Document:

exv10w5

AMENDMENT No. 2

TO THE

GULFMARK OFFSHORE, INC.

NON-EMPLOYEE DIRECTOR SHARE INCENTIVE PLAN

     THIS AGREEMENT is made by GulfMark Offshore, Inc., a Delaware corporation (the “Company”),

WITNESSETH:

     WHEREAS, the Company previously adopted the GulfMark Offshore, Inc. Non-Employee Director
Share Incentive Plan (the “Plan”);

     WHEREAS, pursuant to Section 15 of the Plan, the Company has the right to amend the Plan; and

     WHEREAS, the Company desires to amend the Plan;

	 	 	NOW, THEREFORE, the Board of Directors agrees that effective October 13, 2009,
the Plan is amended as follows:

     1. Section 8 of the Plan is completely amended and restated to provide as
follows:

     8. ADJUSTMENT PROVISIONS – CHANGE IN CONTROL.

(a) If there shall be any change in the Common Stock, through merger, consolidation,
reorganization, recapitalization, stock dividend, stock split, reverse stock split,
split up, spin-off, combination of shares, exchange of shares, dividend in kind or
other like change in capital structure or distribution (other than normal cash
dividends) to stockholders of the Company, an adjustment shall be made to each
outstanding Stock Option and Stock Award (including any Unvested Stock Award) such
that each such Stock Option and Stock Award shall thereafter be exercisable or
vested and deliverable for such property as would have been
received in respect of the Common Stock subject to such Stock Option and Stock Award
had such Stock Option and Stock Award been exercised or vested and delivered in full
immediately prior to such change or distribution, and such an adjustment shall be
made successively each time any such change shall occur. In addition, in the event
of any such change or distribution, in order to prevent dilution or enlargement of a
Non-Employee Director’s rights under the Plan, the Board will have authority to
adjust, in an equitable manner, the number and kind of shares that may be issued
under the Plan, the number and kind of shares subject to outstanding Stock Options
and Stock Awards (including Unvested Stock Awards), and the exercise price
applicable to outstanding Stock Options.

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(b) Notwithstanding any other provision of the Plan, if there is a Change in Control
of the Company all then outstanding Stock Options shall immediately become
exercisable and all Unvested Stock Awards shall immediately become vested and
deliverable, as the case may be. For purposes of this Section 8(b), a “Change in
Control” shall be deemed to have occurred upon any of the following events:

     (i) Change in Board Composition. Individuals who constitute the
members of the Board as of the date hereof (the “Incumbent Directors”), cease for
any reason to constitute at least a majority of members of the Board; provided that
any individual becoming a director of the Company subsequent to the date hereof
shall be considered an Incumbent Director if such individual’s appointment, election
or nomination was approved by a vote of at least 50% of the Incumbent Directors;
provided further that any such individual whose initial assumption of
office is in connection with an actual or threatened election contest relating
to the election of members of the Board or other actual or threatened solicitation
of proxies or contests by or on behalf of a “person” (within the meaning of Sections
13(d) and 14(d) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)) other than the Board, including by reason of agreement intended to avoid or
settle any such actual or threatened contest or solicitation, shall not be
considered an Incumbent Director;

     (ii) Business Combination. Consummation of (i) a reorganization,
merger, consolidation, share exchange or other business combination involving the
Company or any of its subsidiaries or the disposition of all or substantially all
the assets of the Company, whether in one or a series of related transactions, or
(ii) the acquisition of assets or stock of another entity by the Company (either, a
“Business Combination”), excluding, however, any Business Combination pursuant to
which: (A) individuals who were the “beneficial owners” (as such term is defined in
Rule 13d-3 under the Exchange Act), respectively, of the then outstanding shares of
common stock of the Company (the “Outstanding Stock”) and the combined voting power
of the then outstanding securities entitled to vote generally in the election of
directors of the Company (the “Outstanding Company Voting Securities”) immediately
prior to such Business Combination beneficially own, upon consummation of such
Business Combination, directly or indirectly, more than 50% of the then outstanding
shares of common stock (or similar securities or interests in the case of an entity
other than a corporation) and more than 50% of the combined voting power of the then
outstanding securities (or
interests) entitled to vote generally in the election of directors (or in the
selection of any other similar governing body in the case of an entity other than a
corporation) of the Surviving Corporation (as defined below) in substantially the
same proportions as their ownership of the Outstanding Stock and Outstanding Company
Voting Securities, immediately prior to the consummation of such Business
Combination (that is, excluding any outstanding voting securities of the

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Surviving
Corporation that such beneficial owners hold immediately following the consummation
of the Business Combination as a result of their ownership prior to such
consummation of voting securities of any company or other entity involved in or
forming part of such Business Combination other than the Company); (B) no person
(other than the Company, any subsidiary of the Company, any employee benefit plan of
the Company or any of its subsidiaries or any trustee or other fiduciary holding
securities under an employee benefit plan of the Company or any subsidiary of the
Company) or group (as such term is defined in Rule 13d-3 under the Exchange Act)
becomes the beneficial owner of 20% or more of either (x) the then outstanding
shares of common stock (or similar securities or interests in the case of entity
other than a corporation) of the Surviving Corporation, or (y) the combined voting
power of the then outstanding securities (or interests) entitled to vote generally
in the election of directors (or in the selection of any other similar governing
body in the case of an entity other than a corporation); and (C) individuals who
were Incumbent Directors at the time of the execution of the initial agreement or of
the action of the Board providing for such Business Combination constitute at least
a majority of the members of
the board of directors (or of any similar governing body in the case of an
entity other than a corporation) of the Surviving Corporation; where for purposes of
this subsection (b), the term “Surviving Corporation” means the entity resulting
from a Business Combination or, if such entity is a direct or indirect subsidiary of
another entity, the entity that is the ultimate parent of the entity resulting from
such Business Combination;

     (iii) Stock Acquisition. Any person (other than the Company, any
subsidiary of the Company, any employee benefit plan of the Company or any of its
subsidiaries or any trustee or other fiduciary holding securities under an employee
benefit plan of the Company or any subsidiary of the Company) or group becomes the
beneficial owner of 20% or more of either (x) the Outstanding Stock or (y) the
Outstanding Company Voting Securities; provided, however, that for purposes of this
subsection (c), no Change in Control shall be deemed to have occurred as a result of
any acquisition directly from the Company; or

     (iv) Liquidation. Approval by the stockholders of the Company of a
complete liquidation or dissolution of the Company (or, if no such approval is
required, the consummation of such a liquidation or dissolution).

(c) The Board, in its discretion, may determine that, upon the occurrence of a
Change in Control of the Company, each Stock Option outstanding hereunder shall
terminate within a specified number of days after notice to the holder, and such
holder shall receive, with respect to each share of Common Stock subject to such
Stock Option, an amount equal to the excess of the Fair Market Value of such shares
of Common Stock immediately prior to the occurrence of such
Change in Control over the exercise price per share of such Stock Option; such

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amount to be payable in cash, in one or more kinds of property (including the
property, if any, payable in the transaction constituting the Change in Control) or
in a combination thereof, as the Board, in its discretion, shall determine. The
provisions contained in the preceding sentence shall be inapplicable to a Stock
Option granted within six (6) months before the occurrence of a Change in Control if
the holder of such Stock Option is subject to the reporting requirements of Section
16(a) of the Exchange Act and no exception from liability under Section 16(b) of the
Exchange Act is otherwise available to such holder.

2. The Plan is amended by adding the following new Section 18 to the Plan:

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18. SECTION 409A. Awards shall be designed, granted and administered in such a
manner that they are either exempt from the application of, or comply with, the
requirements of section 409A of the Code (“Section 409A”). If the Board determines
that an award, payment, distribution, deferral election, transaction, or any other
action or arrangement contemplated by the provisions of the Plan would, if
undertaken or implemented, cause a holder to become subject to additional taxes
under Section 409A, then unless the Board specifically provides otherwise, such
award, payment, distribution, deferral election, transaction or other action or
arrangement shall not be given effect to the extent it causes such result and the
related provisions of the Plan and/or award agreement will be deemed modified, or,
if necessary, suspended in order to comply with the requirements of Section 409A to
the extent determined appropriate by the Board, in each case without the consent of
or notice to the holder. The exercisability of a Stock Option shall not be extended
to the extent that such extension would subject the holder to additional taxes under
Section 409A. This Section 7.4 is effective for awards granted under the Plan that
are earned and vested on or after January 1, 2005.

Adopted by the Board of Directors

On October 13, 2009

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	 	 	 	Number
	 	S-04
	 	POLICY AND PROCEDURE
	 	Effective Date
	 	08-01-01 
	 	MANUAL
	 	 
Superseded Date
 	 	 
	Title:

	 	Severance Benefits
	 	Page
	 	1 of 6 
	 

	 	 	 	Exhibit Number	 	 

	 	 	 	 	 
	TABLE OF CONTENTS	 	Page Number
	A. SCOPE
	 	 	2	 
	B. POLICY
	 	 	2	 
	C. ELIGIBILITY
	 	 	2	 
	D. SEVERANCE PAY
	 	 	3	 
	E. OUTPLACEMENT SERVICES
	 	 	6	 
	F. VACATION PAY
	 	 	6	 
	G. METHOD OF PAYMENT
	 	 	6	 
	H. BENEFIT CONTINUATION
	 	 	6	 
	I. RESPONSIBILITIES
	 	 	6	 

	 	 	 	 	 	 	 
	 

	 	Approved:
	 	/s/ Edward G. Guthrie
	 	August 1, 2001
	 

	 	 	 	 	 	 
	 

	 	 	 	Executive Vice President — Finance
	 	Date
	 
	 	 	 	 	 	 
	 

	 	Approved:
	 	/s/ Bruce A. Streeter
	 	August 1, 2001
	 

	 	 	 	 	 	 
	 

	 	 	 	President & COO
	 	Date

 

 

	 	 	 	 	 	 	 
	

	 	 	 	Number
	 	S-04
	 	POLICY AND PROCEDURE
	 	Effective Date
	 	08-01-01 
	 	MANUAL
	 	 
Superseded Date
 	 	 
	Title:

	 	Severance Benefits
	 	Page
	 	2 of 6 
	 

	 	 	 	Exhibit Number	 	 

	A.	 	SCOPE
	 
	 	 	This policy shall apply to all departments, divisions and operating subsidiaries of GulfMark
Offshore, Inc., hereinafter referred to as (“the Company”).
	 
	B.	 	POLICY
	 
	 	 	It is the policy of the Company to grant severance pay to terminated or laid off employees
under certain circumstances in order to provide them with an income for a specified period of
time while seeking other employment.
	 
	C.	 	ELIGIBILITY

	 	1.	 	An employee will be eligible for severance payment if permanently laid-off
or terminated because of:

	 	a.	 	A reduction in the Company’s work force.
	 
	 	b.	 	Elimination of the job or position.
	 
	 	c.	 	An insufficient aptitude for continued employment not attributable to any
willful cause.
	 
	 	d.	 	A sale (or merger) of all or part of the Company, or in connection with a
change in control of the Company.

	 	2.	 	An employee will not be eligible for severance payment if he or she:

	 	a.	 	Leaves the Company voluntarily.
	 
	 	b.	 	Is terminated for cause.
	 
	 	c.	 	Retires from the Company.

 

 

	 	 	 	 	 	 	 
	

	 	 	 	Number
	 	S-04
	 	POLICY AND PROCEDURE
	 	Effective Date
	 	08-01-01 
	 	MANUAL
	 	 
Superseded Date
 	 	 
	Title:

	 	Severance Benefits
	 	Page
	 	3 of 6 
	 

	 	 	 	Exhibit Number	 	 

	D.	 	SEVERANCE PAY

	 	1.	 	General
	 
	 	 	 	All salaried employees without employment contracts who are laid off will receive
severance pay based on years of continuous service.
	 
	 	 	 	Note: Years of continuous service, for the purposes of this policy will be rounded to the
nearest whole year. Examples: 2 years and 5 months of service = 2 years; 2 years and 6
completed months of service = 3 years.
	 
	 	2.	 	Reduction in Force
	 
	 	 	 	When an employee is laid off due to a reduction in work force, severance pay benefits
will be paid as follows:

a. Notification pay: If advance notification is not possible, two weeks of pay in lieu of
notice will be paid in addition to severance pay outlined below.

b. Severance pay. Employees receive two weeks of pay per year of service, with a minimum
of four weeks up to a maximum of 26 weeks. The maximum amount of severance payment for any
employee may not exceed two times an employee’s annual compensation during the year
immediately preceding employment termination.

	 	3.	 	Sale, Merger, or Change of Control

	 	 	If, in connection with a sale (or merger) of all of part of the Company, an employee accepts
an offer of (or continues) employment with the purchasing (or surviving) entity that is
substantially equivalent to his/her current position with the Company immediately prior to the
sale (or merger), he/she will not be eligible

 

 

	 	 	 	 	 	 	 
	

	 	 	 	Number
	 	S-04
	 	POLICY AND PROCEDURE
	 	Effective Date
	 	08-01-01 
	 	MANUAL
	 	 
Superseded Date
 	 	 
	Title:

	 	Severance Benefits
	 	Page
	 	4 of 6 
	 

	 	 	 	Exhibit Number	 	 

	 	 	for severance pay. However, if within nine months following any such sale (or merger) or a change
of control of the Company, an employee is terminated for any reason other than resignation or for
cause, the employee will be entitled to benefits defined herein and severance pay as follows:

a. Notification pay: If an advance notification is not possible, four weeks of pay in lieu of
notice will be paid in addition to severance pay as outlined below.

b. Severance pay: Employees receive three weeks of pay per year of service, with a minimum number
of weeks commensurate with their employment category and a maximum of fifty-two weeks. The amount
of severance pay is reduced by payments, if any, mandated by employment laws of the employee’s
country of residence or assignment as applicable. The following categories apply for purposes of
this policy:

Category 1: (Minimum of 36 weeks)

Manager — Singapore / Liverpool / Norway

Technical Manager

Operations Manager

Accounts Manager

Chartering Manager

Human Resources Manager

Corporate Controller

Category II: (Minimum of 24 weeks)

Operations Superintendent

Assistant Corporate Controller

Division Controller

Office Manager — Singapore

Purchasing Manager

Category III: (Minimum of 8 weeks)

All other salaried personnel

 

 

	 	 	 	 	 	 	 
	

	 	 	 	Number
	 	S-04
	 	POLICY AND PROCEDURE
	 	Effective Date
	 	08-01-01 
	 	MANUAL
	 	 
Superseded Date
 	 	 
	Title:

	 	Severance Benefits
	 	Page
	 	5 of 6 
	 

	 	 	 	Exhibit Number	 	 

	 	 	Change of Control: means the occurrence of one or more of the following events: (i) any sale,
lease, exchange or other transfer (in one transaction or a series of related transactions) of all
or substantially all of the assets of the Company to any Person or group of related Persons for
purposes of Section 13(d) of the Exchange Act (a “Group”) together with any Affiliates thereof
(whether or not otherwise in compliance with the provisions of the Indenture), other than Permitted
Holders unless immediately following such sale, lease, exchange or other transfer in compliance
with the Indenture such assets are owned, directly or indirectly, by the company or a Wholly Owned
Restricted Subsidiary of the Company; (ii) the approval by the holders of Capital Stock of the
Company of any plan or proposal for the liquidation or dissolution of the Company (whether or not
Company of any plan or proposal for the liquidation or dissolution of the company (whether or not
otherwise in compliance with the provisions of the Indenture); (iii) the acquisition in one or more
transactions, of beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of
Voting Securities of the Company by any Person or Group, other than Permitted Holders, that either
(A) beneficially owns (within the meaning of Rule 13d-3 under the Exchange Act), directly or
indirectly, at least 50% of the Company’s then outstanding voting securities entitled to vote on a
regular basis for the board of directors of the Company, or (b) otherwise has the ability to elect,
directly or indirectly, a majority of the members of the Company’s board of directors, including,
without limitation, by the acquisition of revocable proxies for the election of directors; (iv) the
first day on which a majority of the members of the company’s board of directors are not Continuing
Directors.

 

 

	 	 	 	 	 	 	 
	

	 	 	 	Number
	 	S-04
	 	POLICY AND PROCEDURE
	 	Effective Date
	 	08-01-01 
	 	MANUAL
	 	 
Superseded Date
 	 	 
	Title:

	 	Severance Benefits
	 	Page
	 	6 of 6 
	 

	 	 	 	Exhibit Number	 	 

	E.	 	OUTPLACEMENT SERVICES
	 
	 	 	Outplacement services will be provided by the Company for employees who have been laid off at
the discretion of the President or the Executive Vice President — Finance, as appropriate,
	 
	F.	 	VACATION PAY
	 
	 	 	Employees who have been laid off will receive pay for vacation earned but not taken, explained
in the Vacation Policy (V-01).
	 
	G.	 	METHOD OF PAYMENT
	 
	 	 	Employees who have been laid off will receive severance and vacation pay in a lump sum on the
last day worked. Payments will be subject to regular withholding taxes. Payments are not
contingent directly or indirectly on an employees’ retirement.
	 
	H.	 	BENEFIT CONTINUATION
	 
	 	 	Medical and Basic Life coverage will continue for 90 days after the date of termination.
	 
	 	 	Dental, Supplemental Life, AD&D and LTD coverages, if any, will cease on the date of
termination. Service credit for Savings Plans will cease on the date of termination.
	 
	 	 	The Corporate Office — Payroll will contact employees who are vested in applicable pension
benefits, if any. Participants in the Savings Plan will receive instructions for final
distributions.
	 
	I.	 	RESPONSIBILITIES
	 
	 	 	The Corporate Office — Payroll is responsible for conducting a layoff and documenting all
layoff transactions.

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