Document:

exv10w2

Exhibit 10.2

AMENDMENT NO. 4 AND WAIVER

TO

THIRD AMENDED AND RESTATED CREDIT AGREEMENT

     THIS AMENDMENT NO. 4 AND WAIVER TO THIRD AMENDED AND RESTATED CREDIT AGREEMENT (this
“Amendment”) is made and entered into effective as of November 7, 2008 (the “Effective
Date”), by and among (a) GLOBAL INDUSTRIES, LTD., a Louisiana corporation (the
“Parent”), GLOBAL OFFSHORE MEXICO, S. DE R.L. DE C.V., a Mexican sociedad de
responsabilidad limitada de capital variable (the “Mexican Borrower”), and GLOBAL
INDUSTRIES INTERNATIONAL, L.L.C., a Louisiana limited liability company, in its capacity as general
partner of GLOBAL INDUSTRIES INTERNATIONAL, L.P., a Cayman Islands exempted limited partnership
(the “Cayman Borrower” and together with the Parent and the Mexican Borrower, each a
“Borrower” and collectively, the “Borrowers”), (b) the financial institutions
parties hereto which are Lenders party to the Credit Agreement (as defined below); and (c) Calyon
New York Branch, as administrative agent for the Lenders (in such capacity, the “Administrative
Agent”).

PRELIMINARY STATEMENTS

     A. The Parent, the Mexican Borrower, the Cayman Borrower, the Administrative Agent and the
lenders signatory thereto (the “Lenders”) are parties to that certain Third Amended and
Restated Credit Agreement dated as of June 30, 2006 as amended by Amendment No. 1 thereto dated as
of October 6, 2006, Amendment No. 2 thereto dated as of July 26, 2007 and Amendment No. 3 thereto
dated as of October 18, 2007 (as so amended, the “Credit Agreement”).

     B. The Borrowers have failed to comply with Section 6.15 (Minimum Fixed Charge
Coverage Ratio) for the fiscal quarter ending September 30, 2008 (the “Waiver Default”).

     C. The parties hereto wish to enter into this Amendment to (i) provide for a waiver of the
Waiver Default and (ii) amend certain terms and provisions of the Credit Agreement, each as set
forth herein.

     NOW, THEREFORE, in consideration of the premises herein contained 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:

ARTICLE I

DEFINITIONS

     1.01 Capitalized terms used in this Amendment are defined in the Credit Agreement, as amended
hereby, unless otherwise stated.

 

 

ARTICLE II

AMENDMENT

     2.01 Amendment to Section 1.01 (Restated Definitions). Section 1.01 of the
Credit Agreement is hereby amended by restating the following definitions in their entirety with
the following:

     “Alternate Base Rate” means, for any day, a fluctuating rate of interest per
annum equal to the higher of (a) the Prime Rate in effect for such day, (b) the sum
of the Federal Funds Rate in effect for such day plus 1/2 of 1% per annum and (c) the
Eurodollar Reference Rate with respect to Interest Periods of one month as of 11:00
a.m. (London, England time) on such day plus 1/2 of 1% per annum.

     “Applicable Margin” means, (a) at any time during the period commencing on the
Fourth Amendment Effective Date and ending on the Cash Collateral Termination Date,
with respect to each Advance, each Letter of Credit and the Revolving Commitment
fee, 1.00% per annum and (b) at any time thereafter with respect to each Type of
Advance, each Letter of Credit, and the Revolving Commitment Fee, the percentage
rate per annum as set forth below for the Level in effect at such time:

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	LEVEL	 	LEVEL	 	LEVEL
	 	 	I	 	II	 	III
	Eurodollar Advances and
Letter of Credit Fee

	 	 	2.000	%	 	 	2.750	%	 	 	3.500	%
	Base Rate Advances

	 	 	1.500	%	 	 	2.250	%	 	 	3.000	%
	Revolving Commitment Fee

	 	 	0.500	%	 	 	0.750	%	 	 	1.000	%

     “Collateral Shortfall Amount” means, (a) during the period from the Fourth
Amendment Effective Date through the Cash Collateral Termination Date, 105% of the
outstanding principal amount of the Advances plus 105% of the Letter of Credit
Exposure and (b) after the Cash Collateral Termination Date, 105% of the Letter of
Credit Exposure, in each case, less the amount on deposit in the Cash Collateral
Account at such time which is free and clear of all rights and claims of third
parties and has not been applied against the Obligations.

     “Consolidated EBITDA” means, for any Person and its Subsidiaries calculated on
a consolidated basis for any period:

     (a) Consolidated Net Income for such period plus

     (b) to the extent deducted in determining Consolidated Net Income,
(i) Consolidated Interest Expense, (ii) foreign, federal, state, and local taxes on Net
Income net of credits, (iii) depreciation expense, (iv) amortization expense,

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     (v) extraordinary non-operating charges incurred during the fiscal quarter
ending December 31, 2008 in no event exceeding $7,500,000, and (vi) fees and
expenses incurred in connection with this Agreement and the incurrence of other Debt
permitted under Section 6.02 minus

     (c) to the extent included in determining Consolidated Net Income,
extraordinary non-operating, non-cash charges related to the impairment of assets
and other gains or losses in connection with the sale or disposal of assets, each
net of related income taxes, all determined in accordance with GAAP.

     “Fixed Charge Coverage Ratio” means, for the Parent and its Subsidiaries on a
consolidated basis, as of the end of any fiscal quarter, for the then most-recently
ended four fiscal quarters, the ratio of (a) the Parent’s Consolidated EBITDA to (b)
the sum of (i) cash Consolidated Interest Expense, (ii) to the extent not included
in cash Consolidated Interest Expense, letter of credit fees, (iii) mandatory
scheduled principal payments on any Debt, (iv) Capital Expenditures relating solely
to dry-docking expenses of vessels of the Parent and its Subsidiaries, (v) Capital
Lease Obligations for the then most-recently ended four fiscal quarters, (vi)
repurchases of the common stock of the Parent (excluding up to $75,000,000.00 of the
amount of any such stock repurchases made in conjunction with the offering of the
Convertible Unsecured Debentures) and (vii) payments required to be made to any
holder of the Convertible Unsecured Debentures on any Debenture Prepayment Date;
provided that, (x) for the fiscal quarter ending March 31, 2009, the Fixed
Charge Coverage Ratio shall be calculated for the fiscal quarters ending December
31, 2008 and March 31, 2009 multiplied by 2 and (y) for the fiscal quarter ending
June 30 , 2009, the Fixed Charge Coverage Ratio shall be calculated for the fiscal
quarters ending December 31, 2008, March 31, 2009 and June 30, 2009 multiplied by
4/3.

     “Letter of Credit Exposure” means, at any time, the sum of (a) the Dollar
Amount of the aggregate undrawn maximum face amount of each Letter of Credit at such
time and (b) the Dollar Amount of the aggregate unpaid amount of all Reimbursement
Obligations owing with respect to such Letters of Credit at such time.

     “Level I, Level II and Level III” and individually, a “Level,” shall mean the
applicable Fixed Charge Coverage Ratio set forth below:

	 	 	 
	Level	 	Fixed Charge Coverage Ratio
	Level III

	 	£ 2.0
	Level II
	 	> 2.0 and £ 3.5
	Level I
	 	> 3.5

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For purposes of determining the Applicable Margin applicable from time-to-time under
this Agreement, the Fixed Charge Coverage Ratio (and corresponding Level) shall be
determined from the financial statements of the Parent and its Subsidiaries most
recently delivered pursuant to Section 5.05 and certified to Administrative Agent
and the Lenders in the Compliance Certificate required to be delivered by the Parent
in connection with such financial statements pursuant to Section 5.05(d). Any
change in the Applicable Margin shall be effective on the fifth Business Day
occurring after the date of receipt by the Administrative Agent of the financial
statements pursuant to Section 5.05. If at any time the Parent fails to deliver
such financial statements and Compliance Certificate within the times specified in
Section 5.05, Level III shall be deemed to be in effect until the fifth Business Day
after the Administrative Agent receives such financial statements.

     “Leverage Ratio” means, as of the last day of any fiscal quarter of the Parent,
the ratio of (a) (i) Consolidated Debt (excluding surety bonds, Performance Letters
of Credit, Documentary Letters of Credit and Contingent Obligations) as of such day
minus (ii) the amount of Unencumbered Liquidity of the Borrowers and their
Subsidiaries which are Guarantors as of such day to the extent such amount exceeds
$25,000,000.00 to (b) the Parent’s Consolidated EBITDA for the four fiscal quarters
then ended; provided that, for purposes of calculating the Leverage Ratio
for the last fiscal quarter ending prior to the Cash Collateral Termination Date,
Unencumbered Liquidity of the Borrowers and their Subsidiaries which are Guarantors
shall be calculated giving effect to the release of cash collateral to occur on the
Cash Collateral Termination Date.

     2.02 Amendment to Section 1.01 (New Definitions). Section 1.01 of the Credit
Agreement is hereby amended by adding the following new definitions in their appropriate
alphabetical order:

     “Adjusted Consolidated EBITDA” means, for any Person and its Subsidiaries
calculated on a consolidated basis for any period, Consolidated EBITDA minus
to the extent included in the calculation of Consolidated EBITDA for such period,
extraordinary non-operating charges incurred during the fiscal quarter ending
December 31, 2008.

     “Cash Collateral Termination Date” means the first day the Parent (a) has
maintained Adjusted Consolidated EBITDA greater than $0 for each of the two most
recently ended fiscal quarters, (b) has maintained aggregate Adjusted Consolidated
EBITDA during any consecutive period not exceeding four fiscal quarters from October
1, 2008 through the last day of the most recently ended

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fiscal quarter of at least $100,000,000, (c) has provided financial statements
pursuant to Section 5.05 and a Compliance Certificate evidencing compliance
with Sections 6.14 and 6.15 as of the last day of the most recently ended
fiscal quarter, and (d) has provided projections and a budget in form and substance
satisfactory to the Administrative Agent for the succeeding four fiscal quarter
period showing compliance with Sections 6.13, 6.14 and 6.15.

     “Fourth Amendment Effective Date” means November 7, 2008.

     “Unencumbered Liquidity” means, for any Person, all cash and Liquid Investments
of such Person that are in a G20 currency and are readily available for use without
impairment, tax levy, or duty, excluding (a) auction rate securities, (b) cash
collateral deposited in the Cash Collateral Account and (c) cash collateral subject
to Liens permitted by Section 6.01(m). For purposes of clarity,
Unencumbered Liquidity shall not include the unused amount of the Commitments
hereunder.

     2.03 Amendment to Section 2.03(c). Section 2.03(c) of the Credit Agreement is
hereby amended by replacing “Event of Default described in Section 7.01(a) has occurred and is
continuing, then” with “Event of Default has occurred and is continuing, then at the option of the
Administrative Agent and the Issuing Bank,”.

     2.04 Amendment to Section 2.06(a). Section 2.06(a) of the Credit Agreement is
hereby amended by deleting “described in Section 7.01(a)”.

     2.05 Amendment to Section 2.06(b). Section 2.06(b) of the Credit Agreement is
hereby amended by deleting “described in Section 7.01(a)”.

     2.06 Amendment to Section 2.15(e). Section 2.15(e) of the Credit Agreement is
hereby restated in its entirety as follows:

     (e) Cash Collateralization of Letters of Credit and Advances. During
the period from the Fourth Amendment Effective Date through the Cash Collateral
Termination Date, prior to the making of any Borrowing or the issuance, extension or
increase of any Letter of Credit, the Parent shall pay to the Administrative Agent
an amount equal to 105% of the principal amount of such Borrowing or 105% of the
Letter of Credit Exposure allocable to such Letter of Credit, as applicable, and in
Dollars to be held in the Cash Collateral Account and applied in accordance with
paragraph (g) below. In the event that any Letter of Credit with an expiration date
after the Maturity Date shall be outstanding 91 days before the Maturity Date, on
the 91st day before the Maturity Date the Parent shall pay to the Administrative
Agent an amount equal to 105% of the Letter of Credit Exposure allocable to such
Letter of Credit and in the currency of such Letter of Credit to be held in the Cash
Collateral Account and applied in accordance with paragraph (g) below. If currency
control or exchange regulations are imposed in the country which issues such
currency with the result that the Original Currency no longer exists or the
Borrowers are not able to

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make payment to the Administrative Agent for the account of any Issuing Bank or
the Lenders in such Original Currency, then all payments to be made by the Borrowers
hereunder in such currency shall instead be made when due in Dollars in an amount
equal to the Dollar Amount (as of the date of repayment) of such payment, it being
the intention of the parties hereto that the Borrowers take all risks of the
imposition of any such currency control or exchange regulations.

     2.07 Amendment to Section 2.15(g)(ii). Section 2.15(g)(ii) of the Credit
Agreement is hereby restated in its entirety as follows:

     (ii) Funds held in the Cash Collateral Account shall be held as cash collateral
for obligations with respect to Letters of Credit and, during the period from the
Fourth Amendment Effective Date through the Cash Collateral Termination Date,
Advances and promptly applied by the Administrative Agent at the request of an
Issuing Bank to any reimbursement or other obligations under Letters of Credit that
exist or occur. During the period from the Fourth Amendment Effective Date through
the Cash Collateral Termination Date, to the extent that any surplus funds are held
in the Cash Collateral Account above the aggregate outstanding principal amount of
the Advances plus the Letter of Credit Exposure during the existence of an
Event of Default, the Administrative Agent may (A) hold such surplus funds in the
Cash Collateral Account as cash collateral for the Obligations or (B) apply such
surplus funds to the Obligations in accordance with Section 7.06. After the
Cash Collateral Termination Date, to the extent that any surplus funds are held in
the Cash Collateral Account above the Letter of Credit Exposure during the existence
of an Event of Default the Administrative Agent may (A) hold such surplus funds in
the Cash Collateral Account as cash collateral for the Obligations or (B) apply such
surplus funds to the Obligations in accordance with Section 7.06. If no
Default exists, the Administrative Agent shall release to the Parent at the Parent’s
written request any funds held in the Cash Collateral Account above (x) during the
period from the Fourth Amendment Effective Date through the Cash Collateral
Termination Date, 105% of the aggregate outstanding principal amount of the Advances
plus 105% of the then current Letter of Credit Exposure and (y) after the
Cash Collateral Termination Date, 105% of the then current Letter of Credit
Exposure. On the Cash Collateral Termination Date, if no Default exists, the
Administrative Agent shall release to the Parent any funds held in the Cash
Collateral Account not required to be held in the Cash Collateral Account after the
Cash Collateral Termination Date pursuant to this Agreement.

     2.08 Amendment to Section 2.15(h). Section 2.15(h) of the Credit Agreement is
hereby restated in its entirety as follows:

     (h) Determination of Dollar Amounts. The Administrative Agent will
determine the Dollar Amount of the face amount of or any drawing under each Letter
of Credit denominated in a currency other than Dollars on and as of the last
Business Day of each quarter and on any other Business Day elected by the
Administrative Agent in its discretion or upon instruction by the Majority

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Lenders. Each day upon or as of which the Administrative Agent determines
Dollar Amounts as described in the preceding sentence is herein described as a
“Computation Date” with respect to each Letter of Credit for which a Dollar Amount
is determined on or as of such day. If at any time during the period from the
Fourth Amendment Effective Date through the Cash Collateral Termination Date, a
Collateral Shortfall Amount exists (calculated, with respect to those Letters of
Credit denominated in Agreed Currencies other than Dollars, as of the most recent
Computation Date), the Parent shall immediately make deposits to the Cash Collateral
Account to the extent of the Collateral Shortfall Amount. If at any time after the
Cash Collateral Termination Date the Dollar Amount of the sum of the aggregate
principal amount of all outstanding Letter of Credit Obligations (calculated, with
respect to those Letter of Credit Obligations denominated in Agreed Currencies other
than Dollars, as of the most recent Computation Date) exceeds the Revolving
Commitments minus the sum of (i) the aggregate outstanding principal amount of the
Revolving Advances plus (ii) the aggregate outstanding principal amount of the
Swingline Advances, the Parent shall immediately make deposits to the Cash
Collateral Account to the extent of the Collateral Shortfall Amount.

     2.09 Amendment to Section 3.02. Section 3.02 of the Credit Agreement is
hereby amended by deleting the “and” at the end of paragraph (a), replacing the “.” at the end of
paragraph (b) with “; and” and adding the following as new paragraph (c):

     (c) if such Borrowing Date, date of Continuation or Conversion, or issuance,
extension or increase date of such Letter of Credit occurs during the period from
the Fourth Amendment Effective Date through the Cash Collateral Termination Date,
the amount of cash collateral held in the Cash Collateral Account is not less than
105% of the aggregate outstanding principal amount of the Advances plus 105%
of the Letter of Credit Exposure, after giving effect to the making of such
Borrowing or the issuance, extension or increase of such Letter of Credit.

     2.10 Amendment to Sections 5.05(e) and (f). Sections 5.05(e) and (f) of the
Credit Agreement are hereby restated in their entirety as follows:

     (e) Unencumbered Liquidity. Within 5 days after the end of each month
ending prior to the Cash Collateral Termination Date, commencing with December 5,
2008 for the month ended November 30, 2008, a certificate signed by a Responsible
Officer of the Parent certifying (i) that Unencumbered Liquidity of the Borrowers
and their consolidated Subsidiaries has been greater than $100,000,000 at all times
during the previous month, (ii) the amount of Unencumbered Liquidity of the
Borrowers and their consolidated Subsidiaries as of the last day of such month along
with a list of the locations of such cash and Liquid Investments on such date and
(iii) the minimum Unencumbered Liquidity of the Borrowers and their consolidated
Subsidiaries during such month and the date such minimum occurred;

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     (f) Contracts in a Loss Position. Within (i) 15 days after the end of
each month ending prior to the Cash Collateral Termination Date and (ii) upon the
request of the Administrative Agent, 15 days after the end of each fiscal quarter
ending after the Cash Collateral Termination Date, a report in form and substance
satisfactory to the Administrative Agent summarizing all of the contracts in a loss
position of the Parent and its Subsidiaries, and detailing individual contracts in a
loss position covering at least 75% of the aggregate amount of such losses,
including any individual contracts to the extent the loss for any such contract
exceeds $1,500,000 individually;

     2.11 Amendment to Section 6.01. Section 6.01 of the Credit Agreement is
hereby amended by deleting the “and” at the end of paragraph (k), replacing the “.” at the end of
paragraph (l) with “; and” and adding the following as new paragraph (m):

     (m) Liens on cash or Liquid Investments pledged to secure Debt permitted under
Section 6.02(f) in an aggregate principal amount outstanding at any time not
to exceed $40,000,000.00.

     2.12 Amendment to Section 6.04(b). Section 6.04(b) of the Credit Agreement is
hereby amended by adding the following at the end of such sub-Section: “and held with financial
institutions identified to the Administrative Agent and approved by the Administrative Agent in its
sole discretion”.

     2.13 Amendment to Section 6.07. Section 6.07 of the Credit Agreement is
hereby amended by inserting “; provided that, no such purchase shall be made during the
period from the Fourth Amendment Effective Date through the Cash Collateral Termination Date”
immediately after “purchases by the Parent of its common stock”.

     2.14 Amendment to Section 6.13. Section 6.13 of the Credit Agreement is
hereby restated in its entirety as follows:

     Section 6.13 Leverage Ratio. The Parent shall not permit its Leverage
Ratio at the end of any fiscal quarter, commencing with the last fiscal quarter
ending prior to the Cash Collateral Termination Date, to be greater than 3.00 to
1.00.

     2.15 Amendment to Section 6.14. Section 6.14 of the Credit Agreement is
hereby amended by replacing “The Parent shall not permit Consolidated Net Worth as of the last day
of any fiscal quarter” with “The Parent shall not permit Consolidated Net Worth as of the last day
of any fiscal quarter, commencing with the earlier of (x) the fiscal quarter ending June 30, 2009
and (y) the last fiscal quarter ending prior to the Cash Collateral Termination Date,”.

     2.16 Amendment to Section 6.15. Section 6.15 of the Credit Agreement is
hereby restated in its entirety as follows:

     Section 6.15 Minimum Fixed Charge Coverage Ratio. The Parent shall not
permit the Fixed Charge Coverage Ratio at the end of any fiscal quarter, commencing
with the earlier of (a) the fiscal quarter ending June 30, 2009 and

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(b) the last fiscal quarter ending prior to the Cash Collateral Termination
Date, to be less than 1.25 to 1.00.

     2.17 Addition of Section 6.19. The Credit Agreement is hereby amended by adding the
following as new Section 6.19:

     Section 6.19 Minimum Unencumbered Liquidity. During the period from
the Fourth Amendment Effective Date through the Cash Collateral Termination Date,
the Parent shall not permit Unencumbered Liquidity of the Borrowers and their
consolidated Subsidiaries to be less than $100,000,000 at any time.

     2.18 Amendment to Section 7.06. Paragraphs (d) through (g) of Section 7.06
are hereby replaced in their entirety with the following:

     (d) Fourth, to the ratable payment of all outstanding Obligations, including
any secured Financial Contract Obligations of the Parent or any of its Subsidiaries
owing to any Lender or any Affiliate of a Lender then due and payable; and

     (e) Fifth, any excess after payment in full of all Obligations shall be paid to
the Parent or any Loan Party as appropriate or to such other Person who may be
lawfully entitled to receive such excess.

ARTICLE III

WAIVER

     The Borrowers hereby acknowledge the existence of the Waiver Default. The Administrative
Agent and the Lenders hereby agree, subject to the terms and conditions of this Amendment, to waive
the Waiver Default. The waiver by the Administrative Agent and the Lenders described in this
Article III is contingent upon the satisfaction of the conditions precedent set forth below
in this Amendment and is limited to the Waiver Default. Such waiver is limited to the extent
described herein and shall not be construed to be a consent to or a permanent waiver of
 Section
6.15 of the Credit Agreement or any other terms, provisions, covenants, warranties or
agreements contained in the Credit Agreement or in any of the other Credit Documents. The
Administrative Agent and the Lenders reserve the right to exercise any rights and remedies
available to them in connection with any other present or future Defaults or Events of Default with
respect to the Credit Agreement or any other provision of any Credit Document. The description
herein of the Waiver Default is based upon the information available to the Administrative Agent
and the Lenders on the date hereof and shall not be deemed to exclude the existence of any other
Events of Default. The failure of the Lenders to give notice to the Borrowers or the Guarantors of
any such other Events of Default is not intended to be nor shall be a waiver thereof.

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ARTICLE IV

CONDITIONS PRECEDENT

     4.01 Conditions to Effectiveness. This Amendment shall become effective as of the
Effective Date upon the satisfaction of the following conditions precedent; provided that, the
amendment to the Credit Agreement in Section 2.18 shall only become effective if, in
addition to the satisfaction of the conditions precedent below, this Amendment has been executed by
each of the Lenders:

     (a) Documentation. The Administrative Agent shall have received the following,
each dated on or before the Effective Date, in form and substance satisfactory to the
Administrative Agent:

     (i) this Amendment duly executed by the Borrowers, the Administrative Agent and
the Majority Lenders; and

     (ii) (A) the attached Acknowledgment and Reaffirmation of the US Guaranty duly
executed by each US Guarantor and (B) the attached Acknowledgment and Reaffirmation
of the Foreign Guaranty duly executed by each Foreign Guarantor.

     (b) Payment of Fees. The Borrowers shall have paid (i) all fees required to be
paid to the Administrative Agent, the Arranger, and the Lenders on the Effective Date
pursuant to the fee letter between the Borrower and the Administrative Agent dated November 7, 2008
and (ii) all costs and expenses which have been invoiced and are payable pursuant
to Section 11.04 of the Credit Agreement.

ARTICLE V

COVENANT

     Within 5 days after the Effective Date, the Parent shall pay to the Administrative Agent an
amount equal to 105% of the outstanding principal amount of the Advances plus 105% of the Letter of
Credit Exposure to be held in the Cash Collateral Account. Notwithstanding anything to the
contrary in the Credit Agreement and the other Credit Documents, the parties hereto agree that the
failure of the Parent to make such payment by such date shall constitute an immediate Event of
Default.

ARTICLE VI

NO OTHER WAIVER

     Except as expressly provided in Article III, nothing contained in this Amendment shall
be construed as a waiver by the Administrative Agent or any Lender of any covenant or provision of
the Credit Agreement, the other Credit Documents, this Amendment, or of any other contract or
instrument between any Borrower and the Administrative Agent or any Lender, and the failure of the
Administrative Agent or any Lender at any time or times hereafter to require strict performance by
each Borrower of any provision thereof shall not waive, affect or diminish any right of the
Administrative Agent or any Lender to thereafter demand strict compliance therewith. The
Administrative Agent and each Lender hereby reserves all rights granted under

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the Credit Agreement, the other Credit Documents, this Amendment and any other contract or
instrument between any of them.

ARTICLE VII

RATIFICATIONS, REPRESENTATIONS AND WARRANTIES

     7.01 Ratifications. The terms and provisions set forth in this Amendment shall modify
and supersede all inconsistent terms and provisions set forth in the Credit Agreement and the other
Credit Documents, and, except as expressly modified and superseded by this Amendment, the terms and
provisions of the Credit Agreement and the other Credit Documents are ratified and confirmed and
shall continue in full force and effect. Each Borrower hereby agrees that all liens and security
interests securing payment of the Obligations under the Credit Agreement are hereby collectively
renewed, ratified and brought forward as security for the payment and performance of the
Obligations. Each Borrower, the Administrative Agent and the Lenders agree that the Credit
Agreement, as amended hereby, and the other Credit Documents shall continue to be legal, valid,
binding and enforceable in accordance with their respective terms.

     7.02 Representations and Warranties. Each Borrower hereby represents and warrants to
the Administrative Agent and the Lenders that (a) the execution, delivery and performance of this
Amendment have been authorized by all requisite corporate action on the part of such Borrower and
will not violate the applicable organization or governing documents of any Borrower; (b) after
giving effect to this Amendment, the representations and warranties contained in the Credit
Agreement, as amended hereby, and the other Credit Documents are true and correct on and as of the
date hereof and on and as of the date of execution hereof as though made on and as of each such
date; (c) after giving effect to this Amendment, no Default or Event of Default under the Credit
Agreement, as amended hereby, has occurred and is continuing; (d) after giving effect to this
Amendment, each Borrower is in full compliance with all covenants and agreements contained in the
Credit Agreement, as amended hereby, and the other Credit Documents; and (e) no Borrower has
amended its applicable organizational or governing documents since the date of the Credit
Agreement.

ARTICLE VIII

MISCELLANEOUS PROVISIONS

     8.01 Survival of Representations and Warranties. All representations and warranties
made in the Credit Agreement or the other Credit Documents, including, without limitation, any
document furnished in connection with this Amendment, shall survive the execution and delivery of
this Amendment, and no investigation by the Administrative Agent or any Lender shall affect the
representations and warranties or the right of the Administrative Agent and Lenders to rely upon
them.

     8.02 Reference to Credit Agreement. Each of the Credit Agreement and the other Credit
Documents, and any and all other agreements, documents or instruments now or hereafter executed and
delivered pursuant to the terms hereof or pursuant to the terms of the Credit Agreement, as amended
hereby, are hereby amended so that any reference in the Credit

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Agreement and such other Credit Documents to the Credit Agreement shall mean a reference to
the Credit Agreement as amended hereby.

     8.03 Expenses of the Administrative Agent. Each Borrower agrees to pay on demand all
reasonable costs and expenses incurred by the Administrative Agent in connection with any and all
amendments, modifications, and supplements to the Credit Documents, including, without limitation,
the reasonable costs and fees of the Administrative Agent’s legal counsel, and all costs and
expenses incurred by the Administrative Agent in connection with the enforcement or preservation of
any rights under the Credit Agreement, as amended hereby, or any other Credit Documents, including,
without, limitation, the costs and fees of the Administrative Agent’s legal counsel.

     8.04 Severability. Any provision of this Amendment held by a court of competent
jurisdiction to be invalid or unenforceable shall not impair or invalidate the remainder of this
Amendment and the effect thereof shall be confined to the provision so held to be invalid or
unenforceable.

     8.05 Successors and Assigns. This Amendment is binding upon and shall inure to the
benefit of the Administrative Agent, the Lenders and Borrowers and their respective successors and
assigns, except that no Borrower may assign or transfer any of its rights or obligations hereunder
without the prior written consent of the Administrative Agent.

     8.06 Counterparts. This Amendment may be executed in one or more counterparts, each
of which when so executed shall be deemed to be an original, but all of which when taken together
shall constitute one and the same instrument. This Amendment may be executed by facsimile
signature and all such signatures shall be effective as originals.

     8.07 Effect of Waiver. No consent or waiver, express or implied, by the
Administrative Agent to or for any breach of or deviation from any covenant or condition by any
Borrower shall be deemed a consent to or waiver of any other breach of the same or any other
covenant, condition or duty.

     8.08 Headings. The headings, captions, and arrangements used in this Amendment are
for convenience only and shall not affect the interpretation of this Amendment.

     8.09 Applicable Law. THIS AMENDMENT SHALL BE DEEMED TO HAVE BEEN MADE AND TO BE
PERFORMABLE IN AND SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF
NEW YORK.

[Remainder of page intentionally left blank. Signatures on following pages.]

12

 

     IN WITNESS WHEREOF, each of the parties hereto has executed this Amendment as of the date
first above-written.

	 	 	 	 	 	 	 
	 	 	PARENT:	 	 
	 
	 	 	 	 	 	 
	 	 	GLOBAL INDUSTRIES, LTD.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Peter S. Atkinson	 	 
	 

	 	Title:
	 	President	 	 
	 
	 	 	 	 	 	 
	 	 	MEXICAN BORROWER:	 	 
	 
	 	 	 	 	 	 
	 	 	GLOBAL OFFSHORE MEXICO, S. DE R.L. DE C.V	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Russell J. Robicheaux	 	 
	 

	 	Title:
	 	Attorney-in-fact / Apoderado	 	 
	 
	 	 	 	 	 	 
	 	 	CAYMAN BORROWER:	 	 
	 
	 	 	 	 	 	 
	 	 	GLOBAL INDUSTRIES INTERNATIONAL, L.P.	 	 
	 
	 	 	 	 	 	 
	 	 	By: Global Industries International, L.L.C., its general partner	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:
	 	Peter S. Atkinson	 	 
	 

	 	Title:
	 	President	 	 

Signature Page to Amendment No. 4 and Waiver to

Third Amended and Restated Credit Agreement

Global Industries, Ltd.

	 	 	 	 	 	 	 

 

 

	 	 	 	 	 	 	 
	 	 	CALYON NEW YORK BRANCH,

as Administrative Agent, Issuing Bank and as a Lender	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

Signature Page to Amendment No. 4 and Waiver to

Third Amended and Restated Credit Agreement

Global Industries, Ltd.

	 	 	 	 	 	 	 

 

 

	 	 	 	 	 	 	 
	 	 	LENDERS:	 	 
	 
	 	 	 	 	 	 
	 	 	WHITNEY NATIONAL BANK	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

Signature Page to Amendment No. 4 and Waiver to

Third Amended and Restated Credit Agreement

Global Industries, Ltd.

 

 

	 	 	 	 	 	 	 
	 	 	NATIXIS (formerly known as Natexis Banques Populaires)	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

Signature Page to Amendment No. 4 and Waiver to

Third Amended and Restated Credit Agreement

Global Industries, Ltd.

 

 

	 	 	 	 	 	 	 
	 	 	FORTIS CAPITAL CORP.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	By:
	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Name:	 	 	 	 
	 

	 	Title:	 	 	 	 

Signature Page to Amendment No. 4 and Waiver to

Third Amended and Restated Credit Agreement

Global Industries, Ltd.

 

 

ACKNOWLEDGMENT AND REAFFIRMATION OF

SECOND AMENDED AND RESTATED US GUARANTY

Each of the undersigned (each a “US Guarantor” and collectively the “US
Guarantors”) hereby (i) acknowledges receipt of a copy of the foregoing Amendment No. 4 and
Waiver to Third Amended and Restated Credit Agreement dated as of November 7, 2008 among (a) GLOBAL
INDUSTRIES, LTD., a Louisiana corporation, GLOBAL OFFSHORE MEXICO, S. DE R.L. DE C.V., a Mexican
sociedad de responsabilidad limitada de capital variable, and GLOBAL INDUSTRIES INTERNATIONAL,
L.L.C., a Louisiana limited liability company, in its capacity as general partner of GLOBAL
INDUSTRIES INTERNATIONAL, L.P., a Cayman Islands exempted limited partnership, (b) the financial
institutions parties thereto; and (c) Calyon New York Branch, as administrative agent (in such
capacity, the “Administrative Agent”) and (ii) reaffirms its obligations under the Second Amended
and Restated US Guaranty dated as of June 30, 2006 by the US Guarantors in favor of the
Administrative Agent for the benefit of the Beneficiaries (as defined therein).

	 	 	 	 	 
	 	 	GLOBAL INDUSTRIES, LTD.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 	Peter S. Atkinson
	 

	 	Title:
	 	President
	 
	 	 	 	 
	 	 	GIL HOLDINGS, L.L.C.

GLBL HOLDINGS, L.L.C.

GLOBAL DIVERS AND CONTRACTORS, L.L.C.

GLOBAL INDUSTRIES INTERNATIONAL, L.L.C.

GLOBAL INDUSTRIES OFFSHORE, L.L.C.

GLOBAL PIPELINES PLUS, L.L.C.

GLOBAL MOVIBLE OFFSHORE, L.L.C.

NORMAN OFFSHORE PIPELINES, L.L.C.

PIPELINES, L.L.C.

SUBTEC MIDDLE EAST LIMITED
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 	Peter S. Atkinson
	 

	 	Title:
	 	President

Acknowledgment and Reaffirmation of

Second Amended and Restated US Guaranty

 

 

ACKNOWLEDGMENT AND REAFFIRMATION OF

SECOND AMENDED AND RESTATED FOREIGN GUARANTY

Each of the undersigned (each a “Foreign Guarantor” and collectively the “Foreign
Guarantors”) hereby (i) acknowledges receipt of a copy of the foregoing Amendment No. 4 and
Waiver to Third Amended and Restated Credit Agreement dated as of November 7, 2008 among (a) GLOBAL
INDUSTRIES, LTD., a Louisiana corporation, GLOBAL OFFSHORE MEXICO, S. DE R.L. DE C.V., a Mexican
sociedad de responsabilidad limitada de capital variable, and GLOBAL INDUSTRIES INTERNATIONAL,
L.L.C., a Louisiana limited liability company, in its capacity as general partner of GLOBAL
INDUSTRIES INTERNATIONAL, L.P., a Cayman Islands exempted limited partnership, (b) the financial
institutions parties thereto; and (c) Calyon New York Branch, as administrative agent (in such
capacity, the “Administrative Agent”) and (ii) reaffirms its obligations under the Second Amended
and Restated Foreign Guaranty dated as of June 30, 2006 by the Foreign Guarantors in favor of the
Administrative Agent for the benefit of the Beneficiaries (as defined therein).

	 	 	 	 	 
	 	 	GLOBAL INDUSTRIES INTERNATIONAL, L.P.
	 
	 	 	 	 
	 	 	By: Global Industries International, L.L.C., its
general partner
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 	Peter S. Atkinson
	 

	 	Title:
	 	 President
	 
	 	 	 	 
	 	 	GLOBAL OFFSHORE MEXICO, S. DE R.L. DE C.V.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 	Russell J. Robicheaux
	 

	 	Title:
	 	 Attorney-in-fact / Apoderado
	 
	 	 	 	 
	 	 	GLOBAL INTERNATIONAL VESSELS, LTD.

GLOBAL OFFSHORE INTERNATIONAL, LTD.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 	Peter S. Atkinson
	 

	 	Title:
	 	 President

Acknowledgment and Reaffirmation of

Second Amended and Restated US Guaranty

 

 

	 	 	 	 	 
	 	 	GLOBAL INDUSTRIES OFFSHORE NETHERLANDS, BV
	 
	 	 	 	 
	 	 	By: Global Industries International, L.L.C., as director
	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 	Peter S. Atkinson
	 

	 	Title:
	 	President
	 
	 	 	 	 
	 	 	By: Executive Management Trust, B.L., as managing
director
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 	Peggy Gunn
	 

	 	Title:	 	 
	 
	 	 	 	 
	 	 	GIL MAURITIUS HOLDINGS, LTD.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 	Peter S. Atkinson
	 

	 	Title:
	 	President
	 
	 	 	 	 
	 	 	GLOBAL INDUSTRIES MEXICO HOLDINGS, S. DE R.L. DE C.V.

GLOBAL VESSELS MEXICO, S. DE R.L. DE C.V.

GLOBAL INDUSTRIES OFFSHORE SERVICES, S. DE R.L. DE C.V.

GLOBAL INDUSTRIES SERVICES, S. DE R.L. DE C.V.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:
	 	Russell J. Robicheaux
	 

	 	Title:
	 	Attorney-in-fact / Apoderado

Acknowledgment and Reaffirmation of

Second Amended and Restated US Guarantyexv10w3

Exhibit 10.3

DATE

NAME

ADDRESS

ADDRESS

Dear                     :

     Global Industries, Ltd. (the “Company”) considers it essential to the best interest of the
Company and its shareholders that its management and key employees be encouraged to remain with the
Company and to continue to devote full attention to the Company’s business in the event of a change
in control of the Company, whether through a tender offer, a negotiated merger or sale of the
Company’s business or otherwise. In this connection, the Company recognizes that the possibility
of a change in control and the uncertainty and questions which it may raise among management may
result in the departure or distraction of management personnel and key employees to the detriment
of the Company and its shareholders. Accordingly, the Company’s Board of Directors (the “Board”)
has determined that appropriate steps should be taken to reinforce and encourage the continued
attention and dedication of members of the Company’s management, including yourself, to their
assigned duties without distraction in the face of the potentially disturbing circumstances arising
from the possibility of a change in control of the Company under the circumstances described below.

     In order to induce you to remain in the employ of the Company, this letter agreement
(“Agreement”) sets forth the severance benefits which the Company agrees will be provided to you in
the event your employment with the Company is terminated subsequent to a Change in Control of the
Company under the circumstances described below.

     Nothing herein shall be construed to prevent either you or the Company from terminating your
employment at any time, for cause or otherwise, subject only to the specific payment and other
provisions hereinafter provided for under certain circumstances in the event a Change in Control of
the Company shall have occurred prior to the date your termination becomes effective.

     1. CONTINUED EMPLOYMENT.

     This confirms that you have advised the Company that, in consideration of, among other things,
the Company’s entering into this Agreement with you, it is your present intention to remain in the
employ of the Company unless and until there occurs a Change in Control of the Company. This
Agreement shall commence on the date hereof and shall continue until December 31, 2009; provided,
however, that commencing on January 1, 2010 and each January 1st thereafter, the term of this
Agreement shall automatically be extended for one additional year unless at least 30 days prior to
such January 1st date, the Company shall have

 

 

Mr.

DATE

Page 2

given notice that it does not wish to extend this Agreement. Notwithstanding anything to the
contrary contained in this paragraph 1, (a) it is agreed that if a Change in Control occurs while
this Agreement is in effect, then the term of this Agreement shall be automatically extended and
shall remain in effect for two years after such Change in Control, and if within such two-year
period any termination occurs that would entitle you to the benefits hereunder, this Agreement
shall remain in effect in accordance with its terms, and (b) the Company may terminate this
Agreement at any time upon your Total Disability (as defined in paragraph 2). In the event that
your employment with the Company terminates for any reason prior to the occurrence of a Change in
Control, this Agreement shall automatically terminate as of the date of your termination, and no
benefits shall be payable to you hereunder.

     2. DEFINITIONS.

     For purposes of this Agreement, the following terms have the meanings set forth below:

     “Bonus Incentive Plan” shall mean the Company’s Management Incentive Plan or, if that
plan is no longer maintained, any cash bonus plan maintained by the Company for similarly situated
active executives of the Company.

     “Cause” shall mean only (a) if termination shall have been the result of an act or
acts of dishonesty on your part constituting a felony and resulting, or intending to result,
directly or indirectly, in gain or personal enrichment at the expense of the Company or (b) upon
the willful and continued failure by you to substantially perform your duties with the Company
(other than any such failure resulting from your incapacity due to mental or physical illness)
after a demand in writing for substantial performance is delivered to you by the Board, which
demand specifically identifies the manner in which the Board believes that you have not
substantially performed your duties, and such failure to perform your duties results in
demonstrably material injury to the Company. Your employment shall in no event be considered to
have been terminated by the Company for Cause if such termination took place as the result of
(i) bad judgment or negligence on your part, or (ii) any act or omission without intent of gaining
therefrom, directly or indirectly, a profit to which you were not legally entitled, or (iii) any
act or omission believed by you in good faith to have been in or not opposed to the interest of the
Company, or (iv) any act or omission in respect of which a determination is made that you met the
applicable standard of conduct prescribed for indemnification or reimbursement or payment of
expenses under the by-laws of the Company or the laws of the State of Louisiana or the directors
and officers liability insurance of the Company, in each case as in effect at the time of such act
or omission. You shall not be deemed to have been terminated for Cause unless and until there
shall have been delivered to you a copy of a resolution duly adopted by the affirmative vote of not
less than three-quarters of the entire membership of the Board at a meeting called and held for the
purpose (after reasonable notice to you and an opportunity for you, together with your counsel, to
be heard before the Board), finding that in the good faith opinion of the Board you were guilty of
conduct set forth above in clauses (a) or (b) of the first sentence of this definition and
specifying the particulars thereof in detail.

 

 

Mr.

DATE

Page 3

     “Change in Control” shall mean (i) any merger, consolidation or other reorganization
in which the Company shall not be the surviving entity (or survives only as a subsidiary of an
entity other than a previously wholly-owned subsidiary of the Company), (ii) the dissolution or
liquidation of the Company; (iii) the sale, lease or exchange or agreement to sell, lease or
exchange all or substantially all of the assets of the Company to any other person or entity (other
than a wholly-owned subsidiary of the Company); (iv) the acquisition, directly or indirectly, of
the beneficial ownership of more than 50% of the issued and outstanding shares of the common stock
of the Company by any individual or entity, including a “group” as contemplated by Section 13(d)(3)
of the Securities Exchange Act of 1934, as amended, except an underwriter or similar entity in
connection with a public offering of common stock, alone or in concert with others; or (v) as a
result of or in connection with a contested election of directors, the persons who were directors
of the Company before such election shall cease to constitute a majority of the Board.

     “Code” shall mean the Internal Revenue Code of 1996, as amended.

     “Committee” shall mean the Compensation Committee of the Board of Directors of Global
Industries, Ltd.

     “Company” shall mean Global Industries, Ltd., and, except where the context indicates
otherwise, after the occurrence of a Change in Control, “Company” shall mean any successor (whether
direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of
the business and/or assets of Global Industries, Ltd.

     “Date of Termination” shall mean the date on which you have a “separation from
service” as defined in Section 409A of the Code.

     “Good Reason” shall mean:

(a) without your express written consent, the assignment to you of any duties inconsistent
with your positions, duties, responsibilities and status with the Company immediately prior
to a Change in Control, or a change in your reporting responsibilities, titles or offices as
in effect immediately prior to a Change in Control, or any removal of you from or any
failure to re-elect you to any of such positions, except in connection with the termination
of your employment for Cause, Total Disability or as a result of your death or by you other
than for Good Reason;

(b) a reduction by the Company in your base salary or total compensation for the fiscal year
in which the Change in Control occurred from your base salary or total compensation in the
fiscal year immediately preceding the year in which the Change in Control occurred (assuming
for purposes of determining whether a reduction of total compensation has occurred that
total compensation in the year preceding the fiscal year in which the Change in Control
occurred consisted of your base salary for that year plus payment under the Bonus Incentive
Plan in an amount equal to the highest payment under the Bonus Incentive Plan you received
in any of the three years immediately preceding

 

 

Mr.

DATE

Page 4

the year in which the Change in Control occurred) or the failure by the Company to increase
your total salary and payment under the Bonus Incentive Plan (based on actual salary and
payment under the Bonus Incentive Plan) each year after a Change in Control by an amount
which at least equals, on a percentage basis, the mean average percentage increase in total
compensation for all officers of the Company during the three full fiscal years immediately
preceding a Change in Control of the Company;

(c) a failure by the Company to continue the Bonus Incentive Plan substantially on the basis
in effect prior to the Change in Control, or a failure by the Company to continue you as a
participant on at least the same basis as your participation for the fiscal year immediately
preceding a Change in Control;

(d) a permanent relocation of your principal place of employment with the Company from the
city in which you were serving immediately prior to the date on which a Change in Control
occurs to a place which is more than 30 miles away from such location;

(e) the failure by the Company to continue in effect any benefit or compensation plan in
addition to the bonus or incentive compensation plan, including its retirement plans, life
insurance plan, health and accident plan or disability plan in which you are participating
at the time of a Change in Control of the Company (or plans providing you with substantially
similar benefits) and stock option and stock purchase plans providing you with substantially
similar benefits as the Company plans in existence immediately before the Change in Control,
or the taking of any action by the Company which would adversely affect your participation
in or materially reduce your benefits under any of such plans or deprive you of any material
fringe benefit enjoyed by you at the time of the Change in Control, or the failure by the
Company to provide you with the number of paid vacation days to which you are then entitled
on the basis of years of service with the Company in accordance with the Company’s normal
vacation policy in effect immediately prior to the Change in Control;

(f) the failure of the Company to obtain an assumption of this Agreement by any successor as
contemplated in paragraph 7 hereof; or

(g) any purported termination of your employment which is not effected pursuant to a Notice
of Termination satisfying the requirements set forth in the definition thereof (and, if
applicable, the requirements set forth in the definition of Cause).

     “Incentive Compensation” shall mean the greater of (i) the highest annual award earned
under the Bonus Incentive Plan during any one of the five fiscal years immediately preceding the
fiscal year which includes the Date of Termination, or (ii) the Target Award.

     “Notice of Termination” shall mean a written notice which shall indicate the specific
termination provision in this Agreement relied upon and shall set forth in reasonable detail the
facts and circumstances claimed to provide a basis for termination of your employment under the
provisions so indicated. With respect to termination by you for Good Reason, the Notice of

 

 

Mr.

DATE

Page 5

Termination shall state that you have made a good faith determination that, due to a Change in
Control, you are not able effectively to discharge your duties. The Notice of Termination shall be
delivered no less than 30 days prior to the Date of Termination, or (i) such longer period required
by contract between you and the Company or (ii) such shorter period as agreed by you and the
Company by mutual consent. Any purported termination of your employment which is not effected
pursuant to a Notice of Termination shall be deemed ineffective.

     “Stock Incentive Plan” shall mean the Global Industries, Ltd. 1998 Equity Incentive
Plan, the Global Industries, Ltd. 2005 Stock Incentive Plan and/or any future plan under which the
Company awards long-term incentive compensation.

     “Target Award” shall mean the higher of the target award level under the Bonus
Incentive Plan (i) at the time of a Change in Control or (ii) on the Date of Termination; in each
case expressed as a dollar amount based on the base salary then in effect.

     “Total Disability” shall mean that, as a result of your incapacity due to physical or
mental illness, you are suffering from “total disability” as defined in any long-term disability
plan maintained by the Company, and shall be deemed to occur on the first date as of which you are
entitled to commence receipt of benefits thereunder.

     3. COMPENSATION DURING DISABILITY.

     If at any time during the term of this Agreement after a Change in Control you are entitled to
benefits under the Company’s short-term disability plan, this Agreement shall remain in effect and
you shall (i) continue to receive your full base salary at the rate in effect when you became
entitled to benefits under the short-term disability plan and (ii) be entitled to continue to
participate in the Bonus Incentive Plan at an award level comparable to the award level in effect
when you became entitled to benefits under the short-term disability plan. If and as of the date
you are determined to have a Total Disability, this Agreement shall be automatically terminated and
no benefits shall be payable to you hereunder. Thereafter, your benefits shall be determined in
accordance with the Company’s long-term disability plan, or a substitute plan then in effect.

     4. TREATMENT OF EQUITY UPON A CHANGE IN CONTROL.

     (a) Options held by you granted under a Stock Incentive Plan shall fully vest upon the date of
a Change in Control. Unless the Committee has determined to make an equitable adjustment or
substitution of stock options pursuant to the terms of the applicable Stock Incentive Plan, all
options held by you granted under a Stock Incentive Plan shall be surrendered to the Company by you
and such options shall be canceled by the Company, in exchange for a cash payment by the Company
within ten days after the Change in Control in an amount equal to the number of shares of the
Company’s common stock subject to your option multiplied by the difference between (x) and (y)
where (x) equals the closing sale price of a share of common stock on any exchange on which such
shares are traded or quoted as of the date immediately prior to the Change in Control and (y)
equals the purchase price per share covered by the option.

 

 

Mr.

DATE

Page 6

     (b) In the event of a Change in Control, restricted stock held by you granted under a Stock
Incentive Plan shall immediately vest, and all forfeiture restrictions shall immediately expire, as
of the date of the Change in Control.

     (c) In the event of a Change in Control, performance units held by you granted under a Stock
Incentive Plan for which the performance period has not expired as of the date of a Change in
Control shall be deemed to be earned at the target performance level. Unless the Committee
determines otherwise, you shall have the right to receive the same form of equity or other
consideration as all other shareholders with respect to the common stock subject to the earned
performance units. The common stock or other property subject to the earned performance units
shall be delivered to you within ten days of the date of the Change in Control. Notwithstanding
the foregoing, if the performance units are non-qualified deferred compensation under Section 409A
of the Code, the performance units shall vest only if the Change in Control satisfies the
requirements of Treasury Regulations Section 1.409A-3(i)(5).

     5. COMPENSATION UPON TERMINATION AFTER A CHANGE IN CONTROL.

     No benefits shall be payable under this Agreement unless a Change in Control shall have
occurred. If your employment by the Company is terminated within two years after a Change in
Control, then the Company will, as additional compensation for services rendered to the Company,
pay to you the following amounts (subject to any applicable payroll or other taxes required to be
withheld and employee benefit premiums):

	 	(a)	 	If your employment is terminated for Cause or if you voluntarily terminate your
employment without Good Reason, the Company shall pay your full base salary through the
Date of Termination at the rate in effect at the time Notice of Termination is given
and your Target Award (pro-rated for full months of service during the year in which
your Date of Termination occurs), and the Company shall have no further obligations to
you under this Agreement.
	 
	 	(b)	 	If the Company terminates your employment other than due to death, Total
Disability or for Cause or if you terminate your employment for Good Reason, then the
Company will pay to you in a lump sum on the Date of Termination (subject to paragraph
13 hereof and except as set forth in item (iv) below), the following amounts:

	 	(i)	 	(A) your full base salary through the Date of Termination at
the rate in effect at the time Notice of Termination is given and (B) an amount
equal to your Incentive Compensation times a fraction, the numerator of which
is the number of days elapsed in the fiscal year to and including the Date of
Termination and the denominator of which is 365;
	 
	 	(ii)	 	in lieu of any further salary payments to you for periods
subsequent to the Date of Termination, an amount equal to                      times (A) your
annual

 

 

Mr.

DATE

Page 7

	 	 	 	base salary plus (B) your Incentive Compensation as of the date of the
Notice of Termination;
	 
	 	(iii)	 	an amount equal to the difference between the amount you are
entitled to receive under the Company’s retirement plans in a lump sum upon
termination of employment and the amount you would be entitled to receive in a
lump sum as of the Date of Termination if you had a 100% vested interest in
your accounts on the Date of Termination; and
	 
	 	(iv)	 	the Company shall also pay all legal fees and expenses incurred
by you as a result of such termination (including all such fees and expenses,
if any, incurred in contesting or disputing any such termination or in seeking
to obtain or enforce any right or benefit provided by this Agreement). Any
reimbursement provided hereunder during one calendar year shall not affect the
amount or availability of reimbursements in another calendar year. Any
reimbursement provided hereunder shall be paid no later than the earlier of (i)
the time prescribed under the Company’s applicable policies and procedures, or
(ii) the last day of the calendar year following the calendar year in which
your Date of Termination occurs.
	 
	 	(v)	 	in the event that you relocated at the request of the Company
within two years prior to the Date of Termination, the Company hereby agrees in
the event you should desire to relocate back to your point of origin within one
year after the Date of Termination, to apply all terms of its relocation policy
then in effect for internal transfers and to indemnify you in connection with
any loss you may sustain in the sale of your residence. Any reimbursements
provided hereunder shall be only for expenses actually incurred and shall be
made prior to the last day of your second taxable year after your Date of
Termination.

	 	(c)	 	Unless you are terminated as a result of death, Total Disability or for Cause,
the Company shall cause you to continue to be covered, without any cost to you in
excess of the cost borne by you prior to the Change in Control, under health, medical
and dental benefits and life insurance comparable to those in effect immediately prior
to the Change in Control including, but not limited to, medical, dental and life
insurance. Such continuation shall (i) also apply to your dependents who would
otherwise be eligible to participate under the terms of such plans and (ii) apply for
two years after the Date of Termination.
	 
	 	(d)	 	Upon your termination of employment for any reason, all country club
memberships, luncheon clubs and other memberships, which the Company was providing for
your use at the time Notice of Termination was given, to the extent possible shall be
transferred to you, at no cost to you (other than taxes), the cost of transfer, if any,
to be borne by the Company.

 

 

Mr.

DATE

Page 8

	 	(e)	 	Notwithstanding anything to the contrary in this Agreement, in the event that
any payment or distribution by the Company to you or for your benefit, whether paid or
payable or distributed or distributable pursuant to the terms of this Agreement or
otherwise (a “Payment”), would be subject to the excise tax imposed by Section 4999 of
the Code, or any interest or penalties with respect to such excise tax (such excise
tax, together with any such interest or penalties, are hereinafter collectively
referred to as the “Excise Tax”), the Company shall pay to you an additional payment (a
“Gross-up Payment”) in an amount such that after payment by you of all taxes (including
any interest or penalties imposed with respect to such taxes), including any Excise Tax
imposed on any Gross-up Payment, you retain an amount of the Gross-up Payment equal to
the Excise Tax imposed upon the Payments.
	 
	 	(f)	 	If you are a party to an employment agreement with the Company, in the event of
any termination of your employment to which this Agreement would apply by its terms,
you shall have all of the benefits provided under either this Agreement or such other
agreement, whichever one (in its entirety) provides the greater total benefit, but not
under both agreements, and the agreement providing the lower total benefit shall be
superseded in its entirety and shall be of no further force or effect, and neither
party shall have any obligation to the other thereunder.

     6. PAYMENT OBLIGATION ABSOLUTE.

     The Company’s obligation to pay you the amounts and to make the arrangements provided herein
shall be absolute and unconditional and shall not be affected by any circumstances, including,
without limitation, any set-off, counterclaim, recoupment, defense or other right which the Company
may have against you or anyone else. All amounts payable by the Company shall be paid without
notice or demand. You shall not be required to mitigate the amount of any payment or benefit
provided for you herein by seeking other employment or otherwise, nor shall the amount of any
payment or benefit provided for herein be reduced by any compensation earned by you as a result of
employment by another employer after the Date of Termination, or otherwise.

     7. SUCCESSORS, BINDING AGREEMENT.

     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.
This Agreement shall inure to the benefit of and be enforceable by your personal or legal
representatives, executors, administrators, successors, heirs, distributees, devisees and legatees.
If you should die while any amount would still be payable to you hereunder if you had continued to
live, all such amounts, unless otherwise provided herein, shall be paid in accordance with the
terms of this Agreement to your devisee, legatee, or other designee or, if there be no such
designee, to your estate.

 

 

Mr.

DATE

Page 9

     8. NOTICE.

     Any termination by the Company shall be communicated by written Notice of Termination to the
other party thereto. Notices and all other communications provided for in this Agreement shall be
in writing and shall be deemed to have been duly given when delivered or mailed by United States
registered mail, return receipt requested, postage prepaid, addressed to the respective addresses
set forth on the first page of this Agreement, provided that all notices to the Company shall be
directed to the attention of the Secretary of the Company, or to such other address as either party
may have furnished to the other in writing in accordance herewith, except that notices of change of
address shall be effective only upon receipt.

     9. MISCELLANEOUS.

     This Agreement supersedes any and all prior agreements between you and the Company concerning
the subject matter hereof except an employment agreement between you and the Company which provides
for benefits upon termination after a change in control as defined in such other agreement. No
provisions of this Agreement may be modified, waived or discharged unless such modification, waiver
or discharge is agreed to in writing signed by you and such officer as may be specifically
designated by the Board (which shall in any event include the Company’s Chief Executive Officer).
No waiver by either party hereto at any time of any breach by the other party hereto of, or
compliance with, any condition or provision of this Agreement to be performed by such other party
shall be deemed a waiver of similar or dissimilar provisions or conditions at the same or at any
prior or subsequent time. No agreements or representations, oral or otherwise, express or implied,
with respect to the subject matter hereof have been made by either party which are not set forth
expressly in this Agreement. The validity, interpretation, construction and performance of this
Agreement shall be governed by the laws of the State of Texas. Except as contemplated in paragraph
4 hereof, the obligation to pay amounts under this Agreement is an unfunded obligation of the
Company, and no such obligation shall create a trust or be deemed to be secured by any pledge or
encumbrance on any property of the Company.

     This Agreement shall not be deemed to constitute a contract of employment, nor shall any
provision hereof restrict the right of the Company to discharge you at will. Nothing herein shall
be construed to preclude the transfer of your employment to a subsidiary or affiliate of the
Company and such a transfer shall not be considered a termination of your employment hereunder.
For purposes of this Agreement, “Company” includes all subsidiaries and affiliates of the Company
to the extent such subsidiary and/or affiliate is carrying on any portion of the business of the
Company or a business similar to that being conducted by the Company.

     10. VALIDITY.

     The invalidity or unenforceability of any one or more provisions of this Agreement shall not
affect the validity or enforceability of any other provision of this Agreement, which shall remain
in full force and effect.

 

 

Mr.

DATE

Page 10

     11. COUNTERPARTS.

     This Agreement may be executed in counterparts, each of which shall be deemed to be an
original but all of which together will constitute one and the same instrument.

     12. ARBITRATION.

     Any dispute or controversy arising under or in connection with this Agreement shall be settled
exclusively by arbitration in Houston, Texas in accordance with the rules of the American
Arbitration Association then in effect; provided that all arbitration expenses shall be borne by
the Company. Notwithstanding the pendency of any dispute or controversy concerning termination or
the effects thereof, the Company will continue to pay your base salary, retroactive to the Date of
Termination, if applicable, in effect immediately before any Notice of Termination giving rise to
the dispute was given and continue you as a participant in all compensation, benefit and insurance
plans in which you were then participating, until the dispute is finally resolved. Subject only to
item (e) of paragraph 5, amounts paid under this paragraph are in addition to all other amounts due
under this Agreement and shall not be offset against or reduce any other amounts due under this
Agreement. Judgment may be entered on the arbitrators’ award in any court having jurisdiction;
provided, however, that you shall be entitled to seek specific performance of your right to be paid
until the Date of Termination during the pendency of any dispute or controversy arising under or in
connection with this Agreement.

     13. SECTION 409A.

     (a) This Agreement is intended to comply with Section 409A of the Code and accompanying
Treasury regulations and guidance (“Section 409A”) and any ambiguous provision will be construed in
a manner that is compliant with or exempt from the application of Section 409A.

     (b) Notwithstanding any provision in this Agreement to the contrary, if the payment of any
compensation or benefit hereunder (including, without limitation, any severance benefit) would be
subject to additional taxes and interest under Section 409A because the timing of such payment is
not delayed as provided in Section 409A(a)(2)(B) of the Code, then any such payment or benefit that
you would otherwise be entitled to during the first six months following the Date of Termination
shall be accumulated and paid or provided, as applicable, on the date that is one day (or if such
date does not fall on a business day of the Company, the next following business day of the
Company) after the earlier of (i) the date of your death, (ii) six months after the Date of
Termination, or (iii) such earlier date upon which such amount can be paid or provided under
Section 409A without being subject to such additional taxes and interest. In the event that a
payment is delayed under this paragraph 13, the Company shall pay to you, as of the date it pays
the delayed payment, interest on the delayed payment amount at the semi-annual, short-term
applicable federal rate in effect on the Date of Termination, as provided in Section 1274(d) of the
Code, plus 2%, based on the number of days the payment was delayed beyond the Date of Termination.

 

 

Mr.

DATE

Page 11

     If this letter correctly sets forth our agreement on the subject matter hereof, kindly sign
and return to the Company the enclosed copy of this letter which will then constitute our agreement
on this subject.

	 	 	 	 	 
	 	 	Sincerely,
	 
	 	 	 	 
	 	 	Global Industries, Ltd.
	 
	 	 	 	 
	 

	 	By:	 	 
	 

	 	 	 	 
	 

	 	Name:	 	 
	 

	 	 	 	 
	 

	 	Title:	 	 
	 

	 	 	 	 

AGREED TO THIS ___ DAY

OF                     , 200_

	 	 	 	 	 
	Name:

	 	 	 	 
	 

	 	 	 	 
	Title:

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