AMENDMENT NO. 1 TO
EXECUTIVE EMPLOYMENT AGREEMENT
BY AND BETWEEN
XXXXXXX X. XXXX AND SEABULK INTERNATIONAL, INC.
This Amendment to Executive Employment Agreement by and between Hvide
Marine Incorporated, a Delaware corporation, now known as Seabulk International,
Inc. (the "Company"), and Xxxxxxx X. Xxxx (the "Executive") dated as of April
18, 2000 (the "Agreement") is entered into as of the 16th day of July, 2001.
WHEREAS, the Compensation Committee of the Company authorized this
amendment at its meeting on July 16, 2001;
NOW THEREFORE, in consideration of the mutual covenants and the mutual
benefits provided in the Agreement, the receipt and sufficiency of which are
hereby acknowledged, the Company and the Executive hereby amend the Agreement as
set forth hereinbelow.
1. Section 9.3 of the Agreement is hereby amended and restated by deleting the
text appearing therein in its entirety and inserting the following text in lieu
thereof:
"If Executive's employment is terminated in the circumstances described
in Section 9.2 of this Agreement and if such termination occurs
following a "Change in Control" as defined in Section 10 of this
Agreement, Executive will receive, instead of the amounts specified in
Section 9.2 of this Agreement, an amount equal to 2.00 times
Executive's base salary then in effect plus 2.00 times Executive's
maximum bonus, to be paid in twenty-four (24) equal monthly
installments or, at the election of the Company, in a lump sum. In the
event of Executive's death, any remaining payments shall be paid to
Executive's estate or personal administrator in a single lump sum
amount."
2. As so amended, the Agreement remains in full force and effect.
IN WITNESS WHEREOF, each of the parties hereto has caused this
Amendment No. 1 to the Agreement to be duly executed and delivered as of the day
and year first written above.
SEABULK INTERNATIONAL, INC.
By: /s/ XXXX X. XXXXXX
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Xxxx X. Xxxxxx
Senior Vice President, General
Counsel and Secretary
/s/ XXXXXXX X. XXXX
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Xxxxxxx X. Xxxx