Document:

Amended and Restated 1992 Stock Option Plan

 Exhibit 10.3 
  
 AMENDED AND RESTATED 
 TIDEWATER INC. 
 1992 STOCK OPTION AND 
 RESTRICTED STOCK PLAN 
  
 (Effective November 29, 2001) 
  
 WHEREAS,
Tidewater Inc., a Delaware corporation (the “Company”), amended and restated the Tidewater Inc. 1992 Stock Option and Restricted Stock Plan (the “Plan”) effective July 27, 2001; 
  
 WHEREAS, the Company further authorized an amendment to the Plan on September 27, 2001 to
extend the post-retirement exercise period of options granted under the Plan on July 21, 1995 to non-employee directors and to allow for the extension of the post-retirement exercise period of options granted under the Plan to William C.
O’Malley on March 26, 1996; 
  
 WHEREAS, the Company now wishes to further
amend the Plan to allow the Board of Directors or the Compensation Committee of the Board to determine the post-termination exercise period for options granted under the Plan; 
  
 NOW, THEREFORE, pursuant to the power reserved to the Board in Section 21 of the Plan, Section 10 of the Plan entitled
“Exercise of Options” and Section 11 of the Plan entitled “Automatic Grants to Non-Employee Directors” are hereby amended to read as set forth herein and, as amended, the Plan is hereby restated to reflect such amendments and to
read in its entirety as follows: 
  
 1. Purpose

  
 The purpose of the 1992 Stock Option and
Restricted Stock Plan (the “Plan”) is to promote the interests of Tidewater Inc. (the “Company”) and its shareholders by attracting and retaining directors and key employees capable of furthering the future success of the Company
and by providing such persons an additional incentive through stock ownership to continue and increase their efforts with respect to the Company or its subsidiaries. The Plan provides for granting such persons (a) options for the purchase of Common
Shares of the Company (the “Shares”) and (b) Shares which are both restricted as to transferability and subject to a substantial risk of forfeiture (“Restricted Shares”). 
  
 2. Administration 
  
 The Plan shall be administered by a committee (the
“Committee”) consisting of not less than two Directors appointed by the Board of Directors, each of whom shall (a) qualify as a “non-employee director” under Rule 16B-3 under the Securities Exchange Act of 1934, as in effect
August 15, 1996 and (b) qualify as an “outside director under Section 162 (m) of the Internal Revenue Code of 1986, as amended. Unless otherwise determined by the Board or required by the Plan, the Compensation Committee of the Board of
Directors shall be the Committee. Subject to the limitations and conditions hereinafter set forth, the 

  

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Committee shall have authority to grant options hereunder, to determine the number of Shares for which each option shall be granted and the option price or
prices, to make awards of Restricted Shares, to determine the number of Restricted Shares to be granted, and to establish in its discretion the restrictions to which any such Restricted Shares shall be subject. The Committee shall have full power to
construe and interpret the Plan, to establish and amend rules for its administration, and to establish in its discretion terms and conditions applicable to the exercise of options and the grant of Restricted Shares. 
  
 3. Shares Subject to the Plan 
  
 The Shares to be transferred or sold pursuant to the grant
of Restricted Shares or the exercise of options granted under the Plan shall be authorized Shares, and may be issued Shares reacquired by the Company and held in its treasury or may be authorized but unissued Shares. Subject to adjustment as
provided in Section 19 hereof, the aggregate number of Shares to be granted as Restricted Shares or to be delivered upon the exercise of options granted under the Plan shall not exceed 2,200,000 shares. 
  
 If an option expires or terminates for any reason during the
term of the Plan and prior to the exercise in full of such option, or if Restricted Shares are forfeited as provided in the grant of such Shares, the number of Shares previously subject to but not delivered under such option or grant of Restricted
Shares shall be available for the grant of options or Restricted Shares thereafter. 
  
 4. Eligibility 
  
 Options or Restricted Shares may be granted from time to time to key employees, including officers, of the Company and any subsidiary (“eligible, employees”), as defined in this Section 4, and options shall be granted
automatically to non-employee Directors as provided in Section 11 hereof. From time to time, the Committee shall designate from such eligible employees those who will be granted options or Restricted Shares and, in connection therewith, the number
of Shares to be covered by each grant of options or Restricted Shares. Persons granted options are referred to hereinafter as “optionees,” and persons granted Restricted Shares are referred to hereinafter as “grantees.” Nothing
in the Plan, or in any grant of options or Restricted Shares pursuant to the Plan, shall confer on any person any right to continue in the employ of the Company or any of its subsidiaries, nor in any way interfere with the right of the Company or
any of its subsidiaries to terminate the person’s employment at any time. 
  
 The term “subsidiary” shall mean any corporation now existing or hereafter organized or acquired (other than the Company)
‘in an unbroken chain of corporations beginning with the Company if, at the time of the granting of the option, each of the corporations (including the Company) other than the last corporation in the unbroken chain owns stock possessing 40% or
more of the total combined voting power of all classes of stock in one of the other corporations in such chain; provided that, for all purposes in connection with the grant or exercise of ISOs, as defined in Section 5 below, “50%” shall be
substituted for “40%” in the above definition. 
  

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 PROVISIONS RELATING TO OPTIONS 
  
 5. Character of Options 
  
 It is the intent of the Plan that options granted hereunder shall be incentive stock options (“ISOs”) as such term is defined in
Section 422A of the Internal Revenue Code of 1986, as amended from time to time (the “Code”), to the extent and only to the extent that such options are so identified in writing in the stock option agreement relating thereto. All options
not identified as ISOs at the time of grant are intended to be “nonqualified” or “nonstatutory” stock options which are not ISOs. 
  
 6. Stock Option Agreement 
  
 Each option granted under the Plan shall be evidenced by a stock option agreement which shall be executed by the Company and by the person
to whom the option is granted and which shall identify as an ISO any option intended to be such. The agreement shall contain such terms and provisions, not inconsistent with the Plan, as shall be determined by the Committee. 
  
 7. Limitation on ISO Grants 
  
 The aggregate fair market value (determined on the date the
ISO is granted) of the Shares with respect to which ISOs are exercisable for the first time by an optionee during any calendar year shall not exceed $100,000. 
  

8. Option Exercise Price 
  
 The price per Share to be paid by the optionee on the date an option is exercised shall be not less than the fair market value of one
Share on the date the option is granted, provided that if the option granted is an ISO and if the optionee, on the date of the option grant, owns (within the meaning of Section 425 (d) of the Code) stock possessing more than 10% of the total
combined voting power of all classes of stock of the Company or any subsidiary thereof, the price per Share to be paid by the optionee at the time an option is exercised shall be not less than 110W of the fair market value of one Share on the date
the option is granted. 
  
 For purposes of this
Plan, the term “fair market value” of a Share shall be the closing selling price thereof on the consolidated transaction reporting system for New York Stock Exchange issues on the date of reference or, if no Shares are traded on that date,
the most recent date on which Shares are traded, provided that such determination of fair market value for ISOs shall comply with regulations issued by the Secretary of the Treasury for the purposes of determining fair market value of securities
subject to an ISO plan under Section 422A of the Code. 
  

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 9. Option Term 
  
 The period after which options granted under the Plan may not be exercised shall be determined by the
Committee with respect to each option granted, but may not exceed ten years from the date on which the option is granted, subject to the third paragraph of Section 10 hereof, provided that in the case of any ISO granted to any optionee who, on the
date of the option grant, owns (within the meaning of Section 425 (d) of the code) stock possessing more than 1O% of the total combined voting power of all classes of stock of the Company or any subsidiary thereof, the maximum such option period
shall be five years rather than ten years. 
  
 10. Exercise of
Options 
  
 The time or times at which or
during which options granted under the Plan may be exercised, and any conditions pertaining to such exercise or to the vesting in the optionee of the right to exercise options, shall be determined by the Committee in its sole discretion. 

 
 No option granted under the Plan shall be assignable or
otherwise transferable by the optionee, either voluntarily or involuntarily, except (a) by will, (b) by the laws of descent and distribution, (c) in the case of non-qualified stock options only, if permitted by the Committee and so provided in the
stock option agreement or an amendment thereto, (i) pursuant to a domestic relations order, (ii) to family members, a family partnership or trust for the benefit of family members, or (iii) a to charitable institutions. 
  
 For employee optionees, an option shall lapse if an
optionee’s employment by the Company or a subsidiary is terminated for any reason, provided that the option may thereafter be exercised, to the extent it was exercisable on the date of termination of employment, for such a period of time, not
to exceed five years, as the Committee or Board shall specify. However, in no event may any option be exercised by anyone after the later of (a) the final date upon which the optionee could have exercised it had the optionee continued in the
employment of the Company or its subsidiaries to such date, or (b) one year after the optionee’s death. 
  
 An option may be exercised only by a notice in writing complying in all respects with the applicable stock option agreement. Such notice
may instruct the Company to deliver Shares due upon the exercise of the option to any registered broker or dealer approved by the Company (an “approved broker”) in lieu of delivery to the optionee. Such instructions shall designate the
account into which the Shares are to be deposited. The optionee may tender such notice, properly executed by the optionee, together with the aforementioned delivery instructions, to an approved broker. The purchase price of the Shares as to which an
option is exercised shall be paid in cash or by check, except that the Committee may, in its discretion, allow such payment to be by surrender of unrestricted Shares (at their fair market value on the date of exercise), or by a combination of cash,
check and unrestricted Shares. 
  

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 The obligation of the Company to deliver Shares upon such exercise shall be subject to
all applicable laws, rules and regulations, and to such approvals by governmental agencies as may be deemed appropriate by the Committee, including, among others, such steps as counsel for the Company shall deem necessary or appropriate to comply
with requirements of relevant securities laws. Such obligation shall also be subject to the condition that the Shares reserved for issuance upon the exercise of options granted under the Plan shall have been duly listed on any national securities
exchange which then constitutes the principal trading market for the Shares. 
  
 11. Automatic Grants to Nonemployee Directors 
  
 During each year of the term of this Plan, each Director who is not then an employee of the Company or any subsidiary shall receive on the
date of the annual shareholders meeting options to purchase 1,000 Shares. Each such option shall have a term of ten years and must be exercised within one year of termination of service as a Director, except that, in the event of termination of
Board service as a result of retirement (at age 65 or later or after having completed five or more years of service on the Board), options granted to non-employee Directors under the Plan on the day of the 1995 and 1996 annual meetings of
stockholders of the Company (and remaining outstanding on the date of this amendment to the Plan to extend the post-retirement exercise period) may be exercised within five years from the date of termination of Board service, but no later than ten
years after the date of grant. Each such option shall become exercisable six months after the date of grant. The price per Share to be paid by the holder of such an option shall equal the fair market value of one Share on the date the option is
granted. The purchase price of the Shares as to which such an option is exercised shall be paid only in cash or by certified or bank check. Any Director holding options granted under this Section 11 who is a member of the Committee shall not
participate in any action of the Committee with respect to any claim or dispute involving such Director. 
  
 PROVISIONS RELATING TO RESTRICTED SHARES 
  
 12. Granting of Restricted Shares 
  
 The Committee may grant Restricted Shares to eligible employees at any time. In granting Restricted Shares, the Committee shall determine
in its sole discretion the period or periods during which the restrictions on transferability applicable to such Shares will be in force (the “Restricted Period”). The Restricted Period may be the same for all such Shares granted at a
particular time or to any one grantee or may be different with respect to different grantees or with respect to various of the Shares granted to the same grantee, all as determined by the Committee in its sole discretion. 
  
 Each grant of Restricted Shares under the Plan shall be
evidenced by an 

  

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agreement which shall be executed by the Company and by the person to whom the Restricted Shares are granted. The agreement shall contain such terms and
provisions, not inconsistent with the Plan, as shall be determined by the Committee. 
  
 13. Restrictions on Transferability 
  
 During the Restricted Period applicable to each grant of Restricted Shares, such Shares may not be sold, assigned, transferred or otherwise disposed of, or mortgaged, pledged or otherwise encumbered. Furthermore, a
grantee’s eventual right, if any, to such Shares may not be assigned or transferred except by will or by the laws of descent and distribution. The restrictions on the transferability of Restricted Shares imposed by this Section are referred to
in this Plan as the “Transferability Restrictions.” 
  
 14. Determination of Vesting Restrictions 
  
 With respect to each grant of Restricted Shares, the Committee shall determine in its sole discretion the restrictions on vesting which will apply to the Shares for the Restricted Period, which restrictions, as
initially determined and as they may be modified pursuant to the Plan, are referred to hereinafter as the “Vesting Restrictions.” By way of illustration but not by way of limitation, any such determination of Vesting Restrictions by the
Committee may provide (a) that the grantee will not be entitled to any such Shares unless he or she is still employed by the Company or its subsidiaries at the end of the Restricted Period; (b) that the grantee will become vested in such Shares
according to such schedule as the Committee may determine; (c) that the grantee will become vested in such Shares in any combination of the foregoing or under such other terms and conditions as the Committee in its sole discretion may determine; and
(d) how any such Vesting Restrictions will be applied, modified or accelerated in the case of the grantee’s death, total and permanent disability (as determined by the Committee), or retirement. 
  
 15. Manner of Holding and Delivering Restricted Shares 
  
 Unless the Committee shall otherwise determine, each
certificate issued for Restricted Shares granted hereunder will be registered in the name of the grantee and will be held by the Company with a stock power executed in blank by the grantee covering such Shares. The certificates for such Shares will
remain in the possession of the Company until the earlier of the end of the applicable Restricted Period or, if the Committee has provided for earlier termination of the Transferability Restrictions following a grantee’s death, total and
permanent disability, retirement, or earlier vesting of such Shares, such earlier termination of the Transferability Restrictions. At whichever time is applicable, the certificates representing the number of such Shares to which the grantee is then
entitled will be delivered to the grantee free and clear of the Transferability Restrictions, provided that in the case of a grantee who is not entitled to receive the full number of such Shares evidenced by the certificates then being released from
escrow 

  

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because of the application of the Vesting Restrictions, such certificates will be canceled, and anew certificate representing the Shares, if any, to which
the grantee is entitled pursuant to the Vesting Restriction, will be issued and delivered to the grantee, free and clear of the Transferability Restrictions. 
  
 16. Transfer in the Event of Death, Disability or Retirement 
  
 Notwithstanding a grantee’s death, total and permanent disability, or retirement, the certificates for
his or her Restricted Shares will remain in the possession of the Company and the Transferability Restrictions will continue to apply to such Shares unless the Committee determines otherwise. Upon the termination of the Transferability Restrictions,
either upon any such determination by the Committee or at the end of the Applicable Restricted Period, as the case may be, the portion of such grantee’s Restricted Shares to which he or she is entitled, determined pursuant to his or her
applicable Vesting Restrictions, will be awarded and delivered to the grantee or to the person or persons to whom the grantee’s rights, if any, to the Shares shall pass by will or by the applicable law of descent and distribution, as the case
may be. 
  
 17. Limitations on obligation to Deliver Shares

  
 The Company shall not be obligated to deliver
any Restricted Shares free and clear, of the Transferability Restrictions until the Company has satisfied itself that such delivery complies with all laws and regulations by which the Company is bound. Furthermore, prior to receiving delivery of any
Restricted Shares free of the Transferability Restrictions, the grantee or other person entitled to receive such Shares must pay the Company an amount equal to the taxes, if any, which the Company is required to withhold due to such delivery.

  
 GENERAL PROVISIONS 
  
 18. Shareholder Rights. 
  
 Except for the Transferability Restrictions, a grantee of
Restricted Shares shall have all the rights of a holder of the Shares, including the right to receive dividends paid on such Shares and the right to vote such Shares at meetings of shareholders of the Company. However, no optionee shall have any of
the rights of a shareholder with respect to any Shares unless and until he or she has exercised his or her option with respect to such Shares and has paid the full purchase price therefor. 
  
 19. Changes in Shares 
  
 The aggregate number of Shares for which options or
Restricted Shares may be granted or options exercised, the maximum number of Shares which, with respect to any one person at any time, may be subject to restrictions or subject to unexercised and outstanding options, and the number of Shares subject
to each outstanding option or Restricted Share grant and option prices per share shall be 

  

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subject to appropriate adjustment for any changes in the number of outstanding Shares resulting from a merger, recapitalization, stock exchange, stock split,
stock dividend, corporate division or other change in the Company’s corporate or capital structure. 
  
 20. Change of Control 
  
 (a) This Section 20 has been amended, effective October 1, 1999 (the “Amendment”) to read as provided herein. However, to the
extent that (and only to the extent that) any right to which a grantee of outstanding options or restricted stock under the Plan is entitled prior to the effective date of the Amendment (whether under the Plan, related agreements, amendments
thereto, or interpretations by the Compensation Committee) would be detrimentally affected by the Amendment, the Amendment shall not apply. By way of illustration, and not limitation, the following interpretations of the Compensation Committee with
respect to an “Acceleration Date”, as defined in the Plan (and related agreements and amendments thereto) prior to the Amendment, remain in full force and effect: (i) the 30-day exercisability period following an Acceleration Date shall
not be affected by the termination of employment of an optionee on the Acceleration Date or during such 30-day period, and (ii) all outstanding options, both non-qualified and incentive, shall be accelerated and become exercisable in full at the
Acceleration Date (and to the extent, if any, required by section 422(d) of the Internal Revenue Code of 1986, as amended from time to time (the “Code”), accelerated incentive stock options shall thereby become non-qualified stock
options). 
  
 (b) Notwithstanding any other
provision of the Plan (or any provision of any agreement with respect to any grant hereunder), immediately prior to any Change of Control of the Company (as defined in Section 20(d) hereof), all stock options (whether non-qualified or incentive and
whether granted to an employee or to a nonemployee Director) which are then outstanding hereunder shall become fully vested and exercisable and all Transferability Restrictions and Vesting Restrictions on Restricted Shares then outstanding hereunder
shall automatically lapse and be deemed waived. 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 grantee to take all steps
reasonably necessary (i) if an optionee, to exercise any such option fully and (ii) to deal with the Shares purchased under any such option and any formerly Restricted Shares on which restrictions have lapsed so that both types of Shares may be
treated in the same manner in connection with the Change of Control as the Shares of other shareholders. To the extent, if any, required by section 422(d) of the Code, incentive stock options which become exercisable immediately prior to a Change of
Control pursuant to this Section 20(b) shall thereby become non-qualified stock options. Notwithstanding any other provision of the Plan (or any provision of any agreement with respect to any grant hereunder), (i) any stock option which becomes
exercisable pursuant to this Section 20(b) shall remain exercisable until the earlier of the end of the option term or the lapse 

  

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of the option, and (ii) any lapse and deemed waiver of Transferability Restrictions and Vesting Restrictions on Restricted Shares pursuant to this Section
20(b) shall be a permanent lapse and deemed waiver of such restrictions. 
  
 (c) If any corporation, person or other entity (other than the Company) makes a tender offer or exchange offer for shares of the Company’s common stock pursuant to which purchases are made (an “Offer”),
then from and after the date of the first purchase of the Company’s common stock pursuant to the Offer (the “Acceleration Date”), all outstanding options shall automatically become fully exercisable and the Transferability
Restrictions and Vesting Restrictions on Restricted Shares shall automatically be deemed 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 20, following the expiration of the 30-day period, any options not exercised and any shares of the Company’s common stock issued hereunder not tendered or exchanged shall again be subject to the terms and conditions
applicable prior to the Offer.” 
  
 (d) As
used in this Section 20, “Change of Control” shall mean: 
  
 (i) the acquisition by any “Person” (as defined in Section 20(e) hereof) of “Beneficial Ownership” (as defined in Section 20(e) 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 (d)(i), the
following shall not constitute a Change of Control: 
  
 (A) any acquisition (other than a “Business Combination” (as defined in Section 20(d)(iii) hereof) which constitutes a Change of Control under Section 20(d)(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 20(d)(iii) hereof; or 
  
 (ii)
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 

  

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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 
  
 (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 20(e) hereof), and 
  
 (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.

  
 (e) As used in Section 20(d) 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. 

 

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 (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 (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. 
  
 (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 20(d)(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. 
  
 21. Amendment and Discontinuance 
  
 The Board of Directors may alter, suspend, or discontinue the Plan. 
  
 22. Governing Law 
  
 The Plan shall be applied and construed in accordance with and governed by the law of the State of Delaware, to the extent such law is not
superseded by or inconsistent with federal law. 
  

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 23. Effective Date and Duration of Plan 
  
 The Plan shall become effective only if approved by the
holders of a majority of the Company’s Shares outstanding and entitled to vote at the annual meeting of stockholders and if so approved shall be effective from the date of such meeting. The term during which options and Restricted Shares may be
granted under the Plan shall expire ten years after the date the Plan became effective. 
  
 24. Withholding 
  
 At any time that a participant is required to pay to the Company an amount required to be withheld under the applicable income tax laws in connection with the issuance of shares of Common Stock upon exercise of an option or upon the lapse
of restrictions on shares of restricted stock, the participant may satisfy this obligation in whole or in part by electing (the “Election”) to have the Company withhold shares of Common Stock having a value up to the amount of the maximum
applicable tax under federal (including FICA), state and local law; provided, however, that the Committee shall have the right to disapprove of any portion of a participant’s Election that is in excess of the amount required to be withheld
under applicable income tax laws. 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 is required to be determined (the “Tax Date”).

  
 Each Election must be made prior to the Tax
Date. The Committee may disapprove of any Election as provided above or may suspend or terminate the right to make Elections. If a participant makes an election under Section 83 (b) of the Internal Revenue Code with respect to shares of restricted
stock, an Election is not permitted to be made and the participant is required to pay the amount of the withholding tax liability to the Company in cash. 
  
 This Amended and Restated Plan is executed effective November 29, 2001. 
  

			
	TIDEWATER INC.
		
	By:	 	 /s/ Cliffe F. Laborde

	 	 	Cliffe F. Laborde
	 	 	Executive Vice President,
	 	 	Secretary and General Counsel

  

 122001 Stock Incentive Plan

 Exhibit 10.5 
  
 TIDEWATER INC. 
 2001 STOCK INCENTIVE PLAN 
  
 1.
Purpose. The purpose of the 2001 Stock Incentive Plan (the “Plan”) of Tidewater Inc. (“Tidewater”) is to increase shareholder value and to advance the interests of Tidewater and its subsidiaries (collectively, the
“Company”) by furnishing stock-based economic incentives (the “Incentives”) designed to attract, retain and motivate key employees, officers and directors and to strengthen the mutuality of interests between such employees,
officers and directors and Tidewater’s shareholders. Incentives consist of opportunities to purchase or receive shares of common stock, $.10 par value per share, of Tidewater (the “Common Stock”), on terms determined under the Plan.
As used in the Plan, the term “subsidiary” means any corporation, limited liability company or other entity, of which Tidewater owns (directly or indirectly) within the meaning of Section 425(f) of the Internal Revenue Code of 1986, as
amended (the “Code”), 50% or more of the total combined voting power of all classes of stock, membership interests or other equity interests issued thereby. 
  
 2. Administration. 
  
 2.1. Composition. The Plan shall be administered by the Compensation Committee of the Board of Directors of Tidewater or by a subcommittee
thereof (the “Committee”). The Committee shall consist of not fewer than two members of the Board of Directors, each of whom shall (a) qualify as a “non-employee director” under Rule 16b-3 under the Securities Exchange Act of
1934 (the “1934 Act”) or any successor rule, and (b) qualify as an “outside director” under Section 162(m) of the Code. 
  
 2.2. Authority. The Committee shall have plenary authority to award Incentives under the Plan, to interpret the Plan, to establish any rules
or regulations relating to the Plan that it determines to be appropriate, to enter into agreements with or provide notices to participants as to the terms of the Incentives (the “Incentive Agreements”) and to make any other determination
that it believes necessary or advisable for the proper administration of the Plan. Its decisions in matters relating to the Plan shall be final and conclusive on the Company and participants. The Committee may delegate its authority hereunder to the
extent provided in Section 3 hereof. Directors who are not also employees of the Company (“Outside Directors”) may receive awards under the Plan only as specifically provided in Section 9 hereof. 
  
 3. Eligible Participants. Key employees and officers of the Company
(including officers who also serve as directors of the Company) shall become eligible to receive Incentives under the Plan when designated by the Committee. Employees may be designated individually or by groups or categories, as the Committee deems
appropriate. With respect to participants not subject to Section 16 of the 1934 Act or Section 162(m) of the Code, the Committee may delegate to appropriate officers of the Company its authority to designate participants, to determine the size and
type of Incentives to be received by those participants and to set and modify the terms of the Incentives; provided, however, that the per share exercise price of any options granted by an officer, rather than by the Committee, shall be equal to the
Fair Market Value (as defined below). Outside Directors may participate in the Plan only as specifically provided in Section 9 hereof. 
  

					
	 	 	-1-	 	 

 4. Types of Incentives. Incentives may be granted under the Plan to eligible participants
in the forms of (a) incentive stock options; (b) non-qualified stock options; (c) restricted stock and (d) Other Stock-Based Awards (as defined in Section 8 hereof). 
  
 5. Shares Subject to the Plan. 
  
 5.1. Number of Shares. Subject to adjustment as provided in Section 10.5, the maximum number of shares of Common
Stock that may be delivered to participants and their beneficiaries under the Plan shall be 2,850,000 shares. 
  
 5.2. Share Counting. To the extent any shares of Common Stock covered by a stock option are not delivered to a participant or beneficiary
because the Option is forfeited or canceled, or shares of Common Stock are not delivered because an Incentive is paid or settled in cash or used to satisfy the applicable tax withholding obligation, such shares shall not be deemed to have been
delivered for purposes of determining the maximum number of shares of Common Stock available for delivery under this Plan. In the event that shares of Common Stock are issued as an Incentive and thereafter are forfeited or reacquired by the Company
pursuant to rights reserved upon issuance thereof, such forfeited and reacquired Shares may again be issued under the Plan. If the exercise price of any stock option granted under the Plan or the applicable withholding tax obligation is satisfied by
tendering shares of Common Stock to the Company (by either actual delivery or by attestation), only the number of shares of Common Stock issued net of the shares of Common Stock tendered shall be deemed delivered for purposes of determining the
maximum number of shares of Common Stock available for delivery under the Plan. 
  
 5.3. Limitations on Number of Shares. Subject to Section 10.5, the following additional limitations are imposed under the Plan: 
  
 A. The maximum number of shares of Common Stock that may be issued upon exercise of stock options
intended to qualify as incentive stock options under Section 422 of the Code shall be 2,850,000 shares. Notwithstanding any other provision herein to the contrary, (i) all shares issuable under incentive stock options shall be counted against this
limit and (ii) shares that are issued and are later forfeited, cancelled or reacquired by the Company, shares withheld to satisfy withholding tax obligations and shares delivered in payment of the Option price shall have no effect on this
limitation. 
  
 B. The maximum number of
shares of Common Stock that may be covered by Incentives granted under the Plan to any one individual during any one calendar-year period shall be 500,000. 
  
 C. The maximum number of shares of Common Stock that may be issued as restricted stock and Other Stock-Based Awards (as defined in
Section 8) shall be 300,000 shares.  
  
 5.4. Type of
Common Stock. Common Stock issued under the Plan may be authorized and unissued shares or issued shares held as treasury shares. 
  

 -2- 

 6. Stock Options. A stock option is a right to purchase shares of Common Stock from
Tidewater. Stock options granted under the Plan may be incentive stock options (as such term is defined in Section 422 of the Code) or non-qualified stock options. Any option that is designated as a non-qualified stock option shall not be treated as
an incentive stock option. Each stock option granted by the Committee under this Plan shall be subject to the following terms and conditions: 
  
 6.1. Price. The exercise price per share shall be determined by the Committee, subject to adjustment under Section 10.5; provided that in no event
shall the exercise price be less than the Fair Market Value of a share of Common Stock on the date of grant, except in case of a stock option granted in assumption or substitution for an outstanding award of a company acquired by the Company or with
which the Company combines. 
  
 6.2. Number. The number of
shares of Common Stock subject to the option shall be determined by the Committee, subject to Section 5 and subject to adjustment as provided in Section 10.5. 
  

6.3. Duration and Time for Exercise. The term of each stock option shall be determined by the Committee. Each stock option shall become
exercisable at such time or times during its term as shall be determined by the Committee. Notwithstanding the foregoing, the Committee may accelerate the exercisability of any stock option at any time, in addition to the automatic acceleration of
stock options under Section 10.11. 
  
 6.4. Manner of
Exercise. A stock option may be exercised, in whole or in part, by giving written notice to the Company, specifying the number of shares of Common Stock to be purchased. The exercise notice shall be accompanied by the full purchase price for
such shares. The option price shall be payable in United States dollars and may be paid by (a) cash; (b) uncertified or certified check; (c) by delivery of shares of Common Stock which, unless otherwise determined by the Committee, shall have been
held by the optionee for at least six months, and which shares shall be valued for this purpose at the Fair Market Value on the business day immediately preceding the date such option is exercised; or (d) in such other manner as may be authorized
from time to time by the Committee. 
  
 6.5. Incentive Stock
Options. Notwithstanding anything in the Plan to the contrary, the following additional provisions shall apply to the grant of stock options that are intended to qualify as incentive stock options (as such term is defined in Section 422 of the
Code): 
  
 A. Any incentive stock option
agreement authorized under the Plan shall contain such other provisions as the Committee shall deem advisable, but shall in all events be consistent with and contain or be deemed to contain all provisions required in order to qualify the options as
incentive stock options. 
  
 B. All
incentive stock options must be granted within ten years from the date on which this Plan is adopted by the Board of Directors. 
  

 -3- 

 C. Unless sooner exercised, all incentive stock options shall expire no later than
ten years after the date of grant. 
  
 D.
No incentive stock options shall be granted to any participant who, at the time such option is granted, would own (within the meaning of Section 422 of the Code) stock possessing more than 10% of the total combined voting power of all classes of
stock of the employer corporation or of its parent or subsidiary corporation. 
  
 E. The aggregate Fair Market Value (determined with respect to each incentive stock option as of the time such incentive stock option is granted) of the Common Stock with respect to which incentive stock
options are exercisable for the first time by a participant during any calendar year (under the Plan or any other plan of Tidewater or any of its subsidiaries) shall not exceed $100,000. To the extent that such limitation is exceeded, such options
shall not be treated, for federal income tax purposes, as incentive stock options. 
  
 7. Restricted Stock. 
  
 7.1. Grant of Restricted Stock. The Committee may award shares of restricted stock to such officers and key employees as the Committee determines pursuant to the terms of Section 3. An award of restricted stock shall be subject to
such restrictions on transfer and forfeitability provisions and such other terms and conditions, including the attainment of specified performance goals, as the Committee may determine, subject to the provisions of the Plan. To the extent restricted
stock is intended to qualify as “performance-based compensation” under Section 162(m) of the Code (“Section 162(m)”), it must be granted subject to the attainment of performance goals as described in Section 7.2 below and meet
the additional requirements imposed by Section 162(m). 
  
 7.2 Performance-Based Restricted Stock. To the extent that restricted stock granted under the Plan is intended to qualify as “performance-based compensation” under Section 162(m), the performance goals pursuant to
which the restricted stock shall vest shall be any or a combination of the following performance measures applied to the Company, Tidewater, a division or a subsidiary: earnings per share, return on assets, an economic value added measure,
shareholder return, earnings, stock price, return on equity, return on total capital, safety performance, reduction of expenses or increase in cash flow. For any performance period, such performance objectives may be measured on an absolute basis or
relative to a group of peer companies selected by the Committee, relative to internal goals or relative to levels attained in prior years. If the performance-based restricted stock is intended to qualify as performance-based compensation under
Section 162(m), the Committee may not waive any of the pre-established performance goal objectives, except for an automatic waiver under Section 10.10 hereof, or as may be provided by the Committee in the event of death or disability. 
  
 7.3. The Restricted Period. At the time an award of restricted stock
is made, the Committee shall establish a period of time during which the transfer of the shares of restricted stock shall be restricted and after which the shares of restricted stock shall be vested (the “Restricted Period”). Except for
shares of restricted stock that vest based on the attainment of performance goals, the Restricted Period shall be a minimum of three years, with incremental 

  

 -4- 

 
vesting of portions of the award over the three-year period permitted. If the vesting of the shares of restricted stock is based upon the attainment of
performance goals, a minimum Restricted Period of one year or more is permitted, with incremental vesting of portions of the award over the one-year period permitted. Each award of restricted stock may have a different Restricted Period. The
expiration of the Restricted Period shall also occur as provided under Section 10.3 and under the conditions described in Section 10.10 hereof. 
  
 7.4. Escrow. The participant receiving restricted stock shall enter into an Incentive Agreement with the Company setting forth the conditions of
the grant. Certificates representing shares of restricted stock shall be registered in the name of the participant and deposited with the Company, together with a stock power endorsed in blank by the participant. Each such certificate shall bear a
legend in substantially the following form: 
  
 The
transferability of this certificate and the shares of Common Stock represented by it are subject to the terms and conditions (including conditions of forfeiture) contained in the Tidewater Inc. 2001 Stock Incentive Plan (the “Plan”), and
an agreement entered into between the registered owner and Tidewater Inc. thereunder. Copies of the Plan and the agreement are on file at the principal office of the Company. 
  
 7.5. Dividends on Restricted Stock. Any and all cash and stock dividends paid with respect to the shares of
restricted stock shall be subject to any restrictions on transfer, forfeitability provisions or reinvestment requirements as the Committee may, in its discretion, prescribe in the Incentive Agreement. 
  
 7.6. Forfeiture. In the event of the forfeiture of any shares of
restricted stock under the terms provided in the Incentive Agreement (including any additional shares of restricted stock that may result from the reinvestment of cash and stock dividends, if so provided in the Incentive Agreement), such forfeited
shares shall be surrendered and the certificates cancelled. The participants shall have the same rights and privileges, and be subject to the same forfeiture provisions, with respect to any additional shares received pursuant to Section 10.5 due to
a recapitalization, merger or other change in capitalization. 
  
 7.7. Expiration of Restricted Period. Upon the expiration or termination of the Restricted Period and the satisfaction of any other conditions prescribed by the Committee, the restrictions applicable to the restricted stock shall
lapse and a stock certificate for the number of shares of restricted stock with respect to which the restrictions have lapsed shall be delivered, free of all such restrictions and legends, except any that may be imposed by law, to the participant or
the participant’s estate, as the case may be. 
  
 7.8.
Rights as a Shareholder. Subject to the terms and conditions of the Plan and subject to any restrictions on the receipt of dividends that may be imposed in the Incentive Agreement, each participant receiving restricted stock shall have all the
rights of a shareholder with respect to shares of stock during the Restricted Period, including without limitation, the right to vote any shares of Common Stock. 
  

 -5- 

 8. Other Stock-Based Awards. 
  
 8.1 Grant of Other Stock-Based Awards. The Committee may grant to eligible participants “Other Stock-Based
Awards,” which shall consist of awards, other than options or restricted stock provided for in Sections 6 and 7, the value of which is based in whole or in part on the value of shares of Common Stock. Other Stock-Based Awards may be awards of
shares of Common Stock or may be denominated or payable in, valued in whole or in part by reference to, or otherwise based on or related to, shares of, or appreciation in the value of, Common Stock (including, without limitation, securities
convertible or exchangeable into or exercisable for shares of Common Stock), as deemed by the Committee consistent with the purposes of this Plan. The Committee shall determine the terms and conditions of any Other Stock-Based Award (including which
rights of a shareholder, if any, the recipient shall have with respect to Common Stock associated with any such award) and may provide that such award is payable in whole or in part in cash. An Other Stock-Based Award may be subject to the
attainment of such specified performance goals or targets as the Committee may determine, subject to the provisions of this Plan. To the extent that an Other Stock-Based Award is intended to qualify as “performance-based compensation”
under Section 162(m), it must meet the additional requirements imposed thereby.  
  
 8.2 Performance-Based Other Stock-Based Awards. Any grant of an Other Stock-Based Award that is intended to qualify as “performance-based compensation” under Section 162(m) shall be conditioned on the
achievement of one or more performance goals. The performance goals pursuant to which the Other Stock-Based Award shall vest shall be any or a combination of the following measures applied to the Company, Tidewater, a subsidiary or a division:
earnings per share, return on assets, an economic value added measure, shareholder return, earnings, stock price, return on equity, return on total capital, safety performance, reduction of expenses or increase in cash flow. For any performance
period, such performance objectives may be measured on an absolute basis or relative to a group of peer companies selected by the Committee, relative to internal goals or relative to levels attained in prior years. For grants of Other Stock-Based
Awards intended to qualify as “performance-based compensation,” the grants of Other Stock-Based Awards and the establishment of performance measures shall be made during the period required under Section 162(m). 
  
 8.3 Limitations. Other Stock-Based Awards granted under this Section 8
shall be subject to vesting periods that are equivalent in length to the Restricted Periods for restricted stock described in Section 7.3 hereof, except that the Committee may make special awards under this Section 8 with respect to an aggregate of
no more than 100,000 shares of Common Stock, as adjusted under Section 10.5, which special awards shall not be subject to the minimum vesting period requirements described in Section 7.3. 
  
 9. Stock Options for Outside Directors. 
  
 9.1 Grant of Options. During the period beginning on the day
following the 2001 annual meeting of stockholders and ending on the day of the 2002 annual meeting of stockholders and during each period between annual meetings thereafter, for as long as the Plan remains in effect and shares of Common Stock remain
available for issuance hereunder, each Outside Director may be granted non-qualified stock options to purchase up to 5,000 shares of Common Stock, the exact number of which shall be set by the Committee. 
  

 -6- 

 9.2 Exercisability of Stock Options. The stock options granted to Outside Directors under this
Section 9 shall be exercisable six months after the date of grant and shall expire no later than ten years following the date of grant. 
  
 9.3 Exercise Price. The Exercise Price of the Stock Options granted to Outside Directors shall be equal to the Fair Market Value, as defined in the
Plan, of a share of Common Stock on the date of grant. The Exercise Price may be paid as provided in Section 6.4 hereof. 
  
 9.4 Exercise After Termination of Board Service. In the event an Outside Director ceases to serve on the Board, the stock options granted hereunder
must be exercised, to the extent otherwise exercisable at the time of termination of Board service, within one year from termination of Board service; provided, however, that 
  
 A. In the event of termination of Board service as a result of death or disability, the stock options
must be exercised within two years from the date of termination of Board service; and 
  
 B. In the event of termination of Board service as a result of retirement (at age 65 or later or after having completed five or
more years of service on the Board), the stock options must be exercised within five years from the date of termination of Board service; 
  
 and further provided, that no stock options may be exercised later than ten years after the date of grant. 
  
 10. General. 
  
 10.1. Duration. Subject to Section 10.9, the Plan shall remain in
effect until all Incentives granted under the Plan have either been satisfied by the issuance of shares of Common Stock or otherwise or been terminated under the terms of the Plan and all restrictions imposed on shares of Common Stock in connection
with their issuance under the Plan have lapsed. 
  
 10.2.
Transferability. No Incentives granted hereunder may be transferred, pledged, assigned or otherwise encumbered by a participant except: (a) by will; (b) by the laws of descent and distribution; (c) pursuant to a domestic relations order, as
defined in the Code, if permitted by the Committee and so provided in the Incentive Agreement or an amendment thereto; or (d) as to options only, if permitted by the Committee and so provided in the Incentive Agreement or an amendment thereto, (i)
to Immediate Family Members, (ii) to a partnership in which Immediate Family Members, or entities in which Immediate Family Members are the sole owners, members or beneficiaries, as appropriate, are the sole partners, (iii) to a limited liability
company in which Immediate Family Members, or entities in which Immediate Family Members are the sole owners, members or beneficiaries, as appropriate, are the sole members, or (iv) to a 

  

 -7- 

 
trust for the sole benefit of Immediate Family Members. “Immediate Family Members” shall be defined as the spouse and natural or adopted children
or grandchildren of the participant and their spouses. To the extent that an incentive stock option is permitted to be transferred during the lifetime of the participant, it shall be treated thereafter as a nonqualified stock option. Any attempted
assignment, transfer, pledge, hypothecation or other disposition of Incentives, or levy of attachment or similar process upon Incentives not specifically permitted herein, shall be null and void and without effect. 
  
 10.3. Effect of Termination of Employment or Death. Except as provided
in Section 9.4 with respect to Outside Directors, in the event that a participant ceases to be an employee of the Company for any reason, including death, disability, early retirement or normal retirement, any Incentives may be exercised, shall vest
or shall expire at such times as may be determined by the Committee and provided in the Incentive Agreement. The Committee has complete authority to modify the treatment of an Incentive in the event of termination of employment of a participant by
means of an amendment to the Incentive Agreement. Consent of the participant to the modification is required only if the modification materially impairs the rights previously provided to the participant in the Incentive Agreement. 
  
 10.4. Additional Condition. Anything in this Plan to the contrary
notwithstanding: (a) the Company may, if it shall determine it necessary or desirable for any reason, at the time of award of any Incentive or the issuance of any shares of Common Stock pursuant to any Incentive, require the recipient of the
Incentive, as a condition to the receipt thereof or to the receipt of shares of Common Stock issued pursuant thereto, to deliver to the Company a written representation of present intention to acquire the Incentive or the shares of Common Stock
issued pursuant thereto for his own account for investment and not for distribution; and (b) if at any time the Company further determines, in its sole discretion, that the listing, registration or qualification (or any updating of any such
document) of any Incentive or the shares of Common Stock issuable pursuant thereto is necessary on any securities exchange or under any federal or state securities or blue sky law, or that the consent or approval of any governmental regulatory body
is necessary or desirable as a condition of, or in connection with the award of any Incentive, the issuance of shares of Common Stock pursuant thereto, or the removal of any restrictions imposed on such shares, such Incentive shall not be awarded or
such shares of Common Stock shall not be issued or such restrictions shall not be removed, as the case may be, in whole or in part, unless such listing, registration, qualification, consent or approval shall have been effected or obtained free of
any conditions not acceptable to the Company. 
  
 10.5.
Adjustment. In the event of any merger, consolidation or reorganization of the Company with any other corporation or corporations, there shall be substituted for each of the shares of Common Stock then subject to the Plan, including shares
subject to restrictions, options or achievement of performance objectives, the number and kind of shares of stock, other securities or property (including cash) to which the holders of the shares of Common Stock are entitled pursuant to the
transaction. In the event of any recapitalization, stock dividend, stock split, combination of shares or other similar change in the Common Stock, the number of shares of Common Stock then subject to the Plan, including shares subject to outstanding
Incentives, and all limitations on share issuances imposed by Section 5.3 hereof shall be adjusted in proportion to the change in outstanding shares of Common Stock. In the event of any such adjustments, the purchase price of any option and the
performance objectives of any Incentive, 

  

 -8- 

 
shall also be adjusted as and to the extent appropriate, in the reasonable discretion of the Committee, to provide participants with the same relative rights
before and after such adjustment. No substitution or adjustment shall require the Company to issue a fractional share under the Plan and the substitution or adjustment shall be limited by deleting any fractional share. 
  
 10.6. Withholding. 
  
 A. The Company shall have the right to withhold from
any payments made or stock issued under the Plan or to collect as a condition of payment, issuance or vesting, any taxes required by law to be withheld. At any time that a participant is required to pay to the Company an amount required to be
withheld under applicable income tax laws in connection with the lapse of restrictions on Common Stock or the exercise of an option, the participant may, subject to disapproval by the Committee, 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 shares of Common Stock, in each case having a value equal to the minimum statutory amount required to be withheld under federal,
state and local law. The value of the shares to be delivered or withheld shall be based on the Fair Market Value of the Common Stock on the date that the amount of tax to be withheld shall be determined (“Tax Date”). 
  
 B. Each Election must be made prior to the Tax Date.
The Committee may disapprove of any Election, may suspend or terminate the right to make Elections, or may provide with respect to any Incentive that the right to make Elections shall not apply to such Incentive. If a participant makes an election
under Section 83(b) of the Code with respect to shares of restricted stock, an Election to have shares withheld to satisfy withholding taxes is not permitted to be made. 
  
 10.7. No Continued Employment. No participant under the Plan shall have any right, because of his or her
participation, to continue in the employ of the Company for any period of time or to any right to continue his or her present or any other rate of compensation. 
  

10.8. Deferral Permitted. Payment of an Incentive may be deferred at the option of the participant if permitted in the Incentive Agreement.

  
 10.9. Amendments to or Termination of the Plan. The
Board may amend or discontinue this Plan at any time; provided, however, that no such amendment may: 
  
 A. without the approval of the shareholders, (i) increase, subject to adjustments permitted herein, the maximum number of shares of
Common Stock that may be issued through the Plan, (ii) materially increase the benefits accruing to participants under the Plan or (iii) materially expand the classes of persons eligible to participate in this Plan, or 
  
 B. materially impair, without the consent of the
recipient, an Incentive previously granted. 
  

 -9- 

 10.10. Change of Control; Tender Offer or Exchange Offer. 
  
 A. Notwithstanding any other provision of the Plan
(or any provision of any agreement with respect to any grant hereunder), immediately prior to any Change of Control of the Company (as defined in Section 10.10(C) hereof), all stock options (whether non-qualified or incentive and whether granted to
an employee or to an Outside Director) which are then outstanding hereunder shall become fully vested and exercisable and all restrictions and limitations on shares of restricted stock or Other Stock-Based Awards then outstanding hereunder shall
automatically lapse and all performance criteria and other conditions relating to the payment of Incentives 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 grantee to take all steps reasonably necessary (i) if an optionee, to exercise any such option fully and (ii) to deal with the shares
purchased or acquired under any such option or any Other Stock-Based Award and 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. To the extent, if any, required by section 422(d) of the Code, incentive stock options which become exercisable immediately prior to a Change of Control pursuant to this Section 10.10(A) shall
thereby become non-qualified stock options. Notwithstanding any other provision of the Plan, including, without limitation, Section 10.10(B) hereof (or any provision of any agreement with respect to any grant hereunder), (i) any stock option which
becomes exercisable pursuant to this Section 10.10(A) shall remain exercisable until the earlier of the end of the option term or the lapse of the option, and (ii) any lapse and deemed waiver of restrictions and limitations on any shares of
restricted stock and any Other Stock-Based Awards pursuant to this Section 10.10(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
outstanding options shall automatically become fully exercisable, all restrictions or limitations on any Incentives shall lapse and all performance criteria and other conditions relating to the payment of Incentives 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 10.10, following the expiration of the 30-day period, any
options not exercised and 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. 
  
 C. As used in this Section 10.10, ‘Change of Control’ shall mean: 
  
 (i) the acquisition by any ‘Person’ (as
defined in Section 10.10(D) hereof) of ‘Beneficial Ownership’ (as defined in Section 10.10(D) hereof) of 30% or more of the outstanding shares of the Common Stock, or 30% 

  

 -10- 

 
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 10.10(C)(iii) hereof) which constitutes a Change of Control under Section 10.10(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 10.10(C)(iii) hereof; or 
  
 (ii) individuals who, as of the date of adoption of the Plan by the Board (the “Adoption Date”), constitute the Board
(the “Incumbent Board”) cease for any reason to constitute at least a majority of the Board; provided, however, that any individual becoming a director subsequent to the Adoption Date whose election, or nomination for election by the
Company’s shareholders, was approved by a vote of at least a majority of the directors then comprising the Incumbent Board shall be considered a member of the Incumbent Board, unless such individual’s initial assumption of office occurs as
a result of an actual or threatened election contest with respect to the election or removal of directors or other actual or threatened solicitation of proxies or consents by or on behalf of a Person other than the Incumbent Board; or 
  
 (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 10.10(D) hereof), and 
  

 -11- 

 (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 10.10(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 10.10(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. 
  

 -12- 

 10.11. Definition of Fair Market Value. Whenever “Fair Market Value” of Common Stock
shall be determined for purposes of this Plan, it shall be the closing sale price on the consolidated transaction reporting system for New York Stock Exchange issues on the date of reference for a share of the Common Stock, or if no sale of the
Common Stock shall have been made on that day, on the next preceding day on which there was a sale of the Common Stock. 
  
 10.12 Loans to Optionees. In the event of a Change of Control of the Company, as defined in Section 10.10, in connection with which a
participant’s employment with the Company will be terminated and the participant is precluded for any reason from selling shares of Common Stock, the Company shall, in connection with the exercise of an option, if requested by the participant,
extend a loan to the participant in the maximum amount of the exercise price of the options to be exercised, plus the maximum tax liability that may be incurred in connection with the option exercise. Any such loan shall be unsecured, shall be on
market terms and shall be payable in full no later than thirty days after the termination of the period during which the participant is precluded from selling shares of Common Stock. Any participant to whom a loan is extended hereunder shall, if
requested by the Company, agree in writing not to sell shares of Common Stock for such period as shall be requested, it being understood that the Company’s request that the participant not sell shares of Common Stock shall only be invoked to
the extent necessary to preserve or recognize pooling-of-interests accounting treatment, tax-free reorganization status, or comparable corporate benefits from making such a request. 
  
 This Plan is executed effective the 21st day of November, 2001. 
  

			
	TIDEWATER INC.
		
	By:	 	 /s/ Cliffe F. Laborde

	 	 	Cliffe F. Laborde
	 	 	Executive Vice President,
	 	 	Secretary and General Counsel

  

 -13-

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