Document:

Change in Control Bonus Agreement

 Exhibit 10.3 
 Change in Control Bonus Agreement 
 Effective May 23, 2006 
 THIS CHANGE IN CONTROL BONUS AGREEMENT is entered into as of May 23, 2006 by and between The Sands Regent (“Sands”) and Cornelius T. Klerk
(“Employee”). 
 WHEREAS, Employee has substantial executive management experience; 
 WHEREAS, Sands would like to secure the continued services of Employee and to ensure his continued dedication to his duties in the event of the
occurrence of a Change in Control; 
 WHEREAS, Sands would like to enhance the value of Sands by motivating superior performance by means of
an incentive that is directly related to value received by Sands in a sale; 
 SECTION 1 Change in Control 
 1.1. In the case of the following events (each a “Change in Control”), and subject to the other terms of this Agreement, Employee will be
eligible to receive the Bonus described in Section 2: 
 (a) the consummation of a merger, consolidation, statutory share
exchange, short form merger or similar form of corporate transaction involving Sands or any member of the Sands Group including by way of acquisition of shares (a “Business Combination”), unless immediately following such Business
Combination: (A) more than 50% of the total voting power of (x) the corporation resulting from such Business Combination (the “Surviving Corporation”), or (y) if applicable, the ultimate parent corporation that directly or
indirectly has beneficial ownership of at least 95% of the voting securities eligible to elect directors of the Surviving Corporation (the “Parent Corporation”), is represented by Sands Voting Securities that were outstanding immediately
prior to such Business Combination (or, if applicable, is represented by shares into which such Sands Voting Securities were converted pursuant to such Business Combination), and such voting power among the holders thereof is in substantially the
same proportion as the voting power of such Sands Voting Securities among the holders thereof immediately prior to the Business Combination, (B) no person (other than any employee benefit plan (or related trust) sponsored or maintained by the
Surviving Corporation or the Parent Corporation or an existing Sands shareholder, with greater than 50% beneficial ownership of the Sands Voting Securities prior to the Business Combination, whose percentage beneficial ownership compared to the
other Sands shareholders in existence immediately prior to the Business Combination does not change on consummation of the Business Transaction), is or becomes the beneficial owner, directly or indirectly, of 50% or more of the total voting power of
the outstanding voting securities eligible to elect directors of the Parent Corporation (or, if there is no Parent Corporation, the Surviving Corporation) and (C) at least a majority of the members of the board of directors of the Parent
Corporation (or, if there is no Parent Corporation, the Surviving Corporation) following the consummation of the Business Combination were Incumbent Directors at the time of the Board’s approval of the execution of the initial agreement
providing for such Business Combination (any Business Combination which satisfies all 

 
of the criteria specified in (A), (B) and (C) above shall be deemed to be a “Non-Qualifying Transaction”); or 
 (b) the consummation of a sale of all or substantially all of Sands’s assets (a “Sale”) in one or a series of related
transactions. For purposes of this Agreement, a sale of assets representing 50% or more of the book value, revenues or net income of Sands shall be deemed to be a sale of “substantially” all of the assets of Sands. 
 SECTION 2 Bonus and Payment 
 Bonus Amount. In case of a Change
in Control that occurs on or before March 31, 2007, or a Change in Control that occurs as a result of a definitive agreement that is signed on or before March 31, 2007, the amount of the Bonus will One Hundred Fifty Thousand dollars
($150,000.00). 
 2.1. Payment. Provided that the conditions specified in Section 3 are satisfied and subject to Section 4,
within 10 days following a Change in Control, Sands will pay to Employee an amount in cash equal to the Bonus, as calculated in Section 2.1. 
 2.2. Special Payment Provisions. In the case of a Business Combination or Sale, if the terms of the definitive agreement that results in the Change in Control involve any provisions: 
 pursuant to which a part of the Transaction Price will be paid to Sands or the Sands shareholders in one or more installments after the Business
Combination or Sale or any other deferral of the payment of the Sale Price, then payment of the Bonus will be pro-rated so that: 
 (a) a
portion of the Bonus, based on the portion of the Transaction Price paid to Sands or the Sands shareholders at the Transaction Date, will be paid to the Employee in accordance with Section 2.2 above and 
 (b) an additional portion of the Bonus will be paid to Employee within 10 days following the date any additional portion of the Transaction Price is paid
to Sands or the Sands shareholders. 
 SECTION 3 Conditions to Receive Bonus 
 3.1. Employee will not be entitled to receive a Bonus and will forfeit all rights with respect to the Bonus if for any reason Employee is not an employee
of any member of the Sands Group on the date of the Change in Control. 
 3.2. Notwithstanding the foregoing, if Employee is terminated prior
to the Transaction Date by Sands without Cause, Employee will be entitled to receive the Bonus that would have become due and payable had he remained an employee through such date. 
  

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 SECTION 4 Term, Expiration and Amendment 
 4.1. This Agreement is effective as of March 31, 2006 and will expire as follows: If a Change in Control has not occurred prior to March 31,
2007, all Bonuses will be forfeited and will be of no further force or effect; provided however that if a definitive agreement has been executed on or prior to March 31, 2007 that would result in a Change in Control upon consummation, then this
Agreement will expire on the earlier of (i) March 31, 2007 or (ii) the termination of such definitive agreement. If a Change in Control occurs after the expiration of this Agreement, Employee will not be entitled to any Bonus.

 4.2. This Agreement may be amended or terminated only with the written consent of all parties hereto. 
 SECTION 5 Miscellaneous 
 5.1. This Agreement is not
in any way intended to create any guaranteed period of continued employment; Employee’s employment shall at all times continue to be governed by the terms of his Employment Agreement. Participation in this Agreement will not constitute or imply
any employment rights. 
 5.2. No Bonus will be assignable or transferable other than by will or by the laws of descent and distribution, nor
will such Bonus be subject to alienation, assignment, garnishment, execution or levy of any kind. 
 5.3. Sands will have the right to
withhold from any payment made under this Agreement any Federal, State or local taxes required by law to be withheld with respect to the payment of the Bonus. 
 5.4. Any Bonus under this Agreement will constitute a special incentive payment to Employee and will not be taken into account in computing the amount of salary or compensation of Employee for the purpose of
determining any benefits under any pension, retirement, profit sharing, bonus, life insurance, severance or other compensation or benefit plan of the Sands Group or under any agreement with the Employee, unless such plan or agreement specifically
provides otherwise. 
 5.5. All rights and obligations under this Agreement will be construed and interpreted in accordance with the laws of
the State of Nevada, applicable to agreements made and wholly to be performed in the State of Nevada. 
 5.6. It is Sands Group’s and
the Employee’s intention that this Agreement comply with Section 409A of the U.S. Internal Revenue Code of 1986, as amended. If either party believes, at any time, that this Agreement as amended does not so comply, it will promptly advise
the other and will negotiate reasonably and in good faith to amend the terms of this Agreement such that they comply and that amendment will have the most limited possible economic effect on Sands Group and the Employee. 
  

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 SECTION 6 Definitions 
 6.1. Bonus has the meaning set forth in Section 2.1. 
 6.2. Business Combination has the
meaning set forth in Section 1.1(a). 
 6.3. Cause has the meaning set forth in Section 1(a) of the Employment Agreement.

 6.4. Employee means Cornelius T. Klerk. 
 6.5. Employment Agreement means the Employment Agreement Dated April 1, 2005 between Sands, and Employee 
 6.6. Incumbent Directors means individuals who, on January 1, 2006, constitute the Board of Directors of Sands, provided that any person becoming a director subsequent to January 1, 2006, whose
election or nomination for election was approved by a vote of at least two-thirds of the Incumbent Directors then on the Board (either by a specific vote or by approval of the proxy statement of Sands in which such person is named as a nominee for
director, without written objection to such nomination), shall also be an Incumbent Director. 
 6.7. Sands means The Sands Regent.

 6.8. Sands Group means Sands, and any other corporation or other entity which at the relevant times is more than fifty percent
(50%) owned, directly or indirectly, by Sands. 
 6.9. Sands Voting Securities means securities of Sands representing 50% or more
of the combined voting power of Sands’s then outstanding securities eligible to vote for the election of the Board of Directors. 
 6.10. Blank 
 6.11. Sale has the meaning set forth in Section 1.1(b). 
 6.12. Transaction Date means the date on which a Sale or Business Combination is consummated. 
 IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the day and year first above written. 
  

									
	 THE SANDS REGENT
	 		 	 CORNELIUS T. KLERK

					
	 By:
	 	 /s/ The Sands Regent
	 		 	 By:
	 	 /s/ Cornelius T. Klerk

  

 4Form of Stock Option and Restricted Stock Agreement

 Exhibit 10.14 
 STOCK OPTION AND RESTRICTED STOCK AGREEMENT 
 FOR THE GRANT OF INCENTIVE STOCK OPTIONS,
NON-QUALIFIED 
 STOCK OPTIONS AND RESTRICTED STOCK UNDER THE 
 TIDEWATER INC. 2001 STOCK INCENTIVE PLAN 
 THIS AGREEMENT is entered into
as of March 29, 2006, by and between Tidewater Inc., a Delaware corporation (“Tidewater”), and             
             (the “Employee”). 
 WHEREAS, the Employee
is a key employee of Tidewater or one of its subsidiaries and Tidewater considers it desirable and in its best interest that the Employee be given an added incentive to advance the interests of Tidewater by possessing an option to purchase shares of
the common stock of Tidewater, $.10 par value per share (the “Common Stock”) and restricted shares of Common Stock in accordance with the Tidewater Inc. 2001 Stock Incentive Plan (the “Plan”). Tidewater and its subsidiaries shall
be collectively referred to herein as the “Company.” 
 NOW, THEREFORE, in consideration of the premises, it is agreed by
and between the parties as follows: 
 I. 
 Stock Options 
 1.1 Grant of Options. Tidewater hereby grants to the Employee effective
March 29, 2006 (the “Date of Grant”) the right, privilege and option to purchase              shares of Common Stock (the “Option”) at an exercise price of
$55.76 per share (the “Exercise Price”). The Option shall be exercisable at the times specified in Section 1.2 below. With respect to              of the shares
subject to the Option, the Option shall be a non-qualified stock option and with respect to              of the shares subject to the Option, the Option shall be an incentive stock
option under Section 422 of the Internal Revenue Code of 1986, as amended (the “Code”). 
 1.2 Time of Exercise.

 (a) Subject to the provisions of the Plan and the other provisions of this Section I, the Option shall be exercisable as follows:

  

					
	 Date Exercisable
	 	 Incentive Stock
 Option Shares
	 	 Non-Qualified
 Stock Option Shares

	 May 29, 2006
	 		 	
	 May 29, 2008
	 		 	
	 May 29, 2009
	 		 	

 (b) The Option shall terminate ten years following the Date of Grant and may terminate earlier in
the event of termination of the Employee’s employment as provided below or a Change of Control of Tidewater as provided in the Plan. During Employee’s lifetime, the Option may be exercised only by the Employee or the Employee’s
curator if the Employee has been interdicted. 

 (c) If the Employee’s employment with the Company terminates, other than as a result of death,
disability or retirement, the Option may be exercised within 90 days following termination of employment, but in no event later than ten years after the Date of Grant. 
 (d) If the Employee’s employment with the Company is terminated because of disability within the meaning of Section 22(e)(3) of the Code or because of retirement, the Option may be exercised within two years
from the date of termination of employment, but in no event later than ten years after the Date of Grant. In the case of an incentive stock option, however, the Option will not be treated as an incentive stock option for tax purposes if it is
exercised later than three months following the date of termination of employment as a result of retirement or later than one year following the date of termination of employment as a result of disability. 
 (e) In the event of the Employee’s death, the Option may be exercised by the Employee’s estate, or by the person to whom such right devolves
from him by reason of the Employee’s death, within two years from the date of death, but in no event later than ten years after the Date of Grant. 
 (f) Any portion of the Option that is exercisable but not exercised within the permitted time period following termination of employment provided in this Section I, shall be terminated upon expiration of such
permitted time period. 
 1.3 Method of Exercise of Option. The Employee may exercise all or a portion of the Option by delivering to
the Company a signed written notice of his intention to exercise the Option, specifying therein the number of shares to be purchased. Upon receiving such notice, and after the Company has received full payment of the Exercise Price in accordance
with the Plan, the appropriate officer of the Company shall cause the transfer of title of the shares purchased to Employee on Tidewater’s stock records and cause to be issued to Employee a stock certificate for the number of shares being
acquired. Employee shall not have any rights as a shareholder until the stock certificate is issued to him. 
 1.4
Non-Transferability. Unless permitted by the Committee in an amendment to this Agreement as provided in the Plan, the Option granted hereby may not be transferred, assigned, pledged or hypothecated in any manner, by operation of law or
otherwise, other than by will or by the laws of descent and distribution and shall not be subject to execution, attachment or similar process. 
 II. 
 Restricted Stock 
 2.1 Grant of Restricted Stock. Tidewater hereby grants to Employee a restricted stock award effective on the Date of Grant of             
shares of Common Stock (the “Restricted Stock”) subject to the terms, conditions, and restrictions set forth in the Plan and in this Agreement. 
  

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 2.2 Award Restrictions. 
 (a) The period during which the restrictions imposed on the Restricted Stock by the Plan and this Agreement are in effect is referred to herein as the
“Restricted Period.” During the Restricted Period, the Employee shall be entitled to all rights of a stockholder of Tidewater, including the right to vote the shares and to receive dividends thereon; provided, however, that the
Restricted Stock, the right to vote the Restricted Stock and the right to receive dividends thereon may not be sold, assigned, transferred, exchanged, pledged, hypothecated or otherwise encumbered during the Restricted Period. 
 (b) The Restricted Period for the Restricted Stock shall end and the shares of Restricted Stock shall become vested and freely transferable as set forth
below: 
 (i) With respect to 25% of the shares of Restricted Stock granted, the later of May 1, 2007, or the date on which
Tidewater’s Form 10-K for the fiscal year ending March 31, 2007 is filed with the Securities and Exchange Commission (the “SEC”), provided that the Performance Threshold for the fiscal year ending March 31, 2007 has been
satisfied; 
 (ii) With respect to 25% of the shares of Restricted Stock granted, the later of May 1, 2008, or the date on which
Tidewater’s Form 10-K for the fiscal year ending March 31, 2008 is filed with the SEC, provided that the Performance Threshold for the fiscal year ending March 31, 2008 has been satisfied; 
 (iii) With respect to 25% of the shares of Restricted Stock granted, the later of May 1, 2009, or the date on which Tidewater’s Form 10-K for
the fiscal year ending March 31, 2009 is filed with the SEC, provided that the Performance Threshold for the fiscal year ending March 31, 2009 has been satisfied; and 
 (iv) On March 29, 2010, with respect to any shares of Restricted Stock that remain unvested as of such date; 
 provided, however, that if the employment of the Employee terminates for any reason other than death or disability, any shares of Restricted Stock, with respect
to which the Restricted Period has not ended as of the date of termination of employment, will be immediately forfeited. 
 (c) The
“Performance Threshold” with respect to a given fiscal year shall be satisfied if the Economic Value Added (“EVA”) for the fiscal year is $5 million or more from the prior fiscal year. EVA equals after tax operating profits less
a charge for debt and equity capital. Equity capital is charged at a rate equal to the weighted average cost of debt and equity. 
 (d) To
the extent the Restricted Stock has not otherwise become fully vested and freely transferable, the Restricted Period shall end and the Restricted Stock will become fully vested and freely transferable by the Employee or his estate upon the death of
the Employee or upon a determination by the Committee that the Employee has become disabled. 
 (e) The shares of Restricted Stock shall also
become fully vested and the Restricted Period shall end in the event of a Change of Control of Tidewater as provided in the Plan. In addition, the Committee may declare the Restricted Period ended and shares of Restricted Stock fully vested at any
time in its discretion. 

  

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III. 
 Stock Certificates

 3.1 Form. The stock certificates evidencing the Restricted Stock shall be registered in the name of the Employee and shall be
held by Tidewater, together with a stock power executed by the Employee in blank, during the Restricted Period in accordance with the terms of the Plan. Tidewater shall place the following legend on the stock certificates: 
 The transferability of this certificate and the shares of Common Stock represented hereby are subject to the terms and conditions (including conditions of
forfeiture) contained in the Tidewater Inc. 2001 Stock Incentive Plan (the “Plan”) and an agreement entered into between the registered owner and Tidewater Inc. A copy of the Plan and Agreement is on file in the office of the Secretary of
Tidewater Inc. 
 3.2 Removal of Legend. Upon termination of the Restricted Period with respect to all or a portion of the Restricted
Stock, Tidewater shall cause a stock certificate without a restrictive legend covering the vested Restricted Stock to be issued in the name of the Employee or his nominee within 30 days after the end of the Restricted Period with respect to such
shares. Upon receipt of such stock certificate, the Employee is free to hold or dispose of the shares represented by such certificate, subject to applicable securities laws. 
 IV. 
 Defined Terms 
 The definition of all capitalized terms used herein and not otherwise defined herein shall be as provided in the Plan. 
 V. 
 Withholding Taxes

 At any time that the Employee is required to pay to the Company an amount required to be withheld under the applicable income tax laws
in connection with the exercise of an Option or the lapse of restrictions on Restricted Stock, the Employee may, subject to the Committee’s right of disapproval, satisfy this obligation in whole or in part by electing (the “Election”)
to deliver currently owned shares of Common Stock or to have the Company withhold from the distribution shares of Common Stock, in each case having a value equal to the amount required to be withheld. The value of the shares to be withheld shall be
based on the Fair Market Value of the Common Stock on the date that the amount of tax to be withheld shall be determined (the “Tax Date”). Each Election must be made prior to the Tax Date. The Committee may disapprove of any Election or
may suspend or terminate the right to make Elections. 
  

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 VI. 
 No Contract of Employment Intended 
 Nothing in this Agreement shall confer upon the Employee any
right to continue in the employment of the Company, or to interfere in any way with the right of the Company to terminate the Employee’s employment relationship with the Company at any time. 
 VII. 
 Binding Effect 

This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, executors, administrators and
successors. 
 VIII. 
 Amendment, Modification or Termination 
 The Committee may amend, modify or terminate any outstanding Option at any time
prior to exercise and any Restricted Stock at any time prior to vesting in any manner not inconsistent with the terms of the Plan. Notwithstanding the foregoing, no amendment, modification or termination may materially impair the rights of an
Employee hereunder without the consent of the Employee. 
 IX. 
 Inconsistent Provisions 
 The Option and Restricted Stock granted hereby are
subject to the provisions of the 2001 Plan, as in effect on the date hereof and as it may be amended. In the event any provision of this Agreement conflicts with such a provision of the Plan, the Plan provision shall control. The Employee
acknowledges that a copy of the Plan was distributed to the Employee and that the Employee was advised to review such Plan prior to entering into this Agreement. The Employee waives the right to claim that the provisions of the Plan are not binding
upon the Employee and the Employee’s heirs, executors, administrators, legal representatives and successors. 
 X. 
 Governing Law 
 This Agreement shall be
governed by and construed in accordance with the laws of the State of Louisiana. 
 XI. 
 Severability 
 If any term or provision
of this Agreement, or the application thereof to any person or circumstance, shall at any time or to any extent be invalid, illegal or unenforceable in any respect as written, the Employee and Tidewater intend for any court construing this Agreement
to modify or limit such provision so as to render it valid and enforceable to the fullest extent allowed by law. Any such provision that is not susceptible of such reformation shall be ignored 

  

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so as to not affect any other term or provision hereof, and the remainder of this Agreement, or the application of such term or provision to persons or
circumstances other than those as to which it is held invalid, illegal or unenforceable, shall not be affected thereby and each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law. 
 XII. 
 Entire Agreement; Modification

 The Plan and this Agreement contain the entire agreement between the parties with respect to the subject matter contained herein and
may not be modified, except as provided in the Plan, as it may be amended from time to time in the manner provided therein, or in this Agreement, as it may be amended from time to time. Any oral or written agreements, representations, warranties,
written inducements, or other communications with respect to the subject matter contained herein made prior to the execution of the Agreement shall be void and ineffective for all purposes. 
 XIII. 
 Section 83(b) Election 
 The Employee has reviewed with the Employee’s own tax advisors the federal, state, local and foreign tax consequences of this investment and the
transaction contemplated by this Agreement. The Employee is relying solely on such advisors and not on any statements or representations of the Company or any of its agents. The Employee understands that the Employee (and not the Company) shall be
responsible for the Employee’s own tax liability that may arise as a result of the transactions contemplated by this Agreement. The Employee understands that the Employee may elect to be taxed at the time the shares of Restricted Stock are
granted by filing an election under Section 83(b) of the Code with the IRS within thirty days from the Date of Grant. The Employee acknowledges that it is the Employee’s sole responsibility and not the Company’s to file timely the
election under Section 83(b), even if the Employee requests the Company or its representatives to make this filing on the Employee’s behalf. 
 IN WITNESS WHEREOF the parties hereto have caused this Agreement to be executed on the day and year first above written. 
  

	
	TIDEWATER INC.
	
	  

	Dean E. Taylor
	Chairman, President and
	Chief Executive Officer
	
	  

	[Employee Name]

  

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