Document:

Form of Stock Option and Restricted Stock Agreement

 EXHIBIT 10.20 
 STOCK OPTION AND RESTRICTED STOCK AGREEMENT 
 FOR THE GRANT OF INCENTIVE STOCK OPTIONS,
NON-QUALIFIED 
 STOCK OPTIONS AND RESTRICTED STOCK UNDER THE 
 TIDEWATER INC. 2006 STOCK INCENTIVE PLAN 
 THIS AGREEMENT is entered into
as of March 5, 2008, by and between Tidewater Inc., a Delaware corporation (“Tidewater”), and                     
                     (the “Employee”). 
 WHEREAS, the Employee is a key employee of Tidewater or one of its subsidiaries and Tidewater considers it desirable and in its best interest that the Employee be given an added incentive to advance the
interests of Tidewater by possessing an option to purchase shares of the common stock of Tidewater, $.10 par value per share (the “Common Stock”) and restricted shares of Common Stock in accordance with the Tidewater Inc. 2006 Stock
Incentive Plan (the “Plan”), which was approved by the shareholders of Tidewater at the 2006 annual meeting of shareholders. Tidewater and its subsidiaries shall be collectively referred to herein as the “Company.” 
 NOW, THEREFORE, in consideration of the premises, it is agreed by and between the parties as follows: 
 I. 
 Stock Options 
 1.1 Grant of Options. Tidewater hereby grants to the Employee effective March 5, 2008 (the “Date of Grant”) the right, privilege
and option to purchase              shares of Common Stock (the “Option”) at an exercise price of $56.71 per share (the “Exercise Price”). The Option shall be
exercisable at the times specified in Section 1.2 below. With respect to              of the shares subject to the Option, the Option is intended to be a non-qualified stock
option and with respect to                      of the shares subject to the Option, the Option is intended to be an incentive stock option
under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). Notwithstanding the foregoing, an Option intended to qualify as an incentive stock option may be treated as a non-qualified stock option in the event of
the acceleration of vesting or if the Option is exercised after the time period permitted for incentive stock options. 
 1.2 Time of
Exercise. 
 (a) Subject to the provisions of the Plan and the other provisions of this Section I, the Option shall be vested and
exercisable in the amounts and on the dates provided below, if the Employee continues to be employed by the Company on such date: 
  

					
	 Date Exercisable
	  	Incentive Stock
Option Shares	  	Non-Qualified
Stock Option
Shares
	 March 5, 2009
	  		  	
	 March 5, 2010
	  		  	
	 March 5, 2011
	  		  	

 (b) The Option shall terminate ten years following the Date of Grant and may terminate earlier in the
event of termination of the Employee’s employment as provided below or a Change of Control of Tidewater as provided in the Plan. During Employee’s lifetime, the Option may be exercised only by the Employee or the Employee’s curator if
the Employee has been interdicted. 
 (c) If the Employee’s employment with the Company terminates, other than as a result of death,
disability within the meaning of Section 22(e)(3) of the Code (“Disability”) or retirement, the Option may be exercised, but only to the extent otherwise exercisable on the date of termination of employment, within 90 days following
termination of employment, but in no event later than ten years after the Date of Grant. 
 (d) If the Employee’s employment with the
Company is terminated because of Disability or because of retirement, the Option may be exercised, but only to the extent otherwise exercisable on the date of termination of employment, within two years from the date of termination of employment,
but in no event later than ten years after the Date of Grant. In the case of an incentive stock option, however, the Option will not be treated as an incentive stock option for tax purposes if it is exercised later than three months following the
date of termination of employment as a result of retirement or later than one year following the date of termination of employment as a result of Disability. 
 (e) In the event of the Employee’s death, the Option may be exercised by the Employee’s estate, or by the person to whom such right devolves from him by reason of the Employee’s death, but only to the
extent otherwise exercisable on the date of death, within two years from the date of death, but in no event later than ten years after the Date of Grant. 
 (f) The Option shall become fully exercisable upon a Change of Control of Tidewater as provided in the Plan. 
 (g) Any portion of the Option that is not exercisable at the time of termination of employment shall be terminated upon termination of employment. Any portion of the Option that is exercisable but not exercised within the permitted time
period following termination of employment provided in this Section I, shall be terminated upon expiration of such permitted time period. 
 1.3 Method of Exercise of Option. 
 (a) The Employee may exercise all or a portion of the Option by delivering to the Company
a signed written notice of his intention to exercise the Option, specifying therein the number of shares to be purchased. Upon receiving such notice, and after the Company has received full payment of the Exercise Price in accordance with the Plan,
including as provided in Section 1.3(b) below, the appropriate officer of the Company shall cause the transfer of title of the shares purchased to Employee on Tidewater’s stock records and cause to be issued to Employee a stock certificate
for the number of shares being acquired. Employee shall not have any rights as a shareholder until the stock certificate is issued to him. 
  

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 (b) As permitted in the Plan, the Committee has authorized the use of the net exercise procedure
described in the Plan for the exercise of the non-qualified stock options, but not for the exercise of the incentive stock options granted pursuant to this Agreement. 
 1.4 Non-Transferability. Unless permitted by the Committee in an amendment to this Agreement as provided in the Plan, the Option granted hereby may not be transferred, assigned, pledged or hypothecated in any
manner, by operation of law or otherwise, other than by will or by the laws of descent and distribution and shall not be subject to execution, attachment or similar process. 
 II. 
 Restricted Stock 
 2.1 Grant of Restricted Stock. Tidewater hereby grants to Employee a restricted stock award effective on the Date of Grant of
             shares of Common Stock (the “Restricted Stock”) subject to the terms, conditions, and restrictions set forth in the Plan and in this Agreement. 
 2.2 Award Restrictions. 
 (a) The
period during which the restrictions imposed on the Restricted Stock by the Plan and this Agreement are in effect is referred to herein as the “Restricted Period.” During the Restricted Period, the Employee shall be entitled to all rights
of a stockholder of Tidewater, including the right to vote the shares and to receive dividends thereon; provided, however, that the Restricted Stock, the right to vote the Restricted Stock and the right to receive dividends thereon may not be
sold, assigned, transferred, exchanged, pledged, hypothecated or otherwise encumbered during the Restricted Period. 
 (b) The period during
which the performance of the Company is measured for purposes of determining vesting of the Restricted Stock is referred to herein as the “Performance Period.” The Performance Period shall consist of the four fiscal year period that begins
April 1, 2008 and ends March 31, 2012. 
 (c) The Restricted Period for the Restricted Stock shall end and the shares of Restricted
Stock shall become vested and freely transferable as set forth below: 
 (i) With respect to 25% of the shares of Restricted Stock granted,
the later of May 1, 2009, or the date on which Tidewater’s Form 10-K for the fiscal year ending March 31, 2009 is filed with the Securities and Exchange Commission (the “SEC”), provided that the EVA, as defined in
Section 2.2(d) below, for the portion of the Performance Period beginning April 1, 2008 and ending March 31, 2009 is $5 million or more above the EVA for the fiscal year ended March 31, 2008; 
 (ii) With respect to 50% of the shares of Restricted Stock granted (including shares that previously vested), the later of May 1, 2010, or the date
on which Tidewater’s Form 10-K for the fiscal year ending March 31, 2010 is filed with the SEC, provided that the cumulative EVA, as defined in Section 2.2(d) below, for the portion of the Performance 

  

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Period beginning April 1, 2008 and ending March 31, 2010 is $10 million or more above twice the EVA for the fiscal year ended March 31, 2008;

 (iii) With respect to 75% of the shares of Restricted Stock granted (including shares that previously vested), the later of May 1,
2011, or the date on which Tidewater’s Form 10-K for the fiscal year ending March 31, 2011 is filed with the SEC, provided that the cumulative EVA, as defined in Section 2.2(d) below, for the portion of the Performance Period
beginning April 1, 2008 and ending March 31, 2011 is $15 million or more above three times the EVA for the fiscal year ended March 31, 2008; and 
 (iv) With respect to 100% of the shares of Restricted Stock granted (including shares that previously vested), the later of May 1, 2012 or the date on which Tidewater’s Form 10-K for the fiscal year ending
March 31, 2012 is filed with the SEC, provided the cumulative EVA, as defined in Section 2.2(d), for the Performance Period beginning on April 1, 2008 and ending March 31, 2012 is $20 million or more above four times the EVA
for the fiscal year ended March 31, 2008; 
 provided, however, that if the employment of the Employee terminates for any reason other than death
or Disability, any shares of Restricted Stock, with respect to which the Restricted Period has not ended as of the date of termination of employment, will be immediately forfeited. 
 (d) “EVA” equals net operating profit after taxes (“NOPAT”), less a charge for capital employed. NOPAT equals revenues less operating
expenses (including depreciation) and taxes on operating profit. The capital charge will be 9% for each fiscal year in the Performance Period. Examples of the calculation of the satisfaction of the EVA performance criteria are attached as
Appendix A. 
 (e) Certain adjustments to NOPAT will be made in determining EVA. Accordingly, the following items reported in the
Company’s consolidated statement of earnings will be added to or subtracted from NOPAT as reported in order to determine EVA for purposes of the Plan: 
 (i) Cumulative effect of accounting changes. 
 (ii) Extraordinary items, as that term is defined in
Accounting Principles Board Opinion #30. 
 (iii) Discontinued operations; and 
 (iv) Unusual or infrequently occurring items (less the amount of related income taxes), as that term is used in Accounting Principles Board Opinion #30.

 (f) Prior to any vesting of Restricted Stock hereunder as a result of EVA performance, the Committee shall certify in writing, by
resolution or otherwise, the EVA level achieved and the percentage of shares of Restricted Stock vesting. 
 (g) To the extent the Restricted
Stock has not otherwise become fully vested and freely transferable, the Restricted Period shall end and the Restricted Stock will become 

  

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fully vested and freely transferable by the Employee or his estate upon the death of the Employee or upon a determination by the Committee that the Employee
has become Disabled. 
 (h) The shares of Restricted Stock shall also become fully vested and the Restricted Period shall end in the event of
a Change of Control of Tidewater as provided in the Plan. 
 III. 
 Book Entry 
 3.1 The Company’s Stock Issuance Records. A book entry
in the Company’s stock issuance records shall reflect the Restricted Stock as registered in the name of the Employee and that during the Restricted Period the transferability of shares of Restricted Stock is restricted in accordance with the
terms and conditions (including conditions of forfeiture) contained in the Plan and this Agreement and that copies of the Plan and Agreement are on file in the office of the Secretary of Tidewater. 
 3.2 Removal of Restrictions. Upon termination of the Restricted Period with respect to all or a portion of the Restricted Stock, Tidewater shall
cause the restrictions on transfer reflected in the book entry with respect to such shares to be removed and upon the Participant’s request, shall cause a stock certificate without a restrictive legend covering the vested Restricted Stock to be
issued in the name of the Employee or his nominee. Upon removal of the restrictive legend from the book entry or upon receipt of a stock certificate without a restrictive legend, the Employee is free to hold or dispose of such shares, subject to
applicable securities laws. 
 IV. 
 Defined Terms 
 The definition of all capitalized terms used herein and not otherwise defined herein shall be as provided in
the Plan. 
 V. 
 Recovery Right of the Company 
 The Company has the right to recover any Options or shares of Restricted Stock issued under
the Plan, if the grant, vesting or value of such awards was based on the achievement of financial results that were subsequently the subject of a restatement and the effect of the restatement was to decrease the financial results such that such
grant would not have been earned or would have had a lesser value. The Employee accepts the Options and the Restricted Stock subject to such recovery rights of the Company and in the event the Company exercises such rights, the Employee shall
promptly return the Options (or the shares acquired upon exercise) and the Restricted Stock to the Company upon demand. If the Employee no longer holds the shares subject to the Options or the Restricted Stock at the time of demand by the Company,
the Employee shall pay to the Company, without interest, all cash, securities or other assets received by the Employee upon the sale or transfer of such shares. The Company may, if it chooses, effect such recovery by withholding from other amounts
due to the Employee by the Company. 
  

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 VI. 
 Withholding Taxes 
 6.1 Options. At any time that the Employee is required to pay to the
Company an amount required to be withheld under applicable income tax laws in connection with the exercise of an Option, the Employee may satisfy this obligation in whole or in part by electing (the “Election”) to deliver currently owned
shares of Common Stock or to have the Company withhold from the distribution shares of Common Stock, in each case having a value equal to the minimum statutory amount required to be withheld. Notwithstanding the terms of the Plan, the Committee
shall not have the right to disapprove of an Election. The value of the shares to be delivered or withheld shall be based on the Fair Market Value of the Common Stock on the date that the amount of tax to be withheld shall be determined (the
“Tax Date”). Each Election must be made prior to the Tax Date. 
 6.2 Restricted Stock. At any time that the Employee is
required to pay to the Company an amount required to be withheld under the applicable income tax laws in connection with the lapse of restrictions on Restricted Stock, unless the Employee has previously provided the Company with payment of all
applicable withholding taxes, the Company shall withhold from the shares of Restricted Stock on which the restrictions are lapsing shares with a value equal to the minimum statutory amount required to be withheld. The value of the shares to be
withheld shall be based on the Fair Market Value of the Common Stock on the Tax Date. 
 VII. 
 No Contract of Employment Intended 
 Nothing in this Agreement shall confer upon the Employee any right to continue in the employment of the Company, or to interfere in any way with the right of the Company to terminate the Employee’s employment relationship with the
Company at any time. 
 VIII. 
 Binding Effect 
 This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective
heirs, executors, administrators and successors. 
 IX. 
 Amendment, Modification or Termination 
 The Committee may amend, modify or terminate any outstanding
Option at any time prior to exercise and any Restricted Stock at any time prior to vesting in any manner not inconsistent with the terms of the Plan. The Committee may not use its discretion to increase the compensation payable to the Employee
hereunder in violation of the “performance-based compensation” requirements of Section 162(m) of the Code. Notwithstanding the foregoing, no amendment, modification or termination may materially impair the rights of an Employee
hereunder without the consent of the Employee. 
  

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 X. 
 Inconsistent Provisions 
 The Options and Restricted Stock granted hereby are subject to the
provisions of the Plan, as in effect on the date hereof and as it may be amended. Except as otherwise provided in Section 2.2(h) hereof, in the event any provision of this Agreement conflicts with such a provision of the Plan, the Plan
provision shall control. The Employee acknowledges that a copy of the Plan was distributed to the Employee and that the Employee was advised to review such Plan prior to entering into this Agreement. The Employee waives the right to claim that the
provisions of the Plan are not binding upon the Employee and the Employee’s heirs, executors, administrators, legal representatives and successors. 
 XI. 
 Governing Law 
 This Agreement shall be governed by and construed in accordance with the laws of the State of Louisiana. 
 XII. 
 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, the Employee and Tidewater 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. 
 XIII. 
 Entire Agreement;
Modification 
 The Plan and the Agreement contain the entire agreement between the parties with respect to the subject matter contained
herein. The Agreement may not be modified without the approval of the Committee and the Employee, except as provided in the Plan, as it may be amended from time to time in the manner provided therein, or in this Agreement, as it may be amended from
time to time. Any oral or written agreements, representations, warranties, written inducements, or other communications with respect to the subject matter contained herein made prior to the execution of the Agreement shall be void and ineffective
for all purposes. 
 XIV. 
 Section 83(b) Election 
 The Employee has reviewed with the Employee’s own tax advisors the federal, state, local
and foreign tax consequences of the transactions contemplated by this Agreement. The Employee is relying solely on such advisors and not on any statements or representations of the 

  

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Company or any of its agents. The Employee understands that the Employee (and not the Company) shall be responsible for the Employee’s own tax liability that may
arise as a result of the transactions contemplated by this Agreement. The Employee understands that the Employee may elect to be taxed at the time the shares of Restricted Stock are granted by filing an election under Section 83(b) of the Code
with the IRS within thirty days from the Date of Grant and providing a copy to the Company. The Employee acknowledges that it is the Employee’s sole responsibility and not the Company’s to file timely the election under Section 83(b),
even if the Employee requests the Company or its representatives to make this filing on the Employee’s behalf. 
 IN WITNESS
WHEREOF the parties hereto have caused this Agreement to be executed as of the day and year first above written. 
  

	
	 TIDEWATER INC.

	
	      

	Dean E. Taylor
	Chairman, President and
	Chief Executive Officer
	
	  

	
	                     
                    

  

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 APPENDIX A 
 Examples of Vesting Calculation 
  

			
	Scenario 1	 	FY2008 EVA is $168 million. In FY2009, EVA is $190 million (Restriction lapses on first 25% of restricted stock award because EVA improvement is greater than +$5 million at a net +$22
million). In FY2010, EVA is $192 million (Restriction lapses on the second 25% of restricted stock award because the cumulative EVA improvement is greater than +$10 million over FY2008 EVA at +$46 million). In FY2011, EVA is $185 million
(Restriction on the third 25% lapses because cumulative EVA improvement is greater than + $15 million over FY2008 EVA at + $63 million). In FY2012, EVA is $195 million (Restriction lapses on the final 25% of restricted stock award because the
cumulative EVA improvement is greater than +$20 million over FY2008 EVA at +$90 million).
		
	Scenario 2	 	FY2008 EVA is $168 million. In FY2009, EVA is $190 million (Restriction lapses on first 25% of restricted stock award because EVA improvement is greater than +$5 million at a net $22
million). In FY2010, EVA is $150 million (Restriction on the second 25% of restricted stock is maintained and the award rolls to year three as cumulative EVA improvement did not exceed +$10 million over FY2008 EVA at + $4 million). In FY2011, EVA is
$184 million (Restriction on the second and third 25% lapses because cumulative EVA improvement is greater than + $15 million over FY2008 EVA at +$20 million). In FY2012, EVA is $167 million (The final 25% of restricted stock is forfeited because
cumulative EVA improvement did not exceed +$20 million over FY2008 EVA at +$19 million)
		
	Scenario 3	 	FY2008 EVA is $168 million. In FY2009, EVA is $190 million (Restriction lapses on first 25% of restricted stock award because EVA improvement is greater than +$5 million at a net $22
million). In FY2010, EVA is $150 million (Restriction on the second 25% of restricted stock is maintained and the award rolls to year three as cumulative EVA improvement did not exceed +$10 million over FY2008 EVA at + $4 million). In FY2011, EVA is
$140 million (Restriction on the second and third 25% of restricted stock is maintained and the awards roll to year four as cumulative EVA improvement did not exceed +$15 million over FY2008 EVA at - $24 million). In FY2012, EVA is $160 million (75%
of restricted stock award is forfeited because cumulative EVA improvement did not exceed +$20 million over FY2008 EVA at - $32 million).

  

 A-1Amended and Restated Directors Deferred Stock Units Plan

 EXHIBIT 10.21 
 AMENDED AND RESTATED 
 TIDEWATER INC. 
 DIRECTORS DEFERRED STOCK UNITS PLAN 
  

	1.	Purpose of the Plan. 

 The purpose of the Tidewater
Inc. Directors Deferred Stock Units Plan is to promote the interests of Tidewater Inc. (the “Company”) and its stockholders by strengthening the Company’s ability to attract, motivate and retain directors of experience and ability,
and to encourage the highest level of director performance by providing directors with a proprietary interest in the Company’s financial success and growth. 
  

	2.	Definitions. 

 Certain terms used herein are defined
as follows: 
 2.1 “Award Notice” means any written or electronic notice of grant, evidencing any grant of stock units. 

2.2 “Board” means the Board of Directors of the Company. 
 2.3 “Change of Control” means a “Change of Control” as defined in the Company’s 2006 Stock Incentive Plan, provided such event also constitutes a change in ownership or effective control of
the Company or a change in the ownership of a substantial portion of the Company’s assets, as such terms are defined in Section 409A. 
 2.4 “Committee” means the Nominating and Corporate Governance Committee of the Board or a subcommittee thereof. The Committee shall consist of not fewer than two members of the Board, each of whom shall qualify as a
“non-employee director” under Rule 16b-3 promulgated under the Securities Exchange Act of 1934, or any successor rule. 
 2.5
“Common Stock” means the common stock, $0.10 par value per share, of the Company. 
 2.6 “Company” or
“Tidewater” means Tidewater Inc., a Delaware corporation. 
 2.7 “Compensation Amount” shall mean the dollar amount of
compensation that each Director shall receive in the form of Stock Units each year. The initial Compensation Amount shall be $100,000 and may be changed from time to time by the Committee. 
 2.8 “Director” means a member of the Board who is not employed by the Company or any of its subsidiaries. 
 2.9 “Fair Market Value” means (a) if the Common Stock is listed on an established stock exchange or any automated quotation system that
provides sale quotations, the closing sale price for a share of the Common Stock on such exchange or quotation system on the applicable date, or if no sale of the Common Stock shall have been made on that day, on the next preceding day on which
there was a sale of the Common Stock; (b) if the Common Stock is not listed on 

  

 As Amended through January 30, 2008 

 
any exchange or quotation system, but bid and asked prices are quoted and published, the mean between the quoted bid and asked prices on the applicable date,
and if bid and asked prices are not available on such day, on the next preceding day on which such prices were available; and (c) if the Common Stock is not regularly quoted, the fair market value of a share of Common Stock on the applicable
date as established by the Committee in good faith. 
 2.10 “Participant” means each Director (as defined in Section 2.8).

 2.11 “Plan” means the Tidewater Inc. Directors Deferred Stock Units Plan as set forth herein and as amended, restated,
supplemented or otherwise modified from time to time. 
 2.12 “Property Distribution” means the fair market value of any securities
or property, other than Common Stock, distributed in respect of a share of Common Stock. 
 2.13 “Section 409A” means
Section 409A of the Internal Revenue Code of 1986, as amended, and the regulations and guidance issued thereunder. 
 2.14
“Separation from Service” means “separation from service” as a Director as such term is defined under Section 409A. 
 2.15 “Stock Unit” means a right granted under Section 4 of the Plan with the terms and conditions described herein. 
 2.16 “Stock Unit Account” means the bookkeeping account maintained for each Participant that reflects (a) all Stock Units granted to the Participant, (b) all Stock Units added as a result of dividend equivalents deemed
to be reinvested in Stock Units, and (c) any securities or property distributions that were not deemed reinvested in additional Stock Units. 
  

	3.	Administration of the Plan. 

 3.1 The Plan shall be
administered by the Committee, which shall have the power to interpret the Plan and, subject to its provisions, to prescribe, amend and rescind Plan rules and to make all determinations necessary for the Plan’s administration. Notwithstanding
the foregoing, the Board shall have the authority to amend or discontinue the Plan, as provided in Section 8 hereof. 
 3.2 All action
taken by the Committee in the administration and interpretation of the Plan shall be final and binding upon all parties. No member of the Committee or of the Board will be liable for any action or determination made in good faith by the Committee or
the Board with respect to the Plan or any Stock Unit. 
 3.3 Neither the Committee nor the Board has the authority to make discretionary
grants of Stock Units under the Plan. Grants may be made only as provided in Section 4 hereof. 
  

	4.	Grant of Stock Units. 

 4.1 Beginning on
March 31, 2007 and on each succeeding March 31 that the Plan remains in effect, each Participant who has served as a Director since the preceding March 31 shall be automatically granted a number of Stock Units having an aggregate
value equal to the 

  

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Compensation Amount for that year. The number of Stock Units to be granted each year will be determined by dividing the Compensation Amount by the Fair
Market Value of a share of Common Stock on the applicable March 31 and rounding up to the nearest whole number of Stock Units. Stock Units shall be compensation for the preceding fiscal year. 
 4.2 While the Plan remains in effect, a person who becomes a Director during the fiscal year shall be automatically granted a pro rata number of
Stock Units on the following March 31 determined as follows (rounded up to the nearest whole number): 
  

									
	Compensation Amount	  	x	 	 Number of calendar days
 between the date the person
 becomes a Director and the
 following March 31
	  	=	  	       Pro rata
     portion of
 Compensation

		  		 	365	  		  	      Amount

  

									
		 	 Pro rata portion of
 Compensation Amount
	  	=	  	Number of Stock Units granted	  	
		 	 Fair Market Value of a share
 of Common Stock on the March 31
following the date the new
 Director joined the
Board
	  		  		  	

 4.3 While the Plan remains in effect, a person who has a Separation from Service as a Director
during the fiscal year for any reason shall be automatically granted a pro rata number of Stock Units effective on the date the Director has a Separation from Service (rounded up to the nearest whole number): 
  

									
	Compensation Amount	  	x	  	 Number of calendar days
 between the preceding
 March 31 and the date the
 person ceased to be a Director
	  	=	  	       Pro rata
     portion of
 Compensation

		  		  	365	  		  	      Amount

  

									
		 	 Pro rata portion of
 Compensation Amount
	  	=	  	Number of Stock Units granted	  	
		 	 Fair Market Value of a share
 of Common Stock on the date the
Director has a Separation
from Service
	  		  		  	

 4.4 While the Plan remains in effect, in the event of a Change of Control during the fiscal year,
a Director shall be automatically granted immediately prior to the effectiveness of the Change of Control a pro rata number of Stock Units determined as follows (rounded up to the nearest whole number): 
  

									
	Compensation Amount	  	x	  	 Number of calendar days
 between the preceding
 March 31 and the date of the
 Change of Control
	  	=	  	       Pro rata
     portion of
 Compensation

		  		  	365	  		  	      Amount

  

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		 	 Pro rata portion of
 Compensation Amount
	  	=	  	Number of Stock Units granted	  	
		 	 Fair Market Value of a share
 of Common Stock on the date
preceding the Change of Control
	  		  		  	

 4.5 All Stock Units granted shall be credited to a Stock Unit Account for each Participant.

  

	5.	Terms and Conditions of Stock Units. 

 5.1 Subject
to the terms, conditions, and restrictions set forth herein or in an Award Notice, each Stock Unit granted under Section 4 hereof represents the right to automatically receive from the Company the Fair Market Value of one share of Common Stock
in cash. Payment of Stock Units shall be made upon the earlier of (a) a Change of Control or (b) the time provided in the payment election form (the “Payment Election Form”) submitted by the Director. 
 The Payment Election Form must be submitted prior to the beginning of the calendar year in which the services for which such Stock Units are to be issued
are performed. For example, a payment election for the Stock Units to be issued March 31, 2009, for services rendered from April 1, 2008 through March 31, 2009 must be completed, executed and delivered to the Company no later than
December 31, 2007. A new Director may make a payment election, with respect to compensation for services to be performed after the election, within 30 days after the date the Director first joins the Board and is eligible to participate in the
Plan. 
 On the Payment Election Form the Director can make an initial payment election to receive payment of Stock Units (a) in a lump
sum on the date that is 15 days following the date the Participant has a Separation from Service (the “Termination Date”) or (b) in five equal annual installments beginning 15 days following the Termination Date and continuing on the
next four anniversary dates thereof. Interest will be paid on the unpaid balance of the installment payments in an amount equal to the interest rate paid on ten-year U.S. Treasury Notes at the time of payment, plus 1.5%. Each annual installment
amount would be calculated as follows: 
  

											
		 	        1                	  	x	  	Total value of unpaid	  		  	
		 	 number of remaining
 installment payments
	  	  	Stock Unit Account	  		  	

 If a Participant does not submit a Payment
Election Form, the Participant shall be deemed to have chosen payment in a lump sum 15 days following Separation from Service. Payment of Stock Units in the event of death or a Change of Control before or after a Separation from Service shall be
made in a lump sum upon the Change of Control or death or, as permitted by Section 409A, by the later of the December 31 or the 15th day
of the third month following the date of death or the Change in Control. 
 5.2 Each Stock Unit shall vest immediately upon grant.

  

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 5.3 Except as provided in Section 5.4, a Stock Unit shall not entitle the Participant to any
incidents of ownership (including, without limitation, dividend and voting rights) in any share of Common Stock. 
 5.4 From and after the
date of grant of a Stock Unit until the earlier of the Termination Date or a Change of Control of the Company, the Participant shall be credited, as of the payment date therefor, with (a) the amount of any cash dividends, (b) the amount
equal to the Fair Market Value of any shares of Common Stock and (c) any Property Distributions to which the Participant would have been entitled had the Participant been a record holder of one share of Common Stock for each Stock Unit at all
times from the date of grant of such Stock Unit to such issuance date. All such credits shall be made notionally to each Participant’s Stock Unit Account. All such credits shall be converted into additional Stock Units based upon the Fair
Market Value of a share of Common Stock on the date of payment of the dividend or Property Distribution The Committee may, in its discretion, deposit in the Participant’s Stock Unit Account the securities or property comprising any Property
Distribution in lieu of crediting such Stock Unit Account with the Fair Market Value thereof. 
  

	6.	Adjustment Provisions. 

 In the event of any
recapitalization, reclassification, stock dividend, stock split, combination of shares or other change in the Common Stock, the number of outstanding Stock Units granted hereunder and credited to a Stock Unit Account shall be equitably adjusted in
proportion to the change in outstanding shares of Common Stock. 
  

	7.	General Provisions. 

 7.1 Nothing in the Plan or in
any instrument executed pursuant to the Plan will confer upon any Participant any right to continue as a Director or affect the right of the Company to terminate the services of any Participant. 
 7.2 The Company shall have the right to withhold from the payment of any Stock Unit under this Plan, or to collect as a condition of payment, any taxes
required by law to be withheld. 
 7.3 No Stock Units or rights to payments hereunder may be transferred, pledged, assigned or otherwise
encumbered by a Participant except: 
 (a) by will; 
 (b) by the laws of descent and distribution; or 
 (c) (i) to Immediate Family Members, (ii) to a
partnership in which the Participant and/or Immediate Family Members, or entities in which the Participant and/or Immediate Family Members are the sole owners, members or beneficiaries, as appropriate, are the sole partners, (iii) to a limited
liability company in which the Participant and/or Immediate Family Members, or entities in which the Participant and/or Immediate Family Members are the sole owners, members or beneficiaries, as appropriate, are the sole members, (iv) to a
trust for the sole benefit of the participant and/or Immediate Family Members, or (v) to a charity or other non-profit organization. “Immediate Family Members” shall be defined as the spouse and natural 

  

 5 

 
or adopted children or grandchildren of the participant and their spouses. Any attempted assignment, transfer, pledge, hypothecation or other disposition of
a Stock Unit or right to payment thereunder or levy of attachment, or similar process upon a Stock Unit or right to payment hereunder not specifically permitted herein, shall be null and void and without effect. 
 7.4 Each Stock Unit shall be evidenced by an Award Notice, including terms and conditions consistent with the Plan, as the Committee may determine.

 7.5 The Plan is intended to comply with the requirements of Section 409A and shall be construed accordingly. 
 7.6 Each Participant shall have the right, at any time, to designate a Beneficiary or Beneficiaries to receive, in the event of the Participant’s
death, those benefits payable under the Plan. The Beneficiary(ies) designated under the Plan may be the same as or different from the Beneficiary designation made under any other plan of the Company. If a Participant fails to designate a
Beneficiary, or if all designated Beneficiaries predecease the Participant or die prior to complete distribution of the Participant’s benefits, then the Participant’s designated Beneficiary shall be deemed to be his surviving spouse. If
the Participant has no surviving spouse, the benefits remaining under the Plan shall be payable to the executor or personal representative of the Participant’s estate. The payment of benefits under the Plan to a Beneficiary shall fully and
completely discharge the Company and the Committee from all further obligations under this Plan with respect to the Participant. 
 7.7
Participants and their Beneficiaries, heirs, successors and assigns shall have no legal or equitable rights, interests or claims in any property or assets of the Company. For purposes of the payment of benefits under this Plan, any and all of the
Company’s assets, shall be, and remain, the general unrestricted assets of the Company. The Company’s obligation under the Plan shall be merely that of an unfunded and unsecured promise to pay money in the future. 
  

	8.	Amendment, Discontinuance or Termination of the Plan. 

 The Board may amend or discontinue the Plan at any time; provided, however, that no such amendment may materially impair, without the consent of the Participant, a Stock Unit previously granted, unless required in order to bring the
Plan into compliance with Section 409A; and, provided further, that no amendment or discontinuance may accelerate the timing of the payment of Stock Units, unless the amendment or discontinuance is permitted by Section 409A.

  

 6 

 EXECUTED effective as of the 30th day of January, 2008. 
  

					
	WITNESSES:	    	TIDEWATER INC.
			
	  
	    	By:	 	 /s/ Bruce Lundstrom

		    		 	Bruce Lundstrom
	  
	    		 	Senior Vice President,
		    		 	Secretary and General Counsel

  

 7 

 Exhibit A 
 TIDEWATER INC. 
 DIRECTORS DEFERRED STOCK UNITS PLAN 
 2008 Payment Election Form 
 I am a
participant in the Tidewater Inc. Directors Deferred Stock Units Plan (the “Plan”). I hereby elect to receive payment of my Stock Units as follows: 
 (Please check a box below) 
  

	 	 ̈	I hereby elect to receive the distribution of the balance of my Stock Units Account in the Plan relating to Stock Units earned in the fiscal year ending March 31, 2009 and
future fiscal years in five annual installments beginning 15 days following the date on which I have a “Separation from Service” as a Director (as defined in the Plan). 

 I understand that, notwithstanding this election, upon my death or upon a Change of Control, as defined in the Plan, unpaid installments of my remaining
Stock Unit Account balance will be distributed in a lump sum. 
  

	 	 ̈	I hereby elect to receive the distribution of my Stock Unit Account in a lump sum 15 days following the date I have a “Separation from Service” as a Director.

 This payment election becomes irrevocable on the last day of the calendar year preceding the calendar year during which a
portion of the Stock Units are earned. For example, an election relating to Stock Units earned during the period beginning April 1, 2008 and ending March 31, 2009 shall become irrevocable on December 31, 2007. 
 All the terms of this election shall be governed by the Plan and any amendment thereto. All of the terms and conditions of the Plan are incorporated
herein by reference. 
 I understand that if I die or if a Change of Control of the Company occurs, the balance of my Stock Unit Account
shall be paid out in a lump sum. 
 I understand that this election shall remain in effect for Stock Units to be earned in future years
unless revoked by the December 31 preceding the year in which a portion of the Stock Units subject to the revocation are earned. Revocation must be by written notice to the Tidewater Inc. Employee Benefits Department. 
  

					
	Date:	 	  
	 	  

		 		 	(Signature of Participant)
			
		 		 	  

		 		 	(Print Name of Participant)
		
	Received by Tidewater Inc.	 	
			
	Date:	 	  
	 	
	By:	 	  
	 	

  

 A-1 

 Exhibit B 
 TIDEWATER INC. 
 DIRECTORS DEFERRED STOCK UNITS PLAN 
 Designation of Beneficiary 
 1. I am a participant in
the Tidewater Inc. Directors Deferred Stock Units Plan (the “Plan”) and I hereby designate the following as my beneficiaries under the Plan: 
  

					
	 Name and Address (and age if under 18)
	  	 Relationship/ S.S. Number
	  	 Percentage Share (s)*

			
	  
	  	  
	  	  

	(print complete legal name)	  	(print relationship)	  	(print percentage share)
			
	  
	  	  
	  	
	(print complete address)	  	(print social security number)	  	
			
	  
	  	  
	  	  

	(print complete legal name)	  	(print relationship)	  	(print percentage share)
			
	  
	  	  
	  	
	(print complete address)	  	(print social security number)	  	
			
	  
	  	  
	  	  

	(print complete legal name)	  	(print relationship)	  	(print percentage share)
			
	  
	  	  
	  	
	(print complete address)	  	(print social security number)	  	
			
	  
	  	  
	  	  

	(print complete legal name)	  	(print relationship)	  	(print percentage share)
			
	  
	  	  
	  	
	(print complete address)	  	(print social security number)	  	
			
		  		  	 100%

			
		  		  	 *Total Primary Beneficiary(ies)
 Must equal 100%

  

	Note:	If a primary beneficiary predeceases the undersigned participant, the deceased primary beneficiary’s share shall be shared pro rata by the remaining primary beneficiaries
named above. 

  

 B-1 

 Contingent Beneficiary(ies):  
 (If more than one contingent beneficiary is to be named, use the additional spaces below and indicate each contingent beneficiary’s share. The
total of Percentage Shares must equal 100%*.) 
  

	Note:	Contingent beneficiaries will only be entitled to receive benefits hereunder if all primary beneficiaries are deceased. 

  

					
	 Name and Address (and age if under 18)
	  	 Relationship/ S.S. Number
	  	 Percentage Share (s)*

			
	  
	  	  
	  	  

	(print complete legal name)	  	(print relationship)	  	(print percentage share)
			
	  
	  	  
	  	
	(print complete address)	  	(print social security number)	  	
			
	  
	  	  
	  	  

	(print complete legal name)	  	(print relationship)	  	(print percentage share)
			
	  
	  	  
	  	
	(print complete address)	  	(print social security number)	  	
			
	  
	  	  
	  	  

	(print complete legal name)	  	(print relationship)	  	(print percentage share)
			
	  
	  	  
	  	
	(print complete address)	  	(print social security number)	  	
			
	  
	  	  
	  	  

	(print complete legal name)	  	(print relationship)	  	(print percentage share)
			
	  
	  	  
	  	
	(print complete address)	  	(print social security number)	  	
			
		  		  	 100%

			
		  		  	 *Total Contingent
 Beneficiary(ies)
 Must equal 100%

  

	Note:	Any distribution following death shall be made in a lump sum. 

 2. Any
change in designation of beneficiary is effective upon execution by the participant, provided the form is received by Tidewater prior to the date of death. 
 3. This designation shall be subject to the terms of, and any amounts which become payable hereunder shall be governed by, the Plan as from time to time in effect. 
  

					
	Date:	 	  
	 	  

		 		 	(Signature of Participant)
		
	Received by Tidewater Inc.	 	
			
	Date:	 	  
	 	
	By:	 	  
	 	

  

 B-2

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