PARTICIPATION AGREEMENT SUPPLEMENTAL INCOME PLAN OF GULFMARK OFFSHORE, INC.
Exhibit 10.39
Invitation to Participate in Plan
As provided in the above referenced Plan dated January 1, 2000 you, Xxxx X. Xxxxx, are hereby
invited to participate. By accepting the invitation to participate in the Plan, you acknowledge
that you have read the Plan, understand its terms, understand that benefits will be paid pursuant
to the Plan only under specific circumstances described therein, understand that you are a general
creditor of the Company and that you have no interest in specific assets owned by the Company.
Capitalized terms used herein shall have the same meaning defined in the Plan.
Entry Date
Your Entry Date under the Plan will be January 1, 2000 for all purposes.
Establishment of Annual Vesting Percentage
The Annual Vesting Percentage applicable to your participation in the Plan will be one hundred
percent (100%). Assuming that you remain continuously and actively employed as a full time employee
of the Company, your Cumulative Vested Percentage will be one hundred percent (100%) and will not
change. The credits to our Deferred Benefit Account will be determined by reference to the cash
value of your Policy. Specifically, as of any time that the Plan is in effect and you are
participating in the Plan, the amount of the credit in your Deferred Benefit Account will be equal
to an amount in dollars determined by multiplying the Cumulative Vested percentage as of that date
times the then-outstanding Gross Cash Value of the Policy Less the Excess Cash Value of the Policy,
in no event less than zero.
Establishment of Normal Retirement Age
For purposes of the Plan, your “Normal Retirement Age” shall be age 65.
Acceptance of Invitation to Participate
I hereby accept the invitation of GulfMark Offshore, Inc. to participate in its supplemental
Income Plan, on this 1st day of January, 2000.
Address for Notices
The address which should be used for notices sent to me under the Plan is:
Designation of Beneficiary
My Beneficiary for purposes of the Plan shall be (attach additional sheets if necessary for
multiple beneficiaries):
Name:
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Xxxx Xxxxxx Xxxxx Family Trust | |
Address:
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107 Winged Foot Dr. | |
City:
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Broussard | |
State:
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LA 70518 |
In the event that more than one person is named as Beneficiary, such persons shall share
equally in any benefits payable to my Beneficiary under the Plan. If a Beneficiary dies, then the
amount that would have been paid to that Beneficiary if living shall be paid in one sum and in
equal shares to the children of that Beneficiary who survive, if any, and, if there are not such
children, then to the remaining Beneficiary if any, in equal shares if more than one, and if there
is no other Beneficiary, then to the estate of the Beneficiary who died.
/s/ Xxxx X. Xxxxx |
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Witness
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Xxxx X. Xxxxx |
