Document:

EX-10.2

 Exhibit 10.2 

INCENTIVE AGREEMENT 
 FOR
THE GRANT OF STOCK OPTIONS AND PERFORMANCE UNITS 
 UNDER THE 

TIDEWATER INC. 2014 STOCK INCENTIVE PLAN 

THIS AGREEMENT is entered into as of [—] (the “Date of Grant”) by and
between Tidewater Inc., a Delaware corporation (“Tidewater”) and the employee (the “Employee”). 

WHEREAS, the Employee is a key employee of Tidewater or one of its subsidiaries (together, the “Company”) and Tidewater
considers it desirable and in its best interest that the Employee be given an added incentive to advance the interests of Tidewater in the form of (i) an option to purchase shares of the common stock of Tidewater, $0.10 par value per share (the
“Common Stock”) and (ii) a cash-based performance award that, depending on Tidewater’s achievement of certain specified performance criteria, would entitle the Employee to a payment of cash or shares of Common Stock, each in
accordance with the Tidewater Inc. 2014 Stock Incentive Plan (the “Plan”); and 
 WHEREAS, on [—], Tidewater provided the Employee with a written notice of his or her grant under Plan (the “Term Sheet”), which is incorporated by reference into this Agreement. 

NOW, THEREFORE, in consideration of these premises and the mutual promises and covenants contained in this Agreement, it is agreed by
and between Tidewater and the Employee as follows: 
 I. 

Stock Options 
 1.1
Grant of Options. Effective on the Date of Grant, Tidewater hereby grants to the Employee the right, privilege, and option to purchase the total number of shares of Common Stock specified on the Term Sheet (the “Option”) at the
exercise price per share specified on the Term Sheet (the “Exercise Price”). The Option shall be exercisable at the times specified in Section 1.2 below. If specified on the Term Sheet, a portion of the Option may be intended to be an
incentive stock option under Section 422 of the Code (any such portion, the “ISO”). Notwithstanding the foregoing, an ISO may be treated as a non-qualified stock option in the event of the acceleration of vesting or if it is exercised
after the time period permitted for incentive stock options. 
 1.2 Time of Exercise. 

(a) Vesting. The Option shall vest in installments as follows if, except as provided in Section 1.3, the Employee continues to be
employed by the Company on such date: 
  

			
	 Percentage of Option
	  	 Vesting Date

	one-third	  	first anniversary of the Date of Grant
	one-third	  	second anniversary of the Date of Grant
	one-third	  	third anniversary of the Date of Grant

  
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 If any portion of the Option is designated as an ISO, vesting of each of the ISO and non-qualified portions shall
be divided equally across the vesting dates. 
 (b) Term. The Option shall terminate ten years following the Date of Grant and may
terminate earlier as provided in the Plan or Section 1.3 of this Agreement. 
 1.3 Effect of Termination of Employment or a Change
of Control. 
 (a) Death or Disability. Upon the Employee’s death or termination of employment due to disability (as
determined by the Committee in accordance with Section 409A of the Code, his or her “Disability”): (i) any unvested portion of the Option shall immediately vest in full and (ii) any vested but unexercised portion of the
Option may be exercised within two years from the date of the Employee’s termination of employment, but in no event later than ten years after the Date of Grant. In the event that a portion of the unexercised Option is an ISO, such portion will
not be treated as an incentive stock option for tax purposes if it is exercised more than one year following a termination of employment due to Disability. 

(b) Retirement. In the event the Employee retires on or after age 62 with five or more years of service with the Company
(“Retirement”): (i) the Committee, in its discretion, may accelerate the vesting of any unvested portion of the Option, in whole or in part, with such vesting subject to any restrictions that the Committee elects to impose (including,
but not limited to, post-employment restrictive covenants such as non-competition, non-solicitation, and/or non-disclosure provisions) and (ii) any portion of the Option that is vested but unexercised on the date of the Employee’s
termination of employment may be exercised within two years of such date, but in no event later than ten years after the Date of Grant. In the event that a portion of the unexercised Option is an ISO, such portion will not be treated as an incentive
stock option for tax purposes if it is exercised more than 90 days following the termination of employment. 
 (c) All Other
Terminations. Except as otherwise provided in this Section 1.3 or as otherwise determined by the Committee in its sole discretion, termination of the Employee’s employment with the Company shall result in the forfeiture of any portion
of the Option that is unvested as of the date of termination of employment. Any portion of the Option that was vested but unexercised as of the date of termination of employment may be exercised within 90 days following termination of employment,
but in no event later than ten years after the Date of Grant. 
 (d) Change of Control. The Option shall become fully vested and
exercisable upon a Change of Control of Tidewater as provided in the Plan. 
 1.4 Method of Exercise of Option. 

(a) Process. The Employee may exercise all or a portion of the Option by delivering to the Company a written notice of his or her
intent to exercise the Option, which specifies the number of shares of Common Stock to be purchased. Upon receiving such notice, and as soon as reasonably practicable after the Company has received full payment of the aggregate Exercise Price due in
accordance with the Plan, including as provided in Section 1.4(b) below, the appropriate officer of the Company shall cause the number of shares of Common Stock which the Employee has purchased to be transferred to the Employee or his or her
nominee via book entry, or upon the Employee’s request, Tidewater shall cause a stock certificate to be issued in the name of the Employee or his or her nominee. 

  
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 (b) Net Exercise. As permitted by Plan, the Committee has authorized the use of the net
exercise procedure described in the Plan for the exercise of the Option, but not for any portion of the Option that is an ISO. 
 (c) Who
May Exercise. During the Employee’s lifetime, the Option may be exercised only by the Employee or, in the event of the Employee’s Disability, by the Employee’s legal representative. Following 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. In all cases, any party other than the Employee who seeks to exercise the Option must provide legal proof
satisfactory to the Company of his or her right to do so. 
 1.5 Automatic Exercise of Non-Qualified Portion of Option.
Notwithstanding any other provision of the Plan or this Agreement, on the last trading day prior to the day on which the Option is scheduled to terminate pursuant to the Plan or this Agreement, any non-qualified portion of the Option that is vested,
unexercised, and outstanding on such date (any such portion, the “Eligible NQSO”) shall be automatically exercised, but only if the Exercise Price is less than the Fair Market Value of a share of Common Stock on such date and the automatic
exercise will result in the issuance of at least one whole share of Common Stock to the Employee after payment of the Exercise Price and any applicable minimum tax withholding. Payment of the Exercise Price and any applicable tax withholding shall
be made by a net settlement of the Eligible NQSO whereby the number of shares of Common Stock to be issued upon exercise is reduced by a number of shares having a Fair Market Value on the date of exercise equal to the aggregate Exercise Price plus
any applicable minimum tax withholding. 
 1.6 Non-Transferability. Unless expressly permitted by the Committee in an amendment to
this Agreement, the Option may not be transferred, assigned, pledged, hypothecated, or otherwise encumbered by the Employee in any manner, by operation of law or otherwise, other than by will, by the laws of descent and distribution, or pursuant to
a domestic relations order as defined in the Code, and shall not be subject to execution, attachment, or similar process. To the extent that an ISO is permitted to be transferred during the lifetime of the Employee, it shall be treated thereafter as
a non-qualified stock option. 
 II. 

Cash-Based Performance Award 

2.1 Cash-Based Performance Award. Effective on the Date of Grant, Tidewater hereby grants to the Employee a cash-based performance
award under the Plan at the target dollar value specified on the Term Sheet (the “CBP Award”) subject to the terms, conditions, and restrictions of the Plan and this Agreement. 

2.2 TSR Award. As specified on the Term Sheet, any payment earned on a portion of the CBP Award (the “TSR Award”) will be
based on the following terms and conditions. Except as otherwise provided in Section 2.4, upon the Committee’s certification of the level of performance achieved, but no later than May 31,
[—], depending on the three-year total 

  
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stockholder return of Tidewater over the period from April 1, [—] through March 31,
[—] (the “Performance Period”) as measured against peer performance over the same period, the Employee shall earn an amount under the TSR Award determined as follows: 

(a) The dollar value of the TSR Award indicated on the Term Sheet represents the target award. At the end of the Performance Period, the
Employee may earn a greater or lesser amount in respect of the TSR Award, depending on Tidewater’s Total Stockholder Return (as defined in Section 2.2(c)) ranked in terms of a percentile in relation to that of Tidewater’s Peer Group
(as defined in Section 2.2(d)), according to the following schedule: 
  

									
	 Performance Level
	  	Tidewater’s
Percentile Rank	 	  	Percentage of
TSR Award Earned	 
	 Maximum
	  	3	 75th percentile	  	  	 	200	% 
	 Target
	  	 	50th percentile	  	  	 	100	% 
	 Threshold
	  	 	30th percentile	  	  	 	20	% 
	 Below Minimum
	  	£	 25th percentile	  	  	 	0	% 

 Payout shall be prorated if Tidewater’s rank falls between any two performance levels. At below minimum performance, the
Employee will earn no payout under the TSR Award. 
 (b) Following the end of the Performance Period and prior to any payout of the TSR
Award, the Committee shall certify in writing, by resolution or otherwise, Tidewater’s Total Stockholder Return level achieved as compared to that of the Peer Group and any dollar value earned by the Employee. 

(c) For purposes of this Agreement, “Total Stockholder Return” or “TSR” for Tidewater and each member of the Peer Group
means stock price appreciation from the beginning to the end of the Performance Period, including dividends and distributions made or declared (assuming such dividends or distributions are reinvested in the common stock of Tidewater or any company
in the Peer Group) during the Performance Period, expressed as a percentage return, using the following formula: 
 TSR = Ending Stock
Price (including dividends paid) – Beginning Stock Price 
 Beginning Stock Price 

where the “Ending Stock Price” is equal to the average closing price of the relevant stock during the final month of the Performance Period, and the
“Beginning Stock Price” is equal to the average closing price of the relevant stock during the last calendar month prior to the Performance Period. TSR of Tidewater or any company in the Peer Group shall be equitably adjusted to reflect
any spin-off, stock split, reverse stock split, stock dividend, recapitalization, or reclassification or other similar change in the number of outstanding shares of common stock. 

(d) For purposes of this Agreement, Tidewater’s “Peer Group” consists of the following companies: Atwood Oceanics, Inc.,
Bristow Group Inc., Diamond Offshore Drilling, 

  
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Inc., Dresser-Rand Group Inc., Dril-Quip Inc., Exterran Holdings Inc., FMC Technologies Inc., GulfMark Offshore, Inc., Helix Energy Solutions Group, Helmerich & Payne, Inc., Hornbeck
Offshore Services Inc., Key Energy Services Inc., Kirby Corp., McDermott International Inc., Noble Corporation, Oceaneering International Inc., Oil States International Inc., Precision Drilling Corporation, Rowan Companies plc, SEACOR Holdings Inc.,
Superior Energy Services Inc., and Teekay Corp. If a member of the Peer Group is acquired during the Performance Period, or has agreed to be acquired during the performance period but the transaction has not closed by the conclusion of the
performance period, that company will be excluded from the Peer Group in calculating TSR. If, at the conclusion of the performance period, a company in the Peer Group is in bankruptcy and has been de-listed, it will remain in the Peer Group.
Bankrupt companies that are still listed will be included based on TSR. Delisted companies will be ranked at the bottom relative to TSR performance. 

2.3 ROTC Award. As specified on the Term Sheet, any payment earned on a portion of the CBP Award (the “ROTC Award”) will be
based on the following terms and conditions. Except as otherwise provided in Section 2.4, upon the Committee’s certification of the level of performance achieved, but no later than May 31,
[—], depending on the Company’s return on total capital (“ROTC”) for each of the three fiscal years included in the Performance Period, the Employee shall earn an amount under the
ROTC Award determined as follows: 
 (a) The dollar value of the ROTC Award indicated on the Term Sheet represents the target award. At the
end of the Performance Period, the Employee may earn a greater or lesser amount in respect of the ROTC Award, depending on the simple average of ROTC for each of the three years in the Performance Period (“SAROTC”) as measured against the
following schedule: 
  

									
	 Performance Level
	  	SAROTC	 	 	Percentage of
ROTC Award Earned	 
	 Maximum
	  	3	11.0	% 	 	 	200	% 
	 Target
	  	 	6.0	% 	 	 	100	% 
	 Threshold
	  	 	4.0	% 	 	 	33	% 
	 Below Threshold
	  	<	4.0	% 	 	 	0	% 

 Payout shall be prorated if Tidewater’s rank falls between any two performance levels. At below threshold performance,
the Employee will earn no payout under the ROTC Award. 
 (b) Following the end of the Performance Period and prior to any payout of the
ROTC Award, the Committee shall certify in writing, by resolution or otherwise, the Company’s SAROTC for the Performance Period and any dollar value earned by the Employee. 

(c) For purposes of this Agreement, “Return on Total Capital” or “ROTC” for each of the three years in the performance
period shall be calculated as follows: dividing the Company’s adjusted net earnings (“Adjusted Net Earnings”) by the Company’s average total capital (“Average Total Capital”). Adjusted Net Earnings shall be determined
by using the 

  
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Company’s annual effective income tax rate to tax effect the Company’s adjusted pre-tax earnings for the same period, with adjusted pre-tax earnings equal to the sum of:
(1) earnings before income taxes; (2) interest and other debt costs, less interest income; (3) vessel operating lease expense; and (4) asset impairment cost, other than in the ordinary course of business. Average Total Capital
equals the average of the twelve monthly fiscal year amounts of total capital as determined by the sum of: (1) stockholders’ equity; (2) interest-bearing debt, less cash and cash equivalents; and (3) imputed vessel operating
lease liability; with such sum reduced by vessel construction in progress. Certain adjustments will be made to Adjusted Net Earnings and Average Total Capital in determining ROTC. Accordingly, the following items will be added to or subtracted from
Adjusted Net Earnings and Average Total Capital in order to finalize Adjusted Net Earnings and Average Total Capital for purposes of this Agreement: 

(i) the cumulative effect of accounting changes; 

(ii) extraordinary, unusual, or infrequently occurring items, as each term is defined in FASB ASC Topic 225, less the amount of related
income taxes; 
 (iii) discontinued operations; and 

(iv) the effect of any acquisitions for a twelve-month period following the date of such acquisition. 

2.4 Effect of Termination of Employment or a Change of Control. 

(a) Upon the Employee’s death or termination of employment due to Disability: the Employee (or his or her estate or heirs, if applicable)
(1) shall retain a reduced pro-rata portion of the CBP Award, determined by multiplying the CBP Award by a fraction, the numerator of which is the number of full months between the beginning of the Performance Period and the date of termination
and the denominator of which is the number of months in the Performance Period, provided that the CBP Award shall nonetheless remain subject to all other terms and conditions of this Agreement, including the payment dates and the opportunity to earn
a greater or lesser payout as specified in Sections 2.2 and 2.3 and (2) the remainder of the CBP Award shall expire as of the date of termination without any payment to the Employee. 

(b) Provided that the Committee has specifically approved such action and subject to such restrictions as the Committee may impose (including,
but not limited to, post-employment restrictive covenants such as non-competition, non-solicitation, and/or non-disclosure provisions), in the event of the Employee’s Retirement, he or she (1) shall retain a reduced pro-rata portion of the
CBP Award, determined by multiplying the CBP Award by a fraction, the numerator of which is the number of full months between the beginning of the Performance Period and the date of termination and the denominator of which is the number of months in
the Performance Period, provided that the CBP Award shall nonetheless remain subject to all other terms and conditions of this Agreement, including the payment dates and the opportunity to earn a greater or lesser payout as specified in Sections 2.2
and 2.3 and (2) the remainder of the CBP Award shall expire as of the date of termination without any payment to the Employee. 

  
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 (c) Except as otherwise expressly provided in this Section 2.4 or as otherwise determined by
the Committee in its sole discretion, termination of employment prior to the end of the Performance Period shall result in the automatic expiration of the entire CBP Award unless such termination is, in effect, a transfer of employment from one
entity to another within the Company. 
 (d) In the event of a Change of Control of the Company prior to the end of the Performance Period,
the Employee shall be deemed to have achieved the target level for each of the TSR Award and ROTC Award in accordance with the terms of this Agreement and the Plan. Payment shall be made to the Employee in a single cash lump sum as soon as
administratively practical following the Change of Control, but in no event later than March 15 of the year following the end of the year in which such Change of Control occurs. Notwithstanding the foregoing, if the Change of Control does not
qualify as a “change in control event” under Section 409A of the Code, then payment shall be made in a single cash lump sum on the payment dates specified in Sections 2.2 and 2.3, as applicable. 

2.5 Settlement of CBP Award. As soon as practicable following the date of the Committee’s certifications under Section 2.2
and 2.3, but no later than 30 days after such date, Tidewater shall pay or cause to be paid to the Employee any amount due him or her in payout of the CBP Award, net of any withholding obligation. Such amount shall be paid to the Employee in a
single cash lump sum. Notwithstanding the foregoing, the Committee, in its sole discretion and subject to the terms of the Plan, may elect to pay all or part of the amount due the Employee in settlement of the CBP Award, net of any withholding
obligation, by delivering to the Employee, at the same time that the cash payment would have otherwise been made, shares of Common Stock of an equivalent value, based on the Fair Market Value of a share of Common Stock on the day that the Committee
makes that election. In the event that the Employee receives shares of Common Stock in payment of any amount due him or her under the CBP Award, he or she is free to hold or dispose of such shares, subject to applicable securities laws and any
internal Company policy then in effect and applicable to the Employee, such as Tidewater’s Policy Statement on Insider Trading and Executive Stock Ownership Guidelines. 

2.6 Non-Transferability. Unless expressly permitted by the Committee in an amendment to this Agreement, the CBP Award may not be
transferred, assigned, pledged, hypothecated, or otherwise encumbered by the Employee in any manner, by operation of law or otherwise, other than by will, by the laws of descent and distribution, or pursuant to a domestic relations order as defined
in the Code, and shall not be subject to execution, attachment, or similar process. 
 III. 

Defined Terms 
 The
definition of all capitalized terms used but not otherwise defined in this Agreement shall be as provided in the Plan. 

  
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 IV. 

Recovery Right of Tidewater 

Tidewater has the right to recover any portion of the Option or CBP Award (together, the “Incentives”), cash or shares of Common
Stock acquired upon the exercise of the Option, or cash paid or Common Stock awarded to the Employee in settlement of the CBP Award (any of the foregoing together with the Incentives, the “Compensation”) under the Plan and this Agreement
if (a) the grant, vesting, or value of such Compensation was based on the achievement of financial results that were subsequently the subject of a restatement; (b) the Employee is subject to Tidewater’s Executive Compensation Recovery
Policy; (c) the Employee engaged in intentional misconduct that caused or partially caused the need for the restatement; and (d) the effect of the restatement was to decrease the financial results such that the Compensation would not have
been earned or would have had a lesser value. The Employee accepts the Incentives subject to such recovery rights of Tidewater and in the event Tidewater exercises such rights, any unexercised portion of the Option and any outstanding portion of the
CBP Award shall be forfeited immediately and the Employee shall promptly return any issued or paid Compensation to Tidewater upon demand. If the Employee no longer holds the Incentives or any related shares of Common Stock at the time of demand by
Tidewater, the Employee shall pay to Tidewater, without interest, all cash, securities, or other assets received by the Employee upon the vesting, payout, sale, or transfer of such Incentives. Tidewater may, if it chooses, effect such recovery by
withholding from other amounts due to the Employee by the Company. 
 V. 

Taxes 
 5.1
Withholding. 
 (a) Option. At any time that the Employee is required to pay to the Company an amount required to be withheld
under applicable income tax laws in connection with the exercise of an Option, the Employee may 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 minimum statutory amount required to be withheld. Notwithstanding the terms of the Plan, the Committee shall not have the right to disapprove of
an Election. The value of the shares to be delivered or withheld shall be based on the Fair Market Value of the Common Stock on the date that the amount of tax to be withheld shall be determined (the “Tax Date”). Each Election must be made
prior to the Tax Date. 
 (b) CBP Award. 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 any payout under the CBP Award, unless the Employee has previously provided the Company with payment of all applicable withholding taxes, Tidewater shall withhold from the amount
payable to the Employee an amount equal to the minimum statutory amount required to be withheld. 

  
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 5.2 Section 409A. 

(a) Each Incentive granted under this Agreement is intended to either comply with, or be exempt from, Section 409A of the Code and the
Plan, this Agreement, and each Incentive shall be interpreted and administered consistent with that intent. The Committee shall have the authority to amend this Agreement to the extent necessary to ensure that the Incentives will not trigger an
excise tax to the Employee under Section 409A of the Code. Notwithstanding the foregoing, the Company is not responsible for, and makes no representation or warranty whatsoever in connection with, the tax treatment of the Incentives and the
Employee should consult his or her own tax advisor as to the tax effect of amounts payable to him or her under the Plan and this Agreement. 

(b) Notwithstanding any provision of this Agreement to the contrary, if the Employee is a “specified employee” at the time of his or
her “separation from service” from the Company (as such terms are used in Section 409A of the Code), no payment to which he or she becomes entitled under this Agreement as a result of his or her termination of employment shall be made
or paid to him or her prior to the earlier of (i) the first day of the seventh month following the date of separation from service or (i) the date of his or her death or Disability, but only to the extent that such a delay in payment is
required in order to avoid a prohibited distribution under Section 409A of the Code. Upon the expiration of the applicable Section 409A(a)(2) deferral period, all payments deferred under this Section 5.2 will be paid in a lump sum to
the Participant. 
 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 Tidewater, the Company, and the Employee, their respective heirs, executors, administrators, and successors. 

VIII. 
 Amendment,
Modification or Termination 
 The Committee may amend, modify, or terminate any Incentive at any time prior to vesting in any manner
not inconsistent with the terms of the Plan. For any Incentive that is intended to qualify as performance-based compensation under Section 162(m) of the Code, the Committee may not use its discretion to increase the compensation payable to the
Employee hereunder in violation of the “performance-based compensation” requirements of Section 162(m) of the Code. Notwithstanding the foregoing, except as provided in Section 5.2(a), no amendment, modification, or termination
may materially impair the rights of an Employee under this Agreement without the written consent of the Employee. 

  
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 IX. 

Inconsistent Provisions 

The Options and CBP Award granted hereby are subject to the provisions of the Plan, as in effect on the Date of Grant, as it may be amended
from time to time in accordance with its terms. Except as provided in Section 5.1, Section 5.2, or Article VIII, in the event any provision of this Agreement (including the Term Sheet) 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 so as to not affect any other term or provision of this Agreement, 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. 
 Electronic
Delivery and Execution of Documents 
 12.1 The Company may, in its sole discretion, deliver any documents related to the
Employee’s current or future participation in the Plan or any other equity compensation plan of the Company by electronic means or request the Employee’s consent to the terms of an award by electronic means. Such documents may include the
plan, any grant notice, this Agreement, the plan prospectus, and any reports of Tidewater provided generally to Tidewater’s stockholders. In addition, the Employee may deliver any grant notice or award agreement to the Company or to such third
party involved in administering the applicable plan as the Company may designate from time to time. By accepting the terms of this Agreement, the Employee also hereby consents to participate in such plans and to execute agreements setting the terms
of participation through an on-line or electronic system established and maintained by the Company or a third party designated by the Company. 

  
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 12.2 The Employee acknowledges that the Employee has read Section 12.1 of this Agreement and
consents to the electronic delivery and electronic execution of plan documents as described in Section 12.1. The Employee acknowledges that he or she may receive from the Company a paper copy of any documents delivered electronically at no cost
to the Employee by contacting the Company by telephone or in writing. 
 XIII. 

Notice 
 All notices to
Tidewater related to this Agreement should be sent to Tidewater’s principal executive offices as disclosed in its filings with the Securities and Exchange Commission, addressed to the Office of General Counsel. All notices to the Employee shall
be delivered to the most recent address as provided by the Employee to the human resources department of the Company. 
 XIV. 

Entire Agreement 
 The Plan
and this Agreement (including the Term Sheet) constitute the entire agreement between Tidewater and the Employee with respect to the subject matter contained in this Agreement. Any oral or written agreements, representations, warranties, written
inducements, or other communications with respect to the subject matter contained in this Agreement made prior to the execution of this Agreement shall be void and ineffective for all purposes. 

* * * * * * * * * * * * * 

By clicking the “Accept” button, the Employee represents that he or she is familiar with the terms and provisions of
the Plan, and hereby accepts this Agreement subject to all of the terms and provisions thereof. The Employee has reviewed the Plan, this Agreement, and the prospectus in their entirety and fully understands all provisions of this Agreement. The
Employee agrees to accept as binding, conclusive, and final all decisions or interpretations of the Committee upon any questions arising under the Plan or this Agreement. 

PLEASE PRINT AND KEEP A COPY FOR YOUR RECORDS 

  
 11EX-10.3

 Exhibit 10.3 

SECOND AMENDED AND RESTATED 

TIDEWATER INC. 
 PHANTOM
STOCK PLAN 
  

	 	1.	Purpose. 

 The purpose of the Second Amended and Restated Tidewater Inc. Phantom
Stock Plan (this “Plan”) is to provide a select group of officers and key employees, who contribute by their ability, industry, and ingenuity to the management and successful operation of the Company, with the opportunity to earn
additional incentive compensation in the form of cash-settled awards that track the value of shares of Common Stock. 
  

	 	2.	Definitions. 

 As used in this Plan, unless the context clearly requires
otherwise, the following terms shall have the meaning respectively provided: 
 (a) “Agreement” means the Phantom
Stock Unit Agreement entered into by a Participant and Tidewater providing the terms and conditions of a given Award. 
 (b)
“Award” means a specific grant of Phantom Stock Units under this Plan representing the conditional agreement of Tidewater to pay additional compensation to a given Participant. 

(c) “Board” means the Board of Directors of Tidewater. 

(d) “Code” means the Internal Revenue Code of 1986, as amended, including, for each section cited, the regulations
and guidance issued thereunder. 
 (e) “Committee” means the Compensation Committee of the Board or a subcommittee
thereof. The Committee shall consist of not fewer than two members of the Board, each of whom must qualify as a both a “non-employee director” under Rule 16b-3 promulgated under the 1934 Act and an “outside director” for purposes
of Section 162(m) of the Code. 
 (f) “Common Stock” means the common stock, $0.10 par value per share, of
Tidewater. 
 (g) “Company” means Tidewater together with any entity of which Tidewater owns (directly or
indirectly), within the meaning of Section 424(f) of the Code, 50% or more of the total combined voting power of all equity interests. 

(h) “Dividend Equivalent” means, with respect to a given Award of Phantom Stock Units credited to a particular
Participant, a dollar amount equal to any cash dividend or distribution that the Participant would have been entitled to receive if the Participant had been the owner, on the record date for such dividend or distribution, of a number of shares of
Common Stock equal to the number of Phantom Stock Units then properly credited to the Phantom Stock Unit Account of the Participant with respect to such Award. 

  
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 (i) “Effective Date” means the date set forth in the Agreement as the
effective date of the Award. 
 (j) “Participant” means any eligible officer or key employee selected pursuant to
Section 4.1 to receive the grant of an Award. 
 (k) “Phantom Stock Unit” means the right to receive the Value
Per Unit in cash from the Company. Such right shall be subject to the vesting and other terms and conditions of this Plan and the Agreement relating to such Phantom Stock Units. 

(l) “Phantom Stock Unit Account” means a bookkeeping entry that shall consist of the number of Phantom Stock Units
awarded to each Participant from time to time and credited to the Participant’s account together with all Dividend Equivalents thereon, less all Phantom Stock Units and Dividend Equivalents that have been paid out to such Participant. 

(m) “1934 Act” means the Securities Exchange Act of 1934. 

(n) “Value Per Unit” means the closing price of a share of Common Stock on the New York Stock Exchange on the vesting
date, or, if no sale shall have been made on that day, on the preceding day on which there was a sale of Common Stock. 
  

	 	3.	Administration of this Plan. 

 3.1 Administrator. This Plan shall be
administered by the Committee, which shall have complete discretion and authority to interpret and construe this Plan and all Awards and Agreements, decide all questions of eligibility and benefits (including underlying factual determinations), and
adjudicate all claims and disputes. 
 3.2 Administrative Rules. The Committee may (a) adopt, amend, and rescind rules and
regulations relating to this Plan; (b) grant Awards; (c) determine the terms and provisions of all Awards, including provisions defining or otherwise relating to (i) the vesting of Awards, (ii) the duration of Awards, and
(iii) the effect of approved leaves of absence on the rights to benefits under this Plan; (d) construe the provisions of this Plan and all Awards; (e) approve one or more forms of Agreement to memorialize Awards; and (f) make all
determinations necessary or advisable for administering this Plan. Any such actions by the Committee shall be consistent with the provisions of this Plan. The Committee may correct any defect or supply any omission or reconcile any inconsistency in
this Plan or in any Agreement in the manner and to the extent it shall deem expedient to carry this Plan or such Agreement into effect, and it shall be the sole and final judge of such expediency. The determination of the Committee on any matter
relating to the Plan, Awards, or Agreements shall be final, binding, and conclusive on all persons, including the Company, the stockholders of Tidewater, and Participants. 

3.3 Delegation of Authority. With respect to individuals who are not subject to either Section 16 of the 1934 Act or
Section 162(m) of the Code, the Committee may delegate to the Chief Executive Officer of Tidewater its authority to (a) designate Participants under this Plan, (b) grant Awards to such Participants, and (c) determine all terms
and provisions of such Awards, including the ability to amend or modify the terms and conditions of Awards granted to or held by such Participants, in each case, consistent with the provisions of this Plan. 

  
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	 	4.	Eligibility and Participation. 

 4.1 Eligibility and Grant of Awards.
Awards may be granted to any officer or key employee of the Company selected by the Committee or, if delegated such authority by the Committee pursuant to Section 3.3, by the Chief Executive Officer. Each Award granted pursuant to this Plan
shall consist of Phantom Stock Units with the terms provided in this Plan and in the applicable Agreement. Subject to the requirements for vesting and unless otherwise specified in an Agreement, the specified number of Phantom Stock Units shall be
deemed credited as of the Effective Date. 
 4.2 Dividend Equivalents. Each Participant shall receive a Dividend Equivalent for each
Phantom Stock Unit credited to his or her Phantom Stock Unit Account. Unless otherwise provided in the Agreement, the Dividend Equivalents shall be paid in cash to the Participant at the same time the related dividend or distribution is paid to
holders of Common Stock, but no later than March 15 of the year following the year in which the record date occurs. 
 4.3 Effect of
Adoption. The adoption of this Plan shall not be deemed to give any person a right to be granted an Award under this Plan. 
  

	 	5.	Credits to Accounts. 

 5.1 Credits. The Committee shall establish a Phantom
Stock Unit Account with respect to each Participant. Credits to a Participant’s Phantom Stock Unit Account shall be made to reflect the grant of Phantom Stock Units and the crediting of any Dividend Equivalents, if applicable. More than one
Phantom Stock Unit Account may be maintained for a Participant as necessary to reflect different Awards. A Participant’s Phantom Stock Unit Account(s) shall be utilized solely as a device for the measurement and determination of the amounts to
be paid to the Participant pursuant to this Plan, and shall not constitute or be treated as a trust fund of any kind. 
 5.2 Phantom
Stock Unit Adjustments. In the event of any change in the outstanding shares of Common Stock by reason of any stock dividend or split, recapitalization, merger, consolidation, combination or exchange of shares, or other similar corporate change,
the Committee shall make such adjustments in each Participant’s Phantom Stock Unit Account, including the number of Phantom Stock Units, as it deems to be equitable under this Plan in order to fairly give effect to such change and to the
purpose and intent of this Plan. 

  
 3 

	 	6.	Vesting. 

 6.1 Vesting. Each Participant shall vest in his or her Award of
Phantom Stock Units (and, if not paid currently, any related Dividend Equivalents) at the times and under the circumstances provided in the applicable Agreement. 

6.2 No Segregation of Assets. The Company shall not segregate any assets in connection with Phantom Stock Units granted under this
Plan. The rights of a Participant to benefits under this Plan shall be solely those of a general unsecured creditor of Tidewater. 
 6.3
Payments. Unless otherwise provided in the Agreement, payment of the value of a Phantom Stock Unit and any related accrued but unpaid Dividend Equivalents will be made in cash in a single lump sum within 30 days of the vesting date, but no
later than March 15 of the year following the year in which vesting occurs. 
  

	 	7.	Designation of Beneficiary. 

 Each Participant may designate a beneficiary or
beneficiaries to receive any amounts payable under this Plan after his or her death, and may change such designation from time to time, by filing a written designation of beneficiary or beneficiaries with the Committee on a form to be prescribed by
the Committee, provided that no such designation shall be effective unless so filed prior to the death of such Participant. If a Participant fails to designate a beneficiary, or if all designated beneficiaries predecease the Participant, then the
Participant’s beneficiary shall be deemed to be the Participant’s estate. 
  

	 	8.	Restrictions on Eligible Employees. 

 8.1 Continued Employment. The grant
of an Award to an officer or key employee pursuant to this Plan shall not give such officer or key employee any right to be retained in the employ of the Company, and the right and power of the Company to dismiss or discharge any Participant is
specifically reserved. 
 8.2 No Rights as a Stockholder. A Participant shall have no dividend, voting, or any other rights as a
stockholder of Tidewater as a result of participation in this Plan. 
  

	 	9.	Amendment or Termination. 

 The Committee may, from time to time, amend, modify,
change, suspend, or terminate, in whole or in part, any or all provisions of this Plan, except that no amendment, modification, change, suspension, or termination may affect any right of any Participant, without his or her consent, who has been
granted an Award pursuant to this Plan, with respect to any vested benefit that has accrued thereunder prior to the effective date of such amendment, modification, change, suspension, or termination. 

 

	 	10.	Assignment. 

 No right or interest to or in any Award, payment or benefit to a
Participant under this Plan shall be assignable by such Participant except by will or the laws of descent and 

  
 4 

 
distribution. No right, benefit, or interest of a Participant under this Plan shall be subject to anticipation, alienation, sale, assignment, encumbrance, charge, pledge, hypothecation, or set
off in respect of any claim, debt, or obligation, or to execution, attachment, levy, or similar process, or assignment by operation of law. Any attempt, voluntarily or involuntarily, to effect any action specified in the immediately preceding
sentences shall, to the fullest extent permitted by law, be null, void, and of no effect. 
  

	 	11.	Notices. 

 Whenever any notice is required or permitted under this Plan, such
notice must be in writing and personally delivered or sent by mail, electronic mail, overnight delivery, or facsimile. Any notice required or permitted to be delivered under this Plan shall be deemed to be delivered on the date on which it is
personally delivered or sent by facsimile, or, whether actually received or not, on the first business day after being sent by overnight delivery, and the third business day after it is deposited in the United States mail, certified or registered,
postage prepaid, addressed to the person who is to receive it at the address which such person has most recently specified by written notice and delivered in accordance with this Section 11. The Company or a Participant may change, at any time
and from time to time, by written notice to the other, the address which it, he or she had previously specified for receiving notices. Until changed in accordance with this Section 11, the Company and each Participant shall specify as its, his
or her address for receiving notices, the address set forth in the applicable Agreement. 
  

	 	12.	Capital Structure. 

 This Plan and the Awards granted under this Plan shall have
no effect on Tidewater’s capital structure, and shall not affect the right of Tidewater or any affiliated company to reclassify, recapitalize, or otherwise change its debt or capital structure, or to merge, consolidate, convey any or all of its
assets, dissolve, liquidate, wind up, or otherwise reorganize. 
  

	 	13.	Other Benefits. 

 Amounts paid under this Plan shall not be considered as part of
a Participant’s salary or compensation under any other employee benefit plan, or otherwise used for the calculation of any other pay, allowance, pension, or other benefits, unless expressly provided by such other employee benefit plan or
required by applicable law. 
  

	 	14.	Inurement of Rights and Obligations. 

 The rights and obligations under this Plan
and any related Agreements shall inure to the benefit of, and shall be binding upon the Company, its successors and assigns, and Participants and their respective beneficiaries and legal representatives. 

 

	 	15.	Tax Matters. 

 15.1 Withholding. The amounts payable to a Participant under
this Plan shall be reduced by any amount that the Company is required to withhold with respect to such payments under the then applicable provisions of the Code, and state or local income tax laws. 

15.2 Section 409A. The Phantom Stock Units are intended to either comply with, or be exempt from, Section 409A of the Code
and the Plan and Awards shall be interpreted and administered consistent with that intent. Notwithstanding the foregoing, the Company is not responsible for, and makes no representation or warranty whatsoever in connection with, the tax treatment
under this Plan and each Participant should consult his or her own tax advisor as to the tax effect of amounts payable to such Participant under this Plan. 

  
 5 

	 	16.	General. 

 16.1 Laws Governing. The substantive laws of the State of
Louisiana shall govern the validity, construction, enforcement, and interpretation of this Plan and all Agreements, unless otherwise specified therein. 

16.2 Good Faith Determinations. No member of the Committee or the Board shall be liable, with respect to this Plan or any Agreement,
for any act, whether of commission or omission, taken by any other member or by any officer, agent, or employee of the Company, nor, excepting circumstances involving his or her own bad faith, for anything done or omitted to be done by himself or
herself. 
 16.3 Effect of Headings. Section headings contained in this Plan are for convenience only and shall not affect the
construction of this Plan. 
 16.4 Invalid Provisions. If any provision of this Plan or any Agreement is held to be illegal, invalid,
or unenforceable under present or future laws effective during the term of this Plan or such Agreement, (a) such provision shall be fully severable; (b) this Plan or such Agreement shall be construed and enforced as if such illegal,
invalid, or unenforceable provision had never comprised a part of this Plan or such Agreement; and (c) the remaining provisions of this Plan or such Agreement shall remain in full force and effect and shall not be affected by the illegal,
invalid, or unenforceable provision or severance from this Plan or such Agreement. Furthermore, in lieu of such illegal, invalid, or unenforceable provision there shall be added automatically as part of this Plan or such Agreement a provision as
similar in terms to such illegal, invalid, or unenforceable provision as is possible while still being legal, valid, and enforceable. 

16.5 Set-Off. The Company shall be entitled, at its option and not in lieu of any other remedies to which it may be entitled, to set
off any amounts due the Company or any affiliate of the Company against any amount due and payable by the Company or any affiliate of the Company to a Participant pursuant to this Plan or otherwise. 

16.6 Waivers. No waiver of any term or condition of this Plan shall be binding unless it is in writing and signed by the Committee and
the affected Participant. The waiver by any party of a breach of any provision of this Plan shall not operate or be construed as a waiver of any subsequent breach by any party. 

* * * * * * * * * * * * * 
 First approved and
adopted by the Board of Directors in 2006. 
 Adopted in amended and restated form by the Board of Directors on May 31, 2007. 

Adopted in second amended and restated form effective March 17, 2015. 

  
 6

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