Document:

exv10w7

AMENDMENT

TO THE

SEVERANCE BENEFITS POLICY

     THIS AGREEMENT is made by GulfMark Offshore, Inc., a Delaware corporation (the “Company”),

WITNESSETH:

     WHEREAS, the Company previously adopted the Severance Benefits Policy (the “Policy”);

     WHEREAS, the Company desires to amend the Policy;

     NOW, THEREFORE, the Board of Directors agrees that effective October 13, 2009, Section D.3 of
the Policy is completely amended and restated to provide as follows:

     3. Change of Control

If, in connection with a Change of Control, an employee accepts an offer of (or
continues) employment with the purchasing (or surviving) entity that is
substantially equivalent to his/her current position with the Company immediately
prior to the Change of Control, he/she will not be eligible for severance pay.
However, if within nine months following any such Change of Control, an employee is
terminated for any reason other than resignation or for cause, the employee will be
entitled to benefits defined herein and severance pay as follows:

a. Notification pay: If an advance notification is not possible, four weeks of pay
in lieu of notice will be paid in addition to severance pay as outlined below.

b. Severance pay: Employees receive three weeks of pay per year of service, with a
minimum number of weeks commensurate with their employment category and a maximum
of fifty-two weeks. The amount of severance pay is reduced by payments, if any,
mandated by employment laws of the employee’s country of residence or assignment as
applicable. The following categories apply for purposes of this policy:

Category I: (Minimum of 36 weeks)

Manager – Singapore / Liverpool / Norway

Technical Manager

Operations Manager

Account Manager

Chartering Manager

Human Resources Manager

Corporate Controller

 

 

Category II: (Minimum of 24 weeks)

Operations Superintendent

Assistant Corporate Controller

Division Controller

Office Manager – Singapore

Purchasing Manager

Category III: (Minimum of 8 weeks)

All other salaried personnel

“Change of Control” shall mean the occurrence of any one or more of the following:

     (i) Change in Board Composition. Individuals who constitute the
members of the Board of Directors of the Company (the “Board”) as of the date hereof
(the “Incumbent Directors”), cease for any reason to constitute at least a majority
of members of the Board; provided that any individual becoming a director of the
Company subsequent to the date hereof shall be considered an Incumbent Director if
such individual’s appointment, election or nomination was approved by a vote of at
least 50% of the Incumbent Directors; provided further that any such individual
whose initial assumption of office is in connection with an actual or threatened
election contest relating to the election of members of the Board or other actual or
threatened solicitation of proxies or contests by or on behalf of a “person” (within
the meaning of Sections 13(d) and 14(d) of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”)) other than the Board, including by reason of agreement
intended to avoid or settle any such actual or threatened contest or solicitation,
shall not be considered an Incumbent Director;

     (ii) Business Combination. Consummation of (i) a reorganization,
merger, consolidation, share exchange or other business combination involving the
Company or any of its subsidiaries or the disposition of all or substantially all
the assets of the Company, whether in one or a series of related transactions, or
(ii) the acquisition of assets or stock of another entity by the Company (either, a
“Business Combination”), excluding, however, any Business Combination pursuant to
which: (A) individuals who were the “beneficial owners” (as such term is defined in
Rule 13d-3 under the Exchange Act), respectively, of the then outstanding shares of
common stock of the Company (the “Outstanding Stock”) and the combined voting power
of the then outstanding securities entitled to vote generally in the election of
directors of the Company (the “Outstanding Company Voting Securities”) immediately
prior to such Business Combination beneficially own, upon consummation of such
Business Combination, directly or indirectly, more than 50% of the then outstanding
shares of common stock (or similar securities or interests in the case of an entity
other than a corporation) and more than 50% of the combined voting power of the then
outstanding securities (or interests) entitled to vote generally in the election of
directors (or in the selection of any other similar governing body in the case of an
entity other than a

-2-

 

corporation) of the Surviving Corporation (as defined below) in substantially
the same proportions as their ownership of the Outstanding Stock and Outstanding
Company Voting Securities, immediately prior to the consummation of such Business
Combination (that is, excluding any outstanding voting securities of the Surviving
Corporation that such beneficial owners hold immediately following the consummation
of the Business Combination as a result of their ownership prior to such
consummation of voting securities of any company or other entity involved in or
forming part of such Business Combination other than the Company); (B) no person
(other than the Company, any subsidiary of the Company, any employee benefit plan of
the Company or any of its subsidiaries or any trustee or other fiduciary holding
securities under an employee benefit plan of the Company or any subsidiary of the
Company) or group (as such term is defined in Rule 13d-3 under the Exchange Act)
becomes the beneficial owner of 20% or more of either (x) the then outstanding
shares of common stock (or similar securities or interests in the case of entity
other than a corporation) of the Surviving Corporation, or (y) the combined voting
power of the then outstanding securities (or interests) entitled to vote generally
in the election of directors (or in the selection of any other similar governing
body in the case of an entity other than a corporation); and (C) individuals who
were Incumbent Directors at the time of the execution of the initial agreement or of
the action of the Board providing for such Business Combination constitute at least
a majority of the members of the board of directors (or of any similar governing
body in the case of an entity other than a corporation) of the Surviving
Corporation; where for purposes of this subsection (b), the term “Surviving
Corporation” means the entity resulting from a Business Combination or, if such
entity is a direct or indirect subsidiary of another entity, the entity that is the
ultimate parent of the entity resulting from such Business Combination;

     (iii) Stock Acquisition. Any person (other than the Company, any
subsidiary of the Company, any employee benefit plan of the Company or any of its
subsidiaries or any trustee or other fiduciary holding securities under an employee
benefit plan of the Company or any subsidiary of the Company) or group becomes the
beneficial owner of 20% or more of either (x) the Outstanding Stock or (y) the
Outstanding Company Voting Securities; provided, however, that for purposes of this
subsection (c), no Change of Control shall be deemed to have occurred as a result of
any acquisition directly from the Company; or

     (iv) Liquidation. Approval by the stockholders of the Company of a
complete liquidation or dissolution of the Company (or, if no such approval is
required, the consummation of such a liquidation or dissolution).

Adopted by the Board of Directors

On October 13, 2009

-3-exv10w8

Form
of 

AMENDMENT

TO THE

GM OFFSHORE, INC.

EXECUTIVE NONQUALIFIED EXCESS PLAN

     THIS AGREEMENT by GM Offshore, Inc., a Delaware corporation (the “Company”),

W I T N E S S E T H:

     WHEREAS, the Company previously adopted the Executive Nonqualified Excess Plan (the “Plan”);

     WHEREAS, pursuant to Section 14 of the Plan, the Company has the right to amend the Plan; and

     WHEREAS, the Company desires to amend the Plan;

     NOW,
THEREFORE, effective October 14, 2009, Section 2.5 of the Executive Nonqualified Excess
Plan Plan Document is completely amended and restated to provide as follows:

2.5 “Change in Control Event” means the occurrence of a “Change in Control Event”
within the meaning of section 1.409A-3(i)(5) of the Department of Treasury
regulations with respect to GulfMark Offshore, Inc., a Delaware corporation, or its
successor by merger.

 

 

     IN WITNESS WHEREOF, the Company has caused its duly authorized officer to execute this
Agreement effective as of October 14, 2009.

	 	 	 	 	 	 	 
	 	 	GM OFFSHORE, INC.	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	Title:
	 	 

	 	 
	 

	 	Date:
	 	 

	 	 
	 

	 	 	 	 

	 	 

- 2 -Exhibit 10.1

Exhibit 10.1

RESTRICTED STOCK AGREEMENT

under

BROADVIEW INSTITUTE, INC.

2006 EQUITY INCENTIVE PLAN

THIS AGREEMENT is made as of the      th day of October, 2009, by and between Broadview
Institute, Inc., a Minnesota corporation (the “Company”), and                      (the
“Participant”).

W I T N E S S E T H:

WHEREAS, the Participant is, on the date hereof, a director of the Company or of an Affiliate
of the Company; and

WHEREAS, the Company wishes to grant a restricted stock award to the Participant for shares of
the Company’s Common Stock pursuant to the Company’s 2006 Equity Incentive Plan (the “Plan”); and

WHEREAS, the Administrator of the Plan (as defined in the Plan) has on the date listed above
authorized this grant of a restricted stock award to the Participant;

NOW, THEREFORE, in consideration of the premises and of the mutual covenants herein contained,
the parties hereto agree as follows:

1. Grant of Restricted Stock Award. The Company hereby grants to the Participant on
the date set forth above a restricted stock award (the “Award”) for Sixteen Thousand (16,000)
shares of Common Stock on the terms and conditions set forth herein, which shares are subject to
adjustment pursuant to Section 14 of the Plan. The Company shall cause to be issued eight stock
certificates, each representing Two Thousand (2,000) such shares of Common Stock, in the
Participant’s name, and shall hold each such certificate until such time as the risk of forfeiture
and other transfer restrictions set forth in this Agreement have lapsed with respect to the shares
represented by the certificate. The Company may also place a legend on such certificates
describing the risks of forfeiture and other transfer restrictions set forth in this Agreement
providing for the cancellation of such certificates if the shares of Common Stock are forfeited as
provided in Section 2 below. Until such risks of forfeiture have lapsed or the shares subject to
this Award have been forfeited pursuant to Section 2 below, the Participant shall be entitled to
vote the shares represented by such stock certificates and shall receive all dividends attributable
to such shares, but the Participant shall not have any other rights as a shareholder with respect
to such shares.

 

1

 

2. Vesting of Restricted Stock. The shares of Stock subject to this Award shall
remain forfeitable until the risks of forfeiture lapse according to the following vesting schedule:

	 	 	 	 	 
	 	 	Cumulative Number
	Vesting Date	 	of Shares Vested
	Date of this Award

	 	 	4,000	 
	December 31, 2009

	 	 	6,000	 
	March 31, 2010

	 	 	8,000	 
	June 30, 2010

	 	 	10,000	 
	September 30, 2010

	 	 	12,000	 
	December 31, 2010

	 	 	14,000	 
	March 31, 2011

	 	 	16,000	 

b. If the Participant ceases to be a director of the Company at any time prior to a Vesting
Date for any reason (including, but not limited to, the Participant’s death, disability,
retirement, voluntary resignation, removal from the Board, failure of the director to be nominated
to the Board, failure of the director to be reelected to the Board) the Participant shall
immediately forfeit all shares of Stock subject to this Award which have not yet vested and for
which the risks of forfeiture have not lapsed.

3. General Provisions.

a. Employment or Other Relationship. This Agreement shall not confer on the
Participant any right with respect to employment, continuance of employment or other relationship
by the Company, nor will it interfere in any way with the right of the Company to terminate such
employment or other relationship.

b. Securities Law Compliance. Participant shall not transfer or otherwise dispose of
the shares of Stock received pursuant to this Agreement until such time as counsel to the Company
shall have determined that such transfer or other disposition will not violate any state or federal
securities laws. Participant hereby agrees, as a condition of the effectiveness of this restricted
stock award, that if required by applicable securities laws, all Stock subject to this Agreement
shall be held, until such time that such Stock is registered or appropriately exempted therefrom
and freely tradable under applicable state and federal securities laws, for Participant’s own
account without a view to any further distribution thereof, that the certificates for such shares
may bear an appropriate legend to that effect and that such shares will not be transferred or
disposed of except in compliance with applicable state and federal securities laws.

c. Mergers, Recapitalizations, Stock Splits, Etc. Except as otherwise specifically
provided in any employment, change of control, severance or similar agreement executed by the
Participant and the Company, pursuant and subject to Section 14 of the Plan, certain changes in the
number or character of the shares of Stock of the Company (through sale, merger, consolidation,
exchange, reorganization, divestiture (including a spin-off), liquidation, recapitalization, stock
split, stock dividend, or otherwise) shall result in an adjustment, reduction, or enlargement, as
appropriate, in the number of shares subject to this Award. Any additional shares that are
credited pursuant to such adjustment shall be subject to the same restrictions as are applicable to
the shares with respect to which the adjustment relates.

 

2

 

d. Shares Reserved. The Company shall at all times during the term of this Award
reserve and keep available such number of shares as will be sufficient to satisfy the requirements
of this Agreement.

e. 2006 Equity Incentive Plan. The Award evidenced by this Agreement is granted
pursuant to the Plan, a copy of which Plan has been made available to the Participant and is hereby
incorporated into this Agreement. This Agreement is subject to and in all respects limited and
conditioned as provided in the Plan. All defined terms of the Plan shall have the same meaning
when used in this Agreement. The Plan governs this Award and, in the event of any questions as to
the construction of this Agreement or in the event of a conflict between the Plan and this
Agreement, the Plan shall govern, except as the Plan otherwise provides.

f. Lockup Period Limitation. Participant agrees that in the event the Company advises
Participant that it plans an underwritten public offering of its Common Stock in compliance with
the Securities Act of 1933, as amended, and that the underwriter(s) seek to impose restrictions
under which certain shareholders may not sell or contract to sell or grant any option to buy or
otherwise dispose of part or all of their stock purchase rights of the underlying Common Stock,
Participant hereby agrees that for a period not to exceed 180 days from the prospectus, Participant
will not sell or contract to sell or grant an option to buy or otherwise dispose of this Agreement
or any of the underlying shares of Common Stock without the prior written consent of the
underwriter(s) or its representative(s).

g. Stock Legend. The Administrator may require that the certificates for any shares
of Common Stock issued pursuant hereto to Participant (or, in the case of death, Participant’s
successors) shall bear an appropriate legend to reflect the restrictions of Paragraph 3(b) and
Paragraph 3(g) of this Agreement; provided, however, that failure to so endorse any of such
certificates shall not render invalid or inapplicable Paragraph 3(b) or Paragraph 3(g).

h. Scope of Agreement. This Agreement shall bind and inure to the benefit of the
Company and its successors and assigns and of the Participant and any successor or successors of
the Participant.

i. Arbitration. Any dispute arising out of or relating to this Agreement or the
alleged breach of it, or the making of this Agreement, including claims of fraud in the inducement,
shall be discussed between the disputing parties in a good faith effort to arrive at a mutual
settlement of any such controversy. If, notwithstanding, such dispute cannot be resolved, such
dispute shall be settled by binding arbitration. Judgment upon the award rendered by the
arbitrator may be entered in any court having jurisdiction thereof. The arbitrator shall be a
retired state or federal judge or an attorney who has practiced securities or business litigation
for at least 10 years. If the parties cannot agree on an arbitrator within 20 days, any party may
request that the chief judge of the District Court for Hennepin County, Minnesota, select an
arbitrator. Arbitration will be conducted pursuant to the provisions of this Agreement, and the
commercial arbitration rules of the American Arbitration Association, unless such rules are
inconsistent with the provisions of this Agreement. Limited civil discovery shall be permitted for
the production of documents and taking of depositions. Unresolved discovery disputes may be
brought to the attention of the arbitrator who may dispose of such dispute. The arbitrator shall
have the authority to award any remedy or relief that a court of this state could order or grant; provided, however, that punitive or exemplary damages shall not be awarded. The arbitrator may
award to the prevailing party, if any, as determined by the arbitrator, all of its costs and fees,
including the arbitrator’s fees, administrative fees, travel expenses, out-of-pocket expenses and
reasonable attorneys’ fees. Unless otherwise agreed by the parties, the place of any arbitration
proceedings shall be Hennepin County, Minnesota.

 

3

 

ACCORDINGLY, the parties hereto have caused this Agreement to be executed and dated as of the
day and year first above written.

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	BROADVIEW INSTITUTE, INC.
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 	 	 	 	 
	 

	 	 	 	Its:	 	 
	 

	 	 	 	 	 	 

	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 
	 	 	 
	 	 	Participant—	 
	 	 	 	 	 

 

4

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}]]