SEC Contract Filing

Filing Date: 2017-12-19

Document Content:
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<TYPE>EX-10.1
<SEQUENCE>2
<FILENAME>d511562dex101.htm
<DESCRIPTION>EX-10.1
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<TITLE>EX-10.1</TITLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="right"><B>Exhibit 10.1 </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>CHANGE OF CONTROL AGREEMENT </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This Change of Control Agreement (this &#147;<U>Agreement</U>&#148;) is entered into between Tidewater Inc., a Delaware corporation (the
&#147;<U>Company</U>&#148;) and [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;] (the &#147;<U>Employee</U>&#148; and, together with the Company, the
&#147;<U>Parties</U>&#148;), an officer of the Company, on [&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;], 2017 (the &#147;<U>Execution Date</U>&#148;), with effect from
January&nbsp;1, 2018 (the &#147;<U>Effective Date</U>&#148;). Capitalized terms used but not defined in this Agreement have the respective meanings provided in the Appendix. </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>RECITALS </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the
Parties are party to that [Amended and Restated] Change of Control Agreement dated [&#9679;] (the &#147;<U>Existing Agreement</U>&#148;), which provides the Employee with certain employment protections for a
<FONT STYLE="white-space:nowrap">two-year</FONT> period following the occurrence of a Change of Control; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, pursuant to written
notice given to the Employee on July&nbsp;22, 2016, the Existing Agreement will expire on December&nbsp;31, 2017, unless a Change of Control occurs on or prior to that date; and </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">WHEREAS, the Committee has determined that it is necessary and advisable to continue to provide the Employee with change of control employment
protections following the expiration of the Existing Agreement. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">NOW THEREFORE, in consideration of the mutual promises herein contained
and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, and intending to be legally bound hereby, the Parties agree as follows: </P>
<P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>ARTICLE I </B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center"><B>EFFECTIVENESS
OF AGREEMENT </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.1&nbsp;&nbsp;&nbsp;&nbsp;<U>Status of Existing Agreement</U>. The Parties agree that the Existing Agreement will
remain in full force and effect until the Effective Date. If a Change of Control does not occur prior to the Effective Date, the Parties agree that the Existing Agreement will terminate, and have no further effect, as of the Effective Date. However,
if a Change of Control does occur prior to the Effective Date, the Existing Agreement will be extended in accordance with its terms and this Agreement will be null and void and of no effect. The Parties agree that: (a)&nbsp;this
<U>Section</U><U></U><U>&nbsp;1.1</U> amends, and forms a part of, the Existing Agreement and (b)&nbsp;so long as Change of Control has not occurred prior to the Effective Date, this Agreement will supersede any and all prior agreements between the
Parties that provide for severance benefits following a Change of Control including, without limitation, the Existing Agreement. </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.2&nbsp;&nbsp;&nbsp;&nbsp;<U>Effective Date and Protected Period</U>. Subject to <U>Section</U><U></U><U>&nbsp;1.1</U>, this Agreement will
commence on the Effective Date and will continue in effect through December&nbsp;31, 2018; provided, however, that on January&nbsp;1, 2019 and each subsequent January&nbsp;1, the term of this Agreement will automatically be extended for one
additional year unless, not later than June&nbsp;30 of the preceding year, the Company has given notice to the Employee that it does not intend to extend this Agreement. However, if a Change of Control occurs during the term of this Agreement, this
Agreement will continue in effect through the second anniversary of the Change of Control regardless of any notice of <FONT STYLE="white-space:nowrap">non-extension</FONT> that the Company may have provided to the Employee (such <FONT
STYLE="white-space:nowrap">two-year</FONT> period following a Change of Control, the &#147;<U>Protected Period</U>&#148;). </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">1.3&nbsp;&nbsp;&nbsp;&nbsp;<U>Effect of Termination of Employment Prior to Change of Control</U>.
Except as provided in <U>Section</U><U></U><U>&nbsp;3.9</U>, if the Employee&#146;s employment terminates for any reason prior to the occurrence of a Change of Control, this Agreement will terminate and have no further effect as of the Termination
Date. </P> <P STYLE="margin-top:24pt; margin-bottom:0pt; font-size:10p