Document:

Form of Escrow Agreement

 Exhibit 10.7 
 FORM OF ESCROW AGREEMENT 
 THIS ESCROW AGREEMENT (this “Agreement”) is made and
entered into as of ______, 2009, by and between Solar Semiconductor Corporation (formerly named Trans-India Acquisition Corporation), a Delaware corporation (the “Company”), Venkata Kode (the “Stockholders’
Representative”), and Deutsche Bank National Trust Company (the “Escrow Agent”). 
 RECITALS 
 A. The Company, Solar Semiconductor Ltd., a Cayman Islands company (“SSL”), Solar Semiconductor Private Limited, a company formed under
the laws of the Republic of India, Solar Semiconductor, Inc., a California corporation, the individuals listed on Schedules A and B, as amended, to the Exchange Agreement (each a “Stockholder” and collectively the
“Stockholders”) and the Stockholders’ Representative, have entered into a Share Exchange Agreement dated October __, 2008 (the “Exchange Agreement”), pursuant to which the Company will acquire at least 80% of
the outstanding capital stock of SSL (the “Acquisition”) (the “Acquisition”). Capitalized terms that are used but not defined herein shall have the respective meanings ascribed thereto in the Exchange Agreement.

 B. Pursuant to Section 1.5(b) and 1.7 of the Exchange Agreement, 24,375,000 shares of Purchaser Common Stock (the “Escrow
Shares”) are to be delivered to and deposited with the Escrow Agent (the “Escrow Fund”) in order to secure the performance of the Stockholders’ Earn Out payment obligations under the Exchange Agreement and, subject to
certain limitations set forth herein and in the Exchange Agreement, the Stockholders’ indemnification obligations under the Exchange Agreement. 
 C. The parties hereto desire to set forth additional terms and conditions relating to the operation of the Escrow Fund. 
 AGREEMENT 
 NOW, THEREFORE, in consideration of the foregoing premises, and the representations,
warranties, covenants and other agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged and accepted by the parties, and intending to be legally bound hereby, the
parties hereto hereby agree as follows: 
 1. Appointment of Escrow Agent. Company and Stockholders’ Representative hereby
appoint the Escrow Agent as their agent to hold in escrow and to administer the disposition of the Escrow Fund in accordance with the terms of this Agreement and the Exchange Agreement and the Escrow Agent hereby accepts such appointment.

  

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 2. Establishment and Period of Escrow. 
 (a) Pursuant to Section 1.4 and 1.5(b) of the Exchange Agreement, Company shall deposit at the Initial Closing the Escrow Shares with
the Escrow Agent, thereby establishing the Escrow Fund. The Escrow Fund shall terminate on the date after the Initial Closing that the Escrow Agent receives the notice from the Company or Purchaser, as applicable, as specified in Sections 1.5(b) and
1.7 and Article VIII of the Exchange Agreement (the “Escrow Period”). 
 3. Rights and Obligations of the
Parties. The Escrow Agent shall be entitled to such rights and shall perform such duties as escrow agent as set forth herein and as set forth in the Exchange Agreement (collectively, the “Duties”), in accordance with the
provisions of this Agreement and the Exchange Agreement. Stockholders’ Representative and Company shall be entitled to their respective rights and shall perform their respective duties and obligations as set forth herein and as set forth in the
Exchange Agreement, in accordance with the provisions of this Agreement and the Exchange Agreement. 
 4. Duties of Escrow
Agent. 
 (a) The Duties of the Escrow Agent shall include the following: the Escrow Agent shall
(i) accept delivery of the Escrow Shares from Company, (ii) safeguard and treat the Escrow Fund as a trust fund in accordance with the provisions of this Agreement, (iii) hold the Escrow Fund in a separate account, apart from any
other funds or accounts of the Escrow Agent or any other Person, and (iv) hold and dispose of the Escrow Fund only in accordance with the provisions of this Agreement and the Exchange Agreement. 
 (b) Following the Closing, the Duties of the Escrow Agent with respect to the Escrow Fund may be altered, amended, modified or revoked
only by a writing signed by Stockholders’ Representative, Company and the Escrow Agent. 
 5. Exculpatory Provisions.

 (a) The Escrow Agent shall be obligated only for the performance of such Duties as are specifically set forth herein and in
Sections 1.5(b) and 1.7 and Article VIII of the Exchange Agreement and may rely and shall be protected in relying or refraining from acting on any instrument reasonably believed to be genuine and to have been signed or presented by the proper party
or parties. The Escrow Agent shall not be liable for forgeries or false impersonations. The Escrow Agent shall not be liable for any act done or omitted hereunder as escrow agent, except for gross negligence, willful misconduct or breach of this
Agreement. The Escrow Agent shall in no case or event be liable for any representations or warranties of Stockholders’ Representative for punitive, incidental or consequential damages. Any act done or omitted pursuant to the advice or opinion
of counsel shall be conclusive evidence of the good faith of the Escrow Agent. 
 (b) The Escrow Agent shall not be liable in
any respect on account of the identity, authority or rights of the parties executing or delivering or purporting to execute or deliver the Exchange Agreement, this Agreement or any documents or papers deposited or called for thereunder or hereunder.

  

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 (c) The Escrow Agent shall not be liable for the outlawing of any rights under any
statute of limitations with respect to the Exchange Agreement, this Agreement or any documents deposited with the Escrow Agent 
 6.
Release of Escrow Fund. 
 (a) Subject to the terms of the Exchange Agreement and this Agreement, the Escrow
Agent shall, pursuant to Section 1.5(b) and 1.7 of the Exchange Agreement, release to the Stockholders’ Representative and/or to the Company, as applicable, all or a portion of the Escrow Shares held in the Escrow Fund promptly following
the expiration of the Escrow Period upon receipt of and based on written notice from the Company or the Purchaser, as applicable, delivered pursuant to 1.5(b) or 1.7 of the Exchange Agreement. In the event of a dispute between the parties hereto
regarding the Escrow Shares, the parties shall resolve such dispute in accordance with Section 8.4(d) of the Exchange Agreement. 
 (b) Upon receipt of a Notice of Claim prior to the end of the Escrow Period, subject to the provisions of Section 6(c) and 6(g) below and provided that the Losses specified in the Notice of Claim exceed the Loss
Threshold Amount, if applicable, the Escrow Agent shall immediately following the expiration of the period set forth in Section 6(c) release to the Indemnified Party a number of Escrow Shares having a value which in the aggregate are equal to
the amount of the Losses. For purposes of determining the numbers and value of Escrow Shares to be delivered to a Indemnified Party out of the Escrow Fund pursuant to this Section 6(b), each Escrow Share shall have a value equal to the
Purchaser Per Share Price. 
 (c) Stockholders’ Representative shall have a period of thirty (30) days after
delivery of the Notice of Claim, to deliver an Objection to the Indemnified Party and the Escrow Agent. 
 (d) In the event of
a dispute between the parties hereto, as evidenced by the delivery of an Objection by Stockholders’ Representative to the Indemnified Party and the Escrow Agent in accordance with Section 8.4(b) of the Exchange Agreement, the Escrow Agent
is hereby expressly authorized to disregard any and all notifications given by any of the parties hereto or by any other person, excepting only the Notice of Claim, the Objection and the Memoranda of Understanding, as provided in Section 8.4 of
the Exchange Agreement, respectively, or decisions of an arbitrator as provided in Section 8.4(d)(iii) of the Exchange Agreement. The Escrow Agent shall be entitled to conclusively rely and shall distribute the Escrow Account in accordance with
the terms of such Memorandum of Understanding and is hereby expressly authorized to comply with and obey orders, judgments or decrees of any court, or the arbitrator. In case the Escrow Agent obeys or complies with any such order, judgment or decree
of any court or arbitrator, the Escrow Agent shall not be liable to any of the parties hereto or to any other person by reason of such compliance, notwithstanding any such order, judgment, or decree being subsequently reversed, modified, annulled,
set aside, vacated or found to have been entered without jurisdiction. 
  

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 (e) For purposes of all deliveries of any Escrow Shares to Indemnified Parties hereunder
pursuant to Article VIII of the Exchange Agreement, if an Objection is not delivered to the Indemnified Party and the Escrow Agent during the 30-day period as required in Section 6(c), the Indemnified Party shall send (with a copy to the
Stockholders’ Representative) the Escrow Agent and Continental Stock Transfer & Trust Company, as transfer agent of Company’s Common Stock (“Continental”), a letter of instruction requesting that the original
share certificate representing the Escrow Shares held by the Escrow Agent (the “Original Certificate”) be reissued by Continental into a share certificate representing the number of shares of Company Common Stock specified in such
letter of instruction to be delivered to such Indemnified Parties with any legends requested by the Company and a share certificate for the balance of the shares of Company Common Stock represented by the Original Certificate in the name of the
Stockholders’ Representative with the same legends printed on the reverse side of such certificate to be delivered back to the Escrow Agent to be held pursuant to the terms of this Agreement. Upon receipt of such letter of instruction, the
Escrow Agent shall overnight via Federal Express (or other overnight service) the Original Certificate to Continental at the address and to the contact person specified in the letter of instruction. The Escrow Agent shall be entitled to rely on the
information set forth in the letter of instruction. 
 (f) For purposes of all deliveries of any Escrow Shares to the
Stockholders’ Representative and/or the Company hereunder pursuant to Section 1.5(b) or 1.7 of the Exchange Agreement, the Company and the Stockholders’ Representative shall jointly send a letter of instruction to the Escrow Agent and
Continental, requesting that such Original Certificate be reissued by Continental into share certificates in the names of the Stockholders specified in the letter of instruction representing the number of shares of Company Common Stock specified in
the letter of instruction with the same legends printed on the reverse side of such certificate as were on the Original Certificate and delivered to the Stockholders’ Representative and the remaining Escrow Shares shall be delivered to the
Company free of any legends for cancellation. Upon receipt of such letter of instruction, the Escrow Agent shall overnight via Federal Express (or other overnight service) the Original Certificate to Continental at the address and to the contact
person specified in the letter of instruction. The Escrow Agent shall be entitled to rely on the information set forth in the letter of instruction 
 (g) Notwithstanding the foregoing or anything herein to the contrary, other than as set forth in Section 1.5(b) of the Exchange Agreement, in no case may the Escrow Agent release Escrow Shares to the Company or
to Indemnified Parties pursuant to Article VIII of the Exchange Agreement or otherwise that in the aggregate during the Escrow Period have a value in excess of the Indemnification Cap. 
 7. Resignation and Removal of the Escrow Agent. The Escrow Agent may resign as Escrow Agent at any time with or without
cause, with respect to the Escrow Fund by giving at least thirty (30) calendar days’ prior written notice to each of the Stockholders’ Representative and the Company, such resignation to be effective thirty (30) calendar days
following the date such notice is given. In addition, the Stockholders’ Representative and the Company may jointly remove the Escrow Agent as escrow agent at any time with or without cause, by an instrument executed by Stockholders’
Representative and the Company (which may be executed in counterparts) given to the Escrow Agent, which instrument shall designate the effective date of such removal. In the event of any such resignation or removal, a successor escrow agent, which
shall be a bank or trust company organized under the laws of the United States of America, the State of California or having (or if such bank or trust company is a member of a bank company, its bank holding company shall have) a combined capital and
surplus of not less than 

  

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$100,000,000, shall be appointed by Stockholders’ Representative on the terms of this Agreement with the written approval of the Company, which approval
shall not be unreasonably withheld or delayed. Any such successor escrow agent shall deliver to Stockholders’ Representative and the Company, a written instrument accepting such appointment, and thereupon it shall succeed to all the rights and
duties of the escrow agent hereunder and shall be entitled to receive possession of the Escrow Fund. Upon receipt of the identity of the successor escrow agent, the Escrow Agent shall deliver the Escrow Fund then held hereunder to the successor
escrow agent. 
 8. Fees. The Company shall pay to the Escrow Agent such fees as are established by the Fee Schedule attached
hereto as  
 Exhibit A. 
 9.
Further Instruments. If the Escrow Agent reasonably requires other or further instruments in connection with its performance of the Duties, the necessary parties hereto shall join in furnishing such instruments. 
 10. Disputes. It is understood and agreed that should any dispute arise with respect to the delivery and/or ownership or right of
possession of the cash and/or other property held by the Escrow Agent hereunder, the Escrow Agent is authorized and directed to act in accordance with, and in reliance upon, the provisions of this Agreement and the Exchange Agreement. 
 11. Indemnification. In consideration of the Escrow Agent’s acceptance of this appointment, the Company agrees to indemnify and hold
the Escrow Agent harmless as to any liability incurred by it to any person, firm or corporation by reason of its having accepted such appointment or in carrying out the provisions of this Agreement and the Exchange Agreement, and to reimburse the
Escrow Agent for all its costs and expenses (including, without limitation, counsel fees and expenses) reasonably incurred by reason of any matter as to which such indemnity is paid pursuant to this Section 11; provided, however,
that no indemnity need be paid in case of the Escrow Agent’s gross negligence, willful misconduct or breach of this Agreement. 
 12.
General. 
 (a) Notice. All notices, requests and other communications hereunder must be in
writing and will be deemed to have been duly given only if delivered personally or by facsimile transmission or by nationally recognized overnight courier prepaid, to the parties at the following addresses or facsimile numbers: 
 If to Stockholders’ Representative to: 
 Venkata Kode 
 USA: 
 1292 Kifer Road, Suite 808 
 Sunnyvale, CA 94086 
 Phone: +1 408 329 5353 x101 
 Fax: +1 408 329 5354 (Fax) 
  

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 India: 
 M/s Solar Semiconductor Pvt Ltd 
 Naim Chambers, # 8-2-608/1/4, 
 Road No 10, Banjara Hills, Hyderabad – 34 
 Phone: +91 40 2330 1571, 72 & 73 
 Fax : +91 40 2330 1576 
 If to Company: 
 Solar Semiconductor Corporation 
 1292 Kifer Road, Suite 808 
 Sunnyvale, California 94086 USA 
 Attention: Hari Surapaneni, President and CEO 
 Telephone: (408) 329-5353 
 Fax: (408) 329-5354 
 with a copy (which shall not constitute notice) to: 
 Solar Semiconductor Corporation 
 1292 Kifer Road, Suite 808 
 Sunnyvale, California 94086 USA 
 Attention: Mike Ross, VP Admin, HR and Legal 
 Telephone: (408) 329-5353 
 Fax: (408) 329-5354 
 Email: mike.ross@solarsemiconductor.com 
 and 
 Hayden Bergman Rooney, Professional Corporation 
 150 Post Street, Suite 650 
 San Francisco, California 94108 USA 
 Attention: Kevin K. Rooney 
 Telephone: (415) 692-3310 
 Fax: (415) 399-9320 
 Email: krooney@hbrpc.com 
 If to the Escrow Agent: 
 Deutsche Bank National Trust Company 
 101 California Street, 46th Floor 
 San Francisco, CA 94111 
 Attention: Sandra Hanrahan, Vice President 
 Telephone: (415) 617-4241 
 Fax: (415) 617-4280 
 Email: Sandra.Hanrahan@db.com 
  

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 or to such other address as any party may have furnished in writing to the other parties in the manner provided above.
Any notice addressed to the Escrow Agent shall be effective only upon receipt. 
 (b) Amendment and
Termination. This Agreement may be amended or terminated if, but only if, such amendment or termination is in writing and is signed by each of Stockholders’ Representative and the Company, but the duties or responsibilities of the
Escrow Agent may not be amended or modified without its consent. 
 (c) Waiver. Any term or condition of
this Agreement may be waived at any time by the party that is entitled to the benefit thereof, but no such waiver shall be effective unless set forth in a written instrument duly executed by or on behalf of the party waiving such term or condition.
No waiver by any party of any term or condition of this Agreement, in any one or more instances, shall be deemed to be or construed as a waiver of the same or any other term or condition of this Agreement on any future occasion. All remedies, either
under this Agreement or by applicable law or otherwise afforded, will be cumulative and not alternative. 
 (d) No
Assignment; Binding Effect. Neither this Agreement nor any right, interest or obligation hereunder may be assigned (by operation of law or otherwise) by any party without the prior written consent of the other parties and any attempt to
do so will be void. Subject to the preceding sentence, this Agreement is binding upon, inures to the benefit of and is enforceable by the parties hereto and their respective successors and assigns. 
 (e) Headings. The headings and table of contents used in this Agreement have been inserted for convenience of reference
only and do not define or limit the provisions hereof. 
 (f) Invalid Provisions. If any provision of this
Agreement is held to be illegal, invalid or unenforceable under any present or future Law, and if the rights or obligations of any party hereto under this Agreement will not be materially and adversely affected thereby, (i) such provision will
be fully severable, (ii) this Agreement will be construed and enforced as if such illegal, invalid or unenforceable provision had never comprised a part hereof, (iii) the remaining provisions of this Agreement will remain in full force and
effect and will not be affected by the illegal, invalid or unenforceable provision or by its severance herefrom and (iv) in lieu of such illegal, invalid or unenforceable provision, there will be added automatically as a part of this Agreement
a legal, valid and enforceable provision as similar in terms to such illegal, invalid or unenforceable provision as may be possible. 
 (g) Governing Law. This Agreement shall be governed by and construed in accordance with the domestic laws of the State of Delaware, without giving effect to any choice of law or conflict of law provision or rule (whether
of the State of Delaware or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of Delaware. 
 (h) Construction. The parties hereto agree that this Agreement is the product of negotiation between sophisticated parties and individuals, all of who were represented by counsel, and each of who had an
opportunity to participate in and did participate in the drafting 

  

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of each provision hereof. Accordingly, ambiguities in this Agreement, if any, shall not be construed strictly or in favor of or against any party hereto but
rather shall be given a fair and reasonable construction without regard to the rule of contra proferentem. 
 (i)
Counterparts. This Agreement may be executed in any number of counterparts, including by facsimile or other means of electronic transmission, each of which when so executed shall constitute an original copy hereof, but all of which
together shall constitute one instrument. 
 (j) Specific Performance. The parties hereto agree that irreparable
damage would occur in the event that any of the provisions of this Agreement were not performed in accordance with its specific terms or were otherwise breached. It is agreed that the parties shall be entitled to seek an injunction or injunctions to
prevent breaches of this Agreement and to enforce specifically the terms and provisions hereof in any court of the United States or any state having jurisdiction, this being in addition to any other remedy to which they are entitled at law or in
equity, provided that in no event shall any party to this Agreement be liable for any consequential, special, indirect or incidental damages, including, without limitation, lost profits, arising out of this Agreement. 
 13. Tax Reporting Matters. Within ten (10) calendar days of the Closing Date, Stockholders’ Representative and the Company each
agree to provide the Escrow Agent with appropriate Forms W-9 (or applicable Forms W-8, in the case of non-U.S. persons) and other forms and documents to the Escrow Agent that the Escrow Agent may reasonably request (collectively, “Tax
Reporting Documentation”). The parties hereto understand that, if such Tax Reporting Documentation is not so certified to the Escrow Agent, the Escrow Agent may be required by the Internal Revenue Code of 1986, as amended, to withhold a
portion of any payments made pursuant to this Agreement. 
 14. Patriot Act Compliance. To help the government fight the
funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account. For a non-individual person such as a business entity, a
charity, a trust or other legal entity the Escrow Agent will ask for documentation to verify its formation and existence as a legal entity. The Escrow Agent may also ask to see financial statements, licenses, identification and authorization
documents from individuals claiming authority to represent the entity or other relevant documentation. Stockholders’ Representative and the Company each agree to provide all such information and documentation as to themselves as requested by
Escrow Agent to ensure compliance with federal law. 
 [Remainder of Page Left Blank Intentionally] 
  

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

			
	ESCROW AGENT:
	
	DEUTSCHE BANK NATIONAL TRUST
	COMPANY
		
	By:	 	 
	Name:	 	
	Title:	 	
		
	By:	 	 
	Name:	 	
	Title:	 	
	
	COMPANY:
	
	SOLAR SEMICONDUCTOR
	CORPORATION
		
	By:	 	 
	Name:	 	Hari Surapaneni
	Title:	 	President and CEO
	
	STOCKHOLDERS’ REPRESENTATIVE:
	
	 
	Venkata Kode

 EXHIBIT A 
 FEE SCHEDULEAmended and Restated Change of Control Agreement - Dean Taylor

 EXHIBIT 10.1 
 CHANGE OF CONTROL AGREEMENT 
 This Change of Control Agreement (“the Agreement”) between
Tidewater Inc., a Delaware corporation (the “Company”), and Dean E. Taylor (the “Employee”) is dated effective as of September 26, 2007 (the “Effective Date”). 
 ARTICLE I 
 CERTAIN DEFINITIONS 

 1.1 Affiliate Defined. “Affiliate” (and variants thereof) shall mean a Person that controls, or is controlled by, or is
under common control with, another specified Person, either directly or indirectly. 
 1.2 Beneficial Owner Defined. “Beneficial
Owner” (and variants thereof), with respect to a security, shall mean a Person who, directly or indirectly (through any contract, understanding, relationship or otherwise), has or shares (i) the power to vote, or direct the voting of, the
security, and/or (ii) the power to dispose of, or to direct the disposition of, the security. 
 1.3 Cause Defined.
“Cause” shall mean: 
 (a) the willful and continued failure of the Employee to perform substantially the Employee’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 Employee by the board of directors of the Company
(the “Board”) which specifically identifies the manner in which the Board believes that the Employee has not substantially performed the Employee’s duties, or 
 (b) the willful engaging by the Employee 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 Employee, shall be considered “willful” unless it is
done, or omitted to be done, by the Employee in bad faith or without reasonable belief that the Employee’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 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 Employee in good faith and in the best interests of the Company or its Affiliates. The cessation of employment of the Employee shall not be deemed to be for Cause unless his action or inaction meets the foregoing standard and until there shall
have been delivered to the Employee 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 of the Board called and held for such purpose (after reasonable notice
is provided to the Employee and the Employee is given an opportunity, together with counsel, to be heard before the Board), finding that, in the good faith opinion of the Board, the Employee is guilty of the conduct described in subparagraph
(a) or (b) above, and specifying the particulars thereof in detail. 

 1.4 Change of Control Defined. “Change of Control” shall mean: 
 (a) the acquisition by any Person of Beneficial Ownership of 30% or more of the outstanding shares of the Company’s Common Stock, $0.10 par value per
share (the “Common Stock”) or 30% or more of the combined voting power of the Company’s then outstanding securities; provided, however, that for purposes of this subsection (a), the following shall not constitute a Change of Control:

 (i) any acquisition (other than a Business Combination which constitutes a Change of Control under Section 1.4(c)
hereof) of Common Stock directly from the Company, 
 (ii) any acquisition of Common Stock by the Company or its subsidiaries,

 (iii) any acquisition of Common Stock by any employee benefit plan (or related trust) sponsored or maintained by the
Company or any corporation controlled by the Company, or 
 (iv) any acquisition of Common Stock by any corporation pursuant
to a Business Combination which does not constitute a Change of Control under Section 1.4(c) hereof; or 
 (b) individuals who, as of
the Effective Date, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Effective Date whose
election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered a member of the Incumbent Board, unless such
individual’s initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a
Person other than the Incumbent Board; or 
 (c) consummation of a reorganization, merger or consolidation (including a merger or
consolidation of the Company or any direct or indirect subsidiary of the Company), or sale or other disposition of all or substantially all of the assets of the Company (a “Business Combination”), in each case, unless, immediately
following such Business Combination, 
 (i) the individuals and entities who were the Beneficial Owners of the Company’s
outstanding common stock and the Company’s voting securities entitled to vote generally in the election of directors immediately prior to such Business Combination have direct or indirect Beneficial Ownership, respectively, of more than 50% of
the then outstanding shares of common stock, and more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, of the Post-Transaction Corporation (as defined in
Section 1.10 hereof), and 
  

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 (ii) except to the extent that such ownership existed prior to the Business Combination,
no Person (excluding the Post-Transaction Corporation and any employee benefit plan or related trust of either the Company, the Post-Transaction Corporation or any subsidiary of either corporation) Beneficially Owns, directly or indirectly, 30% or
more of the then outstanding shares of common stock of the corporation resulting from such Business Combination or 30% or more of the combined voting power of the then outstanding voting securities of such corporation, and 
 (iii) at least a majority of the members of the board of directors of the Post-Transaction Corporation were members of the Incumbent Board
at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
 (d)
approval by the shareholders of the Company of a complete liquidation or dissolution of the Company. 
 1.5 Code Defined.
“Code” shall mean the Internal Revenue Code of 1986, as amended from time to time. 
 1.6 Company Defined.
“Company” shall mean Tidewater Inc. (as heretofore defined), and shall include any successor to or assignee of (whether direct or indirect, by purchase, merger, consolidation or otherwise) all or substantially all of the assets and/or
business of the Company which assumes and agrees to perform this Agreement by operation of law, or otherwise. 
 1.7 Disability
Defined. “Disability” shall mean a condition that would entitle the Employee to receive benefits under the Company’s long-term disability insurance policy in effect at the time either because he is totally disabled or partially
disabled, as such terms are defined in the Company’s policy in effect as of the Effective Date or as similar terms are defined in any successor policy. If the Company has no long-term disability plan in effect, “Disability” shall
occur if (a) the Employee is rendered incapable because of physical or mental illness of satisfactorily discharging his duties and responsibilities to the Company for a period of 90 consecutive days, (b) a duly qualified physician chosen
by the Company and acceptable to the Employee or his legal representatives so certifies in writing, and (c) the Board determines that the Employee has become disabled. 
 1.8 Good Reason Defined. Any act or failure to act by the Company or its Affiliates specified in this Section 1.8 shall constitute “Good
Reason” unless the Employee shall otherwise agree in writing: 
 (a) Any failure of the Company or its Affiliates to provide the Employee
with the position, authority, duties and responsibilities at least commensurate in all material respects with the most significant of those held, exercised and assigned at any time during the 120-day period immediately preceding the Change of
Control. The Employee’s position, authority, duties and responsibilities after a Change of Control shall be considered commensurate in all material respects with Employee’s position, authority, duties and responsibilities prior to a Change
of Control if after the Change of Control Employee holds an equivalent position with the Company, 

  

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even if the Employee does not hold an equivalent position with the ultimate parent corporation that either directly or indirectly controls the Company or all
or substantially all of the Company’s assets. 
 (b) The assignment to the Employee of any duties inconsistent in any material respect
with Employee’s position (including status, offices, titles and reporting requirements), authority, duties or responsibilities as contemplated by Section 3.1(b) of this Agreement, or any other action that results in a diminution in such
position, authority, duties or responsibilities, excluding for this purpose an isolated, insubstantial and inadvertent action not taken in bad faith that is remedied within 10 days after receipt of written notice thereof from the Employee to the
Company; 
 (c) Any failure by the Company or its Affiliates to comply with any of the provisions of this Agreement, other than an isolated,
insubstantial and inadvertent failure not occurring in bad faith that is remedied within 10 days after receipt of written notice thereof from the Employee to the Company; 
 (d) The Company or its Affiliates requiring the Employee to be based at any office or location other than as provided in Section 3.1(b)(ii) hereof or requiring the Employee to travel on business to a
substantially greater extent than required immediately prior to the Change of Control; 
 (e) Any purported termination of the
Employee’s employment otherwise than as expressly permitted by this Agreement; or 
 (f) Any failure by the Company to comply with and
satisfy Sections 4.1 (c) and (d) of this Agreement. 
 1.9 Person Defined. “Person” shall mean a natural person or
company, and shall also mean the group or syndicate created when two or more Persons act as a syndicate or other group (including, without limitation, a partnership or limited partnership) for the purpose of acquiring, holding, or disposing of a
security, except that “Person” shall not include an underwriter temporarily holding a security pursuant to an offering of the security. 
 1.10 Post-Transaction Corporation Defined. Unless a Change of Control includes a Business Combination (as defined in Section 1.4(c) hereof), “Post-Transaction Corporation” shall mean the Company after the Change of
Control. If a Change of Control includes a Business Combination, “Post-Transaction Corporation” shall mean the corporation resulting from the Business Combination unless, as a result of such Business Combination, an ultimate parent
corporation controls the Company or all or substantially all of the Company’s assets either directly or indirectly, in which case, “Post-Transaction Corporation” shall mean such ultimate parent corporation. 
 1.11 Section 409A Defined. “Section 409A” shall mean Section 409A of the Code and all regulations and guidance issued
thereunder. 
  

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 ARTICLE II 
 STATUS OF CHANGE OF CONTROL AGREEMENTS 
 Notwithstanding any provisions thereof, this Agreement
supersedes any and all prior agreements between the Company and the Employee that provide for severance benefits in the event of or following a Change of Control of the Company, as defined therein, and is effective as of the Effective Date.

 ARTICLE III 
 CHANGE
OF CONTROL BENEFIT 
 3.1 Employment Term and Capacity after Change of Control. (a) This Agreement shall commence on the
Effective Date and continue in effect through December 31, 2007, provided, however, that commencing on January 1, 2008 and each January 1 thereafter, the term of this Agreement shall automatically be extended for one additional year
unless, not later than March 31 of the preceding year, the Company shall have given notice that it does not wish to extend this Agreement; provided, further, that notwithstanding any such notice by the Company not to extend, if a Change of
Control of the Company shall have occurred during the original or extended term of this Agreement, this Agreement shall continue in effect through the second anniversary of the Change of Control (such period following a Change of Control being
referred to herein as the “Employment Term”), subject to any earlier termination of Employee’s status as an employee pursuant to this Agreement. 
 (b) After a Change of Control and during the Employment Term, (i) the Employee’s position (including status, offices, titles and reporting requirements), authority, duties and responsibilities shall be at
least commensurate in all material respects with the most significant of those held, exercised and assigned at any time during the 120-day period immediately preceding the Change of Control and (ii) the Employee’s service shall be
performed during normal business hours at the Company’s principal executive office, at its location at the time of the Change of Control, or the location where the Employee was employed immediately preceding the Change of Control or any
relocation of the Company’s principal executive office to a location that is not more than 35 miles from such current location. Employee’s position, authority, duties and responsibilities after a Change of Control shall not be considered
commensurate in all material respects with Employee’s position, authority, duties and responsibilities prior to a Change of Control unless after the Change of Control Employee holds an equivalent position in the Company. 
 3.2 Compensation and Benefits. During the Employment Term, Employee shall be entitled to the following compensation and benefits: 
 (a) Base Salary. The Employee shall receive an annual base salary (“Base Salary”), which shall be paid in at least monthly installments.
The Base Salary shall initially be equal to 12 times the highest monthly base salary that was paid or is payable to the Employee, including any base salary which has been earned but deferred by the Employee, by the Company and its Affiliates with
respect to any month in the 12-month period ending with the month that immediately precedes the month in which the Change of Control occurs. During the Employment Term, the Base Salary shall be reviewed at such time as the Company undertakes a

  

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salary review of his peer executives (but at least annually), and, to the extent that salary increases are granted to his peer executives of the Company (or
have been granted during the immediately preceding 12-month period to his peer executives of any Affiliate of the Company), the Employee shall be granted a salary increase commensurate with any increase granted to his peer executives of the Company
and its Affiliates. Any increase in Base Salary shall not serve to limit or reduce any other obligation to the Employee under this Agreement. Base Salary shall not be reduced during the Employment Term (whether or not any increase in Base Salary
occurs) and, if any increase in Base Salary occurs, the term Base Salary as utilized in this Agreement shall refer to Base Salary as so increased from time to time. 
 (b) Annual Bonus. In addition to Base Salary, the Employee shall be awarded, for each fiscal year ending during the Employment Term, an annual bonus (the “Bonus”) in cash in an amount at least equal
to the average of the annual bonuses paid to the Employee with respect to the three fiscal years that immediately precede the year in which the Change of Control occurs under the Company’s annual bonus plan, or any comparable bonus under a
successor plan. Each such Bonus shall be paid no later than two and one-half months following the end of the fiscal year for which the Bonus is awarded, unless the Employee shall elect to defer the receipt of such Bonus. 
 (c) Fringe Benefits. The Employee shall be entitled to fringe benefits (including, but not limited to, automobile allowance, reimbursement for
membership dues, and air travel) commensurate with those provided to his peer executives of the Company and its Affiliates. 
 (d)
Expenses. The Employee shall be entitled to receive prompt reimbursement for all reasonable expenses incurred by the Employee in accordance with the most favorable agreements, policies, practices and procedures of the Company and its
Affiliates in effect for the Employee at any time during the 120-day period immediately preceding the Change of Control or, if more favorable to the Employee, as in effect generally at any time thereafter with respect to his peer executives of the
Company and its Affiliates. 
 (e) Incentive, Savings and Retirement Plans. The Employee shall be entitled to participate in all
incentive, savings and retirement plans, practices, policies and programs applicable generally to his peer executives of the Company and its Affiliates, but in no event shall such plans, practices, policies and programs provide the Employee with
incentive opportunities (measured with respect to both regular and special incentive opportunities, to the extent, if any, that such distinction is applicable), savings opportunities and retirement benefit opportunities, in each case, less favorable
than the most favorable of those provided by the Company and its Affiliates for the Employee under any agreements, plans, practices, policies and programs as in effect at any time during the 120-day period immediately preceding the Change of Control
or, if more favorable to the Employee, those provided generally at any time after the Change of Control to his peer executives of the Company and its Affiliates. 
 (f) Welfare Benefit Plans. The Employee and/or the Employee’s family, as the case may be, shall be eligible for participation in and shall receive all benefits under welfare benefit plans, practices,
policies and programs provided by the Company and its Affiliates (including, without limitation, medical, prescription drug, dental, disability, employee life, group 

  

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life, accidental death and travel accident insurance plans and programs) to the extent applicable generally to his peer executives of the Company and its
Affiliates, but in no event shall such plans, practices, policies and programs provide the Employee with benefits, in each case, less favorable than the most favorable of any agreements, plans, practices, policies and programs in effect for the
Employee at any time during the 120-day period immediately preceding the Change of Control or, if more favorable to the Employee, those provided generally at any time after the Change of Control to his peer executives of the Company and its
Affiliates. 
 (g) Office and Support Staff. The Employee shall be entitled to an office or offices of a size and with furnishings and
other appointments, and to secretarial and other assistance, commensurate with those provided to his peer executives of the Company and its Affiliates. 
 (h) Vacation. The Employee shall be entitled to paid vacation in accordance with the most favorable agreements, plans, policies, programs and practices of the Company and its Affiliates as in effect for the
Employee at any time during the 120-day period immediately preceding the Change of Control or, if more favorable to the Employee, as in effect generally at any time thereafter with respect to his peer executives of the Company and its Affiliates.

 (i) Indemnification. If in connection with any agreement related to a transaction that will result in a Change of Control of the
Company, an undertaking is made to provide the Board of Directors with rights to indemnification from the Company (or from any other party to such agreement), the Employee shall, by virtue of this Agreement, be entitled to the same rights to
indemnification as are provided to the Board of Directors pursuant to such agreement. Otherwise, the Employee shall be entitled to indemnification rights on terms no less favorable to Employee than those available under the Certificate of
Incorporation, bylaws or resolutions of the Company at any time after the Change of Control to his peer executives of the Company. Such indemnification rights shall be with respect to all claims, actions, suits or proceedings to which the Employee
is or is threatened to be made a party that arise out of or are connected to his services at any time prior to the termination of his employment, without regard to whether such claims, actions, suits or proceedings are made, asserted or arise during
or after the Employment Term. 
 (j) Directors and Officers Insurance. If in connection with any agreement related to a transaction
that will result in a Change of Control of the Company, an undertaking is made to provide the Board of Directors of the Company with continued coverage following the Change of Control under one or more directors and officers liability insurance
policies, then the Employee shall, by virtue of this Agreement, be entitled to the same rights to continued coverage under such directors and officers liability insurance policies as are provided to the Board of Directors. Otherwise, the Company
shall agree to cover Employee under any directors and officers liability insurance policies as are provided generally at any time after the Change of Control to his peer executives of the Company. 
 3.3 Obligations upon Termination after a Change of Control. 
 (a) Termination by Company for Reasons other than Death, Disability or Cause or by Employee for Good Reason. If, after a Change of Control and during the 

  

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Employment Term, the Company terminates the Employee’s employment other than for Cause, death or Disability, or the Employee terminates employment for
Good Reason, and any such termination constitutes a “separation from service” under Section 409A, then, subject to Sections 3.6 and 3.11, 
 (i) the Company shall pay to the Employee in a lump sum in cash on the first business day that is more than six months following the date of termination an amount equal to three times the sum of (x) the amount of
Base Salary in effect pursuant to Section 3.2(a) hereof at the date of termination, plus (y) the average of the annual bonuses paid or to be paid to the Employee with respect to the immediately preceding three fiscal years. For purposes of
calculating the annual bonuses paid or to be paid with respect to the preceding three fiscal years, (a) amounts deferred by the Employee from such bonuses into the 401(k) Savings Plan, Supplemental Savings Plan or similar plan of the Company
shall be included, and (b) the aggregate amount of bonuses paid or due the Employee for services rendered during such three fiscal years shall be added to the balance of the Employee’s bonus bank (less the amount, if any, to be paid from
the bonus bank for the most recent fiscal year bonus) and then such amount shall be divided by three; 
 (ii) the Company
shall pay to the Employee in a lump sum in cash on the first business day that is more than six months following the date of termination of employment an amount calculated by multiplying the annual bonus that the Employee would have earned with
respect to the entire fiscal year in which termination occurs, assuming the achievement at the target level of the objective performance goals established with respect to such bonus and the elimination of any subjective performance goals or
evaluations otherwise applicable with respect to such bonus (including any amount that would be credited to the bonus bank for such year assuming achievement at the target levels), by the fraction obtained by dividing the number of days in such year
through the date of termination by 365; provided, however, that, if the Employee has in effect a 401(k) plan deferral election with respect to any percentage of the annual bonus which would otherwise become payable with respect to the fiscal year in
which termination occurs, such lump sum payment shall be reduced by an amount equal to such percentage times the lump sum payment (which reduction amount shall be deferred in accordance with such election); 
 (iii) if, at the date of termination, the Company shall not yet have paid to the Employee (or deferred in accordance with any effective
deferral election by the Employee) an annual bonus with respect to a completed fiscal year, the Company shall pay to the Employee in a lump sum in cash on the first business day that is more than six months following the date of termination of
employment an amount determined as follows: (i) if the Compensation Committee of the Board shall have already determined the amount of such annual bonus, the greater of such amount, plus or minus any deductions from or additions to the bonus
bank for such fiscal year, or the amount provided under Section 3.2(b) hereof shall be paid, and (ii) if the Compensation Committee shall not have already determined the amount of such annual bonus, the amount to be paid shall be the
greater of the amount provided under Section 3.2(b) hereof or the annual bonus that the Employee would have earned with respect to such completed 

  

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fiscal year, based solely upon the level of achievement of the objective performance goals established with respect to such bonus and the elimination of any
subjective performance goals or evaluations otherwise applicable with respect to such bonus (including any amount that would be credited to the bonus bank based on such level of achievement); provided, however, that, if the Employee has in effect a
401(k) Savings Plan deferral election with respect to any percentage of the annual bonus which would otherwise become payable with respect to such completed fiscal year, such lump sum payment shall be reduced by an amount equal to such percentage
times the lump sum payment (which reduction amount shall be deferred in accordance with such election); 
 (iv) subject to the
timing of payment limitations described in this Section 3.3(a)(iv), for a period of thirty-six (36) months following the date of termination of employment (the “Continuation Period”), the Company shall reimburse the Employee for
the cost to continue on behalf of the Employee and his dependents and beneficiaries the life insurance, disability, medical, dental and hospitalization benefits (including any benefit under any individual benefit arrangement that covers medical,
dental or hospitalization expenses not otherwise covered under any general Company plan) provided (x) to the Employee at any time during the 120-day period prior to the Change in Control or at any time thereafter or (y) to other similarly
situated executives who continue in the employ of the Company during the Continuation Period. The coverage and benefits (including deductibles and costs) provided in this Section 3.3(a)(iv) during the Continuation Period shall be no less
favorable to the Employee and his dependents and beneficiaries, than the most favorable of such coverages and benefits during any of the periods referred to in clauses (x) or (y) above ; provided, however, in the event of the disability of
the Employee during the Continuation Period, disability benefits shall not be paid for the Continuation Period but shall instead commence immediately following the end of the Continuation Period. In addition, if Employee has reached age 52 and has
completed seven years of service at the time of a Change of Control, Employee shall automatically become vested in the post-retirement benefits provided under the Tidewater Group Welfare Benefits Plan (the “GWB Plan”) and be entitled to
receive, following termination of employment with the Company, all benefits that would be payable to Employee under the GWB Plan or any successor plan of the Company or its Affiliates had the Employee retired from employment with the Company or one
of its Affiliates on the later of the third anniversary of the Change of Control or the Employee’s date of retirement (as defined in the GWB Plan) from employment with the Company. The Company’s obligation hereunder with respect to the
foregoing benefits shall be limited to the extent that the Employee obtains any such benefits pursuant to a subsequent employer’s benefit plans, in which case the Company may reduce the coverage of any benefits it is required to provide the
Employee hereunder as long as the aggregate coverages and benefits of the combined benefit plans is no less favorable to the Employee than the coverages and benefits required to be provided hereunder. The Employee will be eligible for coverage under
the Consolidated Omnibus Budget Reconciliation Act (“COBRA”) at the end of the Continuation Period or earlier cessation of the Company’s obligation under the foregoing provisions of this Section 3.3(a)(iv) (or, if the Employee
shall not be so eligible for any reason, the Company will provide equivalent coverage). Notwithstanding this subparagraph (iv), if any benefits provided to the Employee by the Company under this subparagraph (iv) are taxable to the Employee,

  

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then, with the exception of medical insurance benefits, the value of the aggregate amount of such taxable benefits provided to the Employee pursuant to this
subparagraph (iv) during the six month period following the date of termination of employment shall be limited to the amount specified by Internal Revenue Code §402(g)(1)(B) for the year of the date of termination of employment
(e.g. $15,500 in 2007). The Employee shall pay the cost of any benefits that exceed the amount specified in the prior sentence during the six month period following the date of termination, and shall be reimbursed by the Company during the
seventh month after the date of termination. Reimbursement for the continuation of disability and life insurance benefits shall not be made until the first business day that is more than six months following termination of employment. On such date
the Employee shall be reimbursed for all expenses paid for such coverage during the preceding six months. The reimbursement of the cost of disability and life insurance and the reimbursement of the cost of taxable medical, dental and hospitalization
benefits after the end of the period during which the Employee would be entitled to continuation coverage under the Company’s group health plan under Section 4980B of the Code (COBRA), and the reimbursement of any other taxable benefits
provided under this subparagraph (iv), shall comply with the requirement that non-qualified deferred compensation be paid on a specified date or pursuant to a fixed schedule, which requires that (1) the amount of benefits or reimbursements
provided during one calendar year shall not affect the amount of benefits or reimbursements to be provided in any other calendar year, (2) the reimbursement of any eligible expense shall be made no later than the last day of the calendar year
following the year in which the expense was incurred, and (3) the right to reimbursement or benefits hereunder is not subject to liquidation or exchange for another benefit. 
 (v) the Employee shall immediately become fully (100%) vested in his benefit (as such benefit may be increased pursuant to Sections
3.3(a) (vii) and 3.3(a)(viii) hereof) under each supplemental or excess retirement plan of the Company in which the Employee was a participant, including, but not limited to the Tidewater Inc. Supplemental Executive Retirement Plan (the
“SERP”) , the Supplemental Savings Plan and any successor plans (collectively, the “Supplemental Plans”); 
 (vi) the Company shall pay to the Employee in cash in a lump sum on the first business day that is more than six months following the date of termination of employment an amount equal to the then present value of the actuarial equivalent of
the additional benefits, if any, to which the Employee would be entitled under the Tidewater Inc. Pension Plan, the SERP and any other qualified or non-qualified defined benefit plan maintained by the Company and covering the Employee, regardless of
the vesting requirements thereof, after giving the Employee, for purposes of calculating the benefits due Employee under such plans, full service credit for a three-year period following the Change of Control. The level of compensation used to
calculate the payment provided in this Section 3.3(a)(vi) shall be based on actual final average pay; 
 (vii) the
Company shall pay to the Employee in a lump sum in cash on the first business day that is more than six months following the date of termination of employment an amount equal to the amount of employer contributions that would have been made on the
Employee’s behalf if the Employee had continued to participate in the 

  

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Company’s Savings Plan, the Company’s Supplemental Savings Plan and any other qualified or non-qualified defined contribution plan maintained by
the Company until the third anniversary of the Change of Control. Such contribution shall, in the case of a qualified plan, be calculated as if the Employee were fully vested and participating to the maximum extent permitted by such plan and, in the
case of a non-qualified plan, be calculated on the same basis as the Employee was participating in such plans and, in all cases, be calculated on the basis of the Employee’s Base Salary (determined in accordance with Section 3.2(a) hereof)
at the time of the Change of Control or at the date of termination, whichever is greater; and 
 (viii) to the extent that
Employee is not fully vested in his accrued benefits under the Pension Plan, the Savings Plan or any other qualified plan maintained by the Company, at the time of termination of employment, the Company shall pay to the Employee in cash in a lump
sum on the first business day that is more than six months following the date of termination of employment an amount in cash equal to the unvested but accrued benefits under such plans (calculated as the present value of the actuarial equivalent
thereof in the case of any qualified defined benefit plan). 
 The payments and benefits provided in this Section 3.3(a) and under all of the
Company’s employee benefit and compensation plans shall be without regard to any amendment made after any Change of Control to any such plan, which amendment adversely affects in any manner the computation of payments and benefits due the
Employee under such plan or the time or manner of payment of such payments and benefits . After a Change of Control no discretionary power of the Board or any committee thereof shall be used in a way (and no ambiguity in any such plan shall be
construed in a way) which adversely affects in any manner any right or benefit of the Employee under any such plan. No acceleration of payments and benefits provided herein shall be permitted, except that the Company may accelerate payment if
permitted under Section 409A. 
 (b) Death. If, after a Change of Control and during the Employment Term, the Employee’s
status as an employee is terminated by reason of the Employee’s death, this Agreement shall terminate without further obligation to the Employee’s legal representatives (other than those already accrued to the Employee), other than the
obligation to make any payments due pursuant to employee benefit or compensation plans maintained by the Company or its Affiliates. 
 (c)
Disability. If, after a Change of Control and during the Employment Term, the Employee’s status as an employee is terminated by reason of Employee’s Disability, this Agreement shall terminate without further obligation to the
Employee (other than those already accrued to the Employee), other than the obligation to make any payments due pursuant to employee benefit or compensation plans maintained by the Company or its Affiliates. 
 (d) Cause. If, after a Change of Control and during the Employment Term, the Employee’s status as an employee is terminated by the Company
for Cause, this Agreement shall terminate without further obligation to the Employee other than for obligations imposed by law and obligations imposed pursuant to any employee benefit or compensation plan maintained by the Company or its Affiliates.

  

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 (e) Voluntary Termination. If, after a Change of Control and during the Employment Term, the
Employee voluntarily terminates his employment with the Company other than for Good Reason, this Agreement shall terminate without further obligation to the Employee other than for obligations imposed by law and obligations imposed pursuant to any
employee benefit or compensation plan maintained by the Company or its Affiliates. 
 3.4 Accrued Obligations and Other Benefits. It
is the intent of this Agreement that upon termination of employment for any reason following a Change of Control the Employee be entitled to receive promptly, and in addition to any other benefits specifically provided, (a) the Employee’s
Base Salary through the date of termination to the extent not theretofore paid, (b) any accrued vacation pay, to the extent not theretofore paid, and (c) any other amounts or benefits required to be paid or provided or which the Employee
is entitled to receive under any plan, program, policy, practice or agreement of the Company, subject to any requirement under Section 409A that, if such payment or benefit constitutes non-qualified deferred compensation such payment must be
delayed for six months following termination of employment. 
 3.5 Stock Options and Restricted Stock. The foregoing benefits are
intended to be in addition to the value of any options to acquire Common Stock of the Company or restricted stock the exercisability or vesting of which is accelerated pursuant to the terms of any stock option, incentive or other similar plan
heretofore or hereafter adopted by the Company. 
 3.6 Excise Tax Provision. (a) Notwithstanding any other provisions of this
Agreement, if a Change of Control occurs during the original or extended term of this Agreement, in the event that any of the payments or benefits received or to be received by the Employee in connection with the Change of Control or the
Employee’s termination of employment (whether pursuant to the terms of this Agreement or any other plan, arrangement or agreement with the Company, any Person whose actions result in a Change of Control or any Person affiliated with the Company
or such Person) (all such payments and benefits, including the payments and benefits under Section 3.3(a) hereof, but excluding any payment to be made pursuant to this Section 3.6, being hereinafter referred to as the “Initial
Payments”) will be subject (in whole or in part) to an excise tax imposed by section 4999 of the Code or any similar tax (the “Excise Tax”), the Company shall pay to the Employee an additional amount (the “Gross-Up Payment”)
such that the net amount retained by the Employee, after deduction of (i) any Excise Tax on the Initial Payments, (ii) any federal, state and local income and employment taxes on the Gross-Up Payment, (iii) any Medicare tax on the
Gross-Up Payment, and (iv) the Excise Tax on the Gross-Up Payment, shall be equal to the Initial Payments. 
 (b) For purposes of
determining whether any of the Initial Payments will be subject to the Excise Tax and the amount of such Excise Tax, (i) all of the Initial Payments shall be treated as “parachute payments” (within the meaning of the Code) unless, in
the opinion of tax counsel (“Tax Counsel”) reasonably acceptable to the Employee and selected by the accounting firm which was, immediately prior to the Change of Control, the Company’s independent auditor (the “Auditor”),
such payments or benefits (in whole or in part) do not constitute parachute payments, (ii) all “excess parachute payments” within the meaning of the Code shall be treated as subject to the Excise Tax unless, in the opinion of Tax
Counsel, such excess parachute payments (in whole or in part) represent reasonable compensation for services actually rendered (within the meaning of the Code) in excess of the “Base Amount” (within the 

  

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meaning set forth in the Code) allocable to such reasonable compensation, or are otherwise not subject to the Excise Tax, and (iii) the value of any
noncash benefits or any deferred payment or benefit shall be determined by the Auditor in accordance with the principles of the Code. For purposes of determining the amount of the Gross-Up Payment, the Employee shall be deemed to pay federal income
tax at the highest marginal rate of federal income taxation in the calendar year in which the Gross-Up Payment is to be made and state and local income taxes at the highest marginal rate of taxation in the state and locality of the Employee’s
residence on the date of termination of the Employee’s employment (or if there is no date of termination, then the date on which the Gross-Up Payment is calculated for purposes of this Section 3.6), net of the maximum reduction in federal
income taxes which could be obtained from deduction of such state and local taxes. 
 (c) In the event that the Excise Tax is finally
determined to be less than the amount taken into account hereunder in calculating the Gross-Up Payment, the Employee shall repay to the Company, within ten business days following the time that the amount of such reduction in the Excise Tax is
finally determined, the portion of the Gross-Up Payment attributable to such reduction (plus that portion of the Gross-Up Payment attributable to the Excise Tax and federal, state and local income and employment taxes imposed on the Gross-Up Payment
being repaid by the Employee, to the extent that such repayment results in a reduction in the Excise Tax and a dollar-for-dollar reduction in the Employee’s taxable income and wages for purposes of federal, state and local income and employment
taxes, plus interest on the amount of such repayment at 120% of the rate provided in section 1274(b)(2)(B) of the Code). In the event that the Excise Tax is determined to exceed the amount taken into account hereunder in calculating the Gross-Up
Payment (including by reason of any payment the existence or amount of which cannot be determined at the time of the Gross-Up Payment), the Company shall make an additional Gross-Up Payment in respect of such excess (plus any interest, penalties or
additions payable by the Employee with respect to such excess) by the end of the year following the year in which the Employee remits the related taxes, but no earlier than six months following the date of termination of employment. The Employee and
the Company shall each reasonably cooperate with the other in connection with any administrative or judicial proceedings concerning the existence or amount of liability for Excise Tax with respect to the Initial Payments. 
 (d) The Gross-Up Payment provided in this Section 3.6 shall be made on the first business day that is more than six months following the date of
termination of employment (the “Payment Date”). In the event that the amount of the Gross-Up Payment so made exceeds the amount subsequently determined to have been due, then the Employee shall repay such amount to the Company on the tenth
business day after demand by the Company (together with interest at 120% of the rate provided in section 1274(b)(2)(B) of the Code). At the time that any Gross-Up Payment is made pursuant to Section 3.6(a) (and at the time that any additional
Gross-Up Payment is made pursuant to Section 3.6(c)), the Company shall provide the Employee with a written statement setting forth the manner in which any such payment was calculated and the basis for such calculations including, without
limitation, any opinions or other advice the Company has received from Tax Counsel, the Auditor or other advisors or consultants (and any such opinion or advice which is in writing shall be attached to the statement). 
 3.7 Legal Fees. The Company agrees to pay as incurred, to the full extent permitted by law, all legal fees and expenses which the Employee may
reasonably incur as a result of any 

  

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contest (regardless of the outcome thereof) by the Company, the Employee or others of the validity or enforceability of, or liability under, any provision of
this Agreement (including as a result of any contest by the Employee about the amount or timing of any payment pursuant to this Agreement) or which the Employee may reasonably incur in connection with any tax audit or proceeding to the extent
attributable to the application of section 4999 of the Code to any payment or benefit provided under this Agreement. 
 3.8 Set-Off;
Mitigation. After a Change of Control, the Company’s and its Affiliates’ obligations to make the payments provided for in this Agreement and otherwise to perform its obligations hereunder shall not be affected by any set-off,
counterclaim, recoupment, defense or other claim, right or action which the Company or its Affiliates may have against the Employee or others; except that to the extent the Employee accepts other employment in connection with which he is provided
health insurance benefits, the Company shall only be required to provide health insurance benefits to the extent the benefits provided by the Employee’s employer are less favorable than the benefits to which he would otherwise be entitled
hereunder. It is the intent of this Agreement that in no event shall the Employee be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Employee under any of the provisions of this
Agreement. 
 3.9 Outplacement Assistance. Upon any termination of employment of the Employee other than for Cause within three years
following a Change of Control, the Company shall provide to the Employee outplacement assistance by a reputable firm specializing in such services for the period beginning with the termination of employment and ending at the end of the second
calendar year following the year in which the termination of employment occurred. 
 3.10 Certain Pre-Change-of-Control Terminations.
Notwithstanding any other provision of this Agreement, the Employee’s employment shall be deemed to have been terminated following a Change of Control by the Company without Cause or by the Employee with Good Reason, if (i) the
Employee’s employment is terminated by the Company without Cause prior to a Change of Control (whether or not a Change of Control actually occurs) and such termination was at the request or direction of a Person who has entered into an
agreement with the Company the consummation of which would constitute a Change of Control, (ii) the Employee terminates his employment for Good Reason prior to a Change of Control (whether or not a Change of Control actually occurs) and the
act, circumstance or event which constitutes Good Reason occurs at the request or direction of such Person, or (iii) the Employee’s employment is terminated by the Company without Cause or by the Employee for Good Reason and such
termination or the act, circumstance or event which constitutes Good Reason is otherwise in connection with or in anticipation of a Change of Control and occurred after discussions with such Person regarding a possible Change-of-Control transaction
commenced and such discussions produced (whether before or after such termination) either a letter of intent with respect to such a transaction or a public announcement of the pending transaction (whether or not a Change of Control actually occurs).
For purposes of any determination regarding the applicability of the immediately preceding sentence, if the Employee takes the position that such sentence applies and the Company disagrees, the Company shall have the burden of proof in any such
dispute. 
  

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 3.11 No Longer a Specified Employee. If and to the extent that the Employee is not a
“specified employee” under Section 409A at the time of a separation from service hereunder, the six-month waiting period for payment of benefits provided herein shall not be applicable and payment shall be made in a lump sum five
business days following the date of termination of employment or in the case of reimbursement or gross-up payments, within the time periods provided in Sections 3.3(a)(iv) or 3.6 in compliance with Section 409A. 
 ARTICLE IV 
 MISCELLANEOUS

 4.1 Binding Effect; Successors. 
 (a) This Agreement shall be binding upon and inure to the benefit of the Company and any of its successors or assigns. 
 (b) This Agreement is personal to the Employee and shall not be assignable by the Employee without the consent of the Company (there being no obligation to give such consent) other than such rights or benefits as are
transferred by will or the laws of descent and distribution. 
 (c) The Company shall require any successor to or assignee of (whether direct
or indirect, by purchase, merger, consolidation or otherwise) all or substantially all of the assets or businesses of the Company (i) to assume unconditionally and expressly this Agreement and (ii) to agree to perform or to cause to be
performed all of the obligations under this Agreement in the same manner and to the same extent as would have been required of the Company had no assignment or succession occurred, such assumption to be set forth in a writing reasonably satisfactory
to the Employee. 
 (d) The Company shall also require all entities that control or that after the transaction will control (directly or
indirectly) the Company or any such successor or assignee to agree to cause to be performed all of the obligations under this Agreement, such agreement to be set forth in a writing reasonably satisfactory to the Employee. 
 (e) The obligations of the Company and the Employee which by their nature may require either partial or total performance after the expiration of the
term of the Agreement shall survive such expiration. 
 4.2 Notices. All notices hereunder must be in writing and shall be deemed to
have been given upon receipt of delivery by: (a) hand (against a receipt therefor), (b) certified or registered mail, postage prepaid, return receipt requested, (c) a nationally recognized overnight courier service (against a receipt
therefor) or (d) telecopy transmission with confirmation of receipt. All such notices must be addressed as follows: 
  

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 If to the Company, to: 
 Tidewater Inc. 
 Pan-American Life Center 
 601 Poydras Street, Suite 1900 
 New
Orleans, Louisiana 70130 
 Attn: General Counsel 
 If to the Employee, to: 
 Dean E. Taylor 
 Tidewater Inc. 
 Pan-American Life Center

 601 Poydras Street, Suite 1900 
 New Orleans, Louisiana 70130 
 or such other address as to which any party hereto may have notified the other in writing. 
 4.3 Governing Law. This Agreement shall be construed and enforced in accordance with and governed by the internal laws of the State of Louisiana
without regard to principles of conflict of laws. 
 4.4 Withholding. The Employee agrees that the Company has the right to withhold,
from the amounts payable pursuant to this Agreement, all amounts required to be withheld under applicable income and/or employment tax laws, or as otherwise stated in documents granting rights that are affected by this Agreement. 
 4.5 Amendment, Waiver. No provision of this Agreement may be modified, amended or waived except by an instrument in writing signed by both
parties. 
 4.6 Severability. If any term or provision of this Agreement, or the application thereof to any person or circumstance,
shall at any time or to any extent be invalid, illegal or unenforceable in any respect as written, Employee and the Company intend for any court construing this Agreement 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 this Agreement, 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 this Agreement shall be valid and enforced to the fullest extent permitted
by law. 
 4.7 Waiver of Breach. The waiver by either party of a breach of any provision of this Agreement shall not operate or be
construed as a waiver of any subsequent breach thereof. 
 4.8 Remedies Not Exclusive. No remedy specified herein shall be deemed to
be such party’s exclusive remedy, and accordingly, in addition to all of the rights and remedies provided for in this Agreement, the parties shall have all other rights and remedies provided to them by applicable law, rule or regulation.

  

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 4.9 Company’s Reservation of Rights. Employee acknowledges and understands that the Employee
serves at the pleasure of the Board and that the Company has the right at any time to terminate Employee’s status as an employee of the Company, or to change or diminish his status during the Employment Term, subject to the rights of the
Employee to claim the benefits conferred by this Agreement. 
 4.10 Counterparts. This Agreement may be executed in one or more
counterparts, each of which shall be deemed to be an original but all of which together shall constitute one and the same instrument. 
 4.11
Section 409A. This Agreement is intended to comply with Section 409A and shall be construed and interpreted accordingly. 
 IN WITNESS WHEREOF, the Company and the Employee have caused this Agreement to be executed as of the Effective Date. 
  

			
	TIDEWATER INC.
		
	By:	 	 /s/ Richard T. du Moulin

		 	Richard T. du Moulin
		 	Chairman, Compensation Committee
		 	Tidewater Inc. Board of Directors
	
	EMPLOYEE:
	
	 /s/ Dean E. Taylor

	Dean E. Taylor

  

 17

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