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Exhibit 10.5

COLUMBIA SPORTSWEAR COMPANY
2020 STOCK INCENTIVE PLAN 
LONG-TERM INCENTIVE CASH AWARD AGREEMENT
This Long-Term Incentive Cash Award Agreement (the “Agreement”) is entered into as of ___________ (the “Award Date”) by and between Columbia Sportswear Company, an Oregon corporation (the “Company”), and ___________ (the “Recipient”).
The Award is made pursuant to Section 7 of the 2020 Stock Incentive Plan (the “Plan”) and the Recipient desires to accept the award subject to the terms and conditions of this Agreement.
IN CONSIDERATION of the mutual covenants and agreements set forth in this Agreement, the parties agree to the following.
1.Award.  The Company awards to the Recipient under the Plan a Long-Term Incentive Cash Award with a target amount of _______________ (the “Award”), subject to forfeiture or increase as provided in Section 1(c) of this Agreement and to the restrictions, terms and conditions set forth in this Agreement.
(a)Rights under Award.  The Award represents the unfunded, unsecured right to require the Company to deliver to the Recipient a payment in cash as provided in this Agreement.  The amount of cash deliverable with respect to the Award is subject to adjustment as provided in Section 1(c) of this Agreement.
(b)Vesting Date.  The Award shall initially be 100% unvested and subject to forfeiture.  The portion of the Award not forfeited pursuant to Section 1(c) of this Agreement shall vest on the date (the “Vesting Date”) on which the Compensation Committee of the Board of Directors (the “Compensation Committee”) confirms the Cumulative Operating Income and Average ROIC, as defined below (collectively, the “Performance Results”), for the Performance Period, as defined below; provided, however, that to the extent the Recipient has not been employed by the Company continuously from the Award Date to the Vesting Date, any portion of the Award not forfeited pursuant to Section 1(c) of this Agreement shall vest on the Vesting Date with respect to a prorated amount calculated based on Recipient’s days of continuous employment from the beginning of the Performance Period through the date Recipient’s employment terminated.  If the Vesting Date falls on a weekend or any other day on which the Nasdaq Stock Market (“NSM”) or any national securities exchange on which the Common Stock then is principally traded (the “Exchange”) is not open, affected portions of the Award shall vest on the next following NSM or Exchange business day, as the case may be.
(c)Adjustment of Award.
1.Forfeiture of Award on Termination of Service.  If the Recipient ceases to be an employee of the Company prior to the Vesting Date, and such termination of employment is not due to the Recipient’s retirement, disability or death on any date that is after the later of (i) the 
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second anniversary of the first day of the applicable Performance Period and (ii) if retirement, the Recipient’s retirement eligibility date (a “Qualified Termination”), the Recipient shall immediately forfeit the Award pursuant to this Agreement and the Recipient shall have no right to receive the related cash payment.  Absence on leave approved by the Company (or, if the Recipient is an executive officer of the Company, by the Board of Directors), shall not be deemed a termination or interruption of employment or service.  Unless otherwise determined by the Company or the Board of Directors in its sole discretion, (i) vesting of Award shall continue during a medical, family or military leave of absence, whether paid or unpaid, and (ii) vesting of Award shall be suspended during, and the amount of the cash payment deliverable at the Vesting Date shall be proportionately reduced as a result of, any other unpaid leave of absence.  In the event of a Recipient’s Qualified Termination, the Recipient’s Award shall not be immediately forfeited and shall instead be eligible to vest on a prorated basis as provided in Section 1(b) of this Agreement.  For purposes of this Agreement, “retirement” shall have the same meaning as provided in the applicable policy maintained by the Company or the Employer for the benefit of the Recipient or, in the absence of such policy, as determined by the Board in its discretion in accordance with applicable law.
2.Forfeiture of Award on Violation of Code of Business Conduct and Ethics.  Recipient acknowledges that compliance with the Company’s Code of Business Conduct and Ethics is a condition to the receipt and vesting of the Award.  If, during the term of this Agreement, the Board of Directors (or a committee of directors designated by the Board of Directors) determines in good faith that the Recipient’s conduct is or has been in violation of the Company’s Code of Business Conduct and Ethics, then the Board of Directors or committee may cause the Recipient to immediately forfeit all or a portion of the unvested Award granted pursuant to this Agreement and the Recipient shall have no right to receive the related cash payment.
3.Forfeiture or Increase of Award Based on Performance.  For the period beginning _____________ and ending _____________ (the “Performance Period”), the Award shall be adjusted as follows.
(i)50% of the Award (the “Operating Income Component”) is subject to increase or forfeiture (and if forfeited the Recipient shall have no right to receive the related cash payment) based on the Cumulative Operating Income of the Company in the Performance Period, as defined below.  The Operating Income Component will be adjusted by multiplying it by the “Payout as a % of Target” percentage set forth in the table below.  If results are between data points, the percentage of the Award payable shall be determined by interpolation between data points.

															
		50% Weighting - OI			
		Cum. Op. Inc.	Goal as % of Plan	Payout as a % of Target	
		<$	<%	%	
		$	%	%	

2

															
		$	%	%	
		$	%	%	
		$	%	%	
		$	%	%	
		$	%	%	
		$	%	%	

“Cumulative Operating Income” means the sum of the annual income from operations for each of the fiscal years in the Performance Period as set forth in the audited consolidated financial statements of the Company, excluding the following items (collectively, the “Excluded Effects”), for the Performance Period:
(ii)50% of the Award (the “ROIC Component”) is subject to increase or forfeiture (and if forfeited the Recipient shall have no right to receive the related cash payment) based on the Average ROIC of the Company in the Performance Period, as defined below.  The ROIC Component will be adjusted by multiplying it by the “Payout as a % of Target” percentage set forth in the table below.  If results are between data points, the percentage of the Award payable shall be determined by interpolation between data points.
															
		50% Weighting - ROIC			
		Cum. Op. Inc.	Goal as % of Plan	Payout as a % of Target	
		<$	<%	%	
		$	%	%	
		$	%	%	
		$	%	%	
		$	%	%	
		$	%	%	
		$	%	%	
		$	%	%	

“Average ROIC” means the average annual percentage return on invested capital in the Performance Period, excluding the Excluded Effects.  The return on invested capital is calculated as follows.
															
		ROIC	=	(net operating profit after taxes)	
				(average total assets) - (average excess cash) - (average non-interest-bearing current liabilities)	

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The sum of the Award adjustments calculated in (i) and (ii) above will represent the final payout result under the Award.
Notwithstanding the foregoing, the Compensation Committee may, in its sole discretion, disregard all or any part of any Excluded Effects when determining the Performance Results for the Performance Period.
(d)Restrictions on Transfer and Delivery on Death.  The Recipient may not sell, transfer, assign, pledge or otherwise encumber or dispose of the Award subject to this Agreement.  If the Recipient dies before the delivery date, the shares will be delivered to the Recipient’s estate.
(e)Payment.  As soon as practicable following the Vesting Date, provided that the Recipient has completed, signed and returned any documents and taken any additional action the Company deems appropriate, the Company shall pay in cash the amount represented by the vested portion of the Award to the Recipient.  In the in the event of the Recipient’s death or total disability, the cash payment will be made to the Recipient’s beneficiary or executor.
Notwithstanding the foregoing, a delivery date may be delayed in order to provide the Company such time as it determines appropriate to determine tax withholding and other administrative matters; provided, however, that in any event the cash payment shall be made not later than the later to occur of the date that is 2 1/2 months from the end of (i) the Recipient’s tax year that includes the Vesting Date, or (ii) the Company’s tax year that includes the Vesting Date.
(f)Taxes and Tax Withholding.
(i)The Recipient acknowledges that under United States federal tax laws in effect on the Award Date, the Recipient will have taxable compensation income at the time of vesting based on the amount of the cash payment made to the Recipient pursuant to the Award.  The Recipient shall be responsible for all taxes imposed in connection with the Award, regardless of any action the Company takes with respect to any tax withholding obligations that arise in connection with the Award.  The Company makes no representation or undertaking regarding the adequacy of any tax withholding in connection with the grant or vesting of the Award.
(ii)The Company shall deduct from any and all cash payments pursuant to the Award all domestic or foreign income, employment or other tax withholding obligation, whether national, federal, state or local (the “Tax Withholding Obligation”), arising as a result of any grant, vesting or payment of cash pursuant to this Award, in amounts determined by the Company.
(g)No Solicitation.  The Recipient agrees that for 18 months after the Recipient’s employment with the Company terminates for any reason, with or without cause, whether by the Company or the Recipient, the Recipient shall not recruit, attempt to hire, solicit, or assist others in recruiting or hiring, any person who is an employee of the Company, or any of its subsidiaries.  In addition to other remedies that may be available to the Company, the Recipient shall pay to the 
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Company in cash, upon demand, the net value of any cash payment made under this Agreement if the Recipient violates this Section 1(g).
(h)Not a Contract of Employment.  This Agreement shall not be construed as a contract of employment between the Company and the Recipient and nothing contained in this Agreement or in the Plan shall confer upon the Recipient any right to be continued in the employment of the Company or any subsidiary or to interfere in any way with the right of the Company or any subsidiary by whom the Recipient is employed to terminate the Recipient’s employment at any time for any reason, with or without cause, or to decrease the Recipient’s compensation or benefits.
2.Miscellaneous.
(a)Entire Agreement.  This Agreement constitutes the entire agreement of the parties with regard to the subjects hereof.
(b)Interpretation of the Plan and the Agreement.  The Board of Directors, or a committee of the Board of Directors responsible for administering the Plan (the “Administrator”), shall have the sole authority to interpret the provisions of this Agreement and the Plan, and all determinations by it shall be final and conclusive.
(c)Section 409A.  The Award made pursuant to this Agreement is intended not to constitute a “nonqualified deferred compensation plan” within the meaning of Section 409A the Internal Revenue Code of 1986, as amended, and instead is intended to be exempt from the application of Section 409A.  To the extent that the Award is nevertheless deemed to be subject to Section 409A, the Award shall be interpreted in accordance with Section 409A and Treasury regulations and other interpretive guidance issued thereunder, including without limitation any such regulations or other guidance issued after the grant of the Award.  Notwithstanding any provision of the Award to the contrary, in the event that the Administrator determines that the Award is or may be subject to Section 409A, the Administrator may adopt such amendments to the Award or adopt other policies and procedures (including amendments, policies and procedures with retroactive effect), or take any other actions, that the Administrator determines are necessary or appropriate to (i) exempt the Award from the application of Section 409A or preserve the intended tax treatment of the benefits provided with respect to the Award, or (ii) comply with the requirements of Section 409A.
(d)Electronic Delivery.  The Recipient consents to the electronic delivery of any prospectus and any other documents relating to this Award in lieu of mailing or other form of delivery.
(e)Rights and Benefits.  The rights and benefits of this Agreement shall inure to the benefit of and be enforceable by the Company’s successors and assigns and, subject to the restrictions on transfer of this Agreement, be binding upon the Recipient’s heirs, executors, administrators, successors and assigns.
(f)Further Action.  The parties agree to execute such further instruments and to take such further action as may reasonably be necessary to carry out the intent of this Agreement.
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(g)Governing Law, Venue and Jurisdiction; Attorneys’ Fees.  This Agreement and the Plan will be interpreted under the laws of the state of Oregon, exclusive of choice of law rules.  Venue and jurisdiction will be in the state or federal courts in Washington County, Oregon, and nowhere else.  In the event either party institutes litigation hereunder, the prevailing party shall be entitled to reasonable attorneys’ fees to be set by the trial court and, upon any appeal, the appellate court.
(h)Consent to Transfer Personal Data.  By signing this Agreement, the Recipient voluntarily acknowledges and consents to the collection, use, processing and transfer of personal data as described in this paragraph.  The Recipient is not obliged to consent to such collection, use, processing and transfer of personal data.  However, failure to provide the consent may affect the Recipient’s ability to participate in the Plan.  The Company and its subsidiaries hold certain personal information about the Recipient, including name, home address and telephone number, date of birth, social security number or other employee identification number, salary, nationality, job title, any shares of stock or directorships held in the Company, details of all entitlement to shares of stock awarded, canceled, purchased, vested, unvested or outstanding in the Recipient’s favor, for the purpose of managing and administering the Plan (“Data”).  The Company and/or its subsidiaries will transfer Data amongst themselves as necessary for the purpose of implementation, administration and management of the Plan, and the Company and/or any of its subsidiaries may each further transfer Data to any third parties assisting the Company in the implementation, administration and management of the Plan.  These recipients may be located in the European Economic Area, or elsewhere throughout the world, including the United States.  The Recipient authorizes such recipients to receive, possess, use, retain and transfer the Data, in electronic or other form, for the purposes of implementing, administering and managing the Recipient’s participation in the Plan, including any requisite transfer of such Data as may be required for the administration of the Plan and/or the subsequent holding of shares of stock on the Recipient’s behalf to a broker or other third party with whom the Recipient may elect to deposit any shares of stock acquired pursuant to the Plan.  The Recipient may, at any time, review Data, require any necessary amendments to it or withdraw the consents herein in writing by contacting the Company; however, withdrawing consent may affect the Recipient’s ability to participate in the Plan.
(i)Acknowledgment of Discretionary Nature of the Plan; No Vested Rights.  The Recipient acknowledges and agrees that the Plan is discretionary in nature and limited in duration, and may be amended, cancelled, or terminated by the Company, in its sole discretion, at any time.  The Award under the Plan is a one-time benefit and does not create any contractual or other right to receive a grant of another award or benefits in lieu of another award in the future.  Future awards, if any, will be at the sole discretion of the Company, including, but not limited to, the timing of any award, the type and amount of any award and vesting provisions.
(j)Character of Award.  Participation in the Plan is voluntary.  The value of the Award is an extraordinary item of compensation outside the scope of the Recipient’s employment contract, if any.  As such, the Award is not part of normal or expected compensation for purposes of calculating any severance, resignation, redundancy, end of service payments, bonuses, long-service awards, pension, or retirement benefits or similar payments.
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(k)Recovery Policy.  Notwithstanding any other provision of this Agreement to the contrary and to the extent applicable to the Recipient, the Recipient acknowledges and agrees that any cash payment received by the Recipient under this Award may be subject to potential cancellation, recoupment, rescission, payback or other action in accordance with the terms of the Columbia Sportswear Company Incentive Compensation Recovery Policy (the “Recovery Policy”) as in effect on the Award Date (and to the extent applicable to the Recipient, a copy of which has been made available to the Recipient) and as may be amended from time to time in order to comply with changes in laws, rules or regulations that are applicable to such Award and shares of Common Stock.  As a condition to the grant of this Award, to the extent applicable, the Recipient expressly agrees and consents to the Company’s application, implementation and enforcement of (a) the Recovery Policy and (b) any provision of applicable law relating to cancellation, recoupment, rescission or payback of compensation.  Further, the Recipient expressly agrees that the Company may take such actions as are necessary or appropriate to effectuate the Recovery Policy (as applicable to the Recipient) or applicable law without further consent or action being required by the Recipient.  For purposes of the foregoing and as a condition to the grant of this Award, the Recipient expressly and explicitly authorizes the Company to issue instructions, on the Recipient’s behalf, to any third party broker/administrator engaged by the Company for purposes of administering awards granted under the Plan to re-convey, transfer or otherwise return such shares and/or other amounts to the Company.  To the extent that the terms of this Agreement and the Recovery Policy conflict, the terms of the Recovery Policy shall prevail.
(l)Counterparts.  This Agreement may be executed in two or more counterparts, each of which shall be deemed an original.
						
		COLUMBIA SPORTSWEAR COMPANY
		By:
		RECIPIENT
		By:

7EX-10.1

 Exhibit 10.1 

SALE AND PURCHASE AGREEMENT 

RELATING TO 50% MEMBERSHIP INTEREST IN SEACOSCO OFFSHORE LLC 

CHINA SHIPPING FAN TAI LIMITED 

CHINA SHIPPING INDUSTRY (HONG KONG) CO., LIMITED 

AND 
 SEACOR OFFSHORE
ASIA LLC 
 DATED 31 MAY 2020 

[COURTESY CHINESE LANGUAGE TRANSLATION OMITTED AND AVAILABLE UPON REQUEST] 

  
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 CONTENTS 
  

							
	Clause	  	 	  	Page	 
	 1.
	  	DEFINITIONS	  	 	4	 
	 2.
	  	Sale and Purchase of the Subject Shares	  	 	5	 
	 3.
	  	Total Consideration and Payment	  	 	6	 
	 4.
	  	Conditions precedent to Closing	  	 	7	 
	 5.
	  	termination of Joint Venture Contract of SUBJECT COMPANY and Completion of other formalities	  	 	8	 
	 6.
	  	Representations and Warranties OF the SELLERS	  	 	9	 
	 7.
	  	Representations and Warranties of the Purchaser	  	 	10	 
	 8.
	  	Guarantee	  	 	11	 
	 9.
	  	TAXES and expenses	  	 	11	 
	 10.
	  	default liabilities	  	 	11	 
	 11.
	  	Confidentiality	  	 	13	 
	 12.
	  	Force majeure	  	 	13	 
	 13.
	  	Effectiveness of the Agreement	  	 	14	 
	 14.
	  	Applicable Laws and Dispute Settlement	  	 	14	 
	 15.
	  	Notices	  	 	14	 
	 16.
	  	Amendments to The Agreement	  	 	15	 
	 17.
	  	Severability of the agreement	  	 	15	 
	 18.
	  	Languages And Copies	  	 	16	 
	 19.
	  	Conflict with Joint Venture Agreement	  	 	16	 

  

  
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 THIS AGREEMENT is made on31 May 2020 

BY and BETWEEN: 
 Seller 1: China Shipping
Fan Tai Limited, a company incorporated and registered under the laws of the British Virgin Islands whose registered address is at Vistra Corporate Services Centre, Wickhams Cay II, Road Town.Tortola.VG1110, British Virgin Islands
(“CSFT”); 
 Seller 2: China Shipping Industry (Hong Kong) Co. Limited, a company incorporated and registered under the laws
of the Hong Kong Special Administrative Region whose registered address is at 33/F, Tower 2,Kowloon Commerce Centre,51 Kwai C, Hong Kong (“CSI” and together with CSFT “Sellers”) 

Purchaser: SEACOR Offshore Asia LLC, a limited liability company incorporated and registered under the laws of the Marshall Islands, Trust Company Complex,
Ajeltake Road, Ajeltake Island, Majuro, Marshall IslandsMH96960 (“SEACOR”) 
 Legal representative: 

Registered Address: 
 The Sellers and the Purchaser, each
referred to a “Party” and together referred to the “Parties”. 
 Words and expressions used in this Agreement shall be
interpreted in accordance with Clause 1 of DEFINITIONS. 
 WHEREAS 

The Seller1 is a company duly incorporated and validly existing under the laws of British Virgin Islands, with full rights and authorization to sign this
Agreement; 
 The Seller2 is a company duly incorporated and validly existing under the laws of Hong Kong Special Administrative Region, with full rights
and authorization to sign this Agreement; 
 The Purchaser is a company duly incorporated and validly existing under the laws of Marshall Islands, with full
rights and authorization to sign this Agreement; 
 By a Limited Lability Company Agreement dated 30 November 2017 for SEACOSCO Offshore LLC, a
Marshall Islands Limited Lability Company agreement (hereinafter referred to as the “Joint Venture Contract”), the Sellers and the Purchaser are the members of the SEACOSCO Offshore LLC (hereinafter referred to as the
“Subject Company”), the Sellers hold 50% of the membership interest in the Subject Company and the Purchaser holds 50% of the membership interest in the Subject Company; 

The membership interests to be transferred (hereinafter referred to as the “Subject Shares”) are:50% of the membership interest in Subject
Company ,with its registered address at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960held in aggregate by the Sellers. 

The Sellers are willing to sell, and the Purchaser is willing to purchase, the Subject Shares in the Subject Company subject to the terms and conditions set
out in this Agreement. 

  
 3 

 Upon Closing, the Purchaser will directly hold100%ofthe membership interest in the Subject Company and the
Sellers will no longer hold any membership interest, voting rights, right to appoint managers or any other rights whatsoever in respect of the Subject Company or its assets. 

IT IS AGREED: 
  

	1.	 DEFINITIONS 

In this Agreement (including its Schedules), the following words and expressions shall have the following respective meanings: 

 

	1.1	 Business Day means a working day other than a Saturday or Sunday or public holiday and on which
commercial banks are open for general business in Hong Kong, the United States of America, British Virgin Islands, and the Republic of the Marshall Islands. 

  

	1.2	 Law of the Republic of the Marshall Islands means all currently valid laws, regulations, ministerial
level rules, normative documents, judicial interpretations and other binding decisions promulgated and announced by all level of legislative bodies, governmental entities or functional departments or authorized departments of governmental agencies
of the Republic of the Marshall Islands. 

  

	1.3	 Subject Shares means the 50% membership interest in the Subject Company legitimately held in aggregate
by the Sellers contemplated to be transferred to the Purchaser subject to the terms and conditions under this Agreement, including (without limitation) ownership right, profit distribution right, right to appoint manager(s), asset allocation right
and all other rights related to the Subject Shares enjoyed by the members of the Subject Company as provided for under the Joint Venture Contract and the Laws of the Republic of the Marshall Islands. 

 

	1.4	 Share Transfer means the transfer by the Sellers to the Purchaser of the Subject Shares subject to the
terms and conditions set out in this Agreement. 

  

	1.5	 Transaction means the transfer of the Subject Shares under and pursuant to the terms of this Agreement.

  

	1.6	 Joint Venture Contract means the Limited Liability Company Agreement dated 30 November 2017 in
respect of the Subject Company made between the Sellers and the Purchaser. 

  

	1.7	 USD means United States Dollars, the lawful currency of the United States of America.

  

	1.8	 Transfer Price means the consideration for the Subject Shares set out in Clause 3.1 of this Agreement.

  

	1.9	 This Agreement means this SALE AND PURCHASE AGREEMENT relating to the 50% membership interest in
SEACOSCO Offshore LLC by and between the Parties. 

  

	1.10	 Closing Date means the date on which Closing takes place and the Subject Company registers the
alteration of members in the books of the Subject Company to evidence the completion of the Share Transfer. 

  
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	1.11	 Force Majeure means all events and facts that are unforeseeable, unavoidable and insurmountable and
which have a material adverse effect on the ability of the Parties or one Party to this Agreement to perform this Agreement, which include but are not limited to, change of law, governmental act, natural disasters such as earthquakes and floods.

  

	1.12	 Affiliate means, in relation to any person, a Subsidiary of that person or a Holding Company of that
person or any other Subsidiary of that Holding Company, except for the Subject Company and its subsidiaries. 

  

	1.13	 Relevant Vessels means all vessels owned by subsidiaries of the Subject Company, namely, “SEACOSCO
YANGTZE”, “SEACOSCO OHIO”, “SEACOSCO AMAZON”, “SEACOSCO NILE”, “SEACOSCO PARANÁ”, “SEACOSCO CONGO”, “SEACOSCO MURRAY”, and “SEACOSCO DANUBE”. 

 

	1.14	 DPAs means the eight (8) Deferred Payment Agreements entered into between COSCO Shipping Heavy
Industry (Guangdong) Co., Ltd. and subsidiaries of the Subject Company for the Relevant Vessels. 

  

	1.15	 Closing means completion of the sale and purchase of the Subject Shares in accordance with Clause 2.5.

  

	1.16	 Closing Period means the period commencing on 15 June 2020 or the date on which all conditions
precedent in Clause 4.1 are met (whichever is earlier) and ending on 17 July 2020 (subject to Clauses 4.3 and 4.4) or such later date as Parties may agree. 

 

	1.17	 Subsidiary means a subsidiary undertaking within the meaning of section 1162 of the Companies Act 2006
(UK). 

  

	1.18	 Holding Company means, in relation to a person, any other person in respect of which it is a Subsidiary.

  

	1.19	 Interim Period means the period commencing on the date of this Agreement and ending on Closing.

  

	2.	 SALE AND PURCHASE OF THE SUBJECT SHARES 

 

	2.1	 Subject to and in accordance with the terms and conditions of this Agreement, the Sellers shall with full title
guarantee sell, transfer and assign to the Purchaser, and Purchaser shall purchase from the Sellers, the Subject Shares, and thus obtain all the rights and interests of the Sellers in and to the Subject Shares free from any encumbrance (including
without limitation, liens, pledges, claims and other security). 

  

	2.2	 The Purchaser shall purchase all the membership interest of the Sellers in the Subject Company whichrepresent
50% of the total membership interest of all the members of the Subject Company. 

  

	2.3	 As of the date of this Agreement, the Purchaser directly holds 50% of the membership interest in the Subject
Company. Upon Closing, the Purchaser will directly hold 100% of the membership interest in the Subject Company and the Sellers shall no longer hold any membership interest, voting rights, right to appoint managers or any other rights whatsoever in
respect of the Subject Shares, the Subject Company or its assets. 

  
 5 

	2.4	 The Closing shall occur on a Business Day during the Closing Period and the Purchaser shall give the Sellers no
less than 3 days prior notice of the proposed Closing Date. 

  

	2.5	 Subject to Clause 4.1, on Closing: 

 

	 	(a)	 each Seller shall deliver or cause to be delivered to the Purchaser: 

 

	 	(i)	 duly executed instruments of transfer in favour of the Purchaser in respect of the relevant Subject Shares;

  

	 	(ii)	 the Seller’s membership interest certificate in respect of the relevant Subject Shares (or other
equivalent document); 

  

	 	(iii)	 such other documents (including without limitation documents of title, governmental permits and any requisite
consent) as the Purchaser may reasonably require to implement the transfer of the Subject Shares in accordance with the terms of this Agreement; and 

  

	 	(b)	 the Sellers and the Purchaser shall: 

 

	 	(i)	 execute a Protocol of Completion evidencing the completion of the Share Transfer; and 

 

	 	(ii)	 procure that the Subject Company registers the alteration of members in the books of the Subject Company.

  

	3.	 TOTAL CONSIDERATION AND PAYMENT 

 

	3.1	 The Share Transfer Price 

The consideration for the purchase of the Subject Shares shall be United States Dollars Twenty-eight Million One Hundred Fifty Thousand Only
(USD 28,150,000). 
 The Transfer Price of USD 28,150,000 shall be paid by Purchaser in USD in instalments as follows: 

 

	 	3.1.1	 First Instalment: USD 8,445,000 shall be paid within five (5) Business Days after the effective date of
this Agreement in cash, subject to Clause 10.4. 

  

	 	3.1.2	 Second Instalment: balance of the Transfer Price along with interest thereon calculated at a rate of 1.5% per
annum (being the Second Instalment) shall be paid on the date that is twelve (12) months from the effective date of this Agreement in cash, subject to Clause 10.5. 

 

	3.2	 The Parties agree that the Purchaser shall pay each instalment of the Transfer Price in USD to each of Seller 1
and Seller 2in equal proportions and to the bank account details set forth in Schedule 3.2. 

 The Parties hereby
confirm that each of the Sellers is entitled to change the bank account details set forth on Schedule 3.2 but shall deliver a written notice to the Purchaser at least 7 Business Days before such change shall become effective. 

  
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	4.	 CONDITIONS PRECEDENT TO CLOSING 

 

	4.1	 The Parties agree that the Closing contemplated under Clause 2.5 shall only occur after all of the following
conditions precedent are reasonably satisfied or waived (by the relevant Party to whom the obligation is owed) unless otherwise agreed by the Parties in writing: 

 

	 	4.1.1	 The Sellers have obtained all necessary or desirable approvals from, and have completed any and all
registration procedures with,the state-owned asset supervision and administration institution or its authorized agency and any and all other relevant governmental, judicial or regulatory authority in accordance with applicable laws and regulations
for transfer of the Subject Shares; 

  

	 	4.1.2	 Each of the Parties have completed their respective internal approval process in accordance with applicable
laws and regulations and its articles of association (or other equivalent constitutional documents), including: 

  

	 	4.1.2.1	 in respect of each of the Sellers, the approval of its Board of Directors or General Managers to enter into
this Agreement and to carry out the Transaction. 

  

	 	4.1.2.2	 in respect of the Purchaser, the approval of its Board of Directors to enter into this Agreement and to carry
out the Transaction. 

  

	 	4.1.3	 No breach of this Agreement has occurred and all representations and warranties made by each of the Parties
under this Agreement are true, accurate, complete and not misleading. 

  

	 	4.1.4	 The Purchaser has fulfilled its obligation under Clause 8 (Guarantee) of this Agreement, except for the
registration of the Second Preferred Mortgage provided in Clause 8.3. 

  

	 	4.1.5	 The Sellers have provided the Purchaser with such bank mandates and documents to effect any change of
signatories of the Subject Company as the Purchaser may require in relation to, amongst other things, the bank accounts of the Subject Company and its subsidiaries. 

 

	 	4.1.6	 The Sellers have provided the Purchaser with letters of resignation of the managers in the Subject Company
appointed by each of them pursuant to the Joint Venture Contract. 

  

	 	4.1.7	 The Purchaser has obtained all necessary consents (including without limitation the consent of the lenders
under that certain credit agreement relating to a senior secured term loan, dated 26 September 2018, as set forth on Exhibit C) to perform its obligations under this Agreement and to carry out the Transaction. 

 

	 	4.1.8	 The Purchaser has completed payment of the First Instalment as provided in Clause 3.1.1. 

 

	4.2	 The Sellers shall take all reasonable efforts to assist the Purchaser to comply and complete with any and all
formalities and procedures relating to the completion of the Transaction, including but not limited to obtaining authorizations and approvals of relevant governmental, judicial or regulatory authorities, registries or other competent authority,
removing of board members and officers of the Subject Company, handing over of all material and documents in or relating to the Subject Company, and taking such other step or action as may be required by the Purchaser. 

  
 7 

	4.3	 Unless otherwise agreed between the Parties, in the event that any of the conditions in Clause 4.1 are not
complied with before the expiry of the Closing Period, the Parties shall discuss and negotiate one or more of the following: 

  

	 	(a)	 the waiver of all or any of the conditions precedent set out in Clause 4.1; 

 

	 	(b)	 an extension of the Closing Period; or 

 

	 	(c)	 the termination of this Agreement, 

 

	  	 and shall use reasonable endeavors to reach an agreement on such waiver, extension or termination (as the case
may be) within thirty (30) Business Days from the last day of the Closing Period (hereinafter referred to as “Negotiation Period”) and the Closing Period shall be deemed to have been extended by the Negotiation Period.

  

	4.4	 In the event that the conditions precedent in Clause 4.1 have not been satisfied before the expiry of the
Negotiation Period, and the Parties are unable to agree on such waiver, extension or termination contemplated in Clause 4.3, then subject to the Purchaser’s one-time option to further extend the Closing
Period by 20 Business Days, this Agreement and the obligation of the Sellers to sell and the obligation of the Purchaser to purchase the Subject Shares shall be terminated on the expiry of the Negotiation Period (or 20 Business Days after the expiry
of the Negotiation Period, as the case may be), save that: 

  

	 	(a)	 termination of this Agreement shall not affect any rights, remedies, obligations or liabilities of the Parties
that have accrued up to the date of termination, including the right to claim damages in respect of any breach of this Agreement which existed at or before the date of termination; and 

 

	 	(b)	 Parties shall use all reasonable and necessary endeavours to cancel and invalidate all documents related to the
performance of this Agreement and restore the Subject Company to the position prior to the execution of this Agreement. 

  

	4.5	 The Parties agree that the Purchaser shall be the sole Party to enjoy any profits meanwhile to bear any losses
with respect to the Subject Shares during the Interim Period. 

  

	4.6	 The Parties further agree and undertake not to do, or omit to do, anything during the Interim Period which
would be inconsistent with the terms of this Agreement or which would have a material adverse effect on the Subject Company and its subsidiaries. 

  

	5.	 TERMINATION OF JOINT VENTURE CONTRACT OF SUBJECT COMPANY AND COMPLETION OF OTHER FORMALITIES

  

	5.1	 As soon as practicable after Closing, the Parties shall execute such documents and take such action as may be
required to: 

  

	 	(a)	 terminate and/or replace the Joint Venture Contract; and 

 

	 	(b)	 submit or register such documents as may be required by the competent authorities relating to the Subject
Company. 

  

	5.2	 The Purchaser undertakes to use its best endeavor to update the register of members of the Subject Company
without delay and provide evidence of the same to the Sellers within five (5) Business Days after such update has been completed. 

  
 8 

	5.3	 The Parties hereby agree that the Joint Venture Contract shall be deemed to have terminated by agreement on the
Closing Date, except for Sections 2.8 (c), 2.8 (e), 2.8 (g), 8.8, and 10.3only which shall survive the termination of the Joint Venture Contract. The Sellers shall execute any required notices, consents or approval reasonably required to amend and
restate the limited liability company agreement of the Subject Company in the form requested by the Purchaser in compliance with the applicable laws. 

  

	6.	 REPRESENTATIONS AND WARRANTIES OF THE SELLERS 

 

	6.1	 Each of the Sellers respectively represents and warrants to the Purchaser that as of the date hereof and the
Closing Date: 

  

	 	6.1.1	 The Seller1 is a company duly incorporated, validly existing and in good standing under the laws of the British
Virgin Islands. The Seller1 has all requisite corporate power and authority to execute and deliver this Agreement and other documents relating to this Agreement (to which the Seller1is a party), and to perform each of its obligations thereunder to
consummate the Transaction subject to the terms of this Agreement; 

  

	 	6.1.2	 The Seller2 is a company duly incorporated, validly existing and in good standing under the laws of Hong Kong
Special Administrative Region. The Seller2 has all requisite corporate power and authority to execute and deliver this Agreement and other documents relating to this Agreement (to which the Sellers is a party), and to perform each of its obligations
thereunder to consummate the Transaction subject to the terms of this Agreement; 

  

	 	6.1.3	 Each of the Sellers have full title to the relevant Subject Shares and are registered as the members of the
Subject Company according to applicable laws as at the date of this Agreement and the Closing Date; 

  

	 	6.1.4	 Each Seller has the legal right and full power and authority to enter into and perform this Agreement, which
when executed will constitute valid and binding obligations on it, in accordance with its terms; 

  

	 	6.1.5	 All the representations and warranties made by the Sellers under this Agreement are true and correct.

  

	 	6.1.6	 The execution and performance of this Agreement will not result in an infringement of the right of any third
party and will not result in a breach of any legally binding document to which either of the Sellers is a party or any legal commitment to be performed by either of the Sellers; 

 

	 	6.1.7	 The membership interests held by the Sellers are free from any lien or other encumbrance, and each of the
Sellers has the complete and effective power to dispose of the Subject Shares. There is no judgment or order that may restrict the transfer of the Subject Shares and there are no pending or potential action, arbitration, court judgment or ruling
that may have or will materially affect the Subject Shares or the transfer of the Subject Shares; and 

  

	6.2	 If any of the representations and warranties made by the Sellers under Clause 6.1 becomes inaccurate or untrue,
then such event shall constitute a breach of this Agreement and the Sellers shall compensate the Purchaser for any actual losses and damages caused, but in no event shall the liability of the Sellers under this Agreement exceed the Transfer Price.

  
 9 

	6.3	 Upon signing of this Agreement or satisfaction of the conditions precedent in Clause 4.1, whichever is later,
the Sellers undertake to cooperate with the Purchaser to assist in the transfer of the Subject Shares from the Sellers to the Purchaser. 

  

	7.	 REPRESENTATIONS AND WARRANTIES OF THE PURCHASER 

 

	7.1	 The Purchaser represents and warrants to the Sellers that as of the date hereof and the Closing Date:

  

	 	7.1.1	 The Purchaser is duly incorporated, validly existing and in good standing under the laws of the Republic of the
Marshall Islands and have all requisite power and authority to execute and deliver this Agreement and the other documents relating to this Agreement (to which the Purchaser is a party), to perform each of its obligations thereunder and to consummate
the Transaction subject to the terms of this Agreement, including the approval of its board of directors; 

  

	 	7.1.2	 The Purchaser represents that it has sufficient funds from legitimate sources to pay the Transfer Price as
provided for under Clause 3.1 of this Agreement; 

  

	 	7.1.3	 The Purchaser has the legal right and full power and authority to enter into and perform this Agreement, which
when executed will constitute its valid and binding obligations, in accordance with its terms; 

  

	 	7.1.4	 All the representations and warranties made by the Purchaser under this Agreement are true and correct.

  

	 	7.1.5	 The execution and performance of this Agreement will not result in an infringement of the right of any third
party and will not result in a breach of any legal binding document to which the Purchaser is a party or any legal commitment to be performed by the Purchaser; and 

 

	 	7.1.6	 The Purchaser shall pay the taxes payable by the Sellers (if any) in accordance with the laws and regulations
of The Republic of the Marshall Islands relating to the Share Transfer, including but not limited to withholding tax on the transfer and stamp duties of non-resident equity transfer. 

 

	7.2	 Upon signing of this Agreement, the Purchaser undertakes to use its best endeavor to obtain the consent and
approvals necessary to complete the Transaction. 

  

	7.3	 The Purchaser shall arrange the change of the name of the Subject Company and its subsidiaries within 30
business days after the Closing, after which the name of the Subject Company and its subsidiaries shall neither include the names and trademarks of nor in any way imply the involvement of the Sellers and the China COSCO Shipping Corporation Limited.

  

	7.4	 If any of the representations and warranties by the Purchaser under Clause 7.1 becomes inaccurate or untrue,
then such event shall constitute a breach of this Agreement and the Purchaser shall compensate the Sellers for any actual losses and damages caused, but in no event shall the liability of the Purchaser under this Agreement exceed the Transfer Price.

  
 10 

	8.	 GUARANTEE 

  

	8.1	 The Purchaser agrees and undertakes to provide in respect of each DPA a parent company guarantee from SEACOR
Marine Holding Inc., in favour of the COSCO Shipping Heavy Industry (Guangdong) Co Ltd., in substantially the form attached hereto as Exhibit A, on the date of signing this Agreement. 

 

	8.2	 The Purchaser agrees and undertakes to provide a parent company guarantee issued by SEACOR Marine Holding Inc.,
in favour of Seller 1 and Seller 2, in substantially the form attached hereto as Exhibit B, on the date of signing this Agreement. 

  

	8.3	 The Parties agree and undertake to procure the execution of
2nd preferred mortgages (the “Mortgages”) in respect of the Relevant Vessels by the relevant SEACOSCO subsidiaries in favor of the Sellers as security for the punctual performance
of the Purchaser under this Agreement. The Parties agree to sign the agreement of the Mortgages on the date of signing this Agreement. Subject to the Sellers having procured the consent of COSCO Shipping Heavy Industry (Guangdong) Co Ltd. (as first
preferred mortgagee) to the registration of the Mortgages, the Purchaser further undertakes to complete registration of the Mortgages within three (3) Business Days from the effective date of the Mortgages and shall provide evidence of the same
to the Sellers. 

  

	9.	 TAXES AND EXPENSES 

 

	9.1	 The Purchaser and the Sellers shall be responsible for its respective costs, charges and other expenses
(including those of their respective affiliates) incurred in connection with the Transaction contemplated under this Agreement (including any tax liability incurred in connection thereto), provided that if the Transaction is not successfully
consummated as a result of a Party’s breach of any provision under this Agreement, the defaulting Party shall bear all the foregoing costs and expenses incurred by the non-defaulting Parties in connection
with the Transaction. 

  

	9.2	 Subject to Clause 7.1.6, the Parties agree that all taxes and expenses related to the Transaction contemplated
under this Agreement shall be borne by the respective Parties in accordance with applicable laws and regulations; and if no such laws and regulations is in place, in accordance with this Agreement. 

 

	10.	 DEFAULT LIABILITIES 

 

	10.1	 In the event that any Party materially breaches any of the following terms and conditions, except if such
events are caused by Force Majeure, such breach shall constitute an event of default: 

  

	 	10.1.1	 Clause 3, unless such event relates to payment obligations that are otherwise satisfied in the manner set forth
in Clause 10.4 or Clause 10.5, as applicable, in which case such event shall not constitute an event of default; 

  

	 	10.1.2	 Clause 6.1; 

  

	 	10.1.3	 Clause 7.1; and 

  

	 	10.1.4	 Clause 8. 

  
 11 

	10.2	 If an event of default set out in Clause 10.1 above occurs, the
non-defaulting Party shall send a written notice to the defaulting Party within five (5) Business Days after it becomes aware of such event of default, requiring the defaulting party to rectify the
breach. The non-defaulting Party shall be entitled to terminate this Agreement and/or request the defaulting Party to indemnify the non-defaulting Party for any losses
suffered if the defaulting Party fails to rectify the breach within twenty (20) Business Days upon the receipt of the said notice from the non-defaulting Party. 

 

	10.3	 If the non-defaulting Party is penalised by relevant administrative
authorities or assumes responsibilities to any third party due to the default of the defaulting Party, the defaulting Party shall be liable to the non-defaultingParty for the loss caused by its breach, provided that in no event shall the liability
of any Party under this Agreement exceed the Transfer Price. 

  

	10.4	 In the event that the Purchaser fails to make full payment for the first instalment of the Transfer Price
within 15 Business Days after the fifth (5th) Business Day after the effective date of this Agreement (the “Due Date”) as provided for in Clause 3.1.1, the Purchaser shall pay liquidated
damages to the Sellers at a daily rate of 0.05% of the overdue amount from the sixteenth Business Day following the Due Date to the date on which it is fully paid or the date on which the Transaction is unwound. In the event that the first
instalment remains overdue 30 days after the Due Date as provided for in Clause 3.1.1, the Sellers may pursue the Transfer Price as a debt due to the Sellers by the Purchaserand the Sellers shall have the right to proceed directly to enforce their
rights under any security documents without further notice or may require that the Transaction be unwound such that, amongst other things, (i) the Subject Shares be transferred back to the Sellers, if applicable, (ii) the Sellers shall
refund any amounts paid by the Purchaser to the Sellers except for the liquidated damages paid in accordance with this Clause 10.4 and (iii) the Joint Venture Contract shall be reinstated. The Parties agree and confirm that the Purchaser shall
not be obliged to pay the liquidated damages for overdue payment if it is affected by Force Majeure events or events not attributed to the fault of the Purchaser or the Subject Company. However, the Purchaser shall use best endeavours to remove such
impact caused by Force Majeure events or any other events not attributed to the fault of the Purchaser or the Subject Company so as to effectas soon as practicable the full performance of its payment obligations to the Sellers.

  

	10.5	 In the event that the Purchaser has not paid in full the Second Instalment of the Transfer Price provided for
under Clauses 3.1.2 by the due date as provided therein, the Sellers shall have the right to declare that all of the remaining Transfer Price and any accrued and unpaid interest thereon be immediately due and payable and may proceed directly to
enforce their rights under any security documents without further notice,unless the Purchaser agrees, by Notice to the Sellers at least 30 days prior to the due date, to complete payment of all the amount in accordance with the following new payment
schedule: 

  

	 	i)	 No less than USD 1,000,000, along with an interest of the unpaid amount at the rate of 1.5% per annum for one
year, shall be paid within ten (10) Business Days after twelve (12) months from the effective date of this Agreement. 

  

	 	ii)	 No less than USD 2,500,000, along with an interest of the unpaid amount at the rate of 7.0% per annum for one
year, shall be paid within ten (10) Business Days after twenty-four (24) months from the effective date of this Agreement. 

  

	 	iii)	 No less than USD 2,500,000, along with an interest of the unpaid amount at the rate of 7.5% per annum for one
year, shall be paid within ten (10) Business Days after thirty-six (36) months from the effective date of this Agreement. 

  
 12 

	 	iv)	 USD 13,705,000 or the rest of the unpaid amount, along with an interest of the unpaid amount at the rate of
8.0% per annum for one year, shall be paid within ten (10) Business Days after forty-eight (48) months from the effective date of this Agreement. 

  

	11.	 CONFIDENTIALITY 

 

	11.1	 Except as provided under Clause 11.3, the Parties shall keep confidential all information (hereinafter referred
to as the “Confidential Information”) relating to the Subject Company and any Party or Parties and their Affiliates received by or obtained by it under or in connection with the Joint Venture Contract and this Agreement. For the
avoidance of doubt, the Parties confirm that Confidential Information includes the manner of performance of this Agreement, disputes and dispute resolutions (if any). Except as provided under Clause 11.3, without the prior written consent of the
other Parties, a Party shall not, in any form, disclose the Confidential Information to any third party in whole or in part. 

  

	11.2	 Except as provided under Clause 11.3, the provisions herein shall bind the members, shareholders, directors,
employees, consultants and staff of the Parties and their Affiliates (referred to as “Personnel” of such Party) who obtain or receive Confidential Information of the other Parties. Each Party shall be liable to the other Parties for
breach of Clause 11.1 by the Personnel of such Party. 

  

	11.3	 In any of the following situations, the obligation under Clause 11.1 shall not be binding on the relevant Party
with respect to corresponding Confidential Information: 

  

	 	11.3.1	 if the Confidential Information has entered the public domain for reasons that cannot be attributed to the
breach by a Party or the Personnel of the Party of Clause 11.1; 

  

	 	11.3.2	 if the Confidential Information is required to be disclosed under the laws and regulations (including any rules
of any stock exchange) applicable to that Party; 

  

	 	11.3.3	 if any court of competent jurisdiction, governmental, banking, taxation or administrative or regulatory
authorities (including any stock exchange) or similar body that have jurisdiction over that Party requires the disclosure of Confidential Information; 

  

	 	11.3.4	 if the Confidential Information is required to be disclosed in connection with, and for the purposes of, any
litigation, arbitration, administrative or other investigations, proceedings or disputes; and 

  

	 	11.3.5	 to its officers, directors, employees, professional advisers, auditors and partners as that Party shall
consider appropriate if any person to whom the Confidential Information is to be given pursuant to this Clause 11.3.4 is informed in writing of its confidential nature. 

 

	12.	 FORCE MAJEURE 

 

	12.1	 Unless otherwise stipulated by this Agreement, if one Party fails to perform its obligations under this
Agreement in whole or in part as a result of Force Majeure event(s), such Party shall not be deemed to have breached or be in default under this Agreement. However, the Party affected by the Force Majeure event(s) shall within a reasonable period
notify the other Party or Parties in writing specifying the Force Majeure event(s) and the effect of such Force Majeure event(s) on its performance of this Agreement, including relevant documentary proof thereof. 

  
 13 

	12.2	 The Party affected by the Force Majeure event(s) shall take reasonable effort to reduce losses of the other
Partyor Parties caused by the Force Majeure event(s). 

  

	13.	 EFFECTIVENESS OF THE AGREEMENT 

 

	13.1	 This Agreement shall become effective upon the execution by the Parties of this Agreement by the legal
representatives or the authorized representatives of each of the Parties. This Agreement may be executed in any number of counterparts, all of which taken together shall constitute one and the same instrument. Any Party may enter into this Agreement
by signing any counterpart and each counterpart shall be valid and effectual as if executed as an original. 

  

	13.2	 This Agreement shall be binding upon and shall be enforceable by each Party, its successors and permitted
assignees. 

  

	13.3	 Subject to the terms of this Agreement, if a Party is in material breach of this Agreement, it shall bear all
relevant liabilities for breach of contract according to competent English law and regulations, and shall be liable to compensate losses suffered by the non-defaulting Party. 

 

	14.	 APPLICABLE LAWS AND DISPUTE SETTLEMENT 

 

	14.1	 The formation, validity, interpretation and implementation of this Agreement and any non-contractual obligations arising out of or in connection with it shall be governed by the laws of England and Wales. 

  

	14.2	 In the event of any dispute arising from, or in connection with this Agreement, the Parties shall first attempt
to resolve the dispute through friendly consultations. In the event that satisfactory resolution is not achieved within sixty (60) days from the commencement of such consultations, the dispute shall be conducted in accordance with the London
Maritime Arbitrators Association (“LMAA”) Terms current at the date of commencement of the arbitration proceedings. The seat of arbitration shall be London, United Kingdom. There shall be three arbitrators. The arbitral award shall be
final and binding upon the Parties. The language of the arbitration shall be English. 

  

	15.	 NOTICES 

  

	15.1	 Any notice under or in connection with this Agreement (a “Notice”), shall be given in writing in
English by way of email to the following email addresses, registered mail to the following address or fax to the following fax number unless a Party has informed the other Parties of a new email address, address and/or fax number. If the Notice is
made in the form of email or fax, it shall be deemed delivered on the next Business Day thereafter when received in legible form and if made in the form of registered mail, it shall be deemed delivered on the 2nd Business Day of the dispatch of the
Notice. A Party shall notify the other Parties of any change to its address, email address or fax number no less than seven (7) Business Days prior to such change: 

  
 14 

 To Seller 1: China Shipping Fan Tai Limited 

Address: Floor 6, No.5299 Binjiang Avenue, Pudong District, 200127, Shanghai PRC. 

Telephone: + 86 21 6596 6429; +86 13701903211 

Facsimile: +86 21 6596 6429 

Email: zhang.min2@coscoshipping.com 

To Seller 2: China Shipping Industry (Hong Kong) Co. Limited 

Address: Floor 23, No.628 Minsheng Road, Pudong District, Shanghai PRC. 

Telephone: + 86 21 6596 3132 

Facsimile:
 Email:
wang.bo2@coscoshipping.com 
 To the Purchaser: SEACOR Offshore Asia LLC 

Address/: 12121 Wickchester Lane, Suite 500, Houston, TX 77079 

Telephone: +1 346 980 1700 

Facsimile: 
 Email:
jgellert@seacormarine.com, with copy to aeverett@seacormarine.com 
  

	16.	 AMENDMENTS TO THE AGREEMENT 

 

	16.1	 Any alteration and amendment to this agreement shall be effective only if agreed by all the Parties in writing
by their authorized representatives, and such documentation will be effective where relevant, upon the review and approval by the qualified internal approving authority of each Party and any relevant government competent authority.

  

	17.	 SEVERABILITY OF THE AGREEMENT 

 

	17.1	 If any provision under this Agreement is or becomes invalid, unenforceable or cannot be performed for reasons
of that such provisions constitute violation of English law, such provision shall be deemed invalid without affecting the legality, validity or enforceabilityof the other provisions under this Agreement, which shall remain effective and binding on
the Parties. 

  

	17.2	 Under the above Clause 17.1, the Parties to this Agreement shall mutually consult with each other to agree a
replacement clause to supersede the invalid provision. 

  
 15 

	17.3	 Any obligations under this Agreement hereof which have not been performed prior to the Closing of the
Transaction shall remain valid after the Closing Date. Notwithstanding the termination or rescission of this Agreement for any reason, Clause 11(Confidentiality), Clause 14 (Applicable Laws and Dispute Settlement), Clause 15
(Notices), this Clause 17.3 and Clause 18.1 shall remain valid and effective. 

  

	18.	 LANGUAGES AND COPIES 

 

	18.1	 This Agreement shall be executed in both English and Chinese. In the event of any discrepancy, the English
version shall prevail. 

  

	18.2	 This Agreement shall be executed in both English and Chinese in seven (7) originals respectively, with
each Party holding two (2) original and the remaining originals shall be submitted to the relevant authorities for approval (if necessary) and the Subject Company for its records. 

 

	19.	 CONFLICT WITH JOINT VENTURE CONTRACT 

 

	  	 The Parties agree that any rights of pre-emption or restrictions on
transfer, and any other provisions in relation to the sale or transfer of the Subject Shares in the Joint Venture Contract are waived and the terms of this agreement shall prevail. 

 

	20.	 ASSIGNMENT 

  

	  	 No Party shall assign, transfer, mortgage, charge, subcontract, delegate, declare a trust over or deal in any
other manner with any or all of its rights and obligations under this Agreement without the prior written consent of the other Parties. 

  

	  	 The below is intentionally left blank 

  
 16 

 IN WITNESS WHEREOF the Parties hereto have caused their duly authorized representatives to execute
this Agreement as at the first date written above. 
  

	
	The Seller1:
	
	(Stamp)
	
	Signature: /s/ Ming Dong
	
	Name: Ming Dong
	
	Title: Authorized Signatory
	
	The Seller2:
	
	(Stamp)
	
	Signature: /s/ Yu Jianzhong
	
	Name: Yu Jianzhong
	
	Title: Authorized Signatory
	
	The Purchaser:
	
	Signature: /s/ John Gellert
	
	Name: John Gellert
	
	Title: President

  
 17 

 EXHIBIT A 

TO 
 SALE AND PURCHASE
AGREEMENT 
 RELATING TO 

50% MEMBERSHIP INTEREST IN SEACOSCO OFFSHORE LLC 

[omitted – Exhibit separately filed] 

  
 18 

 EXHIBIT B 

TO 
 SALE AND PURCHASE
AGREEMENT 
 RELATING TO 

50% MEMBERSHIP INTEREST IN SEACOSCO OFFSHORE LLC 

[omitted – Exhibit separately filed] 

  
 19 

 EXHIBIT C 

TO 
 SALE AND PURCHASE
AGREEMENT 
 RELATING TO 

50% MEMBERSHIP INTEREST IN SEACOSCO OFFSHORE LLC 

The Credit Agreement, and any amendments thereto, are publicly filed with the Securities and Exchange Commission of the U.S. A copy of the Credit Agreement is
available at the following website: 
 https://www.sec.gov/Archives/edgar/data/1690334/000143774918020355/ex_124873.htm 

  
 20 

 Schedule 3.2 

Bank Account Details 

[confidential] 

  
 21

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