AMENDMENT TO THE TIDEWATER INC.
SUPPLEMENTAL EXECUTIVE RETIREMENT PLAN
Tidewater, Inc. (“Employer”) is the sponsor of the Tidewater, Inc. Supplemental Executive Retirement Plan (“Plan”), which
was adopted effective July 1, 1991. The Plan document has been amended from time to time, and was restated most recently
effective January 1, 2008. On December 10, 2008, the Compensation Committee of Tidewater’s Board of Directors authorized an
amendment to the Plan document to provide for a lump-sum payment option generally and for a lump sum payment option on
July 1, 2009 for participants who have terminated employment with the Employer. Pursuant to the power of the Employer to
amend the Plan document, as provided in Article 10 thereof, the Plan document is hereby amended as provided herein.
Effective December 10, 2008, the third paragraph of Section 7.1 of the Plan document shall be amended to read in its
entirety as follows:
The Plan Benefit will be paid in the form of a single life annuity or, if married, in the form of a 50% joint and survivor
annuity, unless a different form is elected. The different forms include the forms available under the Pension Plan as well as
a lump sum benefit.
The lump sum benefit will be calculated using actuarial factors set forth in the Pension Plan, except that the interest rate
used for the purpose of computing a lump sum payment shall be the 10-year Treasury constant maturity rate published in
the month prior to the month in which the distribution is payable, plus 225 basis points
If the form of payment is an annuity and therefore, the Plan Benefit commences on the first day of the seventh month
following termination of employment, the first payment shall be a catch-up payment equal to the total monthly benefit
payments that the Employee would have received if a payment had been made starting with the first day of the month
following termination of employment.
Effective December 10, 2008, a new section 7.8 shall be ad