiscal year, which may be between 0 and 2 times target. The individual performance multiple will be multiplied by each participant’s target incentive award amount to determine a participant’s individual payout amount. The
individual payout amount may then be reduced for a particular participant below the established individual performance multiple based on an evaluation of that participant’s individual performance. The annual award to a participant under this
Plan may not exceed 2 times target. 
  

	VI.	TERMINATION OF EMPLOYMENT 

  

	 	A.	If a participant’s employment is terminated because the participant dies or if the participant becomes disabled, as “disability” is defined in Section 409A,
unless otherwise determined by the Committee, the participant or, in the case of death, the participant’s estate or heirs, shall be paid a pro rata bonus for the fiscal year in which termination occurs based upon target level performance in
effect for such year and the percentage of salary applicable to such participant’s bonus, but applied to the actual salary amount paid to the participant for the portion of the year that the participant was employed. Any such bonus shall be
paid to the participant or, in the case of death, to the participant’s estate or heirs under Article VII at the same time as the bonus for such fiscal year is paid to participants who continue to be employed. 

 

	 	B.	 If a participant’s employment is terminated because the participant Retires (as defined below) or is terminated by the Company without Cause (as defined
below), and such termination constitutes a “separation from service” under Section 409A, unless otherwise determined by the Committee, the participant shall be paid a pro rata bonus for the fiscal year in which termination occurs
based upon target level performance in effect for such year and the percentage of salary applicable to such participant’s bonus, but applied to the actual salary 

  
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amount paid to the participant for the portion of the year that the participant was employed. Any such bonus shall be paid to the participant as provided in Article VII on the date on which the
annual bonus is paid to participants whose employment did not terminate. 

  

	 	C.	If a participant’s employment is terminated due to a voluntary resignation by the participant or if the participant is involuntarily terminated by the Company for Cause, no
pro rata bonus shall be paid for the fiscal year in which termination occurs, unless otherwise determined by the Committee in its discretion, in which case the pro rata bonus will not exceed the amount that would be due based upon target level
performance in effect for such year and the percentage of salary applicable to such participant’s bonus, but applied to the actual salary amount paid to the participant for the portion of the year that the participant was employed. Any bonus so
awarded shall be paid to the participant as provided in Article VIII at the same time as the bonus for such fiscal year is paid to participants who continue to be employed. 

 

	 	D.	A participant is deemed to have “Retired” for purposes of the Plan, if the participant’s employment terminates, other than as a result of a termination by the
Company for Cause, at age 55 or later with at least ten years of service with the Company or at age 65 or later with at least five years of service with the Company. 

 

	 	E.	“Cause” for purposes of this Plan shall be determined in the sole discretion of the Board of Directors of the Company and shall mean: 

 

	 	1.	the willful and continued failure of the participant to substantially perform the participant’s duties with the Company or its affiliates (other than any such failure
resulting from incapacity due to physical or mental illness), after a written demand for substantial performance is delivered to the participant by the Board of Directors of the Company which specifically identifies the manner in which the Board
believes that the participant has not substantially performed the participant’s duties, or 

  

	 	2.	the willful engaging by the participant in conduct which is demonstrably and materially injurious to the Company or its subsidiaries, monetarily or otherwise.

 For purposes of this provision, no act or failure to act, on the part of the participant, shall be considered
“willful” unless it is done, or omitted to be done, by the participant in bad faith or without reasonable belief that the participant’s action or omission was in the best interests of the Company or its affiliates. Any act, or failure
to act, based upon authority given pursuant to a resolution duly adopted by the Board or upon the instructions of a senior officer of the Company or its affiliates or based upon the advice of counsel for the Company or its affiliates shall be
conclusively presumed to be done, or omitted to be done, by the participant in good faith and in the best interests of the Company or its affiliates. 

  
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	VII.	AWARD PAYMENTS 

 Awards determined by the
Committee to be paid hereunder will be paid in cash no later than June 15, 2014, unless deferred by a participant under a separate benefit plan of the Company. 
  

	VIII.	MISCELLANEOUS 

  

	 	A.	Nothing in this Plan shall confer upon a participant any right to continue in the employment of the Company, or to interfere in any way with the right of the Company to terminate
the participant’s employment relationship with the Company at any time. Participation provides no guarantee that any bonus will be paid. Participation in the Plan is not a right, but a privilege, subject to annual review by the Company. The
Company retains the right to withhold payment from any participant who violates Company policies or for any other reason. The Company also has the right to recover any amounts paid under the Plan if (i) the amount paid was based on the
achievement of financial results that were subsequently the subject of a restatement, (ii) the participant is subject to the Company’s Executive Compensation Recovery Policy, (iii) the participant engaged in intentional misconduct
that caused or partially caused the need for the restatement, and (iv) the effect of the wrongdoing was to increase the amount of bonus or incentive compensation. Any participant accepts any payment hereunder subject to such recovery rights of
the Company. The Company may, if it chooses, effect such recovery by withholding from other amounts due to the participant by the Company. 

  

	 	B.	The Plan shall be governed by and construed in accordance with the laws of the State of Louisiana. 

 

	 	C.	If any term or provision of the Plan, shall at any time or to any extent be invalid, illegal or unenforceable in any respect as written, the participant and the Company intend
for any court construing the Plan to modify or limit such provision so as to render it valid and enforceable to the fullest extent allowed by law. Any such provision that is not susceptible of such reformation shall be ignored so as to not affect
any other term or provision hereof, and the remainder of the Plan, or the application of such term or provision to persons or circumstances other than those as to which it is held invalid, illegal, or unenforceable, shall not be affected thereby and
each term and provision of the Plan shall be valid and enforced to the fullest extent permitted by law. 

  

	 	D.	The Company has no obligation to make any payments hereunder. Any payments made shall be in the sole discretion of the Committee. The Company shall have no obligation to set
aside, earmark, or invest any fund or money with which to pay bonuses under the Plan. 

  

	 	E.	The payments made hereunder are intended to comply with an exception from the requirements of Section 409A of the Internal Revenue Code of 1986, as amended, applicable to a
short-term deferral and the terms of the Plan related thereto shall be construed accordingly. 

  
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	 	F.	The Company shall have the right to terminate the Plan at any time in its sole discretion. Upon termination, the participant shall have no right to receive any amounts hereunder.

  

	 	G.	The Company shall deduct from any payment made hereunder all applicable federal and state income and employment taxes. 

 

	 	H.	The Committee shall not increase the amount payable to a participant under this Plan to an amount that is higher than the amount determined as provided in Article V. This Plan
has no relationship to the Company Performance Plan or any amount earned thereunder. 

 EXECUTED this 24th day of July,
2013, with effect from May 15, 2013. 
  

			
	 TIDEWATER INC.

		
	 By:
	 	 /s/ Bruce D. Lundstrom

		 	 Bruce D. Lundstrom

		 	 Executive Vice President,

		 	 General Counsel, and Secretary

  
 5EX-10.1

 Exhibit 10.1 
 AMENDMENT NO. 1 
 TO 

SECURED CONVERTIBLE NOTE PURCHASE AGREEMENT 
 BETWEEN 
 MEADE INSTRUMENTS CORP. 

AND 

SUNNY OPTICS, INC. 
 AND 
 SECURED CONVERTIBLE PROMISSORY NOTE 

BY 

MEADE INSTRUMENTS CORP. 
 IN FAVOR OF 
 SUNNY OPTICS, INC. 

 
  

Dated as of August 5, 2013 
  

 

 AMENDMENT NO. 1 TO SECURED CONVERTIBLE PROMISSORY NOTE AND SECURED CONVERTIBLE NOTE
PURCHASE AGREEMENT 
 THIS AMENDMENT NO. 1 TO SECURED CONVERTIBLE PROMISSORY NOTE AND SECURED CONVERTIBLE NOTE PURCHASE
AGREEMENT, dated as of August 5, 2013 (this “Amendment No. 1”), by and between Sunny Optics, Inc., a Delaware corporation (“Purchaser”), and Meade Instruments Corp., a Delaware corporation (the
“Company”). Purchaser and the Company shall be referred to individually as a “Party” and collectively as the “Parties”. 
 RECITALS 
 WHEREAS, Purchaser and the Company entered into that certain Secured
Convertible Note Purchase Agreement dated as of July 16, 2013 (the “Note Purchase Agreement”); 
 WHEREAS, pursuant
to the Note Purchase Agreement, the Company issued that certain Secured Convertible Promissory Note, dated July 16, 2013 (the “July Note”), to Purchaser; 
 WHEREAS, pursuant to Section 10.9 of the Note Purchase Agreement, any term of the Note Purchase Agreement or the Notes may be amended and the observance of any term of the Note Purchase
Agreement or the Notes may be waived (either generally or in a particular instance and either retroactively or prospectively), only with the written consent of the Company and the Purchaser; 
 WHEREAS, the Parties wish to amend the July Note, and any other Note that may be issued pursuant to the Note Purchase Agreement, to reflect an additional Event of Default; 

NOW THEREFORE, in consideration of the premises set forth above, the mutual promises and covenants set forth herein and for other good and
valuable consideration receipt of which is acknowledged, the Parties hereby agree as follows: 
  

	1.	Defined Terms: 

Capitalized terms used herein and not otherwise defined shall have the meaning ascribed to them in the Note Purchase Agreement.

  

	2.	Amendment to the July Note 

  

	2.1	Section 8.1 of the July Note is hereby amended to add the following new clause (g): 

“(g) The Company (i) publicly announces a Change of Control Transaction with a person or entity other than the Purchaser or an
affiliate of the Purchaser (any such entity or person, a “Third Party Buyer”), or (ii) enters into any agreement with respect to a Change of Control Transaction with a Third Party Buyer.” 

 

	3.	Amendment to Note Purchase Agreement 

  

	3.1	Section 8.1 of the September Note, attached as Exhibit A-2 to the Note Purchase Agreement, and Section 8.1 of the October Note, attached as Exhibit
A-3 to the Note Purchase Agreement, are each hereby amended to add the following new clause (g): 

 “(g) The Company (i) publicly announces a Change of Control Transaction with a
person or entity other than the Purchaser or an affiliate of the Purchaser (any such entity or person, a “Third Party Buyer”), or (ii) enters into any agreement with respect to a Change of Control Transaction with a Third Party
Buyer.” 
  

	4.	No Other Change 

The Parties hereby acknowledge and agree that the other terms and provisions of the Merger Agreement shall not be affected and shall
continue in full force and effect. 
  

	5.	Counterparts, Signatures 

 This Amendment No. 1 may be executed in any number of counterparts, each such counterpart being deemed to be an original instrument, and all such counterparts shall together constitute the same
agreement. This Amendment No. 1 may be executed and delivered by facsimile transmission or by e-mail delivery of a “pdf” format data file, and in the event this Amendment No. 1 is so executed and delivered, such signature shall
create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile or “pdf” signature page were an original thereof. 

 IN WITNESS WHEREOF, Purchaser and the Company have caused this Amendment No. 1 to be
signed by their respective officers or representatives thereunto duly authorized as of the date first written above. 
  

					
	MEADE INSTRUMENTS CORP.
		
	By:	 	/s/ Steven G. Murdock
		 	Name:	 	Steven G. Murdock
		 	Title:	 	Chief Executive Officer
	
	SUNNY OPTICS, INC.
		
	By:	 	/s/ Peter Ni
		 	Name:	 	Peter Ni
		 	Title:	 	President

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