Document:

EX-4.1

 Exhibit 4.1 

EXECUTION VERSION 
  

 
  

TIDEWATER INC., 
 EACH
OF THE GUARANTORS PARTY HERETO 
 AND 

WILMINGTON TRUST, NATIONAL ASSOCIATION, 

as Trustee and Collateral Agent 

INDENTURE 
 Dated as of
July 31, 2017 
 8.00% Senior Secured Notes due 2022 
  

 
  

 EXECUTION VERSION 

CROSS-REFERENCE TABLE 
  

					
	 TIA Section

Section
	  	Indenture
	 310
	  	(a)(1)	  	8.11
		  	(a)(2)	  	8.11
		  	(a)(3)	  	N.A.
		  	(a)(4)	  	N.A.
		  	(a)(5)	  	8.11; 8.12(b)
		  	(b)	  	8.10; 8.12(b)
	 311
	  	(a)	  	8.15
		  	(b)	  	8.15
	 312
	  	(a)	  	2.05; 8.03
		  	(b)	  	8.04(b); 14.19
		  	(c)	  	8.04(c); 14.19
	 313
	  	(a)	  	8.16
		  	(b)(1)	  	8.16
		  	(b)(2)	  	8.08
		  	(c)	  	8.16; 14.03
		  	(d)	  	8.16
	 314
	  	(a)	  	5.06; 5.07; 14.03
		  	(b)	  	13.09
		  	(c)(1)	  	8.02; 14.05(a)
		  	(c)(2)	  	8.02; 14.05(a)
		  	(c)(3)	  	N.A.
		  	(d)	  	13.09
		  	(e)	  	14.05(b)
		  	(f)	  	N.A.
	 315
	  	(a)(1)	  	8.01
		  	(a)(2)	  	8.02
		  	(b)	  	8.01(i)
		  	(c)	  	8.01
		  	(d)	  	8.01
		  	(e)	  	7.11
	 316
	  	(a)(last sentence)	  	2.09
		  	(a)(1)(A)	  	7.05
		  	(a)(1)(B)	  	7.04
		  	(a)(2)	  	N.A.
		  	(b)	  	7.07
		  	(c)	  	14.22
	 317
	  	(a)(1)	  	7.08
		  	(a)(2)	  	7.09
		  	(b)	  	2.04
	 318
	  	(a)	  	14.23
		  	(b)	  	14.23

  
 N.A. means
Not Applicable. 
 Note: This Cross-Reference Table shall not, for any purpose, be deemed to be part of this Indenture. 

 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		
	 Article 1. DEFINITIONS; INTERPRETATIONS
	  	 	7	 
			
	 Section 1.01
	  	Definitions	  	 	7	 
	 Section 1.02
	  	Rules of Construction	  	 	40	 
	 Section 1.03
	  	Accounting Terms	  	 	41	 
		
	 Article 2. ISSUE, DESCRIPTION, EXECUTION, REGISTRATION AND EXCHANGE OF
NOTES
	  	 	41	 
			
	 Section 2.01
	  	Form and Dating	  	 	41	 
	 Section 2.02
	  	Execution and Authentication	  	 	42	 
	 Section 2.03
	  	Registrar and Paying Agent	  	 	42	 
	 Section 2.04
	  	Paying Agent to Hold Money in Trust	  	 	43	 
	 Section 2.05
	  	Holder Lists	  	 	43	 
	 Section 2.06
	  	Transfer and Exchange	  	 	43	 
	 Section 2.07
	  	Replacement Notes	  	 	49	 
	 Section 2.08
	  	Outstanding Notes	  	 	49	 
	 Section 2.09
	  	Treasury Notes	  	 	50	 
	 Section 2.10
	  	Temporary Notes	  	 	50	 
	 Section 2.11
	  	Cancellation	  	 	50	 
	 Section 2.12
	  	Defaulted Interest	  	 	50	 
	 Section 2.13
	  	Purchases	  	 	51	 
	 Section 2.14
	  	Who Are Deemed Absolute Owners	  	 	51	 
		
	 Article 3. REDEMPTION
	  	 	51	 
			
	 Section 3.01
	  	Optional Redemption	  	 	51	 
	 Section 3.02
	  	Mandatory Redemption	  	 	51	 
	 Section 3.03
	  	Notices to Trustee	  	 	51	 
	 Section 3.04
	  	Selection of Notes to be Redeemed	  	 	52	 
	 Section 3.05
	  	Notice of Redemption	  	 	52	 
	 Section 3.06
	  	Effect of Notice of Redemption	  	 	53	 
	 Section 3.07
	  	Deposit of Redemption Price	  	 	53	 
	 Section 3.08
	  	Notes Redeemed In Part	  	 	54	 
		
	 Article 4. NEGATIVE COVENANTS
	  	 	54	 
			
	 Section 4.01
	  	Restricted Payments	  	 	54	 
	 Section 4.02
	  	Limitation on Restrictions on Distributions from Subsidiaries	  	 	55	 
	 Section 4.03
	  	Incurrence of Indebtedness and Issuance of Preferred Stock	  	 	59	 
	 Section 4.04
	  	Asset Sales	  	 	61	 
	 Section 4.05
	  	Transactions with Affiliates	  	 	64	 
	 Section 4.06
	  	Liens	  	 	65	 
	 Section 4.07
	  	Business Activities	  	 	65	 
	 Section 4.08
	  	Payments for Consent; Consent in Contemplation of Transfer	  	 	66	 

  
 1 

							
	 Section 4.09
	  	Security Interests	  	 	66	 
	 Section 4.10
	  	Financial Covenants	  	 	66	 
	 Section 4.11
	  	Troms Credit Agreement	  	 	67	 
	 Section 4.12
	  	Equity Interests	  	 	67	 
	 Section 4.13
	  	Terrorism Sanctions Regulations	  	 	67	 
	 Section 4.14
	  	Sanctions	  	 	67	 
	 Section 4.15
	  	Anti-Corruption	  	 	68	 
	 Section 4.16
	  	Account Control Agreements	  	 	68	 
	 Section 4.17
	  	Covenant Regarding Financing Facility	  	 	68	 
	 Section 4.18
	  	Information Regarding Collateral	  	 	69	 
	 Section 4.19
	  	Cash of Foreign Subsidiaries	  	 	69	 
		
	 Article 5. OTHER COVENANTS
	  	 	69	 
			
	 Section 5.01
	  	Payment of Principal and Interest	  	 	69	 
	 Section 5.02
	  	Maintenance of Office or Agency	  	 	70	 
	 Section 5.03
	  	Appointments to Fill Vacancies in Trustee’s Office	  	 	70	 
	 Section 5.04
	  	Provisions as to Paying Agent	  	 	70	 
	 Section 5.05
	  	Existence	  	 	71	 
	 Section 5.06
	  	Reports	  	 	72	 
	 Section 5.07
	  	Compliance Certificate; Statements as to Defaults	  	 	73	 
	 Section 5.08
	  	Repurchase at the Option of Holders upon Change of Control	  	 	74	 
	 Section 5.09
	  	Additional Note Guarantees and Collateral	  	 	76	 
	 Section 5.10
	  	[Reserved]	  	 	77	 
	 Section 5.11
	  	Advances to Subsidiaries	  	 	77	 
	 Section 5.12
	  	Further Assurances	  	 	78	 
	 Section 5.13
	  	Inspection Rights	  	 	78	 
	 Section 5.14
	  	Payment of Obligations	  	 	78	 
	 Section 5.15
	  	Maintenance of Properties	  	 	78	 
	 Section 5.16
	  	Maintenance of Insurance	  	 	79	 
	 Section 5.17
	  	Compliance with Laws	  	 	79	 
	 Section 5.18
	  	Books and Records	  	 	79	 
	 Section 5.19
	  	Compliance with Environmental Laws	  	 	79	 
	 Section 5.20
	  	Certain Affirmative Covenants Relating to the Vessels	  	 	80	 
	 Section 5.21
	  	Post-Closing Obligations	  	 	83	 
	 Section 5.22
	  	[Intentionally Omitted]	  	 	83	 
	 Section 5.23
	  	Stay, Extension and Usury Laws	  	 	83	 
	 Section 5.24
	  	Repatriation of Cash	  	 	83	 
	 Section 5.25
	  	Dutch Tax Requirements	  	 	84	 
		
	 Article 6. MERGER, CONSOLIDATION OR SALE OF ASSETS
	  	 	84	 
			
	 Section 6.01
	  	Merger, Consolidation or Sale of Assets	  	 	84	 
	 Section 6.02
	  	Successor Issuer Substituted	  	 	85	 
	 Section 6.03
	  	Opinion Of Counsel To Be Given Trustee	  	 	85	 
		
	 Article 7. DEFAULTS AND REMEDIES
	  	 	86	 
			
	 Section 7.01
	  	Events of Default	  	 	86	 

  
 2 

							
	 Section 7.02
	  	Acceleration	  	 	90	 
	 Section 7.03
	  	Other Remedies	  	 	91	 
	 Section 7.04
	  	Waiver of Past Defaults	  	 	91	 
	 Section 7.05
	  	Control by Majority	  	 	92	 
	 Section 7.06
	  	Limitation on Suits	  	 	92	 
	 Section 7.07
	  	Rights of Holders of Notes to Receive Payment	  	 	92	 
	 Section 7.08
	  	Collection Suit by Trustee	  	 	92	 
	 Section 7.09
	  	Trustee May File Proofs of Claim	  	 	93	 
	 Section 7.10
	  	Priorities	  	 	93	 
	 Section 7.11
	  	Undertaking for Costs	  	 	94	 
		
	 Article 8. CONCERNING THE TRUSTEE
	  	 	94	 
			
	 Section 8.01
	  	Duties and Responsibilities of Trustee	  	 	94	 
	 Section 8.02
	  	Reliance on Documents, Opinions, Etc	  	 	96	 
	 Section 8.03
	  	Lists of Noteholders	  	 	98	 
	 Section 8.04
	  	Preservation and Disclosure of Lists	  	 	98	 
	 Section 8.05
	  	No Responsibility for Recitals, Etc	  	 	98	 
	 Section 8.06
	  	Trustee, Paying Agents or Registrar May Own Notes	  	 	98	 
	 Section 8.07
	  	Monies to Be Held in Trust	  	 	99	 
	 Section 8.08
	  	Compensation and Expenses of Trustee	  	 	99	 
	 Section 8.09
	  	Officer’s Certificate as Evidence	  	 	100	 
	 Section 8.10
	  	Conflicting Interests of Trustee	  	 	100	 
	 Section 8.11
	  	Eligibility of Trustee	  	 	100	 
	 Section 8.12
	  	Resignation or Removal of Trustee	  	 	101	 
	 Section 8.13
	  	Acceptance by Successor Trustee	  	 	102	 
	 Section 8.14
	  	Succession by Merger, Etc	  	 	103	 
	 Section 8.15
	  	Limitation on Rights of Trustee as Creditor	  	 	103	 
	 Section 8.16
	  	Reports by Trustee	  	 	103	 
	 Section 8.17
	  	Trustee’s Application for Instructions from the Issuer	  	 	103	 
		
	 Article 9. NOTE GUARANTEES
	  	 	104	 
			
	 Section 9.01
	  	Guarantee	  	 	104	 
	 Section 9.02
	  	Limitation on Guarantor Liability	  	 	106	 
	 Section 9.03
	  	Execution and Delivery of Note Guarantee	  	 	106	 
	 Section 9.04
	  	Guarantors May Consolidate, etc., on Certain Terms	  	 	107	 
	 Section 9.05
	  	Releases	  	 	108	 
		
	 Article 10. AMENDMENT, SUPPLEMENT AND WAIVER
	  	 	108	 
			
	 Section 10.01
	  	Supplemental Indentures Without Consent of Noteholders	  	 	108	 
	 Section 10.02
	  	Supplemental Indentures With Consent of Noteholders	  	 	109	 
	 Section 10.03
	  	Revocation and Effect of Consents	  	 	111	 
	 Section 10.04
	  	Notation on or Exchange of Notes	  	 	111	 
	 Section 10.05
	  	Effect of Supplemental Indentures	  	 	111	 
	 Section 10.06
	  	Trustee to Sign Amendments, etc.	  	 	111	 
	 Section 10.07
	  	Conformity with Trust Indenture Act	  	 	112	 

  
 3 

							
	 Article 11. SATISFACTION AND DISCHARGE
	  	 	112	 
			
	 Section 11.01
	  	Satisfaction and Discharge	  	 	112	 
	 Section 11.02
	  	Application of Trust Money	  	 	113	 
		
	 Article 12. LEGAL DEFEASANCE AND COVENANT DEFEASANCE
	  	 	114	 
	 Section 12.01
	  	Option to Effect Legal Defeasance or Covenant Defeasance	  	 	114	 
	 Section 12.02
	  	Legal Defeasance and Discharge	  	 	114	 
	 Section 12.03
	  	Covenant Defeasance	  	 	114	 
	 Section 12.04
	  	Conditions to Legal or Covenant Defeasance	  	 	115	 
	 Section 12.05
	  	Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions	  	 	116	 
	 Section 12.06
	  	Repayment to Issuer	  	 	117	 
	 Section 12.07
	  	Reinstatement	  	 	117	 
		
	 Article 13. COLLATERAL
	  	 	117	 
			
	 Section 13.01
	  	Security Documents	  	 	117	 
	 Section 13.02
	  	Collateral Agent	  	 	117	 
	 Section 13.03
	  	Parallel Debt	  	 	118	 
	 Section 13.04
	  	Authorization of Actions to Be Taken	  	 	119	 
	 Section 13.05
	  	Release of Collateral.	  	 	121	 
	 Section 13.06
	  	Use of Collateral	  	 	122	 
	 Section 13.07
	  	Powers Exercisable by Receiver or Trustee	  	 	122	 
	 Section 13.08
	  	Voting	  	 	122	 
	 Section 13.09
	  	Recordings and Opinions.	  	 	122	 
		
	 Article 14. MISCELLANEOUS PROVISIONS
	  	 	124	 
			
	 Section 14.01
	  	Provisions Binding on Issuer’s Successors	  	 	124	 
	 Section 14.02
	  	Official Acts by Successor	  	 	124	 
	 Section 14.03
	  	Addresses for Notices, Etc	  	 	124	 
	 Section 14.04
	  	Governing Law	  	 	125	 
	 Section 14.05
	  	Evidence of Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee	  	 	125	 
	 Section 14.06
	  	Indenture and Notes Solely Corporate Obligations	  	 	126	 
	 Section 14.07
	  	Legal Holidays	  	 	126	 
	 Section 14.08
	  	Benefits of Indenture	  	 	126	 
	 Section 14.09
	  	Table of Contents, Headings, Etc	  	 	126	 
	 Section 14.10
	  	Authenticating Agent	  	 	126	 
	 Section 14.11
	  	Execution in Counterparts	  	 	127	 
	 Section 14.12
	  	Severability	  	 	127	 
	 Section 14.13
	  	Waiver of Jury Trial	  	 	128	 
	 Section 14.14
	  	Consent to Jurisdiction; Consent to Service of Process	  	 	128	 
	 Section 14.15
	  	Force Majeure	  	 	128	 
	 Section 14.16
	  	Currency Indemnity	  	 	128	 
	 Section 14.17
	  	U.S.A. Patriot Act	  	 	129	 
	 Section 14.18
	  	Conflict with Other Documents	  	 	129	 
	 Section 14.19
	  	Communication by Holders of Notes with Other Holders of Notes	  	 	129	 
	 Section 14.20
	  	Rules by Trustee and Agents	  	 	129	 

  
 4 

							
	 Section 14.21
	  	No Adverse Interpretation of Other Agreements	  	 	129	 
	 Section 14.22
	  	Acts of Holders; Record Dates	  	 	129	 
	 Section 14.23
	  	Conflict with Trust Indenture Act	  	 	132	 
	 Section 14.24
	  	Expenses	  	 	132	 

  
 5 

 EXHIBITS: 
  

							
	Exhibit A	  	Form of Note	  	 	A-1	 
	Exhibit B	  	Form of Change of Control Purchase Notice	  	 	B-1	 
	Exhibit C	  	Form of Notation of Guarantee	  	 	C-1	 
	Exhibit D	  	Form of Supplemental Indenture	  	 	D-1	 
	Exhibit E	  	Form of Intercompany Note	  	 	E-1	 
	Exhibit F	  	Summary of Intercreditor Terms	  	 	F-1	 

 SCHEDULES: 

 

			
		
	 Schedule 1.01A
	 	 Sale-Leaseback Arrangements

		
	 Schedule 4.01
	 	Issue Date Investments
		
	 Schedule 4.06
	 	Issue Date Liens
		
	 Schedule 5.06(b)
	 	 Vessels

		
	 Schedule 5.20(c)
	 	 Certain Owned Vessels

		
	 Schedule 5.21
	 	Post-Closing Obligations

 INDENTURE dated as of July 31, 2017 between Tidewater Inc., a Delaware corporation (the
“Issuer”), the Guarantors party hereto and Wilmington Trust, National Association, a national banking association, as trustee and collateral agent (hereinafter sometimes called the “Trustee,” as more fully set forth
in Section 1.01). 
 WHEREAS, for its lawful corporate purposes, the Issuer has duly authorized the issuance of
its 8.00% Senior Secured Notes due 2022 (the “Notes”), initially in an aggregate principal amount of $350,000,000, and in order to provide the terms and conditions upon which the Notes are to be authenticated, issued and delivered,
the Issuer has duly authorized the execution and delivery of this Indenture; and 
 WHEREAS, the Form of the Notes, the certificate of
authentication to be borne by each Note, the Form of Change of Control Purchase Notice, the Form of Notation of Guarantee and the Form of Supplemental Indenture to be borne by the Notes are to be substantially in the forms hereinafter provided; and

 WHEREAS, all acts and things necessary to make the Notes, when executed by the Issuer and authenticated and delivered by the Trustee or a
duly authorized authenticating agent, as in this Indenture provided, the valid, binding and legal obligations of the Issuer, and to constitute a valid agreement according to its terms, have been done and performed, and the execution of this
Indenture and the issue hereunder of the Notes have in all respects been duly authorized. 
 NOW, THEREFORE, THIS INDENTURE WITNESSETH: 

That in order to declare the terms and conditions upon which the Notes are, and are to be, authenticated, issued and delivered, and in
consideration of the premises and of the purchase and acceptance of the Notes by the Holders (as defined below) thereof, the Issuer covenants and agrees with the Trustee for the equal and proportionate benefit of the respective Holders from time to
time of the Notes (except as otherwise provided below), as follows: 
 Article 1. 

DEFINITIONS; INTERPRETATIONS 

Section 1.01 Definitions. The terms defined in this Section 1.01 (except as herein otherwise expressly
provided or unless the context otherwise requires) for all purposes of this Indenture and of any indenture supplemental hereto shall have the respective meanings specified in this Section 1.01. All other terms used in this
Indenture that are defined in the Trust Indenture Act or that are by reference therein defined in the Securities Act (except as herein otherwise expressly provided or unless the context otherwise requires) shall have the meanings assigned to such
terms in said Trust Indenture Act and in said Securities Act as in force at the date of the execution of this Indenture. The words “herein,” “hereof,” “hereunder,” and words of similar import refer

  
 7 

 
to this Indenture as a whole and not to any particular Article, Section or other subdivision. The terms defined in this Article include the plural as well as the singular. Unless
otherwise noted, references to “U.S. dollars” or “$” shall mean the currency of the United States. 

“Acceptable Flag Jurisdiction” means each of Brazil, Canada, Gibraltar, the Isle of Man, Mexico, the Kingdom of Norway, the
United States of America, the Republic of Vanuatu and such other jurisdictions as approved by the Collateral Agent (acting at the direction of Holders of a majority in aggregate principal amount of the Notes then outstanding). 

“Acquired Debt” means, with respect to any specified Person: 

(1) Indebtedness of any other Person existing at the time such other Person is merged with or into or became a Subsidiary of
such specified Person, whether or not such Indebtedness is incurred in connection with, or in contemplation of, such other Person merging with or into, or becoming a Subsidiary of, such specified Person; and 

(2) Indebtedness secured by a Lien encumbering any asset acquired by such specified Person. 

“Additional Covenant” means any financial covenant which requires any Notes Party to achieve or maintain any financial ratio
or metric, including any minimum liquidity or net worth test, minimum EBITDA, net income or other earnings test and any leverage, interest coverage or debt service ratio tests (regardless of whether such provision is labeled or otherwise
characterized as a financial covenant) contained in any Financing Facility that is not set forth in Section 4.10 herein or, if it is set forth therein, is different from the corresponding covenant set forth therein (other
than in respect of differences that are de minimis in nature or differences that the Issuer in good faith has determined would not reasonably be expected to result in the relevant ratio or metric being calculated in a manner that is less
likely to be satisfied by the Issuer than the corresponding covenant set forth in Section 4.10 hereof). 

“Affiliate” of any specified Person means any other Person directly or indirectly controlling or controlled by or under
direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the
direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For purposes of this definition, the terms “controlling,” “controlled by” and
“under common control with” have correlative meanings. 
 “Affiliate Transaction” shall have the meaning
specified in Section 4.05. 
 “Agent” means any Registrar,
co-registrar, Paying Agent or additional paying agent. 

  
 8 

 “Applicable Premium” means, with respect to any Note being redeemed on any
applicable redemption date pursuant to Article 3 or accelerated pursuant to Section 7.02, the greater of: 

(1) 1% of the then outstanding principal amount of the Note; and 

(2) the excess of: (a) the present value at such redemption or acceleration date of (i) the principal amount of the
Note at the Maturity Date plus (ii) all required interest payments due on the Note through the Maturity Date (excluding accrued but unpaid interest), computed using a discount rate equal to the Treasury Rate as of such redemption date plus 50
basis points; over (b) the then outstanding principal amount of the Note. 
 The Issuer shall calculate or cause the calculation of the Applicable
Premium and the Trustee shall have no duty to verify the Issuer’s calculations thereof. 
 “Applicable Procedures”
means, with respect to any transfer or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depository, Euroclear and Clearstream that apply to such transfer or exchange. 

“Approved Firm” means any of (a) Clarkson Valuations Limited, (b) Fearnley Offshore Supply Pte. Ltd., (c) Dufour,
Laskay & Strouse, Inc., (d) any successor or affiliated company to those listed in (a) – (c), and (e) any other similarly qualified, independent ship broker that is not an Affiliate of the Issuer and selected by the Issuer;
provided that if the Issuer selects an Approved Firm pursuant to clause (e), the Issuer shall furnish to the Trustee an Officer’s Certificate certifying compliance with this definition. 

“Asset Sale” means: 

(1) the sale, lease (other than operating leases entered into in the ordinary course of business), conveyance or other
disposition of any assets or rights, including any disposition by means of a merger, consolidation or similar transaction; provided, that the sale, lease, conveyance or other disposition of all or substantially all of the assets of the Issuer
and its Subsidiaries taken as a whole (including by way of merger or consolidation) will be governed by Section 5.08 and/or Section 6.01 and not by Section 4.04; and 

(2) the issuance or sale of Equity Interests in any of the Issuer’s Subsidiaries. 

  
 9 

 Notwithstanding the preceding, none of the following items will be deemed to be an Asset Sale:

 (a) Dispositions of assets in the ordinary course of business, including, but not limited to, the chartering out (whether
on a bareboat, time or voyage charter basis) of any Owned Vessel, provided that (i) chartering out of Owned Vessels shall be for fair market value, and (ii) all Dispositions of Owned Vessels (including any sale or transfer of an Owned
Vessel for scrapping) other than charters out in the ordinary course of business shall be treated as Asset Sales; 
 (b)
Dispositions of property (i) by any Subsidiary or any Notes Party to a Notes Party, or (ii) by any Subsidiary that is not a Notes Party to any Subsidiary or Notes Party; 

(c) Dispositions of Cash or Cash Equivalents; 

(d) Dispositions of all or substantially all of the properties or assets of the Issuer and its Subsidiaries, taken as a whole,
permitted by Section 6.01; 
 (e) Dispositions of the Equity Interests or assets of a Subsidiary
in connection with Investments in a joint venture, provided that (i) any Mortgaged Vessel transferred to a joint venture shall remain subject to the related Vessel Mortgage, and (ii) any subsequent Disposition of such Mortgaged Vessel or
the interest in the joint venture shall be treated as an Asset Sale; 
 (f) sales of accounts receivable pursuant to any
Permitted Financing Arrangement; 
 (g) the making of any Restricted Payment that is permitted to be made, and is made,
under Section 4.01 or the making of any Permitted Investment (other than any Disposition of a Mortgaged Vessel to any Person other than a Notes Party, which shall be treated as an Asset Sale); 

(h) foreclosures, condemnation, expropriation or any similar action with respect to assets or the granting of Liens not
prohibited by this Indenture; 
 (i) Dispositions of any assets of the Troms Entities; and 

(j) any single Disposition or series of related Dispositions (not including any Disposition of a Vessel) of assets having Net
Proceeds of less than $2,000,000. 
 “Attributable Indebtedness” means, on any date, (a) in respect of any capital
lease of any Person, the capitalized amount thereof that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP, and (b) in respect of any Synthetic Lease Obligation, the capitalized amount of the
remaining lease or similar payments under the relevant lease or other applicable agreement or instrument that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease or other agreement or
instrument were accounted for as a capital lease. 
 “Authentication Order” shall have the meaning specified in
Section 2.02. 

  
 10 

 “Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law
for the relief or bankruptcy of debtors. 
 “Beneficial Owner” has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Securities Exchange Act of 1934, as amended, except that in calculating the beneficial ownership of any particular
“person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” will be deemed to have beneficial ownership of all securities that such “person” has the right to acquire
by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition (other than a right conditioned on the occurrence of events or circumstances outside such
person’s control). The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 

“Blocked Person” means a (i) an OFAC Listed Person, (ii) an agent, department, or instrumentality of, or any Person
who is otherwise beneficially owned by, controlled by or acting on behalf of, directly or indirectly (x) any OFAC Listed Person or (y) any Person, entity, organization, foreign country or regime that is subject to any OFAC Sanctions
Program in violation of any applicable law or regulation, or (iii) otherwise blocked, subject to sanctions under or engaged in any activity in violation of other United States economic sanctions, including but not limited to, the Trading with
the Enemy Act, the International Emergency Economic Powers Act, the Comprehensive Iran Sanctions, Accountability and Divestment Act or any similar law or regulation with respect to Iran or any other country, the Sudan Accountability and Divestment
Act, any OFAC Sanctions Program, or any economic sanctions regulations administered and enforced by the United States or any enabling legislation or executive order relating to any of the foregoing. 

“Board of Directors” means: 

(1) with respect to a corporation, the board of directors of the corporation or equivalent governing body, or, except with
respect to the definition of “Change of Control”, any committee thereof duly authorized to act on behalf of such board; 

(2) with respect to a limited partnership, the board of directors of the general partner of the partnership or equivalent
governing body; 
 (3) with respect to a limited liability company, the manager, managing member or members or any
controlling committee of managing members thereof or equivalent governing body; and 
 (4) with respect to any other Person,
the board or committee of such Person serving a similar function. 
 “Board Resolution” means a copy of a resolution
certified by the Secretary or an Assistant Secretary of the Issuer to have been duly adopted by the Board of Directors, and to be in full force and effect on the date of such certification. 

  
 11 

 “Business Day” means each day that is not a Saturday, Sunday or other day on
which banking institutions in New York, New York are authorized or required by law to close. 
 “Capital Asset”
shall mean, with respect to any person, all equipment, fixed assets and real property or improvements of such person, or replacements or substitutions therefor or additions thereto, that, in accordance with GAAP, have been or should be reflected as
additions to property, plant or equipment on the balance sheet of such person. 
 “Capital Expenditures” shall mean, for
any period, without duplication, all expenditures made directly or indirectly by the Issuer and its Subsidiaries during such period for the acquisition of Capital Assets (whether paid in cash or other consideration, financed by the incurrence of
Indebtedness or accrued as a liability), including expenditures made in connection with the replacement, substitution or restoration of property or other purposes (except repayment of Indebtedness) permitted under
Section 4.04(b)(iv). For purposes of this definition, the purchase price of equipment or other fixed assets that are purchased simultaneously with the trade-in of existing assets or
with insurance proceeds shall be included in Capital Expenditures only to the extent of the gross amount by which such purchase price exceeds the credit granted by the seller of such assets for the assets being traded in at such time or the amount
of such insurance proceeds, as the case may be. 
 “Capital Lease Obligation” means, at the time any determination is to be
made, the amount of the liability in respect of a capital lease that would at that time be required to be capitalized on a balance sheet prepared in accordance with GAAP, and the Stated Maturity thereof shall be the date of the last payment of rent
or any other amount due under such lease prior to the first date upon which such lease may be prepaid by the lessee without payment of a penalty. 

“Capital Stock” means: 

(1) in the case of a corporation, corporate stock; 

(2) in the case of an association or business entity that is not a corporation, any and all shares, interests, participations,
rights or other equivalents (however designated) of corporate stock; 
 (3) in the case of a partnership or limited
liability company, partnership interests (whether general or limited) or membership interests; and 
 (4) any other interest
or participation that confers on a Person the right to receive a share of the profits and losses of, or distributions of assets of, the issuing Person, or any other ownership interest, whether voting or
non-voting, but excluding from all of the foregoing any debt securities convertible into Capital Stock, whether or not such debt securities include any right of participation with Capital Stock. 

  
 12 

 “Cash Equivalents” means: 

(1) United States dollars; 

(2) securities issued or directly and fully guaranteed or insured by the United States government or any agency or
instrumentality of the United States government (provided, that the full faith and credit of the United States is pledged in support of those securities) having maturities of not more than one year from the date of acquisition; 

(3) certificates of deposit, time deposits, and eurodollar time deposits with maturities of one year or less from the date of
acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case, with any domestic commercial bank having capital and surplus in excess of $500.0 million; 

(4) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses
(2) and (3) above entered into with any financial institution meeting the qualifications specified in clause (3) above; 

(5) commercial paper having at the time of acquisition one of the two highest ratings obtainable from Moody’s or S&P
and, in each case, maturing within one year after the date of acquisition; 
 (6) securities issued or fully guaranteed by
any state or commonwealth of the United States, or by any political subdivision or taxing authority thereof having, at the time of acquisition, one of the two highest ratings obtainable from Moody’s or S&P, and, in each case, maturing
within one year after the date of acquisition; and 
 (7) money market funds at least 95% of the assets of which constitute
Cash Equivalents of the kinds described in clauses (1) through (6) above. 
 “CFC” means a Person that is a
controlled foreign corporation under Section 957 of the Code. 
 “Change of Control” means the occurrence of any of
the following: 
 (1) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of
merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Issuer and its Subsidiaries taken as a whole to any “person” or “group” (as such terms are
defined in Section 13(d) of the Exchange Act); 
 (2) the adoption of a plan relating to the liquidation or dissolution
of the Issuer; or 

  
 13 

 (3) the consummation of any transaction (including, without limitation, any
merger or consolidation), the result of which is that any “person” (as defined above) becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of the Issuer, or any of its direct or indirect parent
companies, measured by voting power rather than number of shares. 
 “Change of Control Offer” shall have the meaning
specified in Section 5.08(a). 
 “Change of Control Payment” shall have the meaning specified in
Section 5.08(a). 
 “Change of Control Payment Date” shall have the meaning specified in
Section 5.08(a). 
 “Chartered Vessel” means, at any time, each vessel which is (a) owned by
a third party and (b) operated by a Notes Party pursuant to a bareboat charter or time charter. 
 “CEA” shall mean
the Commodity Exchange Act (7 U.S.C. §1 et seq.), as amended from time to time, and any successor statute. 
 “CFTC”
shall mean the Commodity Futures Trading Commission. 
 “Classification Society” means, in respect of any Vessel,
(a) the American Bureau of Shipping, (b) Bureau Veritas, (c) Det Norske Veritas Germanischer Lloyd, (d) Lloyd’s Register, and (e) such other classification society as is selected by the Vessel owner or the Notes Parties
with the prior written consent of the Trustee (acting at the direction of a Holders of a majority of aggregate principal amount of the Notes then outstanding). 

“Clearstream” means Clearstream Banking, S.A. 

“close of business” means 5:00 p.m. (New York City time). 

“Code” means the United States Internal Revenue Code of 1986, as amended. 

“Collateral” means all of the “Collateral” or other similar term referred to in the Security Documents and all of
the other property that is or is intended under the terms of the Security Documents to be subject to Liens in favor of the Collateral Agent for the benefit of the Secured Parties. 

“Collateral Agent” means the Trustee (or other Collateral Agent) under this Indenture, in its capacity as collateral agent
for itself and the Secured Parties, together with its successors and assigns in such capacity. 
 “Commission” means the
Securities and Exchange Commission. 

  
 14 

 “Consolidated EBITDA” means, at any date of determination, an amount equal to
Consolidated Net Income of the Issuer and its Subsidiaries on a consolidated basis for the most recently completed Measurement Period plus or minus, as applicable, the following to the extent deducted or included, as the case may be,
in calculating such Consolidated Net Income, in each case of or by the Issuer and its Subsidiaries for such Measurement Period: (a) Consolidated Interest Charges, (b) Federal, state, local and foreign income tax expense, net of any
Federal, state, local and foreign income tax credits, (c) depreciation and amortization expense, (d) any non-recurring gains or losses which do not represent a cash item in such period or any future
period, including, without limitation, any revaluation of compensation paid in equity, (e) any costs and expenses directly incurred in connection with the negotiation and entry by the Issuer and/or any Subsidiaries, as applicable, into
(A) this Indenture and the other agreements and documents delivered in connection therewith, (B) the Troms Credit Agreement, (C) the Security Documents, (D) the refinancing of certain outstanding Indebtedness of the Issuer and
its Subsidiaries in connection with the foregoing and (E) the consummation of the foregoing and (f) any fees, costs and expenses incurred pursuant to Section 14.24 of this Indenture. 

“Consolidated Funded Indebtedness” means, as of any date of determination, for the Issuer and its Subsidiaries on a
consolidated basis, the sum of (a) the outstanding principal amount of all obligations, whether current or long-term, for borrowed money (including the aggregate principal amount of all Notes outstanding hereunder) and all obligations evidenced
by bonds, debentures, notes, loan agreements or other similar instruments, (b) all purchase money Indebtedness, (c) Attributable Indebtedness in respect of capital leases, and (d) all Indebtedness of the types referred to in
clauses (a) through (c) above of any partnership or joint venture (other than a joint venture that is itself a corporation or limited liability company) in which the Issuer or a Subsidiary is a general partner or joint venturer,
unless such Indebtedness is expressly made non-recourse to the Issuer or such Subsidiary. 

“Consolidated Interest Charges” means, for any period, for the Issuer and its Subsidiaries on a consolidated basis, the sum
of (a) all cash interest (excluding any payments of Applicable Premium and original issue discount or similar debt discount) of the Issuer and its Subsidiaries in connection with borrowed money or in connection with the deferred purchase price
of assets, in each case to the extent treated as interest in accordance with GAAP and (b) the portion of rent expense under capital leases that is treated as interest in accordance with GAAP. 

“Consolidated Interest Coverage Ratio” means, as of any date of determination, the ratio of (a) Consolidated EBITDA for
the period of the four prior fiscal quarters ending on such date to (b) Consolidated Interest Charges for such period. 

“Consolidated Net Income” means, at any date of determination, the net income (or loss) of the Issuer and its Subsidiaries
determined in accordance with GAAP on a consolidated basis (excluding (a) extraordinary gains, (b) extraordinary losses, (c) any tax or other accruals related to the grant of the security interests in the Collateral by the Notes
Parties to the Collateral Agent, and (d) impairments of assets) for the most recently completed Measurement Period. 

  
 15 

 “Consolidated Total Assets” means the total assets of the Issuer and its
Subsidiaries, on a consolidated basis, as shown on the Issuer’s financial statements prepared in accordance with GAAP determined as of the last day of each fiscal quarter. 

“Contractual Obligation” means, as to any Person, any provision of any security issued by such Person or of any agreement,
instrument or other undertaking to which such Person is a party or by which it or any of its property is bound. 
 “Control
Agreement” means a deposit account, securities account or commodities account control agreement by and among the applicable Notes Party, the Collateral Agent, and the depository, securities intermediary or commodities intermediary, as
applicable, in each event providing to Collateral Agent “control” of such deposit account, securities or commodities account within the meaning of Articles 8 and 9 of the UCC or corresponding provision of applicable law with respect to any
account located outside the U.S; provided, that nothing herein or in any other Notes Documents shall require the Collateral Agent to enter into any Control Agreement that purports to impose potential liability on the Collateral Agent in its
individual capacity. 
 “Corporate Trust Office” means the office of the Trustee at which at any time its corporate trust
business relating to this Indenture shall be administered, currently at 50 South Sixth Street, Suite 1290, Minneapolis, Minnesota 55402, Attention: Tidewater Administrator, or such other address as the Trustee may designate from time to time by
notice to the Noteholders and the Issuer, or the principal corporate trust office of any successor Trustee (or such other address as such successor Trustee may designate from time to time by notice to the Noteholders and the Issuer). 

“Corresponding Obligations” shall mean the Obligations of the Notes Parties as they may exist from time to time under the
Notes, this Indenture, the Guarantees and the Security Documents, other than the Parallel Debt. 
 “Covenant Defeasance”
shall have the meaning specified in Section 12.03. 
 “Creditor Warrant Agreement” means the
Creditor Warrant Agreement, dated as of                 , 2017, between the Issuer and Computershare Trust Company, N.A., as Warrant Agent, relating to the
Warrants issuable thereunder. 
 “Custodian” means Wilmington Trust, National Association, as custodian for The Depository
Trust Company, with respect to the Global Notes, or any successor entity thereto. 
 “Debtor Relief Laws” means the
Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United
States or other applicable jurisdictions from time to time 

  
 16 

 
in effect and affecting the rights of creditors generally, including but not limited to the Dutch Bankruptcy Act (Faillissementswet), the Tax Collection Act of the Netherlands
(Invorderingswet 1990) or Social Insurance Financing Act of the Netherlands (Wet Financiering Sociale Verzekeringen). 

“Default” means any event or condition that is, or with the passage of time or the giving of notice or both would be, an
Event of Default. 
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in
accordance with Section 2.06, substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the
Global Note” attached thereto. 
 “Depository” means, with respect to the Notes issuable or issued in whole or in part
in global form, the Person specified in Section 2.03 as the Depository with respect to the Notes, and any and all successors thereto appointed as depository hereunder and having become such pursuant to the applicable
provision of this Indenture. 
 “Designated Jurisdiction” means any country or territory to the extent that such country or
territory itself is the subject of any Sanction. 
 “Disposition” or “Dispose” means the sale, transfer,
license, lease or other disposition (including any sale and leaseback transaction) of any property by any Person (or the granting of any option or other right to do any of the foregoing), including any sale, assignment, transfer or other disposal,
with or without recourse, of any notes or accounts receivable or any rights and claims associated therewith. 
 “Disqualified
Stock” means any Capital Stock that, by its terms (or by the terms of any security into which it is convertible, or for which it is exchangeable, in each case, at the option of the holder of the Capital Stock), or upon the happening of any
event, matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder of the Capital Stock, in whole or in part, on or prior to the date that is 91 days after the date on which the
Notes mature; provided, however, that if such Capital Stock is issued to any plan for the benefit of employees of the Issuer or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not constitute
Disqualified Stock solely because it may be required to be repurchased in order to satisfy applicable statutory or regulatory obligations. 

Notwithstanding the preceding sentence, any Capital Stock that would constitute Disqualified Stock solely because the holders of the Capital
Stock have the right to require the Issuer to repurchase such Capital Stock upon the occurrence of a change of control or an asset sale will not constitute Disqualified Stock if the terms of such Capital Stock provide that the Issuer may not
repurchase or redeem any such Capital Stock pursuant to such provisions unless such repurchase or redemption complies with Section 4.01. The amount of Disqualified Stock deemed to be outstanding at any time for purposes of
this Indenture will be the maximum amount that the Issuer and its Subsidiaries may become obligated to pay upon the maturity of, or pursuant to any mandatory redemption provisions of, such Disqualified Stock, exclusive of accrued dividends. 

  
 17 

 “Domestic Subsidiary” means any Subsidiary of the Issuer that was formed or is
organized under the Laws of the United States or any state of the United States or the District of Columbia. 
 “DTC” means
The Depository Trust Company. 
 “Earnings Assignments” means, collectively, the collateral assignments pursuant to the
Security Agreement of earnings with respect to (a) the Mortgaged Vessels and (b) the Chartered Vessels operated by any Notes Party, entered into by each applicable Notes Party in favor of the Collateral Agent. 

“Eligible Contract Participant” shall mean an “eligible contract participant” as defined in the CEA and regulations
thereunder. 
 “Environmental Incident” means (a) any release of Hazardous Material from a Vessel, (b) any
incident in which Hazardous Material is released from a vessel other than the Vessels and which involves collision between a Vessel and such other vessel or some other incident of navigation or operation, in either case, where such Vessel or any of
the Notes Parties or their Subsidiaries are actually or allegedly at fault or otherwise liable (in whole or in part), or (c) any incident in which Hazardous Material is released from a vessel other than a Vessel and where any of the Vessels is
actually or potentially liable to be arrested as a result thereof and/or where any of the Notes Parties or their Subsidiaries are actually or allegedly at fault or otherwise liable. 

“Environmental Laws” means any and all Federal, state, local, and foreign statutes, Laws, regulations, ordinances, rules,
judgments, orders, decrees, permits, concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment or the release of any materials into the environment, including those
related to hazardous substances or wastes, air emissions and discharges to waste or public systems. 
 “Environmental
Permit” means any approval from a Governmental Authority required by or under or issued pursuant to any Environmental Law. 

“Equity Interests” means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit
interests in) such Person, all of the warrants (including under the Warrant Agreement), options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership or profit interests in) such Person,
all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or such
other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests
are outstanding on any date of determination. 

  
 18 

 “Equity Offering” means a sale of Equity Interests of the Issuer (other than
(a) Disqualified Stock, (b) any plan for the benefit of employees of the Issuer or its Subsidiaries, and (c) to a Subsidiary of the Issuer) by the Issuer. 

“Equity Warrant Agreement” means the Existing Equity Warrant Agreement, dated as of
                , 2017, between the Issuer and Computershare Trust Company, N.A., as Warrant Agent, relating to the Series A and Series B Warrants issuable
thereunder. 
 “ERISA” means the Employee Retirement Income Security Act of 1974 and any regulations promulgated
thereunder. 
 “Euroclear” means Euroclear Bank, S.A./N.V., as operator of the Euroclear system. 

“Event of Default” shall have the meaning specified in Section 7.01. 

“Excess Proceeds” means Net Proceeds that are treated as Excess Proceeds pursuant to
Section 4.04(b). 
 “Excess Proceeds Account” means an account of the Issuer or another Notes
Party that is established to serve as the Excess Proceeds Account referred to in Section 4.04(c) and is pledged to the Collateral Agent pursuant to the Security Agreement. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the Commission
promulgated thereunder. 
 “Excluded Accounts” shall have the meaning set forth in the Security Documents.  
 “Excluded Assets” means any assets of the Troms Entities and any real
property and shall otherwise have the meaning set forth in the Security Documents. 
 “Excluded Real Property” shall have
the meaning set forth in the Security Documents. 
 “Existing Indebtedness” means any Indebtedness of the Issuer and
its Subsidiaries (other than Indebtedness under the Notes) in existence on the Issue Date, until such amounts are repaid. 

“Extraordinary Receipt” means any cash and Cash Equivalent proceeds received by or paid to or for the account of (i) any
Notes Party in respect of pension plan reversions, proceeds of Recovery Events, and any indemnity payments, and (ii) in respect of the Venezuela Arbitration Award, any Subsidiary; provided, however, that an

  
 19 

 
Extraordinary Receipt shall not include cash receipts from proceeds of insurance, condemnation awards (or payments in lieu thereof) or indemnity payments to the extent that such proceeds, awards
or payments are received by any Person in respect of any third party claim against such Person and applied to pay (or to reimburse such Person for its prior payment of) such claim and the costs and expenses of such Person with respect thereto. 

“Fair Market Value” means the value that would be paid by a willing buyer to an unaffiliated willing seller in a transaction
not involving distress or necessity of either party, determined in good faith by an Officer of the Issuer. Notwithstanding the foregoing, the Fair Market Value of any cash Restricted Payment shall be its face amount. 

“Financing Facility” means each agreement (other than the Troms Credit Agreement or any Permitted Financing Agreement)
creating or evidencing Indebtedness for borrowed money in a principal amount outstanding or available for borrowing equal to or greater than $10,000,000, entered into on or after the Issue Date by a Notes Party, or in respect of which such Notes
Party is an obligor or otherwise provides a guarantee or other credit support. 
 “Flag Jurisdiction Transfer” means the
transfer of the registration and flag of a Mortgaged Vessel from one Acceptable Flag Jurisdiction to another Acceptable Flag Jurisdiction; provided that the following conditions are satisfied with respect to such transfer: 

(1) Such Flag Jurisdiction Transfer (i) does not require a transfer of title to the Mortgaged Vessel to another
Subsidiary, or (ii) if such transfer of title is required, (A) the transferee is a Notes Party, or (B) if the transferee is not a Notes Party, such transfer otherwise complies with Section 4.04(a)(iii) and the Net Proceeds (if
any) of such transfer are applied in accordance with Section 4.04(b)(i); 
 (2) In the case of a Flag Jurisdiction
Transfer that either (i) does not require a transfer of title to the Mortgaged Vessel, or (ii) involves a transfer of title to the Mortgaged Vessel to a transferee that is a Notes Party, on the Flag Jurisdiction Transfer Date, (x) the
Notes Party that will own such Mortgaged Vessel immediately following such Flag Jurisdiction Transfer shall have duly authorized, executed and delivered, and caused to be recorded (or made arrangements for the prompt recording thereof) in the
appropriate vessel registry, a Vessel Mortgage with respect to the Mortgaged Vessel being transferred (the “Transferred Vessel”), and the Vessel Mortgage shall be effective to create in favor of the Collateral Agent for the benefit
of the Secured Parties a legal, valid and enforceable first priority security interest, in and lien upon such Transferred Vessel, subject only to Permitted Liens, and (y) if the Flag Jurisdiction Transfer involves a transfer of title to the
Mortgaged Vessel to another Notes Party, the Issuer and such other Notes Party shall have fully complied with the requirements of Section 5.09. All filings, deliveries of instruments and other actions necessary

  
 20 

 
under the governing law of the applicable Vessel Mortgage or reasonably requested by the Collateral Agent to perfect and preserve such security interests, shall have been duly effected (or
arrangements for the prompt effectiveness thereof shall have been made) and the Collateral Agent shall have received reasonably detailed customary evidence thereof, including customary legal opinions on matters concerning all relevant jurisdictions;
and 
 (3) On or prior to each Flag Jurisdiction Transfer Date with respect to a Transferred Vessel, a certificate, dated as
of a recent date, signed by an Officer of the Issuer, certifying that (A) all necessary governmental (domestic and foreign) and third party approvals and/or consents in connection with the Flag Jurisdiction Transfer being consummated on such
date and otherwise referred to herein shall have been obtained and remain in effect and (B) there exists no judgment, order, injunction or other restraint prohibiting or imposing materially adverse conditions upon such Flag Jurisdiction
Transfer. 
 “Flag Jurisdiction Transfer Date” means the date on which a Flag Jurisdiction Transfer occurs. 

“Foreign Subsidiary” means any Subsidiary of the Issuer that is not a Domestic Subsidiary. 

“Form of Change of Control Purchase Notice” means the “Form of Change of Control Purchase Notice” attached hereto
as Exhibit B. 
 “Form of Notation of Guarantee” means the “Form of Notation of
Guarantee” attached hereto as Exhibit C. 
 “Form of Supplemental Indenture” means the
“Form of Supplemental Indenture” attached hereto as Exhibit D. 
 “Form of the Notes” means the “Form
of Note” attached hereto as Exhibit A. 
 “GAAP” means generally accepted accounting principles in the United
States set forth in the opinions and pronouncements of the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other
statements by such other entity as have been approved by a significant segment of the accounting profession, which are in effect on the Issue Date. If at any time any change in GAAP or the application thereof would affect the computation of any
financial ratio, basket or requirement set forth in this Indenture, (i) such ratio, basket or requirement shall continue to be computed in accordance with GAAP or the application thereof prior to such change therein and (ii) the Issuer
shall provide to the Trustee a written reconciliation between calculations of such ratio, basket or requirement made before and after giving effect to such change in GAAP or the application thereof. 

  
 21 

 “Global Note Legend” means the legend set forth in
Section 2.06(f)(i), which is required to be placed on all Global Notes issued under this Indenture. 

“Global Notes” means, individually and collectively, each of the Global Notes deposited with or on behalf of and registered
in the name of the Depository or its nominee, substantially in the form of Exhibit A hereto and that bears the Global Note Legend and that has the “Schedule of Exchanges of Interests in the Global Note” attached thereto, issued
in accordance with Section 2.06(b)(iii). 
 “Governmental Authority” means the government of the
United States or any other nation, or of any political subdivision thereof, whether state or local, and any agency, authority, instrumentality, regulatory body, court, central bank or other entity exercising executive, legislative, judicial, taxing,
regulatory or administrative powers or functions of or pertaining to government (including any supra-national bodies such as the European Union or the European Central Bank). 

“Government Securities” means securities that are: 

(1) direct obligations of the United States of America for the timely payment of which its full faith and credit is pledged,
or 
 (2) obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United
States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of America, 
 which,
in either case, are not callable or redeemable at the option of the issuers thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any such
Government Securities or a specific payment of principal of or interest on any such Government Securities held by such custodian for the account of the holder of such depository receipt; provided, that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Securities or the specific payment of principal of or interest
on the Government Securities evidenced by such depository receipt. 
 “Guarantee” means a guarantee other than by
endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or reimbursement agreements in
respect thereof, of all or any part of any Indebtedness (whether arising by virtue of agreements to keep well, to purchase assets, goods, securities or services, to take or pay or to maintain financial statement conditions or otherwise). 

  
 22 

 “Guarantors” means collectively, (1) Mare Alta do Brasil Navegacao Ltda., a
company formed under the laws of Brazil, and Tidewater Investment Coöperatief U.A., a coöperatie met uitgesloten aansprakelijkheid formed under the laws of the Netherlands, (2) each wholly owned Domestic Subsidiary of the
Issuer on the date of this Indenture, and (3) each future Subsidiary of the Issuer that executes a Note Guarantee in accordance with the provisions of this Indenture, in each case, together with their respective successors and assigns until the
Note Guarantee of such Person has been released in accordance with the provisions of this Indenture. 
 “Hazardous
Materials” means all explosive or radioactive substances or wastes and all hazardous or toxic substances, wastes or other pollutants, including petroleum or petroleum distillates, asbestos or asbestos-containing materials, polychlorinated
biphenyls, radon gas, infectious or medical wastes and all other substances or wastes of any nature regulated pursuant to any Environmental Law. 

“Hedging Obligations” means, with respect to any specified Person, the obligations of such Person under: 

(1) interest rate swap agreements (whether from fixed to floating or from floating to fixed), interest rate cap agreements and
interest rate collar agreements; 
 (2) commodity swap agreements, commodity cap agreements, commodity collar agreements,
foreign exchange contracts and currency swap agreements; 
 (3) other agreements or arrangements designed to manage interest
rates or interest rate risk either generally or under specific contingencies; and 
 (4) other agreements or arrangements
designed to protect such Person against fluctuations in currency exchange rates or commodity prices either generally or under specific contingencies. 

“incur” shall have the meaning specified in Section 4.03(a). 

“Indebtedness” means, with respect to any specified Person, any indebtedness of such Person (excluding accrued expenses and
trade payables), whether or not contingent: 
 (1) in respect of borrowed money; 

(2) evidenced by bonds, notes, debentures or similar instruments or letters of credit (or reimbursement agreements in respect
thereof); 
 (3) in respect of banker’s acceptances; 

(4) representing Capital Lease Obligations; 

  
 23 

 (5) representing the balance deferred and unpaid of the purchase price of any
property or services due more than six months after such property is acquired or such services are completed; or 
 (6)
representing any Hedging Obligations, 
 if and to the extent any of the preceding items (other than letters of credit and Hedging Obligations) would appear
as a liability upon a balance sheet of the specified Person prepared in accordance with GAAP. In addition, the term “Indebtedness” includes all Indebtedness of others secured by a Lien on any asset of the specified Person (whether
or not such Indebtedness is assumed by the specified Person) and, to the extent not otherwise included, the Guarantee by the specified Person of any Indebtedness of any other Person, which amount shall be calculated as the lesser of (1) the
Fair Market Value of the assets securing such Indebtedness and (2) the amount of such Indebtedness. 
 “Indenture”
means this instrument as originally executed or, if amended or supplemented as herein provided, as so amended or supplemented. 

“Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 

“Insurance Assignments” means each of the first priority assignments of insurances with respect to a Mortgaged Vessel(s) made
or to be made by a Notes Party in favor of the Collateral Agent in respect of a Mortgaged Vessel, in a form substantially consistent with the form attached to the Plan Supplement, with such variations as are required to reflect any applicable local
law requirements. 
 “Intercreditor Agreement” shall have the meaning specified in Section 13.04.

 “Interest Payment Date” means each February 1, May 1, August 1 and November 1 of each year, beginning on November 1,
2017; provided, however, that if any Interest Payment Date falls on a date that is not a Business Day, such payment of interest will be postponed until the next succeeding Business Day, and no interest or other amount will accrue
during the period of such postponement. 
 “Interest Record Date,” with respect to any Interest Payment Date, means the
January 15, April 15, July 15 or October 15 (whether or not such day is a Business Day) immediately preceding the applicable February 1, May 1, August 1 or November 1 Interest Payment Date, respectively. 

“Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons
(including Affiliates) in the forms of loans (including Guarantees or other obligations), advances or capital contributions (excluding accounts receivable, trade credit, advances to customers and commission, travel and similar advances to directors,
officers, employees and consultants, in each case made in the ordinary course of business), purchases or other acquisitions for consideration of 

  
 24 

 
cash, Cash Equivalents, Indebtedness, Equity Interests or other securities, together with all items that are or would be classified as investments on a balance sheet (excluding the footnotes)
prepared in accordance with GAAP. If the Issuer or any Subsidiary of the Issuer sells or otherwise disposes of any Equity Interests of any direct or indirect Subsidiary of the Issuer such that, after giving effect to any such sale or disposition,
such Person is no longer a Subsidiary of the Issuer, the Issuer will be deemed to have made an Investment on the date of any such sale or disposition equal to the Fair Market Value of the Issuer’s Investments in such Subsidiary that were not
sold or disposed of in an amount determined as provided in Section 4.01(c). The acquisition by the Issuer or any Subsidiary of the Issuer of a Person that holds an Investment in a third Person will be deemed to be an
Investment by the Issuer or such Subsidiary in such third Person in an amount equal to the Fair Market Value of the Investments held by the acquired Person in such third Person in an amount determined as provided in
Section 4.01(c). Except as otherwise provided in this Indenture, the amount of an Investment will be determined at the time the Investment is made and without giving effect to subsequent changes in value. 

“Issue Date” means the date of initial issuance of the Notes under this Indenture. 

“Issuer” means Tidewater Inc., a Delaware corporation, and subject to Article 6, shall include its
successors and assigns. 
 “Issuer Charter” means the Issuer’s Amended and Restated Certificate of Incorporation, as
in effect on the Issue Date. 
 “Laws” means, collectively, all international, foreign, Federal, state and local statutes,
treaties, rules, guidelines, regulations, ordinances, codes and administrative or judicial precedents or authorities, including the interpretation or administration thereof by any Governmental Authority charged with the enforcement, interpretation
or administration thereof, and all applicable administrative orders, licenses, authorizations and permits of, and agreements with, any Governmental Authority, in each case whether or not having the force of Law. 

“Legal Defeasance” shall have the meaning specified in Section 12.02. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in
respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a
security interest in and any filing of or agreement to give any financing statement under the UCC (or equivalent statutes) of any jurisdiction. 

“Liquidity” of any Person means the cash and Cash Equivalents that would be presented on a consolidated balance sheet of such
Person. 

  
 25 

 “Material Adverse Effect” means (a) a material adverse change in, or a
material adverse effect on, the operations, business, assets or condition (financial or otherwise) of the Issuer and its Subsidiaries taken as a whole; (b) a material adverse effect on the rights and remedies of the Trustee or any Noteholder
under any Notes Document, or on the ability of any Notes Party to perform its obligations under any Notes Document to which it is a party; or (c) a material adverse effect upon the legality, validity, binding effect or enforceability against
any Notes Party of any Notes Document to which it is a party. 
 “Maturity Date” means August 1, 2022; provided,
however, that if such date is not a Business Day, the Maturity Date shall be the next succeeding Business Day. 

“Measurement Period” means, at any date of determination, the most recently completed four fiscal quarters of the Issuer.

 “MFN Event” shall have the meaning specified in Section 4.17. 

“Mortgaged Vessel” means, at any time, each of the following: (a) each vessel identified on Schedule 2 to the Security
Agreement (as the same may be supplemented from time to time) and (b) each other Vessel subject to a Vessel Mortgage granted to the Collateral Agent for the benefit of the Secured Parties. 

“Net Proceeds” means the aggregate cash and Cash Equivalent proceeds received by the Issuer or any of its Subsidiaries in
respect of any Asset Sale (including, without limitation, any cash and Cash Equivalents received upon the sale or other disposition of any non-cash consideration received in any Asset Sale), net of
(1) the costs relating to such Asset Sale and the sale or disposition of such non cash consideration, including, without limitation, legal, accounting and investment banking fees, sales commissions, relocation expenses incurred as a result
thereof and taxes paid or payable as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements), (2) amounts required to be applied to the repayment of Indebtedness (other than the
Obligations) secured by a Lien on the asset or assets that were the subject of such Asset Sale, (3) any cash reserve for adjustment in respect of the sale price of such asset or assets established in accordance with GAAP and (4) any funded
escrow established pursuant to the documents evidencing any such sale or disposition to secure any indemnification obligations or adjustments to the purchase price associated with any such sale or disposition (provided that to the extent that
any amounts are released from such reserve or such escrow to the Issuer or a Subsidiary, such amounts net of any related expenses shall constitute Net Proceeds). For the avoidance of doubt, Net Proceeds received by any of the Issuer’s non-wholly owned Subsidiaries shall only consist of the Issuer’s or its Subsidiary’s ownership percentage of such Net Proceeds. 

“Note” means one of the Notes (as defined in the preamble to this Indenture). 

“Notes Documents” means the Notes, the Note Guarantees, this Indenture and the Security Documents. 

  
 26 

 “Note Guarantees” means the Guarantee by each Guarantor of the Issuer’s
obligations under this Indenture, the Notes and the other Notes Documents given by such Guarantor pursuant to the provisions of this Indenture. 

“Note Liens” means all Liens in favor of the Collateral Agent on Collateral securing the Secured Obligations. 

“Note Register” means, collectively, the register maintained in such office or in any other office or agency of the Issuer
designated pursuant to Section 5.02. 
 “Noteholder,” “Holder” or
“holder,” as applied to any Note, or other similar terms (but excluding the term “beneficial holder”), shall mean any Person in whose name at the time a particular Note is registered on the Note Register. 

“Notes Parties” means the Issuer and each Guarantor. 

“Obligations” means any principal, interest (including any interest accruing subsequent to the filing of a petition in
bankruptcy, reorganization or similar proceeding at the rate provided for in the documentation with respect thereto, whether or not such interest is an allowed claim under applicable state, federal or foreign law), premium (including Applicable
Premium), penalties, fees, indemnifications, reimbursements (including, without limitation, reimbursement obligations with respect to letters of credit and banker’s acceptances), covenants, damages and other liabilities, whether direct or
indirect (including those acquired by assumption), absolute or contingent, due or to become due, and guarantees of payment of such principal, interest, premium (including Applicable Premium), penalties, fees, indemnifications, reimbursements,
covenants, damages and other liabilities, payable under the documentation governing any Indebtedness. 
 “OFAC” means the
Office of Foreign Assets Control, United States Department of the Treasury. 
 “OFAC Listed Person” means a Person that is,
or is owned or controlled by any Person that is (i) currently the subject or target of any Sanctions, (ii) included on the List of Specially Designated Nationals published by the United States Office of Foreign Asset Control, as amended
from time to time, or (iii) organized, resident or having a place of business in a Designated Jurisdiction. 
 “OFAC Sanctions
Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing. A list of OFAC Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx. 

“Officer” means the principal executive officer, the principal financial officer, the treasurer, the assistant treasurer, the
principal accounting officer, any executive vice president, or any vice president of the Issuer. 

  
 27 

 “Officer’s Certificate” means a certificate signed by an Officer of the
Issuer that is delivered to the Trustee. Each such certificate (other than delivered pursuant to Section 5.07 of this Indenture) shall include the statements provided for in Section 14.05 if and to
the extent required by the provisions of such Section. 
 “OID Legend” means the legend set forth in
Section 2.06(f)(ii). 
 “Opinion of Counsel” means an opinion from legal counsel who is
reasonably acceptable to the Trustee. Each such opinion shall include the statements provided for in Section 14.05 if and to the extent required by the provisions of such Section and may be subject to customary
assumptions, exceptions and qualifications. 
 “Organization Documents” means, (a) with respect to any corporation,
the certificate or articles of incorporation and the bylaws (or equivalent or comparable constitutive documents with respect to any non-U.S. jurisdiction and with respect to a corporation incorporated in the
Netherlands, the deed of incorporation and articles of association); (b) with respect to any limited liability company, the certificate or articles of formation or organization and operating agreement (or equivalent or comparable constitutive
documents with respect to any non-U.S. jurisdiction); and (c) with respect to any partnership, joint venture, trust or other form of business entity, the partnership, joint venture or other applicable
agreement of formation or organization and any agreement, instrument, filing or notice with respect thereto filed in connection with its formation or organization with the applicable Governmental Authority in the jurisdiction of its formation or
organization and, if applicable, any certificate or articles of formation or organization of such entity. 
 “outstanding,”
when used with reference to Notes, shall, subject to Sections 2.08, 2.09, and 2.13 mean, as of any particular time, all Notes authenticated and delivered by the Trustee under this Indenture, except: 

(1) Notes theretofore canceled by the Trustee or accepted by the Trustee for cancellation; 

(2) Notes, or portions thereof, for the payment or purchase of which, pursuant to this Indenture, monies in the necessary
amount shall have been deposited in trust with the Trustee or with any Paying Agent (other than the Issuer) or shall have been set aside and segregated in trust by the Issuer (if the Issuer shall act as its own Paying Agent), in each case, in
accordance with the terms of Article 12; provided that, if any such Note is purchased in accordance with Section 5.08, the Holder thereof shall have delivered a Change of Control Purchase Notice in form
attached as Exhibit B to the Note, in accordance with Section 5.08; and 
 (3) Notes that have
been paid pursuant to Section 2.08 or Notes in lieu of which, or in substitution for which, other Notes shall have been authenticated and delivered pursuant to the terms of Section 2.07 unless
proof satisfactory to the Trustee is presented that any such Notes are held by protected purchasers in due course. 

  
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 “Owned Vessel” means, at any time, each vessel owned by the Issuer or any of its
Subsidiaries at such time. 
 “Parallel Debt”: shall have the meaning set forth in Section 13.03. 

“Participant” means, with respect to the Depository, Euroclear or Clearstream, a Person who has an account with the
Depository, Euroclear or Clearstream, respectively (and, with respect to DTC, shall include Euroclear and Clearstream). 
 “Paying
Agent” shall have the meaning specified in Section 2.03. 
 “Permitted Business” means a
business in which the Issuer and its Subsidiaries were engaged or proposed to be engaged on the date of this Indenture and any business similar, reasonably related, incidental, ancillary or complementary thereto. 

“Permitted Debt” shall have the meaning specified in Section 4.03(b). 

“Permitted Financing Arrangement” means a transaction or transactions whereby the Issuer or any of its Subsidiaries sells a
portion of its accounts receivable relating to such transactions to fund certain contracts or activities and: 
 (a) the
Issuer or such Subsidiary, prior to entering into such transaction, shall have provided the Trustee with copies of all documentation regarding such Permitted Financing Arrangements; 

(b) all or substantially all of the proceeds of such transaction are received in cash; 

(c) the aggregate amount of the accounts receivable sold pursuant to all such transactions shall not exceed $50,000,000
outstanding at any time; 
 (d) such transaction shall be without recourse to the Issuer and its Subsidiaries other than
customary recourse terms provided for in the applicable documentation (in connection with customary representations made with respect to the applicable receivables); 

(e) any discount rate applicable to such transaction shall be reasonable and customary based on market terms at such time; and

 (f) prior to and after giving effect to such transaction, no Default or Event of Default shall have occurred and be
continuing. 

  
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 “Permitted Investments” means: 

(1) Investments held in the form of cash or Cash Equivalents; 

(2) Investments by any Notes Party or any Subsidiary in any other Notes Party or Subsidiary; provided that (i) to
the extent permitted by applicable Law, such Investments by any Notes Party to a Subsidiary who is not a Guarantor shall be made as intercompany loans, (ii) any portion of such Investments that are made by Notes Parties as intercompany loans
shall be evidenced, to the extent permitted by applicable Law, by an intercompany note pledged to the Collateral Agent for the benefit of the Secured Parties in accordance with the Security Agreement, substantially in the form of Exhibit E
attached hereto, (iii) no Default or Event of Default exists or would result from the making of such Investment, and (iv) to the extent such Investments are made as loans by Subsidiaries that are not Notes Parties (other than the Troms
Entities), such loans shall be subordinated and made junior to the payment and performance of the Secured Obligations; 

(3) Guarantees not otherwise prohibited by this Indenture; 

(4) Investments constituting any Equity Interests received in a settlement of Indebtedness created in the ordinary course of
business and owed to the Issuer or a Subsidiary; 
 (5) other Investments existing as of the Issue Date and described on
Schedule 4.01; 
 (6) so long as no Default or Event of Default shall have occurred and be continuing, Investments by
any Notes Party or any Subsidiary in another Person and in any joint venture entity; provided that the aggregate amount of all such Investments shall not exceed (i) during the period from the Issue Date to the end of fiscal year 2018,
the lesser of 25% of Consolidated Total Assets and $75,000,000, (ii) during the period from the Issue Date to the end of fiscal year 2019, the lesser of 25% of Consolidated Total Assets and $150,000,000, (iii) during the period from the Issue Date
to the end of fiscal year 2020, the lesser of 25% of Consolidated Total Assets and $225,000,000 and (iv) during fiscal year 2021 and thereafter, 25% of Consolidated Total Assets less the total amount of Investments made pursuant to this clause
(6) after the Issue Date and prior to fiscal year 2021; and 
 (7) Hedging Obligations permitted under
Section 4.03(b)(xi). 
 “Permitted Liens” means: 

(1) Liens created on or after the Issue Date to secure the Secured Obligations; 

  
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 (2) Liens existing on the Issue Date and listed on Schedule 4.06 and any
replacements, renewals or extensions thereof (including if an early buy-out option is exercised in connection with a Sale-Leaseback Arrangement listed on Schedule 1.01A, then the subsequent sale-leaseback of
such Vessel shall be considered a renewal), provided that (i) the property covered thereby is not changed, (ii) the original principal amount secured or benefited thereby is not increased, and (iii) the direct or any contingent
obligor with respect thereto is not changed; 
 (3) Liens for taxes, assessments and other governmental charges or levies
not yet delinquent, or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with respect thereto are maintained on the books of the applicable Person in accordance with GAAP or secure
amounts that are not material to the value of the properties to which such Liens attach; 
 (4) Liens (other than Liens on
Vessels) imposed by Law including, without limitation, landlord’s, carriers’, warehousemen’s, mechanics’, materialmen’s, repairmen’s, operator’s, vendor’s, supplier’s, worker’s, construction or other
like Liens, in each case, arising in the ordinary course of business which are not overdue for a period of more than 30 days or which are being contested in good faith and by appropriate proceedings diligently conducted, if adequate reserves with
respect thereto are maintained on the books of the applicable Person, or secure amounts that are not material to the value of the properties to which such Liens attach; 

(5) Permitted Maritime Liens; 

(6) pledges or deposits in the ordinary course of business in connection with workers’ compensation, unemployment
insurance and other social security Laws or similar legislation, other than any Lien imposed by ERISA; 
 (7) deposits, or
cash or other property pledged to secure reimbursement obligations with respect to letters of credit, to secure the performance of bids, trade contracts and leases (other than Indebtedness), statutory obligations, surety and appeal bonds,
performance bonds, temporary importation bonds, foreign exchange transactions, and other obligations of a like nature incurred in the ordinary course of business; 

(8) Liens (other than Liens on Vessels) incidental to the conduct of business and the ownership of property and assets
including, without limitation, ground leases, leases of office space, easements, rights-of-way, restrictions and other similar encumbrances affecting real property which
do not in the aggregate materially detract from the value of the property subject thereto or materially impair the use of such property in the ordinary operation of the business of the applicable Person; 

  
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 (9) Liens (other than Liens on Vessels) securing judgments for the payment of
money not constituting an Event of Default under Section 7.01(a)(vi); 
 (10) Liens on property,
other assets or shares of stock of a Person at the time such Person becomes a Subsidiary (or at the time the Issuer or a Subsidiary acquires such property, other assets or shares of stock, including any acquisition by means of a merger,
consolidation or other business combination transaction with or into any Subsidiary); provided, that such Liens (i) are not created, incurred or assumed in anticipation of or in connection with such other Person becoming a Subsidiary (or
such acquisition of such property, other assets or stock); and (ii) do not extend to any assets other than the specific property, other assets or stock (plus improvements, accession, proceeds or dividends or distributions in connection with the
original property, other assets or stock) encumbered by such Liens on the date that such property, other assets or stock is acquired or such Person is merged into or consolidated with the Issuer or any of its Subsidiaries or otherwise becomes a
Subsidiary of the Issuer; 
 (11) Liens (i) of a collecting bank arising under
Section 4-210 of the UCC on items in the course of collection and (ii) in favor of a banking institution arising as a matter of Law encumbering deposits (including the right of set-off) and which are within the general parameters customary in the banking industry; 

(12) Liens in respect of any Synthetic Lease Obligations; 

(13) Liens in respect of the Sale-Leaseback Arrangements; 

(14) Liens on assets or property of any Subsidiary (other than any Notes Party) securing Indebtedness or other obligations of
such Subsidiary owing to the Issuer or another Subsidiary; 
 (15) Liens resulting from extensions, renewals or replacements
of the Liens permitted by clause (10) provided that (i) there is no increase in the original principal amount of the debt secured thereby and (ii) any new Lien attaches only to the same property that was subject to the
earlier Lien; 
 (16) construction or inchoate Liens securing progress payments on vessels under construction; 

(17) Liens securing Indebtedness permitted under Section 4.03(b)(v); provided that
(i) such Liens and the Indebtedness secured thereby are incurred within 180 days prior to or within 180 days after such acquisition or the completion of such acquisition, construction or improvement, (ii) the Indebtedness secured thereby
does not exceed by more than a de minimis amount the cost of acquiring, constructing or improving such fixed or capital assets and (iii) such Liens shall not apply to any other property or assets of the Issuer or any Subsidiary; 

  
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 (18) Liens (other than Liens on Vessels) securing obligations and other
liabilities arising in the ordinary course of business; provided that such obligations and liabilities do not constitute Indebtedness; and provided further that the aggregate book value of the assets that are subject to such
Liens shall not exceed $10,000,000 at any time; 
 (19) Liens securing Indebtedness permitted under
Section 4.03(b)(ix); provided that such Liens rank junior in priority to those securing the Secured Obligations and are subject to an intercreditor agreement containing terms substantially consistent with the terms
in the term sheet attached as Exhibit F; 
 (20) Liens on accounts receivable sold or to be sold pursuant to Permitted
Financing Arrangements; and 
 (21) cash collateral posted to support Hedging Obligations permitted under
Section 4.03(b)(xi). 
 For purposes of determining compliance with Section 4.06, (a) a Lien securing an
item of Indebtedness need not be permitted solely by reference to one category (or portion thereof) of Permitted Liens described in clauses (1) through (21) above but may be permitted in part under any combination thereof, and (b) in
the event that a Lien securing an item of Indebtedness (or any portion thereof) meets the criteria of one or more of the categories of Permitted Liens described in clauses (1) through (21) above, the Issuer shall, in its sole discretion,
divide, classify or reclassify, or later divide, classify, or reclassify, such Lien securing such item of Indebtedness (or any portion thereof) in any manner that complies (based on circumstances existing at the time of such division, classification
or reclassification) with such covenant. 
 “Permitted Maritime Liens” means at any time with respect to a Vessel: 

(1) Liens for crews’ wages (including the wages of the master of such Vessel) that are incurred and are outstanding in
the ordinary course of business and (i) are not yet overdue for more than thirty (30) days or (ii) are being contested in good faith by appropriate proceedings provided that the Issuer and/or its relevant Subsidiary has set aside on
its books adequate cash reserves with respect to such contested amount and (A) if the subject Vessel is a Mortgaged Vessel, such cash reserves are included in the Collateral and such Vessel has not been scheduled by the court in such
proceedings for judicial sale or otherwise rendered a forfeiture or Total Loss and (B) if the subject Vessel is not a Mortgaged Vessel, such Lien would not reasonably be expected to have a Material Adverse Effect; 

(2) Liens for salvage (including contract salvage) or general average, and Liens for wages of stevedores employed by the owner
of such Vessel, the master of such Vessel or a charterer or lessee of such Vessel, which in each case have existed for not more than sixty (60) days unless (i) such Lien is 

  
 33 

 
being contested in good faith by appropriate proceedings, (ii) the Issuer and/or its relevant Subsidiary has set aside on its books adequate cash reserves with respect to such contested
amount and (iii) if the subject Vessel is a Mortgaged Vessel, such cash reserves are included in the Collateral and such Vessel has not been scheduled by the court in such proceedings for judicial sale or otherwise rendered a forfeiture or
Total Loss, or if the subject Vessel is not a Mortgaged Vessel, such Lien would not reasonably be expected to have a Material Adverse Effect; 

(3) shipyard Liens, Liens for necessaries and other Liens arising by operation of law arising in the ordinary course of
business in operating, maintaining and repairing such Vessel (other than those referred to in (1) and (2) above), which in each case have existed for not more than sixty (60) days unless (i) any such Lien is being contested in good
faith by appropriate proceedings, (ii) the Issuer and/or its relevant Subsidiary has set aside on its books adequate cash reserves with respect to such contested amount and (iii) if the subject Vessel is a Mortgaged Vessel, such cash
reserves are included in the Collateral and such Vessel has not been scheduled by the court in such proceedings for judicial sale or otherwise rendered a forfeiture or Total Loss, or if the subject Vessel is not a Mortgaged Vessel, such Lien would
not reasonably be expected to have a Material Adverse Effect; 
 (4) Liens for damages arising from maritime torts which are
(i) unclaimed, (ii) in respect of which a bond or other security has been posted on behalf of the relevant Notes Party with the appropriate court to prevent the arrest or secure the release of such Vessel from arrest within fifteen
(15) days of seizure, (iii) if the subject Vessel is a Mortgaged Vessel, are being contested in good faith by appropriate proceedings, the Issuer and/or its relevant Subsidiary has set aside on its books adequate cash reserves with respect
to such contested amount and such cash reserves are included in the Collateral and such Vessel has not been scheduled by the court in such proceedings for judicial sale or otherwise rendered a forfeiture or Total Loss or (iv) if the subject
Vessel is not a Mortgaged Vessel, are being contested in good faith by appropriate proceedings, the Issuer and/or its relevant Subsidiary has set aside on its books adequate cash reserves with respect to such contested amount and such proceedings
would not reasonably be expected to have a Material Adverse Effect; 
 (5) Liens (other than Liens referred to in clause
(2)) that are covered by insurance (subject to reasonable deductibles); and 
 (6) Liens for charters or subcharters or
leases or subleases permitted under this Indenture or the Security Documents; provided that any such Lien shall be permitted only to the extent it is subordinate to the Lien of the Vessel Mortgage (if any) in respect of such Vessel. 

“Permitted Refinancing Indebtedness” means any Indebtedness of the Issuer or any of its Subsidiaries issued in exchange for,
or the net proceeds of which are used to renew, refund, refinance, replace, defease or discharge other Indebtedness of the Issuer or any of its Subsidiaries (other than intercompany Indebtedness); provided, that: 

  
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 (1) the principal amount (or accreted value, if applicable) of such Permitted
Refinancing Indebtedness does not exceed the principal amount (or accreted value, if applicable) of the Indebtedness renewed, refunded, refinanced, replaced, defeased or discharged (plus all accrued interest on the Indebtedness and the amount of all
fees and expenses, including premiums, incurred in connection therewith); 
 (2) such Permitted Refinancing Indebtedness has
a final maturity date that is equal to or later than the final maturity date of, and has a Weighted Average Life to Maturity equal to or greater than the Weighted Average Life to Maturity of, the Indebtedness being renewed, refunded, refinanced,
replaced, defeased or discharged; 
 (3) if the Indebtedness being renewed, refunded, refinanced, replaced, defeased or
discharged is subordinated in right of payment to the Notes, such Permitted Refinancing Indebtedness has a final maturity date equal to or later than the final maturity date of, and is subordinated in right of payment to, the Notes on terms at least
as favorable to the Noteholders as those contained in the documentation governing the Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; 

(4) such Indebtedness is incurred either by the Issuer or by the Subsidiary who is the obligor on the Indebtedness being
renewed, refunded, refinanced, replaced, defeased or discharged; 
 (5) if the Indebtedness being renewed, refunded,
refinanced, replaced, defeased or discharged is unsecured or secured by a Lien that is junior in priority to the Note Liens, such Permitted Refinancing Indebtedness shall be unsecured or secured by a Lien ranking junior in priority to the Note
Liens; 
 (6) is not secured by a Lien on any assets other than the collateral securing the Indebtedness being renewed,
refunded, refinanced, replaced, defeased or discharged; 
 (7) such Indebtedness is not recourse to any additional Person
other than all or any of such Persons that were obligated with respect to the Indebtedness that is being renewed, refunded, refinanced, replaced, defeased or discharged; 

(8) is payment and/or lien subordinated to the Secured Obligations at least to the same extent and in the same manner as the
Indebtedness being renewed, refunded, refinanced, replaced, defeased or discharged; and 
 (9) is not entered into as part
of a sale-leaseback transaction. 

  
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 “Person” means any individual, corporation, partnership, joint venture,
association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 

“Plan Supplement” means the Plan Supplement referred to in Section 2 of the Restructuring Support Agreement, dated as of
May 11, 2017 among the Issuer and its creditors named therein. 
 “preferred stock” means any Equity Interest with
preferential rights of payment of dividends or upon liquidation, dissolution, or winding up. 
 “Recovery Event” means any
settlement of or payment in respect of any property or casualty insurance claim (excluding any claim in respect of business interruption to the extent the proceeds constitute compensation for lost earnings), including the Total Loss of any Owned
Vessel, or any condemnation, appropriation, seizure or similar proceeding or act relating to any asset of a Notes Party or any of its Subsidiaries. 

“Registrar” shall have the meaning specified in Section 2.03. 

“Responsible Officer” means, when used with respect to the Trustee or Collateral Agent, any officer within the corporate
trust department of the Trustee or Collateral Agent, as applicable, (or any successor group of the Trustee or Collateral Agent, as applicable), having direct responsibility for the administration of this Indenture to whom any corporate trust matter
is referred because of such person’s knowledge of and familiarity with the particular subject and who shall have direct responsibility for the administration of this Indenture. 

“Restricted Investment” means an Investment other than a Permitted Investment. 

“S&P” means Standard & Poor’s Ratings Group. 

“Sale-Leaseback Arrangements” means (a) those certain lease financing arrangements described on Schedule 1.01A
and (b) any lease financings with respect to the States Tide and the Southern Tide Vessels owned by Tide States, L.L.C. or Tide States Vessels, L.L.C. 

“Sanction(s)” means any sanction laws relating to terrorism and anti-money laundering administered or enforced by the United
States government (including, without limitation, OFAC), the United Nations Security Council, the European Union, or Her Majesty’s Treasury. 

  
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 “Secured Obligations” means the Obligations of the Notes Parties under the
Notes, this Indenture, the Guarantees and the Security Documents. 
 “Secured Parties” means, collectively, the Trustee,
the Collateral Agent and the Noteholders. 
 “Securities Act” means the Securities Act of 1933, as amended, and the rules
and regulations of the Commission promulgated thereunder. 
 “Security Agreement” means that certain Security Agreement
dated as of the Issue Date, by and among the Notes Parties and the Collateral Agent, and each other security agreement delivered pursuant to Section 5.09 or Article 13. 

“Security Documents” means, collectively, the Security Agreement, the Vessel Security Documents, the Control Agreements, each
of the other collateral assignments, security agreements, pledge agreements or other similar agreements delivered to the Collateral Agent pursuant to Section 5.09 or Article 13, and each of the other agreements,
instruments or documents that creates or purports to create a Lien in favor of the Collateral Agent for the benefit of the Secured Parties. 

“Senior Debt” shall have the meaning specified in Section 5.11. 

“Significant Subsidiary” means any Subsidiary that would be a “significant subsidiary” as defined in
Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the Issue Date;
provided that for purposes of Section 7.01(a)(xii) the 20% threshold referred to in Rule 1-02 shall be reduced to 10%. 

“Stated Maturity” means, with respect to any installment of interest or principal on any series of Indebtedness, the date on
which the payment of interest or principal was scheduled to be paid in the documentation governing such Indebtedness as of the Issue Date, and will not include any contingent obligations to repay, redeem or repurchase any such interest or principal
prior to the date originally scheduled for the payment thereof. 
 “Subordinated Indebtedness” means Indebtedness of the
Issuer or any Guarantor that is (i) contractually subordinated in right of payment to the Notes or any Note Guarantee, (ii) unsecured or (iii) secured by a Lien that is junior in priority to the Note Liens. 

“Subsidiary” means, with respect to any specified Person: 

(1) any corporation, association or other business entity of which more than 50% of the total voting power of shares of Capital
Stock entitled (without regard to the occurrence of any contingency and after giving effect to any voting agreement or stockholders’ agreement that effectively transfers voting power) to vote in the election of directors, managers or trustees
of the corporation, 

  
 37 

 
association or other business entity is at the time owned or controlled, directly or indirectly, by that Person or one or more of the other Subsidiaries of that Person (or a combination thereof);
and 
 (2) any partnership (a) the sole general partner or the managing general partner of which is such Person or a
Subsidiary of such Person or (b) the only general partners of which are that Person or one or more Subsidiaries of that Person (or any combination thereof). 

Unless otherwise specified, all references herein to a “Subsidiary” or to “Subsidiaries” shall refer to a Subsidiary or
Subsidiaries of the Issuer. 
 “Successor Issuer” shall have the meaning specified in
Section 6.01(a)(ii). 
 “Synthetic Lease Obligation” means the monetary obligation of a Person
under (a) a so-called synthetic, off-balance sheet or tax retention lease, or (b) an agreement for the use or possession of property (including sale-leaseback
transactions), in each case, creating obligations that do not appear on the balance sheet of such Person but which, upon the application of any Debtor Relief Laws to such Person, would be characterized as the indebtedness of such Person (without
regard to accounting treatment). 
 “Taxes” means all present or future taxes, levies, imposts, duties, deductions,
withholdings (including backup withholding), assessments, fees or other charges imposed by any Governmental Authority, including any interest, additions to tax or penalties applicable thereto. 

“Total Loss” means, with respect to a Vessel, (a) the actual or constructive total loss or compromised, agreed or
arranged total loss of such Vessel, (b) the loss, theft or destruction of such Vessel or damage thereto to such extent as shall make repair thereof uneconomical or as shall render such Vessel permanently unfit for normal use for any reason
whatsoever, or (c) the requisition of title to or other compulsory acquisition of such Vessel (otherwise than by requisition for hire). 

“TMII” means Tidewater Marine International, Inc. 

“Treasury Rate” means, as of the applicable redemption date, as determined by the Issuer, the yield to maturity as of such
redemption date of United States Treasury securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two business days prior to such
redemption date (or, if such statistical release is no longer published, any publicly available source of similar market data)) most nearly equal to the period from such redemption date to the Maturity Date; provided, however, that if
the period from such redemption date to the Maturity Date, as applicable, is less than one year, the weekly average yield on actively traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

  
 38 

 “Troms Agent” means DNB Bank ASA, New York Branch, in its capacity as agent for
the Troms Lenders, together with its successors and assigns. 
 “Troms Credit Agreement” means that certain Amended and
Restated Term Loan Facility Agreement, originally dated as of May 25, 2012 (as amended, and as further amended and restated by an amendment and restatement agreement no. 4 as of the Issue Date) entered into between (a) Troms Offshore
Supply AS, as borrower, (b) the Troms Lenders, (c) the Issuer and its wholly owned Domestic Subsidiaries as corporate guarantors, (d) DNB Bank ASA, Grand Cayman Branch as bank guarantor, (e) the Troms Agent, and (f) DNB
Markets, Inc. as arranger and bookrunner. 
 “Troms Entities” means each of Troms Offshore Supply AS, Troms Offshore Fleet
Holding AS, Troms Offshore Fleet 1 AS, Troms Offshore Fleet 2 AS, Troms Offshore Fleet 3 AS, Troms Offshore Fleet 4 AS and JB Holding Company BV. 

“Troms Lenders” means the lenders party to the Troms Credit Agreement. 

“Trustee” means the Person named as the “Trustee” in the first paragraph of this Indenture until a successor
Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder. 

“Trust Indenture Act” means the Trust Indenture Act of 1939 as it was in force at the date of execution of this Indenture;
provided, however, that in the event the Trust Indenture Act of 1939 is amended after the date hereof, the term “Trust Indenture Act” shall mean, to the extent required by such amendment, the Trust Indenture Act of 1939, as
so amended. 
 “United States” means the United States of America. 

“U.S. Person” means a U.S. Person as defined in Rule 902(k) promulgated under the Securities Act. 

“Venezuela Arbitration Award” means the compensation award, in an aggregate amount of approximately $53,700,000 as of
December 31, 2016, made in March 13, 2015 to certain of the Issuer’s Subsidiaries by a three member tribunal constituted under the rules of the World Bank’s International Centre for the Settlement of Investment Disputes
(“ICSID”) in connection with the Bolivarian Republic of Venezuela’s (“Venezuela”) expropriation of such Subsidiaries’ investments in Venezuela (as such award was modified on December 27, 2016 by an
annulment committee formed under the rules of ICSID). 
 “Vessel” means, at any time, each Owned Vessel and each Chartered
Vessel. 
 “Vessel Mortgage” means a first preferred ship mortgage (or vessel mortgage having similar priorities under the
relevant jurisdiction under which such 

  
 39 

 
Mortgaged Vessel is flagged) covering an Owned Vessel (or first preferred fleet mortgages covering more than one Owned Vessel) executed and delivered by the Notes Party that is the owner of such
Mortgaged Vessel(s), in favor of the Collateral Agent for the benefit of the Secured Parties, in a form substantially consistent with the applicable form attached to the Plan Supplement, with such variations as are required by applicable local law.

 “Vessel Security Documents” means, collectively, the Earnings Assignments, the Insurance Assignments and the Vessel
Mortgages. 
 “Voting Stock” of any specified Person as of any date means the Capital Stock of such Person that is at the
time entitled to vote in the election of the Board of Directors of such Person. 
 “Warrant Agreements” means the Equity
Warrant Agreement and the Creditor Warrant Agreement. 
 “Weighted Average Life to Maturity” means, when applied to any
Indebtedness at any date, the number of years obtained by dividing: 
 (1) the sum of the products obtained by multiplying
(a) the amount of each then remaining installment, sinking fund, serial maturity or other required payments of principal, including payment at final maturity, in respect of the Indebtedness, by (b) the number of years (calculated to the
nearest one-twelfth) that will elapse between such date and the making of such payment; by 

(2) the then outstanding principal amount of such Indebtedness. 

Section 1.02 Rules of Construction . Unless the context otherwise requires: 

(i) a term has the meaning assigned to it; 

(ii) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(iii) “or” is not exclusive; 

(iv) words in the singular include the plural, and in the plural include the singular; 

(v) all other terms used herein which are defined in the Trust Indenture Act, or the Securities Act of 1933, either directly
or by reference therein, have the meanings assigned to them therein; 
 (vi) provisions apply to successive related events
and transactions; 

  
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 (vii) references to sections of or rules under the Securities Act and the
Exchange Act shall be deemed to include substitute, replacement or successor sections or rules adopted by the Commission from time to time; 

(viii) references to any statute, law, rule or regulation shall be deemed to refer to the same as from time to time amended
and in effect and to any successor statute, law, rule or regulation; 
 (ix) references to any contract, agreement or
instrument shall mean the same as amended, modified, replaced, supplemented or amended and restated from time to time, in each case, in accordance with any applicable restrictions contained in this Indenture; and 

(x) “including” means “including, without limitation.” 

Section 1.03 Accounting Terms. 

(a) Generally. All accounting terms not specifically or completely defined herein shall be construed in conformity with, and all
financial data (including financial ratios and other financial calculations) required to be submitted pursuant to this Indenture shall be prepared in conformity with, GAAP applied on a consistent basis, as in effect from time to time, except
as otherwise specifically prescribed herein. Notwithstanding the foregoing, for purposes of determining compliance with any covenant (including the computation of any financial covenant) contained herein, Indebtedness of the Issuer and its
Subsidiaries shall be deemed to be carried at 100% of the outstanding principal amount thereof, and the effects of FASB ASC 825 on financial liabilities shall be disregarded. 

Article 2. 
 ISSUE,
DESCRIPTION, EXECUTION, 
 REGISTRATION AND EXCHANGE OF NOTES 

Section 2.01 Form and Dating . 

(a) General. The Notes and the Trustee’s certificate of authentication will be substantially in the form of Exhibit A
hereto. The Notes may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note will be dated the date of its authentication. The Notes shall be in minimum denominations of $1.00 and integral multiples of $1.00
in excess thereof. 
 The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this
Indenture and the Issuer, the Guarantors and the Trustee, by their execution and delivery of this Indenture (or any indenture supplemental hereto), expressly agree to such terms and provisions and to be bound thereby. However, to the extent any
provision of any Note conflicts with the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 

  
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 The Notes shall be issued under the Second Amended Joint Prepackaged Chapter 11 Plan of
Reorganization of Tidewater Inc. and its Affiliated Debtors, dated July 13, 2017, pursuant to Section 1145 of the U.S. Bankruptcy Code. 

(b) Global Notes. Notes issued in global form will be substantially in the form of Exhibit A hereto (including the Global Note
Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form will be substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon
and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note will represent such of the outstanding Notes as will be specified therein and each shall provide that it represents the
aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges,
redemptions and transfers of interests. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of outstanding Notes represented thereby will be made by the Trustee or the Custodian, at
the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06. The aggregate principal amount outstanding of any Global Note shall be reflected in the books and
records of the Trustee. 
 Section 2.02 Execution and Authentication . At least one Officer must sign the Notes for the Issuer
by manual or facsimile signature. 
 If an Officer whose signature is on a Note no longer holds that office at the time a Note is
authenticated, the Note will nevertheless be valid. 
 A Note will not be valid until authenticated by the manual signature of an authorized
officer of the Trustee. The signature will be conclusive evidence that the Note has been authenticated under this Indenture. 
 The Trustee
will, upon receipt of a written order of the Issuer signed by an Officer (an “Authentication Order”), authenticate Notes for original issue that may be validly issued under this Indenture. The aggregate principal amount of Notes
outstanding at any time may not exceed the aggregate principal amount of Notes, except as provided in Section 2.07. 

The Trustee may appoint an authenticating agent acceptable to the Issuer to authenticate Notes. An authenticating agent may authenticate Notes
whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the same rights as an Agent to deal with Holders, the Issuer or an Affiliate of the
Issuer. 
 Section 2.03 Registrar and Paying Agent . The Issuer will maintain an office or agency where Notes may be presented
for registration of transfer or for exchange (“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their 

  
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transfer and exchange. The Issuer may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar”
includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer will
notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as Registrar or Paying Agent, the Trustee shall act as such. The Issuer or any of its
Subsidiaries may not act as Paying Agent or Registrar. 
 The Issuer initially appoints The Depository Trust Company
(“DTC”) to act as Depository with respect to the Global Notes. 
 The Issuer initially appoints the Trustee to act as the
Registrar and Paying Agent and to act as Custodian with respect to the Global Notes, and the Trustee hereby agrees so to initially act. 

Section 2.04 Paying Agent to Hold Money in Trust . The Issuer will require each Paying Agent other than the Trustee to agree in
writing that the Paying Agent will hold in trust for the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium, if any, or interest on the Notes, and will notify the Trustee in writing of any
default by the Issuer in making any such payment. While any such default continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to
the Trustee. Upon payment over to the Trustee, the Paying Agent will have no further liability for the money. Upon any bankruptcy of the Issuer, the Trustee shall be the Paying Agent. 

Section 2.05 Holder Lists . The Trustee will preserve in as current a form as is reasonably practicable the most recent list
available to it of the names and addresses of all Holders. If the Trustee is not the Registrar, the Issuer will furnish to the Trustee at least seven Business Days before each Interest Payment Date and at such other times as the Trustee may request
in writing, a list in such form and as of such date as the Trustee may reasonably require of the names and addresses of the Noteholders. 

Section 2.06 Transfer and Exchange . 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred except as a whole by the Depository to a nominee of
the Depository, by a nominee of the Depository to the Depository or to another nominee of the Depository, or by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository. All Global Notes will be
exchanged by the Issuer for Definitive Notes if: 
 (i) the Issuer delivers to the Trustee notice from the Depository that
it is unwilling or unable to continue to act as Depository or that it is no longer a clearing agency registered under the Exchange Act and, in either 

  
 43 

 
case, a successor Depository is not appointed by the Issuer within 90 days after the date of such notice from the Depository; or 

(ii) there has occurred and is continuing an Event of Default with respect to the Notes and the Depository so requests. 

Upon the occurrence of the preceding event in (i) above, Definitive Notes shall be issued in such names as the Depository shall instruct the Trustee in
writing. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any portion thereof,
pursuant to this Section 2.06 or Section 2.07 or Section 2.10, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be
exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b), (c)
or (f). 
 (b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial
interests in the Global Notes will be effected through the Depository, in accordance with the provisions of this Indenture and the Applicable Procedures. 

(c) Transfer or Exchange of Beneficial Interests for Definitive Notes. 

(i) Beneficial Interests in Global Notes to Definitive Notes. If any holder of a beneficial interest in a Global Note
proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction by such holder of the requirements of the
Applicable Procedures, the Trustee will cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to Section 2.06(g), and the Issuer will execute and the Trustee will, upon
receipt of an Authentication Order, authenticate and deliver to the Person designated in the instructions a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this
Section 2.06(c)(i) will be registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest requests through instructions to the Registrar from or through the
Depository and the Participant or Indirect Participant. The Trustee will deliver such Definitive Notes to the Persons in whose names such Notes are so registered. 

(d) Transfer and Exchange of Definitive Notes for Beneficial Interests. 

(i) Definitive Notes to Beneficial Interests in Global Notes. A Holder of a Definitive Note may exchange such Note for
a beneficial interest in a Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a Global Note at any time. 

  
 44 

 (ii) Upon receipt of a request for such an exchange or transfer, the Trustee
will cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes. 

(iii) If any such exchange or transfer from a Definitive Note to a beneficial interest is effected pursuant to clause
(ii) or this clause (iii) at a time when a Global Note has not yet been issued, the Issuer will issue and, upon receipt of an Authentication Order in accordance with Section 2.02, the Trustee will authenticate one
or more Global Notes in an aggregate principal amount equal to the principal amount of Definitive Notes so transferred. 
 (e) Transfer
and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with this Section 2.06(e), the Registrar will register the transfer or exchange of
Definitive Notes. Prior to such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the
Registrar duly executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the following
provisions of this Section 2.06(e). 
 (i) Definitive Notes to Definitive Notes. A Holder
of Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of a Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Definitive Notes pursuant to the
instructions from the Holder thereof. 
 (f) Legends. The following legends will appear on the face of all Global Notes and
Definitive Notes issued under this Indenture unless specifically stated otherwise in the applicable provisions of this Indenture. 

(i) Global Note Legend. Each Global Note will bear a legend in substantially the following form: 

“THIS GLOBAL NOTE IS HELD BY THE DEPOSITORY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT
OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (2) THIS GLOBAL
NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT 

  
 45 

 
TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS
GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITORY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER. 
 UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITORY TO A NOMINEE OF THE DEPOSITORY OR BY A NOMINEE OF THE DEPOSITORY TO THE DEPOSITORY OR ANOTHER NOMINEE OF THE DEPOSITORY OR BY THE
DEPOSITORY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITORY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITORY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK)
(“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE
REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.” 
 (ii) OID Legend. To the extent
required by Section 1275(c)(1)(A) of the Internal Revenue Code of 1986, as amended, and Treasury Regulation Section 1.1275-3(b), each Note issued at a discount to its stated
redemption price at maturity shall bear a legend (the “OID Legend”) in substantially the following form (with any necessary amendments thereto to reflect any amendments occurring after the Issue Date to the applicable sections): 

“FOR THE PURPOSES OF SECTIONS 1272, 1273 AND 1275 OF THE INTERNAL REVENUE CODE OF 1986, AS AMENDED, THIS NOTE IS BEING ISSUED WITH
ORIGINAL ISSUE DISCOUNT. YOU MAY CONTACT THE ISSUER AT TIDEWATER INC., 6002 ROGERDALE ROAD, SUITE 600, HOUSTON, TEXAS 77072, ATTENTION: CHIEF FINANCIAL OFFICER, AND THE ISSUER WILL PROVIDE YOU WITH THE ISSUE PRICE, THE AMOUNT OF ORIGINAL ISSUE
DISCOUNT, THE ISSUE DATE AND THE YIELD TO MATURITY OF THIS NOTE.” 

  
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 (g) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial
interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or cancelled in whole and not in part, each such Global Note will be returned to or retained and cancelled by
the Trustee in accordance with Section 2.11. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a
beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depository at
the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global
Note will be increased accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depository at the direction of the Trustee to reflect such increase. 

(h) General Provisions Relating to Transfers and Exchanges. 

(i) To permit registrations of transfers and exchanges, the Issuer will execute and the Trustee will authenticate Global Notes
and Definitive Notes upon receipt of an Authentication Order in accordance with Section 2.02 or at the Registrar’s request. 

(ii) No service charge will be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note
for any registration of transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any stamp or transfer tax or similar governmental charge payable in connection therewith (other than any such stamp or transfer taxes or
similar governmental charge payable upon exchange or transfer pursuant to Section 2.10, Article 3 and Sections 4.04, 5.08 and 12.04). 

(iii) The Registrar will not be required to register the transfer of or exchange of any Note selected for redemption in whole
or in part, except the unredeemed portion of any Note being redeemed in part. 
 (iv) All Global Notes and Definitive Notes
issued upon any registration of transfer or exchange of Global Notes or Definitive Notes will be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive
Notes surrendered upon such registration of transfer or exchange. 
 (v) Neither the Registrar nor the Issuer will be
required: 
 (1) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of
business 

  
 47 

 
15 days before the day of any selection of Notes for redemption under Section 4.04 and ending at the close of business on the day of selection; 

(2) to register the transfer of or to exchange any Note selected for redemption in whole or in part, except the unredeemed
portion of any Note being redeemed in part; or 
 (3) to register the transfer of or to exchange a Note between an Interest
Record Date and the next succeeding Interest Payment Date. 
 (vi) Prior to due presentment for the registration of a
transfer of any Note, the Trustee, any Agent and the Issuer may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for
all other purposes, and none of the Trustee, any Agent or the Issuer shall be affected by notice to the contrary. 
 (vii)
The Trustee will authenticate Global Notes and Definitive Notes in accordance with Section 2.02. 

(viii) All certifications, certificates and Opinions of Counsel required to be submitted to the Registrar pursuant to this
Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 

(ix) To the extent that any Notes are issued at a discount to their stated redemption price at maturity and bear the OID
Legend, each group of Notes bearing a given amount of original issue discount shall be treated as a separate series only for purposes of the transfer and exchange provisions of this Section 2.06 and may trade under a
separate CUSIP number. 
 (x) Neither the Trustee nor any agent of the Trustee shall have any responsibility for any actions
taken or not taken by the Depository. 
 (xi) The Trustee shall have no responsibility or obligation to any Participant or
Indirect Participant or any other Person with respect to the accuracy of the books or records, or the acts or omissions, of the Depository or its nominee or of any Participant or member thereof, with respect to any ownership interest in the Notes or
with respect to the delivery to any Participant or Indirect Participant or other Person (other than the Depository) of any notice (including any notice of redemption) or the payment of any amount, under or with respect to such Notes. All notices and
communications to be given to the Holders and all payments to be made to Holders under the Notes shall be given or made only to or upon the order of the registered Holders (which shall be the Depository or its nominee in the case of a Global Note).
The rights of beneficial owners in any Global Note shall be exercised only through the Depository subject to the customary procedures of the Depository. The Trustee may rely and shall be fully protected in relying in good faith upon information
furnished by the Depository with respect to its Participants or Indirect Participants. 

  
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 (xii) The Trustee shall have no obligation or duty to monitor, determine or
inquire as to compliance with any restrictions on transfer imposed under this Indenture or under applicable law with respect to any transfer of any interest in any Note (including any transfers between or among Participants or Indirect Participants
in any Global Note) other than to require delivery of such certificates and other documentation or evidence as are expressly required by, and to do so if and when expressly required by, the terms of this Indenture, and to examine the same to
determine substantial compliance as to form with the express requirements hereof. 
 Section 2.07 Replacement Notes . If any
mutilated Note is surrendered to the Trustee or the Issuer and the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Issuer will issue and the Trustee, upon receipt of an Authentication Order, will
authenticate a replacement Note if the Trustee’s requirements are met. If required by the Trustee or the Issuer, an indemnity bond must be supplied by the Holder that is sufficient in the judgment of the Trustee and the Issuer to protect the
Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Issuer may charge for its expenses in replacing a Note. 

Every replacement Note is an additional obligation of the Issuer and will be entitled to all of the benefits of this Indenture equally and
proportionately with all other Notes duly issued hereunder. 
 Section 2.08 Outstanding Notes. The Notes outstanding at any
time are all the Notes authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation, those reductions in the interest in a Global Note effected by the Trustee in accordance with the provisions, and those
described in this Section 2.08 as not outstanding. Except as set forth in Section 2.09 and Section 2.13, a Note does not cease to be outstanding because the Issuer or an
Affiliate of the Issuer holds the Note. 
 If a Note is replaced pursuant to Section 2.07, it ceases to be
outstanding unless the Trustee receives proof satisfactory to it that the replaced Note is held by a protected purchaser. 
 If the
principal amount of any Note is considered paid under Section 5.01, it ceases to be outstanding and interest on it ceases to accrue. 

If the Paying Agent (other than the Issuer, a Subsidiary or an Affiliate of any thereof) holds, on a redemption date or maturity date, money
sufficient to pay Notes payable on that date, then on and after that date such Notes will be deemed to be no longer outstanding and will cease to accrue interest. 

  
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 Section 2.09 Treasury Notes. In determining whether the Holders of the required
principal amount of Notes have concurred in any direction, waiver or consent, Notes owned by the Issuer or any Subsidiary of the Issuer, or by any Person directly or indirectly controlling the Issuer or directly or indirectly controlled by the
Issuer or any Subsidiary of the Issuer, will be considered as though not outstanding, except that for the purposes of determining whether the Trustee will be protected in relying on any such direction, waiver or consent, only Notes that a
Responsible Officer of the Trustee knows are so owned will be so disregarded. Upon request of the Trustee, the Issuer shall furnish to the Trustee promptly an Officer’s Certificate listing and identifying all Notes, if any, known by the Issuer
to be owned or held by or for the account of any of the above described Persons, and the Trustee shall be entitled to accept and rely upon such Officer’s Certificate as conclusive evidence of the facts therein set forth and of the fact that all
Notes not listed therein are outstanding for the purpose of any determination. 
 Section 2.10 Temporary Notes. Until
certificates representing Notes are ready for delivery, the Issuer may prepare and the Trustee, upon receipt of an Authentication Order, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but
may have variations that the Issuer considers appropriate for temporary Notes and as may be reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer will prepare and the Trustee will, upon receipt of an Authentication Order,
authenticate definitive Notes in exchange for temporary Notes. 
 Holders of temporary Notes will be entitled to all of the benefits of this
Indenture. 
 Section 2.11 Cancellation. The Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar
and Paying Agent will forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel all Notes surrendered for registration of transfer, exchange, payment, replacement
or cancellation and will destroy cancelled Notes (subject to the Trustee’s procedures and the record retention requirement of the Exchange Act). Certification of the cancellation of Notes will be delivered to the Issuer upon request. The Issuer
may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 
 Section 2.12
Defaulted Interest . If the Issuer defaults in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent lawful, interest payable on the defaulted interest, to the Persons who are Holders
on a subsequent special record date, in each case at the rate provided in the Notes and in Section 5.01. The Issuer will notify the Trustee in writing of the amount of defaulted interest proposed to be paid on each Note and
the date of the proposed payment. The Issuer will fix or cause to be fixed each such special record date and payment date; provided that no such special record date may be less than 10 days prior to the related payment date for such defaulted
interest. At least 15 days before the special record date, the Issuer (or, upon the written request of the Issuer, the Trustee in the name and at the expense of the Issuer) will send or cause to be sent to Holders a notice that states the special
record date, the related payment date and the amount of such interest to be paid. 

  
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 Section 2.13 Purchases. The Issuer may also from time to time purchase the Notes in
open market purchases or negotiated transactions without prior notice to Noteholders. Any Notes purchased by the Issuer shall be deemed for all purposes to be no longer outstanding under this Indenture (except that, until surrendered to the Trustee,
such Notes shall remain outstanding solely for the purposes of payment of interest). 
 Section 2.14 Who Are Deemed Absolute
Owners. The Issuer, the Trustee, any authenticating agent, any Paying Agent, and any Registrar may deem the Person in whose name a Note shall be registered upon the Note Register to be, and may treat it as, the absolute owner of such Note
(whether or not such Note shall be overdue and notwithstanding any notation of ownership or other writing thereon made by any Person other than the Issuer or any Registrar) for the purpose of receiving payment of or on account of the principal of
and accrued and unpaid interest on such Note, for conversion or purchase of such Note and for all other purposes; and neither the Issuer nor the Trustee nor any Paying Agent nor any Registrar shall be affected by any notice to the contrary. All such
payments so made to any Holder for the time being, or upon its order, shall be valid, and, to the extent of the sum or sums so paid, effectual to satisfy and discharge the liability for monies payable upon any such Note. Notwithstanding the
foregoing, nothing herein shall prevent the Issuer, the Trustee or any agent of the Issuer or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depository or impair, as between the Depository
and its agent members, the Applicable Procedures or the operation of customary practices of the Depository governing the exercise of the rights of a holder of a beneficial interest in any Global Note. 

Article 3. 

REDEMPTION 

Section 3.01 Optional Redemption. The Issuer may redeem the Notes, in whole or from time to time in part, subject to the
conditions and at the redemption prices set forth in Paragraph 5 of the form of Note set forth in Exhibit A hereto, which is hereby incorporated by reference and made a part of this Indenture, together with accrued and unpaid interest, if any, to,
but excluding, the redemption date (subject to the right of Holders of record on the relevant record date to receive interest due on the relevant Interest Payment Date). 

Section 3.02 Mandatory Redemption. The Notes will not have the benefit of any sinking fund or be subject to mandatory redemption.

 Section 3.03 Notices to Trustee. If the Issuer elects to redeem Notes pursuant to Section 3.01, it
shall notify the Trustee, Registrar and each Paying Agent in writing of (a) the Section of this Indenture and the Notes pursuant to which the redemption shall occur (including the relevant provision of the Notes), (b) the redemption

  
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date, (c) the principal amount of Notes to be redeemed and (d) the redemption price. The Issuer shall give notice to the Trustee provided for in this paragraph at least 30 days but not
more than 60 days before a redemption date. If fewer than all the Notes are to be redeemed, the record date relating to such redemption shall be selected by the Issuer and given to the Trustee. Any such notice pursuant to
Section 3.01 may be cancelled at any time prior to notice of such redemption being mailed to any Holder and shall thereby be void and of no effect. 

Section 3.04 Selection of Notes to be Redeemed. If less than all of the Notes are to be redeemed at any time pursuant to
Section 3.01, the Trustee will select Notes for redemption on a pro rata basis (and in the case of global notes, subject to the procedures of DTC), unless otherwise required by law or applicable stock exchange
requirements; provided, that no Notes of $1.00 or less shall be purchased or redeemed in part. 
 Notwithstanding anything else
contained in this Section 3.04, the parties acknowledge and agree that any partial redemption of a Global Note will be made by the Depository among the Beneficial Owners in accordance with the rules and regulations of the
Depository and that the Trustee shall have no liability in connection with the selection of Beneficial Owners whose interest in the Global Note will be redeemed or any other actions taken by the Depository in connection therewith, and by accepting
the Notes, the Holders shall waive and release any and all such liability. 
 Section 3.05 Notice of Redemption. 

(a) At least 30 days but not more than 60 days before a redemption date pursuant to Section 3.01 (except that
redemption notices may be sent more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes pursuant to Article 12 hereof or a satisfaction and discharge of this
Indenture pursuant to Article 11 hereof), the Issuer shall mail or cause to be mailed by first-class mail (or transmitted otherwise in accordance with the applicable procedures of DTC) a notice of redemption to each Holder
whose Notes are to be redeemed. Any such notice shall identify the Notes to be redeemed and shall state: 
 (i) the
redemption date; 
 (ii) the redemption price and the amount of accrued interest to the redemption date; 

(iii) the name and address of the Paying Agent; 

(iv) the provision of the Notes or this Indenture pursuant to which the redemption is occurring; 

(v) that Notes called for redemption must be surrendered to the Paying Agent to collect the redemption price; 

  
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 (vi) if fewer than all the outstanding Notes are to be redeemed, the certificate
numbers and principal amounts of the particular Notes to be redeemed, the aggregate principal amount of Notes to be redeemed and the aggregate principal amount of Notes to be outstanding after such partial redemption; 

(vii) that, unless the Issuer defaults in making such redemption payment or the Paying Agent is prohibited from making such
payment pursuant to the terms of this Indenture, interest on Notes (or portion thereof) called for redemption ceases to accrue on and after the redemption date; 

(viii) the CUSIP number, ISIN and/or “Common Code” number, if any, printed on the Notes being redeemed; and

 (ix) that no representation is made as to the correctness or accuracy of the CUSIP number or ISIN and/or “Common
Code” number, if any, listed in such notice or printed on the Notes. 
 (b) At the Issuer’s request, the Registrar and each Paying
Agent shall give the notice of redemption in the Issuer’s name and at the Issuer’s expense. In such event, the Issuer shall provide the Registrar and each Paying Agent with the information required by this
Section 3.05 at least five Business Days (or such shorter period of time as may be acceptable to the Registrar and Paying Agent) prior to the date such notice is to be provided to Holders in the final form such notice is to
be delivered to Holders. 
 Section 3.06 Effect of Notice of Redemption. Once notice of redemption is mailed in accordance with
Section 3.05, Notes called for redemption become due and payable on the redemption date and at the redemption price stated in the notice, except as provided in the final sentence of Paragraph 5 of the form of Note set
forth in Exhibit A hereto. A notice of redemption may be conditioned upon the happening of an event, provided such event is described in the redemption notice, but otherwise shall be unconditional. Upon surrender to the Paying Agent, such Notes
shall be paid at the redemption price stated in the notice; provided, however, that if the redemption date is after a regular Interest Record Date and on or prior to the Interest Payment Date, the accrued interest shall be payable to
the Holder of the redeemed Notes registered on the relevant Interest Record Date. Failure to give notice or any defect in the notice to any Holder shall not affect the validity of the notice to any other Holder. 

Section 3.07 Deposit of Redemption Price. Prior to 12:00 noon New York City time on each redemption date, the Issuer shall
deposit with the Paying Agent an amount of money, in immediately available funds, sufficient to pay the redemption price of all Notes to be redeemed on that date. The Paying Agent shall promptly return to the Issuer any amount so deposited that is
not required for that purpose, except with respect to monies owed as obligations to the Trustee pursuant to Article 7. 

  
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 Unless the Issuer defaults in the payment of the redemption price, interest will cease to accrue
on the Notes or portions thereof called for redemption on the applicable redemption date whether or not such Notes are presented for payment. 

Section 3.08 Notes Redeemed In Part. Upon surrender of a Note that is redeemed or purchased in part, the Issuer shall issue and,
upon receipt of an Authentication Order, the Trustee shall authenticate for the Holder at the expense of the Issuer a new Note in principal amount equal to the unredeemed portion of the Note being redeemed or purchased in part in the name of the
Holder thereof. 
 Article 4. 

NEGATIVE COVENANTS 

Section 4.01 Restricted Payments. 

(a) The Issuer will not, and will not permit any of its Subsidiaries to, directly or indirectly: 

(i) declare or pay any dividend or make any other payment or distribution on account of the Issuer’s or any of its
Subsidiaries’ Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Issuer or any of its Subsidiaries) or to the direct or indirect holders of the Issuer’s or any of its
Subsidiaries’ Equity Interests in their capacity as such (other than dividends, payments or distributions payable (1) in Equity Interests (other than Disqualified Stock) of the Issuer and (2) to the Issuer or a Subsidiary of the
Issuer; 
 (ii) purchase, redeem, defease or otherwise acquire or retire for value (including, without limitation, in
connection with any merger or consolidation involving the Issuer) any Equity Interests of the Issuer or any direct or indirect parent of the Issuer; 

(iii) make any payment (other than any regularly scheduled principal and/or interest payment) on or with respect to, or
purchase, redeem, defease or otherwise acquire or retire for value, any Subordinated Indebtedness of the Issuer or any Guarantor (excluding any intercompany Indebtedness between or among the Issuer and any of its Subsidiaries), except a payment of
interest or principal at the Stated Maturity thereof; or 
 (iv) make any Restricted Investment; 

(all such payments and other actions set forth in these clauses (i) through (iv) above being collectively referred to as “Restricted
Payments”). 

  
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 (b) Section 4.01(a) will not prohibit any of the following actions,
provided that no Default or Event of Default shall have occurred and be continuing at the time thereof: 
 (i) each
Subsidiary may make Restricted Payments to the Issuer, any Guarantors and any other Person that owns a direct Equity Interest in such Subsidiary, ratably according to their respective holdings of the type of Equity Interest in respect of which such
Restricted Payment is being made; 
 (ii) the Issuer and each Subsidiary may declare and make dividend payments or other
distributions payable solely in the common stock or other common Equity Interests of such Person; 
 (iii) the Issuer may
(x) issue Equity Interests in accordance with and pursuant to the terms of the Warrant Agreements and (y) pay cash or other property to holders of warrants pursuant to Section 6(c) of the Equity Warrant Agreement and Section 6(c)
of the Creditor Warrant Agreement; and 
 (iv) (x) the Issuer may redeem Equity Interests through the issuance and delivery
of warrants as provided in Section 11.6(c) of the Issuer Charter and (y) at any time when the Issuer may redeem Equity Interests pursuant to Section 11.6(c) of the Issuer Charter in exchange for cash and/or “Redemption
Notes” (as defined in the Issuer Charter), the Issuer may redeem Equity Interests in exchange for Redemption Notes (but not for cash) as provided in Section 11.6(c) of the Issuer Charter; 

(c) The amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment of the
asset(s) or securities proposed to be transferred or issued by the Issuer or such Subsidiary, as the case may be, pursuant to the Restricted Payment. 

Section 4.02 Limitation on Restrictions on Distributions from Subsidiaries. 

(a) The Issuer will not, and will not permit any Subsidiary to, create or otherwise cause or permit to exist or become effective any
consensual encumbrance or consensual restriction on the ability of any such Subsidiary to: 
 (i) pay dividends or make any
other distributions on its Capital Stock or pay any Indebtedness or other obligations owed to the Issuer or any Subsidiary (it being understood that the priority of any preferred stock in receiving dividends or liquidating distributions prior to
dividends or liquidating distributions being paid on Common Stock shall not be deemed a restriction on the ability to make distributions on Capital Stock); 

(ii) make any loans or advances to the Issuer or any Subsidiary (it being understood that the subordination of loans or
advances made to the Issuer or any Subsidiary to other Indebtedness incurred by the Issuer or any Subsidiary shall not be deemed a restriction on the ability to make loans or advances); or 

  
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 (iii) sell, lease or transfer any of its property or assets to the Issuer or any
Subsidiary. 
 (b) The preceding provisions will not prohibit: 

(i) any encumbrance or restriction pursuant to or by reason of an agreement in effect at or entered into on the Issue Date,
including, without limitation, any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings thereof; provided that such amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings are no more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in such agreements as in effect on the Issue Date or will not
materially adversely affect the ability of the Issuer to make payments on the Notes when due (as to which a determination in good faith by the Board of Directors of the Issuer shall be conclusive); 

(ii) any encumbrance or restriction with respect to a Person pursuant to or by reason of an agreement relating to any Capital
Stock or Indebtedness incurred by a Person on or before the date on which such Person was acquired by the Issuer or another Subsidiary (other than Capital Stock or Indebtedness incurred as consideration in, or to provide all or any portion of the
funds utilized to consummate, the transaction or series of related transactions pursuant to which such Person was acquired by the Issuer or a Subsidiary or otherwise incurred in contemplation of the transaction) and outstanding on such date;
provided that any such encumbrance or restriction shall not extend to any assets or property of the Issuer or any other Subsidiary other than the assets and property so acquired; 

(iii) any encumbrance and restriction contained in contracts entered into in the ordinary course of business, not relating to
any Indebtedness, and that do not, individually or in the aggregate, detract from the value of, or from the ability of the Issuer and the Subsidiaries to realize the value of, property or assets of the Issuer or any Subsidiary in any manner material
to the Issuer or any Subsidiary; 
 (iv) with respect to any Foreign Subsidiary, any encumbrance or restriction contained in
the terms of any Indebtedness or any agreement pursuant to which such Indebtedness was incurred if either (1) the encumbrance or restriction applies only in the event of a payment default or a default with respect to a financial covenant in
such Indebtedness or agreement or (2) the Issuer determines that any such encumbrance or restriction will not materially affect the Issuer’s ability to make principal or interest payments on the Notes (as to which a determination in good
faith by the Board of Directors of the Issuer shall be conclusive); 

  
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 (v) any encumbrance or restriction with respect to a Subsidiary pursuant to an
agreement effecting a refunding, replacement or refinancing of Indebtedness incurred pursuant to an agreement referred to in clauses (i) through (iv) or clause (xii) of this paragraph or this clause (v) or contained in any amendment,
restatement, modification, renewal, supplemental, refunding, replacement or refinancing of an agreement referred to in clauses (i) through (iv) or clause (xii) of this paragraph or this clause (v); provided that the encumbrances and
restrictions with respect to such Subsidiary contained in any such agreement taken as a whole are no less favorable in any material respect to the holders of the Notes than the encumbrances and restrictions contained in the agreements governing the
Indebtedness being refunded, replaced or refinanced; 
 (vi) in the case of clause (iii) of Section 4.02(a), any
encumbrance or restriction: 
 (1) that restricts in a customary manner the subletting, assignment or transfer of any
property or asset that is subject to a lease, charter (including agreements governing chartering out, time chartering out and bareboat chartering out of any Vessel), license (including, without limitation, licenses of intellectual property) or
similar contract, or the assignment or transfer of any such lease, charter, license or similar contract, license or other contract; 

(2) contained in agreements or instruments relating to Liens permitted under this Indenture securing Indebtedness of the
Issuer or a Subsidiary that restrict the transfer of the property subject to such Liens; 
 (3) contained in any agreement
creating Hedging Obligations permitted from time to time under this Indenture; 
 (4) pursuant to customary provisions
restricting dispositions of real property interests set forth in any reciprocal easement agreements of the Issuer or any Subsidiary; 

(vii) any restriction on cash or other deposits imposed by customers under contracts entered into in the ordinary course of
business; or 
 (viii) any provision with respect to the disposition or distribution of assets or property in operating
agreements, joint venture agreements, development agreements, area of mutual interest agreements and other agreements that are customary in any industry or business in which a Permitted Business operates and entered into in the ordinary course of
business; 

  
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 (ix) any encumbrance or restriction contained in (a) purchase money
obligations for property acquired in the ordinary course of business and (b) Capital Lease Obligations permitted under this Indenture, in each case, that impose encumbrances or restrictions of the nature described in clause (iii) of
Section 4.02(a) on the property so acquired; 
 (x) any encumbrance or restriction with respect to a Subsidiary (or any
of its property or assets) imposed pursuant to an agreement entered into for the direct or indirect sale or disposition of all or a portion of the Capital Stock or assets of such Subsidiary (or the property or assets that are subject to such
restriction) pending the closing of such sale or disposition; 
 (xi) any encumbrance or restriction arising or existing by
reason of applicable law or any applicable rule, regulation or order; 
 (xii) any encumbrance or restriction contained in
agreements governing Indebtedness of the Issuer or any of its Subsidiaries permitted to be incurred pursuant to an agreement entered into subsequent to the Issue Date in accordance with this Indenture; provided that the provisions relating to
such encumbrance or restriction contained in such Indebtedness are not materially more restrictive, when taken as a whole than the provisions contained in this Indenture or in the Troms Credit Agreement as in effect on the Issue Date or will not
materially adversely affect the ability of the Issuer to make payments on the Notes when due (as to which a determination in good faith by the Board of Directors of the Issuer shall be conclusive); 

(xiii) supermajority voting requirements existing under corporate charters, bylaws, stockholders agreements and similar
documents and agreements; and 
 (xiv) any encumbrance or restriction contained in the Troms Credit Agreement as in effect
as of the Issue Date, and in any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings thereof; provided that such amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings are no more restrictive, taken as a whole, with respect to such dividend and other payment restrictions than those contained in this Indenture as in effect on the Issue Date or will not
materially adversely affect the ability of the Issuer to make payments on the Notes when due (as to which a determination in good faith by the Board of Directors of the Issuer shall be conclusive). 

  
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 Section 4.03 Incurrence of Indebtedness and Issuance of Preferred Stock. 

(a) The Issuer will not, and will not permit any of its Subsidiaries to, directly or indirectly, create, incur, issue, assume, guarantee or
otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, “incur”) any Indebtedness (including Acquired Debt), and the Issuer will not issue any Disqualified Stock and will not permit
any of its Subsidiaries to issue any Disqualified Stock or shares of preferred stock. 
 (b) Section 4.03(a) will not prohibit the
incurrence of any of the following items of Indebtedness (collectively, “Permitted Debt”): 
 (i)
Indebtedness consisting of Investments permitted under clause (2) of the definition of “Permitted Investments”; provided that all such Indebtedness owed to any Notes Party by any Subsidiary that is not a Guarantor shall be
pledged to the Collateral Agent for the benefit of the Secured Parties in accordance with the Security Agreement and shall be, to the extent permitted by applicable Law, evidenced by promissory notes which shall be delivered to the Collateral Agent
together with a corresponding instrument of transfer on the Issue Date or, if entered into after the Issue Date, within thirty (30) days after the date such Indebtedness is incurred; 

(ii) the incurrence by the Issuer and its Subsidiaries of the Existing Indebtedness (other than the Indebtedness described in
clause (i)); 
 (iii) Guarantees by a Subsidiary that is not a Guarantor of Indebtedness of another Subsidiary that is not a
Guarantor; 
 (iv) Indebtedness of a Subsidiary that is not a Guarantor outstanding at the time of its acquisition by the
Issuer or a Guarantor or assumed by such Subsidiary in connection with the acquisition of assets, provided that (i) such Indebtedness was not incurred in contemplation of becoming a Subsidiary, and (ii) at the time of such
acquisition and after giving effect thereto, no Default or Event of Default exists or would exist; 
 (v) Indebtedness in
respect of purchase money obligations for fixed or capital assets, and any Permitted Refinancing Indebtedness thereof; provided, however, that (i) the aggregate amount of all such Indebtedness at any one time outstanding shall not
exceed $100,000,000 and (ii) no Default or Event of Default exists or would result from the incurrence of such Indebtedness; 

(vi) to the extent constituting Indebtedness, obligations in respect of the Permitted Financing Arrangements; 

(vii) Indebtedness incurred pursuant to the Sale-Leaseback Arrangements involving the States Tide and the Southern Tide
Vessels; provided that the net proceeds of such Indebtedness received by the Issuer or any Subsidiary are applied pursuant to Section 4.04(e); 

(viii) Indebtedness in respect of the Secured Obligations; 

  
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 (ix) secured Indebtedness not otherwise permitted by clauses
(i) through (viii) in an aggregate amount not to exceed $200,000,000 at any one time outstanding; provided that (i) such Indebtedness has a maturity date after the Maturity Date, (ii) such Indebtedness shall be
secured by Liens on Collateral that rank junior in priority to those securing the Secured Obligations and such Liens shall be subject to an intercreditor agreement containing terms substantially consistent with the terms in the term sheet attached
as Exhibit F, (iii) the ratio of Consolidated Funded Indebtedness to Consolidated EBITDA for the most recently ended four fiscal quarters for which financial statements have been delivered in accordance with
Section 5.06(a)(i) or (ii), calculated after giving pro forma effect to such incurrence of Indebtedness, as if such incurrence had occurred at the beginning of the applicable four-quarter period, does not
exceed 3.25:1.00, and (iv) no Default or Event of Default exists or would result from the incurrence of such Indebtedness; 

(x) unsecured Indebtedness that is not otherwise permitted by clauses (i) through (viii) to the extent the
aggregate amount of such Indebtedness at any one time outstanding does not exceed $50,000,000; provided that no Default or Event of Default exists or would result from the incurrence of such Indebtedness; and 

(xi) Hedging Obligations that are incurred in the ordinary course of business (and not for speculative purposes): (1) for
the purpose of fixing or hedging interest rate risk with respect to any Indebtedness that is permitted by the terms of this Indenture to be outstanding; (2) for the purpose of fixing or hedging currency exchange rate risk with respect to any
currency exchanges; or (3) for the purpose of fixing or hedging commodity price risk with respect to any commodity purchases. 
 (c)
The Issuer will not incur, and will not permit any Guarantor to incur, any Indebtedness (including Permitted Debt) that is contractually subordinated in right of payment to any other Indebtedness of the Issuer or such Guarantor unless such
Indebtedness is also contractually subordinated in right of payment to the Notes and the applicable Note Guarantee on substantially identical terms; provided, however, that no Indebtedness will be deemed to be contractually
subordinated in right of payment to any other Indebtedness of the Issuer or any Guarantor solely by virtue of being unsecured or by virtue of being secured on a first or junior Lien basis. 

(d) For purposes of determining compliance with this Section 4.03, in the event that an item of proposed
Indebtedness meets the criteria of more than one of the categories of Permitted Debt described in clauses (i) through (xi) of Section 4.03(b), the Issuer will be permitted to classify, in its sole discretion, such
item of Indebtedness on the date of its incurrence, or later reclassify all or a portion of such item of Indebtedness, in any manner that complies with this Section 4.03 (including splitting such item into multiple
exceptions). The accrual of interest, the accretion or amortization of original issue discount, the payment of interest on any Indebtedness in the form of additional Indebtedness with the same terms, the reclassification of preferred stock as

  
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Indebtedness due to a change in accounting principles, and the payment of dividends on Disqualified Stock in the form of additional shares of the same class of Disqualified Stock will not be
deemed to be an incurrence of Indebtedness or an issuance of Disqualified Stock for purposes of this Section 4.03. Notwithstanding any other provision of this Section 4.03, the maximum amount of
Indebtedness that the Issuer or any Subsidiary may incur pursuant to this Section 4.03 shall not be deemed to be exceeded solely as a result of fluctuations in exchange rates or currency values. 

(e) The amount of any Indebtedness outstanding as of any date will be: 

(i) the accreted value of the Indebtedness, in the case of any Indebtedness issued with original issue discount; or 

(ii) the principal amount of the Indebtedness, in the case of any other Indebtedness. 

Section 4.04 Asset Sales. 

(a) The Issuer will not, and will not permit any of its Subsidiaries to, consummate an Asset Sale (it being understood that Dispositions of
all or substantially all of the assets of the Issuer and its Subsidiaries, taken as a whole (including by way of merger or consolidation), will be governed by Section 5.08 and/or Section 6.01, as
applicable, and not by this Section 4.04), unless: 
 (i) the Issuer (or the Subsidiary, as the
case may be) receives consideration at the time of the Asset Sale at least equal to the Fair Market Value of the assets or Equity Interests issued or sold or otherwise disposed of; provided that any Asset Sale consisting of (A) any Disposition
of a Vessel to any Person that is not the Issuer or an Affiliate of the Issuer for scrapping or (B) Dispositions of any property or assets (other than Vessels) that, in the Issuer’s reasonable judgment, are or have become worn out,
defective, obsolete or not used or useful in the business of the Issuer and its Subsidiaries shall not be subject to this standard; and 

(ii) except for Dispositions described in Section 4.04(a)(iii), at least 75% of the aggregate
consideration received in the Asset Sale by the Issuer or such Subsidiary is in the form of cash or Cash Equivalents, or any combination thereof. For purposes of this clause (ii), each of the following will be deemed to be cash: 

(1) any liabilities, as shown on the Issuer’s most recent consolidated balance sheet, of the Issuer or any Subsidiary
(other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or any Note Guarantee) that are assumed by the transferee of any such assets and from which the Issuer or such Subsidiary has been released from
further liability; 

  
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 (2) any securities, notes or other obligations received by the Issuer or any
such Subsidiary from such transferee that are within 180 days, subject to ordinary settlement periods, converted by the Issuer or such Subsidiary into cash or Cash Equivalents, to the extent of the cash received in that conversion; and 

(3) except in connection with the Disposition of any Vessel, any stock or assets of the kind referred to in clause
(1) or (3) of Section 4.04(b)(iv); 
 (iii) In the case of a Disposition of a Mortgaged
Vessel to a Foreign Subsidiary that is not a Notes Party, (A) the Fair Market Value (referred to in Section 4.04(a)(i)) is supported by an appraisal of such Vessel provided by an Approved Firm within 12 months prior to
such Asset Sale, (B) the purchase price for such Vessel is paid in cash and/or by delivery of an intercompany promissory note (in the form of Exhibit E attached hereto) secured by a mortgage on such Vessel (substantially in the form of the
Vessel Mortgage to which such Vessel was subject immediately prior to such sale), (C) such intercompany note and mortgage are pledged to the Collateral Agent as Collateral in accordance with the Security Agreement, (D) at the time of such
Disposition, no Default or Event of Default exists or would result from such Disposition, (E) the net book value (determined in each case at the time of such Disposition) of all Mortgaged Vessels Disposed of in Asset Sales described in this
clause (a)(iii) shall not exceed $100,000,000 in the aggregate, and (F) if any such Vessel is Disposed of by such Foreign Subsidiary, the Issuer shall cause, and the intercompany note shall require, such Foreign Subsidiary to use the Net
Proceeds of such Disposition to prepay such intercompany note. 
 (b) Upon the receipt of any Net Proceeds from an Asset Sale, or any
Extraordinary Receipts, the Issuer shall apply, or cause to be applied, the amount of such Net Proceeds or Extraordinary Receipts so received as follows: 

(i) to the extent such Net Proceeds are received with respect to the Disposition of a Vessel (including the receipt of Net
Proceeds as a prepayment on an intercompany note as described in Section 4.04(a)(iii)(F)), 65% of such Net Proceeds shall be treated as Excess Proceeds and shall be subject to the Asset Sale Offer procedure set forth in
Section 4.04(c); 
 (ii) to the extent such Net Proceeds are received with respect to the
Sale-Leaseback Arrangements, 100% of such Net Proceeds shall be treated as Excess Proceeds and shall be subject to the Asset Sale Offer procedure set forth in Section 4.04(c); 

(iii) to the extent such Net Proceeds constitute Extraordinary Receipts, 100% of such Extraordinary Receipts shall be treated
as Excess Proceeds and shall be subject to the Asset Sale Offer procedure set forth in Section 4.04(c); provided that so long as no Default or Event of Default has 

  
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occurred and is continuing, Extraordinary Receipts related to insurance proceeds may be used by the Notes Parties to repair or replace the assets corresponding to such insurance proceeds;
provided further that any Extraordinary Receipts not so used within 270 days of receipt shall be treated as Excess Proceeds and shall be subject to the Asset Sale Offer procedure set forth in Section 4.04(c);
and 
 (iv) to the extent Net Proceeds are received with respect to an Asset Sale other than as described in clauses (b)(i),
(b)(ii) or (b)(iii) above, 65% of such Net Proceeds shall be either: 
  

	 	(A)	within 270 days after the receipt of such Net Proceeds, applied either: 

  

	 	(1)	to acquire all or substantially all of the assets of, or any Capital Stock of, another Permitted Business, if, after giving effect to any such acquisition of Capital Stock, the Permitted Business is or becomes a
Subsidiary of the Issuer and a Guarantor; 

  

	 	(2)	to make a Capital Expenditure; or 

  

	 	(3)	to acquire other assets that are not classified as current assets under GAAP and that are used or useful in a Permitted Business; or 

 

	 	(B)	to the extent such Net Proceeds are not reinvested pursuant to clause (A) above, treated as Excess Proceeds and shall be subject to the Asset Sale Offer procedure set forth in
Section 4.04(c); 

 provided (x) that to the extent such assets (including Capital Stock)
are acquired with the Net Proceeds of a disposition of Collateral, the assets acquired (other than Excluded Assets) are pledged as Collateral (subject to Permitted Liens) securing the Secured Obligations under, and within the time period required
by, this Indenture and the Security Documents, and (y) that the Issuer and its Subsidiaries will be deemed to have complied with this clause (b)(iv) if and to the extent that, (I) within 270 days after the Asset Sale that generated the Net
Proceeds, the Issuer or a Subsidiary has entered into and not abandoned or rejected a binding agreement to consummate any such investment described in this clause (b)(iv) with the good faith expectation that such Net Proceeds will be applied to
satisfy such commitment within 90 days after the end of such 270-day period and (II) until such Net Proceeds are reinvested, they are deposited in a deposit account subject to a Control Agreement with
Collateral Agent. However, if such investment is not consummated within such 90 day period then the Net Proceeds will be treated as Excess Proceeds and shall be subject to the Asset Sale Offer Procedure set forth in
Section 4.04(c). 

  
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 (c) Any Net Proceeds treated as Excess Proceeds pursuant to Section 4.04(b) shall be
subject to the Asset Sale Offer procedure set forth in this Section 4.04(c). Upon receipt, and so long as such Excess Proceeds remain Excess Proceeds hereunder, such Excess Proceeds shall be maintained on deposit in the Excess Proceeds Account. When
the aggregate amount of the Excess Proceeds in the Excess Proceeds Account exceeds $10.0 million, the Issuer will, as promptly as practicable and in any event within 60 days thereof (but, unless the Issuer in its sole discretion elects
otherwise, not earlier than the date that is six months after the last Asset Sale Offer was made), make an offer to the holders of the Notes to purchase Notes pursuant to and subject to the conditions contained in this Indenture (each, an
“Asset Sale Offer”), up to the maximum amount of Notes that may be purchased out of such Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof, plus accrued and unpaid interest to, but
not including, the date fixed for the closing of such offer, in accordance with the procedures set forth in this Indenture. To the extent that the aggregate amount of Notes tendered pursuant to an Asset Sale Offer is less than such Excess Proceeds,
the Issuer may use any remaining Excess Proceeds for any purpose not otherwise prohibited by this Indenture. If the aggregate principal amount of Notes surrendered by such holders thereof exceeds the amount of such Excess Proceeds, the Notes will be
purchased on a pro rata basis based on the accreted value or principal amount of the Notes tendered (subject to adjustment to maintain the authorized minimum denominations of Notes). Upon completion of any such Asset Sale Offer, the amount of
any remaining Excess Proceeds may be withdrawn from the Excess Proceeds Account and shall no longer constitute Excess Proceeds hereunder. 

(d) The Issuer will comply with the requirements of Rule 14e-1 under the Exchange Act and any
other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with each repurchase of notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or
regulations conflict with the Asset Sale Offer provisions of this Indenture, the Issuer will not be deemed to have breached its obligations under the Asset Sale Offer provisions of this Indenture by virtue of compliance with such applicable
securities laws and regulations. 
 Section 4.05 Transactions with Affiliates. 

(a) The Issuer will not, and will not permit any of its Subsidiaries to, directly or indirectly, make any payment to, or sell, lease, transfer
or otherwise dispose of any of its properties or assets to, or purchase any property or assets from, or enter into or make or amend any arms-length transaction or series of related transactions, contract, agreement, understanding, loan, advance or
guarantee with, or for the benefit of, any Affiliate of the Issuer (each, an “Affiliate Transaction”), unless: 

(i) the Affiliate Transaction is on terms that are not less favorable to the Issuer or the relevant Subsidiary (as determined
in good faith by the Board of Directors of the Issuer) than those that would have been obtained in a comparable transaction by the Issuer or such Subsidiary with an unrelated Person; 

  
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 (ii) the Issuer delivers to the Trustee: 

(1) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration
in excess of $10.0 million, a resolution of the Board of Directors of the Issuer resolving that the Board of Directors has determined such Affiliate Transaction complies with this Section 4.05 and that such Affiliate
Transaction has been approved by a majority of the disinterested members of the Board of Directors of the Issuer; and 

(2) with respect to any Affiliate Transaction or series of related Affiliate Transactions involving aggregate consideration
in excess of $25.0 million, an opinion as to the fairness, from a financial standpoint, to the Issuer or such Subsidiary of such Affiliate Transaction issued by an accounting, appraisal or investment banking firm of national standing. 

(b) The following items will not be deemed to be Affiliate Transactions and, therefore, will not be subject to
Section 4.05(a): 
 (i) transactions between or among the Issuer and/or its Subsidiaries; 

(ii) transactions between the Issuer or any of its Subsidiaries and any Person, the sole affiliation to the Issuer or any of
its Subsidiaries of which is that a director of such Person is also a director of the Issuer or any direct or indirect parent of the Issuer; provided, however, that such director abstains from voting as a director of the Issuer or such
direct or indirect parent of the Issuer on any matter involving such other Person; 
 (iii) Restricted Payments permitted by
Section 4.01 hereof and Investments constituting Permitted Investments; or 
 (iv) the payment of
reasonable and customary fees and compensation consistent with past practice or industry practices paid to, and indemnities provided on behalf of, employees, officers, directors or consultants of the Issuer, any of its direct or indirect parent
companies or any of its Subsidiaries. 
 Section 4.06 Liens. The Issuer will not, and will not permit any of its Subsidiaries
to, directly or indirectly, create, incur, assume or suffer to exist any Lien except Permitted Liens. 
 Section 4.07 Business
Activities. The Issuer will not, and will not permit any of its Subsidiaries to, engage to any material extent in any line of business other than those lines of business conducted by the Issuer and its Subsidiaries on the Issue Date and any
business reasonably related or incidental thereto. 

  
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 Section 4.08 Payments for Consent; Consent in Contemplation of Transfer. (a) The
Issuer will not, and will not permit any of its Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or for the benefit of any Noteholder for or as an inducement to any consent, waiver or amendment of any of the
terms or provisions of this Indenture, the Security Documents or the Notes unless such consideration is offered to be paid and is paid to all Holders of the Notes that consent, waive or agree to amend in the time frame set forth in the solicitation
documents relating to such consent, waiver or agreement. Notwithstanding the foregoing, in the case of an offering of securities to Noteholders by the Issuer or any of its Subsidiaries (including, without limitation, an exchange offer) in which a
consent, waiver or amendment is sought, if such offering is intended to be exempt from the registration requirements of the Securities Act, the Issuer and its Subsidiaries may offer and issue such securities only to Noteholders who are eligible to
receive such securities in accordance with such exemption from registration, and this Section 4.08(a) shall not apply to any consent or instruction given by Noteholders which was not solicited by or on behalf of the Issuer
or any of its Affiliates. 
 (b) Any consent or waiver pursuant to Article 10 by a Holder of Notes that has transferred or has agreed
to transfer its Notes to any Notes Party or any Affiliate of any Notes Party and has provided or has agreed to provide such consent or waiver as a condition to such transfer shall be void and of no force or effect except solely as to such Holder,
and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be so effected or granted but for such consent (and the consents of other Holders of Notes that were acquired under the same or similar
conditions) shall be void and of no force or effect except solely as to such Holder. 
 Section 4.09 Security Interests. Neither
the Issuer nor any of its Subsidiaries will take or omit to take any action which would adversely affect or impair in any material respect the Note Liens in favor of the Collateral Agent with respect to the Collateral, except as otherwise permitted
or required by the Security Documents or this Indenture. The Issuer shall, and shall cause each Guarantor to, at its sole cost and expense, execute and deliver all such agreements and instruments as may be necessary or as the Collateral Agent or the
Trustee shall reasonably request to more fully or accurately describe the property intended to be Collateral or the obligations intended to be secured by the Security Documents. Subject to the terms of the Security Documents, the Issuer shall, and
shall cause each Guarantor to, at its sole cost and expense, file (or cause to be filed) any such notice filings or other agreements or instruments as may be reasonably necessary or desirable under applicable law to perfect the Note Liens created by
the Security Documents at such times and at such places as are necessary to perfect and maintain the perfection of the Note Liens or as the Collateral Agent or the Trustee may reasonably request in accordance with the Security Documents and to the
extent permitted by applicable law. 
 Section 4.10 Financial Covenants . (a) Consolidated Interest Coverage Ratio.
The Issuer shall not permit the Consolidated Interest Coverage Ratio as of the end 

  
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of any fiscal quarter of the Issuer to be less than the ratio set forth below opposite such fiscal quarter: 
  

			
	 Fiscal Quarter Ending
	  	 Minimum Consolidated

Interest Coverage Ratio

	June 30, 2017 through March 31, 2019	  	N/A
	June 30, 2019	  	0.50:1.00
	September 30, 2019	  	0.75:1.00
	December 31, 2019	  	1.00:1.00
	March 31, 2020	  	1.25:1.00
	June 30, 2020	  	1.50:1.00
	September 30, 2020	  	1.50:1.00
	December 31, 2020 and thereafter	  	2.00:1.00

 (b) Minimum Liquidity. The Issuer (i) shall not permit the Liquidity of the Notes Parties at any
time to be less than $50,000,000 in excess of the amount of cash pledged by the Notes Parties to secure letters of credit and other performance-related obligations and (ii) shall not permit the Liquidity of it and all of its Subsidiaries at any
time to be less than $100,000,000 (inclusive of the amount of cash pledged to secure letters of credit and other performance-related obligations). 

Section 4.11 Troms Credit Agreement. The Issuer shall not, and shall not permit any of its Subsidiaries to, (a) amend, modify
or change in any manner any term or condition of the Troms Credit Agreement, or (b) take any other action in connection with any Troms Credit Agreement that would impair the value of the interest or rights of any Notes Party thereunder or that
would impair the rights or interests of any Agent or any Holder. 
 Section 4.12 Equity Interests. No Subsidiary shall issue,
sell or dispose of any of its Equity Interests (other than directors’ qualifying shares or shares which are effectively controlled by the Issuer) except to the Issuer or another Subsidiary or as permitted by Sections 4.01 or 4.04
or Article 6. 
 Section 4.13 Terrorism Sanctions Regulations. The Issuer shall not and shall not permit any of its
Subsidiaries to (a) become an OFAC Listed Person, (b) have any investments in, or engage in any dealings or transactions with, any Blocked Person where such investments, dealings or transactions result in any Notes Party or Subsidiary
being in violation of any Law or regulation applicable to such holder or (c) knowingly engage in any dealings with any Blocked Person. 

Section 4.14 Sanctions. The Issuer shall not and shall not permit any of its Subsidiaries to use the proceeds of the Notes, or
lend, contribute or otherwise make available such proceeds to any Subsidiary, or knowingly to any joint venture partner or other Person in violation of applicable law, (a) to fund any activities of or business with any Person, or in any
Designated Jurisdiction, that, at the time of such funding, is the subject of Sanctions, or (b) if such use of proceeds or funding will result in a violation by any such Person of Sanctions. 

  
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 Section 4.15 Anti-Corruption. The Issuer shall not, and shall not permit any of its
Subsidiaries to, use the proceeds of the Notes for any purpose which would breach the United States Foreign Corrupt Practices Act of 1977, the UK Bribery Act 2010, or other similar anti-corruption legislation applicable in jurisdictions where the
Issuer or its Subsidiaries conduct material operations. 
 Section 4.16 Account Control Agreements. The Notes Parties shall not
open, maintain or otherwise have any deposit or other accounts (including securities accounts) at any bank or other financial institution, or any other account where money or securities are or may be deposited or maintained with any Person, other
than (a) deposit accounts that are maintained at all times with either the Collateral Agent or depositary institutions as to which the Collateral Agent shall have received a Control Agreement, (b) securities accounts that are maintained at
all times with financial institutions as to which the Collateral Agent shall have received a Control Agreement, (c) deposit accounts established solely as payroll and other zero balance accounts, (d) Excluded Accounts and (e) other
deposit accounts, so long as at any time the aggregate balance in all such accounts does not exceed $2.5 million. 
 Section 4.17
Covenant Regarding Financing Facility. (a) If the Issuer or any Notes Party enters into, amends or modifies any document evidencing or governing Indebtedness under any Financing Facility, or otherwise becomes bound or obligated under any
Financing Facility, that contains or is amended and modified to contain, one or more Additional Covenants (collectively, the “Underlying Covenant”) (including, for the avoidance of doubt, as a result of any amendment to any
Financing Facility, whether or not in effect on the Issue Date, causing it to contain one or more Additional Covenants), (with any of the foregoing referred to as an “MFN Event”) the Issuer shall comply with the provisions in
paragraph (b) below. (b) If an MFN Event occurs, the Issuer shall within 20 Business Days after the MFN Event enter into a supplemental indenture to this Indenture, which supplemental indenture shall add to the Indenture an additional covenant
or covenants (collectively, such additional covenants, the “Corresponding Covenant”) corresponding in all material respects to such Underlying Covenant (with such amendments and variations as the Issuer shall determine in good faith
are necessary or appropriate to give effect to the intention of this Section 4.17). Any supplemental indenture entered into for the purpose of adding a Corresponding Covenant to the Indenture shall provide by its terms that (i) such
Corresponding Covenant is deemed to be included in Section 4.10 of the Indenture from and after the date that the relevant Underlying Covenant has become effective, (ii) without the consent of Noteholders (or further action of any party
hereto), such Corresponding Covenant and all obligations in respect thereof shall be automatically and unconditionally extinguished for all purposes hereunder at such time as each relevant Notes Party is no longer obligated by the relevant
Underlying Covenant, (iii) without the consent of Noteholders (or further action of any party hereto), such Corresponding Covenant shall be automatically amended, modified or supplemented for all purposes hereunder at such time as the

  
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relevant Underlying Covenant is amended, modified or supplement pursuant to the terms of the relevant Financing Facility, and (iv) without the consent of Noteholders, the Issuer, the
Guarantors, the Collateral Agent and the Trustee shall, at the request of the Issuer and upon receipt of the documents required by Sections 10.06 and 14.05, enter into a further supplemental indenture in respect of the Corresponding Covenant solely
for purposes of evidencing any such automatic extinguishment, amendment, modification or supplement. 
 Section 4.18 Information
Regarding Collateral. The Notes Parties shall not affect any change (a) in any Notes Party’s legal name, (b) in the location of any Notes Party’s chief executive office, (c) in any Notes Party’s identity or
organizational structure, (d) in any Notes Party’s Federal Taxpayer Identification Number or organizational identification number, if any, or (e) in any Notes Party’s jurisdiction of organization (in each case, including by
merging with or into any other entity, reorganizing, dissolving, liquidating, reorganizing or organizing in any other jurisdiction), until (i) it shall have given the Collateral Agent not less than 30 days’ prior written notice (in an
Officer’s Certificate), or such lesser notice period agreed to by the Collateral Agent, of its intention so to do, clearly describing such change and providing such other information in connection therewith as the Collateral Agent may
reasonably request and (ii) it shall have taken all action reasonably necessary to maintain the perfection and priority of the security interest of the Collateral Agent for the benefit of the Secured Parties in the Collateral, if applicable;
provided that the notice required in subclause (i) of this Section 4.18 shall not be applicable in connection with any merger of a Notes Party with or into another Notes Party. Each Notes Party agrees to promptly provide the Collateral
Agent with certified Organization Documents reflecting any of the changes described in the preceding sentence. 
 Section 4.19 Cash
of Foreign Subsidiaries. On the Issue Date, the aggregate amount of cash and Cash Equivalents of Foreign Subsidiaries of the Issuer shall not exceed $150,000,000. 

Article 5. 
 OTHER
COVENANTS 
 Section 5.01 Payment of Principal and Interest. The Issuer covenants and agrees that it will cause to be paid
the principal (including the Change of Control Payment) of, accrued and unpaid interest, if any, and Applicable Premium, if applicable, on each of the Notes at the places, at the respective times and in the manner provided herein and in the Notes.
Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Issuer or a Subsidiary, holds as of noon New York City time on the due date money deposited by the Issuer in immediately
available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. 

  
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 Section 5.02 Maintenance of Office or Agency. The Issuer will maintain an office or
agency where the Notes may be surrendered for registration of transfer or exchange or for presentation for payment or purchase and where notices and demands to or upon the Issuer in respect of the Notes and this Indenture may be served. The Issuer
will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer shall fail to maintain any such required office or agency or shall fail to furnish the Trustee with
the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office. 
 The Issuer
may also from time to time designate co-registrars in one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such
designations; provided that no such designation or rescission shall in any manner relieve the Issuer of its obligation to maintain an office or agency for such purposes. The Issuer will give prompt written notice to the Trustee of any such
designation or rescission and of any change in the location of any such other office or agency. The term “Paying Agent” includes any such additional or other offices or agencies, as applicable. 

The Issuer hereby initially designates the Trustee as the Paying Agent, Registrar, Custodian and the Corporate Trust Office of the Trustee as
an office or agency of the Issuer for each of the aforesaid purposes; provided that the Corporate Trust Office shall not be an office or agency of the Issuer for service of legal process against the Issuer or any Guarantor. 

Section 5.03 Appointments to Fill Vacancies in Trustee’s Office. The Issuer, whenever necessary to avoid or
fill a vacancy in the office of Trustee, will appoint, in the manner provided in Section 8.12, a Trustee, so that there shall at all times be a Trustee hereunder. 

Section 5.04 Provisions as to Paying Agent. 

(a) If the Issuer shall appoint a Paying Agent other than the Trustee, the Issuer will cause such Paying Agent to execute and deliver to the
Trustee an instrument in which such agent shall agree with the Trustee, subject to this Section 5.04: 

(i) that it will hold all sums held by it as such agent for the payment of the principal (or the Change of Control Payment, if
applicable) of, and accrued and unpaid interest on, the Notes in trust for the benefit of the Holders; 
 (ii) that it will
give the Trustee prompt written notice of any failure by the Issuer to make any payment of the principal (or such Change of Control Payment, as the case may be) of, and accrued and unpaid interest on, the Notes when the same shall be due and
payable; and 
 (iii) that at any time during the continuance of an Event of Default, upon request of the Trustee, it will
forthwith pay to the Trustee all sums so held in trust. 

  
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 The Issuer shall, on or before each due date of the principal (or the Change of Control Payment, if applicable)
of, accrued and unpaid interest on, or Applicable Premium, if any, on the Notes, deposit with the Paying Agent a sum sufficient to pay such principal (or such Change of Control Payment, as the case may be) or accrued and unpaid interest, and (unless
such Paying Agent is the Trustee) the Issuer will promptly notify the Trustee in writing of any failure to take such action; provided that if such deposit is made on the due date, such deposit must be received by the Paying Agent by 12:00
noon, New York City time, on such date. 
 (b) If the Issuer shall act as its own Paying Agent, it will, on or before each due date of
the principal (or the Change of Control Payment, as the case may be) of, accrued and unpaid interest on, and Applicable Premium, if any, on the Notes, set aside, segregate and hold in trust for the benefit of the Holders a sum sufficient to pay such
principal (or such Change of Control Payment, as the case may be), accrued and unpaid interest, and Applicable Premium, if any, so becoming due and will promptly notify the Trustee in writing of any failure to take such action and of any failure by
the Issuer to make any payment of the principal (or such Change of Control Payment, as the case may be) of, and accrued and unpaid interest on, the Notes when the same shall become due and payable. The Issuer may change the Paying Agent without
prior notice to the Noteholders. 
 (c) Anything in this Section 5.04 to the contrary notwithstanding, the Issuer
may, at any time, for the purpose of obtaining a satisfaction and discharge of this Indenture, or for any other reason, pay or cause to be paid to the Trustee all sums held in trust by the Issuer or any Paying Agent hereunder as required by this
Section 5.04, such sums to be held by the Trustee upon the trusts herein contained and upon such payment by the Issuer or any Paying Agent to the Trustee, the Issuer or such Paying Agent shall be released from all further
liability with respect to such sums. 
 (d) Subject to any applicable abandoned property laws, any money deposited with the Trustee or any
Paying Agent (pursuant to Section 8.07), or then held by the Issuer, in trust for the payment of the principal (or the Change of Control Payment, if applicable) of, and accrued and unpaid interest on, any Note and remaining
unclaimed for two years after such principal (or such Change of Control Payment, as the case may be) and interest has become due and payable shall be paid to the Issuer on request of the Issuer contained in an Officer’s Certificate, or (if then
held by the Issuer) shall be discharged from such trust; and the Holder of such Note shall thereafter, as an unsecured general creditor, look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect
to such trust money, and all liability of the Issuer as trustee thereof, shall thereupon cease. 
 Section 5.05 Existence.
Subject to Article 6, the Issuer will do or cause to be done all things necessary to preserve and keep in full force and effect: 

(a) its corporate existence, and the corporate, partnership or other existence of each of its Subsidiaries, in accordance with the respective
organizational documents of the Issuer or any such Subsidiary; and 

  
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 (b) the material (i) rights (charter and statutory), (ii) licenses and
(iii) franchises of the Issuer and its Subsidiaries; 
 provided, however, that with respect to clauses (a) and (b)
above, the Issuer shall not be required to preserve any such right, license or franchise, or the corporate, partnership or other existence of any of its Subsidiaries (other than the Issuer), if the Notes Parties shall determine that the preservation
thereof is no longer desirable in the conduct of the business of the Issuer and its Subsidiaries, taken as a whole, and that the loss thereof would not reasonably be expected to have a material adverse effect on the Issuer and its Subsidiaries,
taken as a whole. 
 Section 5.06 Reports. 

(a) So long as any Notes are outstanding, whether or not the Issuer is subject to the reporting requirements of the Exchange Act, Issuer will
furnish to the Trustee and Noteholders: 
 (i) within the time period specified in the SEC’s rules and regulations,
annual reports of the Issuer for such fiscal year containing the information required to be contained in an annual report on Form 10-K (or any successor form), except to the extent permitted to be excluded by
the SEC; 
 (ii) within the time period specified in the SEC’s rules and regulations, quarterly reports of the Issuer
for such fiscal quarter containing the information required to be contained in a quarterly report on Form 10-Q (or any successor ), except to the extent permitted to be excluded by the SEC; and 

(iii) within the time period specified in the SEC’s rules and regulations, such other reports on Form 8-K (or any successor) required. 
 (b) So long as any Notes are outstanding, the Issuer will furnish to
the Trustee and Noteholders, within ten (10) Business Days after the release of the Issuer’s quarterly earnings report, a report supplementing Schedule 5.06(b), including a list of all Vessels disposed of by the Notes Party or
Subsidiary that is the owner of such Vessel(s) since the most recently delivered supplement to such Schedule (or, if no such supplement has been provided, since the Issue Date) and a description of such other changes in the information included in
such Schedule as may be necessary for such Schedule to remain accurate and complete in all respects; provided that, the information delivered pursuant to this clause (b) shall be furnished to the Trustee and shall only be made available
to Holders who request access to such information. 
 (c) The Issuer will (a) post information required to be made available hereunder
(other than reports filed with the SEC via the EDGAR system), including as required by this Section 5.06 and Section 5.07, on its website or Intralinks or a comparable password protected online
data system (which will require a confidentiality acknowledgment), and (b) arrange and participate in quarterly conference calls to discuss its results of operations no later than ten business days following the date on which each

  
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of the quarterly and annual reports are made available as provided above; provided however, that, at the sole option of the Issuer, the requirement for such quarterly conference calls can be
satisfied by any public quarterly earnings call of the Issuer for such quarter. Access to any such reports on the Issuer’s website and to such quarterly conference calls may be password protected. 

(d) Delivery of the reports required by this Section 5.06 to the Trustee is for informational purposes only and the
Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the Issuer’s compliance with any of its covenants hereunder (as to which
the Trustee is entitled to rely exclusively on Officer’s Certificates). Reports filed by the Issuer with the SEC via the EDGAR system will be deemed to be furnished to the Trustee as of the time such reports are filed via EDGAR. The Trustee
shall have no duty to access any website or Intralinks or comparable site and shall have no duty to make such documents on any such website or Intralinks or comparable site available to Holders. 

(e) The Issuer shall also comply with the provisions of the Trust Indenture Act Section 314(a). 

Section 5.07 Compliance Certificate; Statements as to Defaults. 

(a) The Issuer shall deliver to the Trustee, within 90 days after the end of each fiscal year, an Officer’s Certificate signed by the
principal executive officer or the principal financial officer stating that, in the course of the performance by the signer of his or her duties as an officer of the Issuer, he or she would normally have knowledge of any default by the Issuer in the
performance of any of its obligations contained in this Indenture and stating, as to such Officer signing such certificate, that to his or her knowledge the Issuer and the Subsidiaries are not in default in the performance or observance of any of
the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Issuers are taking or propose to
take with respect thereto). 
 (b) The Issuer shall deliver to the Trustee, within ten (10) Business Days after delivery of the reports
required by Sections 5.06(a)(i) and (ii), an Officer’s Certificate signed by the principal executive officer or the principal financial officer stating the information (including detailed calculations) required in order to establish
whether the Notes Parties were in compliance with the requirements of Articles 4, 5 and 6, during the quarterly or annual period covered by the earnings reports most recently released (including with respect to each Section of such Articles, where
applicable, the calculations of the maximum or minimum amount, ratio or percentage, as the case may be, permissible under the terms of such Sections, and the calculation of the amount, ratio or percentage then in existence). 

  
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 (c) In addition, the Issuer shall notify the Trustee, as soon as possible, and in any event
within five (5) Business Days after an Officer of the Issuer becomes aware of the occurrence of any Event of Default or Default. 
 Notice pursuant to
this Section 5.07(c) shall be accompanied by a statement setting forth details of the occurrence referred to therein and stating what action the Issuer has taken and proposes to take with respect thereto. Notice pursuant to
Section 5.07(c) shall describe with particularity any and all provisions of this Indenture and any other Notes Document that have been breached. 

Section 5.08 Repurchase at the Option of Holders upon Change of Control. 

(a) If a Change of Control occurs, unless the Issuer has previously or concurrently exercised its right to redeem all of the Notes pursuant to
Section 3.01, the Issuer shall offer to repurchase all or any part (which part shall be equal to $1.00 or an integral multiple of $1.00 in excess thereof) of that Holder’s Notes pursuant to the offer described below
(the “Change of Control Offer”) at a price in cash (the “Change of Control Payment”) equal to 101.000% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest on the Notes
repurchased, if any, to, but not including, the date of purchase, subject to the rights of Noteholders on the relevant record date to receive interest due on the relevant interest payment date. Within 30 days following any Change of Control, unless
the Issuer has previously or concurrently exercised its right to redeem all of the Notes pursuant to Section 3.01, the Issuer will mail (or send electronically if the Depository is the recipient) such Change of Control
Offer by first class mail, with a copy to the Trustee, to each Noteholder to the address of such Holder appearing in the security register or otherwise in accordance with the procedures of DTC, with the following information: 

(i) a Change of Control Offer is being made pursuant to Section 5.08 and that all Notes properly
tendered pursuant to such Change of Control Offer will be accepted for payment; 
 (ii) the purchase price and the purchase
date, which will be no earlier than 30 days nor later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); 

(iii) any Note not properly tendered will remain outstanding and continue to accrue interest; 

(iv) unless the Issuer defaults in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to
the Change of Control Offer will cease to accrue interest on, but not including, the Change of Control Payment Date; 

  
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 (v) Holders electing to have any Notes in certificated form purchased pursuant
to a Change of Control Offer will be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse side of the Notes completed, to the paying agent specified in the notice at the address
specified in the notice prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 

(vi) Holders will be entitled to withdraw their tendered Notes and their election to require the Issuer to purchase such
Notes; provided, that the paying agent receives, not later than the close of business on the third Business Day preceding the Change of Control Payment Date, a facsimile transmission or electronic transmission or letter setting forth the name
of the Noteholder, the principal amount of Notes tendered for purchase, and a statement that such Holder is withdrawing its tendered Notes and its election to have such Notes purchased; 

(vii) if such notice is mailed prior to the occurrence of a Change of Control, stating the Change of Control Offer is
conditional on the occurrence of such Change of Control; 
 (viii) Holders whose Notes are being purchased only in part will
be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered, provided that the unpurchased portion of the Note must be equal to a minimum of $1.00 and integral multiple of $1.00 in excess thereof; and

 (ix) The procedures determined by the Issuer, consistent with this Indenture, that a Holder must follow in order to have
its Notes repurchased. 
 (b) On the Change of Control Payment Date, the Issuer will, to the extent permitted by law: 

(i) accept for payment all Notes or portions of Notes (in a minimum principal of $1.00 and integral multiples of $1.00 in
excess thereof) properly tendered pursuant to the Change of Control Offer and not properly withdrawn; 
 (ii) deposit with
the paying agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered and accepted for payment; and 

(iii) deliver or cause to be delivered to the Trustee for cancellation the Notes so properly accepted, together with an
Officer’s Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Issuer. 
 The paying agent will
promptly mail to each Noteholder properly tendered and so accepted the Change of Control Payment for such Notes, and the Trustee will promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new

  
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Note equal in principal amount to any unpurchased portion of the Notes surrendered by each such Holder, if any; provided that each such new Note will be in a minimum principal amount of
$1.00 or an integral amount of $1.00 in excess thereof. Any Note so accepted for payment will cease to accrue interest on and after the Change of Control Payment Date. If the Change of Control Payment Date is on or after an interest record date and
on or before the related Interest Payment Date, any accrued and unpaid interest will be paid to the Person in whose name a Note is registered to at the close of business on such record date, and no further interest will be payable to Holders who
tender pursuant to the Change of Control Offer. The Issuer will notify the Trustee and Noteholders in writing of the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date (which may be satisfied
by disclosing such information in a report filed with the SEC or made publicly available through a broadly disseminated press release). The provisions described above that require the Issuer to make a Change of Control Offer following a Change of
Control will be applicable whether or not any other provisions of this Indenture are applicable. 
 While the Notes are in global form and
the Issuer makes an offer to purchase all or any portion of the Notes pursuant to the Change of Control Offer, a Holder may exercise its option to elect for the purchase of the Notes through the facilities of DTC, subject to its rules and
regulations. 
 (c) The Issuer will comply with the requirements of Rule 14e-1 under the
Exchange Act and any other securities laws and regulations thereunder to the extent those laws and regulations are applicable in connection with the repurchase of the Notes as a result of a Change of Control pursuant to a Change of Control Offer. To
the extent that the provisions of any securities laws or regulations conflict with this Section 5.08, the Issuer will comply with the applicable securities laws and regulations and will not be deemed to have breached its
obligations under this Section 5.08 by virtue of such compliance. 
 (d) Notwithstanding anything to the contrary
in this Section 5.08, the Issuer will not be required to make a Change of Control Offer following a Change of Control if (1) a third party makes the Change of Control Offer in the manner, at the times and otherwise in
compliance with the requirements set forth in this Section 5.08 applicable to the Issuer and purchases all Notes validly tendered and not withdrawn under such Change of Control Offer or (2) notice of redemption has
been given prior to the date that notice of the Change of Control Offer is required to be given to the Holders pursuant to Section 3.01, unless and until there is a default in payment of the applicable redemption price.

 Section 5.09 Additional Note Guarantees and Collateral. Subject to the terms of the Security Documents, if either
(a) the Issuer or any of its Subsidiaries acquires or creates another wholly owned Domestic Subsidiary or another wholly owned Foreign Subsidiary (other than any (i) CFC, (ii) Subsidiary that is held directly or indirectly by a CFC or
(iii) other wholly owned Foreign Subsidiary the providing of a Note Guarantee by which would result in adverse tax consequences to the Issuer or any of its Subsidiaries), in each case after the Issue Date, or (b) any existing Notes Party

  
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acquires any assets (including as the result of the reinvestment of Net Proceeds pursuant to Section 4.04(b)(iv)) that are not subject to a Lien in favor of the Collateral Agent pursuant to
an existing Security Document, then the Issuer will: 
 (1) in the case of an acquisition or creation of another Subsidiary as described in
clause (a), cause such newly acquired or created Subsidiary to execute a supplemental indenture pursuant to which it becomes a Guarantor, in the case of any acquired Subsidiary, to the extent not prohibited under the acquired Subsidiary’s
agreements existing at the time of the acquisition and not entered into in connection with or in anticipation of the acquisition and provided that if any such existing agreement exists the Issuer shall use commercially reasonable efforts to
eliminate the restriction; and 
 (2) in the case of an acquisition or creation of another Subsidiary as described in clause (a) or the
acquisition of any assets by an existing Notes Party that are not subject to a Lien in favor of the Collateral Agent pursuant to an existing Security Document, (A) cause such newly acquired or created Subsidiary or such existing Notes Party to
execute and deliver to the Trustee and the Collateral Agent amendments to the Security Documents or additional Security Documents, and to take such other actions as may be necessary or as the Collateral Agent reasonably determines to be advisable to
grant to the Collateral Agent, for the benefit of the Holders, a perfected Lien in the assets other than Excluded Assets of such new Subsidiary or the newly-acquired assets of such existing Notes Party, including the recording of a new Vessel
Mortgage or an amendment to an existing Vessel Mortgage to add a new vessel and/or the filing of UCC financing statements in such jurisdiction or such other actions as may be required by the Security Documents or by law, (B) cause such newly
acquired or created Subsidiary or such existing Notes Party to take such further actions and execute and deliver such other documents reasonably requested by the Trustee or the Collateral Agent to effectuate the foregoing, and (C) deliver an
Opinion of Counsel with respect to the foregoing, in each case, within 30 Business Days after the date on which such Subsidiary was acquired or created or such additional assets were acquired, in each case, to the extent not prohibited under the
acquired Subsidiary’s agreements existing at the time of the acquisition and not entered into in connection with or in anticipation of the acquisition and provided that if any such existing agreement exists the Issuer shall use commercially
reasonable efforts to eliminate the restriction. 
 Section 5.10 [Reserved]. 

Section 5.11 Advances to Subsidiaries. All advances to Subsidiaries who are not Guarantors made by a Notes Party after the Issue
Date shall be evidenced by intercompany notes in favor of such Notes Party. These intercompany notes are and will be pledged pursuant to and as required by the Security Documents as Collateral to secure the Secured Obligations. Each intercompany
note will be payable upon demand and will be subordinated in right of payment to all existing Senior Debt of the Subsidiary to which the loan is made. “Senior Debt” of Subsidiaries for the purposes of the intercompany notes is
defined as all Indebtedness of the Subsidiaries permitted under this Indenture that is not specifically by its terms made pari passu with or junior to the intercompany notes. The Issuer will not permit any Subsidiary in respect of which the Issuer
is a creditor by virtue of an intercompany note to incur any Indebtedness that is subordinate or junior in right of payment to any Senior Debt of such Subsidiary and senior in any respect in right of payment to any intercompany note. 

  
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 Section 5.12 Further Assurances. Subject to the terms and conditions of the Security
Documents, the Notes Parties shall execute any and all further documents, financing statements, agreements and instruments, and take all further action that may be required under applicable law, or that the Collateral Agent may reasonably request,
in order to grant, preserve, protect and perfect the validity and priority of the security interests created or intended to be created by the Security Documents in the Collateral. In addition, subject to the terms and conditions of the Security
Documents, from time to time, the Issuer will reasonably promptly secure the obligations under this Indenture and the Security Documents by pledging or creating, or causing to be pledged or created, perfected security interests with respect to the
Collateral (subject to Permitted Liens). 
 Section 5.13 Inspection Rights. If a Default or Event of Default exists or if the
Issuer requests an amendment, waiver or consent under this Indenture, the Issuer shall and shall cause each Subsidiary to permit representatives and independent contractors of the Trustee, as directed by the Holders of at least 25% in aggregate
principal amount of the then outstanding Notes, or of such Holders to visit its chief executive office, to examine its corporate, financial and operating records, and make copies thereof or abstracts therefrom, and to discuss its affairs, finances
and accounts with its directors, officers, and independent public accountants, all at the expense of such Holders and at such reasonable times during normal business hours and with no interference with business operations (including calling or
bringing any Vessel into port) and as often as may be reasonably desired, upon reasonable advance notice to the Issuer; provided, that any such Holder, its representatives or independent contractors shall agree to keep confidential all
information obtained from such records and discussions with the Issuer, except for any legally required disclosure. 
 Section 5.14
Payment of Obligations. The Issuer shall and shall cause each Subsidiary to pay and discharge as the same shall become due and payable, all its material obligations and liabilities, including (a) all material tax liabilities, assessments
and governmental charges or levies upon it or its properties or assets; (b) all material lawful claims which, if unpaid, would by Law become a Lien upon its property; and (c) all Indebtedness, as and when due and payable, but subject to
any subordination provisions contained in any instrument or agreement evidencing such Indebtedness, in each case, unless the same are being contested in good faith by appropriate proceedings diligently conducted and adequate reserves in accordance
with GAAP are being maintained by the Issuer or any Subsidiary. 
 Section 5.15 Maintenance of Properties. The Issuer shall and
shall cause each Subsidiary to (a) maintain, preserve and protect all of its material properties and equipment necessary in the operation of its business in good working order and condition, ordinary wear and tear excepted; and (b) make
all necessary repairs thereto and renewals and replacements thereof except in the case of either clause (a) or (b) where the failure to do so would not reasonably be expected to have a Material Adverse Effect. 

  
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 Section 5.16 Maintenance of Insurance. The Issuer shall and shall cause each
Subsidiary to: 
 (a) maintain with financially sound and reputable insurance companies, insurance and/or reinsurance with respect to its
properties and business against loss or damage of the kinds customarily insured against by Persons engaged in the same or similar business operating in the same or similar locations, of such types and in such amounts as are customarily carried under
similar circumstances by such other Persons (including, with respect to each Owned Vessel and Chartered Vessel (if required by the underlying charter agreement), hull and machinery, protection and indemnity, mortgagee’s interest (if
applicable), war risks, and excess liability insurance in such amounts as are customarily carried under similar circumstances by such other Persons and, with respect to each Mortgaged Vessel, in accordance with the requirements of the Vessel
Mortgage covering such Vessel); and 
 (b) deliver to the Trustee upon its request a detailed schedule of the insurance then in effect with
respect to the Owned Vessels and Chartered Vessels (if Issuer or its Subsidiaries are contractually obligated to obtain such insurance), stating the names of the insurance companies and/or Lloyd’s Syndicates, the amounts and/or limits of the
insurance, the dates of the expiration thereof and the Vessels and type of risks covered thereby (and, with respect to the Mortgaged Vessels, a broker’s letter of undertaking). 

Section 5.17 Compliance with Laws. The Issuer shall and shall cause each Subsidiary to comply in all material respects with the
requirements of all Laws and all orders, writs, injunctions and decrees applicable to it or to its business or property, except in such instances in which (a) such requirement of Law or order, writ, injunction or decree is being contested in
good faith by appropriate proceedings diligently conducted; or (b) the failure to comply therewith could not reasonably be expected to have a Material Adverse Effect. 

Section 5.18 Books and Records. The Issuer shall and shall cause each Subsidiary to (a) maintain proper books of record and
account sufficient to permit the preparation of financial statements in accordance with GAAP and (b) maintain such books of record and account in material conformity with all applicable requirements of any Governmental Authority having
regulatory jurisdiction over the Issuer or such Subsidiary, as the case may be. 
 Section 5.19 Compliance with Environmental
Laws. Except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, the Issuer shall and shall cause each Subsidiary to (a) comply, and use commercially
reasonable efforts to cause all lessees and other Persons operating or occupying its Vessels to comply, in all material respects, with all applicable Environmental Laws and Environmental Permits; (b) obtain and renew all Environmental

  
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Permits necessary for its operations and properties; (c) conduct any remedial actions in compliance with applicable Environmental Laws; provided, however, that the Issuer and
its Subsidiaries shall not be required to undertake any remedial action or obtain or renew any environmental permit, or comply with any Environmental Law to the extent that its obligation to do so is being contested in good faith and by proper
proceedings and appropriate reserves, in accordance with GAAP, are maintained in connection therewith. 
 Section 5.20 Certain
Affirmative Covenants Relating to the Vessels. The Issuer shall and shall cause each Subsidiary to: 
 (a) maintain and cause each of
the applicable Subsidiaries to maintain, a certified copy of each of the Vessel Mortgages, together with a notice thereof, aboard each of the Mortgaged Vessels owned by it; 

(b) at all times operate each Owned Vessel and Chartered Vessel under bareboat charter in compliance in all material respects with all
applicable Laws pertaining to such Vessel and in compliance in all material respects with all rules, regulations and requirements of the applicable Classification Society, except where the failure to do so, individually or in the aggregate, would
not reasonably be expected to result in a Material Adverse Effect. The Issuer shall (i) keep (or cause to be kept) each Mortgaged Vessel registered under the laws and flag of an Acceptable Flag Jurisdiction, (ii) not cause or permit any
Mortgaged Vessel that is documented under the laws and flag of the United States to be deleted from such registry, provided that this restriction shall not apply to the Cheryl Tide (IMO No. 9452012), (iii) with regard to any Mortgaged Vessel
that is registered under the laws and flag of a jurisdiction other than the United States, not cause or permit any change to the flag of such Mortgaged Vessel other than a Flag Jurisdiction Transfer that satisfies all the conditions of such term,
(iv) furnish to the Collateral Agent copies of all renewals and extensions of the registration of each Mortgaged Vessel, (v) be permitted to transfer title and registration of any Mortgaged Vessel among Notes Parties so long as the
transferee complies with Section 5.09 (if applicable) and, if such transfer involves a change of flag, it complies with the applicable procedures set forth in the definition of Flag Jurisdiction Transfer (as limited by
clause (ii) above), (vi) (A) as part of the report required to be delivered pursuant to Section 5.06(b), deliver to the Collateral Agent a report listing the geographic location of each Mortgaged Vessel, and (B) during any
continuing Default or Event of Default, at any time upon request of the Trustee or Holders of at least 25% in aggregate principal amount of the then outstanding Notes, deliver to the Collateral Agent a report listing the geographic location of each
Mortgaged Vessel; and (vii) during a continuing Default or Event of Default and upon the written request of the Trustee or Holders of at least a majority in aggregate principal amount of the then outstanding Notes, remove (or cause to be
removed) within thirty (30) days of such written request, any Mortgaged Vessel from a jurisdiction which the Collateral Agent has determined, upon the advice of counsel based upon applicable law as established by applicable Governmental
Authority, that the Vessel Mortgage on such Mortgaged Vessel may be invalid or otherwise unenforceable; 

  
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 (c) (i) maintain each active and non-laid up Owned
Vessel with a Classification Society, in each case except as described in Schedule 5.20(c), (ii) maintain each laid up Owned Vessel in accordance with United States Coast Guard regulations and rules of the American Bureau of Shipping or other
relevant classification society, if applicable, except where the failure to do so, individually or in the aggregate, would not reasonably be expected to result in a Material Adverse Effect, (iii) with respect to any Owned Vessel(s), provide the
Trustee with a confirmation of status from the relevant Classification Society upon the Trustee’s request (at the request of any Holder), and (iv) upon the Trustee’s request (at the request of any Holder), furnish to the Trustee the
certificate of each Classification Society covering each of the Owned Vessels no later than thirty (30) days after the end of each fiscal year of the Issuer; 

(d) deliver to the Trustee, or cooperate with the Trustee or the Holders in connection with the preparation of, two appraisals, with each
appraisal covering not less than 60% of the Owned Vessels (by net book value as of the most recent reporting date set forth in Sections 5.06(a)(i) and (ii) and not less than 75% of Mortgaged Vessels (by net book value as of the most
recent reporting date set forth in Sections 5.06(a)(i) and (ii), with the first such appraisal to be delivered to the Trustee within six months after the Issue Date and one additional appraisal to be conducted in 2020 and to be delivered to
the Trustee no later than June 30, 2020. Each appraisal shall be at the expense of the Issuer. Each such appraisal shall be conducted by an Approved Firm. Such appraisals shall include the fair market value and orderly liquidation value of each
Owned Vessel, and shall otherwise be consistent with previous, similar appraisals conducted for the Issuer. It is understood and agreed that the appraiser performing such appraisals may, at such appraiser’s election, perform a review (at the
Issuer’s expense) of the class records of select Owned Vessels (the identity and actual number of such select Owned Vessels shall be at the discretion of such appraiser); 

(e) Cooperate with the Trustee, the Holders and the Approved Firm in connection with two inspections of the Owned Vessels, with the first such
inspection to be conducted within six months after the Issue Date and one additional inspection to be conducted in 2020 and to be delivered to the Trustee no later than June 30, 2020. Each inspection shall be at the expense of the Issuer. Such
inspections shall be conducted by an Approved Firm. Such inspections shall be conducted on not less than 25% of the Owned Vessels (by net book value as of the most recent reporting date set forth in Sections 5.06(a)(i) and (ii) which
were appraised pursuant to clause (d) above, which shall include not less than 40% of Mortgaged Vessels (by net book value as of the most recent reporting date set forth in Sections 5.06(a)(i) and (ii), and shall otherwise be on terms
and conditions consistent with previous, similar inspections conducted for the Issuer. The Issuer shall permit, and shall cause each charterer of each Owned Vessel to permit, the appraiser, the inspector and their respective agents and employees to
board and inspect each Owned Vessel in connection with each such inspection at the risk and as the sole expense of the Issuer. 
 (f) If,
after delivery of an appraisal required under Section 5.20(d) above, Holders of at least a majority in aggregate principal amount of the then outstanding Notes request additional desktop appraisals, the Issuer shall provide

  
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such additional “desktop” appraisals on not less than an additional 30% of the Owned Vessels (by net book value as of the most recent reporting date set forth in Sections 5.06(a)(i)
and (ii). Each such appraisal shall (i) be conducted by an Approved Firm, (ii) include the fair market value and orderly liquidation value of each Owned Vessel appraised and (iii) be at the expense of the Issuer; provided
that the Issuer shall (A) not be required to expend more than $25,000 in any one year on such additional desktop appraisals and (B) notwithstanding anything herein to the contrary, shall be in compliance with this subclause (f) by
delivering only those appraisals which can be obtained by expending no more than $25,000 in any one year; provided further that the Issuer shall cooperate with Holders to obtain additional appraisals that would require expending more
than $25,000 in any one year to the extent such Holders agree to pay for the excess costs. 
 (g) The Issuer will deliver desktop appraisals
to the Trustee in each year appraisals under Section 5.20(d) are not required to be delivered on not less than 90% of the Owned Vessels (by net book value as of the most recent reporting date set forth in Sections 5.06
(a)(i) and (ii), which shall include 100% of the Mortgaged Vessels. Each such desktop appraisal shall (i) be conducted by an Approved Firm, (ii) include the fair market value and orderly liquidation value of each Owned Vessel appraised
and (iii) be at the expense of the Issuer; provided that the Issuer (A) shall not be required to expend more than $50,000 in any one year on such desk top appraisals and (B) notwithstanding anything herein to the contrary, shall be in
compliance with this subclause (g) by delivering only those appraisals which can be obtained by expending no more than $50,000 in any one year; provided further that the Issuer shall cooperate with Holders to obtain additional
appraisals that would require expending more than $50,000 in any one year to the extent such Holders agree to pay for the excess costs. 

(h) Upon the request of the Trustee (at the request of any Holder), deliver to the Trustee, or cooperate with the Trustee and the Holders in
connection with providing, such other information and access relating to the Vessels as the Trustee may request from time to time on behalf of such Holder, it being understood and agreed that such additional information and access shall be at the
expense of such requesting Holder. 
 (i) With respect to each new or renewed charter or service agreement with respect to any Vessel,
(i) if such Vessel is owned by a Notes Party, use its commercially reasonable efforts to cause such agreement to permit, or not prohibit or otherwise restrict, the ability of such Notes Party to grant a mortgage on such Owned Vessel to any
Secured Party and (ii) if such Vessel is owned or operated by a Notes Party, use its commercially reasonable efforts to cause such agreement to not prohibit such Notes Party’s assignment of its interests in such charter or services
agreement to any Secured Party; provided, in the case of this clause (ii), that the inclusion (or exclusion, as the case may be) of such provisions in any charter or service agreement shall not result in material adverse consequences to the
Issuer or its Subsidiaries. 

  
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 (j) The Issuer agrees to make any information, reports or other deliverables required to be
delivered to the Trustee in accordance with this Section 5.20 available on a website or Intralinks or other password protected site to any Holder who makes a written request to access to such information, reports or other
deliverables. For the avoidance of doubt, each Holder has the right to refuse receipt of non-public information. 

(k) Nothing in this Section 5.20 or otherwise in this Indenture shall be interpreted or otherwise deemed to amend, waive or otherwise
modify any provision of the Vessel Mortgages or the other Vessel Security Documents. The provisions of the Vessel Mortgages and the other Vessel Security Documents shall be in addition to, and not in lieu of, the requirements in this Indenture, and
vice versa. 
 Section 5.21 Post-Closing Obligations. As soon as reasonably practicable, but in any event within the applicable
period specified on Schedule 5.21, the Notes Parties shall use their commercially reasonable efforts to deliver to the Collateral Agent duly executed copies of the documents listed on Schedule 5.21. 

Section 5.22 [Intentionally Omitted]. 

Section 5.23 Stay, Extension and Usury Laws. The Issuer and each of the Guarantors covenants (to the extent that it may lawfully
do so) that it shall not at any time insist upon, plead, or in any manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law or other law that would prohibit or forgive the Issuer from paying all or any portion of
the principal of or interest on the Notes as contemplated herein, wherever enacted, now or at any time hereafter in force, or that may affect the covenants or the performance of this Indenture; and the Issuer and each of the Guarantors (to the
extent it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it will not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to the Trustee, but will
suffer and permit the execution of every such power as though no such law had been enacted. 
 Section 5.24 Repatriation of
Cash. The Issuer shall cause all cash held by TMII and Foreign Subsidiaries of the Issuer to be repatriated and become part of Collateral and subject to a Control Agreement; provided that (a) Subsidiaries that are not 

Guarantors may retain an amount not to exceed the sum of $100,000,000 plus cash in bank accounts of such Subsidiaries as a result of (1) legal,
regulatory, judicial, administrative or local financial institution constraints on the ability of any such Subsidiary to remit cash to bank accounts of a Notes Party including, but not limited to, currency controls or currency constraints (including
constraints on local currency conversion or repatriation) and the existence of tax disputes or inquiries and (2) disputes with or claims by third parties, including, but not limited to, co-venturers and
marketing agents, provided that such Subsidiary shall repatriate such amounts promptly when and to the extent circumstances change to permit such repatriation and (b) Domestic Subsidiaries may transfer cash to Foreign Subsidiaries for up to
ninety days in any twelve month period for planning purposes in regards to the current year state or local franchise or similar taxes provided that cash pursuant to this subclause (b) is deposited in a deposit account subject to a Control
Agreement with the Collateral Agent or otherwise pledged under applicable law to the Collateral Agent. 

  
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 Section 5.25 Dutch Tax Requirements. A fiscal unity (fiscale eenheid) for
Dutch corporate income tax purposes (if any) shall consist of Dutch Notes Parties only, unless with the prior written consent of the Holders of a majority in aggregate principal amount of the then outstanding Notes. 

Article 6. 

MERGER, CONSOLIDATION OR SALE OF ASSETS 

Section 6.01 Merger, Consolidation or Sale of Assets. 

(a) The Issuer will not, directly or indirectly: (1) consolidate with or merge with or into or wind up into another Person (whether or
not the Issuer is the surviving corporation); or (2) sell, lease, assign, transfer, convey or otherwise dispose of all or substantially all of the properties or the assets of the Issuer and its Subsidiaries, taken as a whole, in one or more
related transactions, to another Person, unless: 
 (i) either: (a) in the case of clause (a)(1) above, the Issuer is
the surviving corporation; or (b) the Person formed by or surviving any such consolidation or merger (if other than the Issuer) or to which such sale, assignment, transfer, conveyance or other disposition has been made (in each case, the
“Successor Issuer”) is a corporation, partnership, trust or limited liability company organized or existing under the laws of the United States, any state of the United States or the District of Columbia; 

(ii) the Person formed by or surviving any such consolidation or merger (if other than the Issuer) or the Person to which such
sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of the Issuer under the Notes, this Indenture and the Security Documents pursuant to a supplemental indenture and amendments or supplements to the
Security Documents; 
 (iii) immediately after such transaction, no Default or Event of Default exists; and 

(iv) the Trustee has received an Officer’s Certificate to the effect that such transaction complies with the foregoing.

 (b) The restrictions of Section 6.01(a) do not apply to: 

(i) a merger of the Issuer with an Affiliate solely for the purpose of reincorporating the Issuer in another jurisdiction of
the United States; or 

  
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 (ii) any consolidation or merger, or any sale, assignment, transfer, conveyance,
lease or other disposition of assets between or among the Notes Parties. 
 Nothing in this Article 6 shall restrict in any way any
Disposition of any Vessel or Vessels described in clause (a) of the definition of Asset Sale. 
 Section 6.02 Successor Issuer
Substituted. In case of any such consolidation, merger, sale, conveyance, transfer or lease in which the Issuer is not the surviving company and upon the assumption by the Successor Issuer, by supplemental indenture, executed and delivered to
the Trustee, of the obligations of the Issuer as required by Section 6.01, such Successor Issuer shall succeed to, and be substituted for, and may exercise every right and power of, the Issuer, respectively, with the same
effect as if it had been named herein as the party of this first part, and (other than in the case of a lease) the Issuer shall be discharged from its obligations under the Notes, the Note Guarantees and this Indenture (as applicable). Any such
Successor Issuer thereupon may cause to be signed, and may issue either in its own name or in the name of the Issuer any or all of the Notes, issuable hereunder that theretofore shall not have been signed by the Issuer and delivered to the Trustee;
and, upon receipt of an Authentication Order of such Successor Issuer instead of the Issuer and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver, or cause to be
authenticated and delivered, any Notes that previously shall have been signed and delivered by the Officers of the Issuer to the Trustee for authentication, and any Notes that such Successor Issuer thereafter shall cause to be signed and delivered
to the Trustee for that purpose. Except as specifically provided in this Indenture, all the Notes so issued shall in all respects have the same legal rank and benefit under this Indenture as the Notes theretofore or thereafter issued in accordance
with the terms of this Indenture as though all of such Notes had been issued at the date of the execution hereof. In the event of any such consolidation, merger, sale, conveyance or transfer, upon compliance with this
Article 6, the Person named as the “Issuer” in this Indenture or any successor that shall thereafter have become such in the manner prescribed in this Article 6 may be dissolved, wound up
and liquidated at any time thereafter and such Person shall be discharged from its liabilities as obligor and maker of the Notes and from its obligations under this Indenture. 

Section 6.03 Opinion Of Counsel To Be Given Trustee. Prior to execution of any supplemental indenture pursuant to this
Article 6, the Trustee shall receive, in addition to the documents required by Section 14.05, an Officer’s Certificate and an Opinion of Counsel (each stating that such supplemental indenture
complies with this Indenture and that all conditions precedent herein provided for relating to such transaction have been complied with) as conclusive evidence that any such consolidation, merger, sale, conveyance, transfer or lease and any such
assumption complies with this Article 6. 

  
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 Article 7. 

DEFAULTS AND REMEDIES 

Section 7.01 Events of Default. 

(a) Each of the following events shall be an “Event of Default” with respect to the Notes: 

(i) default in the payment when due (at maturity, upon redemption or otherwise) of the principal of, interest, Applicable
Premium or other premium, if any, on, the Notes; 
 (ii) failure by the Issuer or any of its Subsidiaries to comply with
Article 6; 
 (iii) failure by the Issuer or any of its Subsidiaries to perform or observe any other covenant or
agreement (not specified in Section 7.01(a)(i) or (a)(ii) above) contained in any Notes Document on its part to be performed or observed and such failure continues for 30 days after the earlier to occur of the date
on which written notice thereof shall have been given to the Issuer by the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding voting as a single class to comply with any other provisions of the Notes
Documents; 
 (iv) default under any mortgage, indenture or instrument under which there may be issued or by which there may
be secured or evidenced any Indebtedness (other than Indebtedness owed to the Issuer or one of its Subsidiaries) for money borrowed by the Issuer or any of its Subsidiaries (or the payment of which is guaranteed by the Issuer or any of its
Subsidiaries), whether such Indebtedness or Guarantee now exists, or is created after the Issue Date, if that default: 

(1) is caused by a failure to pay principal of, or interest or premium, if any, on, such Indebtedness after the expiration of
the grace period provided in such Indebtedness on the date of such default (a “Payment Default”); or 
 (2)
results in the acceleration of such Indebtedness prior to its maturity, and, in each case, the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default
or the maturity of which has been so accelerated, aggregates $25.0 million or more; 
 (v) (A) failure by the Issuer or
any of its Subsidiaries to pay final and unsatisfied judgments entered by a court or courts of competent jurisdiction aggregating in excess of $25.0 million (net of any amounts which are 

  
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covered by insurance or bonded), or (B) any one or more non-monetary final judgments is entered that has, or could reasonably be expected to have,
individually or in the aggregate, a Material Adverse Effect and, in either case which judgments are not paid, waived, satisfied, discharged or stayed for a period of 60 days; 

(vi) [Reserved]; 

(vii) (1) any one or more Security Documents at any time for any reason (other than the satisfaction in full of all
Obligations under this Indenture and the discharge of this Indenture) shall cease to be in full force and effect, except as expressly provided therein, or the security interests under any Security Document or Note Lien shall cease to be enforceable
or perfected, in each case with respect to any Collateral having a net book value in excess of $10.0 million individually, or in the aggregate at any time (other than as a result of the failure of the Collateral Agent through its acts and
through no fault of the Issuer or the Guarantors, to maintain the perfection of its Liens in accordance with applicable law); (2) any one or more Security Documents shall cease to give the Collateral Agent the Liens, rights, powers and
privileges purported to be created thereby with respect to any Collateral having a net book value in excess of $10.0 million individually, or in the aggregate at any time, superior to and prior to the rights of all third Persons other than the
holders of Permitted Liens and subject to no other Liens except (A) as expressly permitted by the applicable Security Document or this Indenture or (B) as a result of the failure of the Collateral Agent through its acts and through no
fault of the Issuer or the Guarantors, to maintain the perfection of their Liens in accordance with applicable law; or (3) the Issuer or any of the Guarantors, directly or indirectly, contests in any manner the effectiveness, validity, binding
nature or enforceability of any Security Document (other than the satisfaction in full of all Obligations under this Indenture and the discharge of this Indenture); 

(viii) Any representation, warranty, certification or statement of fact made or deemed made by or on behalf of the Issuer or
any other Notes Party herein, in any other Notes Document, or in any Officer’s Certificate delivered in connection herewith or therewith shall be incorrect or misleading in any material respect when made or deemed made; 

(ix) the Issuer, any of the Guarantors, or any of their Subsidiaries that is a Significant Subsidiary or any group of
Subsidiaries of the Issuer that, taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of any Debtor Relief Law: 

(1) commences a voluntary case, application, petition, compromise, voluntary arrangement, scheme of arrangement, moratorium,
liquidation, administration, or receivership or other proceeding, 

  
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 (2) consents to the entry of an order for relief against it in an involuntary
case, application, petition or other proceeding, 
 (3) consents to the appointment of a custodian, receiver,
receiver-manager, administrative receiver, administrator or liquidator of it or for all or substantially all of its property, 

(4) makes a general assignment for the benefit of its creditors or a moratorium or similar arrangement is declared or
instituted with its creditors, 
 (5) generally is not paying its debts as they become due; or admits in writing its
inability to pay its debts as such debts become due or its directors or other officers request the appointment of, or give notice of their intention to appoint, a receiver, receiver manager, administrative receiver, administrator, liquidator or
other officer having similar powers over its property, 
 (6) files a notice under Section 36 of the Tax Collection Act
of the Netherlands (Invorderingswet 1990) or Section 60 of the Social Insurance Financing Act of the Netherlands (Wet Financiering Sociale Verzekeringen) in conjunction with Section 36 of the Tax Collection Act of the
Netherlands (Invorderingswet 1990); or 
 (7) is deemed for the purposes of any applicable law to be unable to pay
its debts as they fall due; 
 (x) a court of competent jurisdiction enters an order or decree (and, in the case of any
order or decree outside of the Netherlands, such order or decree remains unstayed and in effect for more than 60 consecutive days) under any Debtor Relief Law that: 

(1) is for relief against the Issuer, any of the Guarantors, or any of their Subsidiaries that is a Significant Subsidiary or
any group of Subsidiaries of the Issuer that, taken together, would constitute a Significant Subsidiary in an involuntary case, application, petition or other proceeding; 

(2) appoints a custodian, receiver, receiver-manager, administrative receiver, administrator, liquidator, or other similar
officer of the Issuer, any of the Guarantors, or any of their Subsidiaries that is a Significant Subsidiary or any group of Subsidiaries of the Issuer that, taken together, would constitute a Significant Subsidiary or for all or substantially all of
the property of the Issuer, any of the Guarantors, or any of their Subsidiaries that is a Significant Subsidiary or any group of Subsidiaries of the Issuer that, taken together, would constitute a Significant Subsidiary; or 

  
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 (3) orders the liquidation, administration or receivership of the Issuer, any of
the Guarantors, or any of their Subsidiaries that is a Significant Subsidiary or any group of Subsidiaries of the Issuer that, taken together, would constitute a Significant Subsidiary; 

(xi) [Intentionally omitted]; 

(xii) an ERISA Event occurs with respect to a Pension Plan or Multiemployer Plan which has resulted or could reasonably be
expected to result in liability of any Borrower under Title IV of ERISA to the Pension Plan, Multiemployer Plan or the PBGC in an aggregate amount in excess of $5,000,000, or (ii) any Borrower or any ERISA Affiliate fails to pay when due, after
the expiration of any applicable grace period, any installment payment with respect to its withdrawal liability under Section 4201 of ERISA under a Multiemployer Plan in an aggregate amount in excess of $5,000,000; 

(xiii) any Note Guarantee of any Significant Subsidiary (or group of Subsidiaries that collectively would constitute a
Significant Subsidiary), at any time after its execution and delivery and for any reason other than as expressly permitted hereunder or thereunder or satisfaction in full of all the Secured Obligations, ceases to be in full force and effect; or any
Notes Party contests in any manner the validity or enforceability of any Notes Document; or any Notes Party denies that it has any or further liability or obligation under any Note Guarantee, or purports to revoke, terminate or rescind any Note
Guarantee; 
 (xiv) [Reserved]; 

(xv) a proceeding shall have been commenced on behalf of the applicable Governmental Authority to effect the forfeiture of any
of the Mortgaged Vessels or any Owned Vessel or Owned Vessels with an individual or aggregate net book value in excess of $25,000,000 or any notice shall have been issued on behalf of the applicable Governmental Authority of the seizure of any of
the Mortgaged Vessels or any Owned Vessel or Owned Vessels with an individual or aggregate net book value in excess of $25,000,000 or to the effect that the certificate of documentation of any of the Mortgaged Vessels or any Owned Vessel or Owned
Vessels with an individual or aggregate net book value in excess of $25,000,000 is subject to cancellation or revocation, for any reason whatsoever; or 

(xvi) any writ or warrant of attachment or execution or similar process is issued or levied against any Owned Vessel with an
individual or aggregate net book value in excess of $25,000,000 and such writ, warrant, attachment, execution or similar process is not released, vacated or fully bonded within 45 days after its issue or levy. 

  
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 Section 7.02 Acceleration. In the case of an Event of Default specified in clause
(ix) or (x) of Section 7.01(a), with respect to any Issuer, any Subsidiary of the Issuer that is a Significant Subsidiary or any group of Subsidiaries of the Issuer that, taken together, would constitute a Significant
Subsidiary, all outstanding Notes (including principal thereof, interest, Applicable Premium or other premium, if any, thereon) will become due and payable immediately without further action or notice. If any other Event of Default occurs and is
continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all outstanding Notes (including principal thereof and interest, Applicable Premium and other premium, if any, thereon) to
be due and payable immediately. The Collateral Agent, acting at the instruction of the Holders of at least a majority in aggregate principal amount of the Notes then outstanding voting as a single class, in accordance with the provisions of this
Indenture and the Security Documents, may determine the time and method by which the security interests in the Collateral will be enforced and, if applicable, will transfer the proceeds (after payment of the costs of enforcement and Collateral
administration) of the Collateral received by it under the Security Documents to the Trustee for application in accordance with Section 7.10. 

If the Notes are accelerated or otherwise become due prior to their stated maturity, in each case as a result of an Event of Default
(including, but not limited to, upon the occurrence of an insolvency event, the entry of an order for relief against the Issuer, any Subsidiary of the Issuer that is a Significant Subsidiary or any group of Subsidiaries of the Issuer that, taken
together, would constitute a Significant Subsidiary in a case under title 11 of the United States Code (the “Bankruptcy Code”), the commencement by or against the Issuer, any Subsidiary of the Issuer that is a Significant Subsidiary
or any group of Subsidiaries of the Issuer that, taken together, would constitute a Significant Subsidiary of a case under a similar law of any jurisdiction, or the acceleration of any portion of the indebtedness evidenced by the Notes by operation
of law), the amount of principal of, accrued and unpaid interest and premium on the Notes that shall then be due and payable shall equal 100% of the principal amount of the Notes then outstanding plus the Applicable Premium in effect on the date of
such acceleration, as if such acceleration were an optional redemption of the Notes so accelerated. 
 Without limiting the generality of
the foregoing, it is understood and agreed that if the Notes are accelerated or otherwise become due prior to their stated maturity, in each case, as a result of an Event of Default (including, but not limited to, upon the occurrence of an
insolvency event, the entry of an order for relief against the Issuer in a case under the Bankruptcy Code, the commencement by or against the Issuer, any Subsidiary of the Issuer that is a Significant Subsidiary or any group of Subsidiaries of the
Issuer that, taken together, would constitute a Significant Subsidiary of a case under a similar law of any jurisdiction, or the acceleration of any portion of the indebtedness evidenced by the Notes by operation of law), the premium applicable with
respect to an optional redemption of the Notes (which, for all purposes of the paragraphs under Section 7.01, shall include the Applicable Premium) shall also be due and payable as though the Notes had been optionally redeemed and shall
constitute part of the Secured Obligations in view of the impracticability and difficulty of ascertaining actual damages 

  
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and by mutual agreement of the parties as to a reasonable calculation of each Holder’s lost profits as a result thereof. Any premium payable above shall be presumed to be liquidated damages
sustained by each Holder as the result of the acceleration of the Notes and the Issuer agrees that it is reasonable under the circumstances currently existing. The premium shall also be payable in the event the Notes or the Indenture are satisfied,
released or discharged through foreclosure, whether by judicial proceeding, deed in lieu of foreclosure or by any other means. THE ISSUER EXPRESSLY WAIVES (TO THE FULLEST EXTENT IT MAY LAWFULLY DO SO) THE PROVISIONS OF ANY PRESENT OR FUTURE STATUTE
OR LAW THAT PROHIBITS OR MAY PROHIBIT THE COLLECTION OF THE FOREGOING PREMIUM IN CONNECTION WITH ANY SUCH ACCELERATION. The Issuer expressly agrees (to the fullest extent it may lawfully do so) that: (A) the premium is reasonable and is the
product of an arm’s length transaction between sophisticated business entities ably represented by counsel; (B) the premium shall be payable notwithstanding the then prevailing market rates at the time acceleration occurs; (C) there
has been a course of conduct between Holders and the Issuer giving specific consideration in this transaction for such agreement to pay the premium; and (D) the Issuer shall be estopped hereafter from claiming differently than as agreed to in
this paragraph. The Issuer expressly acknowledges that its agreement to pay the premium to Holders as herein described is a material inducement to Holders to purchase the Notes. 

Section 7.03 Other Remedies. If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to
collect the payment of principal, Applicable Premium or other premium, if any, and interest on the Notes or to enforce the performance of any provision of the Notes Documents. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
 Section 7.04 Waiver of Past Defaults. Holders of not less than a majority in
aggregate principal amount of the then outstanding Notes by written notice to the Trustee may, on behalf of the Holders of all of the Notes, waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or
Event of Default in the payment of the principal, interest or premium (including any Applicable Premium) on the Notes; provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes may
rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration, other than an acceleration resulting from an Event of Default specified in clause (i) of
Section 7.01(a) (including the consequences thereof) which may be rescinded only by Holders of at least 66 2/3% in aggregate principal amount of the then outstanding Notes. Upon any such waiver, such Default shall cease to
exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right consequent thereon. 

  
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 Section 7.05 Control by Majority. Holders of a majority in aggregate principal amount
of the then outstanding Notes may direct the time, method and place of conducting any proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it. However, the Trustee may refuse to follow any
direction that conflicts with law or this Indenture or that the Trustee determines may be unduly prejudicial to the rights of other Noteholders or that may subject the Trustee to personal liability or expense. Notwithstanding the foregoing, the
Trustee shall have the right to select and retain counsel of its choosing to represent it in any such proceedings. 
 Section 7.06
Limitation on Suits. A Holder may pursue a remedy with respect to this Indenture or the Notes only if: 
 (a) such Holder gives to
the Trustee written notice that an Event of Default is continuing; 
 (b) Holders of at least 25% in aggregate principal amount of the then
outstanding Notes have requested the Trustee to pursue the remedy; 
 (c) such Holders have offered the Trustee reasonable security or
indemnity against any loss, liability or expense; 
 (d) the Trustee does not comply with the request within 60 days after receipt of the
request and the offer of security or indemnity; and 
 (e) Holders of a majority in aggregate principal amount of the then outstanding Notes
have not given the Trustee a direction inconsistent with such request within such 60-day period. 
 A Holder of a
Note may not use this Indenture to prejudice the rights of another Holder of a Note or to obtain a preference or priority over another Holder of a Note. 

Section 7.07 Rights of Holders of Notes to Receive Payment. Notwithstanding any other provision of this Indenture, the right of
any Holder of a Note to receive payment of principal, Applicable Premium or other premium, if any, and interest on the Note, on or after the respective due dates expressed in the Note (including in connection with an offer to purchase), or to bring
suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder. 

Section 7.08 Collection Suit by Trustee. If an Event of Default specified in
Section 7.01(a)(i) occurs and is continuing, without the possession of any of the Notes or the production thereof in any proceeding related thereto, the Trustee is authorized to recover judgment in its own name and as
trustee of an express trust against the Issuer and Guarantors for the whole amount of principal of, premium, if any, and interest remaining 

  
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unpaid on, the Notes and interest on overdue principal and, to the extent lawful, interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including
the reasonable compensation, expenses, disbursements and advances of the Trustee and Collateral Agent (including without limitation any amounts due to the Trustee and Collateral Agent pursuant to Section 8.08 hereof), each
of their agents and counsel. 
 Section 7.09 Trustee May File Proofs of Claim. The Trustee is authorized to
file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of the Trustee and Collateral Agent (including any claim for the reasonable compensation, expenses, disbursements and advances of
the Trustee, the Collateral Agent, and their agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Issuer (or any other obligor upon the Notes), its or their creditors or its or their property and shall
be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized by each Holder to make such payments to the
Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee and Collateral any amount due to it for the reasonable compensation, expenses, disbursements and advances of the
Trustee and Collateral Agent, as applicable, its agents and counsel, and any other amounts due the Trustee and Collateral Agent under Section 8.08. To the extent that the payment of any such compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 8.08 out of the estate in any such proceeding, shall be denied for any reason payment of the same shall
be secured by a Lien on, and shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization
or arrangement or otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the
Notes or the rights of any Holder, or to authorize the Trustee to vote in respect of the claim of any Holder in any such proceeding. 

Section 7.10 Priorities. If the Trustee collects any money or property pursuant to this Article 7, it
shall pay out the money or property in the following order: 
 First: to the payment of amounts due to the Trustee and
Collateral Agent under Section 8.08; 
 Second: to the payment of any accrued interest due but unpaid under the
Notes; 
 Third: to the payment pro rata of any principal due but unpaid under the Notes; 

  
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 Fourth: to the payment pro rata of any other sum due but unpaid under the
Notes Documents; and 
 Fifth: any surplus Collateral or proceeds then remaining will be returned to the Issuer, the
applicable Guarantor or to whomsoever may be lawfully entitled to receive the same or as a court of competent jurisdiction may direct. 
 The Trustee may
fix a record date and payment date for any payment to Noteholders pursuant to this Section 7.10. 

Section 7.11 Undertaking for Costs. In any suit for the enforcement of any right or remedy under this Indenture or in any suit
against the Trustee for any action taken or omitted by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess
reasonable costs, including reasonable attorneys’ fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 7.11
does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant to Section 7.07, or a suit by Holders of more than 10% in aggregate principal amount of the then outstanding Notes. 

Article 8. 

CONCERNING THE TRUSTEE 

Section 8.01 Duties and Responsibilities of Trustee. The Trustee, prior to the occurrence of an Event of Default and after the
curing or waiver of all Events of Default that may have occurred, undertakes to perform such duties and only such duties as are specifically set forth in this Indenture. In case an Event of Default has occurred (which has not been cured or waived)
and is actually known to a Responsible Officer of the Trustee, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and use the same degree of care and skill in their exercise, as a prudent person would exercise
or use under the circumstances in the conduct of such person’s own affairs; provided that if an Event of Default occurs and is continuing, the Trustee will be under no obligation to exercise any of the rights or powers under this
Indenture at the request or direction of any of the Holders unless such Holders have offered (and if requested, provided) an indemnity or security, reasonably satisfactory to the Trustee, against the loss, liability or expenses that might be
incurred by it in compliance with such request or direction. 

  
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 No provision of this Indenture shall be construed to relieve the Trustee from liability for its
own negligent action, its own negligent failure to act or its own willful misconduct, except that: 
 (a) prior to the occurrence of an
Event of Default and after the curing or waiving of all Events of Default that may have occurred: 
 (i) the duties and
obligations of the Trustee shall be determined solely by the express provisions of this Indenture and the Trustee shall not be liable except for the performance of such duties and obligations as are specifically set forth in this Indenture and no
implied covenants or obligations shall be read into this Indenture against the Trustee; and 
 (ii) in the absence of bad
faith and willful misconduct on the part of the Trustee, the Trustee may conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon any certificates or opinions furnished to the Trustee and
conforming to the requirements of this Indenture; but, in the case of any such certificates or opinions that by any provisions hereof are specifically required to be furnished to the Trustee, the Trustee shall be under a duty to examine the same to
determine whether or not they conform to the requirements of this Indenture (but need not confirm or investigate the accuracy of any mathematical calculations or other facts stated therein); 

(b) the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer or Officers of the Trustee, unless
it shall be proved in a court of competent jurisdiction in a final and non-appealable decision that the Trustee acted with willful misconduct or in bad faith or was grossly negligent in ascertaining the
pertinent facts; 
 (c) the Trustee shall not be liable with respect to any action taken or omitted to be taken by it in good faith in
accordance with a direction received by it pursuant to the terms hereof; 
 (d) whether or not therein provided, every provision of this
Indenture relating to the conduct or affecting the liability of, or affording protection to, the Trustee shall be subject to this Section 8.01; 

(e) the Trustee shall not be liable in respect of any payment (as to the correctness of amount, entitlement to receive or any other matters
relating to payment) or notice effected by the Issuer or any Paying Agent or any records maintained by any co-registrar with respect to the Notes; 

(f) if any party fails to deliver a notice relating to an event the fact of which, pursuant to this Indenture, requires notice to be sent to
the Trustee, the Trustee may conclusively rely on its failure to receive such notice as reason to act as if no such event occurred, unless such Responsible Officer of the Trustee had actual knowledge of such event; 

(g) in the absence of written investment direction from the Issuer, all cash received by the Trustee shall be placed in a non-interest bearing trust account, and in no event shall the Trustee be liable for the selection of investments or for 

  
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investment losses incurred thereon or for losses incurred as a result of the liquidation of any such investment prior to its maturity date or the failure of the party directing such investments
prior to its maturity date or the failure of the party directing such investment to provide timely written investment direction, and the Trustee shall have no obligation to invest or reinvest any amounts held hereunder in the absence of such written
investment direction from the Issuer; 
 (h) in the event that the Trustee is also acting as Custodian, Registrar, Paying Agent, Collateral
Agent or transfer agent hereunder, the rights, privileges, immunities, benefits and protections afforded to the Trustee pursuant to this Article 7, including, without limitation, its right to be indemnified, shall also be
afforded to such Custodian, Registrar, Paying Agent, Collateral Agent or transfer agent; and 
 (i) if a default occurs hereunder and is
continuing and is known to a Responsible Officer of the Trustee, the Trustee shall give the Holders of the Notes notice of such default as and to the extent provided by the Trust Indenture Act; provided, however, the Trustee may
withhold from Holders of the Notes notice of any continuing Default or Event of Default if it determines that withholding notice is in the Holders’ interest, except a Default or Event of Default relating to the payment of principal, interest or
premium. 
 None of the provisions contained in this Indenture shall require the Trustee to expend or risk its own funds or otherwise incur personal
financial liability in the performance of any of its duties or in the exercise of any of its rights or powers. 
 Section 8.02
Reliance on Documents, Opinions, Etc. Except as otherwise provided in Section 8.01: 
 (a) the Trustee may
conclusively rely and shall be fully protected in acting upon any resolution, certificate, statement, instrument, opinion, report, notice, request, consent, order, bond, Note, coupon or other paper or document believed by it in good faith to be
genuine and to have been signed or presented by the proper party or parties; 
 (b) any request, direction, order or demand of the Issuer
mentioned herein shall be sufficiently evidenced by an Officer’s Certificate (unless other evidence in respect thereof be herein specifically prescribed herein); and any Board Resolution may be evidenced to the Trustee by a copy thereof
certified by the Secretary or an Assistant Secretary of the Issuer; 
 (c) before the Trustee acts or refrains from acting, it may require
an Officer’s Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officer’s Certificate or Opinion of Counsel. The Trustee may consult with
counsel, of its selection, and require an Opinion of Counsel and any advice of such counsel or Opinion of Counsel shall be full and complete authorization and protection in respect of any action taken or omitted by the Trustee hereunder in good
faith and in accordance with such advice or Opinion of Counsel; 

  
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 (d) the Trustee shall be under no obligation to exercise any of the rights or powers vested in
it by this Indenture at the request, order or direction of any of the Noteholders pursuant to the provisions of this Indenture, unless such Noteholders shall have offered to the Trustee security or indemnity reasonably satisfactory to the Trustee
against the costs, expenses and liabilities that may be incurred therein or thereby; 
 (e) the Trustee shall not be bound to make any
investigation into the facts or matters stated in any resolution, certificate, statement, instrument, opinion, report, notice, request, direction, consent, order, bond, debenture or other paper or document, but the Trustee, in its discretion, may
make such further inquiry or investigation into such facts or matters as it may see fit, and, if the Trustee shall determine to make such further inquiry or investigation, it shall be entitled to examine the books, records and premises of the
Issuer, personally or by agent or attorney at the expense of the Issuer and shall incur no liability of any kind by reason of such inquiry or investigation; 

(f) the Trustee may execute any of the trusts or powers hereunder or perform any duties hereunder either directly or by or through agents,
custodians, nominees or attorneys and the Trustee shall not be responsible for any misconduct or negligence on the part of any agent, custodian, nominee or attorney appointed by it with due care hereunder; 

(g) [Intentionally Omitted]; 

(h) the Trustee may request that the Issuer deliver an Officer’s Certificate setting forth the names of individuals and/or titles of
Officers authorized at such time to take specified actions pursuant to this Indenture; 
 (i) the Issuer shall provide prompt written notice
to the Trustee of any change to its fiscal year (it being expressly understood that the failure to provide such notice to the Trustee shall not be deemed a Default or Event of Default under this Indenture); 

(j) except with respect to Section 5.01, the Trustee shall have no duty to inquire as to the performance of the
Issuer with respect to the covenants contained in Article 5, the Trustee shall not be deemed to have notice of any Default or Event of Default unless a Responsible Officer of the Trustee has actual knowledge thereof or unless written notice
of any event which is in fact such a Default is received by the Trustee at the Corporate Trust Office of the Trustee, and such notice references the Notes of this Indenture; and 

(k) the permissive rights of the Trustee enumerated herein shall not be construed as duties. 

  
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 In no event shall the Trustee be liable for any special, indirect or consequential loss or damage of any kind
whatsoever (including, but not limited to, lost profits), even if the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

Section 8.03 Lists of Noteholders. The Issuer covenants and agrees that it will furnish or cause to be furnished to the Trustee,
quarterly, not more than fifteen (15) days after each March 31, June 30, September 30 and December 31 in each year beginning with September 30, 2017, and at such other times as the Trustee may request in writing, within thirty (30) days
after receipt by the Issuer of any such request (or such lesser time as the Trustee may reasonably request in order to enable it to timely provide any notice to be provided by it hereunder), a list in such form as the Trustee may reasonably require
of the names and addresses of the Noteholders as of a date not more than fifteen (15) days (or such other date as the Trustee may reasonably request in order to so provide any such notices) prior to the time such information is furnished,
except that no such list need be furnished so long as the Trustee is acting as Registrar. 
 Section 8.04 Preservation and
Disclosure of Lists. 
 (a) The Trustee shall preserve, in as current a form as is reasonably practicable, all information as to the
names and addresses of the Noteholders contained in the most recent list furnished to it or maintained by the Trustee in its capacity as Registrar, if so acting. The Trustee may destroy any list furnished to it upon receipt of a new list so
furnished. 
 (b) The rights of Noteholders to communicate with other Noteholders with respect to their rights under this Indenture or under
the Notes and the corresponding rights and duties of the Trustee, shall be as provided by the Trust Indenture Act. 
 (c) Every Noteholder,
by receiving and holding the same, agrees with the Issuer and the Trustee that neither the Issuer nor the Trustee nor any agent of either of them shall be held accountable by reason of any disclosure of information as to names and addresses of
Noteholders made pursuant to the Trust Indenture Act. 
 Section 8.05 No Responsibility for Recitals, Etc. The recitals
contained herein and in the Notes (except in the Trustee’s certificate of authentication) shall be taken as the statements of the Issuer, and the Trustee assumes no responsibility for the correctness of the same. The Trustee makes no
representations as to the validity or sufficiency of this Indenture or of the Notes. The Trustee shall not be accountable for the use or application by the Issuer of any Notes or the proceeds of any Notes authenticated and delivered by the Trustee
in conformity with the provisions of this Indenture. 
 Section 8.06 Trustee, Paying Agents or Registrar May Own
Notes. The Trustee, any Paying Agent or Registrar, in its individual or any other capacity, may become the owner or pledgee of Notes with the same rights it would have if it were not the Trustee, Paying Agent or Registrar, subject to
Section 8.10 and Section 8.15. 

  
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 Section 8.07 Monies to Be Held in Trust. All monies received by the Trustee shall,
until used or applied as herein provided, be held in trust for the purposes for which they were received. Money held by the Trustee in trust hereunder need not be segregated from other funds except to the extent required by law. The Trustee shall be
under no liability for interest on any money received by it hereunder except as may be agreed from time to time by the Issuer and the Trustee. 

Section 8.08 Compensation and Expenses of Trustee. The Issuer covenants and agrees to pay to the Trustee and Collateral Agent from
time to time, and each of the Trustee and Collateral Agent shall be entitled to, reasonable compensation for all services rendered by it hereunder in any capacity (which shall not be limited by any provision of law in regard to the compensation of a
trustee of an express trust) as mutually agreed to in writing between the Trustee, the Collateral Agent and the Issuer, and the Issuer will pay or reimburse each of the Trustee and Collateral Agent upon its request for all reasonable and documented
expenses, disbursements and advances reasonably incurred or made by the Trustee or Collateral Agent, as the case may be, in accordance with any of the provisions of this Indenture in any capacity thereunder (including the reasonable compensation and
the expenses and disbursements of its agents and counsel and of all Persons not regularly in its employ), except any such expense, disbursement or advance as shall have been proven in a court of competent jurisdiction in a final and non-appealable decision to have been caused by its gross negligence, willful misconduct or bad faith. The Issuer also covenants to indemnify the Trustee and Collateral Agent in any capacity under this Indenture and
any other document or transaction entered into in connection herewith and its agents and any authenticating agent for, and to hold them harmless against, any loss, claim, damage, liability or expense (including taxes other than taxes based on the
income of the Trustee or Collateral Agent) incurred without gross negligence, willful misconduct or bad faith, as determined in a court of competent jurisdiction in a final and non-appealable decision on the
part of the Trustee or Collateral Agent, as the case may be, its officers, directors, agents or employees, or such agent or authenticating agent, as the case may be, and arising out of or in connection with the acceptance or administration of this
trust or in any other capacity hereunder, including the costs and expenses of defending themselves against any claim of liability in the premises and the costs and expenses of enforcing this Indenture (including this Section 8.08) and the other
Notes Documents. The Issuer will defend any such claim and the Trustee and Collateral Agent, as applicable, will cooperate in the defense. Each of the Trustee and Collateral Agent may have separate counsel, and the Issuer will pay the reasonable and
documented fees and expenses of such counsel. The obligations of the Issuer under this Section 8.08 to compensate or indemnify the Trustee and Collateral Agent and to pay or reimburse the Trustee and Collateral Agent for
expenses, disbursements and advances shall be secured by a lien to which the Notes are hereby made subordinate on all money or property held or collected by the Trustee, except, subject to the effect of Section 7.10, funds
held in trust herewith for the benefit of the Holders of particular Notes. The Trustee’s and Collateral Agent’s right to receive payment of any amounts due under this Section 8.08 shall not be subordinated even
though the Notes may be so subordinated. The obligation of the Issuer under this Section 8.08 shall survive the satisfaction and discharge or termination for any reason of 

  
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this Indenture, including any termination or rejection hereof under any Debtor Relief Law, and the earlier resignation or removal or the Trustee. The Issuer need not pay for any settlement made
without its consent, which consent shall not be unreasonably withheld. The indemnification provided in this Section 8.08 shall extend to the officers, directors, agents and employees of the Trustee and Collateral Agent.

 Without prejudice to any other rights available to the Trustee under applicable law, when the Trustee and its agents and any
authenticating agent incur expenses or render services after an Event of Default specified in Section 7.01(a)(ix) or (x) occurs, the expenses and the compensation for the services are intended to
constitute expenses of administration under any bankruptcy, insolvency or similar laws. 
 The Trustee shall comply with the provisions of
Trust Indenture Act Section 313(b)(2) to the extent applicable. 
 Section 8.09 Officer’s Certificate as
Evidence. Except as otherwise provided in Section 7.01, whenever in the administration of the provisions of this Indenture the Trustee shall deem it necessary or desirable that a matter be proved or established prior to
taking or omitting any action hereunder, such matter (unless other evidence in respect thereof be herein specifically prescribed) may, in the absence of gross negligence, willful misconduct or bad faith on the part of the Trustee, be deemed to be
conclusively proved and established by an Officer’s Certificate delivered to the Trustee, and such Officer’s Certificate, in the absence of gross negligence, willful misconduct or bad faith on the part of the Trustee, shall be full warrant
to the Trustee for any action taken or omitted by it under the provisions of this Indenture upon the faith thereof. 
 Section 8.10
Conflicting Interests of Trustee. If the Trustee has or shall acquire a conflicting interest within the meaning of the Trust Indenture Act, the Trustee shall either eliminate such interest within 90 days after ascertaining that it has such
conflicting interest, or resign, to the extent and in the manner provided by, and subject to the provisions of, the Trust Indenture Act. 

Section 8.11 Eligibility of Trustee. There shall at all times be a Trustee hereunder which shall be a Person that is eligible
pursuant to the Trust Indenture Act to act as such and has a combined capital and surplus of at least $50,000,000. If such Person publishes reports of condition at least annually, pursuant to law or to the requirements of any supervising or
examining authority, then for the purposes of this Section 8.11, the combined capital and surplus of such Person shall be deemed to be its combined capital and surplus as set forth in its most recent report of condition so
published. If at any time the Trustee shall cease to be eligible in accordance with this Section 8.11, it shall resign immediately in the manner and with the effect hereinafter specified in this
Article 8. 

  
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 Section 8.12 Resignation or Removal of Trustee. 

(a) The Trustee may at any time resign by giving written notice of such resignation to the Issuer and by giving notice thereof to the
Noteholders at their addresses as they shall appear on the Note Register. Upon receiving such notice of resignation, the Issuer shall promptly appoint a successor trustee by written instrument, in duplicate, executed by order of the Board of
Directors, one copy of which instrument shall be delivered to the resigning Trustee and one copy to the successor trustee. If no successor trustee shall have been so appointed and have accepted appointment within sixty (60) days after the
giving of such notice of resignation to the Noteholders, the resigning Trustee may, at the expense of the Issuer and upon ten (10) Business Days’ notice to the Issuer and the Noteholders, petition any court of competent jurisdiction for
the appointment of a successor trustee, or any Noteholder who has been a bona fide Holder of a Note or Notes for at least six months may, subject to Section 7.11, on behalf of himself and all others similarly situated,
petition any such court for the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, appoint a successor trustee. 

(b) In case at any time any of the following shall occur: 

(i) the Trustee shall fail to comply with Section 8.10 within a reasonable time after written
request therefor by the Issuer or by any Noteholder who has been a bona fide Holder of a Note or Notes for at least six months; or 

(ii) the Trustee shall cease to be eligible in accordance with Section 8.11 and shall fail to resign
after written request therefor by the Issuer or by any such Noteholder; or 
 (iii) the Trustee shall become incapable of
acting, or shall be adjudged as bankrupt or insolvent, or a receiver of the Trustee or of its property shall be appointed, or any public officer shall take charge or control of the Trustee or of its property or affairs for the purpose of
rehabilitation, conservation or liquidation, 
 then, in any such case, the Issuer may by a Board Resolution remove the Trustee and appoint a successor
trustee by written instrument, in duplicate, executed by order of the Board of Directors, one copy of which instrument shall be delivered to the Trustee so removed and one copy to the successor trustee, or, subject to
Section 7.11, any Noteholder who has been a bona fide holder of a Note or Notes for at least six months may, on behalf of himself and all others similarly situated, petition any court of competent jurisdiction for the
removal of the Trustee and the appointment of a successor trustee. Such court may thereupon, after such notice, if any, as it may deem proper and prescribe, remove the Trustee and appoint a successor trustee. 

(c) The Holders of a majority in aggregate principal amount of the Notes at the time outstanding may at any time remove the Trustee and
nominate a successor trustee that shall be deemed appointed as successor trustee unless within ten (10) days after notice to the Issuer of such nomination the Issuer objects thereto, in which case the Trustee so removed or any Noteholder, upon
the terms and conditions and otherwise as in Section 8.12(a) provided, may petition any court of competent jurisdiction for an appointment of a successor trustee. 

  
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 (d) Any resignation or removal of the Trustee and appointment of a successor trustee pursuant to
this Section 8.12 shall become effective upon acceptance of appointment by the successor trustee as provided in Section 8.13. 

(e) The parties hereto acknowledge and agree that any resignation or removal of the Trustee is not effective with respect to its rights and
obligations under the Parallel Debt in its capacity as Collateral Agent until such rights and obligations have been assigned to and assumed by the successor Trustee in its capacity as Collateral Agent. The Trustee will reasonably cooperate in
assigning its rights under the Parallel Debt to any such successor Trustee and will reasonably cooperate in transferring all rights under any Dutch law governed Security Document to such successor Trustee all at the cost and expense of the Issuer.

 Section 8.13 Acceptance by Successor Trustee. Any successor trustee appointed as provided in
Section 8.12 shall execute, acknowledge and deliver to the Issuer and to its predecessor trustee an instrument accepting such appointment hereunder, and thereupon the resignation or removal of the predecessor trustee shall
become effective and such successor trustee, without any further act, deed or conveyance, shall become vested with all the rights, powers, duties and obligations of its predecessor hereunder, with like effect as if originally named as trustee
herein; but, nevertheless, on the written request of the Issuer or of the successor trustee, the trustee ceasing to act shall, upon payment of any amounts then due it pursuant to Section 8.08, execute and deliver an
instrument transferring to such successor trustee all the rights and powers of the trustee so ceasing to act. Upon request of any such successor trustee, the Issuer shall execute any and all instruments in writing for more fully and certainly
vesting in and conferring to such successor trustee all such rights and powers. Any trustee ceasing to act shall, nevertheless, retain a lien to which the Notes are hereby made subordinate on all money or property held or collected by such trustee
as such, except for funds held in trust for the benefit of Holders of particular Notes, to secure any amounts then due it pursuant to Section 8.08. 

No successor trustee shall accept appointment as provided in this Section 8.13 unless at the time of such acceptance
such successor trustee shall be qualified under Section 8.10 and be eligible under Section 8.11. 

Upon acceptance of appointment by a successor trustee as provided in this Section 8.13, each of the Issuer and the
successor trustee, at the written direction and at the expense of the Issuer shall mail or cause to be mailed notice of the succession of such trustee hereunder to the Noteholders at their addresses as they shall appear on the Note Register. If the
Issuer fails to mail such notice within ten (10) days after acceptance of appointment by the successor trustee, the successor trustee shall cause such notice to be mailed at the expense of the Issuer. 

  
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 Section 8.14 Succession by Merger, Etc. Any corporation or other entity into which
the Trustee may be merged or converted or with which it may be consolidated, or any corporation or other entity resulting from any merger, conversion or consolidation to which the Trustee shall be a party, or any corporation or other entity
succeeding to all or substantially all of the corporate trust business of the Trustee (including the administration of this Indenture), shall be the successor to the Trustee hereunder without the execution or filing of any paper or any further act
on the part of any of the parties hereto; provided that in the case of any corporation or other entity succeeding to all or substantially all of the corporate trust business of the Trustee such corporation or other entity shall be qualified
under Section 8.10 and eligible under Section 8.11. 
 In case at the time such
successor to the Trustee shall succeed to the trusts created by this Indenture, any of the Notes shall have been authenticated but not delivered, any such successor to the Trustee may adopt the certificate of authentication of any predecessor
trustee or authenticating agent appointed by such predecessor trustee, and deliver such Notes so authenticated; and in case at that time any of the Notes shall not have been authenticated, any successor to the Trustee or an authenticating agent
appointed by such successor trustee may authenticate such Notes either in the name of any predecessor trustee hereunder or in the name of the successor trustee; and in all such cases such certificates shall have the full force which it is anywhere
in the Notes or in this Indenture provided that the certificate of the Trustee shall have; provided, however, that the right to adopt the certificate of authentication of any predecessor Trustee or to authenticate Notes in the name of
any predecessor Trustee shall apply only to its successor or successors by merger, conversion or consolidation. 
 Section 8.15
Limitation on Rights of Trustee as Creditor. If and when the Trustee shall be or become a creditor of the Issuer (or any other obligor upon the Notes), the Trustee shall be subject to the provisions of the Trust Indenture Act regarding the
collection of the claims against the Issuer (or any such other obligor). 
 Section 8.16 Reports by Trustee. The Trustee shall
transmit to Holders such reports concerning the Trustee and its actions under this Indenture as may be required pursuant to the Trust Indenture Act at the times and in the manner provided pursuant thereto. A copy of each such report shall, at the
time of such transmission to Holders, be filed by the Trustee with each stock exchange upon which the Notes are listed and with the SEC, and copy thereof given to the Issuer and the Guarantors. The Issuer will notify the Trustee when any Notes are
listed on any stock exchange. 
 Section 8.17 Trustee’s Application for Instructions from the Issuer. Any
application by the Trustee for written instructions from the Issuer (other than with regard to any action proposed to be taken or omitted to be taken by the Trustee that affects the rights of the Holders under this Indenture) may, at the option of
the Trustee, set forth in writing any action proposed to be taken or omitted by the Trustee under this Indenture and the date on and/or after which such action shall be taken or such omission shall be effective. The Trustee shall not be liable for
any action taken by, or omission of, the Trustee in accordance with a proposal included in such application on or after the date 

  
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specified in such application (which date shall not be less than three (3) Business Days after the date any officer that the Issuer has indicated to the Trustee should receive such
application is deemed to receive such application in accordance with Section 14.03, unless any such officer shall have consented in writing to any earlier date), unless, prior to taking any such action (or the effective date in the case of any
omission), the Trustee shall have received written instructions in accordance with this Indenture in response to such application specifying the action to be taken or omitted. 

Article 9. 
 NOTE
GUARANTEES 
 Section 9.01 Guarantee. 

(a) Subject to this Article 9, each of the Guarantors hereby, jointly and severally, unconditionally guarantees to
each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and Collateral Agent and each of their successors and assigns, irrespective of the validity and enforceability of this Indenture, the Notes, the other Notes
Documents or the obligations of the Issuer hereunder or thereunder, that: 
 (i) the principal of, Applicable Premium and
any other premium, interest, if any, and interest on, the Notes will be promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if
lawful, and all other obligations of the Issuer and the other Notes Parties to the Holders, the Trustee or the Collateral Agent hereunder or under the other Notes Documents will be promptly paid in full or performed, all in accordance with the terms
hereof and thereof, and 
 (ii) in case of any extension of time of payment or renewal of any Notes or any of such other
obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated Maturity, by acceleration or otherwise. 

Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors will be jointly and severally
obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 
 (b)
The Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability of the Notes or this Indenture, the absence of any action to enforce the same, any waiver or consent by any
Noteholder with respect to any provisions hereof or thereof, the recovery of any judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a
Guarantor. Each Guarantor hereby waives diligence, presentment, demand of 

  
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payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands
whatsoever and covenant that this Note Guarantee will not be discharged except by complete performance of the obligations contained in the Notes and this Indenture. 

(c) If any Holder, the Trustee or Collateral Agent is required by any court or otherwise to return to the Issuer, the Guarantors or any
custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid by either to the Trustee, the Collateral Agent or such Holder, this Note Guarantee, to the extent theretofore
discharged, will be reinstated in full force and effect. 
 (d) Each Guarantor agrees that it will not be entitled to any right of
subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders, the
Trustee and Collateral Agent, on the other hand, (1) the maturity of the obligations guaranteed hereby may be accelerated as provided in Article 7 for the purposes of this Note Guarantee, notwithstanding any stay,
injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 7, such
obligations (whether or not due and payable) will forthwith become due and payable by the Guarantors for the purpose of this Note Guarantee. 

(e) All Guarantors desire to allocate among themselves (collectively, the “Contributing Guarantors”), in a fair and equitable
manner, their obligations arising under this Indenture. Accordingly, in the event any payment or distribution is made on any date by a Guarantor (a “Funding Guarantor”) under its Guarantee of the Notes such that its Aggregate
Payments exceed its Fair Share as of such date, such Funding Guarantor shall be entitled to a contribution from each of the other Contributing Guarantors in an amount sufficient to cause each Contributing Guarantor’s Aggregate Payments to equal
its Fair Share as of such date. “Fair Share” means, with respect to a Contributing Guarantor as of any date of determination, an amount equal to (a) the ratio of (i) the Fair Share Contribution Amount with respect to such
Contributing Guarantor, to (ii) the aggregate of the Fair Share Contribution Amounts with respect to all Contributing Guarantors, multiplied by (b) the aggregate amount paid or distributed on or before such date by all Funding Guarantors
under its Guarantee of the Notes in respect of the obligations guaranteed. “Fair Share Contribution Amount” means, with respect to a Contributing Guarantor as of any date of determination, the maximum aggregate amount of the
obligations of such Contributing Guarantor under its Guarantee of the Notes that would not render its obligations hereunder or thereunder subject to avoidance as a fraudulent transfer or conveyance under Section 548 of the Bankruptcy Code or
any comparable applicable provisions of state law; provided that solely for purposes of calculating the Fair Share Contribution Amount with respect to any Contributing Guarantor for purposes of this Section 9.01, any
assets or liabilities of such Contributing Guarantor arising by virtue of any rights to subrogation, reimbursement or indemnification or any rights to or obligations of contribution hereunder shall not be considered as assets or liabilities of such
Contributing Guarantor. “Aggregate Payments” 

  
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means, with respect to a Contributing Guarantor as of any date of determination, an amount equal to (1) the aggregate amount of all payments and distributions made on or before such date by
such Contributing Guarantor in respect of its Guarantee of the Notes (including in respect of this Section 9.01), minus (2) the aggregate amount of all payments received on or before such date by such Contributing
Guarantor from the other Contributing Guarantors as contributions under this Section 9.01. The amounts payable as contributions hereunder shall be determined as of the date on which the related payment or distribution is
made by the applicable Funding Guarantor. Each Guarantor that makes a payment for distribution under its Guarantee will be entitled to a contribution from each other Guarantor in a pro rata amount based on adjusted net assets of each Guarantor. Each
Guarantor is a third party beneficiary to the contribution agreement set forth in this Section 9.01. 

Section 9.02 Limitation on Guarantor Liability. Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that
it is the intention of all such parties that the Note Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance, or voidable preference, for purposes of applicable Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the
Uniform Fraudulent Transfer Act or any similar federal or state or foreign law to the extent applicable to any Note Guarantee or to give rise to any liability for any director or member of any board of directors, supervisory board or analogous board
or body of any Guarantor. To effectuate the foregoing intention, the Trustee, the Collateral Agent, the Holders and the Guarantors hereby irrevocably agree that the obligations of such Guarantor will be limited to the maximum amount that will, after
giving effect to such maximum amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, rights to receive contribution from or payments made by or on
behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article 9, result in the obligations of such Guarantor under its Note Guarantee not constituting a fraudulent transfer or conveyance, voidable preference,
or a transaction at an undervalue or unlawful financial assistance or otherwise cause the Guarantor to be insolvent or in breach of applicable capital preservation rules under relevant law or such Guarantee to be void, unenforceable or ultra vires
or cause the directors or members of the supervisory board or analogous board or body of such Guarantor to be in breach of, or liable under, applicable corporate or commercial law. 

Section 9.03 Execution and Delivery of Note Guarantee. To evidence its Note Guarantee set forth in
Section 9.01, each Guarantor hereby agrees that a notation of such Note Guarantee substantially in the form attached as Exhibit C hereto will be endorsed by an Officer of such Guarantor on each Note authenticated and
delivered by the Trustee and that this Indenture will be executed on behalf of such Guarantor by one of its Officers (but the failure to execute such notation shall not affect the validity of any Note Guarantee). 

Each Guarantor hereby agrees that its Note Guarantee set forth in Section 9.01 will remain in full force and effect
notwithstanding any failure to endorse on each Note a notation of such Note Guarantee. 

  
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 If an Officer whose signature is on this Indenture or on the Note Guarantee no longer holds that
office at the time the Trustee authenticates the Note on which a Note Guarantee is endorsed, the Note Guarantee will be valid nevertheless. 

The delivery of any Note by the Trustee, after the authentication thereof hereunder, will be deemed to constitute due delivery of the Note
Guarantee set forth in this Indenture on behalf of the Guarantors. 
 Section 9.04 Guarantors May Consolidate,
etc., on Certain Terms. A Guarantor may not sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person) another Person, other than the
Issuer or another Guarantor, unless: 
 (a) immediately after giving effect to that transaction, no Default or Event of Default exists; and

 (b) either: 

(i) the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such
consolidation or merger assumes all the obligations of that Guarantor under this Indenture and its Note Guarantee pursuant to a supplemental indenture and Security Documents, as applicable; or 

(ii) such transaction is not prohibited by Section 4.04(a). 

In case of any such consolidation, amalgamation, merger, sale or conveyance and upon the assumption by the successor Person, by supplemental indenture,
executed and delivered to the Trustee along with the documents required by Section 14.05, of the Note Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be
performed by the Guarantor, such successor Person will succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Note
Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Issuer and delivered to the Trustee. All the Note Guarantees so issued will in all respects have the same legal rank and benefit
under this Indenture as the Note Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Note Guarantees had been issued at the date of the execution. 

Except as set forth in Article 4 and Article 6, and notwithstanding clauses (a) and
(b)(i) and (b)(ii) above, nothing contained in this Indenture or in any of the Notes will prevent any consolidation, amalgamation or merger of a Guarantor with or into the Issuer or another Guarantor, or will prevent any sale or conveyance of
the property of a Guarantor as an entirety or substantially as an entirety to the Issuer or another Guarantor. 

  
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 Section 9.05 Releases. The Note Guarantee of any Guarantor, and the Collateral
Agent’s Lien on the Collateral of such Guarantor, will be automatically released: 
 (a) in connection with any sale, transfer or other
disposition (including by way of merger, consolidation or amalgamation or similar transactions) of all of the Capital Stock of that Guarantor to a Person that is not (either before or after giving effect to such transaction) the Issuer or a
Subsidiary of the Issuer, if the sale, transfer or other disposition and the application of the proceeds thereof does not violate Section 4.04(a); provided, that such Liens will not be released if such sale or
disposition is to the Issuer or a Guarantor or is subject to Section 6.01; 
 (b) with respect to the assets of a
Guarantor that constitute Collateral, upon the release of such Guarantor from its Note Guarantee in accordance with the applicable provisions of this Indenture; 

(c) [Reserved.]; 
 (d) if the
Issuer exercises its legal defeasance option or covenant defeasance option as described under Article 12, upon release in full of all of the Collateral; or 

(e) upon satisfaction and discharge of this Indenture as described under Article 11 or payment in full of the principal of, premium, if
any, and accrued and unpaid interest on the Notes and all other Secured Obligations that are then due and payable. 
 Article 10.

 AMENDMENT, SUPPLEMENT AND WAIVER 

Section 10.01 Supplemental Indentures Without Consent of Noteholders. The Issuer, the Guarantors, the Collateral Agent and the
Trustee, at the Issuer’s expense, may, from time to time and at any time, amend, modify or supplement (collectively, “amend”) this Indenture, the Notes, the Note Guarantees or any Security Documents to: 

(a) cure any ambiguity, defect or inconsistency; 

(b) provide for uncertificated Notes in addition to or in place of certificated Notes; provided, that the uncertificated Notes are issued in
registered form for purposes of Section 163(f) of the Code; 
 (c) provide for the assumption of the Issuer’s or a
Guarantor’s obligations to Noteholders and Note Guarantees in the case of a merger or consolidation or sale of all or substantially all of the Issuer’s or such Guarantor’s assets, as applicable, in accordance with the terms of this
Indenture; 

  
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 (d) make any change that would provide any additional rights or benefits to the Noteholders, add
covenants, events of default or collateral for the benefit of the Noteholders or surrender any right or power conferred upon any Notes Party; 

(e) add, remove or amend any Corresponding Covenant in the circumstances described in Section 4.17(b); 

(f) comply with requirements of the Commission in order to effect or maintain the qualification of the Indenture under the Trust Indenture
Act; 
 (g) evidence or provide for the acceptance of appointment under the Indenture of a successor trustee; 

(h) allow any Guarantor to execute a supplemental indenture and/or a Note Guarantee with respect to the Notes and to release any Guarantor
from its Note Guarantee in accordance with the terms of this Indenture; or 
 (i) make, complete or confirm any grant of Collateral
permitted or required by the Indenture or any of the Security Documents or any release of Collateral that becomes effective as set forth in the Indenture or any of the Security Documents. 

In addition, without the consent of any Noteholder, the Trustee (or Collateral Agent, if applicable) and the Notes Parties will be authorized
to (and the Trustee and/or Collateral Agent, as applicable, shall) amend or, if reasonably necessary, replace, the Security Documents, and to enter into one or more new intercreditor agreements, (1) to add additional secured parties holding,
and to secure any, other Indebtedness permitted by this Indenture to be incurred and secured by the Collateral, and having the relative Lien priorities, if any, to be set forth herein, (2) to enter into intercreditor arrangements with the
holders of any such Indebtedness described in clause (1) so long as the terms of such intercreditor arrangements are not less favorable to the Holders of Secured Obligations than the intercreditor provisions contained in the Security Documents
on the Issue Date and (3) to add parties (including collateral agents, administrative and other agents, trustees and lenders) to the Security Documents in respect of the incurrence of Indebtedness secured by Permitted Liens described in clause
(20) of the definition thereof. 
 After an amendment under this Indenture becomes effective, the Issuer is required to mail to the
Holders a notice briefly describing such amendment; provided, however, that the failure to give such notice to all the Holders, or any defect in the notice, will not impair or affect the validity of the amendment. 

Section 10.02 Supplemental Indentures With Consent of Noteholders. Except as provided in Section 10.01
and this Section 10.02, this Indenture, the Security Documents, or the Notes or the Note Guarantees may be amended or supplemented with the consent of the Holders of at least a majority in aggregate principal amount of the

  
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Notes then outstanding voting as a single class (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes), and any existing
Default or Event of Default or compliance with any provision of this Indenture, the Security Documents or the Notes or the Note Guarantees may be waived with the consent of the Holders of a majority in aggregate principal amount of the
then-outstanding Notes voting as a single class (including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes); provided, however, that without the consent of each
Noteholder affected, an amendment, supplement or waiver may not (with respect to any Notes held by a non-consenting Holder): 

(a) reduce the amount of Notes the Holders of which must consent to an amendment, supplement or waiver, give notice or approval or take other
action, direct the Trustee or the Collateral Agent, accelerate the Notes or rescind acceleration of the Notes; 
 (b) reduce the principal
of or change the fixed maturity of any Note or alter the provisions with respect to the redemption of the Notes; 
 (c) reduce the rate of
or change the time for payment of interest, including default interest or Applicable Premium, on any Note; 
 (d) waive a Default or Event
of Default in the payment of principal of, or interest, Applicable Premium or other premium on, the Notes (except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes then
outstanding voting as a single class and a waiver of the payment default that resulted from such acceleration); 
 (e) make any Note payable
in money other than that stated in the Notes; 
 (f) make any change in the provisions of this Indenture relating to waivers of past
Defaults or the rights of Noteholders to receive payments of principal of, or interest, Applicable Premium or other premium on, the Notes; 

(g) waive or change the time at which a redemption payment must be made with respect to any Note; 

(h) release any Guarantor from any of its obligations under its Note Guarantee or this Indenture, except in accordance with the terms of this
Indenture; 
 (i) subordinate the Notes or any Note Guarantee in right of payment; 

(j) impair the right of any Holder to receive payment of principal of and interest on or Applicable Premium or other premium with respect to
such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes; or 

  
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 (k) make any change in the preceding amendment and waiver provisions. 

The consent of the Holders will not be necessary under this Indenture to approve the particular form of any proposed amendment, supplement,
waiver or consent. It will be sufficient if such consent approves the substance of the proposed amendment, waiver or consent. 

Notwithstanding the foregoing, any amendment to, or waiver of, the provisions of this Indenture or any Security Document that has the effect
of releasing all or substantially all of the Collateral from the Liens securing the Notes or subordinating Liens securing the Notes (except as permitted by the terms of this Indenture and the Security Documents) will require the consent of the
Holders of 98% in aggregate principal amount of the Notes then outstanding. 
 Section 10.03 Revocation and Effect of Consents.
Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the
consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a Note may revoke the consent as to its Note if the Trustee receives written notice of revocation
before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in accordance with its terms and thereafter binds every Holder. 

Section 10.04 Notation on or Exchange of Notes. The Trustee may place an appropriate notation about an amendment, supplement or
waiver on any Note thereafter authenticated. The Issuer in exchange for all Notes may issue and the Trustee shall, upon receipt of an Authentication Order, authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note shall not affect the validity and effect of such amendment, supplement or
waiver. 
 Section 10.05 Effect of Supplemental Indentures. Upon the execution of any supplemental indenture pursuant to this
Article 10, this Indenture shall be and be deemed to be modified and amended in accordance therewith and the respective rights, limitation of rights, obligations, duties and immunities under this Indenture of the Trustee,
the Issuer and the Noteholders shall thereafter be determined, exercised and enforced hereunder subject in all respects to such modifications and amendments and all the terms and conditions of any such supplemental indenture shall be and be deemed
to be part of the terms and conditions of this Indenture for any and all purposes. 
 Section 10.06 Trustee to Sign Amendments,
etc.. The Trustee shall sign any amendment or supplement to this Indenture and the other Notes Documents authorized pursuant to this Article 10 if the amendment or supplement does not adversely affect the rights, duties, liabilities or
immunities of the Trustee. The Issuer may not sign 

  
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an amendment or supplement to this Indenture until the Board of Directors of the Issuer approves of such amendment or supplement. In executing any amendment or supplement to this Indenture, the
Trustee shall be provided with and (subject to Section 8.01) shall be fully protected in relying upon, in addition to the documents required by Section 14.05, an Officer’s Certificate and an
Opinion of Counsel stating that the execution of such amendment or supplement is authorized or permitted by this Indenture and the other Notes Documents. 

Section 10.07 Conformity with Trust Indenture Act. Every supplemental indenture or amendment executed pursuant to this Article
shall conform to the requirements of the Trust Indenture Act. 
 Article 11. 

SATISFACTION AND DISCHARGE 

Section 11.01 Satisfaction and Discharge. This Indenture, the Note Guarantees and the Notes will be discharged (and all Liens on
the Collateral will be released) and this Indenture will cease to be of further effect as to all Notes and Note Guarantees issued hereunder, when: 

(a) Either: 

(i) all Notes that have been authenticated, except lost, stolen or destroyed Notes that have been replaced or paid and Notes
for whose payment money has been deposited in trust and thereafter repaid to the Issuer, have been delivered to the Trustee for cancellation; or 

(ii) all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the
mailing of a notice of redemption or otherwise or will become due and payable within one year and the Issuer or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee as trust funds in trust solely for the benefit of the
Holders, cash in U.S. dollars, non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in amounts as will be
sufficient, without consideration of any reinvestment of interest, to pay and discharge the entire Indebtedness on the Notes not delivered to the Trustee for cancellation for principal, interest and Applicable Premium or other premium and accrued
interest to the date of maturity or redemption; 
 (b) no Default or Event of Default has occurred and is continuing on the date of the
deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or violation of, or constitute a default under, any other material agreement or
instrument to which the Issuer or any Guarantor is a party or by which the Issuer or any Guarantor is bound; 

  
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 (c) the Issuer or any Guarantor has paid or caused to be paid all sums payable by it under this
Indenture; and 
 (d) the Issuer has delivered irrevocable instructions to the Trustee under this Indenture to apply the deposited money
toward the payment of the Notes at maturity or on the redemption date, as the case may be. 
 In addition, the Issuer must deliver an
Officer’s Certificate and an Opinion of Counsel to the Trustee stating that all conditions precedent to satisfaction and discharge have been satisfied. 

Notwithstanding the satisfaction and discharge of this Indenture, if money has been deposited with the Trustee pursuant to subclause
(a)(ii) of this Section 11.01, Sections 11.02 and 8.08 will survive. In addition, nothing in this Section 11.01 will be deemed to discharge those provisions of
Section 8.08 that, by their terms, survive the satisfaction and discharge of this Indenture. 
 Section 11.02
Application of Trust Money. Subject to Section 12.06, all money deposited with the Trustee pursuant to Section 11.01 shall be held in trust and applied by it, in accordance with the
provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as its own Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and
premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds except to the extent required by law; provided that, if there is a tender offer by the
Issuer for outstanding Notes that is in progress at the time of such deposit, such money deposited with the Trustee pursuant to Section 11.01 hereof may be applied to pay any cash consideration for any Notes validly
tendered into such tender offer and not validly withdrawn. 
 If the Trustee or Paying Agent is unable to apply any money or Government
Securities in accordance with Section 11.01 by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application,
the Issuer’s and any Guarantor’s obligations under this Indenture and the Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01, provided that if the Issuer has
made any payment of principal of, premium, if any, or interest on, any Notes because of the reinstatement of its obligations, the Issuer shall be subrogated to the rights of the Holders of such Notes to receive such payment from the money or
Government Securities held by the Trustee or Paying Agent. 

  
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 Article 12. 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 12.01 Option to Effect Legal Defeasance or Covenant Defeasance. The Issuer may at any time, at the option of its Board of
Directors evidenced by a resolution set forth in an Officer’s Certificate, elect to have either Section 12.02 or 12.03 be applied to all outstanding Notes upon compliance with the conditions set forth below in
this Article 12. 
 Section 12.02 Legal Defeasance and Discharge. Upon the Issuer’s exercise
under Section 12.01 of the option applicable to this Section 12.02, the Issuer and each of the Guarantors will, subject to the satisfaction of the conditions set forth in
Section 12.04, be deemed to have been discharged from its/their obligations with respect to all outstanding Notes (including the Note Guarantees) on the date the conditions set forth below are satisfied (hereinafter,
“Legal Defeasance”). For this purpose, Legal Defeasance means that the Notes Parties will be deemed to have paid and discharged the entire Indebtedness represented by the outstanding Notes (including the Note Guarantees), which will
thereafter be deemed to be “outstanding” only for the purposes of Section 12.05 and the other Sections of this Indenture referred to in clauses (a) and (b) below, and to have satisfied all its/their
other obligations under such Notes, the Note Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Issuer, shall execute such instruments reasonably requested and prepared by the Issuer acknowledging the same) and
all of the Liens on Collateral securing the Notes shall be released, except for the following provisions of this Indenture which will survive until otherwise terminated or discharged hereunder: 

(a) the rights of Holders of outstanding Notes to receive payments in respect of the principal of, or interest or Applicable Premium or other
premium, if any, on, such Notes when such payments are due from the trust referred to in Section 12.04; 
 (b) the
Issuer’s obligations with respect to such Notes under Article 2, Article 3 and Section 5.02; 

(c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the Issuer’s and the Guarantors’ obligations in
connection therewith; and 
 (d) this Article 12. 

Subject to compliance with this Article 12, the Issuer may exercise its option under this Section 12.02
notwithstanding the prior exercise of its option under Section 12.03. 
 Section 12.03 Covenant
Defeasance. Upon the Issuer’s exercise under Section 12.01 of the option applicable to this Section 12.03, the Issuer and each of the Guarantors will, subject to the satisfaction of the
conditions set forth in Section 12.04, be released from each of their/its obligations under the covenants contained in Sections 4.01 through 4.07, 4.09 through 4.11, 4.17 through
4.19, 5.05 (other than obligations as to the Issuer), 5.06, 5.07, 5.08, 5.09, 5.11 through 5.22, 5.24, and clauses (a)(iii) and (a)(iv) of Section 6.01
with respect to the outstanding Notes on and after the date the conditions set forth in Section 12.04 are satisfied (hereinafter, “Covenant Defeasance”). For this purpose, Covenant Defeasance means that,
all Liens on the Collateral securing the Notes 

  
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will be released and with respect to the outstanding Notes and Note Guarantees, the Notes Parties may omit to comply with and will have no liability in respect of any term, condition or
limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and
such omission to comply will not constitute a Default or an Event of Default under Section 7.01, but, except as specified above, the remainder of this Indenture and such Notes and Note Guarantees will be unaffected thereby.
In addition, upon the Issuer’s exercise under Section 12.01 of the option applicable to this Section 12.03, subject to the satisfaction of the conditions set forth in
Section 12.04, events set forth in Sections 7.01(a)(iv) through (viii) and 7.01(a)(xii) through (xvi) will not constitute Events of Default. 

Section 12.04 Conditions to Legal or Covenant Defeasance. In order to exercise either Legal Defeasance or Covenant Defeasance
under either Section 12.02 or 12.03: 
 (a) the Issuer must irrevocably deposit with the Trustee, in trust,
for the benefit of the Noteholders, cash in U.S. dollars, non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government
Securities, in amounts as will be sufficient, in the opinion of a nationally recognized investment bank, appraisal firm or firm of independent public accountants, to pay the principal of, and interest and Applicable Premium or other premium on, the
outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be, and the Issuer must specify whether the Notes are being defeased to such stated date for payment or to a particular redemption date;

 (b) in the case of an election under Section 12.02, the Issuer must deliver to the Trustee an Opinion of
Counsel confirming that: 
 (i) the Issuer has received from, or there has been published by, the Internal Revenue Service a
ruling; or 
 (ii) since the Issue Date, there has been a change in the applicable federal income tax law, 

in either case to the effect that, and based thereon such Opinion of Counsel will confirm that, the Holders of the outstanding Notes will not recognize
income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance
had not occurred; 
 (c) in the case of an election under Section 12.03, the Issuer must deliver to the Trustee an
Opinion of Counsel confirming that the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in
the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

  
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 (d) no Default or Event of Default has occurred and is continuing on the date of such deposit
(other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit or the grant of any Lien securing such borrowing); 

(e) such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material
agreement or instrument (other than this Indenture, the Notes, the Note Guarantees and the Security Documents) to which the Issuer or any of its Subsidiaries is a party or by which the Issuer or any of its Subsidiaries is bound; and 

(f) the Issuer must deliver to the Trustee an Officer’s Certificate and an Opinion of Counsel, each stating that all conditions precedent
relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
 Section 12.05 Deposited Money and Government
Securities to Be Held in Trust; Other Miscellaneous Provisions. Subject to Section 12.06, all money and non-callable Government Securities (including the proceeds thereof)
deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 12.05, the “Trustee”) pursuant to Section 12.04 in respect of the outstanding
Notes will be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as Paying Agent) as the Trustee may
determine, to the Holders of such Notes of all sums due and to become due thereon in respect of principal, premium, if any, and interest, but such money need not be segregated from other funds except to the extent required by law. 

The Issuer will pay and indemnify the Trustee against any tax, fee or other charge imposed on or assessed against the cash or non-callable Government Securities deposited pursuant to Section 12.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is
for the account of the Holders of the outstanding Notes. 
 Notwithstanding anything in this Article 12 to the
contrary, the Trustee will deliver or pay to the Issuer from time to time upon the request of the Issuer any money or non-callable Government Securities held by it as provided in
Section 8.07 which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof delivered to the Trustee (which may be the Opinion of Counsel delivered under
Section 12.04(b)), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

  
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 Section 12.06 Repayment to Issuer. Subject to applicable law, any money deposited
with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of, premium, if any, or interest on, any Note and remaining unclaimed for two years after such principal, premium, if any, or interest has
become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) will be discharged from such trust; and the Holder of such Note will thereafter be permitted to look only to the Issuer for payment thereof, and all
liability and other obligations of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, will thereupon cease. 

Section 12.07 Reinstatement. If the Trustee or Paying Agent is unable to apply any U.S. dollars or
non-callable Government Securities in accordance with Section 12.02 or 12.03, as the case may be, by reason of any order or judgment of any court or governmental authority enjoining,
restraining or otherwise prohibiting such application, then the Issuer’s and the Guarantors’ obligations under this Indenture and the Notes and the Note Guarantees will be revived and reinstated as though no deposit had occurred pursuant
to Section 12.02 or 12.03 until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 12.02 or 12.03, as the case may be; provided,
however, that, if the Issuer makes any payment of principal of, premium, if any, or interest on, any Note following the reinstatement of its obligations, the Issuer will be subrogated to the rights of the Holders of such Notes to receive such
payment from the money held by the Trustee or Paying Agent. 
 Article 13. 

COLLATERAL 

Section 13.01 Security Documents. The Secured Obligations shall be secured as provided in the Security Documents. The Issuer
shall, and shall cause each Guarantor to, and each Guarantor shall, comply with all of the provisions of the Security Documents. 

Section 13.02 Collateral Agent. 

(a) Each Noteholder, by accepting a Note, agrees that the Note Liens are subject to the terms of the Security Documents. Each Noteholder, by
accepting a Note, hereby irrevocably appoints the Collateral Agent to act on its behalf under the Note Documents and authorizes the Collateral Agent to take such actions on its behalf and to exercise such powers as are delegated to the Collateral
Agent by the terms thereof. 
 (b) The Collateral Agent shall have all the rights and protections provided in the Security Documents and,
additionally, whether or not expressly stated therein the Collateral Agent shall have all the rights and protections in its dealings under this Agreement, any intercreditor agreements and the Security Documents as are provided to the Trustee under
Article 8. 
 (c) Subject to Section 8.01, none of the Collateral Agent, Trustee, Paying Agent,
Registrar or transfer agent nor any of their respective officers, directors, employees, attorneys or agents will be responsible or liable for the existence, 

  
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genuineness, value or protection of any Collateral, for the legality, enforceability, effectiveness or sufficiency of the Security Documents, for the creation, validity, perfection, priority,
sufficiency, protection or enforcement of any Note Liens, or any other security interest in the Collateral, for the filing of financing statements, continuation statements or other agreements to perfect or maintain the perfection of the security
interest, or any defect or deficiency as to any such matters. 
 (d) Except as required or permitted by the Security Documents, the Holders,
by accepting a Note, acknowledge that the Collateral Agent will not be obligated: 
 (i) to act upon directions purported to
be delivered to it by any Person, except in accordance herewith or with the Security Documents; 
 (ii) to foreclose upon or
otherwise enforce any Note Lien; 
 (iii) except at the direction of Holders of a majority in aggregate principal amount of
the Notes outstanding accompanied by such statements, documents or agreements in form for filing, to file any financing statements, continuation statements or any documents or agreements in order to perfect or maintain the perfection of the Note
Liens; or 
 (iv) to take any other action whatsoever with regard to any or all of the Note Liens, Security Documents or
Collateral. 
 (e) To the extent necessary to perfect the security interest in any of the Collateral, the Collateral Agent shall be entitled
to appoint one or more sub-agents with respect to such Collateral. 
 Section 13.03 Parallel
Debt. 
 (a) Each Notes Party hereby irrevocably and unconditionally undertakes to pay (each such payment undertaking, a
“Parallel Debt”) to the Collateral Agent on each relevant due date amounts equal to the amounts due by that Notes Party in respect of its Corresponding Obligations as they may exist from time to time. 

(b) Each Parallel Debt will be payable in the currency or currencies of the relevant Corresponding Obligations and will become due and payable
as and when and to the extent the relevant Corresponding Obligations become due and payable. An Event of Default in respect of Corresponding Obligations shall constitute a default (verzuim) within the meaning of section 3:248 of the Dutch
Civil Code with respect to the relevant Parallel Debt without any notice being required. 

  
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 (c) Each of the parties to this Indenture hereby acknowledges and each Noteholder, by accepting
a Note, acknowledges that: 
 (i) each Parallel Debt constitutes an undertaking, obligation and liability to the Collateral
Agent which is separate and independent from, and without prejudice to, the Corresponding Obligations of the relevant Notes Party; and 

(ii) each Parallel Debt represents the Collateral Agent’s own separate and independent claim to receive payment of such
Parallel Debt from the relevant Notes Party, it being understood, in each case, that pursuant to this paragraph (c), the amount which may become payable by each Notes Party by way of its Parallel Debt shall not exceed at any time the total of the
amounts which are payable under or in connection with the Corresponding Obligations of that Notes Party at such time. 
 (d) An amount paid
by a Notes Party to the Collateral Agent in respect of the Parallel Debt will discharge the liability of the Notes Parties under the Corresponding Obligations in an equal amount. 

(e) For the purpose of this Section 13.03, the Collateral Agent acts in its own name and for itself and not as agent or representative of
any other Secured Party. 
 (f) Each Noteholder, by accepting a Note, acknowledges and agrees with the creation of Parallel Debts by any
Notes Party and the terms of this Section 13.03, including but not limited to paragraph (d) above. 
 Section 13.04
Authorization of Actions to Be Taken. 
 (a) Each Holder of Notes, by its acceptance thereof, (i) consents and agrees to the
terms of each Security Document and any intercreditor agreement that may be required in connection with the transactions contemplated by this Indenture (each an “Intercreditor Agreement”), as originally in effect and as amended,
supplemented or replaced from time to time in accordance with its terms or the terms of this Indenture, (ii) authorizes and directs the Collateral Agent to enter into the Security Documents and any Intercreditor Agreement to which it is a
party, and (iii) authorizes and empowers the Collateral Agent to bind the Holders of Notes as set forth in the Security Documents and any Intercreditor Agreement to which the Collateral Agent is a party and to perform its obligations and
exercise its rights and powers thereunder. 
 (b) The Trustee is authorized and empowered to receive for the benefit of the Holders of Notes
any funds collected or distributed to the Collateral Agent under the Security Documents to which the Trustee is a party and, subject to the terms of the Security Documents, to make further distributions of such funds to the Holders of Notes
according to the provisions of this Indenture. 
 (c) Wilmington Trust, National Association is hereby designated and appointed as the
Collateral Agent of the Holders under the Security Documents, and is authorized as the Collateral Agent for such Holders to execute and 

  
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enter into each of the Security Documents and all other instruments relating to the Security Documents and (i) to take action and exercise such powers and remedies as are expressly required
or permitted hereunder and under the Security Documents and all instruments relating hereto and thereto and (ii) to exercise such powers and perform such duties as are, in each case, expressly delegated to the Collateral Agent by the terms
hereof and thereof, together with such other powers as are reasonably incidental hereto and thereto, including for purposes of acquiring, holding and enforcing any and all Liens on Collateral granted by any Notes Party to secure any of the Secured
Obligations, together with such powers and discretion as are reasonably incidental thereto. In acting hereunder and under the Note Documents, the Collateral Agent shall have the benefit of the rights, protections and immunities granted to it
hereunder and under the other Note Documents, all of which are incorporated by reference into this Indenture, mutatis mutandis. In this connection, the Collateral Agent and any co-agents, sub-agents and attorneys-in-fact appointed by the Collateral Agent pursuant to the Security Documents for purposes of holding or
enforcing any Lien on the Collateral (or any portion thereof) granted under any of the Security Documents, or for exercising any rights and remedies thereunder, shall be entitled to the benefits of all provisions under the Note Documents (as though
such co-agents, sub-agents and attorneys-in-fact were the “Collateral Agent”
under the Security Documents) as if set forth in full herein with respect thereto. Notwithstanding any provision to the contrary elsewhere in this Indenture or the Security Documents, the Collateral Agent shall not have (x) any duties or
responsibilities except those expressly set forth herein or therein or (y) any fiduciary relationship with any Holder, and no implied covenants, functions, responsibilities, duties, obligations or liabilities shall be read into this Indenture
or any Security Document or otherwise exist against the Collateral Agent. The Collateral Agent may consult with counsel of its selection and the advice or opinion of such counsel as to matters of law shall be full and complete authorization and
protection from liability in respect of any action taken, omitted or suffered by it hereunder or under the Security Documents in good faith and in accordance with the advice or opinion of such counsel. 

(d) Subject to Sections 8.01 and 8.02 and the Security Documents, the Trustee may (but shall not be obligated to), in its sole
discretion and without the consent of the Holders, direct, on behalf of the Holders, the Collateral Agent to take all actions it deems necessary or appropriate in order to: 

(i) foreclose upon or otherwise enforce any or all of the Note Liens; 

(ii) enforce any of the terms of the Security Documents to which the Collateral Agent is a party; or 

(iii) collect and receive payment of any and all Secured Obligations. 

At the Issuer’s sole cost and expense, the Trustee is hereby authorized and empowered by each Holder of Notes (by its acceptance thereof) to institute
and maintain, or direct the Collateral Agent to institute and maintain, such suits and proceedings as it may deem 

  
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reasonably expedient to protect or enforce the Note Liens or the Security Documents to which the Collateral Agent or Trustee is a party or to prevent any impairment of Collateral by any acts that
may be unlawful or in violation of the Security Documents or this Indenture, and such suits and proceedings as the Trustee may deem reasonably expedient, at the Issuer’s sole cost and expense, to preserve or protect its interests and the
interests of the Holders of Notes in the Collateral, including power to institute and maintain suits or proceedings to restrain the enforcement of or compliance with any legislative or other governmental enactment, rule or order that may be
unconstitutional or otherwise invalid if the enforcement of, or compliance with, such enactment, rule or order would impair the Note Liens or be prejudicial to the interests of Holders or the Trustee. 

Section 13.05 Release of Collateral. 

(a) The Liens securing the Secured Obligations and all security interests created by the Security Documents will be automatically released and
all rights in the Collateral secured thereby shall revert to the Issuer and Guarantors (as the case may be), all without delivery of any instrument or performance of any act by any party, at any time or from time to time in the following
circumstances: 
 (i) with respect to any property or assets upon consummation of asset sales and dispositions of such
property or assets permitted under Section 4.04(a); provided, that such Liens will not be released if such sale or disposition is to a Guarantor or is subject to Section 6.01; 

(ii) with respect to the assets of a Guarantor that constitute Collateral, upon the release of such Guarantor from its Note
Guarantee in accordance with this Indenture; 
 (iii) as described under Section 10.02. 

(b) The Liens on all Collateral that secure the Secured Obligations and all security interests created by the Security Documents will be
automatically released and all rights in the Collateral secured thereby shall revert to the Issuer and Guarantors (as the case may be), all without delivery of any instrument or performance of any act by any party, at any time or from time to time
in the following circumstances: 
 (i) if the Issuer exercises its Legal Defeasance option or Covenant Defeasance option
pursuant to Article 12; or 
 (ii) upon satisfaction and discharge of this Indenture pursuant to Article 11 or
payment in full of the principal of, premium, if any, and accrued and unpaid interest on the Notes and all other Secured Obligations that are then due and payable. 

(c) Upon request of the Issuer, the Trustee (subject to its receipt of an Officer’s Certificate and Opinion of Counsel) shall execute
such documents reasonably requested by and prepared by the Issuer evidencing the release, or shall instruct the Collateral Agent to execute, as applicable, the same at the Issuer’s sole cost and expense. 

  
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 Section 13.06 Use of Collateral. Unless an Event of Default shall have occurred and
be continuing and the Collateral Agent shall have commenced enforcement of remedies under the Security Documents, except to the extent otherwise provided in the Security Documents, or this Indenture or other documentation governing the Security
Documents or this Indenture, the Notes Parties shall be entitled to exercise any voting and other consensual rights pertaining to all Capital Stock pledged pursuant to the Security Documents and to remain in possession and retain exclusive control
over the Collateral (other than as set forth in the Security Documents), to operate the Collateral, to alter or repair the Collateral and to collect, invest and dispose of any income thereon. Upon the occurrence and during the continuance of an
Event of Default and to the extent permitted by law, all of the rights of the Issuer and the applicable Guarantors to exercise voting or other consensual rights with respect to all Capital Stock included in the Collateral shall cease, and all such
rights shall become vested in the Collateral Agent, which shall have the sole right to exercise such voting and other consensual rights. 

Section 13.07 Powers Exercisable by Receiver or Trustee. In case the Collateral shall be in the possession of a receiver or
trustee, lawfully appointed, the powers conferred in this Article 13 and the Security Documents upon the Issuer or a Guarantor with respect to the release, sale or other disposition of such property may be exercised by such receiver or
trustee, and an instrument signed by such receiver or trustee shall be deemed the equivalent of any similar instrument of the Issuer or a Guarantor or of any officer or officers thereof required by this Article 13; and if the Trustee
or the Collateral Agent shall be in the possession of the Collateral under any provision of this Indenture, then such powers may be exercised by the Trustee or the Collateral Agent, as the case may be. 

Section 13.08 Voting. In connection with any matter under the Security Documents requiring a vote of the Noteholders, the
Noteholders shall be treated as a single class, and the Noteholders shall cast their votes in accordance with this Indenture. The amount of the Notes to be voted by the Holders will equal the aggregate outstanding principal amount of the Notes.
Following and in accordance with the outcome of the applicable vote under this Indenture, the Trustee shall vote the total amount of the Notes as a block in respect of any vote under the Security Documents. 

Section 13.09 Recordings and Opinions. 

(a) The Issuer shall furnish to the Trustee and the Collateral Agent (if other than the Trustee), on or within one month of December 31
of each year, commencing with year ending December 31, 2017, an Opinion of Counsel either (1) stating that, in the opinion of such counsel, all action necessary to perfect or continue the perfection of the security interests created by the
Security Documents and reciting the details of such action or referring to prior Opinions of Counsel in which such details are given have been taken or (2) stating that, in the opinion of such counsel, no such action is necessary to perfect or
continue the perfection of any security interest created under any of the Security Documents. 

  
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 (b) To the extent applicable, the Issuer shall cause Trust Indenture Act § 313(b)(1),
relating to reports, and Trust Indenture Act § 314(d), relating to the release of property or securities subject to the Lien of the Security Documents, to be complied with. 

(c) Any release of Collateral permitted by Section 13.05 shall be deemed not to impair the Liens under this
Indenture and the Security Agreement and the other Security Documents in contravention thereof. Any certificate or opinion required under Trust Indenture Act § 314(d) may be made by an officer or legal counsel, as applicable, of the Issuer
except in cases where Trust Indenture Act § 314(d) requires that such certificate or opinion be made by an independent Person, which Person shall be an independent engineer, appraiser or other expert selected by the Issuer. 

(d) Notwithstanding anything to the contrary in this Section 13.09, the Issuer and the Guarantors shall not be
required to comply with all or any portion of Trust Indenture Act § 314(d) if they reasonably determine that under the terms of Trust Indenture Act § 314(d) or any interpretation or guidance as to the meaning thereof of the SEC and
its staff, including “no action” letters or exemptive orders, all or any portion of Trust Indenture Act § 314(d) is inapplicable to any release or series of releases of Collateral. Without limiting the generality of the foregoing,
each of the Issuer and the Guarantors may, subject to the other provisions of this Indenture and the applicable Security Documents, among other things, without any release or consent by the Trustee, the Collateral Agent or the Holders, conduct
ordinary course activities with respect to the Collateral, including, (i) selling or otherwise disposing of, in any transaction or series of related transactions, any property or assets that is or has become worn out, defective, obsolete or not
used or useful in the business of the Issuer and the Guarantors or otherwise in the ordinary course of business; (ii) abandoning, terminating, canceling, releasing or making alterations in or substitutions for any leases, contracts or other
agreements or instruments; (iii) surrendering or modifying any franchise, license or permit that it may hold or own or under which it may be operating; (iv) altering, repairing, replacing, changing the location or position of or adding to
its structures, machinery, systems, equipment, fixtures and appurtenances; (v) granting a license of any intellectual property; (vi) selling, transferring or otherwise disposing of inventory in the ordinary course of business;
(vii) collecting, selling or otherwise disposing of accounts receivable in the ordinary course of business; (viii) making cash payments (including for the repayment of Indebtedness or payment of interest) from cash that is at any time part
of the Collateral in the ordinary course of business; and (ix) abandoning any property (including intellectual property) that is no longer used or useful in the business of the Issuer and the Guarantors; provided, however, the
Notes Parties’ right to rely on the above will be conditioned upon the Issuer’s delivering to the Trustee, within 30 calendar days following the end of each of June 30 and December 30 of each year, an Officer’s Certificate
to the effect that all releases during such period in respect of which the Issuer did not comply with the Trust Indenture Act §314(d) in reliance on the above were made in the ordinary course of business. 

  
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 Article 14. 

MISCELLANEOUS PROVISIONS 

Section 14.01 Provisions Binding on Issuer’s Successors. All the covenants, stipulations, promises and
agreements of the Issuer contained in this Indenture shall bind its successors and assigns whether so expressed or not. 

Section 14.02 Official Acts by Successor. Any act or proceeding by any provision of this Indenture authorized or required to be
done or performed by any board, committee or Officer of the Issuer shall and may be done and performed with like force and effect by the like board, committee or officer of any corporation or other entity that shall at the time be the lawful sole
successor of the Issuer. 
 Section 14.03 Addresses for Notices, Etc. Any notice or demand that by any provision of this
Indenture is required or permitted to be given or served by the Trustee or by the Noteholders on the Issuer and/or the Guarantors shall be deemed to have been sufficiently given or made, for all purposes if given or served by being deposited postage
prepaid by registered or certified mail in a post office letter box or sent by overnight delivery addressed (until another address is filed by the Issuer with the Trustee) to Tidewater Inc., 6002 Rogerdale Road, Suite 600, Houston, Texas 77072, to
the attention of Chief Financial Officer. Any notice, direction, request or demand hereunder to or upon the Trustee shall be deemed to have been sufficiently given or made, for all purposes, if given or served by being deposited postage prepaid by
registered or certified mail in a post office letter box addressed to the Corporate Trust Office. 
 The Trustee, by notice to the Issuer,
may designate additional or different addresses for subsequent notices or communications. 
 Any notice or communication mailed to a
Noteholder shall be mailed to it by first class mail, postage prepaid, at its address as it appears on the Note Register and shall be sufficiently given to it if so mailed within the time prescribed. 

Failure to mail a notice or communication to a Noteholder or any defect in it shall not affect its sufficiency with respect to other
Noteholders. If a notice or communication is mailed in the manner provided above, it is duly given, whether or not the addressee receives it. 

Notwithstanding any other provision of this Indenture or any Note, where this Indenture or any Note provides for notice of any event
(including any notice of redemption) to any Holder of an interest in a Global Note (whether by mail or otherwise), such notice shall be sufficiently given if given to DTC or any other applicable Depository for such Note (or its designee) according
to the applicable procedures of DTC or such Depository. 

  
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 Section 14.04 Governing Law. THIS INDENTURE AND EACH NOTE SHALL BE DEEMED TO BE A
CONTRACT MADE UNDER THE LAWS OF NEW YORK, AND FOR ALL PURPOSES SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF NEW YORK WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES THEREUNDER THAT WOULD INDICATE THE APPLICABILITY OF THE LAWS OF ANY OTHER
JURISDICTION. IF A PARTY INCORPORATED IN THE NETHERLANDS IS REPRESENTED BY AN ATTORNEY IN CONNECTION WITH THE SIGNING AND/OR EXECUTION OF THIS INDENTURE (INCLUDING BY WAY OF ACCESSION TO THIS INDENTURE) OR ANY OTHER AGREEMENT, DEED OR DOCUMENT
REFERRED TO IN OR MADE PURSUANT TO THIS INDENTURE, IT IS HEREBY EXPRESSLY ACKNOWLEDGED AND ACCEPTED BY THE OTHER PARTIES TO THIS INDENTURE THAT THE EXISTENCE AND EXTENT OF THE ATTORNEY’S AUTHORITY AND THE EFFECTS OF THE ATTORNEY’S EXERCISE
OR PURPORTED EXERCISE OF HIS OR HER AUTHORITY SHALL BE GOVERNED BY THE LAWS OF THE NETHERLANDS. 
 Section 14.05 Evidence of
Compliance with Conditions Precedent; Certificates and Opinions of Counsel to Trustee. 
 (a) Upon any request or application by the
Issuer to the Trustee to take any action under this Indenture, the Issuer shall furnish to the Trustee: 
 (i) an
Officer’s Certificate (which must include the statements set forth in Section 14.05(b)) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture
relating to the proposed action have been satisfied; and 
 (ii) an Opinion of Counsel (which must include the statements
set forth in Section 14.05(b)) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

(b) Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture must include: 

(i) a statement that the Person making such certificate or opinion has read such covenant or condition; 

(ii) a brief statement as to the nature and scope of the examination or investigation upon which the statements or opinions
contained in such certificate or opinion are based; 
 (iii) a statement that, in the opinion of such Person, he or she has
made such examination or investigation as is necessary to enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(iv) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 

  
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 Section 14.06 Indenture and Notes Solely Corporate Obligations. No director, officer,
employee, incorporator, stockholder or member of the Issuer or any of its direct or indirect parent companies or any Guarantor, as such, will have any liability for any obligations of the Issuer or the Guarantors under the Notes, this Indenture, the
Note Guarantees or the Security Documents, or for any claim based on, in respect of, or by reason of, such obligations or their creation; it being expressly understood that all such liability is hereby expressly waived and released as a condition
of, and as a consideration for, the execution of this Indenture and the issue of the Notes. 
 Section 14.07 Legal Holidays. In
any case where any Interest Payment Date, Change of Control Payment Date or Maturity Date is not a Business Day, then any action to be taken on such date need not be taken on such date, but may be taken on the next succeeding Business Day with the
same force and effect as if taken on such date, and no interest shall accrue for the period from and after such date. 
 Section 14.08
Benefits of Indenture. Nothing in this Indenture or in the Notes, expressed or implied, shall give to any Person, other than the parties hereto, any Paying Agent, any authenticating agent, any Registrar and their successors hereunder or the
Noteholders, any benefit or any legal or equitable right, remedy or claim under this Indenture. 
 Section 14.09 Table of Contents,
Headings, Etc. The table of contents and the titles and headings of the articles and sections of this Indenture have been inserted for convenience of reference only, are not to be considered a part hereof, and shall in no way modify or restrict
any of the terms or provisions hereof. 
 Section 14.10 Authenticating Agent. The Trustee may appoint an authenticating agent
that shall be authorized to act on its behalf and subject to its direction in the authentication and delivery of Notes in connection with the original issuance thereof and transfers and exchanges of Notes hereunder, including under
Section 4.04, Section 5.08 and Section 10.04 as fully to all intents and purposes as though the authenticating agent had been expressly authorized by this Indenture and
those Sections to authenticate and deliver Notes. For all purposes of this Indenture, the authentication and delivery of Notes by the authenticating agent shall be deemed to be authentication and delivery of such Notes “by the
Trustee” and a certificate of authentication executed on behalf of the Trustee by an authenticating agent shall be deemed to satisfy any requirement hereunder or in the Notes for the Trustee’s certificate of authentication. Such
authenticating agent shall at all times be a Person eligible to serve as Trustee hereunder pursuant to Section 8.11. 

Any corporation or other entity into which any authenticating agent may be merged or converted or with which it may be consolidated, or any
corporation or other entity resulting from any merger, consolidation or conversion to which any authenticating agent shall be a party, or any corporation or other entity succeeding to the corporate trust business of any authenticating agent, shall
be the successor of the authenticating agent hereunder, if such successor corporation or other entity is otherwise eligible under this Section 14.10, without the execution or filing of any paper or any further act on the
part of the parties hereto or the authenticating agent or such successor corporation or other entity. 

  
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 Any authenticating agent may at any time resign by giving written notice of resignation to the
Trustee and to the Issuer. The Trustee may at any time terminate the agency of any authenticating agent by giving written notice of termination to such authenticating agent and to the Issuer. Upon receiving such a notice of resignation or upon such
a termination, or in case at any time any authenticating agent shall cease to be eligible under this Section 14.10, the Trustee may appoint a successor authenticating agent (which may be the Trustee), shall give written
notice of such appointment to the Issuer and shall mail notice of such appointment to all Noteholders as the names and addresses of such Holders appear on the Note Register. 

The Issuer agrees to pay to the authenticating agent from time to time reasonable compensation for its services although the Issuer may
terminate the authenticating agent, if it determines such agent’s fees to be unreasonable. 
 The provisions of
Section 8.02, Section 8.05, Section 8.06, Section 2.14 and this Section 14.10 shall be applicable to any authenticating
agent. 
 If an authenticating agent is appointed pursuant to this Section 14.10, the Notes may have endorsed
thereon, in addition to the Trustee’s certificate of authentication, an alternative certificate of authentication in the following form: 
  

					
	  
	 	,
	as Authenticating Agent, certifies that this is one of the Notes described in the within-named Indenture.
		
	By:	 	  

		 	Authorized Officer	 	

 Section 14.11 Execution in Counterparts. This Indenture may be executed in any number of
counterparts, each of which shall be an original, but such counterparts shall together constitute but one and the same instrument. The exchange of copies of this Indenture and of signature pages by fax or .pdf transmission shall constitute effective
execution and delivery of this Indenture as to the parties hereto. 
 Section 14.12 Severability. In the event any provision of
this Indenture or in the Notes shall be invalid, illegal or unenforceable, then (to the extent permitted by law) the validity, legality or enforceability of the remaining provisions shall not in any way be affected or impaired. 

  
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 Section 14.13 Waiver of Jury Trial. EACH OF THE ISSUER AND THE TRUSTEE HEREBY
IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED HEREBY. 

Section 14.14 Consent to Jurisdiction; Consent to Service of Process. 

(a) The Issuer hereby irrevocably and unconditionally submits, for itself and its property, to the nonexclusive jurisdiction of any
New York State court or federal court of the United States sitting in the State and City of New York, County and Borough of Manhattan, and any appellate court from any thereof, in any action or proceeding arising out of or relating to this
Indenture or the Notes, or for recognition or enforcement of any judgment, and each of the parties hereto hereby irrevocably and unconditionally agrees that all claims in respect of any such action or proceeding may be heard and determined in such
state court sitting in the State and City of New York, County and Borough of Manhattan or, to the extent permitted by law, in such federal court sitting in the State and City of New York, County and Borough of Manhattan. The Issuer further
irrevocably consents to the service of process in any action or proceeding in such courts by the mailing thereof by any parties thereto by registered or certified mail, postage prepaid, to the Issuer at Tidewater Inc., 6002 Rogerdale Road, Suite
600, Houston, Texas 77072, to the attention of General Counsel. Each of the parties hereto agrees that a final judgment in any such action or proceeding shall be conclusive and may be enforced in other jurisdictions by suit on the judgment or in any
other manner provided by law. 
 (b) The Issuer hereby irrevocably and unconditionally waives, to the fullest extent it may legally and
effectively do so, any objection which it may now or hereafter have to the laying of venue of any suit, action or proceeding arising out of or relating to this Indenture or the Notes in any New York State or federal court. Each of the parties
hereto hereby irrevocably waives, to the fullest extent permitted by law, the defense of an inconvenient forum to the maintenance of such action or proceeding in any such court. 

Section 14.15 Force Majeure. In no event shall the Trustee be responsible or liable for any failure or delay in the performance of
its obligations hereunder arising out of or caused by, directly or indirectly, forces beyond its control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or military disturbances, nuclear or natural
catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software and hardware) services; it being understood that the Trustee shall use reasonable efforts that are consistent with accepted
practices in the banking industry to resume performance as soon as practicable under the circumstances. 
 Section 14.16 Currency
Indemnity. U.S. dollars are the sole currency of account and payment for all sums payable by us in cash under or in connection with the Notes, including damages. Any amount received or recovered in a currency other than U.S. dollars (as a result
of, or through the enforcement of, a judgment or order of a court of any jurisdiction, in the Issuer’s winding-up or dissolution or otherwise) by any Holder of a Note or the Trustee in respect of any sum
expressed to be due to it from the Issuer 

  
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will only constitute a discharge to the Issuer to the extent of the U.S. dollar amount that the recipient is able to purchase with the amount so received or recovered in that other currency on
the date of that receipt or recovery (or, if it is not practicable to make that purchase on that date, on the first date on which it is practicable to do so). If that U.S. dollar amount is less than the U.S. dollar amount expressed to be due to the
recipient under any Note, the Issuer shall indemnify such Holder and the Trustee against any loss sustained by it as a result; and if the amount of U.S. dollars so purchased is greater than the sum originally due to such Holder, such Holder will, by
accepting a Note, be deemed to have agreed to repay such excess; and if the amount of U.S. dollars so purchased is greater than the sum due to the Trustee, the Trustee will repay such excess. In any event, the Issuer shall indemnify the recipient
against the cost of making any such purchase. 
 Section 14.17 U.S.A. Patriot Act. The parties hereto acknowledge that in
accordance with Section 326 of the U.S.A. Patriot Act, the Trustee and Collateral Agent like all financial institutions and in order to help fight the funding of terrorism and money laundering, is required to obtain, verify, and record
information that identifies each person or legal entity that establishes a relationship or opens an account with the Trustee or Collateral Agent. The parties to this Indenture agree that they will provide the Trustee with all such information as it
may request in order to satisfy the requirements or its obligations under such act. 
 Section 14.18 Conflict with Other
Documents. In the event of a conflict between (a) this Indenture and (b) the Notes or the Note Guarantees, the terms and provisions of this Indenture shall control. In the event of a conflict between (x) this Indenture and
(y) any Security Documents, the terms and provisions of this Indenture shall control. 
 Section 14.19 Communication by Holders
of Notes with Other Holders of Notes. Holders may communicate pursuant to § 312(b) of the Trust Indenture Act with other Holders with respect to their rights under this Indenture or the Notes. The Issuer, the Trustee, the Registrar and
anyone else shall have the protection of § 312(c) of the Trust Indenture Act. 
 Section 14.20 Rules by Trustee and
Agents. The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable requirements for its functions. 

Section 14.21 No Adverse Interpretation of Other Agreements. This Indenture may not be used to interpret any other indenture, loan
or debt agreement of the Issuer or its Subsidiaries or of any other Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 

Section 14.22 Acts of Holders; Record Dates. Any request, demand, authorization, direction, notice, consent, waiver or other
action provided or permitted by this Indenture to be given, made or taken by Holders of the Notes may be embodied in and evidenced by one or more instruments of substantially similar tenor signed (either physically or by means of a facsimile or an
electronic transmission, provided that such 

  
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electronic transmission is transmitted through the facilities of a depositary) by such Holders in person or by agent duly appointed in writing; and, except as herein otherwise expressly provided,
such action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuer or the Guarantors. Such instrument or instruments (and the action embodied therein and
evidenced thereby) are herein sometimes referred to as the “Act” of the Holders signing such instrument or instruments. Proof of execution of any such instrument or of a writing appointing any such agent shall be sufficient for any purpose
of this Indenture and conclusive in favor of the Trustee and the Issuer and, if applicable, the Guarantors, if made in the manner provided in this Section. 

The fact and date of the execution by any Person of any such instrument or writing may be proved by the affidavit of a witness of such
execution or by a certificate of a notary public or other officer authorized by law to take acknowledgments of deeds, certifying that the individual signing such instrument or writing acknowledged to him the execution thereof. Where such execution
is by a signer acting in a capacity other than his individual capacity, such certificate or affidavit shall also constitute sufficient proof of his authority. The fact and date of the execution of any such instrument or writing, or the authority of
the Person executing the same, may also be proved in any other manner which the Trustee deems sufficient. 
 The ownership, principal amount
and serial numbers of Notes held by any Person, and the date of commencement of such Person’s holding of same, shall be proved by the security register. 

Any request, demand, authorization, direction, notice, consent, waiver or other act of the Holder of any Note shall bind every future Holder
of Notes and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee or the Issuer or, if applicable, the
Guarantors in reliance thereon, whether or not notation of such action is made upon such Note. 
 The Issuer may set any day as a record
date for the purpose of determining the Holders of outstanding Notes entitled to give, make or take any request, demand, authorization, direction, notice, consent, waiver or other Act provided or permitted by this Indenture to be given, made or
taken by Holders of Notes, provided that the Issuer may not set a record date for, and the provisions of this paragraph shall not apply with respect to, the giving or making of any notice, declaration, request or direction referred to in the
next paragraph. If any record date is set pursuant to this paragraph, the Holders of outstanding Notes on such record date, and no other Holders, shall be entitled to take the relevant action, whether or not such Holders remain Holders after such
record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable expiration date by Holders of the requisite principal amount of Notes on such record date. Nothing in this paragraph shall be
construed to prevent the Issuer from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph (whereupon the record date previously set shall automatically

  
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and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite principal
amount of outstanding Notes on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Issuer, at its own expense, shall cause notice of such record date, the proposed action by Holders and the applicable
expiration date to be given to the Trustee in writing and to each Holder of Notes in the manner set forth in Section 14.03. 

The Trustee may set any day as a record date for the purpose of determining the Holders of Notes entitled to join in the giving or making of
(i) any Notice of Default, (ii) any declaration of acceleration referred to in Section 7.02, (iii) any request to institute proceedings referred to in Section 7.06(b) or (iv) any
direction referred to in Section 7.05. If any record date is set pursuant to this paragraph, the Holders of outstanding Notes on such record date, and no other Holders, shall be entitled to join in such notice, declaration,
request or direction, whether or not such Holders remain Holders after such record date; provided that no such action shall be effective hereunder unless taken on or prior to the applicable expiration date by Holders of the requisite
principal amount of outstanding Notes on such record date. Nothing in this paragraph shall be construed to prevent the Trustee from setting a new record date for any action for which a record date has previously been set pursuant to this paragraph
(whereupon the record date previously set shall automatically and with no action by any Person be cancelled and of no effect), and nothing in this paragraph shall be construed to render ineffective any action taken by Holders of the requisite
principal amount of outstanding Notes on the date such action is taken. Promptly after any record date is set pursuant to this paragraph, the Trustee, at the Issuer’s expense, shall cause notice of such record date, the proposed action by
Holders and the applicable expiration date to be given to the Issuer in writing and to each Holder of Notes in the manner set forth in Section 14.03. 

With respect to any record date set pursuant to this Section, the party hereto which sets such record date may designate any day as the
expiration date and from time to time may change the expiration date to any earlier or later day; provided that no such change shall be effective unless notice of the proposed new expiration date is given to each other party hereto in
writing, and to each Holder of Notes in the manner set forth in Section 14.03, on or prior to the existing expiration date. If an expiration date is not designated with respect to any record date set pursuant to this
Section, the party hereto which set such record date shall be deemed to have initially designated the 180th day after such record date as the expiration date with respect thereto, subject to its right to change the expiration date as provided in
this paragraph. Notwithstanding the foregoing, no expiration date shall be later than the 180th day after the applicable record date. 

Without limiting the foregoing, a Holder entitled hereunder to take any action hereunder with regard to the Notes may do so with regard to all
or any part of the principal amount of such Note or by one or more duly appointed agents each of which may do so pursuant to such appointment with regard to all or any part of such principal amount. 

  
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 Section 14.23 Conflict with Trust Indenture Act. If any provision hereof limits,
qualifies or conflicts with a provision of the Trust Indenture Act which is required under the Trust Indenture Act to be a part of and govern this Indenture, the latter provision shall control. If any provision of this Indenture modifies or excludes
any provision of the Trust Indenture Act which may be so modified or excluded, the latter provision shall be deemed to apply to this Indenture as so modified or to be excluded, as the case may be. 

Section 14.24 Expenses. Without limiting the Issuer’s obligations under Section 8.08, the Issuer will pay the reasonable
attorneys’ fees of one special counsel and reasonable costs and expenses of one financial advisor, each to be selected by the Holders of a majority in principal amount of the Notes then outstanding (after providing reasonably satisfactory
evidence to the Issuer thereof), incurred by the Holders in connection with the Notes Documents, including the costs and expenses incurred in enforcing or defending (or determining whether or how to enforce or defend) any rights under the Notes
Documents, in responding to any subpoena or other legal process or informal investigative demand issued in connection with the Notes Documents, or by reason of being a Holder of any Note, in connection with the insolvency or bankruptcy of any Notes
Party or any other Subsidiary or in connection with any workout or restructuring of the transactions contemplated by the Notes Documents. 

[Remainder of this page intentionally left blank] 

  
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 IN WITNESS WHEREOF, the undersigned has caused a counterpart of this Indenture to be duly
executed as of the 27th day of July 2017, to be effective and delivered as of the date first written above. 

 

			
	TIDEWATER INC.
		
	By:	 	

	Name:	 	Quinn P. Fanning
	Title:	 	Executive Vice President and Chief Financial Officer

 STATE OF TEXAS
            § 
 COUNTY OF HARRIS       § 

This instrument was acknowledged before me the 27th day of July 2017 by Quinn P. Fanning,
Executive Vice President and Chief Financial Officer of Tidewater Inc., a Delaware corporation, on behalf of such corporation. 
  

	
	

	Notary Public
	Seal:
	 

  
 [Signature Page to
Indenture] 

 IN WITNESS WHEREOF, the undersigned have caused a counterpart of this Indenture to be duly
executed as of the 27th day of July 2017, to be effective and delivered as of the date first written above. 

 

			
	 CAJUN ACQUISITIONS, LLC
 GULF FLEET
SUPPLY VESSELS, L.L.C.
 HILLIARD OIL & GAS, INC.
 JAVA BOAT
CORPORATION
 PAN MARINE INTERNATIONAL DUTCH

        HOLDINGS, L.L.C.

POINT MARINE, L.L.C.
 QUALITY SHIPYARDS, L.L.C.

S.O.P., INC.
 TIDEWATER GOM, INC.

TIDEWATER MARINE, L.L.C.
 TIDEWATER MARINE FLEET, L.L.C. TIDEWATER
MARINE HULLS, L.L.C. TIDEWATER MARINE INTERNATIONAL
         DUTCH HOLDINGS, L.L.C.

TIDEWATER MARINE SAKHALIN, L.L.C.
 TIDEWATER MARINE SHIPS,
L.L.C.
 TIDEWATER MARINE VESSELS, L.L.C. TIDEWATER MARINE WESTERN, LLC TIDEWATER SUBSEA, L.L.C.

TIDEWATER SUBSEA ROV, L.L.C.
 TIDEWATER VENTURE, INC.

TWENTY GRAND (BRAZIL), L.L.C.
 TWENTY GRAND MARINE SERVICE, L.L.C.
ZAPATA GULF MARINE, L.L.C.

		
	By:	 	

	Name:	 	Quinn P. Fanning
	Title:	 	Treasurer

  
 [Signature Page to
Indenture] 

 IN WITNESS WHEREOF, the undersigned has caused a counterpart of this Indenture to be duly
executed as of the 27th day of July 2017, to be effective and delivered as of the date first written above. 

 

			
	TIDEWATER CORPORATE SERVICES, L.L.C.
		
	By:	 	

	Name:	 	Quinn P. Fanning
	Title:	 	Executive Vice President

 STATE OF TEXAS
            § 
 COUNTY OF HARRIS       § 

This instrument was acknowledged before me the 27th day of July 2017 by Quinn P. Fanning,
Executive Vice President of Tidewater Corporate Services, L.L.C., a Delaware limited liability company, on behalf of such limited liability company. 
  

	
	
	

	Notary Public
	Seal:
	 

  
 [Signature Page to
Indenture] 

 IN WITNESS WHEREOF, the undersigned has caused a counterpart of this Indenture to be duly
executed as of the 27 day of July 2017, to be effective and delivered as of the date first written above. 
  

			
	TIDEWATER MEXICO HOLDING, L.L.C.
		
	By:	 	

	Name:	 	Matthew A. Mancheski
	Title:	 	President

  
 [Signature Page to
Indenture] 

 IN WITNESS WHEREOF, the undersigned has caused a counterpart of this Indenture to be duly
executed as of the 27 day of July 2017, to be effective and delivered as of the date first written above. 
  

			
	MARÉ ALTA DO BRASIL, NAVEGAÇÃO LTDA.
		
	By:	 	

	Name:	 	Geoffrey Lawrence Youngs
	Title:	 	Administrator

  
 [Signature Page to
Indenture] 

 IN WITNESS WHEREOF, the undersigned has caused a counterpart of this Indenture to be duly
executed as of the 27 day of July 2017, to be effective and delivered as of the date first written above. 
  

			
	 TIDEWATER INVESTMENT

        COÖPERATIEF U.A.

		
	By:	 	

	Name:	 	Matthew A. Mancheski
	Title:	 	Director A
		
	By:	 	 
	Name:	 	Bruce D. Lundstrom
	Title:	 	Director B

 STATE OF TEXAS
            § 
 COUNTY OF HARRIS       § 

This instrument was acknowledged before me the          day of July 2017 by Bruce D. Lundstrom,
Director B of TIDEWATER INVESTMENT COÖPERATIEF U.A., a Dutch cooperative, on behalf of such cooperative. 
  

	
	
	 
	Notary Public
	Seal:

  
 [Signature Page to
Indenture] 

 IN WITNESS WHEREOF, the undersigned has caused a counterpart of this Indenture to be duly
executed as of the 27th day of July 2017, to be effective and delivered as of the date first written above. 

 

			
	 TIDEWATER INVESTMENT

        COÖPERATIEF U.A.

		
	By:	 	 
	Name:	 	Matthew A. Mancheski
	Title:	 	Director A
		
	By:	 	

	Name:	 	Bruce D. Lundstrom
	Title:	 	Director B

 STATE OF TEXAS
            § 
 COUNTY OF HARRIS       § 

This instrument was acknowledged before me the 27th day of July 2017 by Bruce D.
Lundstrom, Director B of TIDEWATER INVESTMENT COÖPERATIEF U.A., a Dutch cooperative, on behalf of such cooperative. 
  

	
	

	Notary Public
	Seal:
	 

  
 [Signature Page to
Indenture] 

 IN WITNESS WHEREOF, the undersigned has caused a counterpart of this Indenture to be duly
executed as of the 27th day of July 2017, to be effective and delivered as of the date first written above. 

 

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee and Collateral Agent
		
	By:	 	

	Name:	 	Hallie E. Field
	Title:	 	Assistant Vice President

 STATE OF
MINNESOTA         ) 

                          
                          )         ss: 

COUNTY OF HENNEPIN        ) 

On this the 27th day of July, 2017, before me, a Notary Public duly authorized in and for
the such County in the State aforesaid to take acknowledgments, personally appeared Hallie E. Field, to me known and known to me to be an Assistant Vice President of Wilmington Trust, National Association, and acknowledged that as such officer,
being authorized so to do, she executed the foregoing instrument on behalf of such entity by subscribing the name of such entity by herself as such officer, as her free and voluntary act, and as the free and voluntary act of such entity, for the
uses and purposes therein set forth. 
 WITNESS my hand and official seal this 27th day
of July, 2017. 
  

	
	

	Notary Public

 My Commission Expires: 

        01-31-2020         

[Seal] 
 

 

  
 [Signature Page to
Indenture] 

 EXHIBIT A 

FORM OF NOTE 
 [Face of Note] 

[Insert the Global Note Legend, if applicable pursuant to the provisions of the Indenture] 

[Insert the OID Legend, if applicable pursuant to the provisions of the Indenture] 

  
 A-1 

 CUSIP: 88642RAA7 

ISIN: US88642RAA77 
 8.00% Senior
Secured Note due 2022 
  

					
	 No. 1
	  	$	350,000,000	 

 TIDEWATER INC., a Delaware corporation, promises to pay to Cede & Co., or registered assigns, the
principal sum set forth on the Schedule of Increases or Decreases in Global Note attached hereto on August 1, 2022. 
 Interest Payment
Dates: February 1, May 1, August 1 and November 1 
 Interest Record Dates: January 15, April 15, July 15 and October 15 

Additional provisions of this Note are set forth on the other side of this Note. 

  
 A-2 

 IN WITNESS WHEREOF, the parties have caused this instrument to be duly executed. 

 

			
	TIDEWATER INC.
		
	By:	 	  

		 	Name:
		 	Title:

  
 A-3 

 This is one of the Notes referred to in the within-mentioned Indenture: 

 

			
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Signatory
	
	Dated: ___________

  
 A-4 

 [Back of Note] 

8.00% Senior Secured Note Due 2022 

Capitalized terms used herein shall have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

1. TIDEWATER INC., a Delaware corporation (the “Issuer”), promises to pay interest on the principal amount of this Note at
8.00% per annum from the date of issuance until maturity. The Issuer will pay interest quarterly in arrears on February 1, May 1, August 1 and November 1 of each year, or if any such day is not a Business Day, on the next succeeding Business Day
(each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the Issue Date; provided that the first Interest Payment
Date for Notes issued prior to August 1, 2017 shall be November 1, 2017. The Issuer will pay interest (including post-petition interest in any proceeding under any Debtor Relief Law) on overdue principal and overdue interest upon the occurrence and
during the continuation of an Event of Default (other than an Event of Default specified in Section 7.01(a)(iv)(2) of the Indenture) at a rate that is 2.00% higher than the then applicable interest rate on the Notes from
time to time on demand to the extent lawful; it will pay interest (including post-petition interest in any proceeding under any Debtor Relief Law) on overdue installments of interest, if any (without regard to any applicable grace periods), from
time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year comprised of twelve 30-day months. 

2. METHOD OF PAYMENT. The Issuer will pay interest on the Notes (except defaulted interest) to the Persons who are registered Holders of Notes
at the close of business on the applicable Interest Record Date (whether or not a Business Day), as the case may be, immediately preceding the Interest Payment Date, even if such Notes are cancelled after such Interest Record Date and on or before
such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium and interest at the office or agency of the Issuer
maintained for such purpose, or, at the option of the Issuer, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders, provided that payment by wire transfer of immediately
available funds will be required with respect to principal, interest and premium on all Global Notes and all other Notes the Holders of which shall have provided wire transfer instructions to the Issuer or the Paying Agent. Such payment shall be in
such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

  
 A-5 

 3. TRUSTEE; PAYING AGENT AND REGISTRAR. Wilmington Trust, National Association, the Trustee under
the Indenture, will act as Paying Agent and Registrar. The Issuer may change any Paying Agent or Registrar without notice to any Holder. None of the Issuer or any of its Affiliates may act in any such capacity. 

4. INDENTURE AND SECURITY DOCUMENTS. The Issuer issued the Notes under an Indenture, dated as of July 31, 2017 (the
“Indenture”), among the Issuer, the Guarantors party thereto and the Trustee. This Note is one of a duly authorized issue of Notes of the Issuer. The terms of the Notes include those stated in the Indenture. The Notes are subject to
all such terms, and Holders are referred to the Indenture for a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be
controlling. Following the Issue Date, the Notes and the related Note Guarantees are secured obligations of the Issuer and the relevant Guarantors. The Notes and the related Note Guarantees are secured by a pledge of the Collateral pursuant to the
Security Documents referred to in the Indenture. To the extent any provision of this Note conflicts with the express provisions of the Security Documents, the provisions of the Security Documents shall govern and be controlling. The Indenture does
not limit the aggregate principal amount of Notes that may be issued thereunder. 
 5. OPTIONAL REDEMPTION. 

The Notes are subject to redemption, at the option of the Issuer, in whole or in part, at any time and from time to time, upon not less than
30 nor more than 60 days’ notice by first class mail, postage prepaid (or transmitted otherwise in accordance with the applicable procedures of DTC), with a copy to the Trustee, to each Holder to such Holder’s address appearing in the
security register, at a redemption price equal to 100.000% of the aggregate principal amount of the Notes plus the Applicable Premium plus accrued and unpaid interest on the Notes redeemed, to, but not including, the applicable redemption date
(subject to the right of Holders of record on the relevant regular Interest Record Date to receive interest due on an Interest Payment Date that is on or prior to the redemption date). 

6. MANDATORY REDEMPTION. 
 The
Notes will not be subject to mandatory redemption or have the benefit of any sinking fund, except as set forth below in Paragraph 7. 

7. OFFERS TO REPURCHASE. 
 (a)
Upon the occurrence of a Change of Control, the Issuer shall be required to make a Change of Control Offer in accordance with Section 5.08 of the Indenture. 

(b) In accordance with Section 4.04 of the Indenture, the Issuer will be required to offer to purchase Notes upon
the occurrence of certain events. 

  
 A-6 

 8. DENOMINATIONS, TRANSFER, EXCHANGE. The Notes are in fully registered form only, without
coupons, in minimum denominations of $1.00 and integral multiples of $1.00 in excess thereof. A Holder shall register the transfer or exchange of Notes in accordance with the Indenture. The Registrar may require a holder, among other things, to
furnish appropriate endorsements and transfer documents and to pay certain transfer taxes or similar governmental charges payable in connection therewith as permitted by the Indenture. The Registrar need not register the transfer or exchange of any
Notes during a period beginning 15 days before the mailing of a redemption notice for any Notes or portions thereof selected for redemption. 

9. PERSONS DEEMED OWNERS. The registered Holder of a Note may be treated as its owner for all purposes. 

10. AMENDMENT, SUPPLEMENT AND WAIVER. The Indenture, the Guarantees or the Notes may be amended or supplemented as provided in
Article 9 of the Indenture and Events of Default may be waived as provided in Article 7 of the Indenture. 

11. DEFAULTS AND REMEDIES. If an Event of Default occurs (other than an Event of Default relating to certain events of bankruptcy, insolvency
or reorganization of the Issuer) and is continuing, the Trustee or the Holders of at least 25% in aggregate principal amount of the then outstanding Notes may declare all outstanding Notes (including principal thereof and interest, Applicable
Premium and other premium, if any, thereon) to be due and payable immediately. If an Event of Default relating to certain events of bankruptcy, insolvency or reorganization of the Issuer or certain Subsidiaries occurs, all outstanding Notes
(including principal thereof and interest and premium, if any, thereon) will become due and payable immediately without further action or notice and without any declaration or other act on the part of the Trustee or any Holders. Under certain
circumstances, the Holders of a majority in principal amount of the Notes then outstanding may rescind any such acceleration with respect to the Notes and its consequences. 

12. AUTHENTICATION. This Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose until
authenticated by the manual signature of the Trustee or an authenticating agent. 
 13. GOVERNING LAW. THE LAWS OF THE STATE OF NEW YORK
SHALL GOVERN AND BE USED TO CONSTRUE THE INDENTURE, THE NOTES AND THE GUARANTEES. 
 14. CUSIP AND ISIN NUMBERS. Pursuant to a recommendation
promulgated by the Committee on Uniform Security Identification Procedures, the Issuer has caused CUSIP and ISIN numbers to be printed on the Notes and the Trustee may use CUSIP and ISIN numbers in notices of redemption as a convenience to Holders.
No representation is made as to the accuracy of such numbers either as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

  
 A-7 

 15. REFERENCE TO INDENTURE AND OTHER RELATED DOCUMENTS. Reference is hereby made to the
Indenture, the Security Documents and other Note Documents (copies of which are on file at the Corporate Trust Office of the Trustee) and all indentures and agreements supplemental thereto for a description of the rights thereunder of the Holders of
the Notes, the nature and extent of the security therefor, the rights, duties, protections and immunities of the Trustee and the rights and obligations of the Issuer and the Note Guarantors thereunder, to all the provisions of which the Holder, by
acceptance hereof, assents and agrees. 
 The Issuer will furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to the Issuer at the following address: 
 Tidewater Inc. 

6002 Rogerdale Road, Suite 600 

Houston, Texas 77072 
 Attention:
General Counsel 

  
 A-8 

 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:	  	  

		  	(Insert assignee’s legal name)

  
  

(Insert assignee’s Soc. Sec. or tax I.D. no.) 
  

 
  

 
  

 
  

 
 (Print or type assignee’s name, address and
zip code) 
 and irrevocably appoint
                                         
                                         
                                         
  
 to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 

Dated:
                                     

 

	
	Your
Signature:                                       
                  
	 (Sign exactly as your name

	 appears on the face of this

	 Note)

 Signature Guarantee*:
                                         
                                         
       
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-9 

 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuer pursuant to Section 4.04 or 5.08 of the Indenture,
check the appropriate box below: 
 ☐ Section 4.04
                ☐ Section 5.08 

If you want to elect to have only part of this Note purchased by the Issuer pursuant to Section 4.04 or 5.08 of the
Indenture, state the amount you elect to have purchased: 
 $
                         

Date:
                             

 

	
	Your
Signature:                                       
                  
	 (Sign exactly as your name

	 appears on the face of this

	 Note)

	
	Tax Identification
No.:                                        
     

 Signature
Guarantee*:                                       
                          

 

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-10 

 SCHEDULE OF INCREASES OR DECREASES IN GLOBAL NOTE* 

The initial outstanding principal amount of this Global Note is $350,000,000. The following exchanges of a part of this Global Note for an
interest in another Global Note or for a Definitive Note, or exchanges of a part of another Global or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	 	 Amount of

decrease in

Principal
 Amount of
this
 Global Note
	 	 Amount of

increase in

Principal
 Amount of
this
 Global Note
	 	 Principal

Amount of
 this
Global
 Note

following
 such

decrease or

increase
	 	 Signature of

authorized
 officer
of
 Trustee or

Custodian

 

	*	This schedule should be included only if the Note is issued in global form. 

  
 A-11 

 EXHIBIT B 

FORM OF CHANGE OF CONTROL PURCHASE NOTICE 
  

	 	To:	TIDEWATER INC. 

 WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee and Registrar 

The undersigned registered owner of this Note hereby acknowledges receipt of a notice from Tidewater Inc. (the “Issuer”) as
to the occurrence of a Change of Control with respect to the Issuer, offering to purchase the Notes and specifying the Change of Control Payment Date. The undersigned registered owner of this Note hereby accepts the Issuer’s offer to purchase
the Notes and instructs the Issuer to pay to the registered Holder hereof in accordance with the applicable provisions of the Indenture referred to in this Note (1) the entire principal amount of this Note, or the portion thereof (that is $1.00
principal amount or an integral multiple of $1.00 in excess thereof) below designated, and (2) if such Change of Control Payment Date does not fall during the period after an Interest Record Date and on or prior to the Business Day after the
corresponding Interest Payment Date, accrued and unpaid interest thereon to, but excluding, such Change of Control Payment Date. 
 In the
case of certificated Notes, the certificate numbers of the Notes to be purchased are as set forth below: 
 Date:
                             

 

	
	Signature(s)
	
	  

	Social Security or Other Taxpayer
	Identification Number
	Principal amount to be repaid (if less than all): $        
	NOTICE: The above signature(s) of the Holder(s) hereof must correspond with the name as written upon the face of the Note in every particular without alteration or enlargement or any change whatever.

  
 B-1 

 EXHIBIT C 

FORM OF NOTATION OF GUARANTEE 

For value received, each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally, unconditionally
guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of [July 31], 2017 (the “Indenture”) among Tidewater Inc. (the “Issuer”), the Guarantors party thereto and
Wilmington Trust, National Association, as trustee (the “Trustee”) and collateral agent (the “Collateral Agent”) governing the Issuer’s 8.00% Senior Secured Notes due 2022 (the “Notes”), (a) the
due and punctual payment of the principal of, and premium and interest on, the Notes, whether at maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal of and interest on the Notes, if any,
if lawful, and the due and punctual performance of all other obligations of the Issuer to the Holders or the Trustee or Collateral Agent all in accordance with the terms of the Indenture and other Note Documents and (b) in case of any extension
of time of payment or renewal of any Notes or any of such other obligations, that the same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or
otherwise. The obligations of the Guarantors to the Holders of Notes and to the Trustee and Collateral Agent pursuant to the Note Guarantee, the Indenture and other Note Documents are expressly set forth in Article 9 of the
Indenture and reference is hereby made to the Indenture for the precise terms of the Note Guarantee. To the extent any provision of this Notation of Guarantee conflicts with the express provisions of the Indenture or the Security Documents, the
provisions of the Indenture or the Security Documents (as the case may be) shall govern and be controlling. 
 Capitalized terms used but
not defined herein have the meanings given to them in the Indenture 
  

			
	[GUARANTOR]
		
	By:	 	  

		 	Name:
		 	Title:

  
 C-1 

 EXHIBIT D 

FORM OF SUPPLEMENTAL INDENTURE 

[    ] SUPPLEMENTAL INDENTURE (this “Supplemental Indenture”) dated as of
[         ], among [GUARANTOR] (the “New Guarantor”), a subsidiary of TIDEWATER INC. (or its successor), a Delaware corporation (the “Issuer”), the Issuer and WILMINGTON
TRUST, NATIONAL ASSOCIATION, a national banking association, as trustee (the “Trustee”) and collateral agent (the “Collateral Agent”) under the indenture referred to below. 

W I T N E S S E T H : 

WHEREAS the Issuer (or its successor) has heretofore executed and delivered to the Trustee an indenture (as amended, supplemented or otherwise
modified, the “Indenture”) dated as of July 31, 2017, providing for the issuance of the Issuer’s 8.00% Senior Secured Notes due 2022 (the “Notes”), initially in an aggregate principal amount of $350,000,000;

 WHEREAS Section 5.09 of the Indenture provides that under certain circumstances the Issuer is required to cause
the New Guarantor to execute and deliver to the Trustee a supplemental indenture pursuant to which the New Guarantor shall unconditionally guarantee all the Issuer’s Obligations under the Notes and the Indenture pursuant to a Note Guarantee on
the terms and conditions set forth herein; and 
 WHEREAS pursuant to Section 10.01 of the Indenture, the Trustee,
the Issuer and other existing Guarantors, if any, and the Collateral Agent are authorized to execute and deliver this Supplemental Indenture without the consent of Holders; 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the New Guarantor, the Issuer, the Trustee and the Collateral Agent mutually covenant and agree for the equal and ratable benefit of the holders of the Notes as follows: 

1. Defined Terms. As used in this Supplemental Indenture, terms defined in the Indenture or in the preamble or recital hereto are used
herein as therein defined, except that the term “holders” in this Supplemental Indenture shall refer to the term “holders” as defined in the Indenture and the Trustee acting on behalf of and for the benefit of such
holders. The words “herein,” “hereof” and “hereby” and other words of similar import used in this Supplemental Indenture refer to this Supplemental Indenture as a whole and not to any particular
section hereof. 
 2. Agreement to Guarantee. The New Guarantor hereby agrees, jointly and severally with all existing guarantors (if
any), to unconditionally guarantee the Issuer’s Obligations under the Notes and the Indenture on the terms and subject to the conditions set forth in Article 9 of the Indenture and to be bound by all other applicable
provisions of the Indenture and the Notes and to perform all of the obligations and agreements of a guarantor under the Indenture. 

  
 D-1 

 3. Notices. All notices or other communications to the New Guarantor shall be given as
provided in Section 14.03 of the Indenture. 
 4. Ratification of Indenture; Supplemental Indentures Part of
Indenture. Except as expressly amended hereby, the Indenture is in all respects ratified and confirmed and all the terms, conditions and provisions thereof shall remain in full force and effect. This Supplemental Indenture shall form a part of
the Indenture for all purposes, and every holder of Notes heretofore or hereafter authenticated and delivered shall be bound hereby. 
 5.
Governing Law. THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. 

6. Trustee Makes No Representation. The Trustee makes no representation as to the validity or sufficiency of this Supplemental
Indenture, or with respect to the recitals contained herein, all of which recitals are made solely by the other parties hereto. 
 7.
Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. The exchange of copies of this Supplemental Indenture and of
signature pages by fax or .pdf transmission shall constitute effective execution and delivery of this Supplemental Indenture as to the parties hereto. 

8. Effect of Headings. The Section headings herein are for convenience only and shall not affect the construction thereof. 

IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly executed as of the date first above written. 

 

			
	[NEW GUARANTOR]
		
	By:	 	  

		 	Name:
		 	Title:

  
 D-2 

 
			
	TIDEWATER, INC.
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	WILMINGTON TRUST, NATIONAL ASSOCIATION, as Trustee and Collateral Agent
		
	By:	 	  

		 	Name:
		 	Title:

  
 D-3 

 EXHIBIT E 

FORM OF INTERCOMPANY NOTE 

[REVOLVING] SUBORDINATED PROMISSORY NOTE 
  

			
	 Payee: [•]

            [Address]
	  	 Payor: [•]

            [Address]

		
	Principal Amount: [•]	  	                                      
  Dated 
		  	Effective: [•]

 1. Promise to Pay. For value received, [•], a [•]
(“Payor”), hereby promises to pay to the order of [•], a [•] (“Payee”), at its address designated above or at such other place as Payee may designate from time to time, in lawful money
of [•], the principal sum of [•] [(the “Commitment Amount”)]1 or so much thereof as may be advanced by Payee and outstanding from time to time pursuant to the terms of
this [Revolving] Subordinated Promissory Note (this “Subordinated Note”)[, and to pay interest on the unpaid balance of said principal sum outstanding from time to time, from the date hereof through its payment in full, in like
money at a per annum rate of interest equal to [•] percent ([•]%), calculated on a [360 / 365]-day per year basis]. [This Subordinated Note represents [a portion of] the purchase price consideration
for a sale of [•] (the “Vessel”) from Payee, as seller, to Payor, as buyer, and is secured by a mortgage on such Vessel by Payor, as mortgagor, in favor of Payee, as
mortgagee.]2 
 2. [Draws of Revolving Loans. Subject to the terms and
conditions set forth in this Subordinated Note, Payor may draw upon up to the Commitment Amount, which shall be made available by Payee at the sole discretion of Payee, following a request by Payor, during the term of this Subordinated Note, in one
or more draws, in order to fund Payor’s business operations (the drawn down portion referred to herein as “principal”).]3 

3. Amounts Outstanding. The unpaid principal balance and the accrued interest owing on this Subordinated Note at any time may be
evidenced by endorsements on this Subordinated Note or by Payee’s internal records. The entries made on this Subordinated Note or in Payee’s internal records shall be prima facie evidence of the 

 
  

 

	1 	Use for revolving loans. 

	2 	Use for notes issued as consideration for the Disposition of a Mortgaged Vessel to a Foreign Subsidiary that is not a Notes Party pursuant to Section 4.04(a)(iii) of the Indenture. 

	3 	 Use for revolving loans. 

  
 E-1 

 
existence and amounts of the obligations recorded herein or therein; provided that the failure of Payee to make such endorsements or to maintain such records or any error therein shall not in any
manner affect the obligation of Payor to repay all unpaid principal and accrued interest due in accordance with the terms of this Subordinated Note. 

4. Repayment; Prepayment.4 Subject to the subordination provisions set forth in
Section 7 below: 
 (a) All unpaid principal and accrued interest under this Subordinated Note shall be due and repaid on Payee’s
demand. 
 (b) [If the Vessel is Disposed (as defined in the Indenture) of by Payor, Payor shall use the Net Proceeds (as defined in the
Indenture) of such Disposition (as defined in the Indenture) to prepay this Subordinated Note.] 
 (c) This Subordinated Note may be prepaid
at any time without penalty (except as otherwise provided in clause (b) above). Payor agrees not to send Payee payments marked “paid in full,” “without recourse,” or similar language. If Payor sends such a payment, Payee may
accept it without losing any of Payee’s rights under this Subordinated Note, and Payor will remain obligated to pay any further amount owed to Payee. 

5. Application of Payments. All payments with respect to this Subordinated Note, including prepayments, shall be applied first to
outstanding fees, charges, expenses and costs owing under this Subordinated Note, then to accrued interest and then to outstanding principal. 

6. Taxes, Levies, Duties and Charges. All payments by Payor to Payee hereunder shall be made in full without regard to any right of set-off, free and clear of any restrictions or conditions and without deduction for any taxes, levies, duties, charges, fees, or withholding of any nature (for the purpose of this Section collectively referred to as
“taxes”), now or hereafter imposed, levied, collected, withheld or assessed. If any deduction of taxes is required by law to be made from any payment by Payor, Payee shall pay in the same manner and at the same time such additional
amounts as will result in receipt by Payee of such amounts as would have been received by Payee had no such taxes been required or deducted. 

7. Subordination. By acceptance of this Subordinated Note, Payee, for itself and its successors and assigns, acknowledges and agrees
with Payor to be bound by the following subordination provisions: 
  

	 	(a)	Definitions For the purposes of the following Sections 7(a)-(h) of this Subordinated Note, all terms defined in the Indenture (as defined below) and used without definition herein shall have the same
respective 

  
  

	4 	 Include repayment terms/installment payment amounts, due dates and the maturity date.

  
 E-2 

	 	
meanings herein as in the Indenture; provided that the following terms shall have the following meanings: 

 

	 	(i)	“Company” means Tidewater Inc., a Delaware corporation. 

  

	 	(ii)	“Indenture” means that certain Indenture dated as of [July 31], 2017, as amended, restated, amended and restated, supplemented and otherwise modified in writing from time to time, by and among the
Company, each of its Subsidiaries which are or may become parties thereto from time to time, and Wilmington Trust, National Association, as trustee and collateral agent. 

 

	 	(iii)	“Obligor” means (i) any Notes Party, (ii) any Obligor (as defined in the Troms Credit Agreement), and (iii) any other borrower or guarantor of any obligations incurred in connection with
or pursuant to any Senior Indebtedness described in clause (iii) of the definition of “Senior Indebtedness” below. 

  

	 	(iv)	“Senior Creditors” means (i) the Secured Parties, (ii) the Finance Parties (as defined in the Troms Credit Agreement), and (iii) any other lender or creditor in respect of any Senior
Indebtedness described in clause (iii) of the definition of “Senior Indebtedness” below. 

  

	 	(v)	“Senior Indebtedness” means all advances to, and debts, liabilities, obligations, covenants and duties of, any Obligor arising under (i) the Indenture or any other Note Document, (ii) the
Troms Credit Agreement or any other Finance Document (as defined in the Troms Credit Agreement) and (iii) any other credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument evidencing or
governing the terms of any indebtedness or other financial accommodation that has been incurred to extend, increase, or refinance in whole or in part the indebtedness and other obligations outstanding under the (x) Indenture or the Troms Credit
Agreement or (y) any subsequent credit agreement, loan agreement, note agreement, promissory note, indenture or other agreement or instrument that has replaced the Indenture or the Troms Credit Agreement, in each case whether direct or indirect
(including those acquired by assumption), absolute or contingent, due or to become due, now existing or hereafter arising and including interest and fees that accrue after the commencement by or against any Obligor or any Affiliate thereof of any
proceeding under any Debtor Relief Laws naming such Obligor or Affiliate as the debtor in such proceeding, regardless of whether such interest and fees are allowed claims in such proceeding 

  
 E-3 

	 	(vi)	“Troms Agent” means DNB Bank ASA, New York Branch, and its successors and assigns. 

  

	 	(vii)	“Troms Credit Agreement” means that certain Amended and Restated Term Loan Facility Agreement, originally dated as of May 25, 2012 (as amended, and as further amended and restated by that certain
Amendment and Restatement Agreement no. 4 dated May 11, 2017 and effective as of [July 31], 2017) entered into between (i) Troms Offshore Supply AS, as borrower, (ii) the lenders party thereto from time to time, (iii) the Company
and its wholly owned Domestic Subsidiaries as corporate guarantors, (iv) Troms Offshore Fleet Holding AS, Troms Offshore Fleet 1 AS, Troms Offshore Fleet 2 AS, Troms Offshore Fleet 3 AS and Troms Offshore Fleet 4 AS as additional obligors,
(v) JB Holding Company B.V. as security provider, (vi) DNB Bank ASA, Grand Cayman Branch as bank guarantor, (vii) the Troms Agent, and (viii) DNB Markets, Inc. as arranger and bookrunner. 

 

	 	(b)	Subordination to Senior Indebtedness. This Subordinated Note is hereby expressly made subordinate and subject in right of payment to the prior indefeasible payment in full in cash (“Payment in
Full”) of all the Senior Indebtedness outstanding from time to time. No direct or indirect payment or distribution shall be made on account of principal, premium, interest or other amounts owing under or payable with respect to this
Subordinated Note until the date that is six months following the Payment in Full of all of the Senior Indebtedness; provided, however, that Payor may make principal and interest payments to Payee, so long as (A) no Event of
Default (as defined in the Indenture and the Troms Credit Agreement) shall have occurred and be continuing at the time thereof or would result therefrom and (B) such payments are otherwise permitted to be made at such time pursuant to the
Indenture and the Troms Credit Agreement. 

  

	 	(c)	Payee’s Rights. Payee will not (a) ask for, take or receive any payment or distribution on account of principal, premium, interest or any other amount owing under or payable with respect to this
Subordinated Note except as otherwise specifically permitted pursuant to the immediately preceding Section 7(b), or (b) demand, sue for, enforce any claim for or setoff with respect to principal, premium, interest or
any other amount owing under or payable with respect to this Subordinated Note, including any payment otherwise permitted hereby, or otherwise take any action against Payor, any Subsidiary of Payor or the property of Payor or such Subsidiary. Payee
shall not exercise any remedy under this Subordinated Note or otherwise available to it (including filing, taking or maintaining any insolvency or liquidation proceeding against or with respect to Payor) in connection with this Subordinated Note
until the date that is six months following Payment in Full of all of the Senior Indebtedness. 

  
 E-4 

	 	(d)	Payment upon Insolvency or Liquidation. In the event of any insolvency or liquidation proceeding, upon any payment or distribution of assets of Payor or the estate created by the commencement of any such
insolvency or liquidation proceeding, of any kind or character, whether in cash, securities or other property, (a) the Senior Creditors shall first be entitled to receive Payment in Full of all of the Senior Indebtedness, before Payee shall be
entitled to receive any payment or distribution on account of principal, premium, interest or any other amount payable with respect to the Subordinated Note, (b) any such payment to which Payee would be entitled except for the provisions of
this Section 7(d) shall be paid by the liquidating trustee, receiver or agent or other person making such payment directly to the Senior Creditors, on a pro rata basis, to the extent necessary to enable Payment in Full of
all of the Senior Indebtedness after giving effect to all concurrent payments and distributions, to or for the Senior Creditors and (c) any amounts received by Payee in violation of the terms of this Subordinated Note shall be held in trust by
Payee for the benefit of the Senior Creditors and shall be promptly paid or delivered by Payee to the Senior Creditors, on a pro rata basis, in the same form as received, with appropriate endorsements as necessary to the extent necessary to enable
Payment in Full of all of the Senior Indebtedness, after giving effect to all concurrent payments and distributions, to or for the Senior Creditors 

  

	 	(e)	Collateral Agent and the Trustee. The Collateral Agent and the Trustee shall have the right to request Payee to file and, in the event that Payee fails to do so within thirty (30) days prior to the date such
claims or proofs of claim would be barred for failure to make a timely filing, each is hereby authorized to file, a proof of claim for and on behalf of Payee or any other holder of this Subordinated Note in such form as the Collateral Agent or the
Trustee may reasonably determine to be necessary or appropriate to preserve any claim for payment thereunder and to receive payment of the Subordinated Note, and the Collateral Agent and the Trustee shall have the right and each is hereby authorized
to accept and receive a payment or distribution which may be payable or deliverable at any time upon or in respect of the obligations under this Subordinated Note in an amount not in excess of the Senior Indebtedness then outstanding and to take
such other action as may be reasonably necessary to effectuate the foregoing. Payee shall provide to the Collateral Agent and the Trustee any such other instruments, documents and information, reasonably necessary to present any such claims or seek
enforcement as aforesaid. 

  

	 	(f)	Liens. Payee agrees that this Subordinated Note shall not be secured by any Liens on assets of any Obligor or any Subsidiary of any Obligor or any guarantor of the Senior Indebtedness. 

  
 E-5 

	 	(g)	Senior Creditors. The Senior Creditors shall continue to benefit from the subordination created hereunder and the provisions of this Subordinated Note shall continue to govern the relative rights and priorities
of such holders, on the one hand, and Payee, on the other hand, notwithstanding the fact that part or all of the Senior Indebtedness, or any payment received in respect of the Senior Indebtedness, is subordinated, set aside, avoided or disallowed
under Sections 547 or 548 of the Bankruptcy Code or any successor statute or other applicable insolvency law or equitable principles and the subordination provisions hereunder shall be reinstated in the event that any payment in respect of the
Senior Indebtedness is set aside, avoided or disallowed. 

  

	 	(h)	Rights of the Seniors Creditors. The subordination terms of this Subordinated Note as set forth in Sections 7(a)-(g) above are for the benefit of the Senior Creditors, all of whom shall be third party
beneficiaries and are entitled to rely on such provisions. No amendment or modification of the subordination provisions hereof shall be made without the written consent of the Collateral Agent. Without in any way limiting the generality of the
foregoing, the Senior Creditors may at any time and from time to time, without the consent of or notice to Payee, without incurring responsibility to Payee and without impairing or releasing the subordination provided in this Subordinated Note or
obligations hereunder of Payee to the Senior Creditors, do any one or more of the following: (i) change the manner, place or terms of payment or extend the time of payment of, or renew or alter, or otherwise amend, supplement, modify, refinance
or restructure in any manner any Senior Indebtedness or any instrument evidencing the same or any agreement under which the Senior Indebtedness is outstanding or is related thereto; (ii) sell, exchange, release or otherwise deal with any
property pledged, mortgaged or otherwise securing Senior Indebtedness; (iii) release any Person liable in any manner for the collection of Senior Indebtedness; and (iv) exercise or refrain from exercising or waiving any rights, powers or
remedies against any Obligor and any other Person. 

 8. Representations and Warranties. In order to induce Payee to
enter into this Subordinated Note, Payor represents and warrants to Payee as follows: 
 (a) Payor is a [•] organized, existing and in
good standing under the laws of [•]. 
 (b) Payor has the requisite power and authority to enter into this Subordinated Note. 

(c) This Subordinated Note constitutes a legal, valid and binding obligation of Payor, enforceable in accordance with the terms herein. 

  
 E-6 

 9. Default and Remedies. The following actions and/or inactions shall constitute events of
default under this Subordinated Note (each, an “Event of Default”): 
 (a) Payor fails to make any payment when due under
this Subordinated Note within ten (10) business days after receipt of notice from Payee; 
 (b) any representation, warranty,
certification or statement of fact made or deemed made by or on behalf of Payor hereunder shall be incorrect or misleading in any material respect when made or deemed made; 

(c) default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any
indebtedness (other than indebtedness owed to the Payor or one of its subsidiaries) for money borrowed by Payor or any of its subsidiaries (or the payment of which is guaranteed by the Payor or any of its subsidiaries), whether such indebtedness or
guarantee now exists, or is created after the date hereof, if that default (i) is caused by a failure to pay principal of, or interest or premium, if any, on, such indebtedness after the expiration of the grace period provided in such
indebtedness on the date of such default (a “Payment Default”); or (ii) results in the acceleration of such indebtedness prior to its maturity, and, in each case, the principal amount of any such indebtedness, together with the
principal amount of any other such indebtedness under which there has been a Payment Default or the maturity of which has been so accelerated, aggregates $25.0 million or more; 

(d) Payor seeks to dissolve, institutes an action for dissolution, or dissolves; 

(e) Payor (i) commences a voluntary case, application, petition, compromise, voluntary arrangement, scheme of arrangement, moratorium,
liquidation, administration, or receivership or other proceeding; (ii) consents to the entry of an order for relief against it in an involuntary case, application, petition or other proceeding; (iii) makes a general assignment for the
benefit of its creditors or a moratorium or similar arrangement is declared or instituted with its creditors; (iv) consents to the appointment of a custodian, receiver, receiver-manager, administrative receiver, administrator or liquidator of
it or for all or substantially all of its property; (v) generally is not paying its debts as they become due; or admits in writing its inability to pay its debts as such debts become due or its directors or other officers request the
appointment of, or give notice of their intention to appoint, a receiver, receiver manager, administrative receiver, administrator, liquidator or other officer having similar powers over its property; or (vi) is deemed for the purposes of any
applicable law to be unable to pay its debts as they fall due; or 
 (f) Payor shall be insolvent or generally unable to pay its debts when
due. 
 Subject to Section 7, should any one or more Events of Default occur and be continuing under this
Subordinated Note as provided above, in addition to all other rights at law or in equity, Payee shall have the right, at Payee’s sole option, to declare formally this Subordinated Note to be in default and to accelerate the maturity and insist
upon immediate payment in full of the unpaid principal balance then outstanding under this Subordinated Note, plus accrued interest, together with reasonable attorneys’ fees, costs, expenses and other fees and charges as provided herein. 

  
 E-7 

 10. Attorney Fees. If this Subordinated Note is referred to any attorney-at-law to recover amounts due under this Subordinated Note, or to protect the interests of Payee, or to compromise or take other action with regard hereto, Payor
promises to pay the reasonable fees of such attorney-at-law. Payor further agrees to reimburse Payee for all court costs incurred by Payee to enforce this Subordinated
Note. 
 11. Successors and Assigns. The provisions hereof are binding on the successors and permitted assigns of Payor and shall
inure to the benefit of Payee and its successors and permitted assigns, as well as to any subsequent holder or holders of this Subordinated Note. 

12. Governing Law; Venue. This Subordinated Note shall be governed and controlled as to validity, endorsement, interpretation,
construction, effect and in all other respects by the statutes, laws and decisions of the State of [•] (without reference to its conflicts of laws rules). All disputes arising out of or in connection with this Subordinated
Note will be brought before the competent court in [•]. 
 13. WAIVER OF JURY TRIAL. PAYOR HEREBY
IRREVOCABLY WAIVES ANY AND ALL RIGHT TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THIS SUBORDINATED NOTE. 
 14.
Payor’s Waivers. Payor hereby waives presentment for payment, protest, notice of protest and notice of nonpayment, and all pleas of division and discussion. Payor agrees that Payee’s acceptance of payment other than in accordance
with the terms of this Subordinated Note or Payee’s subsequent agreement to extend or modify such repayment terms, or Payee’s failure or delay in exercising any rights or remedies granted to Payee, shall not have the effect of releasing
Payor or any other party or parties from their respective obligations to Payee. In addition, any failure or delay on the part of Payee to exercise any of the rights and remedies granted to Payee shall not have the effect of waiving any of
Payee’s rights and remedies. Any partial exercise of any rights or remedies granted to Payee shall furthermore not be construed as a waiver of any other rights and remedies; it being Payor’s intent and agreement that Payee’s rights
and remedies shall be cumulative in nature. Payor further agrees that, should any default occur or exist under this Subordinated Note, any waiver or forbearance on the part of Payee to pursue the rights and remedies available to Payee shall be
binding upon Payee only to the extent that Payee specifically agrees to any such waiver or forbearance in writing. A waiver or forbearance on the part of Payee as to one default shall not be construed as a waiver or forbearance as to any other
default. 
 15. Indemnity. Payor agrees to indemnify Payee against and to hold Payee harmless from any and all losses, liabilities,
expenses, claims, or damages of whatever kind or nature, including Payee’s reasonable attorneys’ fees and costs (to be reimbursed as and when incurred) resulting from Payee’s loans to Payor or the exercise of its remedies under this
Subordinated Note. 

  
 E-8 

 16. Notices. Any notice, demand or other communication by either party shall be sent by
courier or registered mail addressed to the other party at its registered address as set forth above. 
 17. Amendments. This
Subordinated Note may only be amended or supplemented in writing with the consent of Payor and Payee and as set forth in Section 7(h). 

18. Caption Headings. Caption headings of the sections of this Subordinated Note are for convenience purposes only and are not to be
used to interpret or to define their provisions. In this Subordinated Note, whenever the context so requires, the singular includes the plural and the plural also includes the singular. 

19. Severability. If any term or provision of this Subordinated Note (including interest charged hereunder), 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 parties intend for any court or arbitrator construing this Subordinated Note to reform, 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 Subordinated Note, 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
Subordinated Note shall be valid and enforced to the fullest extent permitted by law. 
 [Remainder of page intentionally left blank.]

  
 E-9 

 IN WITNESS WHEREOF, Payor has executed this Subordinated Note effective as of the date first
written above. 
  

	
	PAYOR:
	
	[•]
	
	By:                                     
                                
	       Name:
	       Title:

  
 E-10 

 EXHIBIT F 

SUMMARY OF INTERCREDITOR TERMS 
  

			
	FIRST LIEN DOCUMENTS:	  	The Indenture to be dated July 31, 2017 (the “Indenture”) by and among Tidewater, Inc. (the “Issuer”), each guarantor party thereto and Wilmington Trust, National Association, as trustee and
collateral agent (the “First Lien Trustee”), relating to the Issuer’s 8.00% Senior Secured Notes due 2022 and Floating Rate Senior Secured Notes due 2022 (the “Notes”). “First Lien Agreement” refers
to the Indenture and “First Lien Notes Documents” refers to the Notes Documents (as defined in the Indenture).
		
	SECOND LIEN DOCUMENTS:	  	“Second Lien Agreement” refers to the agreement governing junior secured indebtedness permitted to be incurred under Section 4.03(b)(ix), Section 4.06 and clause (19) of the definition of “Permitted
Liens” of the Indenture. “Second Lien Documents” refers to the Second Lien Agreement and related security documents.
		
	INTERCREDITOR AGREEMENT:	  	“Intercreditor Agreement” refers to the intercreditor agreement governing the relative rights of the First Lien Parties (as defined below) and the Second Lien Parties (as defined below) in accordance with the terms
hereof.
		
	OBLIGORS:	  	The Notes Parties (as defined in the Indenture). No subsidiary or an affiliate of the Issuer shall guarantee the Second Lien Obligations unless such subsidiary or affiliate also provides a guarantee in respect of the First Lien
Obligations.
		
	COLLATERAL:	  	All assets of the Obligors that constitute “Collateral” under (and as defined in) the First Lien Notes Documents, whether or not the liens on the assets are allowed, disallowed or avoided in any respect. For the avoidance
of doubt, none of the Excluded Assets shall constitute Collateral.
		
	FIRST LIEN OBLIGATIONS:	  	All Notes Obligations (as defined in the Indenture) under the First Lien Notes Documents (and any permitted refinancing thereof) and all Hedging Obligations (as defined in the Indenture) owing to the Secured Parties (as defined in
the Indenture) (the “First Lien Obligations” and the holders thereof, including the First Lien Trustee, the “First Lien Parties”).
		
	SECOND LIEN OBLIGATIONS:	  	All obligations of the Obligors from time to time owed to the Second Lien Parties under the Second Lien Documents (and any permitted refinancing thereof) (the “Second Lien Obligations” and the holders and applicable
agent thereof, the “Second Lien Parties”). 
		
	SECURED PARTIES:	  	The First Lien Parties and the Second Lien Parties.    
		
	 PRIORITY OF
 LIENS;
REMEDIES:
	  	 Until the Discharge of First Lien Obligations (as defined below) has occurred:

 
 (a) the liens on the Collateral securing the Second Lien Obligations shall be junior and
subordinated in all respects to the liens on the Collateral securing the First Lien Obligations;
  

(b) except for Permitted Enforcement Actions (as defined below), the

  
 F-1 

			
		  	 Second Lien Parties shall have no right to exercise rights or remedies with respect to the Collateral, institute any action with respect to
the Collateral, take or receive any Collateral or any proceeds thereof or object to the exercise by the First Lien Parties of any rights or remedies with respect to the Collateral; and

 
 (c) the First Lien Parties shall control all decisions related to the administration of
the Collateral and the exercise of rights and remedies under the First Lien Notes Documents without any consultation with, or the consent of, any of the Second Lien Parties.

		
	CROSS ACCELERATION UNDER SECOND LIEN AGREEMENT	  	The Second Lien Agreement will not contain a cross-default to the First Lien Agreement or to any other indebtedness, but shall be permitted to have a cross payment default (at maturity) against and cross-acceleration to the First
Lien Agreement; it being understood that the Second Lien Agreement shall not contain covenants (including any financial covenants) that are more restrictive than those in the Indenture.
		
	NO NEW LIENS:	  	No Obligor shall grant or permit any liens on any asset to secure the Second Lien Obligations unless it has also granted a valid and enforceable first priority lien on such assets to secure the First Lien Obligations.
		
	APPLICATION OF PROCEEDS/TURN-OVER:	  	 The proceeds of any liquidation, foreclosure, bankruptcy distribution or similar action, in each case, related to the Collateral or the
proceeds thereof will be applied in the following order of priority:
  

First, to pay the First Lien Obligations in accordance with the terms of the First Lien Notes Documents; Second, to pay Second Lien
Obligations in accordance with the terms of the Second Lien Documents; and Third, to the applicable Obligor, whether or not such claims are allowed or allowable in an insolvency proceeding or as a court of competent jurisdiction may
direct.
  
 Until the Discharge of First Lien Obligations, any Collateral or proceeds
thereof received by any (i) First Lien Party or Second Lien Party shall be applied pursuant to the waterfall and (ii) Second Lien Party in connection with the exercise of any right or remedy (including
set-off) relating to the Collateral, as a bankruptcy distribution or otherwise in violation of the Intercreditor Agreement (or not in accordance with the waterfall) shall be segregated and held in trust and
shall be paid over to the First Lien Trustee for the benefit of the First Lien Parties in the same form as received, with any necessary endorsement, and such amounts shall be applied pursuant to the waterfall.

 
 “Discharge of First Lien Obligations” means, notwithstanding any
bankruptcy discharge:
  
 (a)payment in full in cash of the principal of, reimbursement
obligations with respect to and interest (including interest, premium (including any make-whole) and other amounts accruing (or which would, absent the commencement of an insolvency proceeding, accrue) on or after the commencement of any insolvency
proceeding, whether or not such interest would be allowed or allowable in such insolvency proceeding), on all indebtedness outstanding under the First Lien Notes Documents whether or not such amounts are allowed or disallowed vis-a-vis the Borrower;
  

  
 F-2 

			
		  	 (b) payment in full in cash of all other First Lien Obligations that are due and payable or otherwise accrued at or prior to the time such
principal and interest are paid, including all Hedging Obligations (as defined in the Indenture) owing to the Secured Parties; and
  

(c) termination or expiration of all commitments, if any, to extend credit that would constitute First Lien Obligations.

		
	RELEASES:	  	Except in connection with the Discharge of First Lien Obligations, in the event that the First Lien Parties release their liens on all or any portion of the Collateral or any Obligor from its obligations under the First Lien Notes
Documents (i) in connection with the exercise of remedies in respect of Collateral or (ii) if not in connection with the exercise of remedies in respect of the Collateral, so long as such sale, transfer or other disposition of such
Collateral or release of the Obligor is not expressly prohibited by the Second Lien Notes Documents as in effect on the closing date of the Second Lien Agreement, the comparable lien or guaranty, if any, in respect of the Second Lien Obligations
shall be automatically released.
		
	AMENDMENT OF SECOND LIEN COLLATERAL DOCUMENTS:	  	 Without the prior written consent of the First Lien Trustee, no security documents relating to Second Lien Obligations (the “Second
Lien Collateral Documents”) may be amended, supplemented or otherwise modified or entered into to the extent that any provisions therein as so amended, supplemented or modified, or the terms of any new Second Lien Collateral Document, would
be prohibited by, or would require any Obligor to act or refrain from acting in a manner that would violate, any of the terms of the Intercreditor Agreement.
  

In the event that any relevant security document relating to the First Lien Obligations (the “First Lien Collateral Documents”) is amended for
the purpose of adding to, or deleting from, or waiving or consenting to any departures from any provisions of, any First Lien Collateral Document or changing in any manner the rights of First Lien Parties or the Obligors thereunder, then such
amendment shall apply automatically to any comparable provision of each comparable Second Lien Collateral Document in which the Obligors grant a Lien on the same collateral, without the consent of the Second Lien Parties; provided, that such
amendment does not materially adversely affect the rights of the Second Lien Parties or their interests in the Collateral to a greater extent than the First Lien Parties in a like or similar manner (other than by virtue of their relative priorities
and rights and obligations hereunder).    

		
	BANKRUPTCY:	  	 In connection with any bankruptcy or other insolvency proceeding of any Obligor:

 
 •    Filing of
Motions: The Second Lien Parties shall not file any motion, take any position in any proceeding, or take any other action in respect of the Collateral (except Permitted Enforcement Actions), including any motion seeking relief from the automatic
stay.
  
 •    DIP
Financing: If the First Lien Parties desire to permit the sale or use of any Collateral, or to permit any Obligor to obtain debtor-in-possession financing (a
“DIP Financing”) (including from one or more

  
 F-3 

			
		  	 First Lien Parties), then, so long as any Liens on the Collateral securing the DIP Financing are senior to or pari passu
with the Liens securing the First Lien Obligations (or such DIP Financing refinances the First Lien Obligations), the Second Lien Parties shall: (i) be deemed to accept, and will not object or support any objection to, such sale or use or any
such DIP Financing, (ii) not propose any competing DIP Financing, (iii) not request or accept any form of adequate protection or any other relief in connection therewith except as set forth below and (iv) subordinate its liens to such
DIP Financing, any adequate protection provided to the First Lien Parties and any “carve-out” for fees agreed to by the First Lien Trustee to the same extent that the liens securing the Second Lien
Obligations are subordinated to the liens securing the First Lien Obligations under the Intercreditor Agreement; provided that any form of order submitted in connection with interim or final approval of such DIP Financing shall provide that
the Second Lien Parties shall receive adequate protection as and to the extent the Second Lien Parties are entitled to seek such adequate protection under the Intercreditor Agreement.

 
 •    Sales: None
of the Second Lien Parties shall oppose any sale conducted in accordance with Section 363 of the Bankruptcy Code that is supported by the requisite First Lien Parties, and the Second Lien Parties will be deemed to have consented to any such
sale and to have released their Liens in such assets, which liens will attach to the proceeds of the sale in the same order of priority as that in existence immediately prior to such sale.

 
 •    Adequate
Protection, Etc.: No Second Lien Party shall contest (or support any other person contesting) (i) any request by the First Lien Parties for adequate protection, (ii) any objection by the First Lien Parties to any motion, relief, action
or proceeding. based on the First Lien Parties claiming a lack of adequate protection or (iii) the payment of interest, fees, expenses or other amounts to or for the benefit of the First Lien Trustee or any other First Lien Party (including any
claim made under section 506(b) of the bankruptcy code). However, (a) if the First Lien Parties are granted adequate protection in the form of additional collateral or replacement liens in connection with any DIP Financing or use of cash
collateral, then the Second Lien Parties may seek adequate protection in the form of a lien on such additional collateral or replacement liens subordinated to the liens securing the First Lien Obligations and such DIP Financing on the same basis as
the other Liens securing the Second Lien Obligations are so subordinated to the First Lien Obligations under the Intercreditor Agreement and (b) in the event any First Lien Party is granted adequate protection in the form of a superpriority
claim, then the Second Lien Parties may seek adequate protection in the form of a junior superpriority claim, subordinated to the superpriority claim granted to the First Lien Parties. No Second Lien Party will assert or enforce any claim made under
section 506(c) of the bankruptcy code.

  
 F-4 

			
		  	 •    Avoidance Issues: If any First Lien Party is required to
disgorge or otherwise pay any amount to the estate of any Obligor for any reason (including on account of being deemed a fraudulent transfer or preference) (a “Recovery”), then the First Lien Obligations shall be reinstated to the
extent of such Recovery and the Discharge of the First Lien Obligations shall be deemed not to have occurred. In the event that any Second Lien Party receives the proceeds of a Recovery prior to the Discharge of the First Lien Obligations, such
proceeds shall be segregated and held in trust and shall be paid over to the First Lien Trustee for the benefit of the First Lien Parties in the same form as received, with any necessary endorsement, and such Recovery shall be applied in accordance
with the waterfall.
  

•    Separate Grants of Security and Classifications: The grants of liens pursuant to
the First Lien Notes Documents and the Second Lien Documents constitute two separate and distinct grants of liens. If it is held that the claims constitute only one secured claim, then all distributions shall be made as if there were separate
classes of secured claims. The First Lien Parties and the Second Lien Parties shall be entitled to vote as separate classes on any plan of reorganization.
  

•    Post-Petition Interest: No Second Lien Party shall oppose or seek to challenge
any claim of any First Lien Party for post-petition interest, fees or expenses to the extent of the value of any First Lien Party’s lien, without regard to the existence of the liens of the Second Lien Parties in respect of the Collateral.

 
 •    No Waiver by
First Lien Parties: No First Lien Party shall be prohibited from objecting to any action taken by the Second Lien Parties (or any agent on their behalf).
  

•    Plan of Reorganization. No Second Lien Party shall be prevented from
exercising its rights to vote to accept or reject a plan of reorganization; provided that no Second Lien Party shall propose or otherwise support (other than, for the avoidance of doubt, voting to accept) a plan of reorganization if:
(i) such plan does not provide for payment in full in cash of the First Lien Obligations on the effective date of such plan, or (ii) such plan violates (or is otherwise prohibited by) the Intercreditor Agreement. It is further agreed
that, solely during the period from the initial effectiveness of the Intercreditor Agreement (the “Effective Date”) until the first date that the Notes are refinanced in full, no Second Lien Party shall propose, vote to accept, or
otherwise support a plan of reorganization that (1) is subject to an objection by the First Lien Trustee or required holders of Notes under the Indenture with respect to the treatment of the First Lien Parties thereunder, (2) does
not provide for payment in full in cash of the First Lien Obligations on the effective date of such plan (unless consented to by the required holders of Notes under the Indenture),
(3) “crams-up” the First Lien Parties, or (4) violates (or is otherwise prohibited by) the Intercreditor Agreement. Any votes to accept a plan by any Second Lien Party that a court of
competent jurisdiction determines by final order were to accept a plan in violation of this provision shall be, and shall be deemed to be, designated under section 1126(e) of the Bankruptcy Code.

 
 •    Rights of
Unsecured Creditors: The Second Lien Parties may exercise any and all rights and remedies available to unsecured creditors.

  
 F-5 

			
		
		  	 •    Permitted Enforcement Actions. As used herein,
“Permitted Enforcement Actions” means (i) filing proofs of claim with respect to the Second Lien Obligations (that are not inconsistent with the Intercreditor Agreement), (ii) taking actions to preserve or protect (but not
enforce) its rights in the Collateral (not adverse to the prior liens on the Collateral securing the First Lien Obligations or otherwise prohibited by the Intercreditor Agreement), (iii) exercising rights and remedies as unsecured creditors, but
solely to the extent such action would not violate the Intercreditor Agreement, (iv) exercising rights and remedies in respect of adequate protection (to the extent set forth herein), (v) filing any responsive or defensive pleadings in
opposition to any motion, claim, adversary proceeding or other pleading seeking disallowance of their claims that are not inconsistent with the Intercreditor Agreement, (vi) voting on any plan of reorganization or making filings, arguments or
motions that are not inconsistent with the Intercreditor Agreement and (vii) making a cash or credit bid (which, in the case of a credit bid, provides for the payment in full in cash of the First Lien Obligations); provided, that in no
event shall a Permitted Enforcement Action include, and no Second Lien Party, whether as a secured or unsecured creditor, shall (a) contest or challenge the amount or validity of the First Lien Obligations or any liens securing or purporting to
secure any First Lien Obligations, (b) take any action that a Second Lien Party is prohibited from taking in the “Bankruptcy” section hereof or (c) exercise any rights or remedies against Collateral.

		
	PURCHASE OPTION:	  	Customary, one-time option in an amount sufficient to cause the Discharge of the First Lien Obligations.
		
	GOVERNING LAW:	  	New York.

  
 F-6 

 Schedule 1.01A 

SALE-LEASEBACK ARRANGEMENTS 
 None. 

 Schedule 4.01 

INVESTMENTS 
 Part (a) – Equity
Investments in Subsidiaries. 
  

									
	 	 	 NAME
	  	 STATE OR

JURISDICTION OF

INCORPORATION
	  	 PERCENTAGE

OF INTEREST

OWNED
	  	 OWNING ENTITY

	1.	 	Pacific Tidewater Pty. Ltd.	  	Australia	  	100%	  	 Tidewater Inc. – 50%
 Twenty Grand Marine
Service, L.L.C. – 50%

	2.	 	Tidewater Marine Australia Pty Ltd	  	Australia	  	100%	  	Pacific Tidewater Pty. Ltd.
	3.	 	Tidewater Marine West Indies Limited	  	Bahama Islands	  	99.95%	  	Tidewater Inc.
	4.	 	Tidewater Investment SRL	  	Barbados	  	100%	  	Tidewater Marine International, Inc.
	5.	 	Pental Insurance Co. Ltd.	  	Bermuda	  	100%	  	 Tidewater Inc.-57.14%

Tidewater Marine International, Inc. – 42.86%

	6.	 	Maré Alta do Brasil Navegação Ltda.	  	Brazil	  	100%	  	 Zapata Gulf Marine, L.L.C. – 99.99999%

Twenty Grand (Brazil), L.L.C – 0.00001%

	7.	 	Navegadores Servicos de Apoio Maritimo Ltda.	  	Brazil	  	100%	  	 Java Boat Corporation B.V. – 99%
 Tidewater
Marine International, Inc. – 1%

	8.	 	OSA do Brasil Representações Ltda.	  	Brazil	  	100%	  	 Gulf Fleet Supply Vessels, L.L.C. – 85.06%

Tidewater Support Services Limited -14.94%

	9.	 	Pan Marine do Brasil Ltda.	  	Brazil	  	100%	  	 Maré Alta do Brasil Navegação Ltda. - 36.5%

Tidewater Marine, L.L.C.- 63.49%
 S.O.P. Inc. –
0.01%

	10.	 	Mashhor Marine Sdn. Bhd.	  	Brunei	  	70%	  	Gulf Fleet Supply Vessels, L.L.C.
	11.	 	3291361 Nova Scotia ULC	  	Canada	  	100%	  	Troms Offshore Services AS
	12.	 	Aqua Fleet Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	13.	 	Arabia Shipping Limited	  	Cayman Islands	  	100%	  	Southern Ocean Services Pte. Ltd.
	14.	 	Blue Fleet Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.

									
	 	 	 NAME
	  	 STATE OR

JURISDICTION OF

INCORPORATION
	  	 PERCENTAGE

OF INTEREST

OWNED
	  	 OWNING ENTITY

	15.	 	Crimson Fleet Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	16.	 	Gold Fleet Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	17.	 	Green Fleet Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	18.	 	Grey Fleet Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	19.	 	Gulf Fleet Middle East Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	20.	 	Indigo Fleet Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	21.	 	International Maritime Services, Inc.	  	Cayman Islands	  	100%	  	Global Panama Marine Service, Inc.
	22.	 	Jackson Marine Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	23.	 	Maroon Fleet Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	24.	 	Middle East Ships Limited	  	Cayman Islands	  	100%	  	Southern Ocean Services Pte. Ltd.
	25.	 	Orange Fleet Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	26.	 	Pan Marine International, Inc.	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	27.	 	Platinum Fleet Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	28.	 	Purple Fleet Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	29.	 	Silver Fleet Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	30.	 	Sonatide Marine, Ltd.	  	Cayman Islands	  	100%	  	Sonatide Marine Services, Ltd.
	31.	 	Tidewater Assets Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	32.	 	Tidewater Boats Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	33.	 	Tidewater Crewing Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	34.	 	Tidewater Hulls Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	35.	 	Tidewater Marine International, Inc.	  	Cayman Islands	  	100%	  	Tidewater Venture, Inc.
	36.	 	Tidewater Marine U.K. Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	37.	 	Tidewater Maritime Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.

									
	 	 	 NAME
	  	 STATE OR

JURISDICTION OF

INCORPORATION
	  	 PERCENTAGE

OF INTEREST

OWNED
	  	 OWNING ENTITY

	38.	 	Tidewater Properties Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	39.	 	Tidewater ROV Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	40.	 	Tidewater Ships Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	41.	 	Tidewater Subsea Crewing Limited	  	Cayman Islands	  	100%	  	Tidewater Subsea International Limited
	42.	 	Tidewater Subsea International Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	43.	 	Tidewater Vessels Limited	  	Cayman Islands	  	100%	  	Tidewater Inc.
	44.	 	Vermilion Fleet Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	45.	 	Violet Fleet Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	46.	 	VTG Ships Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	47.	 	Yellow Fleet Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	48.	 	Zapata Gulf Marine International Limited	  	Cayman Islands	  	100%	  	Tidewater Marine International, Inc.
	49.	 	Compania Marítima de Magallanes Limitada	  	Chile	  	100%	  	 Tidewater Inc. – 51%

Zapata Gulf Marine, L.L.C. – 49%

	50.	 	Tidewater Cyprus Limited	  	Cyprus	  	100%	  	Tidewater Marine International, Inc.
	51.	 	Vesselogistics Limited	  	Cyprus	  	100%	  	Global Panama Marine Service, Inc.
	52.	 	Cajun Acquisitions, LLC	  	Delaware	  	100%	  	Quality Shipyards, L.L.C.
	53.	 	Tidewater Corporate Services, L.L.C.	  	Delaware	  	100%	  	Tidewater Inc.
	54	 	.Tidewater Mexico Holding, L.L.C.	  	Delaware	  	100%	  	JB Holding Company B.V.
	55.	 	Tidewater Venture, Inc.	  	Delaware	  	100%	  	Tidewater Investment Coöperatief U.A.
	56.	 	Tidewater Support Services Limited	  	England	  	100%	  	Tidewater Marine International, Inc.
	57.	 	Tidewater Marine Gabon S.A.	  	Gabon	  	100%	  	Tidewater Marine International, Inc.
	58.	 	Tidewater (India) Private Limited	  	India	  	100%	  	 Gulf Fleet Supply Vessels, L.L.C. – 99.99%

Zapata Gulf Marine, L.L.C.—0.01%

	59.	 	PT Tidewater Operators Indonesia	  	Indonesia	  	95%	  	Java Boat Corporation B.V. – 95%

									
	 	 	 NAME
	  	 STATE OR

JURISDICTION OF

INCORPORATION
	  	 PERCENTAGE

OF INTEREST

OWNED
	  	 OWNING ENTITY

	 60.
	 	 Tidewater Marine Kazakhstan, L.L.P.
	  	Kazakhstan	  	100%	  	Java Boat Corporation
	 61.
	 	 Offshore Labuan Leasing Inc.
	  	Labuan	  	100%	  	Tidewater Marine International, Inc.
	 62.
	 	 Offshore Marine Inc.
	  	Labuan	  	 49%

51%
	  	 Tidewater Marine International, Inc.

Offshore Pacific Inc.

	 63.
	 	 Offshore Pacific, Inc.
	  	Labuan	  	.0067%	  	Tidewater Marine International, Inc.
	 64.
	 	 VTG Supply Boat Liberia Inc.
	  	Liberia	  	100%	  	Zapata Gulf Marine, LLC
	 65.
	 	 Gulf Fleet Supply Vessels, L.L.C.
	  	Louisiana	  	100%	  	Zapata Gulf Marine, L.L.C.
	 66.
	 	 Java Boat Corporation
	  	Louisiana	  	100%	  	Tidewater Inc.
	 67.
	 	 Pan Marine International Dutch Holdings, L.L.C.
	  	Louisiana	  	100%	  	Tidewater Marine International, Inc.
	 68.
	 	 Point Marine, L.L.C.
	  	Louisiana	  	100%	  	Tidewater Inc.
	 69.
	 	 Quality Shipyards, L.L.C.
	  	Louisiana	  	100%	  	Zapata Gulf Marine, L.L.C.
	 70.
	 	 S.O.P., Inc.
	  	Louisiana	  	100%	  	Tidewater Inc.
	 71.
	 	 Tidewater GOM, Inc.
	  	Louisiana	  	100%	  	Tidewater Inc.
	 72.
	 	 Tidewater Marine Sakhalin, L.L.C.
	  	Louisiana	  	100%	  	Zapata Gulf Marine, L.L.C.
	 73.
	 	 Tidewater Marine, L.L.C.
	  	Louisiana	  	100%	  	Tidewater Inc.
	 74.
	 	 Tidewater Marine Fleet, L.L.C.
	  	Louisiana	  	100%	  	Tidewater Inc.
	 75.
	 	 Tidewater Marine Hulls, L.L.C.
	  	Louisiana	  	100%	  	Tidewater Inc.
	 76.
	 	 Tidewater Marine International Dutch Holdings, L.L.C.
	  	Louisiana	  	100%	  	Tidewater Marine International, Inc.
	 77.
	 	 Tidewater Marine Ships, L.L.C.
	  	Louisiana	  	100%	  	Tidewater Inc.
	 78.
	 	 Tidewater Marine Vessels, L.L.C.
	  	Louisiana	  	100%	  	Tidewater Inc.
	 79.
	 	 Tidewater Subsea, L.L.C.
	  	Louisiana	  	100%	  	Tidewater Marine, L.L.C.
	 80.
	 	 Tidewater Subsea ROV, L.L.C.
	  	Louisiana	  	100%	  	Tidewater Marine, L.L.C.
	 81.
	 	 Twenty Grand (Brazil), L.L.C
	  	Louisiana	  	100%	  	Zapata Gulf Marine, L.L.C.
	 82.
	 	 Twenty Grand Marine Service, L.L.C.
	  	Louisiana	  	100%	  	Tidewater Inc.
	 83.
	 	 Zapata Gulf Marine L.L.C.
	  	Louisiana	  	100%	  	Tidewater Inc.
	 84.
	 	 MY Maritime Services, Sdn Bhd
	  	Malaysia	  	100%	  	Global Panama Service, Inc.
	 85.
	 	 Tidewater Marine Service (M) Sdn. Bhd.
	  	Malaysia	  	100%	  	Tidewater Marine International, Inc.

									
	 	 	 NAME
	  	 STATE OR

JURISDICTION OF

INCORPORATION
	  	 PERCENTAGE

OF INTEREST

OWNED
	  	 OWNING ENTITY

	86.	 	Arrendadora de Naves del Golfo, S.A. de C.V., SOFOM, ENR.	  	Mexico	  	100%	  	 Gulf Fleet Middle East Limited – 1%

VTG Ships Limited – 99%

	87.	 	Logistica Mexicana del Caribe, S. de R.L. de C.V.	  	Mexico	  	100%	  	 Tidewater Marine International, Inc. – 33.3% Equity (99% Fixed Capital)

Pan Marine International, Inc. – 33.3% Equity (1% Fixed Capital)

JB Holding Company B.V. – 33.3% Equity (100% Variable Capital)

	88.	 	Servicios Costa Afuera de Mexico, S. de R.L. de C.V.	  	Mexico	  	100%	  	 Gulf Fleet Middle East Limited – 50% Equity (1% Capital)

Jackson Marine Limited – 50% Equity (99% Capital)

	89.	 	Tidewater de Mexico, S. de R.L. de C.V.	  	Mexico	  	 0% of Class A Shares

100% of Class B Shares
 100% of
Class N Shares
	  	Tidewater Mexico Holding, L.L.C.
	90.	 	JB Holding Company B.V.	  	Netherlands	  	100%	  	Tidewater Dutch Holdings Cooperatief, U.A.
	91.	 	Java Boat Corporation B.V.	  	Netherlands	  	100%	  	JB Holding Company B.V.
	92.	 	Tidewater Dutch Holdings Cooperatief U.A.	  	Netherlands	  	100%	  	Tidewater Marine International Dutch Holdings, L.L.C.
	93.	 	Tidewater Investment Coöperatief U.A.	  	Netherlands	  	100%	  	 Tidewater Inc. – 99.9%;

Tidewater Corporate Services, L.L.C.—0.1%

	94.	 	Gulf Fleet N.V.	  	Netherlands Antilles	  	100%	  	Gulf Fleet Supply Vessels, L.L.C.
	95.	 	Hilliard Oil & Gas, Inc.	  	Nevada	  	100%	  	Tidewater Inc.
	96.	 	O.I.L. (Nigeria) Limited	  	Nigeria	  	82.08%	  	Tidewater Support Services Limited
	97.	 	Tidex Nigeria Limited	  	Nigeria	  	60%	  	Tidewater Marine, L.L.C.
	98.	 	Zapata Marine Service (Nigeria) Limited	  	Nigeria	  	100%	  	Tidewater Marine International, Inc.

									
	 	 	 NAME
	  	 STATE OR

JURISDICTION OF

INCORPORATION
	  	 PERCENTAGE

OF INTEREST

OWNED
	  	 OWNING ENTITY

	99.	 	Troms Offshore Fleet 1 AS	  	Norway	  	 97%

3%
	  	 Troms Offshore Fleet Holding AS

Troms Offshore Fleet 3 AS

	100.	 	Troms Offshore Fleet 2 AS	  	Norway	  	100%	  	Troms Offshore Fleet Holding AS
	101.	 	Troms Offshore Fleet 3 AS	  	Norway	  	100%	  	JB Holding Company B.V.
	102.	 	Troms Offshore Fleet 4 AS	  	Norway	  	100%	  	Troms Offshore Supply AS
	103.	 	Troms Offshore Fleet Holding AS	  	Norway	  	100%	  	Troms Offshore Supply AS
	104.	 	Troms Offshore Marine AS	  	Norway	  	100%	  	Troms Offshore Management AS
	105.	 	Troms Offshore Management AS	  	Norway	  	100%	  	Troms Offshore Supply AS
	106.	 	Troms Offshore Services AS	  	Norway	  	100%	  	Troms Offshore Supply AS
	107.	 	Troms Offshore Supply AS	  	Norway	  	100%	  	JB Holding Company B.V.
	108.	 	Global Panama Marine Service, Inc.	  	Panama	  	100%	  	Java Boat Corporation
	109.	 	Sakhalin Holding, L.L.C.	  	Russia	  	100%	  	 Zapata Gulf Marine, L.L.C. – 99.70%

Tidewater Marine Sakhalin, L.L.C. -0.30%

	110.	 	Sakhalin Offshore Marine, L.L.C.	  	Russia	  	100%	  	Sakhalin Holding, L.L.C.
	111.	 	Southern Ocean Services Pte. Ltd.	  	Singapore	  	100%	  	Tidewater Marine International, Inc.
	112.	 	SEA Maritime Services Pte. Ltd.	  	Singapore	  	100%	  	Global Panama Marine Service, Inc.
	113.	 	Tidewater Marine Charter Services Pte. Ltd.	  	Singapore	  	100%	  	Tidewater Marine International, Inc.
	114.	 	Tidewater Marine International Pte. Ltd.	  	Singapore	  	100%	  	Gulf Fleet Supply Vessels, L.L.C.
	115.	 	Tidewater Marine Western, LLC	  	Delaware	  	100%	  	Tidewater Marine, L.L.C.
	116.	 	Servicios Maritimos Ves, S. de R.L. de C.V.	  	Mexico	  	100%	  	 Tidewater Inc. – 99%

Zapata Gulf Marine, L.L.C. – 1%

	 117.
	 	 Servicios Maritimos del Carmen, S.A. de C.V.
	  	Mexico	  	100%	  	 Servicios Maritimos Ves, S. de R.L. de C.V. – 98.34% of Class A Shares

Servicios y Representaciones Maritimas Mexicanas, S.A. de C.V. – 1.66% of Class A Shares

Gulf Fleet Supply Vessels, L.L.C. – 100% of Class B Shares

									
	 	 	 NAME
	  	 STATE OR

JURISDICTION OF

INCORPORATION
	  	 PERCENTAGE

OF INTEREST

OWNED
	  	 OWNING ENTITY

	118.	 	Servicios y Representaciones Maritimas Mexicanas, S.A. de C.V.	  	Mexico	  	100%	  	 Gulf Fleet Supply Vessels, L.L.C. – 97.96% of Class B Shares

Servicios Maritimos Ves, S. de R.L. de C.V. – 100% of Class A Shares

Tidewater Marine, L.L.C. – 2.04% of Class B Shares

	119.	 	Zapata Servicos Maritimos Ltda.	  	Brazil	  	100%	  	 Zapata Gulf Marine, L.L.C. – 96.84%

Gulf Fleet Supply Vessels, L.L.C. – 3.16%

	120.	 	Tidewater Marine Indonesia Limited	  	Vanuatu	  	100%	  	Zapata Gulf Marine International Limited
	121.	 	Tidewater Marine Technical Services (Shenzhen) Co., Ltd.	  	China	  	100%	  	Tidewater Investment SRL
	122.	 	Tidewater Marine Vanuatu Limited	  	Vanuatu	  	100%	  	Zapata Gulf Marine International Limited
	123.	 	Equipo Mara, C.A.	  	Venezuela	  	100%	  	 Tidewater Caribe, C.A. – 19.90%

Remolcadores y Gabaraas Remigasa, S.A. – 80.10%

(which has been expropriated)

	124.	 	Tidewater Caribe, C.A.	  	Venezuela	  	100%	  	Tidewater Investment SRL

 Part (b) – Other Equity Investments; Joint Ventures. 

 

							
	 NAME
	  	 STATE OR

JURISDICTION OF

INCORPORATION
	  	 PERCENTAGE

OF INTEREST

OWNED
	  	 OWNING ENTITY

	Gulf Fleet Abu Dhabi	  	Abu Dhabi	  	48.67%	  	Gulf Fleet Middle East Limited
	Tidewater Al Rushaid Co., Ltd	  	Saudi Arabia	  	50%	  	Tidewater Marine International, Inc.
	Antilles Marine Service Limited	  	Trinidad & Tobago	  	49.95%	  	Zapata Gulf Marine, L.L.C.

							
	 NAME
	  	 STATE OR

JURISDICTION OF

INCORPORATION
	  	 PERCENTAGE

OF INTEREST

OWNED
	  	 OWNING ENTITY

	Divetide Limited	  	Thailand	  	 100% of Class A Shares

49% of the total outstanding shares
	  	Tidewater Marine International, Inc. – 100% of Class A Shares
	Tidewater Offshore Sdn Bhd	  	Malaysia	  	49%	  	 Tidewater Marine International, Inc. -22.27%

Gulf Fleet Supply Vessels, L.L.C. – 5.57%

Zapata Gulf Marine, L.L.C. – 7.80%

Zapata Gulf Marine International Limited – 13.36%

	Al Wasl Marine LLC	  	Dubai	  	49%	  	Gulf Fleet Supply Vessels, L.L.C.
	Sonatide Marine Services, Ltd.	  	Cayman Islands	  	49%	  	Tidewater Marine International, Inc.
	Naviera Tidex, S. de R.L de C.V.	  	Mexico	  	49%	  	Zapata Gulf Marine International Limited (also holds 100% of N Shares)
	Niugini Offshore Services Joint Venture	  	Papua New Guinea	  	40%	  	Tidewater Marine International, Inc.
	DTDW Marine Services B.V.	  	Netherlands	  	40%	  	Tidewater Marine International, Inc. (through its ownership in DTDW Holdings Limited)
	Tideflo Marine Services Limited	  	Nigeria	  	40%	  	Tidewater Marine International, Inc. (through its ownership in DTDW Holdings Limited and DTDW Marine Services B.V.)
	DTDW Holdings Limited (name change from PT Nigeria LTD)	  	Cyprus	  	40%	  	Tidewater Marine International, Inc.
	Tide States, L.L.C.	  	Louisiana	  	80%	  	Tidewater Marine, L.L.C.
	Tide States Vessels, L.L.C.	  	Louisiana	  	80%	  	Tide States, L.L.C.

 Part (c) – Other Investments. None. 

 Schedule 4.06 

PERMITTED LIENS 
 None. 

 Schedule 5.06(b) 

MORTGAGED VESSEL LOCATIONS AND DISPOSED VESSELS 
  

	(i)	Mortgaged Vessel Locations: 

  

									
	 Vessel Name
	  	 IMO Number
	  	 Legal Owner
	  	 Flag
	  	 Location

	ALDEN J LABORDE	  	9259800	  	Tidewater Marine Vessels, L.L.C.	  	Vanuatu	  	Amelia, LA
					
	BOBBY RAWLE TIDE	  	9219927	  	Gulf Fleet Supply Vessels, L.L.C.	  	Vanuatu	  	 Walvis Bay, Namibia

					
	BONNETTE TIDE	  	9269867	  	Zapata Gulf Marine, L.L.C.	  	Vanuatu	  	Walvis Bay, Namibia
					
	BOURGEOIS TIDE	  	9273466	  	Point Marine, L.L.C.	  	Vanuatu	  	Bahrain
					
	BURCH WILLIAMS	  	9185889	  	Tidewater Marine Fleet, L.L.C.	  	Vanuatu	  	Cyprus

					
	C E LABORDE JR	  	9259812	  	Tidewater Marine Vessels, L.L.C.	  	Vanuatu	  	Amelia, LA
					
	CARR TIDE	  	9533608	  	Tidewater Marine Hulls, L.L.C.	  	Vanuatu	  	Abidjan, Côte d’Ivoire
					
	CHAUVIN TIDE	  	9659359	  	Gulf Fleet Supply Vessels, L.L.C.	  	Vanuatu	  	Batam, Indonesia
					
	CHERYL TIDE	  	9452012	  	Twenty Grand Marine Service, L.L.C.	  	USA	  	Angola
					
	CHIASSON TIDE	  	9412919	  	Zapata Gulf Marine, L.L.C.	  	Vanuatu	  	Gibson, LA
					
	CINDY BROWN TIDE	  	9418547	  	Tidewater GOM, Inc.	  	USA	  	Gibson, LA
					
	COXON TIDE	  	9545857	  	Tidewater Marine Vessels, L.L.C.	  	Vanuatu	  	Batam, Indonesia
					
	DEMAREST TIDE	  	9608740	  	Tidewater Marine Fleet, L.L.C.	  	Isle of Man	  	 United Kingdom

					
	EBANKS TIDE	  	9309306	  	Gulf Fleet Supply Vessels L.L.C.	  	Mexico	  	Mexico
					
	FANNING TIDE	  	9608738	  	Tidewater Marine Hulls, L.L.C.	  	Vanuatu	  	Nigeria
					
	FELTON TIDE	  	9533622	  	Tidewater Marine Fleet, L.L.C.	  	Mexico	  	Mexico
					
	GAMMAGE TIDE	  	9533581	  	Tidewater Marine Hulls, L.L.C.	  	Vanuatu	  	Gibson, LA
					
	GERARD TIDE	  	9533593	  	Tidewater Marine Fleet, L.L.C.	  	Vanuatu	  	Angola
					
	HANDIN TIDE	  	9533672	  	Tidewater Marine Fleet, L.L.C.	  	Vanuatu	  	 Batam, Indonesia

					
	J KEITH LOUSTEAU	  	9476850	  	Tidewater Marine Ships, L.L.C.	  	Vanuatu	  	Congo
					
	LEBOUEF TIDE	  	9418535	  	Tidewater GOM, Inc.	  	USA	  	U.S. Gulf of Mexico

									
	 Vessel Name
	  	 IMO Number
	  	 Legal Owner
	  	 Flag
	  	 Location

	LLOYD M DEFELICE	  	7809534	  	Zapata Gulf Marine, L.L.C.	  	Vanuatu	  	Egypt
					
	LOURDES TIDE	  	9269881	  	Point Marine, L.L.C.	  	Vanuatu	  	Walvis Bay, Namibia
					
	LUNDSTROM TIDE	  	9608271	  	Tidewater Marine Vessels, L.L.C.	  	Vanuatu	  	Egypt
					
	MAGIC TIDE II	  	8937699	  	Zapata Gulf Marine, L.L.C.	  	Vanuatu	  	Gibson, LA
					
	MAGNUM TIDE	  	8981456	  	Gulf Fleet Supply Vessels, L.L.C.	  	Mexico	  	Mexico
					
	MARTY QUIST TIDE	  	9476903	  	Tidewater Marine Ships, L.L.C.	  	Vanuatu	  	Batam, Indonesia
					
	MICHELE A DEFELICE	  	7809522	  	Gulf Fleet Supply Vessels, L.L.C.	  	Vanuatu	  	Egypt
					
	MISS MARILENE TIDE	  	9668166	  	Tidewater GOM, Inc.	  	USA	  	U.S. Gulf of Mexico
					
	MONTET TIDE	  	9533610	  	Tidewater Marine Fleet, L.L.C.	  	Vanuatu	  	Dubai, UAE
					
	NETHERLAND TIDE	  	9476898	  	Tidewater Marine Ships, L.L.C.	  	Vanuatu	  	Angola
					
	OLIMPIA	  	8975562	  	Twenty Grand Marine Service, L.L.C.	  	Vanuatu	  	Gibson, LA
					
	PELAFIGUE TIDE	  	9512238	  	Gulf Fleet Supply Vessels, L.L.C.	  	Vanuatu	  	Gibson, LA
					
	RICHARD A PHILIPPI	  	9173680	  	Gulf Fleet Supply Vessels, L.L.C.	  	Vanuatu	  	Gibson, LA
					
	RUSSELL TIDE	  	9216664	  	Tidewater Marine Vessels, L.L.C.	  	Vanuatu	  	Nigeria
					
	SHEPHERD TIDE	  	9533555	  	Tidewater Marine Hulls, L.L.C.	  	Vanuatu	  	 Batam, Indonesia

					
	STEPHEN WALLACE DICK	  	9533658	  	Tidewater Marine Hulls, L.L.C.	  	Vanuatu	  	Malta
					
	TERREL TIDE	  	9418523	  	Tidewater GOM, Inc.	  	USA	  	U.S. Gulf of Mexico
					
	TERRY TIDE	  	9659361	  	Gulf Fleet Supply Vessels L.L.C.	  	Vanuatu	  	Angola
					
	TOMMY SHERIDAN TIDE	  	9439668	  	Tidewater Marine Ships, L.L.C.	  	Vanuatu	  	Walvis Bay, Namibia
					
	TORRENS TIDE	  	9717711	  	Tidewater GOM, Inc.	  	USA	  	U.S. Gulf of Mexico
					
	TROMS HERA	  	9732967	  	Tidewater Marine Vessels, L.L.C.	  	Isle of Man	  	Cyprus
					
	TROMS MIRA	  	9709116	  	Tidewater Marine Fleet, L.L.C.	  	Isle of Man	  	 United Kingdom

					
	WILLIAM C O’MALLEY	  	9259795	  	Point Marine, L.L.C.	  	Vanuatu	  	Amelia, LA
					
	WILLIAM E BRIGHT	  	9173666	  	Twenty Grand Marine Service, L.L.C.	  	Vanuatu	  	Gibson, LA

									
	 Vessel Name
	  	 IMO Number
	  	 Legal Owner
	  	 Flag
	  	 Location

	WILLIAM R CROYLE II	  	9476862	  	Tidewater Marine Ships, L.L.C.	  	Vanuatu	  	Batam, Indonesia

  

	(ii)	Disposed Mortgaged Vessels: None. 

 Schedule 5.20(c) 

ACTIVE AND NON-LAID UP OWNED VESSELS 

NOT MAINTAINED WITH A CLASSIFICATION SOCIETY 
  

							
	 Vessel Name
	  	 IMO Number
	  	 Legal Owner
	  	 Flag

				
	ANNA P.	  	8981470	  	Tidewater Boats Limited	  	Vanuatu
				
	BAKAMA TIDE	  	N/A	  	Gulf Fleet Middle East Ltd	  	Vanuatu
				
	CANUKU TIDE	  	N/A	  	Green Fleet Limited	  	Vanuatu
				
	CHILOANGO TIDE	  	N/A	  	Gulf Fleet Middle East Ltd	  	Vanuatu
				
	FUTILA TIDE	  	N/A	  	Gold Fleet Limited	  	Vanuatu
				
	IBINDA TIDE	  	N/A	  	Tidewater Properties Limited	  	Vanuatu
				
	LOBITO TIDE	  	N/A	  	Tidewater Maritime Limited	  	Vanuatu
				
	MAIDEN TIDE	  	8982060	  	Tidewater Maritime Limited	  	Vanuatu
				
	ZAMBEZE TIDE	  	N/A	  	Tidewater Maritime Limited	  	Vanuatu
				
	ZOLA TIDE	  	N/A	  	Tidewater Properties Limited	  	Vanuatu

 Schedule 5.21 

POST-CLOSING OBLIGATIONS 
  

	1.	Within three (3) days after the Issue Date, a duly executed copy of the Deposit Account Control Agreement by and among the Issuer, the Trustee and JPMorgan Chase Bank, N.A. 

 

	2.	Within thirty (30) days after the Issue Date, evidence of the filing of a mortgage for registration with the National Maritime Public Registry for the Mexican-flagged vessel named FELTON TIDE (O.N. 2805087232);

  

	3.	Within thirty (30) days after the Issue Date, true copies of duly registered mortgages, registered with the National Maritime Public Registry, for each Mexico-flagged Mortgaged Vessel evidencing the recording of the
applicable mortgage on such Mortgaged Vessel; 

  

	4.	Within thirty (30) days after the Issue Date, (i) a Certificate of Ownership for each U.S.-flagged Mortgaged Vessel evidencing the recording of the applicable mortgage on such Mortgaged Vessel, and (ii) a filed, stamped
copy of each mortgage filed with the United States Coast Guard National Vessel Documentation Center covering each U.S.-flagged Mortgaged Vessels; 

  

	5.	Within sixty (60) days after the Issue Date, a Letter to Master or other duly authorized officer for each Mortgaged Vessel regarding the applicable mortgage covering such Mortgaged Vessel and the Master’s receipt
of such Letter to Master; 

  

	6.	Within seven (7) Business Days after the Issue Date, duly executed original copies of each of the following Security Documents, signed by the applicable Notes Parties (or their Affiliates): 

 

	 	a.	That certain Account Receivables and Bank Account Pledge Agreement, dated as of the Issue Date, by and among Maré Alta Do Brasil Navegação LTDA, as the Pledgor, and Wilmington Trust, National Association,
as the Collateral Agent (the “Brazilian Account Pledge”); 

  

	 	b.	That certain Quota Pledge Agreement, dated as of the Issue Date, by and among Zapata Gulf Marine, L.L.C., as Quotaholder 1, Twenty Grand (Brazil), L.L.C., as Quotaholder 2, Wilmington Trust, National Association, as the
Collateral Agent, and Maré Alta Do Brasil Navegação LTDA (the “Maré Alta Pledge”); and 

  

	 	c.	That certain Quota Pledge Agreement, dated as of the Issue Date, by and among Tidewater Marine, L.L.C., as Quotaholder 1, S.O.P., Inc., as Quotaholder 2, Maré Alta do Brasil Navegação LTDA, as Intervening
Party, Wilmington Trust, National Association, as the Collateral Agent, and Pan Marine do Brasil Ltda. (the “Pan Marine Pledge” and, together with the Brazilian Account Pledge and the Maré Alta Pledge, the “Brazilian
Pledges”). 

	7.	Within seven (7) Business Days after the Issue Date, duly executed original copies of the Power of Attorney, in the form and substance of Exhibit IV of the Brazilian Account Pledge, signed by Maré Alta do Brasil
Navegação. 

  

	8.	Within seven (7) Business Days after the Issue Date, duly executed original copies of the Amendment to Maré Alta do Brasil Navegação’s Articles of Association, in the form and substance of Annex
2 of the Maré Alta Pledge, reflecting the pledge created therein. 

  

	9.	Within ten (10) Business Days after the Issue Date, duly executed original copies of the Notice to the Pledgor Account Bank, in the form and substance of Exhibit II of the Brazilian Account Pledge, signed by both
Maré Alta do Brasil Navegação and Santander do Brasil S.A. 

  

	10.	Within twenty-five (25) days after the Issue Date, the original copy of the certificate issued by the Commercial Registry of Rio de Janeiro confirming the receipt of a request to record the Amendment to Maré
Alta do Brasil Navegação’s Articles of Association described in item 8 above. 

  

	11.	Within fifteen (15) days after completion of the registration with the Commercial Registry of Rio de Janeiro, an original copy of Amendment to Maré Alta do Brasil Navegação’Articles of Association,
as described in item 8 above, duly registered. 

  

	12.	Within thirty (30) days after the Issue Date, evidence that each of the Brazilian Pledges have been submitted for registration with the Registration Office in Rio de Janeiro, Brazil. 

 

	13.	Within sixty (60) days after the Issue Date, copies of each of the Brazilian Pledges, duly registered with the Registration Office in Rio de Janeiro, Brazil. 

 

	14.	Within seven (7) Business Days after the Issue Date, a duly executed original copy of the Power of Attorney, in the form and substance of Annex 4 of the Pan Marine Pledge, signed by Tidewater Marine, Inc. and S.O.P.,
Inc. 

  

	15.	Within seven (7) Business Days after the Issue Date, a duly executed original copy of the Power of Attorney, in the form and substance of Annex 4 of Maré Alta Pledge, signed by Zapata Gulf Marine, L.L.C. and Twenty
Grand (Brazil) L.L.C. 

  

	16.	Within seven (7) Business Days after the Issue Date, duly executed original copies of the Amendment to Pan Marine do Brasil Ltda.’s Articles of Association, in the form and substance of Annex 2 of the Pan
Marine Pledge, reflecting the pledge created therein. 

  

	17.	Within twenty-five (25) days after the Issue Date, the original copy of the certificate issued by the Commercial Registry of Rio de Janeiro confirming the receipt of a request to record the Amendment to Pan Marine
do Brasil Ltda.’s Articles of Association described in item 16 above. 

  

	18.	Within fifteen (15) days after completion of the registration with the Commercial Registry of Rio de Janeiro, an original copy of Amendment to the Pan Marine do Brasil Ltda.’s Articles of Association, as described
in item 16 above, duly registered.EX-10.1

 Exhibit 10.1 

Execution Version 
  

 
  

CREDITOR WARRANT AGREEMENT 

between 
 TIDEWATER INC., 

AS ISSUER 
 and 

COMPUTERSHARE INC. and 

COMPUTERSHARE TRUST COMPANY, N.A., collectively 

AS WARRANT AGENT 
 July 31,
2017 
  
  

 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
	 SECTION 1.
	 	CERTAIN DEFINED TERMS	  	 	1	 
			
	 SECTION 2.
	 	APPOINTMENT OF WARRANT AGENT	  	 	4	 
			
	 SECTION 3.
	 	ISSUANCE OF WARRANTS; FORM, EXECUTION AND DELIVERY	  	 	4	 
			
	 SECTION 4.
	 	TRANSFER OR EXCHANGE	  	 	7	 
			
	 SECTION 5.
	 	DURATION AND EXERCISE OF WARRANTS	  	 	10	 
			
	 SECTION 6.
	 	 ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF SHARES PURCHASABLE OR NUMBER OF
WARRANTS
	  	 	17	 
			
	 SECTION 7.
	 	CANCELLATION OF WARRANTS	  	 	20	 
			
	 SECTION 8.
	 	MUTILATED OR MISSING WARRANT CERTIFICATES	  	 	20	 
			
	 SECTION 9.
	 	MERGER, CONSOLIDATION, ETC.	  	 	21	 
			
	 SECTION 10.
	 	RESERVATION OF SHARES; CERTAIN ACTIONS	  	 	21	 
			
	 SECTION 11.
	 	NOTIFICATION OF CERTAIN EVENTS; CORPORATE ACTION	  	 	22	 
			
	 SECTION 12.
	 	WARRANT AGENT	  	 	22	 
			
	 SECTION 13.
	 	SEVERABILITY	  	 	28	 
			
	 SECTION 14.
	 	HOLDER NOT DEEMED A STOCKHOLDER	  	 	28	 
			
	 SECTION 15.
	 	NOTICES TO COMPANY AND WARRANT AGENT	  	 	28	 
			
	 SECTION 16.
	 	SUPPLEMENTS AND AMENDMENTS	  	 	29	 
			
	 SECTION 17.
	 	TERMINATION	  	 	29	 
			
	 SECTION 18.
	 	GOVERNING LAW AND CONSENT TO FORUM	  	 	29	 
			
	 SECTION 19.
	 	WAIVER OF JURY TRIAL	  	 	30	 
			
	 SECTION 20.
	 	BENEFITS OF THIS AGREEMENT	  	 	30	 
			
	 SECTION 21.
	 	COUNTERPARTS	  	 	30	 
			
	 SECTION 22.
	 	HEADINGS	  	 	30	 
			
	 EXHIBIT A
	 	 FORM OF WARRANT CERTIFICATE
	  			
	 EXHIBIT B
	 	 FORM OF ASSIGNMENT FOR WARRANTS
	  			
	 EXHIBIT C
	 	 WARRANT SUMMARY
	  			
	 EXHIBIT D
	 	 WARRANT AGENT FEE SCHEDULE
	  			

 This CREDITOR WARRANT AGREEMENT (this “Agreement”) is dated as of July 31,
2017, between Tidewater Inc., a Delaware corporation, as issuer (the “Company”), and Computershare Inc., a Delaware corporation (“Computershare”) and its wholly owned subsidiary Computershare Trust Company, N.A., a
federally chartered trust company (together with Computershare, the “Warrant Agent”). 
 W I T N E S S E T H 

WHEREAS, in connection with the financial restructuring of the Company and certain of its subsidiaries (collectively, the
“Debtors”) pursuant to the Debtors’ Joint Prepackaged Chapter 11 Plan of Reorganization (the “Plan”) under chapter 11 of title 11 of the United States Code, 11 U.S.C. §§101
et. seq., the Company has agreed to issue to certain creditors of the Company immediately prior to the consummation of the restructuring contemplated by the Plan warrants which are exercisable or convertible to purchase up
to 7,751,221 shares of the Company’s common stock, par value $0.001 per share (“Common Stock”), subject to adjustment as provided herein (the “Warrants”), in each case, to the extent each such creditor cannot
establish to the Company’s reasonable satisfaction (during the time period provided under the Plan) that it is or will continue to be a U.S. Citizen (as defined below) for purposes of the Company’s compliance with the U.S. Maritime Laws
(as defined below) and/or to the extent that the issuance of shares of Common Stock under the Plan to such creditor would otherwise result in Excess Shares (as defined below) if they were issued; 

WHEREAS, the Company desires to engage the Warrant Agent to act on behalf of the Company in connection with the issuance, registration,
transfer, exchange, replacement, exercise, conversion and cancellation of the Warrants; 
 WHEREAS, the Warrant Agent, at the request of the
Company, has agreed to act as the agent of the Company in connection with the issuance, transfer, exchange, replacement, exercise and conversion of the Warrants as provided herein; and 

WHEREAS, the Company desires to enter into this Agreement to set forth the terms and conditions of the Warrants and the rights of the Holders
thereof. 
 NOW, THEREFORE, in consideration of the premises and mutual agreements herein set forth, the parties hereto agree as follows:

 SECTION 1.    Certain Defined Terms. Whenever used in this Agreement, the following words and phrases, unless
the context otherwise requires, shall have the meanings specified in this Section. 
 “Agreement” has the meaning specified
in the preamble hereof. 
 “Appropriate Officer” has the meaning specified in Section 3(c) hereof. 

“Business Day” means any date other than a Saturday or a Sunday or a day on which commercial banking institutions in New York
City, New York are authorized or required by law to be closed; provided, that in determining the period within which Warrant Certificates or Warrants are to be issued and delivered at a time when shares of Common Stock (or Other

 
Securities) are listed or admitted to trading on any national securities exchange or in the over-the-counter market
and in determining the Market Price of any securities listed or admitted to trading on any national securities exchange or in the over-the-counter market, “Business
Day” shall mean any day when the principal exchange on which such securities are then listed or admitted to trading is open for trading or, if such securities are traded in the over-the counter market in
the United States, such market is open for trading. 
 “Cash Closing” has the meaning specified Section 6(c) hereof.

 “Cashless Conversion” has the meaning specified in Section 5(c)(ii) hereof. 

“Charter” means, with respect to any Person, such Person’s certificate or articles of incorporation, articles of
association or similar organizational document, in each case as may be amended from time to time. 
 “Common Stock” has the
meaning specified in the recitals hereof. 
 “Computershare” has the meaning specified in the preamble hereof and shall
include any successor entity. 
 “Depository” has the meaning specified in Section 3(b) hereof. 

“Direct Registration Warrant” has the meaning specified in Section 3(a) hereof. 

“Effective Date” has the meaning specified in the Plan. 

“Excess Shares” has the meaning specified in the Company’s Charter. 

“Exchange Act” has the meaning specified in Section 5(m)(iv) hereof. 

“Exercise Cap” has the meaning specified in Section 5(n)(i) hereof. 

“Exercise Price” means the initial exercise price for the Warrants as set forth in Section 5(b) hereof, as it may be
adjusted from time to time as provided herein. 
 “Expiration Date” has the meaning specified in Section 5(a) hereof.

 “Ex-Date” means, when used with respect to any dividend or distribution declared
in respect of the Common Stock or any Other Securities, the first date on which the Common Stock or such Other Securities trade without the right to receive such dividend or distribution. 

“Funds” has the meaning specified in Section 12(s) hereof. 

“Global Warrant Certificate” has the meaning specified in Section 3(b) hereof. 

“Holder” means the registered holder or holders of Warrant Certificates, unless the context otherwise requires. 

“Individual Warrant Certificate” has the meaning specified in Section 3(b) hereof. 

  
 2 

 “Jones Act” means, collectively, the U.S. citizenship and cabotage laws
principally contained in 46 U.S.C. § 50501(a), (b) and (d) and 46 U.S.C. Chapters 121 and 551 and any successor statutes thereto, together with the rules and regulations promulgated thereunder by the U.S. Coast Guard and the U.S. Maritime
Administration and their practices enforcing, administering, and interpreting such laws, statutes, rules, and regulations, in each case as amended or supplemented from time to time, relating to the ownership and operation of U.S.-flag vessels in the
U.S. coastwise trade. 
 “Market Price” means with respect to Common Stock or any Other Security the arithmetic average of
the daily VWAP of a share or single unit of such securities for the twenty (20) consecutive trading days on which such security traded immediately preceding the date of measurement, or, if such security is not listed or quoted on the New York
Stock Exchange, NASDAQ Stock Market or a U.S. national or regional securities exchange, the average of the reported closing bid and asked prices of such security on such dates in the
over-the-counter market or a comparable system as shown by a system of automated dissemination of quotations of securities prices then in common use comparable to the
National Association of Securities Dealers, Inc. Automated Quotations System; provided, however, that if at such date of measurement there is otherwise no established trading market for such security, or the number of consecutive
trading days any such security has been listed, quoted or traded since the Effective Date is less than twenty (20), then “Market Price” means the value of such Common Stock or Other Security as determined reasonably and in good faith by
the Board of Directors of the Company. 
 “Non-U.S. Citizen” has the meaning
specified in the Company’s Charter. 
 “Other Securities” or “Other Security” means any stock (other
than Common Stock) and other securities of the Company or any other Person that the Holder at any time shall be entitled to receive or shall have received, upon the exercise or conversion of the Warrants, in lieu of or in addition to Common Stock,
or that at any time shall be issuable or shall have been issued in exchange for or in replacement of Common Stock or Other Securities. 

“Person” means any individual, corporation, limited liability company, partnership, firm, joint venture, association,
joint-stock company, trust or other entity. 
 “Plan” has the meaning specified in the recitals hereof. 

“Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations promulgated thereunder. 

“Settlement Date” means the date that is three Business Days after a Warrant Exercise Notice is delivered. 

“Transaction Consideration” has the meaning specified in Section 6(c). 

“U.S. Citizen” has the meaning specified in the Company’s Charter. 

“U.S. Maritime Laws” has the meaning specified in the Company’s Charter. 

  
 3 

 “VWAP” means for any trading day, the price for securities (including Common
Stock) determined by the daily volume weighted average price per unit of securities for such trading day on the New York Stock Exchange or NASDAQ Stock Market, as the case may be, in each case, for the regular trading session (including any
extensions thereof, without regard to pre-open or after hours trading outside of such regular trading session), or if such securities are not listed or quoted on the New York Stock Exchange or NASDAQ Stock
Market, as reported by the principal U.S. national or regional securities exchange on which such securities are then listed or quoted, whichever is applicable, as published by Bloomberg at 4:15 P.M., New York City time (or 15 minutes following the
end of any extension of the regular trading session), on such trading day. 
 “Warrant Agent” has the meaning specified in
the preamble hereof and shall include any successor Warrant Agent hereunder. 
 “Warrant Agent Office” has the meaning
specified in Section 4(g)(iv) hereof. 
 “Warrant Certificate” has the meaning specified in Section 3(b) hereof.

 “Warrant Exercise Notice” has the meaning specified in Section 5(c)(i) hereof. 

“Warrant Register” has the meaning specified in Section 3(d) hereof. 

“Warrant Shares” has the meaning specified in Section 3(a) hereof. 

“Warrant Spread” has the meaning specified Section 6(c) hereof. 

“Warrant Statement” has the meaning specified in Section 3(b) hereof. 

“Warrants” has the meaning specified in the recitals hereof. 

SECTION 2.    Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the
Company in accordance with the express terms and conditions set forth in this Agreement (and no implied terms and conditions), and the Warrant Agent hereby accepts such appointment. 

SECTION 3.    Issuance of Warrants; Form, Execution and Delivery. 

(a)    Issuance of Warrants. On the Effective Date or a date that is as soon as reasonably practicable after the
Effective Date, the Warrants will be issued by the Company in the amounts and to the recipients specified in the Plan. Such Warrants shall be, upon issuance, duly authorized and validly issued. In accordance with Section 4 hereof and the Plan,
the Company will cause to be issued to the Depository one or more Global Warrant Certificates evidencing the Warrants to the extent such are not evidenced by Individual Warrant Certificates or by book-entry registration on the books and records of
the Warrant Agent (“Direct Registration Warrants”). In accordance with Section 4 hereof and the Plan, the Company will cause to be issued to the applicable registered Holders, one or more Individual Warrant Certificates
evidencing such Warrants or Direct Registration Warrants. The Direct Registration Warrants and each Warrant evidenced by a Global Warrant Certificate or Individual Warrant 

  
 4 

 
Certificate entitles the Holder, upon proper exercise and payment or conversion of such Warrant, to receive from the Company, as adjusted as provided herein and subject to the Jones Act
limitations on ownership of Warrant Shares by Non-U.S. Citizens set forth in Section 5(m) and Section 5(n) hereof, if applicable, one share of Common Stock. The shares of Common Stock (as provided
pursuant to Section 6 hereof) and/or Other Securities deliverable upon proper exercise or conversion of the Warrants are referred to herein as the “Warrant Shares”. To the extent the Warrant Shares are shares of Common Stock,
the maximum number of Warrant Shares issuable pursuant to all Warrants issued pursuant to this Agreement shall be 7,751,221 shares of Common Stock, as such amount may be adjusted from time to time pursuant to the terms of this Agreement. The Company
shall promptly notify the Warrant Agent in writing upon the occurrence of the Effective Date and, if such notification is given orally, the Company shall confirm the same in writing on or prior to the Business Day next following. Until such notice
is received by the Warrant Agent, the Warrant Agent may presume conclusively for all purposes that the Effective Date has not occurred. 

(b)    Form of Warrant. Subject to Section 4 of this Agreement, each of the Warrants shall be issued
(i) in the form of one or more global certificates (the “Global Warrant Certificates”) in substantially the form of Exhibit A-1 attached, hereto, with the form of assignment to be
printed on the reverse thereof, in substantially the form set forth in Exhibit B-1 attached hereto, (ii) in certificated form in the form of one or more individual certificates (the
“Individual Warrant Certificates”) in substantially the form of Exhibit A-2 attached hereto, with the form of assignment to be printed on the reverse thereof, in substantially the form
set forth in Exhibit B-2 attached hereto, and/or (iii) in the form of Direct Registration Warrants reflected on statements issued by the Warrant Agent from time to time to the holders thereof
reflecting such book-entry position (the “Warrant Statements”); provided, that any Individual Warrant Certificates or Direct Registration Warrants may be exchanged at any time for a corresponding number of Global Warrant
Certificates, in accordance with Section 4(d) and the applicable procedures of the Depository and the Warrant Agent. Such Warrant Statements representing Warrants shall include as an attachment thereto the “Warrant Summary” as set
forth in Exhibit C attached hereto. The Global Warrant Certificates and Individual Warrant Certificates (collectively, the “Warrant Certificates”) and Warrant Statements may bear such appropriate insertions, omissions,
substitutions and other variations as are required or permitted by this Agreement, and may have such letters, numbers or other marks of identification and such legends or endorsements placed thereon as may be required to comply with the rules and
regulations of The Depository Trust Company or any successor thereof (the “Depository”) in the case of the Global Warrant Certificates, with any law or with any rules made pursuant thereto or with any rules of any securities
exchange or as may be determined, consistently herewith and reasonably acceptable to the Warrant Agent and provided, in each case, that they do not affect the rights, duties, obligations, responsibilities, liabilities or indemnities of the Warrant
Agent, by (i) in the case of Warrant Certificates, the Appropriate Officers executing such Warrant Certificates, as evidenced by their execution of the Warrant Certificates and (ii) in the case of Warrant Statements, any Appropriate
Officer. The Global Warrant Certificates shall be deposited on or after the date hereof with the Warrant Agent and registered in the name of Cede & Co. or any successor thereof, as the Depository’s nominee. Each Warrant Certificate
shall represent such number of the outstanding Warrants as specified therein, and each shall provide that it shall represent the aggregate amount of outstanding Warrants from time to time endorsed thereon and that the aggregate amount of outstanding
Warrants represented thereby may from time to time be reduced or increased, as appropriate, in accordance with the terms of this Agreement. 

  
 5 

 (c)    Execution of Warrants. Warrant Certificates shall be signed on
behalf of the Company by its Chairman of the Board, its Chief Executive Officer, its Chief Financial Officer, its Treasurer or any Executive Vice President of the Company (each, an “Appropriate Officer”), and by the Secretary or any
Assistant Secretary of the Company. Each such signature upon the Warrant Certificates may be in the form of a facsimile or electronic signature of any such Appropriate Officer, Secretary or Assistant Secretary and may be imprinted or otherwise
reproduced on the Warrant Certificates and for that purpose the Company may adopt and use the facsimile or electronic signature of any Appropriate Officer, the Secretary or any Assistant Secretary who shall have been serving as an Appropriate
Officer, the Secretary, or an Assistant Secretary at the time of entering into this Agreement or issuing such Warrant Certificate. If any Appropriate Officer, the Secretary or any Assistant Secretary who shall have signed any of the Warrant
Certificates shall cease to be such Appropriate Officer, the Secretary or an Assistant Secretary before the Warrant Certificates so signed shall have been countersigned by the Warrant Agent or disposed of by the Company, such Warrant Certificates
nevertheless may be countersigned and delivered or disposed of as though such Appropriate Officer, Secretary or Assistant Secretary had not ceased to be such Appropriate Officer, Secretary or Assistant Secretary, and any Warrant Certificate may be
signed on behalf of the Company by any person who, at the actual date of the execution of such Warrant Certificate, shall be a proper Appropriate Officer, Secretary or Assistant Secretary, although at the date of the execution of this Agreement any
such person was not such Appropriate Officer, Secretary or Assistant Secretary. Warrant Certificates shall be dated the date of countersignature by the Warrant Agent and shall represent one or more whole Warrants. 

(d)    Countersignature. Upon receipt of a written order of the Company signed by an Appropriate Officer
instructing the Warrant Agent to countersign and accompanied by Warrant Certificates duly executed on behalf of the Company, the Warrant Agent, on behalf of the Company, shall countersign one or more Warrant Certificates evidencing the Warrants and
shall deliver such Warrant Certificates to or upon such written order of the Company. Such written order of the Company shall specifically state the number of Warrants that are to be represented by such Warrant Certificate and the Warrant Agent may
rely conclusively on such order. Each Warrant shall be, and shall remain, subject to the provisions of this Agreement until such time as all of the Warrants evidenced thereby shall have been duly exercised or converted or shall have expired or been
canceled in accordance with the terms hereof. Each Holder shall be bound by all of the terms and provisions of this Agreement (a copy of which is available on request to the Secretary of the Company) and any amendments thereto as fully and
effectively as if such Holder had signed the same. No Warrant Certificate shall be valid for any purpose, and no Warrant evidenced thereby shall be exercisable or convertible, until such Warrant Certificate has been countersigned by the manual,
facsimile or electronic signature of the Warrant Agent. Such signature by the Warrant Agent upon any Warrant Certificate executed by the Company shall be conclusive evidence that such Warrant Certificate so countersigned has been duly issued
hereunder. The Warrant Agent shall keep, at an office designated for such purpose, books (the “Warrant Register”) in which, subject to such reasonable regulations as it may prescribe, it shall register any Warrant Certificates or
Direct Registration Warrants and exchanges and transfers of outstanding Warrants in accordance with the procedures set forth in Section 4 of this Agreement, 

  
 6 

 
all in form satisfactory to the Company and the Warrant Agent. The Company may require payment of a sum sufficient to cover any stamp or other tax or other governmental charge that may be imposed
on the Holder in connection with any such exchange or registration of transfer. The Warrant Agent shall have no obligation to effect an exchange or register a transfer unless and until any payments required by the immediately preceding sentence have
been made. Prior to due presentment for registration of transfer or exchange of any Warrant in accordance with the procedures set forth in this Agreement, the Warrant Agent and the Company may deem and treat the person in whose name any Warrant is
registered as the absolute owner of such Warrant (notwithstanding any notation of ownership or other writing made in a Warrant Certificate by anyone), for the purpose of any exercise or conversion thereof, any distribution to the Holder thereof and
for all other purposes, and neither the Warrant Agent nor the Company shall be affected by notice to the contrary. Notwithstanding anything in this Agreement to the contrary, the Company shall not instruct the Warrant Agent to register any Direct
Registration Warrants unless and until the Warrant Agent shall notify the Company in writing that it has the capabilities to accommodate Direct Registration Warrants. 

SECTION 4.    Transfer or Exchange. 

(a)    Transfer and Exchange of Global Warrant Certificates or Beneficial Interests Therein. The transfer and
exchange of Global Warrant Certificates or beneficial interests therein shall be effected through the Depository, in accordance with the terms of this Agreement and the procedures of the Depository. 

(b)    Exchange of a Beneficial Interest in a Global Warrant Certificate for an Individual Warrant Certificate or
Direct Registration Warrant. 
 (i)    Any Holder of a beneficial interest in any whole number of Warrants
represented by a Global Warrant Certificate may, upon request, exchange such beneficial interest for a Direct Registration Warrant or a Warrant represented by an Individual Warrant Certificate. Upon receipt by the Warrant Agent (I) from the
Depository or its nominee of written instructions or such other form of instructions as is customary for the Depository on behalf of any Person having a beneficial interest in a Global Warrant Certificate, and all other necessary information, and
(II) of a written order of the Company signed by an Appropriate Officer authorizing such exchange, the Warrant Agent shall cause, in accordance with the standing instructions and procedures existing between the Depository and the Warrant Agent,
the number of Warrants represented by the Global Warrant Certificate to be reduced by the number of Warrants to be represented by an Individual Warrant Certificate or Direct Registration Warrant, as the case may be, to be issued in exchange for the
beneficial interest of such Person in the Global Warrant Certificate and, following such reduction, (A) in the case of an exchange for an Individual Warrant Certificate (x) the Company shall issue and the Warrant Agent shall either
manually or by facsimile countersign an Individual Warrant Certificate representing the appropriate number of Warrants and (y) the Warrant Agent shall deliver such Individual Warrant Certificate to the registered Holder thereof, or (B) in
the case of an exchange for a Direct Registration Warrant, the Warrant Agent shall register such Direct Registration Warrants in accordance with such written instructions from the Depository and deliver to such holder a Warrant Statement. 

  
 7 

 (ii)    Warrants represented by an Individual Warrant Certificate issued in
exchange for a beneficial interest in a Global Warrant Certificate pursuant to this Section 4(b) shall be issued in such names as the Depository, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the
Warrant Agent. The Warrant Agent shall deliver Individual Warrant Certificates evidencing such issuance to the Persons in whose names such Individual Warrant Certificates are so issued. Direct Registration Warrants issued in exchange for a
beneficial interest in a Global Warrant Certificate pursuant to this Section 4(b) shall be registered in such names as the Depository, pursuant to instructions from its direct or indirect participants or otherwise, shall instruct the Warrant
Agent. 
 (c)    Transfer and Exchange of Individual Warrant Certificates or Direct Registration Warrants. When
the registered Holder of an Individual Warrant Certificate or Direct Registration Warrant has presented to the Warrant Agent a written request: 

(i)    to register the transfer of any Individual Warrant Certificate or Direct Registration Warrant; or 

(ii)    to exchange any Individual Warrant Certificate or Direct Registration Warrant for a Direct Registration Warrant
or an Individual Warrant Certificate, respectively, representing an equal number of Warrants of authorized denominations, 
 the Warrant Agent shall
register the transfer or make the exchange as requested if (x) its customary requirements for such transactions are met and (y) such transfer or exchange otherwise satisfies the provisions of this Agreement; provided,
however, that the Warrant Agent has received a written instruction of transfer or exchange, as applicable, in form satisfactory to the Warrant Agent, properly completed and duly executed by the Holder thereof or by his attorney, duly
authorized in writing and a written order of the Company signed by an Appropriate Officer authorizing such exchange. A party requesting transfer of Warrants must provide any evidence of authority that may be required by the Warrant Agent, including
but not limited to, a signature guarantee from an eligible guarantor institution participating in a signature guarantee program approved by the Securities Transfer Association. 

(d)    Restrictions on Transfer and Exchange of Individual Warrant Certificates or Direct Registration Warrants for a
Beneficial Interest in a Global Warrant Certificate. Neither an Individual Warrant Certificate nor a Direct Registration Warrant may be exchanged for a beneficial interest in a Global Warrant Certificate pursuant to this Agreement except upon
satisfaction of the requirements set forth below. Upon receipt by the Warrant Agent of appropriate instruments of transfer with respect to an Individual Warrant Certificate or Direct Registration Warrant, in form satisfactory to the Warrant Agent,
together with written instructions directing the Warrant Agent to make, or to direct the Depository to make, an endorsement on the applicable Global Warrant Certificate to reflect an increase in the number of Warrants represented by such Global
Warrant Certificate equal to the number of Warrants represented by such Individual Warrant Certificate or Direct Registration Warrant, and all other necessary information, then the Warrant Agent shall cancel such Individual Warrant Certificate or
Direct Registration Warrant on the Warrant Register and cause, or direct the Depository to cause, in accordance with the standing instructions and procedures existing between the Depository and the Warrant Agent, the number of Warrants represented
by such Global Warrant 

  
 8 

 
Certificate to be increased accordingly. If no Global Warrant Certificates are then outstanding, the Company shall issue and the Warrant Agent shall either manually or by facsimile countersign a
new Global Warrant Certificate representing the appropriate number of Warrants. Any such transfer shall be subject to the Company’s prior written approval. 

(e)    Restrictions on Transfer and Exchange of Global Warrant Certificates. Notwithstanding any other provisions
of this Agreement (other than the provision set forth in Section 4(f)), a Global Warrant Certificate may not be transferred as a whole except by the Depository to a nominee of the Depository or by a nominee of the Depository to the Depository
or another nominee of the Depository or by the Depository or any such nominee to a successor Depository or a nominee of such successor Depository. 

(f)    Cancellation of Warrant Certificate. 

(i)    At such time as all beneficial interests in Warrant Certificates and Direct Registration Warrants have been
exchanged for Common Stock in accordance herewith, redeemed, repurchased or cancelled, all Warrant Certificates shall be returned to, or cancelled and retained pursuant to applicable law by, the Warrant Agent, upon written instructions from the
Company reasonably satisfactory to the Warrant Agent. 
 (ii)    If at any time: 

(A)    the Depositary for the Global Warrant Certificates notifies the Company that the Depositary is unwilling or unable
to continue as Depositary for the Global Warrant Certificates and a successor Depositary for the Global Warrant Certificates is not appointed by the Company within 90 days after delivery of such notice; or 

(B)    the Company, in its sole discretion, notifies the Warrant Agent in writing that it elects to exclusively cause the
issuance of Individual Warrant Certificate and Direct Registration Warrants under this Agreement; 
 then the Warrant Agent, upon written instructions
signed by an Appropriate Officer of the Company, shall register Individual Warrants Certificates and Direct Registration Warrants, in an aggregate number equal to the number of Warrants represented by the Global Warrant Certificates, in exchange for
such Global Warrant Certificates. 
 (g)    Obligations with Respect to Transfers and Exchanges of Warrants. 

(i)    To permit registrations of transfers and exchanges, the Company shall execute and the Warrant Agent is hereby
authorized to countersign, either by manual or facsimile signature, in accordance with the provisions of this Section 4, Warrant Certificates, as required pursuant to the provisions of this Section 4. 

(ii)    All Warrant Certificates or Direct Registration Warrants issued upon any registration of transfer or exchange
shall be the valid obligations of the Company, entitled to the same benefits under this Agreement as the Warrant Certificates or Direct Registration Warrants surrendered upon such registration of transfer or exchange. 

  
 9 

 (iii)    So long as the Depository, or its nominee, is the registered owner
of a Global Warrant Certificate, the Depository or such nominee, as the case may be, will be considered the sole owner or Holder represented by such Global Warrant Certificate for all purposes under this Agreement, including, without limitation, for
the purposes of (a) giving notices with respect to such Warrants and (b) registering transfers with respect to such Warrants. Neither the Company nor the Warrant Agent, in its capacity as registrar for such Warrants, will have any
responsibility or liability for any aspect of the records relating to beneficial interests in a Global Warrant Certificate or for maintaining, supervising or reviewing any records relating to such beneficial interests. 

(iv)    The Warrant Agent shall, upon receipt of all information required to be delivered hereunder, register the
transfer of any outstanding Warrants in the Warrant Register, upon surrender of Warrant Certificates, representing such Warrants or, in the case of Direct Registration Warrants, upon the delivery by the Holder thereof, at the Warrant Agent Office
designated for such purpose (the “Warrant Agent Office”), duly endorsed, and accompanied by a completed form of assignment substantially in the form attached as Exhibit B-1 or B-2, as the case may be, hereto duly signed by the Holder thereof or by the duly appointed legal representative thereof or by his attorney, duly authorized in writing, such signature to be guaranteed by a
participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Warrant Agent. Upon any such registration of transfer, a new Warrant Certificate or Warrant Statement, as the case may be, shall be issued to the
transferee. 
 (v)    The Warrant Agent shall not undertake the duties and obligations of a stock transfer agent under
this Agreement, or otherwise, including, without limitation, the duty to receive, issue or transfer shares of Common Stock. 
 SECTION
5.    Duration and Exercise of Warrants. 
 (a)    Expiration Date. The Warrants shall
expire on July 31, 2042, at 5:00 p.m., New York City time, which is the twenty-fifth (25th) anniversary of the Effective Date (the “Expiration Date”). After 5:00 p.m. New York City time on the Expiration Date, the Warrants will
become void and without further legal effect, and all rights thereunder and all rights in respect thereof under this Agreement shall cease as of such time. 

(b)    Exercise Price. On and after the Effective Date, the Exercise Price for the Warrants shall be $0.001 per
share (equal to the par value $0.001 per share of Common Stock) (subject to adjustment as provided herein). 

(c)    Manner of Exercise. 

(i)    Cash Payment. Subject to the provisions of this Agreement, including the Jones Act limitations on ownership
of Warrant Shares by Non-U.S. Citizens set forth in Section 5(m) hereof and the adjustments contained in Section 6 hereof, each Warrant shall entitle the Holder thereof to purchase from the Company
(and the Company shall issue and sell to such Holder) one fully paid and nonassessable share of Common Stock at the Exercise Price. All or any of the Warrants represented by a Warrant Certificate or in the form of Direct Registration Warrants may be
exercised by the registered Holder thereof during normal business 

  
 10 

 
hours on any Business Day, by delivering (A) written notice of such election (“Warrant Exercise Notice”) to exercise Warrants to the Company (at the address set forth in
Section 15) and the Warrant Agent at the Warrant Agent Office, no later than 5:00 p.m., New York City time, on the Expiration Date, which Warrant Exercise Notice shall be (i) substantially in the form set forth in Exhibit A-1, in the case of Warrants represented by a Global Warrant Certificate, (ii) substantially in the form set forth in Exhibit A-2, in the case of Warrants
represented by Individual Warrant Certificates and (iii) substantially in the form set forth in Exhibit A-3, in the case of Direct Registration Warrants; and (B) by no later than 5:00 p.m.,
New York City time, on the Business Day immediately prior to the Settlement Date, such Warrants to the Warrant Agent (by book-entry transfer through the facilities of the Depository, if such Warrants are represented by a Global Warrant Certificate).
Such Warrant Certificate (if such Warrant is represented by a certificate) and the documents referred to in clauses (A) and (B) of the immediately preceding sentence shall be accompanied by payment in full in respect of each Warrant that is
exercised, which shall be made by delivery of a certified or official bank or bank cashier’s check payable to the order of the Company, or by wire transfer to an account specified in writing by the Company or Computershare in immediately
available funds. Such payment shall be in an amount equal to the product of the number of shares of Common Stock designated in such Warrant Exercise Notice multiplied by the Exercise Price for the Warrants being exercised, in each case as adjusted
herein. Upon such surrender and payment, such Holder shall thereupon be entitled to receive the number of duly authorized, validly issued, fully paid and nonassessable Warrant Shares as set forth in Section 5(d) and Section 5(h). 

(ii)    Cashless Conversion. Subject to the provisions of this Agreement, the Holder shall have the right, in lieu
of paying the Exercise Price of Warrants in cash, to instruct the Company to reduce the number of shares of Common Stock issuable pursuant to the conversion of such Warrants (the “Cashless Conversion”) in accordance with the
following formula: 
 N = P ÷ M 

where: 

N     =    the number of Warrant Shares to be subtracted from the aggregate number of Warrant
Shares issuable upon conversion of such Warrants; 
 P     =    the aggregate exercise price
which would otherwise be payable in cash for all of the Warrant Shares for which such Warrants are being converted at the Exercise Price of such Warrants; and 

M    =    the Market Price of a Warrant Share determined as of the Business Day immediately preceding
the day the Warrant Exercise Notice is delivered to the Warrant Agent. 
 If the Exercise Price of the aggregate number of Warrants being
converted exceeds the Market Price at the time of such conversion of the aggregate number of Warrant Shares issuable upon such conversion, then no Warrant Shares will be issuable via the Cashless Conversion. The Holder shall effect a Cashless
Conversion by indicating on a duly executed 

  
 11 

 
Warrant Exercise Notice that the Holder wishes to effect a Cashless Conversion. Upon receipt of such election to effect a Cashless Conversion, the Warrant Agent will promptly request the Company
to confirm the number of Warrant Shares issuable in connection with the Cashless Conversion. The Company shall calculate and transmit to the Warrant Agent in a written notice the number of Warrant Shares issuable in connection with any Cashless
Conversion. 
 (d)    The number of Warrant Shares to be issued on such exercise or conversion will be determined by the
Company (with written notice thereof to the Warrant Agent) in accordance with Section 5(c). For the avoidance of doubt, the number of Warrant Shares determined pursuant to Section 5(c) shall, if not a whole number, be rounded up to the
nearest whole number. The Warrant Agent shall have no duty or obligation to investigate or confirm whether the Company’s determination of the number of Warrant Shares to be issued on such exercise or conversion is accurate or correct, nor shall
the Warrant Agent have any duty or obligation to take any action with regard to such warrant exercise or conversion prior to being notified by the Company of the relevant number of Warrant Shares to be issued. 

(e)    Except as otherwise provided herein, any exercise or conversion of a Warrant pursuant to the terms of this
Agreement shall be irrevocable and shall constitute a binding agreement between the Holder and the Company, enforceable in accordance with its terms. 

(f)    Upon receipt of a Warrant Exercise Notice pursuant to Section 5(c), the Warrant Agent shall: 

(i)    examine all Warrant Exercise Notices and all other documents delivered to it by or on behalf of Holders as
contemplated hereunder to ascertain whether, on their face, such Warrant Exercise Notices and any such other documents have been executed and completed in accordance with their terms; 

(ii)    endeavor to inform the Company of and cooperate with and assist the Company in resolving any reconciliation
problems between the Warrant Exercise Notices received and delivery of Warrants to the Warrant Agent’s account; 

(iii)    advise the Company, no later than five Business Days after receipt of a Warrant Exercise Notice, of (a) the
receipt of such Warrant Exercise Notice and the number of Warrants exercised or converted in accordance with the terms of this Agreement, (b) the instructions with respect to delivery of the shares of Common Stock deliverable upon such exercise
or conversion, subject to the timely receipt from the Depository of the necessary information, and (c) such other information as the Company shall reasonably require; 

(iv)    liaise with the Depository and effect such delivery to the relevant accounts at the Depository in accordance with
its requirements, if requested by the Company with the delivery of the Common Stock and all other necessary information by or on behalf of the Company for delivery to the Depository; and 

(v)    forward any funds received by Warrant Agent for payment of the aggregate Exercise Price in a given week by the
fifth (5th) Business Day of the following week by wire transfer to an account designated by the Company, provided that the Company shall pay Warrant Agent wire transfer fees for each such wire pursuant to the fee schedule attached hereto. 

  
 12 

 (g)    All questions as to the validity, form and sufficiency (including time
of receipt) of a Warrant exercise or conversion shall be determined by the Company in its sole discretion in good faith, which determination shall be final and binding. The Company reserves the right to reject any and all Warrant Exercise Notices
not in proper form or for which any corresponding agreement by the Company to exchange would, in the opinion of the Company, be unlawful as determined in good faith. Such determination by the Company shall be final and binding on the Holders absent
manifest error. Moreover, the Company reserves the absolute right to waive any of the conditions to the exercise or conversion of Warrants or defects in Warrant Exercise Notices with regard to any particular exercise or conversion of Warrants.
Neither the Company nor the Warrant Agent shall be under any duty to give notice to the Holders of any irregularities in any exercise or conversion of Warrants, nor shall they incur any liability for the failure to give such notice. 

(h)    As soon as reasonably practicable after the exercise or conversion of any Warrant (and in any event not later than
10 Business Days thereafter), the Company shall issue, or otherwise deliver, in authorized denominations to or upon the order of the Holder, either: (A) if such Holder holds the Warrants being exercised or converted through the
Depository’s book-entry transfer facilities, by same-day or next-day credit to the Depository for the account of such Holder or for the account of a participant in
the Depository the number of Warrant Shares to which such Holder is entitled, in each case registered in such name and delivered to such account as directed in the Warrant Exercise Notice by such Holder or by the direct participant in the Depository
through which such Holder is acting; (B) if such Holder holds the Warrants being exercised or converted in the form of Individual Warrant Certificates, a book-entry interest in the number of Warrant Shares to which such Holder is entitled on
the books of the Company’s transfer agent or, at the Company’s option, by delivery to the address designated by such Holder in its Warrant Exercise Notice of a physical certificate or certificates representing the number of Warrant Shares
to which such Holder is entitled, in fully registered form, registered in such name or names as may be directed by such Holder; or (C) if such Holder holds the Warrants being exercised or converted in the form of Direct Registration Warrants, a
book-entry interest in the number of Warrant Shares to which such Holder is entitled on the books and records of the Company’s transfer agent. Such Warrant Shares shall be deemed to have been issued and any person so designated to be named
therein shall be deemed to have become a Holder of record of such Warrant Shares as of the close of business on the date of the delivery thereof. 

If fewer than all of the Warrants evidenced by a Global Warrant Certificate surrendered upon the exercise or conversion of Warrants are
exercised or converted at any time prior to the Expiration Date, the Warrant Agent shall cause a notation to be made to the records maintained by the Depository. The Person in whose name any certificate or certificates, or any Warrant Exercise
Notice, for the Warrant Shares are to be issued (or such Warrant Shares are to be registered, in the case of a book-entry transfer) upon exercise or conversion of a Warrant shall be deemed to have become the holder of record of such Warrant Shares
on the date such Warrant Exercise Notice is delivered. 

  
 13 

 (i)    Notwithstanding any adjustment pursuant to Section 6 in the
number of Warrant Shares purchasable upon the exercise or conversion of a Warrant, the Company shall not be required to issue Warrants to purchase fractions of Warrant Shares, or to issue fractions of Warrant Shares upon exercise or conversion of
the Warrants, or to distribute certificates which evidence fractional Warrant Shares. In the event of an adjustment that results in a Warrant becoming exercisable or convertible for fractional Warrant Shares, the number of Warrant Shares subject to
such Warrant shall be adjusted upward or downward to the nearest whole number of Warrant Shares or Other Securities (with one half rounded up). All Warrants held by a Holder shall be aggregated for purposes of determining any such adjustment. 

(j)    If all of the Warrants evidenced by a Warrant Certificate have been exercised or converted, such Warrant
Certificate shall be cancelled by the Warrant Agent. Such cancelled Warrant Certificate shall then be disposed of by or at the direction of the Company in accordance with applicable law. The Warrant Agent shall confirm such information to the
Company in writing as promptly as practicable. 
 (k)    The Company shall pay all expenses in connection with, and all
taxes and other governmental charges that may be imposed with respect to, the issuance or delivery of Warrant Shares upon exercise or conversion of Warrants (including any conversion under Section 5(n) below); provided, that the Company
shall not be required to pay any tax or governmental charge that may be imposed with respect to any applicable withholding or the issuance or delivery of the Warrant Shares to any Person other than the Holder of the Warrants underlying such Warrant
Shares, and no such issuance or delivery shall be made unless and until the Person requesting such issuance has paid to the Company the amount of any such tax, or has established to the satisfaction of the Company that such tax has been paid. 

(l)    The Warrant Agent shall keep copies of this Agreement and any notices given or received hereunder for a period
beginning on the date of this Agreement and ending no earlier than the first anniversary of the Expiration Date. 

(m)    Jones Act Limitations on Warrant Exercise. Notwithstanding the other provisions of this Agreement, in order
to facilitate the Company’s compliance with the Jones Act and other U.S. Maritime Laws concerning the ownership of the Common Stock by Non-U.S. Citizens with regard to its continuing ability to operate
its vessels in the coastwise trade of the United States and to comply with obligations of the Company under contracts that it may enter into from time to time with the United States Government: 

(i)    At the time of exercise or conversion of any Warrant, its Holder shall advise the Company whether or not it (or,
if not the Holder, the Person that the Holder has designated to receive the Warrant Shares issuable upon exercise or conversion of such Warrant) is a U.S. Citizen. The Company may require a Holder (or, if not the Holder, the Person that the Holder
has designated to receive the Warrant Shares issuable upon exercise or conversion of such Warrant) to provide it with such documents and other information as it may request as reasonable proof confirming that the Holder (or, if not the Holder, the
Person that the Holder has designated to receive the Warrant Shares issuable upon exercise or conversion of such Warrant) is a U.S. Citizen. 

  
 14 

 (ii)    Any Holder that cannot establish to the Company’s reasonable
satisfaction that it (or, if not the Holder, the Person that the Holder has designated to receive the Warrant Shares issuable upon exercise or conversion of any Warrant) is a U.S. Citizen may not exercise or convert any Warrant to the extent the
Warrant Shares deliverable upon exercise or conversion of such Warrant would constitute Excess Shares if they were issued, which shall be determined by the Company in its sole discretion at the time of any proposed exercise or conversion of such
Warrant. 
 (iii)    Any sale, transfer or other disposition of any Warrant by any Holder that is a Non-U.S. Citizen to a Person who is a U.S. Citizen must be a complete transfer of such Holder’s interests in such Warrant and the Warrant Shares issuable upon its exercise or conversion to such Person with the
transferor retaining no ability to direct or control such Person. The foregoing restriction shall also apply to any Person that the Holder has designated to receive the Warrant Shares issuable upon exercise or conversion of any Warrant. 

(iv)    If at any time the Company either ceases to be a reporting company under the Securities and Exchange Act of 1934
or the rules thereunder (the “Exchange Act”), or fails to timely file any amendments to its Charter as required by the Exchange Act, the Company shall provide the Warrant Agent with the then current copy of the Company’s
Charter or (at the Company’s option) an excerpt from the Company’s Charter containing then current version of the article entitled “Compliance with U.S. Maritime Laws” and upon the request of any Holder the Warrant Agent shall
provide such copy or excerpt to such Holder; provided, that, in each case, the Company and/or the Warrant Agent shall be obligated to provide such copy or excerpt only (A) following amendments to such article and (B) to the extent
such copy or excerpt is not (or will not be) publicly filed or otherwise made available in a format such that Holders can rely on the publicly available copy as the then most current copy or excerpt. 

(v)    Notwithstanding anything herein to the contrary (1) in the event the Jones Act and other applicable U.S.
Maritime Laws are repealed or amended so that the ownership of the Common Stock by Non-U.S. Citizens is no longer restricted in any way, the provisions of this Section 5(m) shall no longer apply to any
Holder or Warrant, (2) the Warrant Agent shall not be deemed to have any knowledge of the Jones Act, any U.S. Maritime Laws or the Exercise Cap and (3) other than as expressly set forth in this Agreement, the Warrant Agent shall have no
obligations to comply with the Jones Act or other U.S. Maritime Laws or make determinations with respect to the Exercise Cap. 

(n)    Automatic Exercise of Warrants held by Non-U.S. Citizens. The
Company shall review its books and records at least semi-annually to determine whether, in its sole discretion, some or all of the outstanding Warrants held by Non-U.S. Citizens may be converted into shares of
Common Stock without exceeding the Exercise Cap (as defined below) or resulting in Excess Shares. 
 (i)    If, after
making such review, the Company determines, in its sole discretion, that conversion of some or all of the outstanding Warrants held by Non-U.S. Citizens that are exercisable at the time of such review, will
not result in (and would not reasonably be expected to result in) ownership by Non-U.S. Citizens in the aggregate in excess of twenty-two percent (22%) of the
outstanding Common Stock after giving effect to such conversion (the 

  
 15 

 
“Exercise Cap”), the Company shall effect the automatic conversion of (and the Holder shall be deemed to have elected under Section 5(c)(ii) to convert) such amount of
outstanding Warrants held by Non-U.S. Citizens (without any action by any such Non-U.S. Citizen) into the total number of shares of Common Stock that the Company has so
determined, in its sole discretion, may be issued at such time without causing the Exercise Cap to be exceeded or Excess Shares being issued; provided, however, that any such conversion shall be subject to the terms herein, including
without limitation the restrictions on the issuance of fractional Warrant Shares. Warrants shall be selected for conversion on a pro rata basis to be calculated based solely on the number of outstanding Warrants at the time of such conversion less
(x) any Warrants whose conversion would result in Excess Shares and (y) any Warrants held by any Holder that has notified the Company pursuant to Section 5(n)(iii) that it has opted out of any conversion under this Section 5(n)
for its Warrants. Any such conversion shall be effected in a manner substantially the same as a Cashless Conversion hereunder. Following such conversion, the number of shares issuable pursuant to Warrants held by each such Holder shall be reduced
automatically by the number of shares of Common Stock actually issued to each such Holder pursuant to such conversion, and such Warrants so converted shall no longer be deemed outstanding. 

(ii)    In the event of any conversion pursuant to this Section 5(n), the Company shall as promptly as practicable
cause to be filed with the Warrant Agent and mailed to each Holder of Warrants subject to such conversion a notice specifying: (A) the date of such conversion; (B) the number of such Holder’s Warrants converted and the number of
shares of Common Stock to be issued to such Holder in respect of such Warrants; and (C) the place or places where any Warrant Certificates for such Warrants are to be surrendered and any other applicable procedures required by the Depository
and the Warrant Agent to effect such conversion. The Warrant Agent shall be fully protected and authorized in relying upon such notice and shall not be liable for any action taken, suffered or omitted by it in accordance therewith. 

(iii)    At or prior to the issuance by the Company of the Warrants or at any time thereafter, a Holder shall have the
right to notify the Company, in accordance with Section 15 hereof, that such Holder opts out of the Cashless Conversion under this Section 5(n) for its Warrants. After the Company’s receipt of such notice, all of such Holder’s
Warrants shall be excluded from any conversion under this Section 5(n) unless and until the Company receives notice from such Holder or its transferee, given in accordance with Section 15 hereof, that such Warrants are no longer to be so
excluded. 
 (iv)    Notwithstanding anything herein to the contrary, all shares of Common Stock issued pursuant to
this Section 5(n) shall in all events be subject to all of the restrictions and remedies set forth in Article XI of the Company’s Charter, including, without limitation, in the event that Excess Shares are in fact issued upon the
conversion of Warrants pursuant to this Section 5(n), regardless of any determination made by the Company under Section 5(n)(i); provided, that, in the event the Jones Act and other applicable U.S. Maritime Laws are repealed or
amended so that the ownership of the Common Stock by Non-U.S. Citizens is no longer restricted in any way, the provisions of this Section 5(n) shall no longer apply to any Holder or Warrant. 

  
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 (o)    Cost Basis Information. 

(i)    In the event of a cash exercise of Warrants, the Company hereby instructs the Warrant Agent to
record cost basis for newly issued shares as reasonably determined by the Company prior to processing. 
 (ii)    In
the event of a Cashless Conversion of Warrants, the Company shall provide the cost basis for shares issued pursuant to such Cashless Conversion at the time the Company confirms the number of Warrant Shares issuable in connection with such Cashless
Conversion to the Warrant Agent pursuant to Section 5(d) hereof. 
 SECTION 6.    Adjustment of Exercise Price
and Number of Shares Purchasable or Number of Warrants. 
 (a)    Stock Dividends, Subdivisions and Combinations
of Shares. If after the date hereof the number of outstanding shares of Common Stock is increased by a share dividend or share distribution to all holders of Common Stock, in each case payable in shares of Common Stock, or by a subdivision,
combination or other reclassification of shares of Common Stock, then, in any such event, the number of shares of Common Stock issuable for each Warrant will be adjusted as follows: Warrant Shares issuable pursuant to a valid exercise or conversion
of Warrants immediately prior to such event shall be adjusted (and any other appropriate actions shall be taken by the Company) so that each Holder shall be entitled to receive upon the exercise or conversion of its Warrant the number of Warrant
Shares that such Holder would have owned or would have been entitled to receive upon or by reason of such event such Warrant had been exercised or converted immediately prior to the occurrence of such event. Any adjustment made pursuant to this
Section 6(a) shall become effective retroactively (i) in the case of any such dividend or distribution, to the date immediately following the close of business on the record date for the determination of holders of shares of Common Stock
entitled to receive such dividend or distribution or (ii) in the case of any such subdivision, combination or reclassification, to the close of business on the date on which such corporate action becomes effective. A distribution to holders of
the Common Stock of rights expiring less than thirty (30) calendar days after the issuance thereof entitling holders to purchase shares of Common Stock at a price per share less than the Market Price as of the record date fixed for the
determination of holders of Common Stock entitled to receive such rights shall be deemed a dividend of a number of shares of Common Stock equal to the product of (i) the number of shares of Common Stock actually issued in such distribution (or
actually issued under any issued rights that are convertible into or exercisable for the Common Stock) multiplied by (ii) one (1) minus the quotient of (x) the price per share of Common Stock paid to exercise such rights divided by
(y) the Market Price on such record date, and the amount of Common Stock issuable for each Warrant will be adjusted in accordance with the foregoing sentence. For purposes of this Section 6(a), if the rights constitute securities
convertible into or exercisable for Common Stock, in determining the price payable for Common Stock, there shall be taken into account any consideration received for such rights, as well as any additional amount payable upon exercise or conversion.
In the event of any adjustment to any Warrant pursuant to this Section 6(a), the Exercise Price for such Warrant shall be appropriately adjusted such that it shall in all cases be equal to the aggregate par value of all Warrant Shares then
issuable upon exercise or conversion of such Warrant. 

  
 17 

 (b)    Distributions. If after the date hereof the Company shall
distribute to all holders of its shares of Common Stock any cash, evidences of its indebtedness, securities or assets or rights to subscribe for shares of Common Stock expiring at least thirty (30) calendar days after the issuance thereof
(excluding any dividend or other distribution payable in shares of Common Stock for which adjustment is made under Section 6(a)), then in each such case the Warrant Shares issuable upon exercise or conversion of each Warrant outstanding
immediately following the close of business on the record date for such distribution shall be increased to an amount determined by multiplying the number of Warrant Shares issuable immediately prior to such record date by a fraction, the numerator
of which is the Market Price of a share of Common Stock on the trading day immediately prior to the Ex-Date and the denominator of which is the Market Price of a share of Common Stock on the trading day
immediately prior to the Ex-Date less the sum of the (1) the amount of cash and (2) the Market Price of the assets, evidences of indebtedness and securities so distributed or of such subscription
rights per share of Common Stock outstanding on the trading day immediately prior to the Ex-Date (determined for such purpose on the basis of the aggregate assets, evidences of indebtedness and/or rights
distributed with respect to one share of Common Stock as if, for purposes of the definition of “Market Price”, such assets, evidences of indebtedness, securities and/or rights were an “Other Security” as defined herein) (as
determined by the Board of Directors of the Company, whose determination shall be conclusive, and described in a statement filed with the Warrant Agent). Such adjustments shall be made whenever any such distribution is made, and shall become
effective retroactively on the date immediately after the record date for the determination of stockholders entitled to receive such distribution. In the event of any adjustment to any Warrant pursuant to this Section 6(b), the Exercise Price
for such Warrant shall be appropriately adjusted such that it shall in all cases be equal to the aggregate par value of all Warrant Shares then issuable upon exercise or conversion of such Warrant. 

(c)    Adjustments for Mergers and Consolidations. In case the Company, after the date hereof, shall merge,
consolidate or otherwise engage in a recapitalization, reclassification, reorganization or business combination with another Person, then, in the case of any such transaction, proper provision shall be made so that, upon the basis and terms and in
the manner provided in this Agreement, the Holders, upon the exercise or conversion of the Warrants any time after the consummation of such transaction (subject to the Expiration Date), shall be entitled to receive upon such exercise or conversion,
in lieu of the Warrant Shares issuable upon such exercise or conversion immediately prior to such consummation, the amount of securities, cash or other property (the “Transaction Consideration”) to which such Holder would have been
entitled as a holder of Warrant Shares upon such consummation if such Holder had exercised the rights represented by the Warrants held by such Holder immediately prior to such consummation, subject to adjustments (subsequent to such consummation) as
nearly equivalent as possible to the adjustments provided for in Sections 6(a) and 6(b) above; provided, however, that each Holder, solely at the election of the Company (as described in the proxy statement or information statement
filed with the SEC in connection with such transaction), may be required at the consummation of any such transaction to receive solely cash in an amount determined reasonably and in good faith by the Board of Directors of the Company to equal the
excess of (i) the product of (A) the value of the per share Transaction Consideration to be received by the holders of Warrant Shares in such transaction multiplied by (B) the number of Warrant Shares subject to the Warrants held by
such Holder, over (ii) the aggregate Exercise Price payable by such Holder upon exercise or conversion in full of such Warrants, and upon 

  
 18 

 
consummation of such transaction the Holders shall surrender all Warrant Certificates to the Warrant Agent for cancellation and the right to receive such cash payment; provided,
further, that in such event if the amount described in clause (ii) is greater than the amount described in clause (i), then all Warrants shall be cancelled and of no further force and effect upon consummation of such transactions with no
payments owed to the holders thereof; provided, further, that no Holder shall be entitled to any payment pursuant to this Section 6(c) with respect to any portion of the Transaction Consideration that is contingent, deferred or
escrowed unless and until such amounts are actually paid to the holders of Common Stock. Notwithstanding this Section 6(c) or anything in this Agreement, in the event of a Cash Sale (as defined below), the Company shall pay (or cause to be
paid) to the Holders, with respect to each unexercised or unconverted Warrant outstanding immediately prior to the consummation of such Cash Sale (the “Cash Closing”), cash in the amount equal to the excess, if any, of the cash
consideration being paid for each share of Common Stock in such Cash Sale minus the Exercise Price (such amount, the “Warrant Spread”); provided, however, that no Holder shall be entitled to any payment hereunder with
respect to any portion of such consideration that is contingent, deferred or escrowed unless and until such amounts are actually paid to the holders of the Common Stock. Upon the occurrence of a Cash Closing, all unexercised or unconverted Warrants
outstanding immediately prior to the Cash Sale shall automatically be terminated and cancelled and the Company shall thereupon cease to have any further obligations or liability with respect to the Warrants except as to the requirement to pay the
Warrant Spread (subject to the limitations described in the prior sentence). For the avoidance of doubt, the Holders shall not be entitled to any payment or consideration with respect to any Cash Sale in which the Exercise Price is greater than the
consideration payable with respect to each share of Common Stock. For purposes hereof, “Cash Sale” means any merger, consolidation or other similar transaction to which the Company is a party and in which holders of Common Stock
immediately prior to consummation of such transaction (other than with respect to treasury shares and any shares held by purchasing parties) are entitled to receive consideration upon cancellation of such Common Stock in such transaction consisting
solely of cash. 
 (d)    Other Changes. If, at any time or from time to time after the issuance of this Warrant
but prior to the exercise or conversion hereof, (a) the Company shall take any action which (i) affects the Common Stock and (ii) is similar to, or has an effect similar to, any of the actions described in any of Sections 6(a)-(c)
(but not including any action described in any such Section) and (b) the Board of Directors of the Company in good faith determines that it would be equitable under such circumstances to adjust the number of Warrant Shares issuable upon
exercise or conversion of a Warrant as a result of such action such that the economic benefits of such action that would accrue to the stockholders of the Company would as nearly as practicable also accrue to the Holders, then, and in each such
case, such number shall be adjusted in such manner and at such time as the Board of Directors of the Company in good faith determines would be equitable under such circumstances, which determination shall be evidenced in a resolution of the Board of
Directors, a certified copy of which shall be mailed by the Warrant Agent (upon the written instruction and expense of the Company) to each of the relevant Holders. 

(e)    Notice of Adjustment. Whenever the Warrant Shares issuable or the rights of the Holder shall be adjusted as
provided in this Section 6, the Company shall forthwith file with the Warrant Agent a statement, signed by an Appropriate Officer, stating in detail the facts 

  
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requiring such adjustment, the Exercise Price that will be effective after such adjustment and the impact of such adjustment on the number and kind of securities issuable upon exercise or
conversion of the Warrants. The Company shall also cause a notice setting forth any such adjustments to be sent by mail, first class, postage prepaid, to each registered Holder at its address appearing on the Warrant Register. The Warrant Agent
shall have no duty with respect to any statement filed with it except to keep the same on file and available for inspection by registered Holders during reasonable business hours. The Warrant Agent shall not at any time be under any duty or
responsibility to any Holder to determine whether any facts exist which may require any adjustment to the securities issuable, or with respect to the nature or extent of any adjustment of the securities issuable when made or with respect to the
method employed in making such adjustment. 
 (f)    No Change in Warrant Terms on Adjustment. Irrespective of
any adjustments in the number of Warrant Shares (including any inclusion of Other Securities) issuable upon exercise or conversion, Warrants theretofore or thereafter issued may continue to express the same prices and number of Warrant Shares as are
stated in the similar Warrants issuable initially, or at some subsequent time, pursuant to this Agreement, and the number of Warrant Shares issuable upon exercise or conversion specified thereon shall be deemed to have been so adjusted (including
for purposes of Section 5(n) hereof). 
 (g)    Treasury Shares. Shares of Common Stock at any time owned by
the Company shall not be deemed to be outstanding for the purposes of any computation under this Section 6. 

(h)    Deferral or Exclusion of Certain Adjustments. No adjustment to the Warrant Shares issuable shall be required
hereunder unless such adjustment together with other adjustments carried forward (as provided below), would result in an increase or decrease of at least one percent (1%) of the applicable Warrant Shares issuable; provided, that any
adjustments which by reason of this Section 6(h) are not required to be made shall be carried forward and taken into account in any subsequent adjustment. No adjustment need be made for a change in the par value of the shares of Common Stock.
All calculations under this Section 6(h) shall be made to the nearest one one-thousandth (1/1,000) of one cent ($0.01) or to the nearest one one-thousandth
(1/1,000) of a share, as the case may be. Notwithstanding anything herein to the contrary, no adjustments under this Section 6 shall be made to a Holder’s Warrant(s) if the Company receives written notice from a Holder that no such
adjustment is required. 
 SECTION 7.    Cancellation of Warrants. The Warrant Agent shall cancel all Warrant
Certificates surrendered for exchange, substitution or transfer in whole or in part. Such cancelled Warrant Certificates shall thereafter be disposed of by the Warrant Agent upon written instructions from the Company reasonably satisfactory to the
Warrant Agent and such Direct Registration Warrants shall be canceled by appropriate notation on the Warrant Register. 
 SECTION
8.    Mutilated or Missing Warrant Certificates. Upon receipt by the Company and the Warrant Agent from any Holder of evidence reasonably satisfactory to them of the ownership of and the loss, theft, destruction or
mutilation of such Holder’s Warrant Certificate and a surety bond or indemnity reasonably satisfactory to them and holding the Warrant Agent and Company harmless, and in case of mutilation upon surrender and

  
 20 

 
cancellation thereof, and absent notice to Warrant Agent that such Warrant Certificates have been acquired by a bona fide purchaser, the Company will execute and the Warrant Agent will
countersign and deliver in lieu thereof a new Warrant Certificate of like tenor and representing an equal number of Warrants to such Holder; provided, that in the case of mutilation, no bond or indemnity shall be required if such Warrant
Certificate in identifiable form is surrendered to the Company or the Warrant Agent for cancellation. Upon the issuance of any new Warrant Certificate under this Section 8, the Company may require the payment of a sum sufficient to cover any
stamp tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the reasonable fees and expenses of the Warrant Agent) in connection therewith. Every new Warrant Certificate executed and delivered
pursuant to this Section 8 in lieu of any lost, stolen, destroyed or mutilated Warrant Certificate shall be entitled to the same benefits of this Agreement equally and proportionately with any and all other Warrant Certificates, whether or not
the allegedly lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by anyone. The provisions of this Section 8 are exclusive and shall preclude (to the extent lawful) all other rights or remedies with respect to the
replacement of lost, stolen, destroyed or mutilated Warrant Certificates. 
 SECTION 9.    Merger, Consolidation,
Etc. In connection with any merger or consolidation prior to the Expiration Date, the Company shall make appropriate provision to ensure that the Holders shall have the right to receive, upon consummation of such transaction and (except in a
Cash Sale) thereafter upon exercise or conversion of any convertible securities so received, as applicable, such property as may be required pursuant to Section 6 hereof, and to the extent such property includes convertible securities, the
Company shall provide for adjustments substantially equivalent to the adjustments provided for in Section 6 hereof. 
 SECTION
10.    Reservation of Shares; Certain Actions. 
 (a)    Reservation of Shares. The
Company shall at all times reserve and keep available, free from preemptive rights, out of its authorized but unissued Common Stock (or out of authorized Other Securities), solely for issuance and delivery upon exercise or conversion of Warrants,
the full number of Warrant Shares from time to time issuable upon the exercise or conversion of all Warrants and any other outstanding warrants, options or similar rights, from time to time outstanding. All Warrant Shares shall be duly authorized
and, when issued upon such exercise or conversion of the Warrants, shall be duly and validly issued, and (if applicable) fully paid and nonassessable, free from all taxes, liens, charges, security interests, encumbrances and other restrictions
created by or through the Company and issued without violation (i) of any preemptive or similar rights of any stockholder of the Company and (ii) by the Company of any applicable law or governmental regulation or any requirements of any
domestic securities exchange upon which the Warrant Shares may be listed at the time of such exercise or conversion. 

(b)    Certain Actions. Before taking any action that would cause an adjustment pursuant to Section 6
effectively reducing the per share Exercise Price below the then par value (if any and if applicable) of the Warrant Shares issuable upon exercise or conversion of the Warrants, the Company will take any reasonable corporate action that may, in the
opinion of its counsel, be necessary in order that the Company may validly and legally issue fully paid and nonassessable Warrant Shares at such Exercise Price as so adjusted. 

  
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 SECTION 11.    Notification of Certain Events; Corporate Action. 

(a)     In the event of: 

(i)    any taking by the Company of a record of the holders of any class of securities for the purpose of determining the
holders thereof who are entitled to receive any dividend or other distribution of any kind, or any right to subscribe for, purchase or otherwise acquire any shares of stock of any class or any other securities or property, or to receive any other
right or interest of any kind, or any other event referred to in Section 6(a) or (b); or 
 (ii)    (A) any
capital reorganization of the Company, (B) any reclassification of the capital shares of the Company (other than a change in par value or from par value to no par value or from no par value to par value or as a result of a subdivision or
combination), (C) the consolidation or merger of the Company with or into any other corporation (other than a consolidation or merger in which the Company is the continuing corporation and which does not result in any change in the shares of
Common Stock), (D) the sale or transfer of the properties and assets of the Company as, or substantially as, an entirety to another Person, or (E) an exchange offer for Common Stock (or Other Securities); or 

(iii)    the voluntary or involuntary dissolution, liquidation, or winding up of the Company, the Company shall cause to
be filed with the Warrant Agent and mailed to each Holder a notice specifying (x) the date or expected date on which any such record is to be taken for the purpose of such dividend, distribution or right, and the amount and character of any
such dividend, distribution or right, or if a record is not to be taken, the date as of which the holders of Common Stock of record to be entitled to such dividend, distribution, or right are to be determined, and the amount and character of such
dividend, distribution or right, or (y) the date or expected date on which any such reorganization, reclassification, consolidation, merger, sale, transfer, exchange offer, dissolution, liquidation or winding up is expected to become effective,
and the time, if any such time is to be fixed, as of which holders of record of Common Stock (or Other Securities) shall be entitled to exchange their shares of Common Stock (or Other Securities) for the securities or other property deliverable upon
such reorganization, reclassification, consolidation, merger, sale, transfer, exchange offer, dissolution, liquidation or winding up. Such notice shall be delivered not less than ten (10) calendar days prior to such date therein specified, in
the case of any such date referred to in clause (x) of the preceding sentence, and not less than twenty (20) calendar days prior to such date therein specified, in the case of any such date referred to in clause (y) of the preceding
sentence. Failure to give such notice within the time provided or any defect therein shall not affect the legality or validity of any such action. 

SECTION 12.    Warrant Agent. The Warrant Agent undertakes the duties and obligations expressly imposed by this
Agreement upon the terms and conditions set forth in this Section 12. 
 (a)    Limitation on Liability. The
Warrant Agent shall not by countersigning Warrant Certificates or by any other act hereunder be accountable with respect to or be deemed to make any representations as to the validity or authorization of the Warrants or the Warrant Certificates
(except as to its countersignature thereon), as to the validity, authorization or value 

  
 22 

 
(or kind or amount) of any Warrant Shares or other property delivered or deliverable upon exercise or conversion of any Warrant, or as to the purchase price of such Warrant Shares or other
property. The Warrant Agent shall not (i) be liable for any recital or statement of fact contained herein or in the Warrant Certificates or for any action taken, suffered or omitted by the Warrant Agent in the belief that any Warrant
Certificate or any other document or any signature is genuine or properly authorized unless such action or omission was taken or omitted to be taken in bad faith, gross negligence or willful misconduct(which bad faith, gross negligence or willful
misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction), (ii) be responsible for determining (x) compliance by any Person with the provisions set forth
in Section 5(m) or (y) whether any facts exist that may require any adjustment of the Exercise Price and the number of Warrant Shares, or with respect to the nature or extent of any such adjustments when made, or with respect to the method
of adjustment employed, (iii) be responsible for any failure on the part of the Company to issue, transfer or deliver any Warrant Shares or property upon the surrender of any Warrant for the purpose of exercise or conversion or to comply with
any other of the Company’s covenants and obligations contained in this Agreement or in the Warrant Certificates or (iv) be liable for any action taken, suffered or omitted to be taken in connection with this Agreement, except for its own
bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction) for which
the Warrant Agent shall be liable. Notwithstanding anything in this Agreement to the contrary, in no event shall the Warrant Agent be liable for special, indirect, punitive, incidental or consequential loss or damage of any kind whatsoever
(including but not limited to lost profits), even if the Warrant Agent has been advised of the likelihood of the loss or damage and regardless of the form of the action. Notwithstanding anything to the contrary stated herein, any liability of the
Warrant Agent under this Agreement shall be limited to the lesser of (i) the amount of fees, but not including reimbursable expenses, paid by the Company to the Warrant Agent during the twenty-four (24) months immediately preceding the
event for which recovery from the Warrant Agent is being sought, and (ii) $50,000. 
 (b)    Instructions. The
Warrant Agent is hereby authorized to accept advice or instructions with respect to the performance of its duties hereunder from an Appropriate Officer and to apply to any such officer for advice or instructions. The Warrant Agent shall be fully
protected and authorized in relying upon the most recent advice or instructions received by any such officer. The Warrant Agent shall not be liable for any action taken, suffered or omitted by it in accordance with the advice or instructions of any
such officer. 
 (c)    Agents. The Warrant Agent may execute and exercise any of the rights and powers hereby
vested in it or perform any duty hereunder either itself or by or through its attorneys, agents or employees, and the Warrant Agent shall not be answerable or accountable for any act, default, neglect or misconduct of any such attorneys, agents or
employees or for any loss to the Company resulting from such neglect or misconduct, provided that the Warrant Agent acts without gross negligence, willful misconduct or bad faith (each as determined by a final judgment of a court of competent
jurisdiction) in the selection and continued employment thereof. The Warrant Agent shall not be under any obligation or duty to institute, appear in, or defend any action, suit or legal proceeding in respect hereof, but this provision shall not
affect the power of the Warrant Agent to take such action as the Warrant Agent may consider necessary. The Warrant Agent shall promptly notify the Company in writing of any claim made or action, suit or proceeding instituted against the Warrant
Agent arising out of or in connection with this Agreement. 

  
 23 

 (d)    Cooperation. The Company will perform, execute, acknowledge and
deliver or cause to be performed, executed, acknowledged and delivered all such further acts, instruments and assurances as may reasonably be required by the Warrant Agent in order to enable the Warrant Agent to carry out or perform its duties under
this Agreement. 
 (e)    Agent Only. The Warrant Agent shall act solely as agent for the Company in accordance
with the terms and conditions hereof and does not assume any obligation or relationship of agency or trust with any Holders. The Warrant Agent shall not be liable except for the performance of such duties as are expressly set forth herein, and no
implied covenants or obligations shall be read into this Agreement against the Warrant Agent, whose duties and obligations shall be determined solely by the express provisions hereof. 

(f)    Right to Counsel. The Warrant Agent may at any time consult with legal counsel reasonably satisfactory to it
(who may be legal counsel for the Company), and the Warrant Agent shall incur no liability or responsibility to the Company or to any Warrant Holder for any action taken, suffered or omitted by the Warrant Agent in good faith in accordance with the
opinion or advice of such counsel. 
 (g)    Compensation. The Company agrees to pay the Warrant Agent reasonable
compensation for all services rendered by it hereunder and to reimburse the Warrant Agent for its reasonable expenses incurred by the Warrant Agent hereunder (including reasonable counsel fees and expenses) in connection with the acceptance,
negotiation, preparation, delivery, administration, execution, modification, waiver, delivery, enforcement or amendment of the Agreement and the exercise and performance of its duties hereunder. 

(h)    Accounting and Payment. The Warrant Agent shall account to the Company with respect to Warrants exercised or
converted and pay to the Company all moneys received by the Warrant Agent on behalf of the Company on the purchase of Warrant Shares through the exercise of Warrants pursuant to the procedures set forth in Section 5(f)(v). The Warrant Agent
shall advise the Company by facsimile or by electronic transmission at the end of each day the number of Warrant Exercise Notices received, and, if known, the identity of the Holder(s) of the Warrant(s) exercised or converted. 

(i)    No Conflict. Subject to applicable law, the Warrant Agent and any stockholder, affiliate, director, officer
or employee of the Warrant Agent may buy, sell or deal in any of the Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the
Company or otherwise act as fully and freely as though it were not Warrant Agent under this Agreement. Subject to applicable law, nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other
Person including, without limitation, acting as trustee under an indenture. 
 (j)    Resignation; Termination.
The Warrant Agent may resign its duties and be discharged from all further duties and liabilities hereunder (except liabilities arising prior to 

  
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resignation as a result of the Warrant Agent’s bad faith, gross negligence or willful misconduct (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction)) after giving thirty (30) calendar days’ prior written notice to the Company. In the event the transfer agency relationship in effect between
the Company and Warrant Agent terminates, the Warrant Agent shall be deemed to have resigned automatically and be discharged from its duties under this Agreement as of the effective date of such termination. The Company may remove the Warrant Agent
upon thirty (30) calendar days’ written notice, and the Warrant Agent shall thereupon in like manner be discharged from all further duties and liabilities hereunder, except as have been caused by the Warrant Agent’s bad faith, gross
negligence or willful misconduct (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable judgment of a court of competent jurisdiction) prior to its removal. The
Company shall cause to be mailed promptly (by first class mail, postage prepaid) to each registered Holder at such Holder’s last address as shown on the register of the Company, at the Company’s expense, a copy of such notice of
resignation or notice of removal, as the case may be. Upon such resignation or removal the Company shall promptly appoint in writing a new warrant agent. If the Company shall fail to make such appointment within a period of thirty (30) calendar
days after it has been notified in writing of such resignation by the resigning Warrant Agent or after such removal, then the Holder of any Warrant may apply to any court of competent jurisdiction for the appointment of a new warrant agent. A
resignation or removal of the Warrant Agent and appointment of a successor Warrant Agent will become effective only upon the successor Warrant Agent’s acceptance of appointment. Pending appointment of a successor to the Warrant Agent, either by
the Company or by such a court, the duties of the Warrant Agent shall be carried out by the Company. Any successor warrant agent, whether appointed by the Company or by such a court, shall be a Person, incorporated under the laws of the United
States or of any state thereof and authorized under such laws to conduct a shareholder services business, be subject to supervision and examination by a Federal or state authority, and have a combined capital and surplus of not less than
$100,000,000 as set forth in its most recent published annual report of condition; or in the case of such capital and surplus requirement, a controlled affiliate of such a Person meeting such capital and surplus requirement. After acceptance in
writing of such appointment by the new Warrant Agent, such successor Warrant Agent shall be vested with the same powers, rights, duties and responsibilities under this Agreement as if it had been originally named herein as the Warrant Agent, without
any further assurance, conveyance, act or deed; but if for any reason it shall be necessary or expedient to execute and deliver any further assurance, conveyance, act or deed, the same shall be done at the expense of the Company and shall be legally
and validly executed and delivered by the resigning or removed Warrant Agent. Not later than the effective date of any such appointment, the Company shall send notice thereof to the resigning or removed Warrant Agent and shall forthwith cause a copy
of such notice to be mailed (by first class, postage prepaid) to each registered Holder at such Holder’s last address as shown on the register of the Company. Failure to give any notice provided for in this Section 12(j), or any defect in
any such notice, shall not affect the legality or validity of the resignation of the Warrant Agent or the appointment of a successor Warrant Agent, as the case may be. 

(k)    Merger, Consolidation or Change of Name of Warrant Agent. Any Person into which the Warrant Agent may be
merged or converted or with which it may be consolidated, or any Person resulting from any merger, conversion or consolidation to which the Warrant Agent shall be a party, or any Person succeeding to all or substantially all of the agency business

  
 25 

 
of the Warrant Agent shall be the successor to the Warrant Agent hereunder without the execution or filing of any document or any further act on the part of any of the parties hereto, provided
that such Person would be eligible for appointment as a successor Warrant Agent under the provisions of Section 12(j). If at the time such successor to the Warrant Agent shall succeed under this Agreement, any of the Warrant Certificates shall
have been countersigned but not delivered, any such successor to the Warrant Agent may adopt the countersignature of the original Warrant Agent; and if at that time any of the Warrant Certificates shall not have been countersigned, any successor to
the Warrant Agent may countersign such Warrant Certificates either in the name of the predecessor Warrant Agent or in the name of the successor Warrant Agent; and in all such cases such Warrant Certificates shall have the full force and effect
provided in the Warrant Certificates and in this Agreement. If at any time the name of the Warrant Agent shall be changed and at such time any of the Warrants shall have been countersigned but not delivered, the Warrant Agent whose name has changed
may adopt the countersignature under its prior name; and if at that time any of the Warrants shall not have been countersigned, the Warrant Agent may countersign such Warrants either in its prior name or in its changed name; and in all such cases
such Warrants shall have the full force and effect provided in the Warrants and in this Agreement. 

(l)    Indemnity. The Company agrees to indemnify the Warrant Agent, and to hold it harmless against, any and all
losses, damages, claims, liabilities, penalties, judgments, settlements, actions, suits, proceedings, litigation, investigations, costs or expenses (including reasonable counsel fees and expenses) incurred without the bad faith, gross negligence or
willful misconduct on the part of the Warrant Agent (which bad faith, gross negligence or willful misconduct must be determined by a final, non-appealable order, judgment, decree or ruling of a court of
competent jurisdiction), for any action taken, suffered or omitted by the Warrant Agent in connection with the preparation, delivery, acceptance, administration, execution and amendment of this Agreement and the exercise and performance of its
duties hereunder, including the costs and expenses of defending against any claim of liability arising therefrom, directly or indirectly. The Warrant Agent shall not be obligated to expend or risk its own funds to take any action which it believes
would expose it to expense or liability or to a risk of incurring expense of liability, unless it has been furnished with assurance of repayment or indemnity reasonably satisfactory to it. 

(m)    Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Agreement or
with respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Agreement or in any Warrant; nor shall it be
responsible or have any duty to make any calculation or adjustment, or to determine when any calculation or adjustment required under the provisions hereof should be made, how it should be made or what it should be, or have any responsibility or
liability for the manner, method or amount of any such calculation or adjustment or the ascertaining of the existence of facts that would require any such calculation or adjustment; nor shall it by any act hereunder be deemed to make any
representation or warranty as to the authorization or reservation of any Warrant to be issued pursuant to this Agreement or as to whether any Warrant Shares will, when issued, be valid and fully paid and nonassessable. 

  
 26 

 (n)    No Liability for Interest. The Warrant Agent shall not be under
any liability for interest on any monies at any time received by it pursuant to any of the provisions of this Agreement. 

(o)    [Reserved]. 

(p)     [Reserved]. 

(q)    No Implied Obligations. The Warrant Agent shall be obligated to perform such duties as are explicitly set
forth herein and no implied duties or obligations shall be read into this Agreement against the Warrant Agent. The Warrant Agent shall not be under any obligation to take any action hereunder that may involve it in any expense or liability, the
payment of which within a reasonable time is not, in its reasonable opinion, assured to it. The Warrant Agent shall not be accountable or under any duty or responsibility for the use by the Company of any Warrant Certificate authenticated by the
Warrant Agent and delivered by it to the Company pursuant to this Agreement or for the application by the Company of the proceeds of the issuance and sale, or exercise or conversion, of the Warrants or Warrant Shares. The Warrant Agent shall have no
duty or responsibility in case of any default by the Company in the performance of its covenants or agreements contained herein or in any Warrant Certificate or in the case of the receipt of any written demand from a Holder with respect to such
default, including, without limiting the generality of the foregoing, any duty or responsibility to initiate or attempt to initiate any proceedings at law or otherwise or, to make any demand upon the Company. 

(r)    Force Majeure. In no event shall the Warrant Agent be responsible or liable for any failure or delay in the
performance of its obligations under this Agreement arising out of or caused by, directly or indirectly, forces beyond its reasonable control, including, without limitation, strikes, work stoppages, accidents, acts of war or terrorism, civil or
military disturbances, nuclear or natural catastrophes or acts of God, and interruptions, loss or malfunctions of utilities, communications or computer (software or hardware) services. 

(s)    Bank Accounts. All funds received by Computershare under this Agreement that are to be distributed or
applied by Computershare in the performance of Services (the “Funds”) shall be held by Computershare as agent for the Company and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for the
Company. Until paid pursuant to the terms of this Agreement, Computershare will hold the Funds through such accounts in: deposit accounts of commercial banks with Tier 1 capital exceeding $1 billion or with an average rating above investment
grade by S&P (LT Local Issuer Credit Rating), Moody’s (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). Computershare shall have no responsibility or liability for any
diminution of the Funds that may result from any deposit made by Computershare in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third party. Computershare may from time to
time receive interest, dividends or other earnings in connection with such deposits. Computershare shall not be obligated to pay such interest, dividends or earnings to the Company, any holder or any other party. 

  
 27 

 SECTION 13.    Severability. In the event that any one or more of the
provisions contained herein or in the Warrants, or the application thereof in any circumstances, is held invalid, illegal or unenforceable, the validity, legality and enforceability of any such provisions in every other respect and of the remaining
provisions contained herein and therein shall not be affected or impaired thereby; provided, that if any such excluded term, provision, covenant or restriction shall materially adversely affect the rights, immunities, duties or obligations of
the Warrant Agent, the Warrant Agent shall be entitled to resign immediately. Furthermore, subject to the preceding sentence, in lieu of any such invalid, illegal or unenforceable provision, the parties hereto intend that there shall be added as a
part of this Agreement a provision as similar in terms and commercial effect to such invalid, illegal or unenforceable provision as may be possible and be valid and enforceable. 

SECTION 14.    Holder Not Deemed a Stockholder. Prior to the exercise or conversion of any Warrants, no Holder
thereof, as such, shall be entitled to any rights of a stockholder of the Company, including, but not limited to, the right to vote, to receive dividends or other distributions, to exercise any preemptive right or, to receive notice as stockholders
in respect of the meetings of stockholders or for the election of directors of the Company or any other matter. 
 SECTION
15.    Notices to Company and Warrant Agent. All notices, requests or demands authorized by this Agreement to be given or made by the Warrant Agent or by any registered Holder of any Warrant to or on the Company or the
Warrant Agent to be effective shall be in writing (including by telecopy), and shall be deemed to have been duly given or made when delivered by hand, or one Business Day if sent by overnight courier service (with next day delivery specified), or
two Business Days after being delivered to a recognized courier (whose stated terms of delivery are two business days or less to the destination such notice), or five Business Days after being deposited in the mail, or, in the case of facsimile or
email notice, when received, addressed (until another address is filed in writing by the Company with the Warrant Agent) as follows: 

Tidewater Inc. 
 601 Poydras St.

 Suite 1500 
 New Orleans,
Louisiana 70130 
 Fax: 1.888.909.0946 

Attn: Bruce D. Lundstrom, Executive Vice President, General Counsel and Secretary 

Email: blundstrom@tdw.com 
 Any
notice pursuant to this Agreement to be given by the Company or by any registered Holder of any Warrant to the Warrant Agent shall be sufficiently given if sent by first-class mail, postage prepaid, addressed (until another address is filed in
writing by the Warrant Agent with the Company), as follows: 
 Computershare Trust Company, N.A. 

Computershare Inc. 
 250 Royall
Street 
 Canton, MA 02021 

Attention: Client Services 

  
 28 

 SECTION 16.    Supplements and Amendments. The Company and the Warrant
Agent may from time to time supplement or amend this Agreement (a) without the approval of any Holders in order to cure any ambiguity, manifest error or other mistake in this Agreement, or to correct or supplement any provision contained herein
that may be defective or inconsistent with any other provision herein, or to make any other provisions in regard to matters or questions arising hereunder that the Company and the Warrant Agent may deem necessary or desirable and that shall not
adversely affect, alter or change the interests of the Holders in any material respect (b) without the approval of any Holders to implement any changes required by the U.S. Coast Guard or the U.S. Maritime Administration in order for the
Company to comply with the Jones Act limitations on ownership of Warrant Shares by Non-U.S. Citizens, or (c) with the prior written consent of Holders exercisable or convertible for a majority of the
Warrant Shares then issuable upon exercise or conversion of all of the Warrants then outstanding; provided, that the Warrant Agent shall not be required to execute any amendment or supplement to this Agreement that the Warrant Agent has
determined would adversely affect its own rights, duties, obligations or immunities under this Agreement. As a condition precedent to the Warrant Agent’s execution of any amendment or supplement to this Agreement, the Company shall deliver to
the Warrant Agent a certificate from an Authorized Officer of the Company that states that the proposed amendment is in compliance with the terms of this Section 16. No modification or amendment to this Agreement shall be effective unless duly
executed by the Warrant Agent. Notwithstanding the foregoing, the consent of each Holder affected shall be required for any amendment pursuant to which the Exercise Price would be increased or the number of Warrant Shares purchasable would be
decreased (other than pursuant to adjustments provided herein) or the Expiration Date would be shortened. Upon execution and delivery of any supplement or amendment pursuant to this Section 16, such amendment shall be considered a part of this
Agreement for all purposes and every Holder of a Warrant Certificate theretofore or thereafter countersigned and delivered hereunder shall be bound thereby. 

SECTION 17.    Termination. This Agreement shall terminate on the Expiration Date or, if later, upon settlement of
all Warrants (i) validly exercised or converted prior to the Expiration Date and, (ii) if exercised or converted pursuant to Section 5(c)(i) hereof, for which the Exercise Price was timely paid. Notwithstanding the foregoing, this
Agreement will terminate on any earlier date when all Warrants have been exercised, converted, or cancelled; provided, however, that the provisions of Section 12 shall survive such termination. 

SECTION 18.    Governing Law and Consent to Forum. This Agreement shall be governed by and construed in accordance
with the laws of the State of New York applicable to contracts made and to be performed within the State of New York. Each of the Company and the Warrant Agent hereby irrevocably submits to the jurisdiction of any New York State court sitting in the
City of New York or any Federal Court sitting in the City of New York with respect to any suit, action or proceeding arising out of or relating to this Agreement, and each irrevocably accepts for itself and in respect of its property, generally and
unconditionally, the jurisdiction of the aforesaid courts. Nothing herein shall affect the right of any Person to serve process in any manner permitted by law or to commence legal proceedings or otherwise proceed against the Company or the Warrant
Agent in any other jurisdiction. 

  
 29 

 SECTION 19.    Waiver of Jury Trial. The parties hereto waive all
right to trial by jury in any action or proceeding to enforce or defend any rights hereunder. 
 SECTION
20.    Benefits of this Agreement. Nothing in this Agreement shall be construed to give to any Person other than the Company, the Warrant Agent and the registered Holders (who are express third party beneficiaries of this
Agreement) any legal or equitable right, remedy or claim under this Agreement, and this Agreement shall be for the sole and exclusive benefit of the Company, the Warrant Agent and the registered Holders. 

SECTION 21.    Counterparts. This Agreement may be executed in any number of counterparts and each of such
counterparts shall for all purposes be deemed to be an original, and such counterparts shall together constitute but one and the same instrument. 

SECTION 22.    Headings. The headings of sections of this Agreement have been inserted for convenience of reference
only, are not to be considered a part hereof and in no way modify or restrict any of the terms or provisions hereof. 
 SECTION
23.    Confidentiality. The Warrant Agent and the Company agree that all books, records, information and data pertaining to the business of the other party, including inter alia, personal,
non-public warrant holder information, which are exchanged or received pursuant to the negotiation or the carrying out of this Agreement including the fees for services of the Warrant Agent shall remain
confidential, and shall not be voluntarily disclosed to any other person, except as may be required by law, including, without limitation, pursuant to subpoenas from state or federal government authorities (e.g., in divorce and criminal actions).

 [Signature page follows] 

  
 30 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed and
delivered as of the day and year first above written. 
  

			
	TIDEWATER INC.
		
	By:	 	 /s/ Jeffrey M. Platt

	Name:	 	Jeffrey M. Platt
	Title:	 	President and Chief Executive Officer

  
 [Signature Page to
Warrant Agreement] 

 
			
	COMPUTERSHARE INC. and
	COMPUTERSHARE TRUST COMPANY, N.A. collectively as Warrant Agent
		
	By:	 	 /s/ Dan DeWeever

	Name:	 	Dan DeWeever
	Title:	 	Product Director

  
 [Signature Page to
Warrant Agreement] 

 EXHIBIT A-1 

FORM OF FACE OF GLOBAL WARRANT CERTIFICATE 

This Global Warrant Certificate is deposited with or on behalf of The Depository Trust Company (the “Depository”) or its nominee in custody for the
benefit of the beneficial owners hereof, and is not transferable to any person under any circumstances except that (i) this Global Warrant Certificate may be delivered to the Warrant Agent for cancellation pursuant to Section 4(f) of the
Warrant Agreement and (ii) this Global Warrant Certificate may be transferred pursuant to Section 4(e) of the Warrant Agreement and as set forth below. 

UNLESS THIS GLOBAL WARRANT CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TO THE COMPANY OR THE WARRANT AGENT FOR REGISTRATION
OF TRANSFER, EXCHANGE OR PAYMENT AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY (AND ANY PAYMENT HEREON IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL BECAUSE THE REGISTERED OWNER HEREOF, CEDE & CO.
OR SUCH OTHER ENTITY, HAS AN INTEREST HEREIN. 
 TRANSFERS OF THIS GLOBAL WARRANT CERTIFICATE SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN
PART, TO NOMINEES OF THE DEPOSITORY OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE OR AS OTHERWISE PERMITTED IN SECTION 4(E) OF THE WARRANT AGREEMENT, AND TRANSFERS OF BENEFICIAL INTERESTS IN THIS GLOBAL WARRANT CERTIFICATE SHALL BE
LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH THE RESTRICTIONS SET FORTH IN SECTIONS 4 AND 5 OF THE WARRANT AGREEMENT. 
 No registration or transfer of
the securities issuable pursuant to the exercise or conversion of the Warrant will be recorded on the books of the Company until such provisions have been complied with. 

To the extent that any provision hereof conflicts with any provision of the Warrant Agreement, the provision in the Warrant Agreement shall control. 

  
 A-1-1 

			
		 	CUSIP No.           88642R 133
		
		 	ISIN No.       US88642R1335
		
		 	    WARRANTS TO PURCHASE
		
		 	SHARES OF COMMON STOCK

 TIDEWATER INC. 

GLOBAL WARRANT TO PURCHASE COMMON STOCK 

VOID AFTER 5:00 P.M., New York City Time, July 31, 2042 

This Global Warrant Certificate (“Warrant Certificate”) certifies that Cede & Co., or its registered assigns is the registered holder of
warrants (the “Warrants”) of Tidewater Inc., a Delaware corporation (the “Company”), to purchase the number of shares of common stock, par value $0.001 per share (the “Common Stock”), of the Company set forth above. The
Warrants expire at 5:00 p.m., New York City time, on the date that is the twenty-five year anniversary of the Effective Date (such date, the “Expiration Date”), and each Warrant entitles the holder to purchase from the Company one fully
paid and non-assessable Share at the exercise price (the “Exercise Price”), payable to the Company either by certified or official bank or bank cashier’s check payable to the order of the
Company, or by wire transfer in immediately available funds of the aggregate Exercise Price to an account of the Warrant Agent specified in writing by the Warrant Agent for such purpose, no later than 5:00 p.m., New York City time, on the business
day immediately prior to the settlement date, which settlement date is three Business Days after a Warrant Exercise Notice is delivered (the “Settlement Date”). The initial Exercise Price shall be $0.001 per share (equal to the par value
$0.001 per share of Common Stock) (subject to adjustment as provided in the Warrant Agreement). 
 In lieu of paying the Exercise Price set forth in the
preceding paragraph, subject to the provisions of the Warrant Agreement (as defined on the reverse hereof), the Warrants shall entitle the holder thereof, at the election of such holder, to convert the Warrants by authorizing the Company to withhold
from issuance a number of shares of Common Stock issuable upon conversion of the Warrants which when multiplied by the Market Price of the Common Stock is equal to the aggregate price for the number of shares of Common Stock for which the Warrants
are being converted at the Exercise Price (assuming the Exercise Price for all such shares of Common Stock was being paid in cash), and such withheld shares shall no longer be issuable under the Warrants. The Warrants are also subject to conversion,
in whole or in part, at the sole discretion of the Company, as and to the extent provided in the Warrant Agreement. 
 The number of shares of Common Stock
purchasable upon exercise or conversion of the Warrants are subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement. 

To the extent that any provision hereof conflicts with any provision of the Warrant Agreement, the provision in the Warrant Agreement shall control. 

No Warrant may be exercised or converted prior to the date of the Warrant Agreement or after the Expiration Date. 

After 5:00 p.m., New York City time, on the Expiration Date, the Warrants will become wholly void and of no value. 

  
 A-1-2 

 Holder Not Deemed a Stockholder. Prior to the exercise or conversion of any Warrant, no holder thereof, as
such, shall be entitled to any rights of a stockholder of the Company, including, but not limited to, the right to vote, to receive dividends or other distributions, to exercise any preemptive right or to receive notice as stockholders in respect of
the meetings of stockholders or for the election of directors of the Company or any other matter. 
 Jones Act Limitations on Warrant Exercise.
Notwithstanding the other provisions of the Warrant Agreement, in order to facilitate the Company’s compliance with the Jones Act and other U.S. Maritime Laws concerning the ownership of the Common Stock by
Non-U.S. Citizens with regard to its continuing ability to operate its vessels in the coastwise trade of the United States and to comply with obligations of the Company under contracts that it may enter into
from time to time with the United States Government: 
 (i)    At the time of exercise or conversion of any Warrant, its
holder shall advise the Company whether or not it (or, if not the holder, the person that the holder has designated to receive the Common Stock issuable upon exercise or conversion of such Warrant) is a U.S. Citizen. The Company may require a holder
(or, if not the holder, the person that the holder has designated to receive the Common Stock issuable upon exercise or conversion of such Warrant) to provide it with such documents and other information as it may request as reasonable proof
confirming that the holder (or, if not the holder, the person that the holder has designated to receive the Common Stock issuable upon exercise or conversion of such Warrant) is a U.S. Citizen. 

(ii)    Any holder that cannot establish to the Company’s reasonable satisfaction that it (or, if not the holder, the
person that the holder has designated to receive the Common Stock issuable upon exercise or conversion of any Warrant) is a U.S. Citizen may not exercise or convert any Warrant to the extent the shares of Common Stock deliverable upon exercise or
conversion of such Warrant would constitute Excess Shares, as defined in the Warrant Agreement, if they were issued, which shall be determined by the Company in its sole discretion at the time of any proposed exercise or conversion of such Warrant.

 (iii)    Any sale, transfer or other disposition of any Warrant by any holder that is a Non-U.S. Citizen to a person who is a U.S. Citizen must be a complete transfer of such holder’s interests in such Warrant and the Common Stock issuable upon its exercise or conversion to such person with the
transferor retaining no ability to direct or control such person. The foregoing restriction shall also apply to any person that the holder has designated to receive the Common Stock issuable upon exercise or conversion of any Warrant. 

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS WARRANT CERTIFICATE SET FORTH ON THE REVERSE HEREOF. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE. 
 This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent. 

IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be executed by its duly authorized officer. 

  
 A-1-3 

 Dated: July 31, 2017 
  

			
	TIDEWATER INC.
		
	By:	 	  

	Name:	 	Jeff M. Platt
	Title:	 	President and Chief Executive Officer
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	COMPUTERSHARE INC. and
	 COMPUTERSHARE TRUST COMPANY, N.A.,

collectively as Warrant Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-1-4 

 FORM OF REVERSE OF GLOBAL WARRANT CERTIFICATE 

TIDEWATER INC. 
 The Warrants evidenced by this
Warrant Certificate are a part of a duly authorized issue of Warrants to purchase shares of Common Stock issued pursuant to that certain Creditor Warrant Agreement, dated as of July 31, 2017 (the “Warrant Agreement”), duly executed
and delivered by the Company and Computershare Inc., a Delaware corporation (“Computershare”) and its wholly owned subsidiary Computershare Trust Company, N.A., a federally chartered trust company (and together with Computershare, the
“Warrant Agent”). The Warrant Agreement hereby is incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities
thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the registered holders or registered holder) of the Warrants. A copy of the Warrant Agreement may be inspected at the Warrant
Agent’s office designated for such purpose and is available upon written request addressed to the Company. All capitalized terms used on the face of this Warrant Certificate but not defined herein and are defined in the Warrant Agreement shall
have the meanings assigned to them therein. 
 Warrants may be exercised or converted from the date of the Warrant Agreement through 5:00 p.m., New York
City time, on the Expiration Date, subject to adjustment as described in the Warrant Agreement. Subject to the terms and conditions set forth herein and in the Warrant Agreement, the holder of the Warrants evidenced by this Warrant Certificate may
exercise such Warrants by: 
 (i) providing written notice of such election (“Warrant Exercise Notice”) to exercise the Warrants to the Company
and the Warrant Agent at the addresses set forth in the Warrant Agreement, by hand or by facsimile, no later than 5:00 p.m., New York City time, on the Expiration Date, which Warrant Exercise Notice shall substantially be in the form of an election
to purchase shares of Common Stock set forth herein, properly completed and executed by the holder; (ii) delivering no later than 5:00 p.m., New York City time, on the Business Day immediately prior to the Settlement Date, the Warrants to the
Warrant Agent (by book-entry transfer through the facilities of the Depository); and (iii) paying the Exercise Price, together with any applicable taxes and governmental charges. 

In lieu of paying the Exercise Price as set forth in the preceding paragraph, subject to the provisions of the Warrant Agreement, the Warrants shall entitle
the holder thereof, at the election of such holder, to convert the Warrants by authorizing the Company to withhold from issuance a number of shares of Common Stock issuable upon conversion of the Warrants which when multiplied by the Market Price of
the Common Stock is equal to the aggregate price for the number of shares of Common Stock for which the Warrants are being converted at the Exercise Price (assuming the Exercise Price for all such shares of Common Stock was being paid in cash), and
such withheld shares shall no longer be issuable under the Warrants. The Warrants are also subject to conversion, in whole or in part, at the sole discretion of the Company, as and to the extent provided in the Warrant Agreement. 

In the event that upon any exercise or conversion of the Warrants evidenced hereby the number of shares of Common Stock actually purchased shall be less than
the total number of shares of Common Stock purchasable upon exercise or conversion of the Warrants evidenced hereby, there shall be issued to the holder hereof, or such holder’s assignee, a new Warrant Certificate evidencing Warrants to
purchase the shares of Common Stock not so purchased or appropriate adjustment shall be made in the “Schedule of Increases or Decreases in Global Warrant Certificate” annexed hereto. No adjustment shall be made for any cash dividends on
any shares of Common Stock issuable upon exercise or conversion of Warrants. After 5:00 p.m., New York City time on the Expiration Date, unexercised or unconverted Warrants shall become wholly void and of no value. 

  
 A-1-5 

 The Company shall not be required to issue fractional shares of Common Stock or any certificates that evidence
fractional shares of Common Stock. 
 Warrant Certificates, when surrendered by book-entry delivery through the facilities of the Depository, may be
exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing Warrants to purchase in the
aggregate a like number of shares of Common Stock. 
 No Warrants may be sold, exchanged or otherwise transferred in violation of the Securities Act or
state securities laws. 
 The Company and Warrant Agent may deem and treat the registered holder hereof as the absolute owner of this Warrant Certificate
(notwithstanding any notation of ownership or other writing hereon made by anyone) for the purpose of any exercise or conversion hereof and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the
contrary. 
 [Balance of page intentionally remains blank] 

  
 A-1-6 

 [TO BE ATTACHED TO GLOBAL WARRANT CERTIFICATE FOR THE WARRANTS] 

SCHEDULE OF INCREASES OR DECREASES IN GLOBAL WARRANT CERTIFICATE 

The following increases or decreases in this Global Warrant have been made: 
  

									
	 	 	 	 	 
	Date	 	 Amount of

decrease in the
 number of shares

issuable upon
 exercise or

conversion of the
 Warrants

represented by this
 Global Warrant
	 	 Amount of

increase in number
 of shares issuable

upon exercise or
 conversion of the

Warrants
 represented by this

Global Warrant
	 	 Number of shares

issuable upon
 exercise or

conversion of the
 Warrants

represented by this
 Global Warrant

following such
 decrease or

increase
	 	      

Signature of
 authorized officer

of the Warrant
 Agent

	 	 	 	 	 	 	 	 	 

  
 A-1-7 

 FORM OF ELECTION TO EXERCISE WARRANT FOR 

WARRANT HOLDERS HOLDING WARRANTS 

THROUGH THE DEPOSITORY TRUST COMPANY 

TO BE COMPLETED BY DIRECT PARTICIPANT 

IN THE DEPOSITORY TRUST COMPANY 

TIDEWATER INC. 
 Warrants to
Purchase                  Shares of Common Stock 

(TO BE EXECUTED UPON EXERCISE OF THE WARRANT) 

The undersigned hereby irrevocably elects to exercise the right, represented by Warrants to purchase shares of Common Stock of Tidewater Inc. (the
“Company”) held for its benefit through the book-entry facilities of The Depository Trust Company (the “Depository”), to purchase
                 newly issued shares of Common Stock of the Company at the Exercise Price of $0.001 per share (as such Exercise Price may be adjusted pursuant to
the Warrant Agreement). 
 The undersigned represents, warrants and promises that it has the full power and authority to exercise or convert and deliver the
Warrants exercised or converted hereby. Unless the undersigned is making an election to convert the Warrants as set forth below, the undersigned represents, warrants and promises that it has delivered or will deliver in payment for such shares
$         by certified or official bank or bank cashier’s check payable to the order of the Company, or by wire transfer in immediately available funds of the aggregate Exercise Price to an account
of the Warrant Agent specified in writing by the Warrant Agent for such purpose, no later than 5:00 p.m., New York City time, on the Business Day immediately prior to the Settlement Date. 

☐  Please check if the undersigned, in lieu of paying the Exercise Price as set forth in the preceding paragraph, elects to convert the
Warrants by authorizing the Company to withhold from issuance a number of shares of Common Stock issuable upon conversion of the Warrants which when multiplied by the Market Price of the Common Stock is equal to the aggregate price for the number of
shares of Common Stock for which the Warrants are being converted at the Exercise Price (assuming the Exercise Price for all such shares of Common Stock was being paid in cash), and such withheld shares shall no longer be issuable under the
Warrants. 
 If the undersigned will be receiving the shares of Common Stock issuable upon exercise or conversion of Warrants: 

☐  Please check if the undersigned is a U.S. Citizen (additional information may be required by the Company to confirm that the undersigned is
a U.S. Citizen) 
 ☐  Please check if the undersigned is a Non-U.S. Citizen. 

If the undersigned has designated another person (a “designee”) to receive the shares of Common Stock issuable upon exercise or conversion of
Warrants: 
 ☐  Please check if such designee is a U.S. Citizen (additional information may be required by the Company to confirm that such
designee is a U.S. Citizen) 
 ☐  Please check if such designee is a Non-U.S. Citizen. 

  
 A-1-8 

 The undersigned requests that the shares of Common Stock purchased hereby be in registered form in the authorized
denominations, registered in such names and delivered, all as specified in accordance with the instructions set forth below, provided that if the shares of Common Stock are evidenced by global securities, the shares of Common Stock shall be
registered in the name of the Depository or its nominee. 
 Dated:
                                        

 NOTE: THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT AGENT, PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON THE EXPIRATION DATE. THE WARRANT AGENT
SHALL NOTIFY YOU (THROUGH THE CLEARING SYSTEM) OF (1) THE WARRANT AGENT’S ACCOUNT AT THE DEPOSITORY TO WHICH YOU MUST DELIVER YOUR WARRANTS ON THE EXERCISE DATE AND (2) THE ADDRESS, PHONE NUMBER AND FACSIMILE NUMBER WHERE YOU CAN
CONTACT THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES ARE TO BE SUBMITTED. 
  

			
	NAME OF DIRECT PARTICIPANT IN THE DEPOSITORY:	  	  

		  	(PLEASE PRINT)

			
		
	ADDRESS:	  	  

			
		
	CONTACT NAME:	 	  

			
		
	ADDRESS:	 	  

			
	
	  

		
	TELEPHONE (INCLUDING INTERNATIONAL CODE):	 	  

			
		
	FAX (INCLUDING INTERNATIONAL CODE):	 	  

			
	
	SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF APPLICABLE):
	
	  

			
		
	ACCOUNT FROM WHICH THE WARRANTS ARE BEING DELIVERED:	 	  

			
		
	DEPOSITORY ACCOUNT NO.:	 	  

			
	
	WARRANT EXERCISE NOTICES WILL ONLY BE VALID IF DELIVERED IN ACCORDANCE WITH THE INSTRUCTIONS SET FORTH IN THIS NOTIFICATION (OR AS OTHERWISE DIRECTED), MARKED TO THE ATTENTION OF “WARRANT EXERCISE”. WARRANT
HOLDER DELIVERING THE WARRANTS, IF OTHER THAN THE DIRECT DTC PARTICIPANT DELIVERING THIS WARRANT EXERCISE NOTICE:

			
		
	NAME:	 	  

		 	(PLEASE PRINT)

			
		
	CONTACT NAME:	 	  

			
		
	TELEPHONE (INCLUDING INTERNATIONAL CODE):	 	  

			
		
	FAX (INCLUDING INTERNATIONAL CODE):	 	  

  
 A-1-9 

			
	
	SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF APPLICABLE):
	
	  

	
	ACCOUNT TO WHICH THE SHARES OF COMMON STOCK ARE TO BE CREDITED:
	
	  

			
		
	DEPOSITORY ACCOUNT NO.:	  	  

		
		  	

			
	
	FILL IN FOR DELIVERY OF THE COMMON STOCK, IF OTHER THAN TO THE PERSON DELIVERING THIS WARRANT EXERCISE NOTICE:

			
		
	NAME:	  	  

		  	(PLEASE PRINT)

			
		
	ADDRESS:	  	  

	
	  

			
		
	CONTACT	  	

			
		
	NAME:	  	  

			
		
	TELEPHONE (INCLUDING INTERNATIONAL CODE):	  	  

			
		
	FAX (INCLUDING INTERNATIONAL CODE):	  	  

			
	
	SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF APPLICABLE):

			
	
	  

			
	
	NUMBER OF SHARES OF COMMON STOCK FOR WHICH THE WARRANT IS BEING EXERCISED (ONLY ONE EXERCISE PER WARRANT EXERCISE NOTICE):

			
		
	Signature:	  	  

			
		
	Name:	  	  

			
		
	Capacity in which Signing:	  	  

			
		
	Signature Guaranteed	  	

			
		
	BY:	  	  

			
	
	Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company’s transfer agent.

  

  
 A-1-10 

 EXHIBIT A-2 

FORM OF FACE OF INDIVIDUAL WARRANT CERTIFICATE 

VOID AFTER 5:00 P.M., New York City Time, July 31, 2042 

This Individual Warrant Certificate may not be sold, exchanged or otherwise transferred in violation of the Securities Act or state securities laws. 

To the extent that any provision hereof conflicts with any provision of the Warrant Agreement, the provision in the Warrant Agreement shall control.

  
 A-2-1 

 
[●] 
 WARRANTS TO PURCHASE 

SHARES OF COMMON STOCK 
 TIDEWATER
INC. 
 INDIVIDUAL WARRANT TO PURCHASE COMMON STOCK 

VOID AFTER 5:00 P.M., New York City Time, July 31, 2042 

This Individual Warrant Certificate (“Warrant Certificate”) certifies that
                    , or its registered assigns is the registered holder of Warrants (the “Warrants”) of Tidewater Inc., a Delaware
corporation (the “Company”), to purchase the number of shares of common stock, par value $0.001 per share (the “Common Stock”), of the Company set forth above. The Warrants expire at 5:00 p.m., New York City time, on the date
that is the twenty-five year anniversary of the Effective Date (such date, the “Expiration Date”), and each Warrant entitles the holder to purchase from the Company one fully paid and non-assessable
Share at the exercise price (the “Exercise Price”), payable to the Company either by certified or official bank or bank cashier’s check payable to the order of the Company, or by wire transfer in immediately available funds of the
aggregate Exercise Price to an account of the Warrant Agent specified in writing by the Warrant Agent for such purpose, no later than 5:00 p.m., New York City time, on the business day immediately prior to the settlement date, which settlement date
is three Business Days after a Warrant Exercise Notice is delivered (the “Settlement Date”). The initial Exercise Price shall be $0.001 per share (equal to the par value $0.001 per share of Common Stock) (subject to adjustment as provided
in the Warrant Agreement). 
 In lieu of paying the Exercise Price set forth in the preceding paragraph, subject to the provisions of the Warrant Agreement
(as defined on the reverse hereof), the Warrants shall entitle the holder thereof, at the election of such holder, to convert the Warrants by authorizing the Company to withhold from issuance a number of shares of Common Stock issuable upon
conversion of the Warrants which when multiplied by the Market Price of the Common Stock is equal to the aggregate price for the number of shares of Common Stock for which the Warrants are being converted at the Exercise Price (assuming the Exercise
Price for all such shares of Common Stock was being paid in cash), and such withheld shares shall no longer be issuable under the Warrants. The Warrants are also subject to conversion, in whole or in part, at the sole discretion of the Company, as
and to the extent provided in the Warrant Agreement. 
 The number of shares of Common Stock purchasable upon exercise or conversion of the Warrants are
subject to adjustment upon the occurrence of certain events as set forth in the Warrant Agreement. 
 To the extent that any provision hereof conflicts with
any provision of the Warrant Agreement, the provision in the Warrant Agreement shall control. 
 No Warrant may be exercised or converted prior to the date
of the Warrant Agreement or after the Expiration Date. 
 After 5:00 p.m., New York City time, on the Expiration Date, the Warrants will become wholly void
and of no value. 
 Holder Not Deemed a Stockholder. Prior to the exercise or conversion of any Warrant, no holder thereof, as such, shall be
entitled to any rights of a stockholder of the Company, including, but not limited to, the 

  
 A-2-2 

 
right to vote, to receive dividends or other distributions, to exercise any preemptive right or to receive notice as stockholders in respect of the meetings of stockholders or for the election of
directors of the Company or any other matter. 
 Jones Act Limitations on Warrant Exercise. Notwithstanding the other provisions of the Warrant
Agreement, in order to facilitate the Company’s compliance with the Jones Act and other U.S. Maritime Laws concerning the ownership of the Common Stock by Non-U.S. Citizens with regard to its continuing
ability to operate its vessels in the coastwise trade of the United States and to comply with obligations of the Company under contracts that it may enter into from time to time with the United States Government: 

(i)    At the time of exercise or conversion of any Warrant, its holder shall advise the Company whether or not it (or, if
not the holder, the person that the holder has designated to receive the Common Stock issuable upon exercise or conversion of such Warrant) is a U.S. Citizen. The Company may require a holder (or, if not the holder, the person that the holder has
designated to receive the Common Stock issuable upon exercise or conversion of such Warrant) to provide it with such documents and other information as it may request as reasonable proof confirming that the holder (or, if not the holder, the person
that the holder has designated to receive the Common Stock issuable upon exercise or conversion of such Warrant) is a U.S. Citizen. 

(ii)    Any holder that cannot establish to the Company’s reasonable satisfaction that it (or, if not the holder, the
person that the holder has designated to receive the Common Stock issuable upon exercise or conversion of any Warrant) is a U.S. Citizen may not exercise or convert any Warrant to the extent the shares of Common Stock deliverable upon exercise or
conversion of such Warrant would constitute Excess Shares, as defined in the Warrant Agreement, if they were issued, which shall be determined by the Company in its sole discretion at the time of any proposed exercise or conversion of such Warrant.

 (iii)    Any sale, transfer or other disposition of any Warrant by any holder that is a Non-U.S. Citizen to a person who is a U.S. Citizen must be a complete transfer of such holder’s interests in such Warrant and the Common Stock issuable upon its exercise or conversion to such person with the
transferor retaining no ability to direct or control such person. The foregoing restriction shall also apply to any person that the holder has designated to receive the Common Stock issuable upon exercise or conversion of any Warrant. 

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS WARRANT CERTIFICATE SET FORTH ON THE REVERSE HEREOF. SUCH FURTHER PROVISIONS SHALL FOR ALL PURPOSES
HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE. 
 This Warrant Certificate shall not be valid unless countersigned by the Warrant Agent. 

IN WITNESS WHEREOF, the Company has caused this Warrant Certificate to be executed by its duly authorized officer. 

  
 A-2-3 

 Dated: July 31, 2017 
  

			
	TIDEWATER INC.
		
	By:	 	  

	Name:	 	Jeff M. Platt
	Title:	 	President and Chief Executive Officer
		
	By:	 	  

	Name:	 	
	Title:	 	
	
	Computershare Inc. and
	 Computershare Trust Company, N.A.,

collectively as Warrant Agent

		
	By:	 	  

	Name:	 	
	Title:	 	

  
 A-2-4 

 FORM OF REVERSE OF INDIVIDUAL WARRANT CERTIFICATE 

TIDEWATER INC. 
 The Warrants evidenced by this
Warrant Certificate are a part of a duly authorized issue of Warrants to purchase shares of Common Stock issued pursuant to that certain Creditor Warrant Agreement, dated as of July 31, 2017 (the “Warrant Agreement”), duly executed
and delivered by the Company and Computershare Inc., a Delaware corporation (“Computershare”) and its wholly owned subsidiary Computershare Trust Company, N.A., a federally chartered trust company (and together with Computershare, the
“Warrant Agent”). The Warrant Agreement hereby is incorporated by reference in and made a part of this instrument and is hereby referred to for a description of the rights, limitation of rights, obligations, duties and immunities
thereunder of the Warrant Agent, the Company and the holders (the words “holders” or “holder” meaning the registered holders or registered holder) of the Warrants. A copy of the Warrant Agreement may be inspected at the Warrant
Agent’s office designated for such purpose and is available upon written request addressed to the Company. All capitalized terms used on the face of this Warrant Certificate but not defined herein and are defined in the Warrant Agreement shall
have the meanings assigned to them therein. 
 Warrants may be exercised or converted to purchase Warrant Shares from the Company from the date of the
Warrant Agreement through 5:00 p.m., New York City time, on the Expiration Date, at the Exercise Price set forth on the face hereof, subject to adjustment as described in the Warrant Agreement. Subject to the terms and conditions set forth herein
and in the Warrant Agreement, the holder of the Warrants evidenced by this Warrant Certificate may exercise such Warrants by: 
 (i) providing written
notice of such election (“Warrant Exercise Notice”) to exercise the Warrants to the Company and the Warrant Agent at the addresses set forth in the Warrant Agreement, by hand or by facsimile, no later than 5:00 p.m., New York City time, on
the Expiration Date, which Warrant Exercise Notice shall substantially be in the form of an election to purchase shares of Common Stock set forth herein, properly completed and executed by the holder; (ii) delivering no later than 5:00 p.m.,
New York City time, on the Business Day immediately prior to the Settlement Date, the Warrant Certificate evidencing such Warrants to the Warrant Agent; and (iii) paying the Exercise Price, together with any applicable taxes and governmental
charges. 
 In lieu of paying the Exercise Price as set forth in the preceding paragraph, subject to the provisions of the Warrant Agreement, the Warrants
shall entitle the holder thereof, at the election of such holder, to convert the Warrants by authorizing the Company to withhold from issuance a number of shares of Common Stock issuable upon conversion of the Warrants which when multiplied by the
Market Price of the Common Stock is equal to the aggregate price for the number of shares of Common Stock for which the Warrants are being converted at the Exercise Price (assuming the Exercise Price for all such shares of Common Stock was being
paid in cash), and such withheld shares shall no longer be issuable under the Warrants. The Warrants are also subject to conversion, in whole or in part, at the sole discretion of the Company, as and to the extent provided in the Warrant Agreement.

 In the event that upon any exercise or conversion of the Warrants evidenced hereby the number of shares of Common Stock actually purchased shall be less
than the total number of shares of Common Stock purchasable upon exercise or conversion of the Warrants evidenced hereby, there shall be issued to the holder hereof, or such holder’s assignee, a new Warrant Certificate evidencing Warrants to
purchase the shares of Common Stock not so purchased. No adjustment shall be made for any cash dividends on any shares of Common Stock issuable upon exercise or conversion of Warrants. After 5:00 p.m., New York City time on the Expiration Date,
unexercised or unconverted Warrants shall become wholly void and of no value. 

  
 A-2-5 

 The Company shall not be required to issue fractional shares of Common Stock or any certificates that evidence
fractional shares of Common Stock. 
 Warrant Certificates, when surrendered by book-entry delivery through the facilities of the Depository, may be
exchanged, in the manner and subject to the limitations provided in the Warrant Agreement, but without payment of any service charge, for another Warrant Certificate or Warrant Certificates of like tenor evidencing Warrants to purchase in the
aggregate a like number of shares of Common Stock. 
 No Warrants may be sold, exchanged or otherwise transferred in violation of the Securities Act or
state securities laws. 
 The Company and Warrant Agent may deem and treat the registered holder hereof as the absolute owner of this Warrant Certificate
(notwithstanding any notation of ownership or other writing hereon made by anyone) for the purpose of any exercise or conversion hereof and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the
contrary. 
 [Balance of page intentionally remains blank] 

  
 A-2-6 

 FORM OF ELECTION TO EXERCISE WARRANT FOR 

WARRANT HOLDERS HOLDING INDIVIDUAL WARRANT CERTIFICATES 

TO BE COMPLETED BY REGISTERED HOLDER 

TIDEWATER INC. 
 Warrants to
Purchase                  Shares of Common Stock 

(TO BE EXECUTED UPON EXERCISE OF THE WARRANT) 

The undersigned hereby irrevocably elects to exercise the right, represented by Warrants to purchase shares of Common Stock of Tidewater Inc. (the
“Company”), to purchase                  newly issued shares of Common Stock of the Company at the Exercise Price of $0.001 per share (as such Exercise
Price may be adjusted pursuant to the Warrant Agreement). 
 The undersigned represents, warrants and promises that it has the full power and authority to
exercise or convert and deliver the Warrants exercised or converted hereby. Unless the undersigned is making an election to convert the Warrants as set forth below, the undersigned represents, warrants and promises that it has delivered or will
deliver in payment for such shares $         by certified or official bank or bank cashier’s check payable to the order of the Company, or by wire transfer in immediately available funds of the
aggregate Exercise Price to an account of the Warrant Agent specified in writing by the Warrant Agent for such purpose, no later than 5:00 p.m., New York City time, on the Business Day immediately prior to the Settlement Date. 

☐  Please check if the undersigned, in lieu of paying the Exercise Price as set forth in the preceding paragraph, elects to convert the
Warrants by authorizing the Company to withhold from issuance a number of shares of Common Stock issuable upon conversion of the Warrants which when multiplied by the Market Price of the Common Stock is equal to the aggregate price for the number of
shares of Common Stock for which the Warrants are being converted at the Exercise Price (assuming the Exercise Price for all such shares of Common Stock was being paid in cash), and such withheld shares shall no longer be issuable under the
Warrants. 
 If the undersigned will be receiving the shares of Common Stock issuable upon exercise or conversion of Warrants: 

☐  Please check if the undersigned is a U.S. Citizen (additional information may be required by the Company to confirm that the undersigned is
a U.S. Citizen) 
 ☐  Please check if the undersigned is a Non-U.S. Citizen. 

If the undersigned has designated another person (a “designee”) to receive the shares of Common Stock issuable upon exercise or conversion of
Warrants: 
 ☐  Please check if such designee is a U.S. Citizen (additional information may be required by the Company to confirm that such
designee is a U.S. Citizen) 
 ☐  Please check if such designee is a Non-U.S. Citizen. 

The undersigned requests that the shares of Common Stock purchased hereby be in registered form in the authorized denominations, registered in such names and
delivered, all as specified in accordance with the instructions set forth below, provided that if the shares of Common Stock are evidenced by global securities, the shares of Common Stock shall be registered in the name of the Depository or its
nominee. 

  
 A-2-7 

			
	Dated:	 	  

 NOTE: THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT AGENT, PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON THE EXPIRATION
DATE. THE WARRANT AGENT SHALL NOTIFY YOU OF THE ADDRESS, PHONE NUMBER AND FACSIMILE NUMBER WHERE YOU CAN CONTACT THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES ARE TO BE SUBMITTED. 

 

			
	 NAME OF REGISTERED HOLDER:
	 	  

		 	 (PLEASE PRINT)

  

			
	 ADDRESS:
	 	  

	
	  

  

			
	 DELIVERY ADDRESS (IF DIFFERENT):
	 	  

	
	  

  

			
	 TELEPHONE (INCLUDING INTERNATIONAL CODE):
	 	  

 

			
	FAX (INCLUDING INTERNATIONAL CODE):	 	  

 

			
	SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER:	 	  

 

			
	NUMBER OF SHARES OF COMMON STOCK FOR WHICH THE WARRANT IS BEING
	
EXERCISED (ONLY ONE EXERCISE PER WARRANT EXERCISE NOTICE):
	 	  

 

			
	Signature:	 	  

Note: If the Warrant Shares are to be registered in a name other than that in which the Individual Warrants are registered, the signature of the holder hereof
must be guaranteed. 
 Signature Guaranteed 
  

			
	BY:	 	  

 Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to
the Company’s transfer agent. 

  
 A-2-8 

 EXHIBIT A-3 

FORM OF ELECTION TO EXERCISE WARRANT FOR 

WARRANT HOLDERS HOLDING 
 DIRECT
REGISTRATION WARRANTS 
 TO BE COMPLETED BY REGISTERED HOLDER 

TIDEWATER INC. 
 Warrants to
Purchase                  Shares of Common Stock 

(TO BE EXECUTED UPON EXERCISE OF THE WARRANT) 

The undersigned hereby irrevocably elects to exercise the right, represented by Warrants to purchase shares of Common Stock of Tidewater Inc. (the
“Company”), to purchase                  newly issued shares of Common Stock of the Company at the Exercise Price of $0.001 per share (as such Exercise
Price may be adjusted pursuant to the Warrant Agreement). 
 The undersigned represents, warrants and promises that it has the full power and authority to
exercise or convert and deliver the Warrants exercised or converted hereby. Unless the undersigned is making an election to convert the Warrants as set forth below, the undersigned represents, warrants and promises that it has delivered or will
deliver in payment for such shares $         by certified or official bank or bank cashier’s check payable to the order of the Company, or by wire transfer in immediately available funds of the
aggregate Exercise Price to an account of the Warrant Agent specified in writing by the Warrant Agent for such purpose, no later than 5:00 p.m., New York City time, on the Business Day immediately prior to the Settlement Date. 

☐  Please check if the undersigned, in lieu of paying the Exercise Price as set forth in the preceding paragraph, elects to convert the
Warrants by authorizing the Company to withhold from issuance a number of shares of Common Stock issuable upon exercise of the Warrants which when multiplied by the Market Price of the Common Stock is equal to the aggregate price for the number of
shares of Common Stock for which the Warrants are being converted at the Exercise Price (assuming the Exercise Price for all such shares of Common Stock was being paid in cash), and such withheld shares shall no longer be issuable under the
Warrants. 
 If the undersigned will be receiving the shares of Common Stock issuable upon exercise or conversion of Warrants: 

☐  Please check if the undersigned is a U.S. Citizen (additional information may be required by the Company to confirm that the undersigned is
a U.S. Citizen) 
 ☐  Please check if the undersigned is a Non-U.S. Citizen. 

If the undersigned has designated another person (a “designee”) to receive the shares of Common Stock issuable upon exercise or conversion of
Warrants: 
 ☐  Please check if such designee is a U.S. Citizen (additional information may be required by the Company to confirm that such
designee is a U.S. Citizen) 

  
 A-3-1 

 ☐ Please check if such designee is a Non-U.S. Citizen. 

The undersigned requests that the shares of Common Stock purchased hereby be in registered form in the authorized denominations, registered in such names and
delivered, all as specified in accordance with the instructions set forth below, provided that if the shares of Common Stock are evidenced by global securities, the shares of Common Stock shall be registered in the name of the Depository or its
nominee. 
 Dated:
                                        

 NOTE: THIS EXERCISE NOTICE MUST BE DELIVERED TO THE WARRANT AGENT, PRIOR TO 5:00 P.M., NEW YORK CITY TIME, ON THE EXPIRATION DATE. THE WARRANT AGENT
SHALL NOTIFY YOU (THROUGH THE CLEARING SYSTEM) OF (1) THE WARRANT AGENT’S ACCOUNT AT THE DEPOSITORY TO WHICH YOU MUST DELIVER YOUR WARRANTS ON THE EXERCISE DATE AND (2) THE ADDRESS, PHONE NUMBER AND FACSIMILE NUMBER WHERE YOU CAN
CONTACT THE WARRANT AGENT AND TO WHICH WARRANT EXERCISE NOTICES ARE TO BE SUBMITTED. 
  

			
	NAME OF DIRECT PARTICIPANT IN THE DEPOSITORY:	 	  

		 	(PLEASE PRINT)

			
		
	ADDRESS:	 	  

			
		
	CONTACT NAME:	 	  

			
		
	ADDRESS:	 	  

			
	
	  

		
	TELEPHONE (INCLUDING INTERNATIONAL CODE):	 	  

			
		
	FAX (INCLUDING INTERNATIONAL CODE):	 	  

			
	
	SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF APPLICABLE):
	
	  

			
		
	ACCOUNT FROM WHICH THE WARRANTS ARE BEING DELIVERED:	 	  

			
		
	DEPOSITORY ACCOUNT NO.:	 	  

	
	WARRANT EXERCISE NOTICES WILL ONLY BE VALID IF DELIVERED IN ACCORDANCE WITH THE INSTRUCTIONS SET FORTH IN THIS NOTIFICATION (OR AS OTHERWISE DIRECTED), MARKED TO THE ATTENTION OF “WARRANT EXERCISE”. WARRANT
HOLDER DELIVERING THE WARRANTS, IF OTHER THAN THE DIRECT DTC PARTICIPANT DELIVERING THIS WARRANT EXERCISE NOTICE:

			
		
	NAME:	 	  

		 	(PLEASE PRINT)

			
		
	CONTACT NAME:	 	  

  
 A-3-2 

			
		
	TELEPHONE (INCLUDING INTERNATIONAL CODE):	 	 

			
		
	FAX (INCLUDING INTERNATIONAL CODE):	 	 

			
	
	SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF APPLICABLE):
	
	 
	
	ACCOUNT TO WHICH THE SHARES OF COMMON STOCK ARE TO BE CREDITED:
	
	 

		
	DEPOSITORY ACCOUNT NO.:	 	 

			
		
		 	
	
	FILL IN FOR DELIVERY OF THE COMMON STOCK, IF OTHER THAN TO THE PERSON DELIVERING THIS WARRANT EXERCISE NOTICE:
		
	NAME:	 	  

		 	(PLEASE PRINT)

			
		
	ADDRESS:	 	  

	
	  

		
	CONTACT	 	

			
		
	NAME:	 	  

			
		
	TELEPHONE (INCLUDING INTERNATIONAL CODE):	 	 

			
		
	FAX (INCLUDING INTERNATIONAL CODE):	 	 

			
	
	SOCIAL SECURITY OR OTHER TAXPAYER IDENTIFICATION NUMBER (IF APPLICABLE):
	
	  

		
	NUMBER OF SHARES OF COMMON STOCK FOR WHICH THE WARRANT IS BEING EXERCISED (ONLY ONE EXERCISE PER WARRANT EXERCISE NOTICE):	 	     

 

			
		
	Signature:	 	  

			
		
	Name:	 	  

			
		
	Capacity in which Signing:	 	  

			
		
	Signature Guaranteed	 	

  
 A-3-3 

			
		
	BY:	 	  

	
	Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company’s transfer agent.

  
 A-3-4 

 EXHIBIT B-1 

FORM OF ASSIGNMENT 
 (TO BE
EXECUTED BY THE REGISTERED HOLDER 
 IF SUCH HOLDER DESIRES TO TRANSFER A WARRANT) 

FOR VALUE RECEIVED, the undersigned registered holder hereby sells, assigns and transfers unto 

 

			
	  

	 Name of Assignee
	  	

  

			
	  

	 Address of Assignee
	  	

 Warrants to purchase
                 shares of Common Stock held by the undersigned, together with all right, title and interest therein, and does irrevocably constitute and appoint
attorney, to transfer such Warrants on the books of the Warrant Agent, with full power of substitution. 
  

					
	  
	   

	Signature	  			

					
	  
	   

	 Date
	  			
	     
	  

	 Social Security or Other Taxpayer Identification Number of Assignee
	  

	
	 SIGNATURE GUARANTEED BY:
	  

	
	     
	  

 Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to
the Company’s transfer agent. 

  
 B-1-1 

 EXHIBIT B-2 

FORM OF ASSIGNMENT 
 (TO BE
EXECUTED BY THE REGISTERED HOLDER 
 IF SUCH HOLDER DESIRES TO TRANSFER A WARRANT) 

 

	
	FOR VALUE RECEIVED, the undersigned registered holder hereby sells, assigns and transfers unto
	
	  

	Name of Assignee
	
	  

	Address of Assignee

 Warrants to purchase
                 shares of Common Stock held by the undersigned, together with all right, title and interest therein, and does irrevocably constitute and appoint
attorney, to transfer such Warrants on the books of the Warrant Agent, with full power of substitution. 
  

	
	  

	Signature
	
	  

	Date
	
	  

	Social Security or Other Taxpayer Identification Number of Assignee
	
	SIGNATURE GUARANTEED BY:
	
	  

Signatures must be guaranteed by a participant in a Medallion Signature Guarantee Program at a guarantee level acceptable to the Company’s transfer
agent. 

  
 B-2-1 

 EXHIBIT C 

WARRANT SUMMARY 
 NUMBER OF WARRANTS:
Initially, [●] Warrants, subject to adjustment as described in the Creditor Warrant Agreement dated as of July 31, 2017 between Tidewater Inc. (the “Company”) and Computershare Inc., a Delaware corporation
(“Computershare”) and its wholly owned subsidiary Computershare Trust Company, N.A., a federally chartered trust company (and together with Computershare, the “Warrant Agent”)(as supplemented or amended, the
“Warrant Agreement”), each of which is exercisable or convertible for one share of the Company’s common stock, par value $0.001 per share. This summary is not complete and reference is made to the Warrant Agreement for the
terms of the Warrants. In the event of any conflict, the terms of the Warrant Agreement shall control. 
 EXERCISE PRICE: $0.001 per Warrant (subject to
adjustment as provided in the Warrant Agreement). 
 HOLDER NOT DEEMED A STOCKHOLDER: Prior to the exercise or conversion of any Warrant, no holder thereof,
as such, shall be entitled to any rights of a stockholder of the Company. 
 JONES ACT LIMITATIONS ON EXERCISE OR CONVERSION: The right to exercise or
convert Warrants is subject to the limitations on ownership of the Common Stock by Non-U.S. Citizens set forth in the Warrant Agreement. 

FORM OF SETTLEMENT: 
 Full Settlement: If Full Physical
Settlement is elected, the Company shall deliver, against payment of the Exercise Price, a number of shares of Common Stock equal to the number of Warrants exercised or converted. 

Cashless Conversion: If Cashless Conversion is elected, the Company will withhold from issuance a number of shares of Common Stock issuable upon the
conversion of the Warrants which, when multiplied by the Market Price of the Common Stock, is equal to the aggregate price for the number of shares of Common Stock for which the Warrants are being converted at the Exercise Price (assuming the
Exercise price for all such shares of Common Stock was being paid in cash), and such withheld shares shall no longer be issuable under the Warrants. The Warrants are also subject to conversion, in whole or in part, at the sole discretion of the
Company, as and to the extent provided in the Warrant Agreement. 
 DATES OF EXERCISE OR CONVERSION: At any time, and from time to time, prior to the Close
of Business on the Expiration Date. 
 EXPIRATION DATE: The Close of Business on July 31, 2042. 

  
 C-1-1 

 

 
 EXHIBIT D 

COMPUTERSHARE TRUST COMPANY, N.A. 

FEE SCHEDULE TO SERVE AS 

WARRANT AGENT FOR 

TIDEWATER INC. 
  

	A.	FEES FOR SERVICES * 

  

 

			
	Warrant Agent Fees
		
	$7,500.00	  	Appointment Fee (includes 1st Year Annual Maintenance Fee)
		
	$2,500.00	  	Expedited Review and set-up
		
	$1,500.00	  	Annual Maintenance Fee
		
	$125.00	  	Per Warrant Exercise or Transfer (standard 4 to 10 day turnaround)
	
	 Expedited charges are in addition to exercise charge.

		
		  	Processing tiers:
		
		  	1 day turnaround $500.00
		
		  	2-day turnaround $350.00
		
		  	3-day turnaround $250.00
		
	$100.00	  	DWAC, each
		
	$100.00	  	Wire transfers, each
		
	$200.00	  	Per cashless Warrant Exercise, (standard 4 to 10 day turnaround)
		
	$25.00	  	Exercises requiring additional handling, each
		
	$1,000.00	  	DTCC charge for Corporate Actions Eligibility Fee, per CUSIP**
		
	As incurred	  	Legal Review of Warrant Agent Agreement

  

  

	*	The above fees exclude out-of-pocket expenses and any final Warrant Agreement includes Computershare’s Warrant Agreement Terms and use of Computershare’s Warrant Transactional documents. We agree that in the
event that the your services are begun but not completed for any reason, the above Appointment Fee will be charged, plus the expense associated with work performed up to the point Computershare is notified. This fee schedule is based upon
information provided to date and may be subject to change. 

  
 D-1-1 

	B.	SERVICES COVERED 

  

	 	•	 	Designating an operational team to establish Warrant Agent procedures and duties, including review of draft agreements, offer document, execution of legal agreement, project management, and on-going project updates and reporting 

  

	 	•	 	Establish Warrant Issues under Client’s on Computershare’s record keeping system 

  

	 	•	 	Coordinate Warrant transfer and conversion procedures with DTC 

  

	 	•	 	Process transfer and/or conversion requests by issuing certificates 

  

	 	•	 	Tracking and reporting the number of warrants issued, transferred, outstanding and exercised, as required 

  

	 	•	 	Processing Warrants received and converted 

  

	 	•	 	Deposit Warrant conversion checks and incoming wire transfers daily and forward all participant funds to Client 

  

	 	•	 	Providing receipt summation of checks and wire transfers received 

  

	 	•	 	Issuing and mailing stock certificates, DRS share statements and warrants 

  

	 	•	 	Affixing legends to appropriate stock certificates, where applicable 

  

	 	•	 	Replace lost, stolen or destroyed securities in accordance with UCC guidelines and Computershare policy (subject to shareholder-paid fee and bond premium) 

 

	 	•	 	Process and post address changes plus mail confirmations if required 

  

	 	•	 	Obtain W-9 and W8-BEN certifications 

  

	 	•	 	Comply with SEC mandated annual lost shareholder search 

  

	 	•	 	Perform OFAC (Office of Foreign Asset Control) and Patriot Act reporting 

  

	 	•	 	Produce daily transfer reports and post them for online viewing 

  

	 	•	 	** Payment to DTCC of their Corporate Actions Eligibility Fee for the establishment of the new CUSIP number, as incurred. 

The Depository Trust Company (“DTC”) submitted a proposed rule change (File No. SR-DTC-2015-012) to the Securities and Exchange Commission pursuant to Section 19(b)(3)(A) of the Securities Exchange Act of 1934 to implement a fee called the
Corporate Actions Eligibility Fee (“New Fee”) that would be charged to the transfer agent of any DTC-eligible security when DTC is requested to make a new CUSIP eligible for DTC services in
connection with a corporate action event relating to the security. 
 The amount of the New Fee is $1,000 per new CUSIP for any security that
is made eligible at DTC in connection with a Corporate Action. The proposed rule change was implemented on January 1, 2016. 
 The full
text of the proposed rule change may be obtained by visiting DTCC’s website at http://www.dtcc.com/en/legal/sec-rule-filings.aspx. 

  
 D-1-2 

	C.	ITEMS NOT COVERED 

  

	 	•	 	Items not specified in the “Services Covered” section set forth in this Agreement, including any services associated with new duties, legislation or regulatory fiat which become effective after the date of
this Agreement (these will be provided on an appraisal basis) 

  

	 	•	 	All out-of-pocket expenses such as telephone line charges, certificates, checks, postage, stationery, wire transfers, etc. (these will be
billed as incurred) 

  

	 	•	 	Warrant Agreement subject to review by Computershare’s outside counsel. Applicable fees charged as incurred. 

  

	D.	ASSUMPTIONS 

  

	 	•	 	Fee schedule based upon information known at this time about the transaction 

 Significant
changes made in the terms or requirements of this transaction could require modifications to this fee schedule 

  
 D-1-3

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