Document:

Form of Restricted Stock Agreement

 Exhibit 10.13 
  
 RESTRICTED STOCK AGREEMENT 
 FOR THE GRANT OF RESTRICTED STOCK UNDER THE 
 TIDEWATER INC. EMPLOYEE RESTRICTED STOCK PLAN

  
 THIS AGREEMENT is entered into as of March 30,
2005, by and between Tidewater Inc., a Delaware corporation (“Tidewater”), and                     
                     (the “Employee”). 
  
 WHEREAS, the Employee is a key employee of Tidewater or one of its subsidiaries and Tidewater considers it desirable and in its best interest that
the Employee be given an added incentive to advance the interests of Tidewater by possessing restricted shares of the common stock of Tidewater, $.10 par value per share (the “Common Stock”), in accordance with the Tidewater Inc. Employee
Restricted Stock Plan (the “Plan”). Tidewater and its subsidiaries shall be collectively referred to herein as the “Company.” 
  
 NOW, THEREFORE, in consideration of the premises, it is agreed by and between the parties as follows: 
  
 I. 
 Restricted Stock 
  
 1.1 Grant of Restricted Stock. Tidewater hereby grants to Employee a restricted stock award effective on the Date of Grant of
                     shares of Common Stock (the “Restricted Stock”) subject to the terms, conditions, and restrictions set forth in the
Employee Plan and in this Agreement. 
  
 1.2 Award
Restrictions. 
  
 (a) The period during which the
restrictions imposed on the Restricted Stock by the Employee Plan and this Agreement are in effect is referred to herein as the “Restricted Period.” During the Restricted Period, the Employee shall be entitled to all rights of a
stockholder of Tidewater, including the right to vote the shares and to receive dividends thereon; provided, however, that the Restricted Stock, the right to vote the Restricted Stock and the right to receive dividends thereon may not be
sold, assigned, transferred, exchanged, pledged, hypothecated or otherwise encumbered during the Restricted Period. 
  
 (b) The Restricted Period for the Restricted Stock shall end and the shares of Restricted Stock shall become vested and freely transferable as set forth
below: 
  
 (i) With respect to 25% of the shares of Restricted
Stock granted, the later of May 1, 2006, or the date on which Tidewater’s Form 10-K for the fiscal year ending March 31, 2006 is filed with the Securities and Exchange Commission (the “SEC”), provided that the Performance Threshold
for the fiscal year ending March 31, 2006 has been satisfied; 
  
 (ii) With respect to 25% of the shares of Restricted Stock granted, the later of May 1, 2007, or the date on which Tidewater’s Form 10-K for the fiscal year ending March 31, 2007 is filed with the SEC, provided that the Performance
Threshold for the fiscal year ending March 31, 2007 has been satisfied; 

 (iii) With respect to 25% of the shares of Restricted Stock granted, the later of May 1, 2008, or the
date on which Tidewater’s Form 10-K for the fiscal year ending March 31, 2008 is filed with the SEC, provided that the Performance Threshold for the fiscal year ending March 31, 2008 has been satisfied; and 
  
 (iv) On March 30, 2009, with respect to any shares of Restricted Stock that
remain unvested as of such date; 
  
 provided, however, that if the
employment of the Employee terminates for any reason other than death or disability, any shares of Restricted Stock, with respect to which the Restricted Period has not ended as of the date of termination of employment, will be immediately
forfeited. 
  
 (c) The “Performance Threshold” with
respect to a given fiscal year shall be satisfied if the Return on Total Capital for that year equals or exceeds the greater of (i) 15%, or (ii) the average of the Return on Total Capital for the four years preceding such fiscal year. As used
herein, “Return on Total Capital” for a given year shall be determined as follows: 
  

					
	             earnings before interest
             expenses, taxes,
             depreciation and
             amortization for such year
	 	÷	 	 average shareholders’
 equity + average
long-
 term debt (including
 current maturities of
 long-term debt)*

	*	Average shareholders’ equity and average long-term debt shall be determined by adding the respective totals as of the end of each quarterly reporting period during the
applicable fiscal year as shown on Tidewater’s consolidated balance sheet and dividing such sums by four. 

  
 (d) To the extent the Restricted Stock has not otherwise become fully vested and freely transferable, the Restricted Period shall end and the Restricted
Stock will become fully vested and freely transferable by the Employee or his estate upon the death of the Employee or upon a determination by the Committee that the Employee has become disabled. 
  
 (e) The shares of Restricted Stock shall also become fully vested and the
Restricted Period shall end in the event of a Change of Control of Tidewater as provided in Section XIII hereof. In addition, the Committee may declare the Restricted Period ended and shares of Restricted Stock fully vested at any time in its
discretion. 
  

 2 

 II. 
 Stock Certificates 
  
 2.1
Form. The stock certificates evidencing the Restricted Stock shall be registered in the name of the Employee and shall be held by Tidewater, together with a stock power executed by the Employee in blank, during the Restricted Period in
accordance with the terms of the Employee Plan. Tidewater shall place the following legend on the stock certificates: 
  
 The transferability of this certificate and the shares of Common Stock represented hereby are subject to the terms and conditions (including conditions of
forfeiture) contained in the Tidewater Inc. Employee Restricted Stock Plan (the “Plan”) and an agreement entered into between the registered owner and Tidewater Inc. A copy of the Plan and Agreement is on file in the office of the
Secretary of Tidewater Inc. 
  
 2.2 Removal of Legend. Upon
termination of the Restricted Period with respect to all or a portion of the Restricted Stock, Tidewater shall cause a stock certificate without a restrictive legend covering the vested Restricted Stock to be issued in the name of the Employee or
his nominee within 30 days after the end of the Restricted Period with respect to such shares. Upon receipt of such stock certificate, the Employee is free to hold or dispose of the shares represented by such certificate, subject to applicable
securities laws. 
  
 III. 
 Defined Terms 
  
 The definition of all capitalized terms used herein and not otherwise defined herein shall be as provided in the Plan. 
  
 IV. 
 Withholding Taxes 
  
 At any time that the Employee is required to pay to the Company an amount required to be withheld under the applicable income tax laws in connection with the lapse of restrictions on Restricted Stock, the Employee
may, subject to the Committee’s right of disapproval, satisfy this obligation in whole or in part by electing (the “Election”) to deliver currently owned shares of Common Stock or to have the Company withhold from the distribution
shares of Common Stock, in each case having a value equal to the amount required to be withheld. The value of the shares to be withheld shall be based on the Fair Market Value of the Common Stock on the date that the amount of tax to be withheld
shall be determined (the “Tax Date”). Each Election must be made prior to the Tax Date. The Committee may disapprove of any Election or may suspend or terminate the right to make Elections. 
  
 V. 
 No Contract of Employment Intended 
  
 Nothing in this Agreement shall confer upon the Employee any right to continue in the employment of the Company, or to interfere in any way with the right of the Company to terminate the Employee’s employment
relationship with the Company at any time. 
  
 VI.

 Binding Effect 
  
 This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators and successors.

  

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 VII. 
 Amendment, Modification or Termination 
  
 The Committee may amend, modify or terminate any Restricted Stock at any time prior to vesting in any manner not inconsistent with the terms of the Plan. Notwithstanding the foregoing, no amendment, modification or
termination may materially impair the rights of an Employee hereunder without the consent of the Employee. 
  
 VIII. 
 Inconsistent Provisions 
  
 The Restricted Stock granted hereby is subject to the provisions of the
Employee Plan, as the Plan is in effect on the date hereof and as it may be amended. In the event any provision of this Agreement conflicts with such a provision of the Plan, the Plan provision shall control. The Employee acknowledges that a copy of
the Plan was distributed to the Employee and that the Employee was advised to review such Plan prior to entering into this Agreement. The Employee waives the right to claim that the provisions of the Plan are not binding upon the Employee and the
Employee’s heirs, executors, administrators, legal representatives and successors. 
  
 IX. 
 Governing Law 
  
 This Agreement shall be governed by and construed in accordance with the laws of the State of Louisiana. 
  
 X. 
 Severability 
  
 If any term or provision of this Agreement, or the application thereof to any person or circumstance, shall at any time or to any extent be invalid, illegal or unenforceable in any respect as written, the Employee and
Tidewater intend for any court construing this Agreement to modify or limit such provision so as to render it valid and enforceable to the fullest extent allowed by law. Any such provision that is not susceptible of such reformation shall be ignored
so as to not affect any other term or provision hereof, and the remainder of this Agreement, or the application of such term or provision to persons or circumstances other than those as to which it is held invalid, illegal or unenforceable, shall
not be affected thereby and each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law. 
  
 XI. 
 Entire Agreement; Modification

  
 The Plan and this Agreement contain the entire agreement
between the parties with respect to the subject matter contained herein and may not be modified, except as provided in the Plan, as it may be amended from time to time in the manner provided therein, or in this Agreement, as it may be amended from
time to time. Any oral or written agreements, representations, warranties, written inducements, or other communications with respect to the subject matter contained herein made prior to the execution of the Agreement shall be void and ineffective
for all purposes. 
  

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 XII. 
 Section 83(b) Election 
  
 The Employee has reviewed with the Employee’s own tax advisors the federal, state, local and foreign tax consequences of this investment and the transaction contemplated by this Agreement. The Employee is relying solely on such
advisors and not on any statements or representations of the Company or any of its agents. The Employee understands that the Employee (and not the Company) shall be responsible for the Employee’s own tax liability that may arise as a result of
the transactions contemplated by this Agreement. The Employee understands that the Employee may elect to be taxed at the time the shares of Restricted Stock are granted by filing an election under Section 83(b) of the Code with the IRS within thirty
days from the Date of Grant. The Employee acknowledges that it is the Employee’s sole responsibility and not the Company’s to file timely the election under Section 83(b), even if the Employee requests the Company or its representatives to
make this filing on the Employee’s behalf. 
  
 XIII.

 Change of Control 
  
 13.1 Change of Control; Tender Offer or Exchange Offer. The vesting of the Restricted Stock upon a Change of Control shall be as provided in this
Section 13.1. 
  
 (a) Notwithstanding any other provision of the
Employee Plan (or any provision of this Agreement), immediately prior to any Change of Control of the Company (as defined in Section 13.1(c) hereof), all restrictions and limitations on Restricted Stock shall automatically lapse and all performance
criteria and other conditions shall automatically be deemed to be achieved or waived by the Company. As used in the immediately preceding sentence, ‘immediately prior’ to the Change of Control shall mean sufficiently in advance of the
Change of Control to permit the Employee to take all steps reasonably necessary to deal with any formerly restricted shares on which restrictions have lapsed so that all types of shares may be treated in the same manner in connection with the Change
of Control as the shares of Common Stock of other shareholders. Notwithstanding any other provision of the Employee Plan (or any provision of this Agreement), any lapse and deemed waiver of restrictions and limitations on any shares of Restricted
Stock pursuant to this Section 13.1(a) shall be a permanent lapse and deemed waiver of such restrictions and limitations. 
  
 (b) If any corporation, person or other entity (other than the Company) makes a tender offer or exchange offer for shares of the Common Stock pursuant to
which purchases are made (an “Offer”), then from and after the date of the first purchase of the Common Stock pursuant to the Offer (the “Acceleration Date”), all restrictions or limitations on Restricted Stock shall lapse and
all performance criteria and other conditions relating to the Restricted Stock shall be deemed to be achieved or waived by the Company, without the necessity of any action by any person, for a period of 30 calendar days following the Acceleration
Date. Subject to the other provisions of this Section 13.1, following the expiration of the 30-day period, any shares of Common Stock issued hereunder not tendered or exchanged shall again be subject to the terms and conditions applicable prior to
the Offer. 
  

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 (c) As used in this Section 13.1, ‘Change of Control’ shall mean: 
  
 (i) the acquisition by any ‘Person’ (as defined in Section
13.1(d) hereof) of ‘Beneficial Ownership’ (as defined in Section 13.1(d) hereof) of 30% or more of the outstanding shares of the Common Stock, or 30% or more of the combined voting power of the Company’s then outstanding securities;
provided, however, that for purposes of this subsection (c)(i), the following shall not constitute a Change of Control: 
  
 (A) any acquisition (other than a ‘Business Combination’ (as defined in Section 13.1(c)(iii) hereof) which constitutes a Change of Control
under Section 13.1(c)(iii) hereof) of Common Stock directly from the Company, 
  
 (B) any acquisition of Common Stock by the Company or its subsidiaries, 
  
 (C) any acquisition of Common Stock by any employee benefit plan (or related trust) sponsored or maintained by the Company or any corporation controlled
by the Company, or 
  
 (D) any acquisition of Common Stock by any
corporation pursuant to a Business Combination which does not constitute a Change of Control under Section 13.1(c)(iii) hereof; or 
  
 (ii) individuals who, as of the Date of Grant, constitute the Board (the “Incumbent Board”) cease for any reason to constitute at least a
majority of the Board; provided, however, that any individual becoming a director subsequent to the Date of Grant whose election, or nomination for election by the Company’s shareholders, was approved by a vote of at least a majority of the
directors then comprising the Incumbent Board shall be considered a member of the Incumbent Board, unless such individual’s initial assumption of office occurs as a result of an actual or threatened election contest with respect to the election
or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Incumbent Board; or 
  
 (iii) consummation of a reorganization, merger or consolidation (including a merger or consolidation of the Company or any direct or indirect subsidiary
of the Company), or sale or other disposition of all or substantially all of the assets of the Company (a ‘Business Combination’), in each case, unless, immediately following such Business Combination, 
  
 (A) the individuals and entities who were the Beneficial Owners of the
Company’s outstanding Common Stock and the Company’s voting securities entitled to vote generally in the election of directors immediately prior to such Business Combination have direct or indirect Beneficial Ownership, respectively, of
more than 50% of the then outstanding shares of common stock, and more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the election of directors, of the Post-Transaction Corporation (as
defined in Section 13.1(d) hereof), and 
  

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 (B) except to the extent that such ownership existed prior to the Business Combination, no Person
(excluding the Post-Transaction Corporation and any employee benefit plan or related trust of either the Company, the Post-Transaction Corporation or any subsidiary of either corporation) Beneficially Owns, directly or indirectly, 30% or more of the
then outstanding shares of common stock of the corporation resulting from such Business Combination or 30% or more of the combined voting power of the then outstanding voting securities of such corporation, and 
  
 (C) at least a majority of the members of the board of directors of the
Post-Transaction Corporation were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
  
 (iv) approval by the shareholders of the Company of a complete liquidation
or dissolution of the Company. 
  
 (d) As used in Section 13.1(c)
hereof, the following words or terms shall have the meanings indicated: 
  
 (i) Affiliate: ‘Affiliate’ (and variants thereof) shall mean a Person that controls, or is controlled by, or is under common control with, another specified Person, either directly or indirectly. 

 
 (ii) Beneficial Owner: ‘Beneficial Owner’ (and variants
thereof), with respect to a security, shall mean a Person who, directly or indirectly (through any contract, understanding, relationship or otherwise), has or shares (a) the power to vote, or direct the voting of, the security, and/or (b) the power
to dispose of, or to direct the disposition of, the security. 
  
 (iii) Person: ‘Person’ shall mean a natural person or company, and shall also mean the group or syndicate created when two or more Persons act as a syndicate or other group (including, without limitation, a partnership or limited
partnership) for the purpose of acquiring, holding, or disposing of a security, except that ‘Person’ shall not include an underwriter temporarily holding a security pursuant to an offering of the security. 
  
 (iv) Post-Transaction Corporation: Unless a Change of Control includes a
Business Combination (as defined in Section 13.1(c)(iii) hereof), ‘Post-Transaction Corporation’ shall mean the Company after the Change of Control. If a Change of Control includes a Business Combination, ‘Post-Transaction
Corporation’ shall mean the corporation resulting from the Business Combination unless, as a result of such Business Combination, an ultimate parent corporation controls the Company or all or substantially all of the Company’s assets
either directly or indirectly, in which case, ‘Post-Transaction Corporation’ shall mean such ultimate parent corporation. 
  

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 IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed on the day and
year first above written. 
  

	
	 TIDEWATER INC.

	
	  
  

	Dean E. Taylor
	Chairman, President and
	Chief Executive Officer
	
	  
  

	[Employee Name]

  

 8Second Amended and Restated Supplemental Executive Retirement Plan

 Exhibit 10.14 
  
 TIDEWATER INC. 
  
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
  
  
 Amended and Restated March 1, 2003 

 TABLE OF CONTENTS 
  

					
	ARTICLE 1:	 	PURPOSE OF THE PLAN	  	1
			
	ARTICLE 2:	 	THE PENSION PLAN	  	1
			
	ARTICLE 3:	 	ADMINISTRATION	  	2
			
	ARTICLE 4:	 	ELIGIBILITY	  	2
			
	ARTICLE 5:	 	AMOUNT OF SUPPLEMENTAL PENSION BENEFIT FOR ELIGIBLE EMPLOYEES COVERED UNDER THE PENSION PLAN	  	3
			
	ARTICLE 6:	 	AMOUNT OF SUPPLEMENTAL PENSION BENEFIT FOR ELIGIBLE EMPLOYEES WHO ARE NOT COVERED UNDER THE PENSION PLAN	  	4
			
	ARTICLE 7:	 	PAYMENT OF SUPPLEMENTAL PENSION BENEFIT	  	5
			
	ARTICLE 8:	 	PAYMENT ELECTION IN ANTICIPATION OF A CHANGE OF CONTROL	  	6
			
	ARTICLE 9:	 	EMPLOYEES' RIGHTS	  	6
			
	ARTICLE 10:	 	AMENDMENT AND DISCONTINUANCE	  	7
			
	ARTICLE 11:	 	CHANGE OF CONTROL	  	7
			
	      11.1	 	Effect of Change of Control.	  	7
	      11.2	 	Definition of Change of Control	  	8
	      11.3	 	Other Definitions	  	9
			
	ARTICLE 12:	 	RESTRICTIONS ON ASSIGNMENT	  	9
			
	ARTICLE 13:	 	NATURE OF AGREEMENT	  	10
			
	ARTICLE 14:	 	CONTINUED EMPLOYMENT	  	10
			
	ARTICLE 15:	 	BINDING ON EMPLOYER, EMPLOYEES AND THEIR SUCCESSORS	  	10
			
	ARTICLE 16:	 	LAWS GOVERNING	  	10
			
	ARTICLE 17:	 	MISCELLANEOUS	  	11
			
	      17.1	 	Claims and Appeal Procedures	  	11
	      17.2	 	Recovery of Payments Made by Mistake	  	11

  

 i 

 TIDEWATER INC. 
  
 SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN 
  
 PREAMBLE 
  
 Tidewater Inc. (“Employer”) is the sponsor of the Tidewater Pension Plan (“Pension Plan”),
which is a plan qualified under Section 401(a) of the Internal Revenue Code of 1986 (“Code”). Benefits under the Pension Plan are limited by various sections of the Code, such as Sections 401(a)(17) and 415. In order
to provide benefits to a select group of management or highly compensated employees equal to the benefits that such employees are prevented from receiving under the Pension Plan because of those Code limitations, the Employer adopted a nonqualified
unfunded plan known as the Tidewater Inc. Supplemental Executive Retirement Plan (“Plan”), effective as of July 1, 1991. The Plan also replaces certain service lost under the Pension Plan due to breaks in service, and
enhances the benefit calculation formula. The Employer amended and restated the Plan effective January 1, 1993, further amended the Plan effective January 1, 1994, adopted two amendments and amended and restated the Plan effective October 1, 1999,
further amended the Plan effective November 28, 2000 and restated the Plan effective November 29, 2001. The Employer restated the Plan effective March 1, 2003 to provide a supplemental benefit to officers who participate in the Tidewater Retirement
Plan (“Retirement Plan”) and are not eligible to participate in the Pension Plan. 
  
 ARTICLE 1: PURPOSE OF THE PLAN 
  
 The Employer intends and desires by the adoption of this Plan to recognize the value to the Employer of past and present services of certain Eligible Employees and to encourage and assure their continued service with
the Employer by making more adequate provision for their future retirement security. The establishment of this Plan is made necessary by certain limitations on contributions and benefits which are imposed on the Pension Plan by the Code. The
Employer also wishes to compensate certain members of management or highly compensated employees who may have been disadvantaged by the break in service rules under the Pension Plan and to enhance the benefit calculation formula. Further, in order
to minimize the differences in benefits among officers the Plan includes a hypothetical Pension Plan benefit for officers who are not eligible to participate in the Pension Plan. 
  
 ARTICLE 2: THE PENSION PLAN 
  

The Pension Plan, whenever referred to in this Plan, shall mean the Tidewater Pension Plan, as amended, as it exists as of the date any determination
is made of benefits payable under this Plan. All terms used in this Plan shall have the meanings assigned to them under the provisions of the Pension Plan, unless otherwise qualified by the context. Any ambiguities or gaps in this Plan shall be
resolved by reference to the Pension Plan document. 
  

 1 

 ARTICLE 3: ADMINISTRATION 
  
 This Plan shall be administered by the Compensation Committee of Employer’s Board of Directors, the Employee Benefits
Committee, and the Board of Directors of the Employer, which shall administer this Plan in a manner consistent with their duties of administration of the Pension Plan. Each of these governing bodies shall have full power and authority to interpret,
construe and administer this Plan in accordance with their respective duties under the Pension Plan, and a governing body’s interpretations and constructions hereof and actions hereunder, including the timing, form, amount or recipient of any
payment to be made hereunder, within the scope of its authority, shall be binding and conclusive on all persons for all purposes. No member of a governing body shall be liable to any person for any action taken or omitted in connection with the
interpretation and administration of this Plan, unless attributable to his own willful misconduct or lack of good faith. Each administrator shall be fully indemnified as provided in the Pension Plan. A member of a governing body shall not
participate in any action or determination regarding his own benefits hereunder. 
  
 ARTICLE 4: ELIGIBILITY 
  
 To be eligible to participate in this Plan, an Employee must satisfy the following conditions, (a) and (b): 
  
 (a) The Employee must be a Participant in the Pension Plan or the Retirement Plan; 
  
 (b) The Employee must serve as the Chief Executive Officer, the President, a Vice President or the Corporate Controller of
the Employer. 
  
 An Employee who satisfies conditions (a) and (b)
is referred to as an “Eligible Employee.” An Eligible Employee who ceases to be an Eligible Employee because of a change in his status as an officer under (b), shall have benefits under this Plan frozen as of the date he ceases to be an
officer described in (b), and his benefits shall be paid as provided in Articles 7 and 8. Notwithstanding the foregoing, the Board of Directors or the Compensation Committee of the Board of Directors of the Employer may, in its discretion, determine
to increase benefits hereunder, credit an Eligible Employee with an additional period of service hereunder, accelerate the time or times of payment of benefits hereunder or change the date (but not retroactively) on which benefits cease to accrue
for an Employee or terminating Employee. 
  
 Notwithstanding
anything to the contrary, the Plan may not be amended to preclude the participation in the Plan, on the same basis as other Eligible Employees, of the person serving on October 1, 1999 as the Chief Executive Officer, the President, a Vice President
or the Corporate Controller of the Employer, as long as such person continues to serve in such position or in any equivalent or higher position. 
  

 2 

 ARTICLE 5: AMOUNT OF SUPPLEMENTAL PENSION BENEFIT 
 FOR ELIGIBLE EMPLOYEES COVERED UNDER THE PENSION PLAN 
  
 Unless otherwise determined by the Board of Directors or Compensation Committee under Article 4, the amount of supplemental pension benefit shall be:

  
 (a) The supplemental pension benefit payable to an Eligible
Employee or his Beneficiary or Beneficiaries under this Plan shall be the actuarial equivalent (based on the definition of this term in Section 1.02 of the Pension Plan) of the excess, if any, of (i) over (ii) as described below: 
  
 (i) the benefit which would have been payable to such Eligible Employee or
on his behalf to his Beneficiary or Spouse, as the case may be, determined as a monthly single life annuity under the Pension Plan (but not taking into account any Additional Monthly Benefit payable under Section 5.07 of the Pension Plan), if the
provisions of Pension Plan were administered without regard to either the maximum amount of retirement income limitations of Section 415 of the Code, or the maximum compensation limitation of Section 401(a)(17) of the Code, 
  
 (ii) the benefit (including any Additional Monthly Benefit) determined as a
monthly single life annuity which is payable to such Eligible Employee or on his behalf to his Beneficiary or Spouse under the Pension Plan. 
  
 (b) The computation in paragraph (i) above shall be made as though the factor, 0.85%, in Section 5.01(b)(1) of the Pension Plan were 1.35%. 
  
 (c) The computation in paragraph (i) above shall be made as to take into
account any change authorized by the Board of Directors or the Compensation Committee as permitted in Article 4 hereof. The computation shall also be made as though the Employee’s service under the Pension Plan included the service prior to a
break in service lost under such Plan as a result of a break in service. After an Employee becomes an Eligible Employee, he may request the Employer to provide him with a written statement of the number of years of service lost under the Pension
Plan. If the Eligible Employee disagrees with the Employer’s determination, he immediately shall contest it through the Plan’s Appeal Procedure referenced in Article 17, below. In the absence of the Eligible Employee’s timely request
and objection, the Employer’s determination shall become fixed. 
  
 (d) Supplemental pension benefits payable under this Plan to any recipient shall be computed in accordance with the foregoing, with the objective that such recipient should receive under this Plan and the Pension Plan the total amount which
would have been payable to that recipient solely under the Pension Plan (as enriched by (b) and (c)), had neither Section 415 nor Section 401(a)(17) of the Code been applicable thereto. An Eligible Employee who is not entitled to benefits under the
Pension Plan is not entitled to supplemental pension benefits under this Article (except as otherwise provided in Article 6 and in a Change of Control Agreement, if any, between the Eligible Employee and the Employer). 
  

 3 

 ARTICLE 6: AMOUNT OF SUPPLEMENTAL PENSION BENEFIT FOR 
 ELIGIBLE EMPLOYEES WHO ARE NOT COVERED UNDER THE PENSION PLAN 
  
 Unless otherwise determined by the Board of Directors or Compensation Committee under Article 4, the amount of supplemental
pension benefit shall be: 
  
 (a) The supplemental pension
benefit payable to an Eligible Employee or his Beneficiary or Beneficiaries under this Plan shall be the actuarial equivalent (based on the definition of this term in Section 1.02 of the Pension Plan) of the excess, if any, of (i) over (ii) as
described below: 
  
 (i) the benefit which would have been
payable to such Eligible Employee or on his behalf to his Beneficiary or Spouse, as the case may be, determined as a monthly single life annuity under the Pension Plan, if such Eligible Employee had been eligible to participate in the Pension Plan
commencing on the date hired by the Employer and determining such benefit without regard to either the maximum amount of retirement income limitations of Section 415 of the Code, or the maximum compensation limitation of Section 401(a)(17) of the
Code, 
  
 (ii) the Eligible Employee’s hypothetical
Retirement Plan benefit based on a monthly single life annuity. In determining such benefit both the Code Section 401(a)(17) compensation limit and Code Section 415 maximum benefit limit apply. The amount is determined by starting with the Eligible
Employee’s actual Retirement Plan account balance as of the date he becomes an officer with increases based upon the following assumption through the payment date: 
  

	 	(A)	contribution of 3% of compensation, as defined in the Retirement Plan, commencing no earlier than the first month following one year of employment; such contributions are assumed
made to the Retirement Plan at the end of the plan year; 

  

	 	(B)	contributions assumed to grow with interest at 6%, compounded annually; 

  

	 	(C)	in the year of termination or loss of eligibility for this Plan, the balance is assumed to grow using simple interest at 6% applied to the beginning of year balance. Additionally, a
partial year contribution is assumed made at the termination date or loss of eligibility for this Plan; 

  

	 	(D)	the balance is assumed to increase with simple interest at 6% through the end of the year of termination (or payment date, if earlier); 

  

	 	(E)	the balance is assumed to increase with simple interest at 6%, compounded annually, from the end of the year of termination to the end of the year preceding payment date;

  

	 	(F)	the balance is further assumed to increase with simple interest at 6% from the end of the year preceding the payment date through the payment date; and 

  

	 	(G)	the balance at payment date is converted to an annuity using the actuarial equivalence factors at Section 1.02 of the Pension Plan. 

  

 4 

 (b) The computation in paragraph (i) above shall be made as though the factor, 0.85%, in Section
5.01(b)(1) of the Pension Plan were 1.35%. 
  
 (c) The computation
in paragraph (i) above shall be made as to take into account any change authorized by the Board of Directors or the Compensation Committee as permitted in Article 4 hereof. The computation shall also be made as though the Employee’s service
under the Pension Plan included the service prior to a break in service lost under such Plan as a result of a break in service. 
  
 (d) An Eligible Employee who is not entitled to benefits under the Retirement Plan is not entitled to supplemental pension benefits under this Article
(except as otherwise provided at Article 5 and in a Change of Control Agreement, if any, between the Eligible Employee and the Employer). 
  
 ARTICLE 7: PAYMENT OF SUPPLEMENTAL PENSION BENEFIT 
  
 Except as provided in Article 4, 10 or 11 or unless the Employee elects otherwise under this Article 7 or Article 8, the supplemental pension benefit
under the Plan with respect to an Employee shall commence as of the first of the month following the later of termination of employment and attaining Normal Retirement Age (as defined in the Pension Plan). An Employee can elect, on a form provided
by the Committee, to receive a benefit commencing prior to his Normal Retirement Age (as defined in the Pension Plan) following termination of employment and after attaining age 55 and completing 10 years of Vesting Service (as defined in the
Pension Plan), but only if an election is made at least 13 months prior to the benefit commencement date. The benefit will be paid in the form of a single life annuity or, if married, in the form of a 50% joint and survivor annuity unless a
different form permitted under the Pension Plan is elected, but only if the election is made at least 13 months prior to the benefit commencement date. The benefit paid earlier than Normal Retirement Age (as defined in the Pension Plan) shall be
determined as if paid under the Pension Plan taking into account the early payment adjustments. 
  
 If the Employee’s spouse is surviving at the Employee’s death, the spouse will receive a 50% survivor spouse annuity. The benefit to the spouse
shall commence as of the first of the month following the Employee’s death. If there is no spouse at the Employee’s death, a benefit will not be paid. However, if the Employee’s death is after benefits have commenced, the benefits
will continue based upon the applicable form. Further, if the Employee continues employment past age 65 he may elect to provide a benefit for 5, 10, 15, or 20 years to a designated beneficiary. The beneficiary’s benefit is actuarially adjusted
to reflect the length of the payment period. The spouse must consent to an alternate beneficiary. If (i) the beneficiary or beneficiaries, should die before such total guaranteed number of payments have been made, the remaining payments will be made
to the estate of such beneficiary, or beneficiaries (or, if designated by the payee, to a secondary beneficiary or beneficiaries), or (ii) there is no surviving designated beneficiary upon the payee’s death, any remaining guaranteed payments
will be made to the payee’s estate, provided that in either such event payment may be made either in an Actuarially Equivalent (as defined in the Pension Plan) single sum, payable immediately, or as a continuation of the monthly payments, as
selected by the Committee. 
  

 5 

 The foregoing notwithstanding, if the total value of the benefit payable under the Plan to the Employee,
the Employee’s Spouse, or designated beneficiary upon the Employee’s termination of employment (by retirement, death or otherwise) is less than $10,000, the recipient shall receive an immediate lump sum benefit. 
  
 ARTICLE 8: PAYMENT ELECTION IN ANTICIPATION OF A CHANGE OF CONTROL

  
 An Employee or a former Employee who has not yet satisfied
the requirements to begin to receive payment of benefits under the Plan can elect at any time prior to a Change of Control, in a form and manner reasonably satisfactory to the Company, to have the supplemental pension benefit that becomes payable
under this Plan (and, if applicable, as increased under the Employee’s Change of Control Agreement) to such Employee or former Employee following a Change of Control paid in cash in the form of a lump sum as of the date payments to the Employee
would otherwise commence under the terms of the Plan, or if earlier, within five business days of the date of any termination of employment that would result in payments to the Employee under the Employee’s Change of Control Agreement, without
regard to the form of payment provisions otherwise provided in the Plan and any payment or distribution elections applicable to the payment of the Employee’s or former Employee’s benefit in the absence of a Change of Control. A former
Employee who has satisfied the requirements to begin to receive the payment of benefits under the Plan, whether or not payments have commenced, can elect at any time prior to a Change of Control, in a form and manner reasonably satisfactory to the
Company, to have the full value of the remaining supplemental pension benefits payable to such former Employee paid in a lump sum in cash within five business days of the Change of Control, without regard to the form of payment provisions otherwise
provided in the Plan and any payment or distribution elections applicable to the payment of the former Employee’s benefit in the absence of a Change of Control. The determination of the lump sum amount shall be made using the same assumptions
as are used in the Pension Plan to determine the amount of a lump sum benefit. 
  
 ARTICLE 9: EMPLOYEES’ RIGHTS 
  
 No Employee, Spouse or Beneficiary shall have greater rights under this Plan than those of general creditors of the Employer. Benefits payable under this Plan shall be a mere promise to pay in the future and shall be
general, unsecured obligations of the Employer, to be paid by the Employer from its own funds. Such payments shall not (i) impose any additional obligation upon the Employer under the Pension Plan or Retirement Plan; (ii) be paid from the Pension
Plan or Retirement Plan; or (iii) have any effect whatsoever upon the Pension Plan or Retirement Plan. No Employee or his Beneficiary or Spouse shall have any title to or beneficial ownership in any assets which the Employer may use to pay benefits
hereunder. Notwithstanding the foregoing provisions of this Article 9 and any other provision of the Plan (including, without limitation, Article 13), the Employer may, in its discretion, establish a trust to pay amounts becoming payable pursuant to
the Plan, which trust shall be subject to the claims of the general creditors of the Employer in the event of its bankruptcy or insolvency. Notwithstanding any establishment of such a trust, the Company shall remain responsible for the payment of
any amounts so payable which are not so paid by such trust. 
  

 6 

 ARTICLE 10: AMENDMENT AND DISCONTINUANCE 
  
 The Employer expects to continue this Plan indefinitely but, except as
otherwise provided, reserves the right to amend or discontinue it if, in its sole judgment, such a change is deemed necessary or desirable. However, if the Employer should amend or discontinue this Plan, the Employer shall continue to be liable to
pay all benefits accrued under this Plan (determined on the basis of each Employee’s presumed termination of employment as of the date of such amendment or discontinuance), as of the date of such action. Such accrued benefits shall be
calculated pursuant to the provisions of the Plan immediately prior to any such amendment or discontinuance. Upon a discontinuance, all benefits shall be 100% vested, and a lump sum equal to the actuarial present value of each Employee’s unpaid
accrued benefit under this Plan shall be distributed to the Employee (or his Beneficiary or Spouse), and the Employer shall have no further obligation under this Plan. Such lump sum distributions shall be distributed within the thirty (30) days
immediately following such discontinuance. No amendment shall be deemed to cause a reduction in an Employee’s accrued benefit under this Plan if the reduction of the benefit under this Plan is paired with a corresponding increase in the accrued
benefit under the Pension Plan or Retirement Plan. 
  
 ARTICLE
11: CHANGE OF CONTROL 
  
 11.1 Effect of Change of
Control. 
  
 (a) Upon a Change of Control (as defined in
Section 11.2 hereof) all benefits which have accrued under the Plan shall immediately become fully vested. 
  
 (b) Additional fully vested benefits shall accrue under this Plan pursuant to an Eligible Employee’s Change of Control Agreement if after a Change of
Control (as defined in Section 11.2 hereof) and during the “Employment Term”, the Company terminates the Employee’s employment other than for “Cause”, death or “Disability”, or the Employee terminates employment
for “Good Reason”. Each phrase within quotes in this provision is defined in the Employee’s Change of Control Agreement. 
  
 (c) Upon or after a Change of Control, the Plan shall be deemed to have been discontinued (within the meaning of Article 10 hereof) upon the first to
occur of the following: 
  
 (i) the date of the Change of
Control if the successor to the Employer shall have failed to assume the obligations under the Plan prior to or upon such Change of Control, either by express agreement or by operation of law, 
  
 (ii) the date of any amendment to the Plan which reduces or adversely
affects either the benefit accrued with respect to any Employee or the future benefit accrual of any Employee (unless paired with a corresponding increase in the benefit paid under the applicable Pension Plan or Retirement Plan), or 
  
 (iii) if the Employer shall have established a trust as described in the
last two sentences of Article 9 hereof, any failure of the Employer (or the successor to the Employer) to make in a timely fashion any contribution to the trust with respect to benefits accrued under the Plan which may be required by the terms of
such trust. 
  

 7 

 11.2 Definition of Change of Control. As used in this Section 11, ‘Change of Control’
shall mean: 
  
 (a) the acquisition by any ‘Person’ (as
defined in Section 11.3 hereof) of ‘Beneficial Ownership’ (as defined in Section 11.3 hereof) of 30% or more of the outstanding Shares of the Company’s Common Stock, $0.10 par value per share (the ‘Common Stock’) or 30% or
more of the combined voting power of the Company’s then outstanding securities; provided, however, that for purposes of this subsection 11.2(a), the following shall not constitute a Change of Control: 
  
 (i) any acquisition (other than a ‘Business Combination’ (as
defined in Section 11.2(c) hereof) which constitutes a Change of Control under Section 11.2(c) hereof) of Common Stock directly from the Company, 
  
 (ii) any acquisition of Common Stock by the Company or its subsidiaries, 
  
 (iii) any acquisition of Common Stock by any employee benefit plan (or related trust) sponsored or maintained by the
Company or any corporation controlled by the Company, or 
  
 (iv)
any acquisition of Common Stock by any corporation pursuant to a Business Combination which does not constitute a Change of Control under Section 11.2(c) hereof; or 
  
 (b) individuals who, as of the effective date of the Amendment, constitute the Board (the ‘Incumbent Board’) cease
for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the effective date of the Amendment whose election, or nomination for election by the Company’s
shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered a member of the Incumbent Board, unless such individual’s initial assumption of office occurs as a result of an
actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Incumbent Board; or 
  
 (c) consummation of a reorganization, merger or consolidation (including a
merger or consolidation of the Company or any direct or indirect subsidiary of the Company), or sale or other disposition of all or substantially all of the assets of the Company (a ‘Business Combination’), in each case, unless,
immediately following such Business Combination, 
  
 (i) the
individuals and entities who were the Beneficial Owners of the Company’s outstanding Common Stock and the Company’s voting securities entitled to vote generally in the election of directors immediately prior to such Business Combination
have direct or indirect Beneficial Ownership, respectively, of more than 50% of the then outstanding shares of common stock, and more than 50% of the combined voting power of the then outstanding voting securities entitled to vote generally in the
election of directors, of the Post-Transaction Corporation (as defined in Section 11.3 hereof), and 
  

 8 

 (ii) except to the extent that such ownership existed prior to the Business Combination, no Person
(excluding the Post-Transaction Corporation and any employee benefit plan or related trust of either the Company, the Post-Transaction Corporation or any subsidiary of either corporation) Beneficially Owns, directly or indirectly, 30% or more of the
then outstanding shares of common stock of the corporation resulting from such Business Combination or 30% or more of the combined voting power of the then outstanding voting securities of such corporation, and 
  
 (iii) at least a majority of the members of the board of directors of the
Post-Transaction Corporation were members of the Incumbent Board at the time of the execution of the initial agreement, or of the action of the Board, providing for such Business Combination; or 
  
 (d) approval by the shareholders of the Company of a complete liquidation or
dissolution of the Company. 
  
 11.3 Other Definitions. As
used in Section 11.2 hereof, the following words or terms shall have the meanings indicated: 
  
 (a) Affiliate: ‘Affiliate’ (and variants thereof) shall mean a Person that controls, or is controlled by, or is under common control with, another specified Person, either directly or indirectly. 

 
 (b) Beneficial Owner: ‘Beneficial Owner’ (and variants thereof),
with respect to a security, shall mean a Person who, directly or indirectly (through any contract, understanding, relationship or otherwise), has or shares (i) the power to vote, or direct the voting of, the security, and/or (ii) the power to
dispose of, or to direct the disposition of, the security. 
  
 (c)
Person: ‘Person’ shall mean a natural person or company, and shall also mean the group or syndicate created when two or more Persons act as a syndicate or other group (including, without limitation, a partnership or limited partnership)
for the purpose of acquiring, holding, or disposing of a security, except that ‘Person’ shall not include an underwriter temporarily holding a security pursuant to an offering of the security. 
  
 (d) Post-Transaction Corporation: Unless a Change of Control includes a
Business Combination (as defined in Section 11.2(c) hereof), ‘Post-Transaction Corporation’ shall mean the Company after the Change of Control. If a Change of Control includes a Business Combination, ‘Post-Transaction
Corporation’ shall mean the corporation resulting from the Business Combination unless, as a result of such Business Combination, an ultimate parent corporation controls the Company or all or substantially all of the Company’s assets
either directly or indirectly, in which case, ‘Post-Transaction Corporation’ shall mean such ultimate parent corporation. 
  
 ARTICLE 12: RESTRICTIONS ON ASSIGNMENT 
  
 The interest of an Employee or his Beneficiary or Spouse may not be sold, transferred, assigned, or encumbered in any manner, either voluntarily or
involuntarily, and any attempt so to anticipate, alienate, sell, transfer, assign, pledge, encumber, or charge the same shall be null and void; neither shall the benefits hereunder be liable for or subject to the debts, contracts, 

  

 9 

 
liabilities, engagement, or torts of any person to whom such benefits or funds are payable, nor shall they be subject to garnishment attachment, or other
legal or equitable process nor shall they be an asset in bankruptcy, except that no amount shall be payable hereunder until and unless any and all amounts representing debts or other obligations owed to the Employer or any affiliate of the Employer
by the Employee with respect to whom such amount would otherwise be payable shall have been fully paid and satisfied. The interest of any Employee, Beneficiary or Spouse shall be held subject to the maximum restraint on alienation permitted or
required by applicable Louisiana law. 
  
 ARTICLE 13: NATURE OF
AGREEMENT 
  
 Eligible Employees and their Beneficiaries by
virtue of participating under this Plan have only an unsecured right to receive benefits from their Employer as a general creditor of the Employer. The Plan constitutes a mere promise to make payments in the future. The adoption of the Plan and any
setting aside of amounts by the Employer with which to discharge its obligations hereunder shall not be deemed to create a trust for the benefit of Eligible Employees or their Beneficiaries; except as provided in any trust document, legal and
equitable title to any funds so set aside shall remain in the Employer, and any recipient of benefits hereunder shall have no security or other interest in such funds. Any and all funds so set aside shall remain subject to the claims of the general
creditors of the Employer, present and future, and no payment shall be made under this Plan unless the Employer is then solvent. This provision shall not require the Employer to set aside any funds, but the Employer may set aside such funds if it
chooses to do so. 
  
 ARTICLE 14: CONTINUED EMPLOYMENT

  
 Nothing contained herein shall be construed as conferring
upon any Employee the right to continue in the employ of the Employer in any capacity. 
  
 ARTICLE 15: BINDING ON EMPLOYER, EMPLOYEES 
 AND THEIR SUCCESSORS 
  
 This Plan shall be binding upon and inure to the benefit of the Employer, its
successors and assigns, and each Eligible Employee and his heirs, executors, administrators and legal representatives. 
  
 ARTICLE 16: LAWS GOVERNING 
  
 This Plan shall be construed in accordance with and governed by the laws of the State of Louisiana, except to the extent that the Plan is governed by the
Employee Retirement Income Security Act of 1974 (“ERISA”). It is the Employer’s intent that the Plan shall be exempt from ERISA’s provisions, to the maximum extent permitted by law. To the extent that the Plan is an excess
benefit plan (as defined in Section 3(36) of ERISA), it shall be exempt from coverage entirely, as provided in ERISA Section 4(b)(5). The Plan is intended to be unfunded for federal income tax purposes and for purposes of title I of ERISA and
intended to provide deferred compensation only for a select group of management or highly compensated employees and shall be exempt from Parts 2, 3, and 4 of ERISA, pursuant to Sections 201(2), 301(a)(3), and 401(a)(1) of ERISA. 
  

 10 

 ARTICLE 17: MISCELLANEOUS 
  
 17.1 Claims and Appeal Procedures. All disputes over benefits allegedly due under this Plan shall be resolved through
the procedures for making claims, and appealing from denials of claims, that are set forth in the Summary Plan Description of the Pension Plan. 
  
 17.2 Recovery of Payments Made by Mistake. Notwithstanding anything to the contrary, an Eligible Employee or other person receiving amounts from
the Plan is entitled only to those benefits provided by the Plan and promptly shall return any payment, or portion thereof, made by mistake of fact or law. The Committee may offset the future benefits of any recipient who refuses to return an
erroneous payment, in addition to pursuing any other remedies provided by law. 
  
 EXECUTED effective this 1st day of March, 2003. 
  

			
	TIDEWATER INC.
		
	By:	 	 /s/ J. Keith Lousteau

	 	 	J. Keith Lousteau
	 	 	Senior Vice President, Chief
	 	 	Financial Officer and Treasurer

  
 ATTEST: 
  

			
	By:	 	 /s/ Michael L. Goldblatt

	 	 	Michael L. Goldblatt
	 	 	Assistant Secretary

  

 11

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