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EXHIBIT 10.10
STOCK OPTION AGREEMENT
This STOCK OPTION AGREEMENT (the "Agreement") is made as of this ____ day of
__________, 19___, between GULFMARK INTERNATIONAL, INC., a Delaware corporation
("GulfMark"), and _______________ (the "Director").
W I T N E S S E T H:
WHEREAS, subject to the approval of the stockholders of GulfMark,
GulfMark has adopted the Amended and Restated 1993 Non-Employee Director Stock
Option Plan (the "Plan"); and
WHEREAS, the Director is now a non-employee member of GulfMark's Board
of Directors, and GulfMark desires to encourage the Director to remain in
GulfMark's service and, as an inducement thereto, has determined to grant to
the Director pursuant to the Plan the option provided for herein;
NOW, THEREFORE, in consideration of the premises and the covenants and
agreements herein contained and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, GulfMark and the
Director hereby agree as follows:
1. Grant. Effective as of _____________, 19___, (the "Date of
Grant"), GulfMark hereby grants to the Director pursuant to the terms and
conditions of the Plan an option (the "Option") to purchase __________ shares
of the common stock of GulfMark, $1.00 par value ("Common Stock"), at a price
of $___________ per share (the "Option Price"). The granting of the Option is
subject to receipt of approval thereof by GulfMark's stockholders and, subject
to the receipt of such approval, the Option shall be exercisable at any time
following the first anniversary of the Date of Grant and to the extent not
exercised, may be exercised in whole or in part.
2. Changes in GulfMark's Capital Structure. (a) The existence of
the Option shall not affect in any way the right or power of GulfMark or its
stockholders to make or authorize any or all adjustments, recapitalizations,
reorganizations or other changes in GulfMark's capital structure or its
business, or any merger or consolidation of GulfMark, or any issue of bonds,
debentures, preferred or prior preference stock affecting the Common Stock or
the rights thereof, or the dissolution or liquidation of GulfMark, or any sale
or transfer of all or any part of its assets or business, or any other
corporate act or proceeding, whether of a similar character or otherwise.
(b) The number of shares of Common Stock subject to the Option, the
Option Price and the securities issuable upon exercise of the Option shall be
subject to adjustment as provided in the Plan.
3. Exercise of Options. The Option may be exercised from time to
time as to the total number of shares that may then be issuable upon the
exercise thereof or any portion thereof in the manner and subject to the
limitations provided for in the Plan.
4. Assignment. The Option may not be transferred or assigned in any
manner by the
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Director except by will or the laws of descent and distribution, and shall be
exercisable during the Director's lifetime only by him.
5. Requirements of Law. GulfMark shall not be required to sell or
issue any shares on the exercise of the Option if the issuance of such shares
shall constitute a violation by the Director or GulfMark of any provisions of
any law or regulation of any governmental authority. The Option shall be
subject to the requirements that, if at any time the Board of Directors of the
Company or the Administrative Committee of the Plan (the "Committee") shall
determine that the listing, registration or qualification of the shares subject
thereto upon any securities exchange or under any state or federal law of the
United States or of any other country or governmental subdivision thereof, or
the consent or approval of any governmental regulatory body, or investment or
other representations, are necessary or desirable in connection with the issue
or purchase of shares subject thereto, the Option may not be exercised in whole
or in part unless such listing, registration, qualification, consent, approval
or representation shall have been effected or obtained free of any conditions
not acceptable to the Board of Directors. If required at any time by the Board
of Directors or the Committee, the Option may not be exercised until the
Director has delivered an investment letter to GulfMark. In addition,
specifically in connection with the Securities Act of 1933 (as now in effect or
hereafter amended), upon exercise of the Option, GulfMark shall not be required
to issue the underlying shares unless the Committee has received evidence
satisfactory to it to the effect under such Act or unless an opinion of counsel
satisfactory to GulfMark has been received by GulfMark to the effect that such
registration is not required. Any determination in this connection by the
Committee shall be final, binding and conclusive. In the event the shares
issuable on exercise of the Option are not registered under the Securities Act
of 1933, GulfMark may imprint on the certificate for such shares the following
legend or any other legend which counsel for the Company considers necessary or
advisable to comply with Securities Act of 1933:
The shares of stock represented by this certificate
have not been registered under the Securities Act of 1933 or
under the securities laws of any state and may not be sold or
transferred except upon registration or upon receipt by the
Corporation of an opinion of counsel satisfactory to the
Corporation, in form and substance satisfactory to the
Corporation, that registration is not required for such sale or
transfer.
GulfMark may, but shall in no event be obligated to, register any
securities covered hereby pursuant to the Act. GulfMark shall not be obligated
to take any other affirmative action in order to cause the exercise of the
Option or the issuance of shares of Common Stock pursuant thereto to comply
with any law or regulation of any governmental authority.
6. Termination. The Option, to the extent it shall not previously
have been exercised, shall terminate on the earlier of the following:
(a) On the last day within the three month period commencing on
the date on which the Director ceases to be a member of GulfMark's
Board of Directors, for any reason other than retirement meeting the
conditions of length of service set forth in subparagraph 6(d) below,
or the death or disability of the Director, during which period the
Director shall be entitled to exercise the Option in respect of the
number of shares that the Director would have been entitled to
purchase had the Director
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exercised the Option on the date on which the Director ceased to be a
member of GulfMark's Board of Directors;
(b) On the last day within the one year period commencing on the
date on which the Director ceases to be a member of GulfMark's Board
of Directors because of permanent disability, during which period the
Director shall be entitled to exercise the Option in respect of the
number of shares that the Director would have been entitled to
purchase had the Director exercised the Option on the date on which
the Director ceased to be a member of GulfMark's Board of Directors
because of such disability;
(c) On the last day of the one year period commencing on the
date of the Director's death while serving as a member of GulfMark's
Board of Directors, during which period the executor or administrator
of the Director's estate or the person or persons to whom the Option
shall have been transferred by will or the laws of descent or
distribution, shall be entitled to exercise the Option in respect of
the number of shares that the Director would have been entitled to
purchase had the Director exercised the Option on the date of his
death;
(d) On the last day within the one year period commencing on the
date the Director who has completed at least five (5) years of service
on the Board of Directors retires from the Board of Directors of
GulfMark, during which period the Director, or the executor or
administrator of the Director's estate or the person or persons to
whom the Option shall have been transferred by will or the laws of
descent or distribution in the event of the Director's death within
such one year period, as the case may be, shall be entitled to
exercise the Option in respect of the number of shares that the
Director would have been entitled to purchase had the Director
exercised the Option on the date of such retirement; or
(e) On _________________, 20___. [Date ten years from Date of
Grant].
7. Amendment. This Agreement may not be changed, amended or
modified except by an agreement in writing signed on behalf of each of the
parties hereto.
8. No Rights as a Stockholder. The Director shall not have any
rights as a stockholder with respect to any shares of Common Stock issuable
upon the exercise of the Option until the date of issuance of the stock
certificate or certificates representing such shares following his exercise of
the Option pursuant to its terms and conditions and payment for such shares.
Except as otherwise provided in the Plan, no adjustment shall be made for
dividends or other distributions made with respect to the Common Stock the
record date for the payment of which is prior to the date of the exercise of
the Option with respect to which such certificate or certificates are issued.
9. Governing Law. The validity, construction and performance of
this Agreement shall be governed by the laws of the State of Delaware. Any
invalidity of any provision of this Agreement shall not affect the validity of
any other provision.
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10. Notices. All notices, demands, requests or other communications
hereunder shall be in writing and shall be deemed to have been duly made or
given if mailed by registered or certified mail, return receipt requested. Any
such notice mailed to GulfMark shall be addressed to its principal executive
office at 0 Xxxx Xxx Xxxx, Xxxxx 0000, Xxxxxxx, Xxxxx 00000, and any notice
mailed to the Director shall be addressed to the Director's residence address
as it appears on the books and records of GulfMark or to such other address as
either party may hereafter designate in writing to the other.
11. Binding Effect. This Agreement shall, except as otherwise
provided to the contrary, inure to the benefit of and bind the legal
representatives, successors and assigns of the parties hereto.
IN WITNESS WHEREOF, this Agreement has been duly executed and
delivered as of the day and year first above mentioned.
GULFMARK INTERNATIONAL, INC.
By:
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Name:
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Title:
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DIRECTOR
By:
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(Name of Director)
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