<SEC-DOCUMENT>0001564590-18-003016.txt : 20180223
<SEC-HEADER>0001564590-18-003016.hdr.sgml : 20180223
<ACCEPTANCE-DATETIME>20180223150200
ACCESSION NUMBER:		0001564590-18-003016
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20180216
ITEM INFORMATION:		Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers: Compensatory Arrangements of Certain Officers
ITEM INFORMATION:		Financial Statements and Exhibits
FILED AS OF DATE:		20180223
DATE AS OF CHANGE:		20180223

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			TIDEWATER INC
		CENTRAL INDEX KEY:			0000098222
		STANDARD INDUSTRIAL CLASSIFICATION:	WATER TRANSPORTATION [4400]
		IRS NUMBER:				720487776
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-06311
		FILM NUMBER:		18636106

	BUSINESS ADDRESS:	
		STREET 1:		601 POYDRAS ST.
		STREET 2:		SUITE 1500
		CITY:			NEW ORLEANS
		STATE:			LA
		ZIP:			70130
		BUSINESS PHONE:		5045681010

	MAIL ADDRESS:	
		STREET 1:		601 POYDRAS ST.
		STREET 2:		SUITE 1500
		CITY:			NEW ORLEANS
		STATE:			LA
		ZIP:			70130

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	TIDEWATER MARINE SERVICE INC
		DATE OF NAME CHANGE:	19780724
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>tdw-8k_20180216.htm
<DESCRIPTION>8-K
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">UNITED STATES</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">SECURITIES AND EXCHANGE COMMISSION</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Washington, D.C. 20549</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">____________</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">FORM 8-K</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-top:10pt;margin-bottom:0pt;text-indent:0%;color:#auto;font-size:11pt;font-family:Times New Roman;font-weight:bold;font-style:normal;text-transform:none;font-variant: normal;">CURRENT REPORT</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to Section 13 or 15(d) of the</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Securities Exchange Act of 1934</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">_____________________</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date of Report <font style="font-style:italic;">(Date of earliest event reported)</font> February 16, 2018</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">TIDEWATER INC.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(Exact name of registrant as specified in its charter)</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Delaware<br /><font style="font-style:italic;font-weight:normal;">(State of incorporation)</font></p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">1-6311<br /><font style="font-style:italic;font-weight:normal;">(Commission File Number)</font></p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">72-0487776<font style="font-weight:normal;"><br /></font><font style="font-style:italic;font-weight:normal;">(IRS Employer Identification No.)</font></p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">601 Poydras Street, Suite 1500</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">New Orleans, Louisiana<font style="font-weight:normal;"><br /></font><font style="font-style:italic;font-weight:normal;">(Address of principal executive offices)</font></p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">70130</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(Zip Code)</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">(504) 568-1010</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(Registrant's telephone number, including area code)</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">N/A</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">(Former name or former address, if changed since last report)</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (<font style="font-style:italic;">see</font> General Instruction A.2. below):</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;letter-spacing:-0.15pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"><font style="font-size:10pt;font-family:'Times New Roman'">&#9744;</font><font style="font-family:Times New Roman;margin-left:18pt;"></font><font style="font-family:Times New Roman;">Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;letter-spacing:-0.15pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"><font style="font-size:10pt;font-family:'Times New Roman'">&#9744;</font><font style="font-family:Times New Roman;margin-left:18pt;"></font><font style="font-family:Times New Roman;">Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)</font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;letter-spacing:-0.15pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"><font style="font-size:10pt;font-family:'Times New Roman'">&#9744;</font><font style="font-family:Times New Roman;margin-left:18pt;"></font><font style="font-family:Times New Roman;">Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17&#160;CFR 240.14d-2(b))</font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;letter-spacing:-0.15pt;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';"><font style="font-size:10pt;font-family:'Times New Roman'">&#9744;</font><font style="font-family:Times New Roman;margin-left:18pt;"></font><font style="font-family:Times New Roman;">Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17&#160;CFR 240.13e-4(c))</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.85%;text-indent:-3.85%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR &#167;230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR &#167;240.12b-2). <font style="margin-left:18pt;"></font>Emerging growth company [ ]</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised accounting standards provided pursuant to Section 13(a) of the Exchange Act.<font style="margin-left:18pt;"> [ ]</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:3.85%;text-indent:-3.85%;font-size:12pt;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;color:#FFFFFF;font-size:8pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">{N3486509.2}</p>
<hr style="page-break-after:always;width:100%;">
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 5.02.</font><font style="margin-left:36pt;">Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain </font><font style="font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Officers; Compensatory Arrangements of Certain Officers.</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b), (c), (d), (e)<font style="margin-left:36pt;">On February 15, 2018, Tidewater Inc. (&#8220;Tidewater&#8221; and, together with its subsidiaries, the &#8220;Company&#8221;) issued a press release to announce the appointment of John T. Rynd, age 60, a</font>s president, chief executive officer, and a director of Tidewater effective March 5, 2018 (the &#8220;Effective Date&#8221;).&nbsp;&nbsp;A copy of the press release is attached as an exhibit to, and incorporated by reference into, this Current Report on Form 8-K. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Larry T. Rigdon, a member of the board of directors (the &#8220;Board&#8221;) who has been serving as president and chief executive officer of Tidewater on an interim basis since October 16, 2017, will step down from those roles on the Effective Date but will continue to serve as a director.&nbsp;&nbsp;With Mr. Rynd&#8217;s appointment, the Board will have seven members, each of whom will serve until our next annual meeting of stockholders or until the director&#8217;s earlier resignation or removal.&nbsp;&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Tidewater and Mr. Rynd have entered into an employment agreement (the &#8220;Agreement&#8221;) and a side letter setting his initial base salary (the &#8220;Side Letter&#8221;), the main terms of each of which are summarized below.&nbsp;&nbsp;In addition, Mr. Rynd will enter into the Company&#8217;s standard change of control agreement for officers of the Company and its standard indemnification agreement with directors and executive officers of the Company.&nbsp;&nbsp;A copy of each of these four documents is attached as an exhibit to, and incorporated by reference into, this Current Report on Form 8-K. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Terms of Mr. Rynd&#8217;s Employment</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Duration of Agreement<font style="font-style:normal;">.&nbsp;&nbsp;The Agreement has an initial term of three years from the Effective Date but is subject to one-year &#8220;evergreen&#8221; renewal periods unless the Company provides written notice to Mr. Rynd at least 60 days prior to the expiration date that it does not wish to extend the Agreement past its then-current term.&nbsp;&nbsp;</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Compensation and Benefits during Term of Agreement<font style="font-style:normal;">.&nbsp;&nbsp;The Agreement provides for an initial base salary of $705,000, which may be increased but not decreased during the term of the Agreement except with Mr. Rynd&#8217;s written consent.&nbsp;&nbsp;However, given that the Company reduced base salaries for certain executive officers by 15% effective January 1, 2018 as part of its cost containment measures, Mr. Rynd and Tidewater entered into the Side Letter, which provides that from his first day as an executive officer, Mr. Rynd&#8217;s base salary will also be reduced by 15% until such time as the salary reduction is lifted for other Tidewater executives.&nbsp;&nbsp;As a result of the Side Letter, Mr. Rynd&#8217;s starting base salary will be $600,000.&nbsp;&nbsp;</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Under the Agreement, Mr. Rynd will also be entitled to:&nbsp;&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="font-family:Times New Roman;">participate in the Company&#8217;s short-term incentive program for executive officers, with an annual target incentive opportunity of 100% of his base salary (pro-rated for partial year service);</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="font-family:Times New Roman;">receive an initial long-term incentive award with a grant date target value of $2,750,000 (the &#8220;Initial LTI Grant&#8221;), of which 40% will be time-based and the remaining 60% will be performance-based; </font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="font-family:Times New Roman;">beginning January 1, 2019, participate in any long-term incentive program in effect for executive officers; and</font></p></td></tr></table></div>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:11pt;font-family:'Times New Roman';font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#x2022;</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:'Times New Roman';font-size:11pt;"><font style="font-family:Times New Roman;">participate in all retirement and welfare benefit plans, programs, and arrangements generally available to newly-hired executive officers, subject to eligibility requirements.</font></p></td></tr></table></div>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2</p>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU3"></a><font style="font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Effect of Death or</font><font style="font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;"> Disability</font><font style="font-style:normal;">.&nbsp;&nbsp;In the event of Mr. Rynd&#8217;s death or termination due to disability during the term of the Agreement, he (or his beneficiaries, heirs, or legal estate, as applicable) will be entitled to receive a pro-rata short-term incentive award for the yea</font><font style="font-style:normal;">r of termination (with payout based on actual performance but pro-rated for the portion of the year in which he provided services to the Company, a &#8220;Pro Rata Bonus&#8221;) and the vesting of all of his outstanding unvested equity awards (including the Initial LT</font><font style="font-style:normal;">I Grant) will accelerate, with performance deemed to have been achieved at target performance levels for any performance-based awards.&nbsp;&nbsp;</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Effect of Termination without Cause or with Good Reason<font style="font-style:normal;">. If, during the term of the Agreement, the Company terminates Mr. Rynd&#8217;s employment without &#8220;cause&#8221; or if he terminates his employment with &#8220;good reason&#8221; (each as defined in the Agreement), then he will be entitled to severance equal to one year of then-current base salary and a target bonus for the year termination, which will be paid to him in equal installments over a twelve-month period after the date of termination.&nbsp;&nbsp;In addition, Mr. Rynd will receive a Pro Rata Bonus for the year of termination and the vesting of any unvested portion of his Initial LTI Grant will accelerate, with performance deemed to have been achieved at target performance levels for the performance-based portion.&nbsp;&nbsp;</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Restrictive Covenants<font style="font-style:normal;">.&nbsp;&nbsp;The Agreement contains certain restrictive covenants that apply during and after his employment, including an agreement to not disclose confidential information and, for a two-year period following his termination of employment for any reason, non-competition and non-solicitation agreements.&nbsp;&nbsp;</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-style:italic;font-size:11pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Effect of Change of Control<font style="font-style:normal;">.&nbsp;&nbsp;As noted previously, Mr. Rynd will enter into the Company&#8217;s standard change of control agreement for officers of the Company.&nbsp;&nbsp;If, during the term of the Agreement, a &#8220;change of control&#8221; (as defined in the change of control agreement) occurs, then the change of control agreement will govern the terms of Mr. Rynd&#8217;s employment and the Agreement will be of no further force and effect.&nbsp;&nbsp;In addition, the vesting of any unvested portion of his Initial LTI Grant will accelerate upon a change of control, with performance deemed to have been achieved at target performance levels for the performance-based portion.&nbsp;&nbsp;</font></p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Item 9.01.<font style="margin-left:36pt;">Financial Statements and Exhibits.</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d)<font style="margin-left:36pt;">Exhibits.</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Exhibit No.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.1*</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="tdw-ex101_11.htm"><font style="text-decoration:underline;">Employment Agreement with John T. Rynd dated February 15, 2018</font> </a></p></td>
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<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.2*</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="tdw-ex102_10.htm"><font style="text-decoration:underline;">Side Letter with John T. Rynd dated February 15, 2018</font></a></p></td>
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<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.3</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="http://www.sec.gov/Archives/edgar/data/98222/000119312517373761/d511562dex101.htm"><font style="text-decoration:underline;">Form of Change of Control Agreement</font></a></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">10.4</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="http://www.sec.gov/Archives/edgar/data/98222/000119312515288261/d34917dex10.htm"><font style="text-decoration:underline;">Form of Indemnification Agreement with Directors and Executive Officers</font></a></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">99.1*</p></td>
<td valign="top"  style=" border-top:solid 0.75pt #000000; border-bottom:solid 0.75pt #000000; border-left:solid 0.75pt #000000; border-right:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a href="tdw-ex991_8.htm"><font style="text-decoration:underline;">Press Release Announcing Appointment of John T. Rynd as President, Chief Executive Officer, and Director dated February 15, 2018</font> </a></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">*Filed with this Current Report.</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;;font-size:11pt;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3</p>
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU4"></a><font style="font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">SIGNATURES</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">TIDEWATER INC.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;text-align:left;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;text-align:left;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;text-align:left;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;text-align:left;">&nbsp;</p></td>
<td valign="bottom"  style="width:36%; border-bottom:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/ Bruce D. Lundstrom</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;text-align:left;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;text-align:left;">&nbsp;</p></td>
<td valign="bottom"  style="width:36%; border-top:solid 0.75pt #000000;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Bruce D. Lundstrom</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:11pt;text-align:left;">&nbsp;</p></td>
<td valign="bottom"  style="width:1%;">
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Executive Vice President, General Counsel and Secretary</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:11pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Date: February 23, 2018</p>
<p style="text-align:center;margin-top:12pt;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4</p></body>
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<TYPE>EX-10.1
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<FILENAME>tdw-ex101_11.htm
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.1</p>
<p style="Background-color:#auto;margin-top:12pt;text-align:center;margin-bottom:0pt;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;text-indent:0%;"><font style="text-decoration:none;">EXECUTIVE EMPLOYMENT AGREEMENT</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This Executive Employment Agreement (this &#8220;<font style="text-decoration:underline;">Agreement</font>&#8221;) is entered into between Tidewater Inc., a Delaware corporation (the &#8220;<font style="text-decoration:underline;">Company&#8221;</font>) and John T. Rynd (the &#8220;<font style="text-decoration:underline;">Employee</font>&#8221; and, together with the Company, the &#8220;<font style="text-decoration:underline;">Parties&#8221;</font>), on February 15, 2018 (the &#8220;<font style="text-decoration:underline;">Execution Date&#8221;</font>), with effect from March 5, 2018 (the &#8220;<font style="text-decoration:underline;">Effective Date&#8221;</font>&#8216;). Capitalized terms used but not defined in this Agreement have the respective meanings provided in <font style="text-decoration:underline;">Appendix A</font>.</p>
<p style="Background-color:#auto;margin-top:12pt;text-align:center;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">RECITALS</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, the Company desires to attract and retain well-qualified executive officers and to assure itself of the continuity of its management;</p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, upon the terms and conditions set forth in this Agreement, the Company desires to employ the Employee, and the Employee desires to accept such offer of employment; and</p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">WHEREAS, through his performance of services for the Company, the Employee is expected to attain substantial knowledge and expertise in the conduct and operation of the Business and certain proprietary and confidential information associated with the Business, the dissemination of or competition against which could cause the Company to be substantially and irrevocably harmed.</p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">NOW THEREFORE, in consideration of the mutual promises, covenants, agreements, and obligations contained in this Agreement, the Employee&#8217;s continuing access to confidential or proprietary information, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties agree as follows:</p>
<p style="Background-color:#auto;margin-top:12pt;text-align:center;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">ARTICLE I</font></p>
<p style="Background-color:#auto;text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">EMPLOYMENT AND TERM</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.1<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Engagement and Term</font>. Subject to the terms and conditions set forth in this Agreement, the Company agrees to employ the Employee in the capacity described in <font style="text-decoration:underline;">Section</font> 1.2 and the Employee hereby accepts such employment for a period beginning on the Effective Date and ending on the third anniversary of the Effective Date; provided, however, that the Employee&#8217;s term of employment under this Agreement will be extended automatically for one additional year unless, at least 60 days prior to an annual renewal date, one Party gives written notice to the other of its election not to so extend the term (such period, as it may be extended under the terms of this Agreement, the &#8220;<font style="text-decoration:underline;">Employment Period</font>&#8221;).</p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.2<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Duties and Responsibilities</font>. During the Employment Period, the Employee will serve as President and Chief Executive Officer of the Company reporting directly to the Board. The Employee will have all of the authority, duties, and responsibilities that are commonly incident to the offices of President and Chief Executive Officer of a public corporation.</p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.3<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Attention and Efforts</font>. The Employee agrees to devote all of his business time to the Business of the Company, to use his best efforts to perform faithfully and efficiently his duties under this Agreement, and will not engage in or be employed by any other business; <font style="text-decoration:none;">provided, however, that nothing in this Agreement prohibits the Employee from (a) serving as a member of the board of directors, board of trustees, or the like of any civic, charitable, or non- profit entity; (b) investing his assets in such form or manner requiring no more than nominal services on the part of the Employee in the operation of the business of the entity in which such investment is made and provided such investment is permissible under </font><font style="text-decoration:underline;">Section 5.3:</font><font style="text-decoration:none;"> or (c) serving in various capacities with, and attending meetings of, industry or trade groups and associations, as long as the Employee&#8217;s activities permitted by clauses (a), (b), and (c) of this </font><font style="text-decoration:underline;">Section 1.3</font><font style="text-decoration:none;"> do not materially and unreasonably interfere with the ability of the Employee to perform the duties and discharge the responsibilities required of him under this Agreement.</font></p>
<p style="Background-color:#auto;text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;font-size:10pt;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="Background-color:#auto;text-align:justify;margin-bottom:0pt;margin-top:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.4</font><font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Primary Work </font><font style="text-decoration:underline;">Location</font><font style="text-decoration:none;">. The Employee&#8217;s services will be performed principally at the offices of the Company in Houston, Texas. The Employee acknowledges that the nature of his duties may require him to travel a considerable amount of time within the United States and in</font><font style="text-decoration:none;">ternationally.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.5<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Board Appointment</font><font style="text-decoration:none;">. The Employee will be appointed as a member of the Board as of the Effective Date and agrees that, during the Employment Period, he will not receive any additional compensation for service as a member of the Board.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">1.6<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Status of Change of Control Agreement</font><font style="text-decoration:none;">. The Parties agree that, in the event of a Change of Control during the Employment period, the provisions of any change of control agreement between the Employee and the Company then in effect will govern the terms of the Employee&#8217;s employment from and after the occurrence of the Change of Control and that the terms and conditions of this Agreement (including, but not limited to, the restrictive covenants set forth in </font><font style="text-decoration:underline;">Article V</font><font style="text-decoration:none;">) will have no further force or effect. However, if no change of control agreement is in effect between the Parties or if the Employee agrees to waive the occurrence of a given Change of Control under such agreement, this Agreement will continue in full force in accordance with its terms without interruption.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:center;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">ARTICLE II</font></p>
<p style="Background-color:#auto;text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">COMPENSATION AND BENEFITS</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.1<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Base Salary</font><font style="text-decoration:none;">. During the Employment Period, the Employee will receive an annual base salary of $705,000 (as in effect from time to time in accordance with this Agreement, the &#8220;</font><font style="text-decoration:underline;">Base Salary</font><font style="text-decoration:none;">&#8221;), paid in installments in accordance with the Company&#8217;s regular payroll practices, but no less frequently than monthly. The Base Salary may not be decreased during the Employment Period without the written consent of the Employee. During the Employment Period, the Base Salary will be reviewed whenever the Company undertakes a review of the base salaries of the Company&#8217;s executive officers, but no less than annually. Any increase in Base Salary will not serve to limit or reduce any other obligation to the Employee under this Agreement.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.2<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Short-term Incentive Award</font><font style="text-decoration:none;">. In addition to Base Salary, the Employee will be eligible to earn a short-term incentive award for each fiscal year ending during the Employment Period in accordance with the terms and conditions of the Company&#8217;s short-term incentive plan for executive officers as approved by the Committee (the &#8220;</font><font style="text-decoration:underline;">Bonus</font><font style="text-decoration:none;">&#8221;), with an annual target bonus opportunity of 100% of Base Salary (as in effect from time to time in accordance with this</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Agreement, the &#8220;</font><font style="text-decoration:underline;">Target Opportunity&#8221;</font><font style="text-decoration:none;">). For the year ended December 31, 2018, the Employee will be entitled to a Pro-Rata Bonus, which will be paid at the same time bonuses are paid to other executive officers of the Company.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.3<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Long-term Incentive Awards</font><font style="text-decoration:none;">.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)<font style="margin-left:36pt;"></font><font style="text-decoration:none;">In consideration of the Employee entering into this Agreement and as an inducement to join the Company, the Committee will grant to the Employee a long-term incentive award with a grant date value of $2,750,000 (the &#8220;</font><font style="text-decoration:underline;">Initial LTI Grant</font><font style="text-decoration:none;">&#8221;). The Initial LTI Grant, which will be granted under, and subject to the terms and conditions of, the Tidewater Inc. 2017 Stock Incentive Plan, will consist of two components: (i) a grant of time-based restricted stock units on the Effective Date, valued at $1,100,000, with the number of restricted stock units granted based on the closing price of a share of Common Stock on such date (rounded up to the next whole share), which will vest on the third anniversary of the Effective Date; and (ii) a performance-based award with a grant date value of $1,650,000, which will be granted to the Employee within 30 days of the Effective Date based on performance metrics mutually agreed upon by the Parties. The Parties agree that, in addition to any acceleration of vesting that may occur as provided in </font><font style="text-decoration:underline;">Article IV,</font><font style="text-decoration:none;"> acceleration of vesting of any outstanding but unvested portion of the Initial LTI Grant will occur upon a Change of Control, with performance deemed to have been achieved at target performance levels for the performance-based award.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)<font style="margin-left:36pt;"></font><font style="text-decoration:none;">Effective January 1 of the first full year in the Employment Period, the Employee will be eligible to participate in any long-term incentive program for executive officers as approved by the Committee.</font></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU3"></a><font style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.4</font><font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Incentive, Savings, and Retirement Plans</font><font style="text-decoration:none;">. During the Employment Period, the Empl</font><font style="text-decoration:none;">oyee will be entitled to participate in any and all other incentive, savings, and retirement plans, practices, policies, and programs that are generally available to executive officers of the Company, subject to eligibility requirements and all other terms</font><font style="text-decoration:none;"> and conditions of the applicable plan or program, as in effect from time to time.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.5<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Welfare Benefit Plans</font><font style="text-decoration:none;">. During the Employment Period, the Employee (and the Employee&#8217;s family members or beneficiaries, as the case may be) will be eligible for participation in, and will receive all benefits under, any and all welfare benefit plans, practices, policies, and programs provided by the Company (which may include, without limitation, medical, prescription drug, dental, disability, employee life, group life, accidental death, and travel accident insurance plans and programs) that are generally available to executive officers of the Company, subject to eligibility requirements and all other terms and conditions of the applicable plan or program, as in effect from time to time.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.6<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Expense Reimbursements</font><font style="text-decoration:none;">. Subject to </font><font style="text-decoration:underline;">Section 6.12(c),</font><font style="text-decoration:none;"> the Company will promptly reimburse the Employee for all reasonable and necessary business expenses incurred by the Employee during the Employment Period in the course of performing his duties under this Agreement, provided that such expenses are incurred and accounted for in accordance with the policies and practices of the Company regarding travel, entertainment, and other business expenses as in effect from time to time.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">2.7<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Vacation</font><font style="text-decoration:none;">. During the Employment Period, the Employee will be entitled to paid vacation and/or personal time off in accordance with the Company&#8217;s policies for executive officers of the Company as in effect from time to time, subject to a minimum of four weeks per year.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:center;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">ARTICLE III</font></p>
<p style="Background-color:#auto;text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">TERMINATION OF EMPLOYMENT</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.1<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Death</font><font style="text-decoration:none;">. In the event that the Employee dies during the Employment Period, his employment will terminate automatically upon his death.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.2<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Disability</font><font style="text-decoration:none;">. During the Employment Period, the Company may terminate the Employee&#8217;s employment if he becomes incapacitated due to a Disability.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.3<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Termination by the Company</font><font style="text-decoration:none;">. During the Employment Period, the Company may terminate the Employee&#8217;s employment at any time, with or without Cause. For the avoidance of doubt, the Company giving notice of non-renewal of this Agreement in accordance with </font><font style="text-decoration:underline;">Section 1.1</font> <font style="text-decoration:none;">without also terminating Employee&#8217;s employment will not constitute a termination without Cause under this Agreement.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.4<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Termination by the Employee</font><font style="text-decoration:none;">. During the Employment Period, the Employee may terminate his employment at any time, with or without Good Reason.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.5<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Notice of Termination</font><font style="text-decoration:none;">. Any termination of the Employee&#8217;s employment during the Employment Period, other than as a result of the Employee&#8217;s death, will be communicated by written notice of termination to the other Party in accordance with </font><font style="text-decoration:underline;">Section 6.3,</font><font style="text-decoration:none;"> indicating the specific termination provision relied upon and the effective date of the termination.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3.6<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Effect of Termination</font><font style="text-decoration:none;">. Upon the termination of the Employee&#8217;s employment for any reason during the Employment Period, the Employee will be deemed to have resigned from the Board and any other officer or director positions he holds with the Company or any of its Affiliates.</font></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">3</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="Background-color:#auto;margin-top:12pt;text-align:center;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU4"></a><font style="text-decoration:none;">ARTICLE IV</font></p>
<p style="Background-color:#auto;text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">OBLIGATIONS UPON TERMINATION OF EMPLOYMENT</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4.1<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Accrued Obligations</font><font style="text-decoration:none;">. Upon termination of employment for any reason during the Employment Period, the Employee will be entitled to receive promptly, and in addition to any other benefits specifically provided by this Agreement, (a) any earned but unpaid Base Salary through the Termination Date, (b) any accrued but unpaid vacation pay, and (c) any other amounts or benefits required to be paid or provided or which the Employee, the Employee&#8217;s family members, beneficiaries, heirs, or legal representatives is entitled to receive under any plan, program, policy, practice, or agreement of the Company (collectively, the &#8220;</font><font style="text-decoration:underline;">Accrued</font><font style="text-decoration:none;"> </font><font style="text-decoration:underline;">Obligations</font><font style="text-decoration:none;">&#8221;).</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4.2<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Termination of Employment due to Death or Disability</font><font style="text-decoration:none;">. If, during the Employment Period, the Employee dies or is terminated due to Disability, then, in addition to the Accrued Obligations, the Employee or, as applicable, his beneficiaries, heirs, or legal estate, will be entitled to receive (a) a Pro Rata Bonus for the year in which the Termination Date occurred, which will be paid at the same time bonuses are paid to other executive officers of the Company and (b) immediate vesting of all equity or long-term incentive awards that are outstanding but unvested as of the Termination Date (including, but not limited to, the Initial LTI Grant), with performance deemed to have been achieved at target performance levels for any performance- based awards.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4.3<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Termination of Employment by the Company without Cause or by the Employee</font><font style="text-decoration:none;"> </font><font style="text-decoration:underline;">for Good Reason</font><font style="text-decoration:none;">. If, during the Employment Period, the Company terminates the Employee&#8217;s employment without Cause or the Employee terminates his employment for Good Reason, then, in addition to the Accrued Obligations, the Employee will be entitled to receive (a) a cash severance payment equal to the sum of one year of Base Salary and the Target Bonus, which will be paid to him in 12 equal monthly installments beginning with the first payroll period after the Termination Date; (b) a Pro Rata Bonus for the year in which the Termination Date occurred, which will be paid at the same time bonuses are paid to other executive officers of the Company; and (c) immediate vesting of any outstanding but unvested portion of the Initial LTI Grant, with performance deemed to have been achieved at target performance levels for the performance- based award.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4.4<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">All Other Terminations of Employment</font><font style="text-decoration:none;">. If, during the Employment Period, the Employee&#8217;s employment is terminated by the Company with Cause or by the Employee without Good Reason, then this Agreement will terminate without further obligation to the Employee, his family members, beneficiaries, or legal representatives, other than the Accrued Obligations.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4.5<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Set-Off: Mitigation</font><font style="text-decoration:none;">. The Company&#8217;s obligations to make payments, to provide benefits, and otherwise to perform their obligations under this Agreement will not be affected by any set-off, counterclaim, recoupment, defense, or other claim, right, or action that the Company may have against the Employee or others. It is the intent of this Agreement that in no event will the Employee be obligated to seek other employment or take any other action by way of mitigation of the amounts payable to the Employee under any of the provisions of this Agreement.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:center;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">ARTICLE V</font></p>
<p style="Background-color:#auto;text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">RESTRICTIVE COVENANTS</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU5"></a>5.1<font style="text-decoration:none;margin-left:36pt;"></font><font style="text-decoration:underline;">Non-Disclosure of Confidential Information</font><font style="text-decoration:none;">. The Employee agrees to hold in a fiduciary capacity and for the benefit of the Company all Confidential Information that the Employee obtains during his employment (whether prior to or after the Effective Date) and will use such Confidential Information solely in the good-faith performance of his duties for the Company. During his employment and after his termination of employment, the Employee agrees (a) not to communicate or make available to any Person (other than the Company) any such Confidential Information, except upon the prior written authorization of the Company or as may be required by law or legal process, and (b) to deliver promptly to the Company upon its written request any Confidential Information in his possession. In the event that the provisions of any applicable law or the order of any court would require the Employee to disclose or otherwise make available any Confidential Information to a governmental authority or to any other third party, the Employee agrees to give the Company, unless it is unlawful to do so, prompt prior written notice of such required disclosure and, if possible given the terms of any production order of the judicial governmental or administrative body, an opportunity to contest the requirement of such disclosure or apply for a protective order with respect to such Confidential Information by appropriate proceedings. Notwithstanding the </font></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">4</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">foregoing, the Employee understands that nothing contained in this Agreement limits his ability: (x) to file a charge or complaint with any Government Agency; (y) to communicate with an</font><font style="text-decoration:none;">y Government Agency or otherwise participate in any investigation or proceeding conducted by any Government Agency, without notice to the Company; or (z) to receive an award for information provided to any Government Agency.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5.2<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Non-Disparagement</font><font style="text-decoration:none;">. The Employee agrees that, during and after the Employment Period, he will not at any time make, publish, or communicate to any Person in any public forum any defamatory or disparaging remarks, comments, or statements concerning the Company, its Affiliates, its businesses, its products or services, or any of its employees, officers, or members of the Board; provided, however, that nothing in this </font><font style="text-decoration:underline;">Section 5.2,</font><font style="text-decoration:none;"> restricts or impedes the Employee, in any way, from (a) making factual disclosures regarding the Company </font>(i) <font style="text-decoration:none;">arising from good faith compliance with applicable law or regulation or (ii) if compelled by court order, legal proceeding, or otherwise required by law, or (b) exercising protected rights to the extent that applicable law or regulation prohibits the waiver of such rights by agreement.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5.3<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Covenant Not to Compete</font><font style="text-decoration:none;">. During the Employee&#8217;s term of employment and for two years thereafter (the &#8220;</font><font style="text-decoration:underline;">Restricted Period</font><font style="text-decoration:none;">&#8221;), the Employee agrees that he will not engage in competitive activities within any jurisdiction specified in </font><font style="text-decoration:underline;">Appendix B</font><font style="text-decoration:none;"> so long as the Company carries on a like line of business in such jurisdiction (collectively, the &#8220;</font><font style="text-decoration:underline;">Restricted Area</font><font style="text-decoration:none;">&#8221;), as follows:</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)<font style="margin-left:36pt;"></font><font style="text-decoration:none;">The Employee will not, directly or indirectly, for himself or others or in association with any other Person, own, manage, operate, control, be employed in an executive, managerial, or supervisory capacity by, or otherwise engage or participate in, or allow his or her skill, knowledge, experience or reputation to be used in connection with, the ownership, management, operation, or control of any company or other business enterprise engaged in the Business within any of the Restricted Area; provided, however, that nothing contained in this Agreement prohibits the Employee from making passive investments as long as the Employee does not beneficially own more than 1% of the equity interests of a publicly-traded business enterprise engaged in the Business within any of the Restricted Area. For purposes of this paragraph, &#8220;beneficially own&#8221; has the same meaning ascribed to that term in Rule 13d-3 promulgated under the Securities Exchange Act of 1934, as amended.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)<font style="margin-left:36pt;"></font><font style="text-decoration:none;">The Employee will not, directly or indirectly, for himself or others or in association with any other Person, solicit any customer of the Business or of the Company, or otherwise interfere, induce, or attempt to induce any customer, supplier, licensee, or business relation of the Company for the purpose of soliciting, diverting, interfering, or enticing away the business of such customer, supplier, licensee, or business relation, or otherwise disrupting any previously established relationship existing between such customer, supplier, licensee, or business relation and the Company.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c)<font style="margin-left:36pt;"></font><font style="text-decoration:none;">The Employee agrees that he will, from time to time upon the Company&#8217;s request, execute any supplement, amendment, restatement, or other modification of </font><font style="text-decoration:underline;">Appendix B</font><font style="text-decoration:none;"> as may be necessary or appropriate to correctly reflect the jurisdictions which, at the time of such modification, should be covered by </font><font style="text-decoration:underline;">Appendix B</font><font style="text-decoration:none;"> and this </font><font style="text-decoration:underline;">Section 5.3</font><font style="text-decoration:none;">. Furthermore, the Employee agrees that all references to </font><font style="text-decoration:underline;">Appendix B</font><font style="text-decoration:none;"> in this Agreement will be deemed to refer to </font><font style="text-decoration:underline;">Appendix B</font><font style="text-decoration:none;"> as so supplemented, amended, restated, or otherwise modified from time to time.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5.4<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Non-Solicitation</font><font style="text-decoration:none;">. During the Restricted Period, the Employee agrees that he will not, directly or indirectly, for himself or others or in association with any other Person, make contact with any of the employees or independent contractors of the Company for the purpose of soliciting such employee or independent contractor for hire, whether as an employee or independent contractor, or for the purpose of inducing such Person to leave the employ of the Company or cease providing services to the Company, or otherwise to disrupt the relationship of such Person with the Company. In addition, during the Restricted Period, the Employee will not hire, on behalf of himself or any company engaged in the Business, any employee of the Company, whether or not such engagement is solicited by the Employee.</font></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU6"></a><font style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5.5</font><font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Injunctive Relief: Other Remedies</font><font style="text-decoration:none;">. The Employee acknowledges that a breach or threatened breach by the Employee of this </font><font style="text-decoration:underline;">Article V</font><font style="text-decoration:none;"> would cause immediate and irreparable harm to the Company not fully compensable by money damages or the exact amount of which </font><font style="text-decoration:none;">would be difficult to ascertain, and therefore the Company will not have an adequate monetary remedy at law. Accordingly, the Employee agrees that, in the event of a breach or threatened breach by the Employee of the provisions of this </font><font style="text-decoration:underline;">Article V,</font><font style="text-decoration:none;"> the Compa</font><font style="text-decoration:none;">ny will be entitled to injunctive relief to prevent or curtail any such breach or threatened breach without the necessity of posting any bond or security or showing proof of actual damage or irreparable injury. Nothing in this Agreement prohibits the Compa</font><font style="text-decoration:none;">ny from pursuing any other remedy at law or in equity to which the Company may be entitled under applicable law in the event of a breach or threatened breach of this Agreement by the Employee, including, without limitation, the recovery of damages, costs, </font><font style="text-decoration:none;">and expenses, such as reasonable attorneys&#8217; fees, incurred by the Company as a result of any such breach or threatened breach. In addition to the exercise of the foregoing remedies, the Company has the right upon the occurrence of any such breach or threat</font><font style="text-decoration:none;">ened breach to cancel any post-employment compensatory arrangements provided in this Agreement. In particular, the Employee acknowledges that the payments and benefits provided in </font><font style="text-decoration:underline;">Article IV</font><font style="text-decoration:none;"> are conditioned upon the Employee fulfilling the agreements and c</font><font style="text-decoration:none;">ovenants contained in this </font><font style="text-decoration:underline;">Article V</font><font style="text-decoration:none;">. In the event that the Employee at any time materially breaches such agreements or covenants, the Company may suspend or eliminate the payments or benefits under </font><font style="text-decoration:underline;">Article IV</font><font style="text-decoration:none;"> during the period of such breach. The Employee</font><font style="text-decoration:none;"> acknowledges that any such suspension or elimination of payments or benefits would be an exercise of the Company&#8217;s right to suspend or terminate its performance under this Agreement upon the Employee&#8217;s breach of this Agreement and would not constitute, an</font><font style="text-decoration:none;">d should not be characterized as, the imposition of liquidated damages. Nothing contained in this Agreement impairs the Employee&#8217;s right to indemnification pursuant to (a) the Company&#8217;s certificate of incorporation or by-laws, (b) any Company insurance pol</font><font style="text-decoration:none;">icy, (c) any indemnification agreement Employee may have with the Company, or (d) any policy, plan, or program maintained or sponsored by the Company.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">5.6<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Employee&#8217;s Understanding of this Article V</font><font style="text-decoration:none;">. The Employee acknowledges that the definition of Business, as well as the geographic and temporal scope of the covenants contained in this </font><font style="text-decoration:underline;">Article V</font><font style="text-decoration:none;"> are the result of arm&#8217;s-length bargaining and are fair and reasonable in light of (a) the importance of the functions performed by the Employee, (b) the nature and wide geographic scope of the operations of the Company, and (c) the Employee&#8217;s level of control over and contact with the business and operations of the Company.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:center;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">ARTICLE VI</font></p>
<p style="Background-color:#auto;text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">MISCELLANEOUS</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.1<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Binding Effect: Successors</font><font style="text-decoration:none;">.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)<font style="margin-left:36pt;"></font><font style="text-decoration:none;">This Agreement is binding upon and inures to the benefit of the Company and any of its successors or assigns.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)<font style="margin-left:36pt;"></font><font style="text-decoration:none;">This Agreement is personal to the Employee and may not be assignable by the Employee without the consent of the Company (there being no obligation to give such consent) other than such rights or benefits as are transferred by will or the laws of descent and distribution.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c)<font style="margin-left:36pt;"></font><font style="text-decoration:none;">The Company will require any successor to or assignee of (whether direct or indirect, by purchase, merger, consolidation or otherwise) all or substantially all of the assets or businesses of the Company (i) to assume unconditionally and expressly this Agreement and </font>(ii) <font style="text-decoration:none;">to agree to perform or to cause to be performed all of the obligations under this Agreement in the same manner and to the same extent as would have been required of the Company had no assignment or succession occurred, such assumption to be set forth in a writing reasonably satisfactory to the Employee.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d)<font style="margin-left:36pt;"></font><font style="text-decoration:none;">The Company will also require all entities that control or that after the transaction will control (directly or indirectly) the Company or any such successor or assignee to agree to cause to be performed all of the obligations under this Agreement, such agreement to be set forth in a writing reasonably satisfactory to the Employee.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(e)<font style="margin-left:36pt;"></font><font style="text-decoration:none;">The obligations of the Company and the Employee that, by their nature, may require either partial or total performance after the expiration of the term of the Agreement will survive such expiration.</font></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU7"></a><font style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.2</font><font style="margin-left:36pt;"></font><font style="text-decoration:none;"> </font><font style="text-decoration:underline;">No Restrictions on Employment</font><font style="text-decoration:none;">. The Employee represents to</font><font style="text-decoration:none;"> the Company that the execution of, and performance of his duties under, this Agreement will not constitute a breach of, or otherwise violate, any other agreement to which the Employee is a party. The Employee further represents to the Company that, in dis</font><font style="text-decoration:none;">charging his duties and responsibilities as an officer and director of the Company, he will not utilize or disclose any confidential information obtained by him through any prior employment or service relationship.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.3<font style="margin-left:36pt;"></font><font style="text-decoration:none;"> </font><font style="text-decoration:underline;">Notices</font><font style="text-decoration:none;">. All notices under this Agreement must be in writing and will be deemed to have been given upon receipt of delivery by: (a) hand (against a receipt for such delivery), (b) certified or registered mail, postage prepaid, return receipt requested, (c) a nationally recognized overnight courier service (against a receipt for such service), or (d) facsimile transmission with confirmation of receipt. All notices to the Company related to this Agreement should be sent to the Company&#8217;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 should be delivered to the most recent address as provided by the Employee to the human resources department of the Company. Either Party may update its address for receipt of notices by providing written notice to the other Party as provided under this </font><font style="text-decoration:underline;">Section 6.3</font><font style="text-decoration:none;">.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.4<font style="margin-left:36pt;"></font><font style="text-decoration:none;"> </font><font style="text-decoration:underline;">Governing Law; Consent to Jurisdiction</font><font style="text-decoration:none;">. This Agreement will be construed and enforced in accordance with and governed by the internal laws of the State of Texas without regard to principles of conflict of laws. The Parties agree that any action brought with respect to this Agreement and the transactions contemplated under this Agreement including, but not limited to, any action for injunctive relief for the breach or threatened breach of any agreement or covenant under </font><font style="text-decoration:underline;">Article V</font><font style="text-decoration:none;">, will be brought in state or federal court in Harris County, Texas, and further that such venue will be the exclusive venue for resolving any such disputes. The Parties consent to personal jurisdiction in state or federal court in Harris County, Texas and further waive any objection they may have as to such venue.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.5<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Withholding</font><font style="text-decoration:none;">. The Employee agrees that the Company has the right to withhold, from the amounts payable pursuant to this Agreement, all amounts required to be withheld under applicable income and/or employment tax laws, or as otherwise stated in documents granting rights that are affected by this Agreement.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.6<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Amendment; Waiver</font><font style="text-decoration:none;">. No provision of this Agreement may be modified, amended or waived except by an instrument in writing signed by both Parties.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.7<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Severability</font><font style="text-decoration:none;">. If any term or provision of this Agreement, or the application of such term or provision to any Person or circumstance, is, at any time or to any extent, invalid, illegal, or unenforceable in any respect as written, the Parties 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 will 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, will not be affected and each other term and provision of this Agreement will be valid and enforced to the fullest extent permitted by law.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.8<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Wa</font><font style="text-decoration:none;">i</font><font style="text-decoration:underline;">ver of Breach</font><font style="text-decoration:none;">. The waiver by either party of a breach of any provision of this Agreement will not operate or be construed as a waiver of any subsequent breach of this Agreement.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.9<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Remedies Not Exclusive</font><font style="text-decoration:none;">. No remedy specified in this Agreement is intended to be such Party&#8217;s exclusive remedy, and accordingly, in addition to all of the rights and remedies provided for in this Agreement, the Parties have all other rights and remedies provided to them by applicable law, rule, or regulation.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.10<font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Company&#8217;s Reservation of Rights</font><font style="text-decoration:none;">. The Employee acknowledges and understands that the Employee serves at the pleasure of the Board and that the Company has the right at any time to terminate Employee&#8217;s status as an employee and officer of the Company, or to change or diminish his or her status during the Employment Period, subject to the rights of the Employee to claim the benefits conferred by this Agreement.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.11<font style="margin-left:36pt;"></font><font style="text-decoration:none;"> </font><font style="text-decoration:underline;">Counterparts</font><font style="text-decoration:none;">. This Agreement may be executed in one or more counterparts, each of which will be deemed to be an original but all of which together will constitute one and the same instrument.</font></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">7</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU8"></a><font style="color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6.12</font><font style="margin-left:36pt;"></font><font style="text-decoration:underline;">Section 409A.</font><font style="text-decoration:none;"> Notwithstanding any other provision of this Agreement:</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)<font style="margin-left:36pt;"></font><font style="text-decoration:none;">It is the intent of the Parties that this Agreement comply with Code Section 409A and that the payments and benefits provided under this Agreement either comply with, or are exempt from, Code Section 409A, and this Agreement should be construed and interpreted accordingly.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)<font style="margin-left:36pt;"></font><font style="text-decoration:none;">If, as of the Termination Date, the Employee is a &#8220;specified employee&#8221; (as defined and determined under Code Section 409A) and any payment or benefit provided to him in connection with his termination of employment constitutes &#8220;non-qualified deferred compensation&#8221; subject to Code Section 409A, then the payments and benefits that may be paid to the Employee during the six-month period following the Termination Date will be limited to (i) medical benefits that are allowed to be provided during such time pursuant to Code Section 409A, (ii) any amounts that qualify for the short-term deferral exception to Code Section 409A, </font>(iii) <font style="text-decoration:none;">any amounts that qualify for the involuntary separation from service exception to Code Section 409A, and (iv) any other payments to the extent they are covered by an exception to such six-month delay applicable to specified employees. All other payments and benefits will not be paid to the Employee until the first business day that is six months after the Termination Date or, if earlier, on the Employee&#8217;s death.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c)<font style="margin-left:36pt;"></font><font style="text-decoration:none;">To the extent required by Code Section 409A, all reimbursements and in-kind benefits provided under this Agreement will be made or provided in accordance with the requirements of Code Section 409A, including, where applicable, the requirement that (i) any reimbursement is for expenses incurred during the Employee&#8217;s lifetime (or during a shorter period of time specified in this Agreement); (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during a single calendar year may not affect the expenses eligible for reimbursement, or in-kind benefits to be provided, in any other calendar year; (iii) the reimbursement of an eligible expense will be made on or before the last day of the calendar year following the year in which the expense is incurred; and (iv) the right to reimbursement or in-kind benefits is not subject to liquidation or exchange for another benefit.</font></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">[signatures appear on the following page]</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">8</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU9"></a><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">IN WITNESS WHEREOF, Tidewater and the Employee have executed this Agreement on the Execution Date, with </font><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">effect from the Effective Date.</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">TIDEWATER INC.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;text-align:left;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;text-align:left;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">By:</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;text-align:left;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/ Thomas R. Bates, Jr.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;text-align:left;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Thomas R. Bates, Jr.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;text-align:left;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Chairman of the Board of Directors</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;text-align:left;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;text-align:left;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">EMPLOYEE:</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;text-align:left;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/ John T. Rynd</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;text-align:left;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;text-align:left;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">John T. Rynd</p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10.5pt;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Signature Page to Employment Agreement (Rynd)</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU10"></a><font style="text-decoration:none;">Appendix A</font></p>
<p style="text-align:center;Background-color:#auto;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Definitions</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Unless otherwise defined in this Agreement (including the preamble and the recitals), the following terms (and capitalized variants of such terms) have the meanings indicated, unless the context clearly indicates otherwise:</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Accrued Obligations</font><font style="text-decoration:none;">&#8221; has the meaning provided in </font><font style="text-decoration:underline;">Section 4.1</font><font style="text-decoration:none;">.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Affiliate&#8221;</font><font style="text-decoration:none;"> means a Person that controls, or is controlled by, or is under common control with, another specified Person, either directly or indirectly.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Agreement</font><font style="text-decoration:none;">&#8221; means this Executive Employment Agreement, as it may be amended and in effect from time to time in accordance with its terms.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Base Salary</font><font style="text-decoration:none;">&#8221; has the meaning provided in </font><font style="text-decoration:underline;">Section 2.1</font><font style="text-decoration:none;">.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Board</font><font style="text-decoration:none;">&#8221; means the board of directors of the Company.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Bonus</font><font style="text-decoration:none;">&#8221; has the meaning provided in Sec</font><font style="text-decoration:underline;">tion 2.2</font><font style="text-decoration:none;">.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Business</font><font style="text-decoration:none;">&#8221; means the businesses of providing vessel services for the offshore oil and gas, marine construction, LNG terminal support, and other related industries.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Cause</font><font style="text-decoration:none;">&#8221; means either:</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)<font style="margin-left:36pt;"></font><font style="text-decoration:none;">the willful and continued failure of the Employee to substantially perform his duties with the Company (other than any such failure resulting from a Disability), after a written demand for substantial performance is delivered to the Employee by the Board that (i) specifically identifies the manner in which the Board believes that the Employee has not substantially performed his duties and (ii) provides the Employee with (1) an opportunity to discuss the alleged conduct with the Board and (2) with respect to</font><font style="text-decoration:none;margin-left:36pt;">conduct that is susceptibleof cure (as determined by the Board in its sol</font><font style="text-decoration:none;">e discretion), a reasonable opportunity (but in no event more than 30 days) to cure;</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)<font style="margin-left:36pt;"></font><font style="text-decoration:none;">the willful engaging by the Employee in conduct which is demonstrably and materially injurious to the Company or its Affiliates, monetarily or otherwise;</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c)<font style="margin-left:36pt;"></font><font style="text-decoration:none;">the Employee&#8217;s indictment for, conviction of, or guilty or no contest plea to, a felony or any crime involving dishonesty; or</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d)<font style="margin-left:36pt;"></font><font style="text-decoration:none;"> the Employee&#8217;s willful misappropriation of Company funds, or any other willful act of personal dishonesty that is a material violation of the Company&#8217;s policies; or</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">(e)</font><font style="text-decoration:none;margin-left:36pt;"> the Employee&#8217;s material breach of any of the covenants set forth in </font><font style="text-decoration:underline;">Article V</font><font style="text-decoration:none;"> of this Agreement (or any similar covenants to which the Employee may be subject from time to time in connection with the Employee&#8217;s employment with the Company).</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">For purposes of this provision, no act or failure to act, on the part of the Employee, will be considered &#8220;willful&#8221; unless it is done, or omitted to be done, by the Employee in bad faith or without reasonable belief that his action or omission was in the best interests of the Company. Any act, or failure to act, based upon authority given pursuant to a resolution duly adopted by the Board or one of its committees will be conclusively presumed to be done, or omitted to be done, by the Employee in good faith and in the best interests of the Company.</font></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A-1</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU11"></a><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Change of Control</font><font style="text-decoration:none;">&#8221; has the meaning provided in the Change of Control Agreement entered into between the Company and the Employee or, if no such agreement exists, the meaning provided in the Ti</font><font style="text-decoration:none;">dewater Inc. 2017 Stock Incentive Plan.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Code</font><font style="text-decoration:none;">&#8221; means the Internal Revenue Code of 1986, as amended from time to time, and includes, for each such section cited, the regulations and guidance issued under such section.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Committee</font><font style="text-decoration:none;">&#8217;&#8217; means the Compensation Committee of the Board.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Common Stock</font><font style="text-decoration:none;">&#8221; means the Company&#8217;s common stock, $0,001 par value per share.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Company</font><font style="text-decoration:none;">&#8221; means Tidewater Inc., a Delaware corporation, or its successor as provided in </font><font style="text-decoration:underline;">Section 6.1</font><font style="text-decoration:none;">.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Confidential Information</font><font style="text-decoration:none;">&#8221; means confidential and proprietary information, knowledge, or data of any nature and in any form (including information that is electronically transmitted or stored on any form of magnetic or electronic storage media) of the past, current, or prospective business or operations of the Company, that is not publicly known, whether or not marked confidential, including, without limitation, information relating to any (a) services, projects, or jobs; (b) estimating or bidding procedures; (c) bidding strategies; (d) present and future business plans, actual or potential business acquisitions or joint ventures, capital expenditure projects, and cost summaries; (e) trade secrets; (f) marketing data, strategies, or techniques; (g) financial reports, budgets, projections, and cost analyses; (h) pricing information, codes, and analyses; (i) employee lists; (j) customer records, customer lists, and customer source lists; (k) confidential filings with any government agency; and (1) internal notes and memoranda relating to any of the foregoing, provided that Confidential Information will not include any information, knowledge, or data that is now, or hereafter becomes, known to the public (other than by breach of this Agreement by the Employee or breach by any other party of a confidentiality obligation owed to the Company).</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Disability</font><font style="text-decoration:none;">&#8221; means a condition that would entitle the Employee to receive benefits under the Company&#8217;s long-term disability insurance policy in effect at the time either because he is totally disabled or partially disabled, as such terms are defined in the Company&#8217;s policy in effect as of the Effective Date or as similar terms are defined in any successor policy. If the Company has no long-term disability plan in effect, a &#8220;Disability&#8221; will occur if (a) the Employee is rendered incapable because of physical or mental illness of satisfactorily discharging his duties and responsibilities to the Company for a period of 90 consecutive days, (b) a duly qualified physician chosen by the Company and acceptable to the Employee or his legal representatives so certifies in writing, and (c) the Board determines that the Employee has become disabled.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Effective Date</font><font style="text-decoration:none;">&#8221; has the meaning provided in the preamble.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Employment Period</font><font style="text-decoration:none;">&#8221; has the meaning provided in </font><font style="text-decoration:underline;">Section 1.1</font><font style="text-decoration:none;">.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Execution Date</font><font style="text-decoration:none;">&#8221; has the meaning provided in the preamble.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Good Reason</font><font style="text-decoration:none;">&#8221; means the existence of any of the following, without the Employee&#8217;s written consent:</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(a)<font style="margin-left:36pt;"></font><font style="text-decoration:none;">a material diminution in the Employee&#8217;s Base Salary or Target Opportunity;</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(b)<font style="margin-left:36pt;"></font><font style="text-decoration:none;">a material diminution in the Employee&#8217;s authority, duties, or responsibilities;</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(c)<font style="margin-left:36pt;"></font><font style="text-decoration:none;">a change to the Employee&#8217;s primary work location requiring the Employee to be based more than 50 miles from the location identified in </font><font style="text-decoration:underline;">Section 1.4</font><font style="text-decoration:none;">; or</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:10.47%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">(d)<font style="margin-left:36pt;"></font><font style="text-decoration:none;">a material breach of the Agreement by the Company including, but not limited to, the failure of the Company or its Affiliates to obtain the assumption of their obligations under this Agreement by any successor or assign as contemplated in </font><font style="text-decoration:underline;">Section 6.1</font><font style="text-decoration:none;">.</font></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A-2</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:0%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU12"></a><font style="text-decoration:none;">For purposes of this definition, the Employee&#8217;s termination w</font><font style="text-decoration:none;">ill not be considered to have been with Good Reason unless (x) he provides written notice to the Company of the condition constituting Good Reason within 90 days of the Employee having knowledge of its initial existence, (y) such condition remains uncured </font><font style="text-decoration:none;">for at least 30 days following the Company&#8217;s receipt of the Employee&#8217;s notice, and (z) the Employee actually terminates employment following the expiration of any cure period but within two years of the initial occurrence of such condition.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Government Agency</font><font style="text-decoration:none;">&#8221; means any federal, state, or local governmental agency or commission.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Initial LTI Grant</font><font style="text-decoration:none;">&#8221; has the meaning provided in </font><font style="text-decoration:underline;">Section 2.3</font><font style="text-decoration:none;">.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Parties</font><font style="text-decoration:none;">&#8221; has the meaning provided in the preamble.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Person</font><font style="text-decoration:none;">&#8221; means a natural person or company, and also means the group or syndicate created when two or more Persons act as a syndicate or other group (including, without limitation, a partnership or limited partnership) for the purpose of acquiring, holding, or disposing of a security, except that &#8220;Person&#8221; does not include an underwriter temporarily holding a security pursuant to an offering of the security.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Pro-Rata Bonus</font><font style="text-decoration:none;">&#8221; means a Bonus for a given fiscal year, calculated based on actual performance as provided in the applicable short-term incentive plan, pro-rated for the portion of the fiscal year in which the Employee provided services to the Company.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Restricted Area</font><font style="text-decoration:none;">&#8221; and &#8220;</font><font style="text-decoration:underline;">Restricted Period</font><font style="text-decoration:none;">&#8221; have the meanings provided in </font><font style="text-decoration:underline;">Section 5.3</font><font style="text-decoration:none;">.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Target Bonus</font><font style="text-decoration:none;">&#8221; means the target Bonus for which the Employee is eligible for a given fiscal year, as established by the Company for such year, or, if no target Bonus has been established as of the applicable date, the Base Salary multiplied by the Target Opportunity.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Target Opportunity</font><font style="text-decoration:none;">&#8221; has the meaning provided in </font><font style="text-decoration:underline;">Section 2.2</font><font style="text-decoration:none;">.</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:justify;margin-bottom:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">&#8220;</font><font style="text-decoration:underline;">Termination Date</font><font style="text-decoration:none;">&#8221; means the date that the Employee has a &#8220;separation of service,&#8221; as such term is used in Code Section 409A, regardless of the reason for termination of employment.</font></p>
<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:bold;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">A-3</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU13"></a><font style="text-decoration:none;">Appendix B</font></p>
<p style="Background-color:#auto;margin-top:12pt;text-align:center;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Restricted Area</font></p>
<p style="Background-color:#auto;text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">For Purposes of the Non-Compete Covenant</font></p>
<p style="Background-color:#auto;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<div>
<table border="0" cellspacing="0" cellpadding="0" align="center" style="border-collapse:collapse; width:100%;">
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Parishes of the State of Louisiana</font></p></td>
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<p style="Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
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<p style="Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">Jurisdictions Outside Louisiana</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Acadia</font></p></td>
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<p style="Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
</tr>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Allen</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:24pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Texas Counties:</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Ascension</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Harris</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Assumption</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Sabine</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Avoyelles</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Orange</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Beauregard</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Jefferson</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Calcasieu</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Chambers</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Cameron</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Galveston</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">East Baton Rouge</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Montgomery</font></p></td>
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<tr>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">East Feliciana</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Brazoria</font></p></td>
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<tr>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Evangeline</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Matagorda</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Iberia</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Jackson Calhoun</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Iberville</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Victoria</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Jefferson</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Aransas</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Jefferson Davis</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Kleberg</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Lafayette</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">San Patricio</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Lafourche</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Nueces</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Livingston</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Kenedy</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Orleans</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Willacy</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Plaquemines</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Cameron</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Pointe Coupee</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Dallas</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Rapides</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Tarrant</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">St. Bernard</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Johnson</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">St. Charles</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Ellis</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">St. Helena</font></p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">St. James</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:24pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Florida Counties:</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">St. John the Baptist</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Broward</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">St. Landry</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Dade</font></p></td>
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<tr>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">St. Martin</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Palm Beach</font></p></td>
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<tr>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">St. Mary</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">St. John&#8217;s</font></p></td>
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<tr>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">St. Tammany</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Duval</font></p></td>
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<tr>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Tangipahoa</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Manatee</font></p></td>
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<tr>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Terrebonne</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Pinellas</font></p></td>
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<tr>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Vermillion</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Hillsborough</font></p></td>
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<tr>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Washington</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Escambia</font></p></td>
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<tr>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">West Baton Rouge</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Okaloosa</font></p></td>
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<tr>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">West Feliciana</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Santa Rosa</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
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<tr>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:24pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Alabama Counties:</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-weight:normal;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Mobile</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;font-weight:normal;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Baldwin</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="width:50%;">
<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:24pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Mississippi Counties:</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Hancock</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Jackson</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
<td valign="bottom"  BGCOLOR="#FFFFFF" style="width:50%;">
<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Pearl River</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;margin-left:42pt;;text-indent:0pt;;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:none;">Harrison</font></p></td>
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<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;">&nbsp;</p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">B-1</p>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;text-indent:5.24%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU14"></a><font style="text-decoration:none;">The Parties </font><font style="text-decoration:none;">acknowledge and agree that the Company is a company with extensive worldwide and offshore operations and it is the Parties&#8217; intent that the non-competition covenant be given as broad a geographic effect as is lawful. Accordingly, in addition to the foregoi</font><font style="text-decoration:none;">ng specified locations, it is the Parties&#8217; intent that the noncompetition covenant set forth in the Agreement be given effect throughout the United States and worldwide, to the extent that the Employee would seek to provide prohibited services to a company</font><font style="text-decoration:none;"> in competition with the Company in any of the jurisdictions in which it operates. To the extent that a court of relevant jurisdiction determines the geographic scope set forth herein to be overbroad, the Parties hereby consent to such modification as the </font><font style="text-decoration:none;">court may order such that the broadest possible geographic footprint of the non-competition covenant is enforceable.</font></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">B-2</p></body>
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<TYPE>EX-10.2
<SEQUENCE>3
<FILENAME>tdw-ex102_10.htm
<DESCRIPTION>EX-10.2
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<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 10.2</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:left;Background-color:#auto;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#auto;font-size:10pt;font-family:Microsoft Sans Serif;letter-spacing:-0.5pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><img src="g2018022315222908512113.jpg" title="" alt="" style="width:271px;height:81px;"></p>
<p style="text-align:center;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">February 15, 2018</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">John T. Rynd</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">c/o Tidewater Inc.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">6002 Rogerdale Road, Suite 600</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Houston, TX 77072</p>
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<p style="margin-top:12pt;margin-bottom:0pt;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Re:</font></p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;font-family:Times New Roman;font-size:10pt;">Agreement to Base Salary Reduction</p></td></tr></table></div>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Dear John:</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">As we have discussed, the Compensation Committee of our Board of Directors decreased base salaries for certain executive officers by 15% effective January 1, 2018 (the &#8220;Salary Reduction&#8217;) in support of our cost-cutting efforts.</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Tidewater has entered into an employment agreement with you, executed on February 15, 2018 and effective as of March 5, 2018 (the &#8220;Agreement&#8221;). Section 2.1 of the Agreement establishes your initial annual base salary at $705,000, which may not be decreased except with your written consent (as defined in the Agreement, the &#8220;Base Salary&#8221;).</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">This letter is to memorialize our mutual agreement that, in consideration of the Salary Reduction, your Base Salary will be reduced to $600,000 effective as of March 5, 2018 (your first day as an officer of Tidewater). By countersignature below, you are providing your written consent to this reduction in Base Salary, which will remain in place until such time as the Salary Reduction is lifted for other Tidewater executive officers.</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:5.24%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">IN WITNESS WHEREOF, this letter agreement is executed effective as of the date first written above.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">TIDEWATER INC.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-family:Times New Roman;font-size:10pt;text-align:left;">&nbsp;</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/ Thomas R. Bates, Jr.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Thomas R. Bates, Jr.</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;text-align:left;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Chairman of the Board of Directors</p></td>
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<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Acknowledged and Agreed to as of the Date First Written Above:</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">/s/ John T. Rynd</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">John T. Rynd</p></td>
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>4
<FILENAME>tdw-ex991_8.htm
<DESCRIPTION>EX-99.1
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<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="text-align:right;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:11pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Exhibit 99.1</p>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;font-weight:bold;;font-size:10pt;">&nbsp;</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;margin-left:0pt;;text-indent:0pt;;color:#000080;font-size:32pt;font-family:Arial;letter-spacing:-0.15pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Press Release</p></td>
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<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000080;font-size:7pt;font-family:Calibri;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="text-decoration:underline;">______________________________________________________________________________________________________________________________</font></p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;color:#000080;font-size:6pt;font-family:Arial;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">TIDEWATER INC. &#9679; Pan-American Life Center &#9679; 601 Poydras Street, Suite 1500 &#9679; New Orleans, LA 70130 &#9679; Telephone (504) 568-1010 &#9679; Fax (888) 909-0946</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:7pt;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:13pt;font-weight:bold;">&nbsp;</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:-2.88%;font-size:13pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Tidewater Announces Appointment of President, </p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:-2.88%;font-size:13pt;font-weight:bold;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Chief Executive Officer and Director</p>
<p style="text-align:center;margin-bottom:0pt;margin-top:0pt;text-indent:-2.88%;font-weight:bold;;font-size:10pt;font-weight:bold;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-weight:bold;font-size:12pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">NEW ORLEANS, February 15, 2018<font style="font-weight:normal;"> &#8211;Tidewater Inc. (NYSE: TDW) announced today the appointment of John T. Rynd as the Company&#8217;s new President and Chief Executive Officer and a member of the Board of Directors effective March 5.&nbsp;&nbsp;He will replace Larry T. Rigdon who has served as interim President and Chief Executive Officer since October of 2017. </font></p>
<p style="margin-bottom:0pt;margin-top:0pt;margin-left:7.69%;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mr. Tom Bates, Chairman of the Board of Directors, said &#8220;After completing a comprehensive search, the Board is very pleased to welcome John to the team. He brings with him considerable experience in the offshore drilling services sector and the global oil and gas industry as a whole. John&#8217;s experience, leadership and vision will be tremendous assets to Tidewater as we work to continue to strengthen the company&#8217;s position in this challenging market.&#8221;<br /></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mr. Rynd previously served as Chief Executive Officer and President, and as a director of Hercules Offshore from 2008 through 2016. Prior to his time with Hercules, Mr. Rynd spent 11 years with Noble Drilling Services, Inc., where he served in a variety of management roles. Earlier in his career, he served in various roles of increasing levels of responsibility with Chiles Offshore and Rowan Companies.&nbsp;&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mr. Rynd served as Chairman of the National Ocean Industries Association (NOIA) from 2014-15 and currently holds an Ex-Officio position on the Executive Committee. He serves on the Board of Directors of Fieldwood Holdings LLC, and was on the Board of Directors of Hornbeck Offshore, Inc. from 2011 to February 2018.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Mr. Rynd said &#8220;I&#8217;m honored and excited to be joining the Tidewater team. The company has a strong foundation with its talented people, a long history of providing safe and reliable services to our customers worldwide and one of the strongest balance sheets in the offshore industry. I look forward to working with the Tidewater team to leverage these strengths to build value for our employees, customers and shareholders, as the market improves in the years ahead.&#8221;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#8220;On behalf of all Tidewater stakeholders, I would like to thank Larry for his leadership of the business during this interim period, implementing significant progress towards achieving the company&#8217;s near term objective of reaching breakeven cash flow. I look forward to his continued service on the Tidewater Board,&#8221; said Mr. Bates. </p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
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<hr style="page-break-after:always;width:100%;">
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><a name="_AEIOULastRenderedPageBreakAEIOU2"></a><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Tidewater owns and operates one of the largest fleets of Offshore Support Vessels in the industry, with over 60 years of experience supporting offshore energy exploration and produ</font><font style="font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">ction activities worldwide.</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To learn more, visit the Tidewater website at: <font style="text-decoration:underline;">www.tdw.com</font></p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">CONTACT:&nbsp;&nbsp;Tidewater Inc.</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Quinn P. Fanning</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Executive Vice President and Chief Financial Officer</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">713-470-5300</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Jason Stanley</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Director, Investor Relations</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-size:12pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">713-470-5292</p>
<p style="margin-bottom:0pt;margin-top:0pt;text-indent:0%;font-family:Times New Roman;font-size:7pt;">&nbsp;</p>
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-family:Times New Roman;font-size:10pt;">&nbsp;</p></body>
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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
