Document:

EX-10.1

 Exhibit 10.1 

EXHIBIT SEP 
 PARTNERSHIP
UNIT DESIGNATION 
 DESIGNATION OF 

6.625% SERIES E CUMULATIVE REDEEMABLE PREFERRED UNITS 

Reference is made to the Second Amended and Restated Agreement of Limited Partnership (the “Partnership Agreement”) of Gladstone Commercial
Limited Partnership, a Delaware limited partnership (the “Partnership”), of which this Partnership Unit Designation shall become a part. 

Capitalized terms used herein and not defined herein shall have the meanings ascribed thereto in the Partnership Agreement. Section references are (unless
otherwise specified) references to sections in this Partnership Unit Designation. 
 The General Partner has set forth in this Partnership Unit Designation
the following description of the preferences and other rights, voting powers, restrictions, limitations as to distributions, qualifications and terms and conditions of redemption of a class and series of Partnership Interests to be represented by
Partnership Units which are designated as the “6.625% Series E Cumulative Redeemable Preferred Units”: 
 1. Number of Units
and Designation. A series of cumulative redeemable preferred units, designated the “6.625% Series E Cumulative Redeemable Preferred Units” (the “Series E Preferred Units”) is hereby established and the number of
units constituting such Series E Preferred Units shall be 4,000,000. 
 2. Definitions.  

“Business Day” shall mean any day other than a Saturday, a Sunday or a day on which state or federally chartered banking
institutions in New York, New York are not required to be open. 
 “Change of Control” shall have the meaning set forth in
Section 6(a) hereof. 
 “Charter” shall mean the charter of Gladstone Commercial Corporation. 

“Delisting Event” shall mean, after the original issuance of the Series E Preferred Stock, the following have occurred and
are continuing: both (a) the shares of Series E Preferred Stock are no longer listed on the NYSE, the NYSE American or Nasdaq, or listed or quoted on an exchange or quotation system that is a successor to the NYSE, the NYSE American or Nasdaq,
and (b) Gladstone Commercial Corporation is not subject to the reporting requirements of the Exchange Act, but any Series E Preferred Stock is still outstanding. 

“Exchange Act” shall mean the Securities Exchange Act of 1934, as amended. 

“Holder Optional Redemption Date” shall have the meaning set forth in Section 7(a) hereof. 

  
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 “Holder Optional Redemption Price” shall have the meaning set forth in
Section 7(a) hereof. 
 “Nasdaq” shall mean the Nasdaq Stock Market. 

“NYSE” shall mean the New York Stock Exchange. 

“NYSE American” shall mean the NYSE American. 

“Optional Redemption Right” shall have the meaning set forth in Section 5(b) hereof. 

“Original Issue Date” shall mean the date of original issue of the Series E Preferred Units. 

“Parity Preferred Unit” shall mean all other classes and series of preferred units of the Partnership ranking on parity with
the Series E Preferred Units as to the payment of dividends and the distribution of assets upon liquidation, dissolution or winding up of the affairs of the Partnership. 

“Series A Preferred Unit” shall mean the 7.75% Series A Cumulative Redeemable Preferred Units, par value $0.001 per share, of
the Partnership. 
 “Series B Preferred Unit” shall mean the 7.50% Series B Cumulative Redeemable Preferred Units of the
Partnership. 
 “Series D Preferred Unit” shall mean the 7.00% Series D Cumulative Redeemable Preferred Units of the
Partnership. 
 “Series E Dividend Payment Date” shall have the meaning set forth in Section 3(a) hereof. 

“Series E Dividend Period” shall mean the respective period commencing on and including the first day of each month and
ending on and including the last day of each month (other than the initial Series E Dividend Period and the Series E Dividend Period during which any of the Series E Preferred Units are redeemed or otherwise acquired by the Partnership). 

“Series E Dividend Record Date” shall have the meaning set forth in Section 3(a) hereof. 

“Series E Preferred Stock” shall mean the 6.625% Series E Cumulative Redeemable Preferred Stock of Gladstone Commercial
Corporation. 
 “Series E Preferred Unit” shall have the meaning set forth in Section 1 hereof. 

“Special Optional Redemption Right” shall have the meaning set forth in Section 6(a) hereof. 

  
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 3. Dividends and Distributions. 

(a) Subject to the preferential rights of the holders of any Partnership Interest of the Partnership ranking senior to the Series E Preferred
Units as to dividends, the holders of the then outstanding Series E Preferred Units shall be entitled to receive, when, as and if authorized and declared by the General Partner, out of funds legally available for the payment of dividends, cumulative
cash dividends at the rate of 6.625% per annum of the $25.00 liquidation preference per unit (equivalent to a fixed annual amount of $1.65625 per unit). Such dividends shall accrue and be cumulative from and including the Original Issue Date, or, if
later, shall be cumulative from the most recent Series E Dividend Payment Date on which dividends have been paid in full, and shall be payable monthly in arrears on the last day of each month or, if such date is not a Business Day, on the
immediately succeeding Business Day, or on such later date as designated by the General Partner, with the same force and effect as if paid on such date (each, a “Series E Dividend Payment Date”). Dividends shall be payable to
holders of record of the Series E Preferred Units as they appear in the ownership records of the Partnership at the close of business on the applicable record date, which shall be the date designated by the General Partner as the record date for the
payment of dividends on the Series E Preferred Units that is not more than 35 nor fewer than 10 days prior to the scheduled Series E Dividend Payment Date (each, a “Series E Dividend Record Date”). The amount of any dividend payable
on the Series E Preferred Units for any partial Series E Dividend Period and for the initial Series E Dividend Period shall be prorated and computed on the basis of a 360-day year consisting of twelve 30-day months. 
 (b) No dividends on Series E Preferred Units shall be authorized or declared by the
General Partner or paid or set apart for payment by the Partnership at such time as the terms and provisions of any agreement of the Partnership, including any agreement relating to its indebtedness, prohibits such authorization, declaration,
payment or setting apart for payment or provides that such authorization, declaration, payment or setting apart for payment of such distributions would constitute a breach thereof or a default thereunder, or if such authorization, declaration,
payment or setting apart for payment shall be restricted or prohibited by law. 
 (c) Notwithstanding the foregoing Section 3(b),
dividends on the Series E Preferred Units shall accrue whether or not the Partnership has earnings, whether or not there are funds legally available for the payment of such distributions and whether or not such dividends are authorized and declared
by the General Partner. No interest, or sum of money in lieu of interest, shall be payable in respect of any dividend payment or payments on the Series E Preferred Units which may be in arrears. 

(d) Except as provided in Section 3(e) below, unless full cumulative dividends on the Series E Preferred Units for all past Series E
Dividend Periods that have ended shall have been or contemporaneously are (i) declared and paid in cash or (ii) declared and a sum sufficient for the payment thereof in cash is set apart for such payment, no dividends shall be declared and
paid or declared and set apart for payment and no other distribution of cash or other property may be declared and made, directly or indirectly, on or with respect the Common Units, any Parity Preferred Units or any other class or series of
Partnership Interest of the Partnership ranking junior to the Series E Preferred Units (other than a dividend paid in Common Units, 

  
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Parity Preferred Units or any other class or series of Partnership Interest ranking junior to the Series E Preferred Units as to payment of dividends and the distribution of assets upon
liquidation, dissolution or winding up of the affairs of the Partnership), nor shall any Common Units, Parity Preferred Units or any other class or series of Partnership Interest of the Partnership ranking, as to payment of dividends and the
distribution of assets upon liquidation, dissolution or winding up of the affairs of the Partnership, junior to the Series E Preferred Units be redeemed, purchased or otherwise acquired for any consideration or any moneys be paid to or made
available for a sinking fund for the redemption of any such units (except (i) by conversion into or exchange for Common Units or any other class or series of Partnership Interest of the Partnership ranking junior to the Series E Preferred Units
as to payment of dividends and the distribution of assets upon liquidation, dissolution or winding up of the affairs of the Partnership, (ii) for the purchase of Series E Preferred Units, Parity Preferred Units or any other class or series of
Partnership Units of the Partnership ranking, as to payment of dividends and the distribution of assets upon liquidation, dissolution or winding up of the affairs of the Partnership, junior to the Series E Preferred Units, pursuant to the Charter to
the extent necessary to preserve Gladstone Commercial Corporation’s status as a REIT and (iii) for the purchase of Parity Preferred Units pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding Series
E Preferred Units). 
 (e) When dividends are not paid in full (or a sum sufficient for such full payment is not so set apart) upon the
Series E Preferred Units and any Parity Preferred Units, all dividends declared upon the Series E Preferred Units and any Parity Preferred Units shall be declared pro rata so that the amount declared per unit of Series E Preferred Units and
such Parity Preferred Units shall in all cases bear to each other the same ratio that accrued dividends per unit on the Series E Preferred Units and such Parity Preferred Units (which shall not include any accrual in respect of unpaid dividends on
such Parity Preferred Units for prior dividend periods if such Parity Preferred Units do not have a cumulative dividend) bear to each other. 

(f) Holders of Series E Preferred Units shall not be entitled to any dividend, whether payable in cash, property or other Partnership
Interest, in excess of full cumulative dividends on the Series E Preferred Units as provided herein. Any dividend payment made on the Series E Preferred Units shall first be credited against the earliest accrued but unpaid dividends due with respect
to such units which remain payable. Accrued but unpaid dividends on the Series E Preferred Units shall accumulate as of the Series E Dividend Payment Date on which they first become payable. 

4. Liquidation Preference. Upon any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the
Partnership, before any distribution or payment shall be made to holders of Common Units or any other class or series of Partnership Interest of the Partnership ranking, as to rights upon liquidation, dissolution or winding up of the affairs of the
Partnership, junior to the Series E Preferred Units, the holders of the Series E Preferred Units shall be entitled to be paid out of the assets of the Partnership legally available for distribution to its partners a liquidation preference of $25.00
per unit, plus an amount equal to any accrued and unpaid dividends (whether or not authorized or declared) to and including the date of payment, but without interest. If, upon any such voluntary or involuntary liquidation, dissolution or
winding up, the available assets of the Partnership are insufficient to pay the full amount of the 

  
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liquidating distributions on all outstanding Series E Preferred Units and the corresponding amounts payable on all Parity Preferred Units, the holders of the Series E Preferred Units and each
such holder of any Parity Preferred Units shall share ratably in any such distribution of assets in proportion to the full liquidating distributions to which they would otherwise be respectively entitled. Written notice of any such voluntary or
involuntary liquidation, dissolution or winding up of the affairs of the Partnership, stating the payment date or dates when, and the place or places where, the amounts distributable in such circumstances shall be payable, shall be given by
first-class mail, postage pre-paid, not less than 30 nor more than 60 days prior to the payment date stated therein, to each record holder of Series E Preferred Units at the respective addresses of such
holders as the same shall appear on the ownership records of the Partnership. After payment of the full amount of the liquidating distributions to which they are entitled, the holders of Series E Preferred Units shall have no right or claim to
any of the remaining assets of the Partnership. The consolidation or merger of the Partnership with or into any other corporation, trust or other entity, or the voluntary sale, lease, transfer or conveyance of all or substantially all of the
property or business of the Partnership, shall not be deemed to constitute a liquidation, dissolution or winding up of the affairs of the Partnership. 

5. Optional Redemption by the Partnership. The Series E Preferred Units shall be subject to redemption by the Partnership
as provided below: 
 (a) Series E Preferred Units shall not be redeemable prior to October 4, 2024, except as set forth in
Section 6 below or to maintain the qualification of Gladstone Commercial Corporation as a REIT. 
 (b) On or after October 4,
2024, the Partnership, at the option of the General Partner, upon not fewer than 30 nor more than 60 days’ written notice, may redeem the Series E Preferred Units, in whole or in part, at any time or from time to time, for cash at a redemption
price of $25.00 per share, plus an amount equal to any accrued and unpaid dividends (whether or not authorized or declared) thereon to, but not including, the date fixed for redemption, without interest, to the extent the Partnership has funds
legally available therefor (the “Optional Redemption Right”). If fewer than all of the outstanding Series E Preferred Units are to be redeemed, the Series E Preferred Units to be redeemed shall be redeemed pro rata (as
nearly as may be practicable without creating fractional units) by lot or by any other equitable method that the Partnership determines will not violate the 9.8% ownership limit applicable to a Limited Partner. If redemption is to be by lot and, as
a result, any holder of Series E Preferred Units, other than a Limited Partner holder of Series E Preferred Units that has received an exemption from the 9.8% ownership limit, would have actual ownership or constructive ownership of more than 9.8%
of the issued and outstanding Partnership Interests of the Partnership, because such holder’s Series E Preferred Units were not redeemed, or were only redeemed in part, then the Partnership shall redeem the requisite number of units of Series E
Preferred Units of such holder such that no Limited Partner shall own Partnership Interest the Partnership in excess of the 9.8% ownership limitation subsequent to such redemption. Holders of Series E Preferred Units to be redeemed shall surrender
such Series E Preferred Units at the place, or in accordance with the book entry procedures, designated in the notice of redemption and shall be entitled to the redemption price of $25.00 per share, plus an amount equal to all accrued and unpaid
dividends thereon, payable upon such redemption following such surrender. So long as full cumulative dividends on the Series E Preferred Units for all past Series E Dividend Periods that have ended 

  
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shall have been or contemporaneously are declared and paid in cash or declared and a sum sufficient for the payment thereof is set apart for payment, nothing herein shall prevent or restrict the
Partnership’s right or ability to purchase, from time to time all or any part of the Series E Preferred Units at such price or prices as the Partnership may determine, subject to the provisions of applicable law as duly authorized by the
General Partner. 
 (c) Unless full cumulative dividends on the Series E Preferred Units for all past Dividend Periods that have ended shall
have been or contemporaneously are declared and paid in cash or declared and a sum sufficient for the payment thereof is set apart for payment, no Series E Preferred Units shall be redeemed pursuant to this Section 5 unless all outstanding
Series E Preferred Units are simultaneously redeemed, and the Partnership shall not purchase or otherwise acquire directly or indirectly any Series E Preferred Units or any Parity Preferred Units (except by conversion into or exchange for
Partnership Interests of the Partnership ranking junior to the Series E Preferred Units as to payment of dividends and the distribution of assets upon liquidation, dissolution or winding up of the affairs of the Partnership);
provided, however, that the foregoing shall not prevent (i) the purchase of Series E Preferred Units or any other Parity Preferred Units or other Partnership Interests of the Partnership ranking junior to the Series E
Preferred Units, pursuant to the Charter to ensure that Gladstone Commercial Corporation meets the requirements for qualification as a REIT for federal income tax purposes or (ii) the purchase or other acquisition of Series E Preferred Units or
any other class or series Parity Preferred Units or Partnership Interest ranking junior to the Series E Preferred Units, pursuant to a purchase or exchange offer made on the same terms to holders of all outstanding Series E Preferred Units. 

(d) Notice of redemption pursuant to this Section 5 shall be mailed by the Partnership, postage prepaid, not fewer than 30 nor more than
60 days prior to the redemption date, addressed to the respective holders of record of the Series E Preferred Units to be redeemed at their respective addresses as they appear on the ownership records of the Partnership. No failure to give such
notice or defect therein shall affect the validity of the proceedings for the redemption of any Series E Preferred Units except as to the holder to whom such notice was defective or not given. In addition to any information required by law or
by the applicable rules of any exchange upon which the Series E Preferred Units may be listed or admitted to trading, each such notice shall state: (i) the redemption date; (ii) the redemption price; (iii) the number of Series E
Preferred Units to be redeemed; (iv) the place or places where the certificates, if any, representing the Series E Preferred Units are to be surrendered for payment of the redemption price; (v) the procedures for surrendering
uncertificated the Series E Preferred Units for payment of the redemption price; (vi) that dividends on the Series E Preferred Units to be redeemed shall cease to accumulate on such redemption date; and (vii) that payment of the redemption
price plus an amount equal to any accrued and unpaid dividends thereon shall be made upon presentation and surrender of such Series E Preferred Units. If fewer than all of the Series E Preferred Units held by any holder are to be redeemed, the
notice mailed to such holder shall also specify the number of Series E Preferred Units held by such holder to be redeemed. Notwithstanding anything else to the contrary herein, the Partnership shall not be required to provide notice to the holder of
Series E Preferred Units in the event such holder’s Series E Preferred Units are redeemed in order for Gladstone Commercial Corporation to qualify or to maintain the its status as a REIT. Any redemption of Series E Preferred Units may be made
conditional on such factors as may be determined by the General Partner and as set forth in the notice of redemption. 

  
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 6. Special Optional Redemption by the Partnership. 

(a) Upon the occurrence of a Change of Control or a Delisting Event, the Partnership, at its option, upon not fewer than 30 nor more than 60
days’ written notice, may redeem the Series E Preferred Units, in whole or in part, within 120 days after the first date on which such Change of Control occurred or 120 days after the date of the Delisting Event, as applicable, for cash at a
redemption price of $25.00 per share, plus an amount equal to any accrued and unpaid dividends (whether or not authorized or declared) thereon to, but not including, the date fixed for redemption (the “Special Optional Redemption
Right”). 
 A “Change of Control” occurs when, after the Original Issue Date, the following have occurred and are
continuing: 
 (i) the acquisition by any person, including any syndicate or group deemed to be a “person” under
Section 13(d)(3) of the Exchange Act of beneficial ownership, directly or indirectly, through a purchase, merger or other acquisition transaction or series of purchases, mergers or other acquisition transactions of stock of Gladstone Commercial
Corporation entitling that person to exercise more than 50% of the total voting power of all stock of Gladstone Commercial Corporation entitled to vote generally in the election of directors (except that such person shall be deemed to have
beneficial ownership of all securities that such person has the right to acquire, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition); and 

(ii) following the closing of any transaction referred to in (i) above, neither Gladstone Commercial Corporation nor the acquiring or
surviving entity has a class of common securities (or American Depositary Receipts representing such securities) listed on the NYSE, the NYSE American or Nasdaq or listed or quoted on an exchange or quotation system that is a successor to the NYSE,
the NYSE American or Nasdaq. 
 (b) Notice of redemption pursuant to this Section 6 shall be mailed by the Partnership, postage
prepaid, not fewer than 30 nor more than 60 days prior to the redemption date, addressed to the respective holders of record of the Series E Preferred Units to be redeemed at their respective addresses as they appear on the ownership records of the
Partnership. No failure to give such notice or defect therein shall affect the validity of the proceedings for the redemption of any Series E Preferred Units except as to the holder to whom such notice was defective or not given. In
addition to any information required by law or by the applicable rules of any exchange upon which the Series E Preferred Units may be listed or admitted to trading, each such notice shall state: (i) the redemption date; (ii) the redemption
price; (iii) the number of Series E Preferred Units to be redeemed; (iv) the place or places where the certificates, if any, representing the Series E Preferred Units are to be surrendered for payment of the redemption price; (v) the
procedures for surrendering uncertificated Series E Preferred Units for payment of the redemption price; (vi) that dividends on the Series E Preferred Units to be redeemed shall cease to accumulate on such redemption date; (vii) that
payment of the redemption price plus an amount equal to any accrued and unpaid dividends thereon shall be made upon presentation and surrender of such Series E Preferred Units; and (viii) that the Series E Preferred Units are being redeemed
pursuant to the Special Optional Redemption Right in connection with the occurrence of a Change of Control or a Delisting Event, as applicable, and a brief description of the 

  
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transaction or transactions constituting such Change of Control or Delisting Event, as applicable. If fewer than all of the Series E Preferred Units held by any holder are to be redeemed, the
notice mailed to such holder shall also specify the number of Series E Preferred Units held by such holder to be redeemed. In this case, the Partnership shall determine the number of Series E Preferred Units to be redeemed in the manner described in
Section 5(b) above. 
 7. Redemption at Option of Holders Upon a Change of Control or Delisting Event. 

(a) If a Change of Control or Delisting Event occurs at any time the Series E Preferred Units are outstanding, then each holder of Series E
Preferred Units shall have the right, at such holder’s option, to require the Partnership to redeem for cash, out of funds legally available therefor, any or all of such holder’s of Series E Preferred Units, on a date specified by the
Partnership that can be no earlier than 30 days and no later than 60 days following the date of delivery by the Partnership of a notice of the Change of Control or Delisting Event, as applicable (the “Holder Optional Redemption
Date”), at a redemption price of $25.00 per share, plus an amount equal to all accrued but unpaid dividends (whether or not authorized or declared) thereon to, but not including, the Holder Optional Redemption Date (the “Holder
Optional Redemption Price”); provided, however, that a holder shall not have any right of redemption with respect to any Series E Preferred Units being called for redemption pursuant to the Optional Redemption Right or the
Special Optional Redemption Right or pursuant to the Charter in order to preserve its status as a REIT, to the extent the Partnership has delivered notice of its intent to redeem such Series E Preferred Units on or prior to the date of delivery by
the Partnership of a notice of the Change of Control or Delisting Event, as applicable. 
 (b) Within 15 days following the occurrence of a
Change of Control or a Delisting Event, the Partnership shall provide to the holders of Series E Preferred Units a notice of the Change of Control or Delisting Event, as applicable, which notice shall be addressed to the respective holders of record
of Series E Preferred Units at their respective addresses as they appear on the ownership records of the Partnership and shall specify: (i) the events constituting the Change of Control or Delisting Event, as applicable; (ii) the date of
the Change of Control or Delisting Event, as applicable; (iii) the Holder Optional Redemption Date; (iv) the Holder Optional Redemption Price; (v) the place or places where the certificates, if any, representing the Series E Preferred
Units are to be surrendered for payment of the Holder Optional Redemption Price; and (vi) the procedures for surrendering uncertificated Series E Preferred Units for payment of the Holder Optional Redemption Price. The failure of the
Partnership to give the foregoing notice or any defect contained therein shall not limit the redemption rights of the holders of Series E Preferred Units or affect the validity of any proceedings for the redemption of Series E Preferred Units. 

8. Additional Provisions Relating to Redemption. 

(a) If (i) notice of redemption of any unit of Series E Preferred Units has been given (in the case of a redemption of the Series E
Preferred Units other than pursuant to Section 7 above or to preserve the status of Gladstone Commercial Corporation as a REIT), (ii) the funds necessary for such redemption have been set apart by the Partnership in trust for the benefit of the
holders of Series E Preferred Units to be redeemed and (iii) irrevocable instructions have 

  
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been given to pay the redemption price of $25.00 per unit plus an amount equal to all accrued and unpaid dividends thereon, then from and after the redemption date, dividends shall cease to
accrue on such units of Series E Preferred Units, such Series E Preferred Units shall no longer be deemed outstanding, and all rights of the holders of such redeemed Series E Preferred Units shall terminate, except the right to receive the
redemption price of $25.00 per unit plus an amount equal to all accrued and unpaid dividends thereon payable upon such redemption, without interest. 

(b) If a redemption date falls after a Series E Dividend Record Date and on or prior to the corresponding Series E Dividend Payment Date, each
holder of Series E Preferred Units on such Series E Dividend Record Date shall be entitled to the dividend payable on such units on the corresponding Series E Dividend Payment Date, notwithstanding the redemption of such units on or prior to such
Series E Dividend Payment Date, and each holder of Series E Preferred Units that are redeemed on such redemption date shall be entitled to the dividends, if any, accruing after the end of the Series E Dividend Period to which such Series E Dividend
Payment Date relates up to and including, the date of redemption. Except as provided herein, the Partnership shall make no payment or allowance for unpaid dividends, whether or not in arrears, on Series E Preferred Units for which a notice of
redemption has been given. 
 9. Voting Rights. Holders of the Series E Preferred Units will not have any voting
rights. 
 10. Conversion. The Series E Preferred Units shall not be convertible into or exchangeable for any other
property or securities of the Partnership or any other entity. 
 11. Ranking. In respect of rights to the payment of
dividends and the distribution of assets in the event of any voluntary or involuntary liquidation, dissolution or winding up of the affairs of the Partnership, the Series E Preferred Units shall rank (i) senior to the Common Units, the Senior
Common Units and any other class or series of Partnership Interest of the Partnership, the terms of which expressly provide that such Partnership Interest ranks junior to the Series E Preferred Units as to the payment of dividends or the
distribution of assets upon liquidation, dissolution or winding up of the affairs of the Partnership, (ii) on a parity with the Series A Preferred Units, the Series B Preferred Units, the Series D Preferred Units and any other class or series
of Partnership Interest of the Partnership, the terms of which expressly provide that such Partnership Interest ranks on parity with the Series E Preferred Units as to the payment of dividends or the distribution of assets upon liquidation,
dissolution or winding up of the affairs of the Partnership, and (iii) junior to any other class or series of Partnership Interest of the Partnership, the terms of which expressly provide that such Partnership Interest ranks senior to the
Series E Preferred Units as to the payment of dividends or the distribution of assets upon liquidation, dissolution or winding up of the affairs of the Partnership, and to all existing and future debt obligations of the Partnership. 

12. Status of Acquired Series E Preferred Units. All Series E Preferred Units redeemed, repurchased or otherwise acquired
in any manner by the Partnership shall be restored to the status of authorized but unissued Common Units. 

  
 9EX-10.1

 Exhibit 10.1 

SEPARATION AND CONSULTING AGREEMENT 

This Separation and Consulting Agreement (the “Agreement”), by and between Tidewater Inc., a Delaware corporation (the
“Company” and, together with its affiliates, subsidiaries, and joint ventures, the “Company Group”), and [____________] (the “Employee” and, together with the Company, the
“Parties”) is being offered to the Employee on September 23, 2019 (the “Offer Date”), and may be accepted by the Employee by signing below and returning the signed copy of this Agreement to Quintin V.
Kneen, President and Chief Executive Officer (the “CEO”), at any time prior to the date that is the end of the twenty-one (21) day period following receipt of this Agreement (such date,
October 14, 2019, or as otherwise agreed by the Parties in writing, the “Offer Expiration Date”). 
 RECITALS

 WHEREAS, the Employee currently serves the Company as its Executive Vice President and [•];1 
 WHEREAS, the Parties have agreed that the Employee’s full-time employment will
terminate on September 30, 2019 or such earlier date as may occur pursuant to Section 1(c) (the “Termination Date”); and 

WHEREAS, the Parties desire to enter into a mutually satisfactory arrangement concerning, among other matters, a post-termination consulting
arrangement and the status of certain preexisting agreements between the Parties and certain payments, rights, and benefits that the Company has agreed to make or confer upon the Employee in exchange for certain post-employment covenants by the
Employee and the Employee’s general release of claims against the Company Group and related parties. 
 NOW, THEREFORE, in
consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the receipt and sufficiency of which are mutually acknowledged, the Parties hereby agree as follows: 

1.    Employment Period. 

(a)    Employment and Duties. During the period between the Effective Date (as defined in Section 7) and the
Termination Date (the “Employment Period”), the Employee agrees to continue to serve as an employee of the Company, to advise and assist in connection with such matters as the Company may request and as are within his area of
expertise and prior experience. The Employee agrees that, during the Employment Period, he will devote such time as is reasonably necessary to effectively assist Company with regard to these matters. Further, the Parties agree and acknowledge that
(i) the level of services to be provided by the Employee during the Employment Period is anticipated to equal or exceed 50% of the average level of services that he provided to the Company during the previous three years, and (ii) the
Termination Date shall be the date of his separation from service for purposes of participation in and coverage under all benefit plans and programs sponsored by or through the Company Group, except as otherwise provided in this Agreement or under
the terms of such plans or as required by applicable law. 
  

	1 	 Chief Operating Officer for Mr. Gorski; General Counsel for Mr. Lundstrom. 

  
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 (b)    Compensation. During the period between the Effective Date
and September 30, 2019, the Employee’s salary and benefits shall remain unchanged, except that the Employee agrees and acknowledges that he will not be eligible to participate in the Company’s short-term incentive plan for fiscal 2019
except to the extent provided in Section 2(c)(i). In particular, during such period, the Employee shall continue to receive the same base salary that was in effect for him on the Offer Date. 

(c)    Company’s Right to Terminate. The Company shall have the right at any time before the Termination Date
to notify the Employee that his continued services are no longer required, subject to the Company’s obligation to make the payments and provide the benefits set forth in this Agreement. If the Company exercises its right under this
Section 1(c) to terminate Employee’s services prior to September 30, 2019, then the “Termination Date” shall mean the actual date on which the Company terminates Employee’s services. 

(d)    Continued Compliance with Company Policies. The Employee agrees that, during the Employment Period and
through the end of the Consulting Period (as defined in Section 3(a)), he will continue to comply with all company policies to the extent relevant to his activities, including but not limited to: (i) the Code of Business Conduct and
Ethics, and (ii) the Policy Statement on Insider Trading, which prohibits, among other things, trading in the Company’s securities while in possession of material nonpublic information. 

2.    Compensation and Benefits following the Employment Period. 

(a)    Accrued Obligations. As soon as practicable following the Termination Date (but in no event later than such
date required by applicable law or the terms of the applicable Company benefit plan), regardless of whether this Agreement becomes effective, the Employee will be paid or provided (i) all accrued but unpaid base salary and any reimbursable-but-unreimbursed business expenses through and including the Termination Date; (ii) all accrued benefits [and amounts owed to Employee under the Tidewater
Employees Supplemental Savings Plan, as amended (“SSP”)]2[due to the Employee under the Tidewater Inc. Supplemental Executive Retirement Plan, as amended (the
“SERP”), paid in accordance with the terms and conditions of the SERP based on the Employee’s prior elections]3; and (iii) all other benefits payable to the Employee
upon a separation from service under the Company’s benefit plans (other than severance benefits), in accordance with the terms of such plans, or as required by applicable law. 

(b)    Acceleration of Outstanding RSUs. The Parties agree and acknowledge that (i) as of the Offer Date, the
Employee holds 64,788 unvested time-based restricted stock units (the “RSUs”) that were granted to him under an Incentive Agreement for the Grant of Restricted Stock Units under the Tidewater Inc. 2017 Stock Incentive Plan by and between
the Parties, entered into effective August 18, 2017 (the “RSU Agreement”), and (ii) pursuant to Section 1.4(a) of the RSU Agreement, all such RSUs shall vest automatically as of the Termination Date and shall settle
in shares of Tidewater common stock as soon as practicable after such date, as provided in Section 2.2 of the RSU Agreement. 
  

 
  

	2 	 Applicable to Mr. Gorski only. 

	3 	 Applicable to Mr. Lundstrom only. 

  
 2 

 (c)    Severance Benefits. Notwithstanding anything to the
contrary contained in this Agreement, provided that the Employee remains employed with the Company through the Termination Date and in consideration for, and subject to, his (1) timely execution and
non-revocation of this Agreement (including its release of claims through the Effective Date) and (2) continued compliance with the terms of this Agreement following the Effective Date, the Employee shall
be eligible for the following payments and benefits (together, the “Severance Benefits”): 
 (i)    The
Employee shall remain eligible to receive a pro-rata annual cash incentive for fiscal 2019 under the Tidewater Inc. Short-Term Incentive Plan (the “STI Plan”), which shall be calculated in
accordance with the terms and conditions of the STI Plan but pro-rated to reflect employment from January 1, 2019-September 30, 2019 by multiplying the result by 75% (the “Pro-Rata STI Payout”). Any Pro-Rata STI Payout due to the Employee shall be paid to him at the same time any such incentives are paid to officers of the Company under
the STI Plan. 
 (ii)    If the Employee timely and properly elects COBRA continuation coverage under the Company’s
group [●]4 plans, the Company shall pay the full premium for such continued insurance coverage for the Employee and his dependents at the same level of benefits as in effect on the Offer
Date, for the period beginning on the Termination Date through the earlier to occur of (1) the last day of the first month in which the Employee and his dependents become eligible for, as applicable, [●]4 coverage under another employer’s group plans or (2) [●], 2020.5 The Employee shall notify the Company in writing within 15 days of
becoming eligible for such insurance coverage under another employer’s plan. The payment of COBRA premiums shall be treated as taxable compensation to the Employee. 

(iii)    The Company will reimburse the Employee, upon presentation of customary invoices, for the fees and expenses
incurred by the Employee in connection with the preparation of his taxes for the taxable year [●],6 up to a maximum of $3,000 per year. 

(d)    No Further Benefits. The Employee hereby acknowledges and agrees that, as of the Termination Date, the
payments and benefits described in this Section 2 will be in full discharge of any and all liabilities and obligations of the Company Group to him, monetarily or with respect to employee benefits or otherwise, including but not limited to any
and all obligations arising under any written or oral employment agreement, policy, plan, or procedure of the Company Group or any understanding or arrangement between the Employee and the Company Group, other than the post-employment consulting
arrangement contemplated in Section 3. 
  

	4 	 Vision and dental for Mr. Gorski; health and dental for Mr. Lundstrom. 

	5 	 June 30, 2020 for Mr. Gorski; March 31, 2020 for Mr. Lundstrom. 

	6 	 2019 for Mr. Gorski; 2018 and 2019 for Mr. Lundstrom. 

  
 3 

 (e)    Taxes. The payments referenced in this Section 2
shall be subject to reduction for applicable tax and other withholding obligations. 
 3.    Consulting Period. 

(a)    Scope and Duties. During the period between the Termination Date and November 30, 2019 (as it may be
extended pursuant to this Section 3(a), the “Consulting Period”), the Employee agrees to be reasonably available, either in person or by email or telephone, to consult, advise, and assist the Company in connection with such
matters as the Company may reasonably request and as are within his area of expertise and prior experience. The Employee agrees to devote such time as is reasonably necessary to effectively assist the Company with regard to these matters, but no
more than 20% of such time as Employee previously devoted to his responsibilities as an employee of the Company. The Company may elect to extend the Consulting Period for one additional month (through December 31, 2019) by notifying the
Employee in writing on or before November 15, 2019 and paying the applicable Consulting Fee for the month of December as provided in Section 3(b). 

(b)    Consulting Fee and Payment of Expenses. For services during the Consulting Period, the Company agrees to pay
the Employee a flat fee of $20,000 for the month of October, $10,000 for the month of November and, if applicable, $10,000 for the month of December (the “Consulting Fee”). The Consulting Fee will be paid to the Employee in arrears
on the last business day of the applicable month. In addition, the Employee shall be entitled to receive prompt reimbursement for all reasonable and necessary expenses incurred by the Employee in performing services under this Agreement, provided
that such expenses are accounted for in accordance with the Company’s expense reimbursement policies and procedures. 

(c)    Independent Contractor Status. It is the intention of the parties to establish, during the Consulting
Period, an independent contractor relationship and not an employer-employee relationship, partnership, or joint venture. During the Consulting Period, the Employee shall not be deemed employed by the Company for purposes of any federal or state
withholding taxes, and the Company shall not be responsible for or required to withhold any such taxes for or on behalf of the Employee. Unless otherwise specifically agreed upon in writing, the Employee shall not have any authority during the
Consulting Period to act as the Company’s agent for any purposes, or to otherwise incur any liability or obligation in the name or on behalf of the Company. 

4.    Release and Waiver of Claims. 

(a)    Definition. As used in this Agreement, the term “claims” will include all claims, covenants,
warranties, promises, undertakings, actions, suits, causes of action, proceedings, obligations, debts, accounts, attorneys’ fees, judgments, losses, and liabilities, of whatsoever kind or nature, in law, in equity, or otherwise. 

  
 4 

 (b)    Employee Release. For and in consideration of the
Severance Benefits and other good and valuable consideration, including the other terms of this Agreement, the Employee, for and on behalf of himself and his executors, heirs, administrators, representatives, and assigns, hereby releases and forever
discharges the Company and each member of the Company Group, and each of their respective direct and indirect predecessors, successors, and each of their respective past, current, and future parent entities, affiliates, subsidiary entities,
investors, directors, shareholders, members, officers, general or limited partners, employees, attorneys, agents, and representatives, each solely in their respective capacities as such, and the employee benefit plans in which he is or has been a
participant (or eligible for participation) by virtue of his employment with or service to the Company Group (collectively, the “Company Releasees”), from any and all claims that he has or may have had against any of the Company
Releasees based on any events or circumstances arising or occurring on or prior to the date on which the Employee executes this Agreement, including any events or circumstances directly or indirectly arising out of, relating to, or in any other way
involving in any manner whatsoever his employment by or service to the Company Group or the termination thereof, including without limitation any and all claims arising under federal, state, or local laws (including common law) relating to
employment, wrongful discharge, breach of express or implied contract, fraud, misrepresentation, defamation, intentional infliction of emotional distress, whistleblowing, or liability in tort, and claims of any kind that may be brought in any court
or administrative agency, and any related claims for attorneys’ fees and costs, including, without limitation, claims under Title VII of the Civil Rights Act of 1964, as amended, 42 U.S.C. Section 2000 et seq.; the Americans with
Disabilities Act, as amended, 42 U.S.C. § 12101 et seq.; the Rehabilitation Act of 1973, as amended, 29 U.S.C. § 701 et seq.; the Civil Rights Act of 1866, 42 U.S.C. Section 1981, et seq.; the Civil Rights Act of 1991; the Age
Discrimination in Employment Act, as amended, 29 U.S.C. Section 621, et seq. (the “ADEA”); the Equal Pay Act, as amended, 29 U.S.C. Section 206(d); regulations of the Office of Federal Contract Compliance, 41 C.F.R.
Section 60, et seq.; the Family and Medical Leave Act, as amended, 29 U.S.C. § 2601 et seq.; the Fair Labor Standards Act of 1938, as amended, 29 U.S.C. § 201 et seq.; the Employee Retirement Income Security Act of 1974, as amended,
29 U.S.C. § 1001 et seq. (“ERISA”); the Louisiana Employment Discrimination Law; the Louisiana Whistleblower Protection Act; the Louisiana Environmental Whistleblower Protection Act; the Texas Labor Code; and any other similar
state or local law. The Employee agrees further that the release of claims herein may be pleaded as a full defense to any action, suit, arbitration, or other proceeding covered by the terms hereof that is or may be initiated, prosecuted, or
maintained by the Employee or his descendants, dependents, heirs, executors, administrators, or assigns. By signing this Agreement, the Employee acknowledges that he intends to waive and release all rights known or unknown that he may have against
the Company Releasees under these and any other laws to the extent provided herein. 
 (c)    No Claims. The
Employee acknowledges and agrees that, as of the date he executed this Agreement, he does not any knowledge of any facts or circumstances that give rise or could give rise to any claims under any of the laws listed in the preceding Sections 4(b),
and that he has not filed any claim against any of the Company Releasees before any local, state, federal, or foreign agency, court, arbitrator, mediator, arbitration or mediation panel, or other body (each individually a
“Proceeding”). The Employee (i) acknowledges that he will not initiate or cause to be initiated on his behalf any Proceeding and will not participate in any Proceeding, in each case, except with respect to Unreleased Claims (as
defined in Section 4(e) below) or as required by law; and (ii) waives any right that he may have to benefit in any manner from any relief (whether monetary or otherwise) arising out of any Proceeding, including any Proceeding conducted by
the Equal Employment Opportunity Commission (“EEOC”), except with respect to Unreleased Claims. Further, the Employee understands that, by executing this Agreement, he will be limiting the availability of certain remedies that he or
it may have against the Company Releasees and limiting also his ability to pursue certain claims against the Company Releasees. 

  
 5 

 (d)    ADEA. By executing this Agreement, the Employee
specifically releases all claims relating to his employment and its termination under ADEA, a federal statute that, among other things, prohibits discrimination on the basis of age in employment and employee benefit plans. 

(e)    Unreleased Claims. Notwithstanding the generality of the foregoing, or anything else to the contrary in this
Agreement, the Employee does not release any claims under or otherwise to enforce the terms of this Agreement or that cannot be waived by law, including claims under ERISA for vested benefits or any rights to indemnification and D&O insurance
that are otherwise available to him pursuant to the organizational documents, policies, or insurance policies of any member of the Company Group, or the indemnification agreement between the Parties dated August 6, 2015, by virtue of his having
served (or continuing to serve) as an officer or director thereof (“Unreleased Claims”). The Employee shall be entitled to continued coverage under the Company’s D&O insurance policies as in effect from time to time for the
Company’s directors and officers, including without limitation any tail coverage for former directors and officers. Further, nothing in this Agreement shall prevent the Employee from (i) initiating or causing to be initiated on his behalf
any claim against the Company before any local, state, or federal agency, court, or other body challenging the validity of the waiver of his claims under the ADEA (but no other portion of such waiver); or (ii) subject to Section 4(c)
above, initiating, cooperating with or participating in an investigation or proceeding conducted by the EEOC or a state fair employment practices agency. 

5.    Knowing and Voluntary Waiver. The Employee expressly acknowledges and agrees that he – 

(a)    Is able to read the language, and understand the meaning and effect, of this Agreement; 

(b)    Has no physical or mental impairment of any kind that has interfered with his ability to read and understand the
meaning of this Agreement or its terms, and that he is not acting under the influence of any medication, drug, or chemical of any type in entering into this Agreement; 

(c)    Is specifically agreeing to the terms of the release contained in this Agreement because the Company has agreed to
provide him with the severance payments and benefits provided by this Agreement; 
 (d)    Acknowledges that, but for
his execution of this Agreement, he would not be entitled to the severance payments and benefits provided by this Agreement; 

(e)    Had or could have had until the Offer Expiration Date to review and consider this Agreement, and that if he
executes this Agreement prior to the Offer Expiration Date, he has voluntarily and knowingly waived the remainder of the review period; 

  
 6 

 (f)    Have or had the entire Revocation Period (as defined in
Section 7 below) in which to revoke his execution of this Agreement, and that if he does not revoke such execution prior to the Effective Date, he has knowingly and voluntarily agreed to this Agreement’s becoming effective; 

(g)    Was advised to consult with his attorney regarding the terms and effect of this Agreement; and 

(h)    Has signed this Agreement knowingly and voluntarily. 

6.    No Suit. The Employee represents and warrants that he has not previously filed, and to the maximum extent permitted by law
agrees that he will not file, a complaint, charge, or lawsuit against any of the Company Releasees regarding any of the claims released herein. If, notwithstanding this representation and warranty, the Employee has filed or files such a complaint,
charge, or lawsuit, the Employee agrees that he shall cause such complaint, charge, or lawsuit to be dismissed with prejudice and shall pay any and all costs required in obtaining dismissal of such complaint, charge, or lawsuit, including without
limitation the attorneys’ fees of any of the Company Releasees against whom the Party has filed such a complaint, charge, or lawsuit. 

7.    Opportunity for Review; Acceptance. The Employee has until the Offer Expiration Date (which is
twenty-one (21) days following the Employee’s receipt of this Agreement or as otherwise agreed by the Parties) to review and consider this Agreement, and the Employee may accept the terms of this
Agreement by executing this Agreement and delivering it to the Company at any time during such twenty-one (21) day review period. Following its acceptance and execution by the Employee, this Agreement
will not become effective or enforceable for a period of seven (7) calendar days following the date of its execution (such period, the “Revocation Period”), during which time the Employee may revoke his acceptance of this
Agreement by notifying the CEO in writing. To be effective, such revocation must be received by the CEO no later than 5:00 p.m., prevailing Central Time, on the seventh (7th) calendar day following its execution. Provided that the Agreement is
executed on or prior to the Offer Expiration Date and the Employee does not timely revoke it, the eighth (8th) day following the date on which this Agreement is executed will be its effective date (the “Effective Date”). In the
event of the Employee’s failure to execute and deliver this Agreement on or prior to the Offer Expiration Date, or his revocation of this Agreement during the Revocation Period, this Agreement will be null and void and of no effect, and the
Company will have no obligations hereunder. 
 8.    Return of Company Property. On or prior to the last day of the Consulting
Period, other than the Employee’s personal files on a Company computer drive, the Employee shall return to the Company all originals and copies of papers, notes, and documents (in any medium, including computer disks, flash drives, and other
electronic storage devices), whether property of any member of the Company Group or not, prepared, received, or obtained by the Employee during the course of, and in connection with, his employment with the Company or any member of the Company
Group, and all equipment and property of any member of the Company Group that may be in the Employee’s possession or under his control, whether at the Company’s offices, the Employee’s home, or elsewhere, including all such papers,
work papers, notes, documents, and equipment in the possession of the Employee. The Employee agrees that he and his family shall not retain copies of any such papers, work papers, notes, and documents. Notwithstanding the foregoing, the Employee
will not be required to return his Company-issued mobile phone, provided that he moves it from the Company’s billing account to a separate billing account before the end of the Consulting Period. 

  
 7 

 9.    Restrictive Covenants. The Parties agree and acknowledge that the Employee
is currently subject to certain restrictive covenants that apply during and after his employment with the Company, including a covenant not to compete, which are memorialized in Article V of the RSU Agreement (the “Restrictive
Covenants”). 
 (a)    Status of Restrictive Covenants. The Employee agrees and acknowledges that the
Restrictive Covenants remain in full force and effect prior to and following the Termination Date and are fully enforceable in accordance with their terms as if set forth in this Agreement. 

(b)    Injunctive Relief; Other Remedies. The Employee acknowledges that a breach or threatened breach by the
Employee of this Section 9 would cause immediate and irreparable harm to the Company not fully compensable by money damages or the exact amount of which would be difficult to ascertain, and therefore the Company will not have an adequate
monetary remedy at law. Accordingly, the Employee agrees that, in the event of a breach or threatened breach by the Employee of the provisions of this Section 9, the Company shall be entitled to injunctive relief to prevent or curtail any such
breach of threatened breach without the necessity of posting any bond or security or showing proof of actual damage or irreparable injury. Nothing herein shall be construed as prohibiting the Company from pursuing any other remedy at law or in
equity to which the Company may be entitled under applicable law in the event of a breach or threatened breach of this Agreement by the Employee, including, without limitation, the recovery of damages, costs, and expenses, such as reasonable
attorneys’ fees, incurred by the Company as a result of any such breach or threatened breach. 
 10.    Successors and
Assigns. The parties acknowledge and agree that this Agreement shall be binding upon and inure to the benefit of the Parties and their respective heirs, legal representatives, successors, and permitted assigns. 

11.    Severability. If any provision of this Agreement is held by any court of competent jurisdiction to be illegal, void, or
unenforceable, such provision will be of no force or effect. The illegality or unenforceability of such provision, however, will have no effect upon and will not impair the enforceability of any other provision of this Agreement. 

12.    Notices. All notices under this Agreement must be in writing and will be deemed to have been given upon receipt of delivery
by: (a) hand (against a receipt for such delivery), (b) certified or registered mail, postage prepaid, return receipt requested, (c) a nationally recognized overnight courier service (against a receipt for such service), or
(d) facsimile transmission with confirmation of receipt. All notices to the Company related to this Agreement should be sent to the Company’s principal executive offices as disclosed in its filings with the Securities and Exchange
Commission, addressed to the President and CEO. All notices to the Employee should be delivered to the most recent address as provided by the Employee to the human resources department of the Company. Either Party may update its address for receipt
of notices by providing written notice to the other Party as provided under this Section 12. 

  
 8 

 13.    Entire Agreement. This Agreement, together with [●],7 the STI Plan, and the RSU Agreement (including its Restrictive Covenants), constitutes the entire understanding and agreement between the Employee and the Company regarding the Employee’s
separation from service. This Agreement supersedes all prior negotiations, discussions, correspondence, communications, understandings, and agreements between the Employee and any member of the Company Group and all benefit plans of the Company
Group relating to the subject matter of this Agreement, excepting [●],7 the STI Plan, and the RSU Agreement (including its Restrictive Covenants). Any changes or amendments of this Agreement
can be made only in a writing signed by the Parties. 
 14.    Governing Law Jurisdiction; Waiver of Jury Trial. This Agreement
shall be governed by, interpreted, and enforced in accordance with the laws of the State of Texas (without regard to any choice of law principles which might otherwise require the application of the law of another jurisdiction). The parties hereby
agree that any action brought with respect to this Agreement and the transactions contemplated hereunder, including, but not limited, to any action for injunctive relief for the breach or threatened breach of any covenant under Section 9 of
this Agreement (including the Restrictive Covenants), shall be brought in state or federal court in Harris County, Texas, and further that such venue shall be the exclusive venue for resolving any such disputes. The parties consent to personal
jurisdiction in state or federal court in Harris County, Texas, and further waive any objection they may have as to such venue. By execution of this Agreement, the parties are waiving any right to trial by jury in connection with any suit, action,
or proceeding under or in connection with this Agreement. 
  

	7 	 The SSP for Mr. Gorski; the SERP for Mr. Lundstrom. 

  
 9 

 IN WITNESS WHEREOF, the parties have executed this Agreement as of the date set forth below.

  

	
	TIDEWATER INC.
	
	   

	 By:  Quintin V. Kneen

	 Title:   President, Chief Executive Officer, and Director

	
	   

	EMPLOYEE
	[____________________]
	
	   

	DATE

 [Signature Page to Separation Agreement]

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