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Exhibit
10.1
AMENDMENT NO. 1 TO THE
STOCK OPTION AND RESTRICTED STOCK
AGREEMENT FOR THE GRANT OF
INCENTIVE STOCK OPTIONS AND NON-QUALIFIED
STOCK OPTIONS UNDER THE
TIDEWATER INC. 2001 STOCK
INCENTIVE PLAN AND THE
GRANT OF RESTRICTED STOCK UNDER THE
TIDEWATER INC. 1997 STOCK
INCENTIVE PLAN
THIS AMENDMENT to the
agreement dated March 30, 2004 (the “Agreement”)
by and between Tidewater Inc., a Delaware corporation
(“Tidewater”), and Cliffe F. Laborde is executed
effective as of June 29, 2007.
WHEREAS, Tidewater maintains
the Amended and Restated 1997 Stock Incentive Plan (the “1997
Plan”) under which the Compensation Committee of the Board of
Directors of Tidewater (the “Committee”) has granted
restricted shares (the “Restricted Stock”) of
Tidewater’s Common Stock, $.10 par value per share, to
Mr. Laborde;
WHEREAS, Mr. Laborde
submitted his resignation to be effective June 29,
2007;
WHEREAS, pursuant to section
2.2(d) of the Agreement the Committee may declare restricted stock
fully vested at any time in its discretion, and pursuant to section
VIII of the Agreement, the Committee is authorized to amend any
restricted stock at any time prior to vesting in any manner not
inconsistent with the terms of the Plan;
WHEREAS, the Committee on
May 30, 2007 recommended and on May 31, 2007 the Board of
Directors approved an amendment to the terms of the Agreement such
that Mr. Laborde will not forfeit his unvested restricted
stock upon his resignation;
NOW, THEREFORE, in
consideration of the premises, it is agreed by and between the
parties as follows:
Section 2.2 of the
Agreement is hereby
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