Document:

EXHIBIT 10.1

SUCCESS HOLDING GROUP INTERNATIONAL INC.

 

Date: February 1, 2015

 

To: Mark Corrao

 

Dear Mr. Corrao

 

This is to confirm the terms of your appointment as a Non-Executive Director of Success Holding Group International, Inc. (the “Company”).

 

Overall, in terms of time commitment, we expect your attendance at all the Board of Directors (the "Board") meetings, meetings of the audit, compensation and nomination committees of the Board (as applicable) and the General Meetings (if requested). In addition, you will be expected to devote appropriate preparation time ahead of each meeting.  Board meetings may be held within or outside the United States of America as the Company may decide.

 

By accepting this appointment, you have confirmed that you are able to allocate sufficient time to meet the expectations of this position. 

 

1. For and in consideration of the services to be performed by you, Company agrees to pay you as follows:

 

1.1 An annually fee equal to the amount of $24,000 (Twenty Four Thousand U.S. Dollars), subject to your continuous service as a member of the Board (“Fee”).

 

1.2 Stock. Subject to all approvals required by law, the Company will grant you, pursuant to the incentive plan to be adopted by the Company, if any (the "Plan") and upon such terms and conditions as determined by the Compensation Committee or the Board (as applicable), 50,000 common stock of the Company, par value US$ 0.001 per share (the "Stock").

 

1.2.1 Term of Stock.  All Stock, without derogating from the aforesaid, if the Plan that shall be approved by the Company shall include additional provisions related to the Stock, such provisions shall also apply with respect to all Stock granted to you under this letter of appointment. 

 

1.2.2 Vesting.  All Stock granted to you shall vest in three (2) equal instalments of 16,666 per year on each of the 1st, 2nd and  16,667 on the 3rd anniversary of the date of the Stock grant in accordance with the terms and conditions of the Plan.

 

1.2.3 General.  All Stock granted to you shall be in effect subject to your continuous service as a member of the Board and subject to the terms and conditions of the Plan, including such terms related to vesting and expiration, and subject to such terms and conditions as will be approved by the Company, at its sole discretion. In case of contradiction between the provisions of this letter of appointment and the provisions of the Plan, the provisions of the Plan shall supersede.

 

1.2.4 Certain Representations. You represent and agree that you are accepting the Stock being issued to you pursuant to this Agreement (collectively, the “Securities”) for your own account and not with a view to or for sale of distribution thereof.  You understand that the Securities are restricted securities and you understand the meaning of the term “restricted securities.”  You further represent that you were not solicited by publication of any advertisement in connection with the receipt of the shares and that you have consulted tax counsel as needed regarding the shares.

 

	 
	
1

	

  

1.3 Company agrees to reimburse you for out-of-pocket expenses incurred by you in connection with your service (including out-of-pocket expenses and transportation expenses, provided that such expenses are against original and valid receipts and pre-approved by the Company in writing (the “Expenses”).

 

1.4 Payment of the Expenses, as applicable, shall be made against your itemized invoice following the receipt of the relevant invoice, which invoice shall be submitted to the Company within seven (7) days of the end of each calendar month during the term of this letter of appointment.

 

1.5 For the avoidance of any doubt, the Fees and the Stock (subject to their terms) and the aforementioned Expenses constitute the full and final consideration for your appointment, and you shall not be entitled to any additional consideration, of any form, for your appointment and service.

 

2. The term of your appointment as a Non-Executive Director of the Company shall be for three years or until the next Annual Meeting of Stockholders.

 

3.  You will undertake such travelling as may reasonably be necessary for the performance of your duties, including travelling overseas for Board meetings and site visits if required. 

 

4.  You will undertake such duties and powers relating to the Company, and any subsidiaries or associated companies of the Company (the “Group”) as the Board may from time to time reasonably request. Directors have the same general legal responsibilities to the Company as any other director.  The Board as a whole is collectively responsible for promoting the success of the Company by directing and supervising the Company’s affairs, inter alia, as follows:

 

	
·

	
Providing entrepreneurial leadership of the Group within a framework of prudent and effective controls which enable risk to be assessed and managed; and

	 	 
	
·

	
Setting the Group’s strategic aims, ensures that the necessary financial and human resources are in place for the Group to meet its objectives and reviews management performance; and

	 	 
	
·

	
Setting the Group’s values and standards and ensures that its obligations to its shareholders and others are understood and met.

 

5. Confidential Information

 

5.1 Confidential Information You undertake to the Company that you shall maintain in strict confidentiality all trade, business, technical or other information regarding the Company, the Group, its affiliated entities and their business affairs including, without limitation, all marketing, sales, technical and business know-how, intellectual property, trade secrets, identity and requirements of customers and prospective customers, the Company’s methods of doing business and any and all other information relating to the operation of the Company (collectively, the “Confidential Information”). You shall at no time disclose any Confidential Information to any person, firm, or entity, for any purpose unless such disclosure is required in order to fulfil your responsibilities as director.  You further undertake that you shall not use such Confidential Information for personal gain.

 

	 
	
2

	

  

“Confidential Information” shall not include information that (i) is or becomes part of the public domain other than as a result of disclosure by you, (ii) becomes available to you on a non-confidential basis from a source other than the Company, provided that the source is not bound with respect to that information by a confidentiality agreement with the Group or is otherwise prohibited from transmitting that information by a contractual legal or other obligation, or (iii) can be proven by you to have been in your possession prior to disclosure of the information by the Company. In the event that you are requested or required (by oral questions, interrogatories, requests for information or documents, subpoena, civil investigative demand or other process) to disclose any Confidential Information, it is agreed that you, to the extent practicable under the circumstances, will provide the Company with prompt notice of any such request or requirement so that the Company may seek an appropriate protective order or waive compliance with this paragraph 6. If a protective order or the receipt of a waiver hereunder has not been obtained, you may disclose only that portion of the Confidential Information which you are legally compelled to disclose.

 

5.2 Blackout Period. You understand that we have a policy pursuant to which no officer, director or key executive may not engage in transactions in our stock during the period commencing two weeks prior to the end of a fiscal quarter and ending the day after the financial information for the quarter and year have been publicly released.  As a member of the audit committee, if you have information concerning our financial results at any time, you may not engage in transactions in our securities until the information is publicly disclosed.

 

6.  Term and Termination

 

6.1 Subject to paragraph 6.2 hereunder, this appointment shall terminate immediately and without claim for compensation on the occurrence of any of the following events:

 

6.1.1 if you resign as a director of the Company for any reason; and/or

 

6.1.2 if this appointment is cancelled by the holder or the holders of the shares by which you were appointed; and/or

 

6.1.3 if you were appointed by other directors in order to temporary fill vacancy on the Board  and said appointment is cancelled by the Board; and/or

 

6.1.4 if you are removed or not re-appointed as a director of the Company at a General Meeting of the Company in accordance with the requirements of Nevada Revised Statutes and/or any other applicable law or regulation (the "Law") and/or the Company's Articles of Incorporation; and/or

 

6.1.5 if you have been declared bankrupt or made an arrangement or composition with or for the benefit of your creditors; and/or

 

6.1.6 if you have been disqualified from acting as a director (including, but not limited to, an event in which you are declared insane or become of unsound mind or become physically incapable of performing your functions as director for a period of at least 60 days) ; and/or

 

6.1.7 with your death and if you are a corporation or either entity, with your liquidation.

 

6.1.8 if an order of a court having jurisdiction over the Company requires you to resign.

 

	 
	
3

	

  

6.2 Any termination of this letter of appointment shall be without payment of damages or compensation (except that you shall be entitled to any accrued Fees or Expenses properly incurred under the terms of this letter of appointment prior to the date of such termination).

 

6.3 On termination of this appointment, you shall return all property belonging to a Group company, together with all documents, papers, disks and information, howsoever stored, relating to a Group company and used by you in connection with this position with the Company.

 

7.  Subject to the proper performance of your obligations to the Company under this letter of appointment and any applicable law, the Company agrees that you will be free to accept other appointments and directorships provided that:

 

7.1 They do not in any way conflict with the interests of the Company or any member of the Group; and

 

7.2 They do not restrict you from devoting the necessary time and attention properly to services to be performed under this letter of appointment; and

 

7.3 In the event that you become aware of any potential conflicts of interest, these must be disclosed to the Chairman and/or the Chief Executive Officer (the "CEO") of the Company as soon as they become apparent.

 

8. The performance of individual directors and the Board and its committees is evaluated annually.  If, in the interim, there are any matters which cause you concern about your position, you should discuss them with the Chairman and/or the CEO as soon as is appropriate.

 

9. In addition to any right pursuant to applicable law, occasions may arise when you consider that you need professional advice in the furtherance of your duties as a director.  Circumstances may occur when it will be appropriate for you to seek such advice from independent advisors at the Company’s expense, to the extent provided under applicable law and subject to the prior written approval of the CEO.

 

10. This letter refers to your appointment as a director of the Company and your (possible) membership of the audit, nomination and the remuneration committees of the board.

 

11. You shall procure that you comply at all times with the Company’s inside trading policies as in effect from time to time.

 

12. You shall discharge your general duties as a director pursuant to the Company's Articles of Association of the Company and applicable law. 

 

13. This letter of appointment shall be governed by and construed in accordance with the law of the State of Indiana.

 

	 
	
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Please sign the attached copy of this letter and return it to the Company to signify your acceptance of the terms set out above.

 

Sincerely yours,

 

SUCCESS HOLDING GROUP INTERNATIONAL, INC.

 

/s/ Steve Andrew Chen 

Steve Andrew Chen, Chairman

 

/s/ Mark Corrao 

Name of Director: Mark Corrao

 

5 ﻿ex10-1.htm

Exhibit 10.1

 

EXECUTION VERSION

 

 

AMENDMENT AGREEMENT

 

Dated 13 February 2015

 

between

 

(1)     GULFMARK AMERICAS, INC.

as Original Borrower 

 

 

(2)     GULFMARK OFFSHORE, INC.

as Parent and Original Guarantor

 

 

(3)     GULFMARK MANAGEMENT, INC.

 

 

(4) THE ROYAL BANK OF SCOTLAND PLC
as Agent

 

 

 

 

Relating to a US$300,000,000 Multicurrency Facility Agreement

 originally dated 26 September 2014

 

Pinsent Masons LLP

13 Queen's Road

Aberdeen

AB15 4YL

Tel: +44 (0)1224 377900

Fax: +44 (0)1224 377901

Web Site: http://www.pinsentmasons.com

58791459_5.DOC

 

 

 

i 

 

 

TABLE OF CONTENTS

 

 

	Clause	Heading	Page No.
	 	 	 
	
1
	
INTERPRETATION
	
2

	 	 	 
	
2
	
AMENDMENTS
	
2

	 	 	 
	
3
	
LONGSTOP
	
4

	 	 	 
	
4
	
CONDITION SUBSEQUENT
	
4

	 	 	 
	
5
	
GUARANTEE AND SECURITY
	
4

	 	 	 
	
6
	
REPEATING OF REPRESENTATIONS
	
5

	 	 	 
	
7
	
FEES AND EXPENSES
	
5

	 	 	 
	
8
	
FINANCE DOCUMENT
	
5

	 	 	 
	
9
	
BUDGET FOR FINANCIAL YEAR 2015
	
5

	 	 	 
	
10
	
AGENT
	
5

	 	 	 
	
11
	
COUNTERPARTS
	
5

	 	 	 
	
12
	
GOVERNING LAW
	
5

 

Schedules

Schedule 1      Permitted Capital Expenditures

Schedule 2      Conditions Precedent to the Effective Date

 

 

i

 

 

THIS AGREEMENT is made on 13 February 2015 between:

 

	
(1)
	
GULFMARK AMERICAS, INC., a company incorporated in Delaware with charter number 4071108 (the " Original Borrower"); 

 

	
(2)
	
GULFMARK OFFSHORE, INC., a company incorporated in Delaware with charter number 2689611 (the "Parent" and "Original Guarantor");

 

	
(3)
	
GULFMARK MANAGEMENT, INC., a company incorporated in Delaware with charter number 4386616 ("GMI");

 

	
(4)
	
THE ROYAL BANK OF SCOTLAND PLC as agent of the other Finance Parties (the "Agent".

 

IT IS AGREED AS FOLLOWS:-

 

	
1
	
INTERPRETATION

 

	
1.1
	
Definitions

 

Unless otherwise defined in this Agreement or the context otherwise requires, terms defined in the Facility Agreement (as defined below) (whether expressly or by incorporation) shall have the same meaning when used in this Agreement. In addition:

 

"Effective Date" has the meaning given in clause 3 below; and

 

"Facility Agreement" means the $300,000,000 Multicurrency Facility Agreement originally dated 26 September 2014 entered into between, inter alia, the Original Borrower and the Agent.

 

	
1.2
	
Incorporation 

 

The provisions of clauses 1.2 (Construction), 1.3 (Third Party Rights), 1.4 (Accounting Terms; GAAP), 41 (Notices), 43 (Partial Invalidity), 44 (Remedies and waivers), 45 (Amendments and Waivers) and 49 (Enforcement) of the Facility Agreement shall be incorporated into, and apply to, this Agreement, mutatis mutandis, as if the same had been set out in full herein. Except as otherwise expressly set forth herein, the Facility Agreement shall continue in full force and effect without amendment or modification thereto.

 

	
2
	
AMENDMENTS 

 

From the Effective Date, the Facility Agreement shall be amended as follows:

 

	
2.1
	
In clause 1.1 of the Facility Agreement, the definition of "Distribution" shall be amended by adding the following words at the end of such definition: "and, for the avoidance of doubt, repurchases in the open market by the Parent pursuant to its stock repurchase program (but excluding any purchases through a SEC Rule 10b5-1 trading plan so long as the purchaser is not an Obligor) shall constitute a Distribution."

 

	
2.2
	
In clause 1.1 of the Facility Agreement, the definition of "Permitted Acquisition" shall be amended by adding the following proviso at the end of such definition: “; provided, however, that the maximum aggregate consideration payable by the Parent and its consolidated Subsidiaries during the Restricted Period (excluding Permitted Capital Expenditures) for any such acquisitions shall not result in the maximum aggregate payments made by Parent and its consolidated Subsidiaries pursuant to this proviso to exceed $37,500,000 (or its currency equivalent) in any calendar year during which such Restricted Period occurred unless with the prior written consent of the Agent (acting on the instructions of the Majority Lenders)."

 

	
2.3
	
In clause 1.1 of the Facility Agreement, the following new definition shall be inserted:-

 

""Permitted Capital Expenditures" means capital expenditures made by Parent or its consolidated Subsidiaries after January 1, 2015 to the extent set forth in Schedule 1 hereto.” 

 

 

-2-

 

 

	
2.4
	
In clause 1.1 of the Facility Agreement, the following new definition shall be inserted:-

 

""Permitted Distributions" means Distributions in an aggregate amount not exceeding $6,500,000 (or its currency equivalent) which shall be distributed by December 31, 2015.”

 

	
2.5
	
In clause 1.1 of the Facility Agreement, the following new definition shall be inserted:-

 

""Restricted Period" means the period commencing on the Effective Date and ending on December 31, 2016."

 

	
2.6
	
Clause 19.1 (Commitment fee) of the Facility Agreement shall be amended by deleting clause 19.1.1 thereof in its entirety and replacing it with the following clause 19.1.1:- 

 

"The Original Borrower shall pay to the Agent (for the account of each Lender) a fee in the Base Currency computed at the rate of zero point three seven five (0.375) per cent per annum (the “commitment fee rate”) on that Lender's Available Revolving Commitment under the Revolving Facility for the Availability Period applicable to the Revolving Facility; provided, however, that the commitment fee rate for each Financial Quarter during the Restricted Period shall be zero point five (0.5) per cent per annum."

 

	
2.7
	
Clause 28.1 (Financial covenants) of the Facility Agreement shall be amended by deleting clause 28.1.2 thereof in its entirety and replacing it with the following clause 28.1.2:-

 

"Consolidated Interest Coverage Ratio: The Parent shall not permit the Consolidated Interest Coverage Ratio, for any period of four consecutive Financial Quarters of the Parent ending on a Quarter Date specified below, to be less than the ratio set forth below opposite such Quarter Date:

 

	
Quarter Date
	
Consolidated Interest Coverage Ratio

	
occurring on or after September 30, 2014 and on or prior to December 31, 2014
	
4.0 to 1.0

	
occurring on March 31, 2015
	
3.5 to 1.0

	
occurring on June 30, 2015
	
3.0 to 1.0

	
occurring on or after September 30, 2015 and on or prior to June 30, 2016
	
2.0 to 1.0

	
occurring on or after September 30, 2016 and on or prior to December 31, 2016
	
2.5 to 1.0

	
occurring on or after March 31, 2017 and on or prior to June 30, 2018
	
3.0 to 1.0

	
occurring on or after September 30, 2018 and on or prior to the Termination Date
	
4.0 to 1.0

 

 

-3-

 

 

	
2.8
	
Clause 29.4 (Dividends) of the Facility Agreement shall be amended by adding the following proviso at the end of such clause: “; provided, however, that the Parent may not make or declare payment of any Distribution during the Restricted Period except:

 

	 	
(a)
	
Permitted Distributions; and/or

 

	 	
(b)
	
Distributions that would result in the maximum aggregate Distributions payable by the Parent pursuant to this proviso to exceed $5,000,000 (or its currency equivalent) in any calendar year during which such Restricted Period occurred,

 

unless with the prior written consent of the Agent (acting on the instructions of the Majority Lenders)."

 

	
2.9
	
Clause 29.26 (Conditions subsequent) of the Facility Agreement shall be amended by deleting the reference to "12 Months" in clause 29.26.3 thereof and replacing the same with a reference to "18 Months".

 

	
3
	
EFFECTIVE DATE

 

This Agreement shall be effective on the date upon which the Agent gives written confirmation to the Parent that the Agent has received (or has waived its requirement to receive) all of the documents and other evidence listed in Schedule 2 to this Agreement in each case in form and substance satisfactory to the Agent (the “Effective Date”).

 

	
4
	
LONGSTOP 

 

	
4.1
	
If the Effective Date has not occurred by 5pm, London time, on February 28, 2015, then this Agreement shall automatically terminate. 

 

	
4.2
	
The Agent shall promptly notify the Parent of the occurrence of the Effective Date.

 

	
5
	
CONDITION SUBSEQUENT

 

Within 10 Business Days after the date of this Agreement, the Original Borrower shall deliver to the Agent evidence of amendments to the existing NOK600m bilateral facility between DNB Bank ASA and GulfMark Rederi AS that are no more restrictive to Parent than those set forth in paragraph 2 above.

 

	
6
	
GUARANTEE AND SECURITY

 

With effect from the Effective Date, each Obligor and GMI confirms that any security or guarantee created or given by it under the Finance Documents (including, in the case of each Obligor, under clause 25 (Guarantee and indemnity) of the Facility Agreement) will:

 

 

-4-

 

 

	
6.1
	
continue in full force and effect; and

 

	
6.2
	
extend to all liabilities and obligations of the Obligors arising under the Facility Agreement as amended by this Agreement.

 

	
7
	
REPEATING OF REPRESENTATIONS

 

Each Obligor makes the Repeating Representations to each Finance Party on the date of its signature of this Agreement and on the Effective Date.

 

	
8
	
FEES AND EXPENSES

 

	
8.1
	
The Original Borrower shall pay (or cause to be paid) to the Agent (for the account of each Lender) an amendment fee computed at the rate of zero point three (0.3) per cent of each Lender's Revolving Facility Commitment on the date hereof under the Facility Agreement (being a fee, in aggregate, equal to $900,000), within five Business Days of the occurrence of the Effective Date. 

 

	
8.2
	
The Original Borrower shall promptly on demand pay the Agent the amount of all out-of-pocket costs and expenses (including legal fees) reasonably incurred by it in connection with the entering into of this Agreement and the transactions contemplated thereby.

 

	
9
	
FINANCE DOCUMENT

 

The Agent and the Parent hereby designate this Agreement as a Finance Document for the purposes of the Facility Agreement and the other Finance Documents. 

 

	
10
	
BUDGET FOR FINANCIAL YEAR 2015

 

The Parent and the Agent agree that the document delivered pursuant to paragraph 4.2 of Schedule 2 to this Agreement shall constitute the Budget for the Financial Year ending 31 December 2015 delivered pursuant to clause 27.4 (Budget) of the Facility Agreement.

 

	
11
	
AGENT

 

The Agent, with the consent of all the Lenders, enters into this Agreement on behalf of all the Finance Parties pursuant to and in accordance with clause 45.1.2 of the Facility Agreement.

 

	
12
	
COUNTERPARTS

 

This Agreement may be executed in any number of counterparts, and this has the same effect as if the signatures on the counterparts were on a single copy of this Agreement.

 

	
13
	
GOVERNING LAW

 

This Agreement and any non-contractual obligation arising out of or connected with this Agreement are governed by English law.

 

 

This Agreement has been entered into on the date stated at the beginning of this Agreement.

 

 

-5-

 

 

Schedule 1

committed capital expenditures

 

 

[SEE ATTACHED]

 

 

 

 

 

 

 

-6-

 

 

Schedule 2

CONDITIONS PRECEDENT TO THE EFFECTIVE DATE

 

	
1
	
Corporate Authorisations

 

	
1.1
	
Certified true copies of the following:-

 

	
1.1.1
	
Certificate of Fact (Texas) for GulfMark Americas, Inc.;

 

	
1.1.2
	
Certificate of Fact (Texas) for GulfMark Offshore, Inc.;

 

	
1.1.3
	
Certificate of Good Standing (Delaware) for GulfMark Americas, Inc.;

 

	
1.1.4
	
Certificate of Good Standing (Delaware) for GulfMark Offshore, Inc.;

 

	
1.1.5
	
Certificate of Good Standing (Delaware) for Gulfmark Management, Inc.;

 

	
1.1.6
	
Certificate of UCC Search from Delaware on GulfMark Americas, Inc.;

 

	
1.1.7
	
Certificate of UCC Search from Delaware on GulfMark Offshore, Inc.;

 

	
1.1.8
	
Certificate of UCC Search from Delaware on Gulfmark Management, Inc.;

 

	
1.1.9
	
Certificates of Incumbency for each of the Obligors and GMI.

 

	
1.2
	
A copy of a resolution of the board of directors of each Obligor and GMI:-

 

	
1.2.1
	
approving the terms of, and the transactions contemplated by, this Agreement and resolving that it execute, deliver and perform the documents required hereby to which it is a party;

 

	
1.2.2
	
authorising a specified person or persons to execute the documents required hereby to which it is a party on its behalf; and

 

	
1.2.3
	
authorising a specified person or persons, on its behalf, to sign and/or despatch all documents and notices to be signed and/or despatched by it under or in connection with the documents to which it is a party.

 

	
1.2.4
	
A specimen of the signature of each person authorised by the resolution referred to in paragraph 1.2 above in relation to such documents.

 

	
1.3
	
A certificate of the Parent confirming that the amendments contemplated in this Agreement would not cause any borrowing, guarantee, security or similar limit binding on any Obligor or GMI (as applicable) to be exceeded.

 

	
1.4
	
A certificate of an authorised signatory of each Obligor and GMI certifying that each copy of its resolutions specified in this Schedule 2 is correct, complete and in full force and effect and has not been amended or superseded as at a date no earlier than the date of this Agreement.

 

	
1.5
	
An officer's certificate of each Obligor and GMI certifying that there has been no change to its Certificate of Incorporation, Bylaws, Domicile Address, EIN and Charter Number since the documents were last provided to the Agent.

 

 

-7-

 

 

	
2
	
FINANCE DOCUMENTS

 

	
2.1
	
A copy of this Agreement executed by each Obligor and GMI. 

 

	
2.2
	
A copy of the amendment agreement between the Original Borrower and the Security Agent, in respect of the First Preferred Fleet Mortgage dated 26 September 2014 granted by the Original Borrower in favour of the Security Agent (as security trustee for the Secured Parties), executed by the Original Borrower.

 

	
3
	
LEGAL OPINIONS

 

The following legal opinions, each addressed to the Agent, the Security Agent and the Original Lenders and capable of being relied upon by any persons who become Lenders pursuant to the primary syndication of the Facility:-

 

	
3.1
	
a legal opinion of Norton Rose Fulbright US LLP, US legal advisers to the Original Borrower, the Parent and GMI as to US, Texas and Delaware law; and

 

	
3.2
	
a legal opinion of Pinsent Masons LLP, UK legal advisers to the Agent as to English law.

 

	
4
	
MISCELLANEOUS

 

	
4.1
	
Valuations reflecting the Appraised Value for each Collateral Vessel as at the Appraisal Date falling on 31 December 2014.

 

	
4.2
	
Revised budget for the Financial Year ending 31 December 2015 reflecting financial forecasts of the Original Borrower as per the "Bank Presentation" presented by the Original Borrower to the Lenders on 28 January 2015.

 

 

-8-

 

 

SIGNATORIES

 

THE PARENT AND ORIGINAL GUARANTOR

 

GULFMARK OFFSHORE, INC.

 

By: /s/ J. Mitchell

 

 

 

THE ORIGINAL BORROWER

 

GULFMARK AMERICAS, INC.

 

By: /s/ J. Mitchell

 

 

 

GMI

 

GULFMARK MANAGEMENT, INC.

 

By: /s/ J. Mitchell

 

 

 

THE AGENT

 

THE ROYAL BANK OF SCOTLAND PLC

 

By: /s/ Nick Watkins

 

 

 

-9-

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