X0202 4 2008-02-14 0 0000098537 TODD SHIPYARDS CORP TOD 0001248196 MARSH MICHAEL G P O BOX 3806 SEATTLE WA 98124 0 1 0 0 Secretary & General Counsel Todd Shipyards Corp Common 2008-02-14 4 S 0 100 15.88 D 36021 D Todd Shipyards Corp Common 2008-02-14 4 S 0 200 15.9 D 35821 D Todd Shipyards Corp Common 2008-02-14 4 S 0 100 15.92 D 35721 D Todd Shipyards Corp Common 2008-02-14 4 S 0 100 15.93 D 35621 D Todd Shipyards Corp Common 2008-02-14 4 S 0 100 15.94 D 35521 D Todd Shipyards Corp Common 2008-02-14 4 S 0 200 15.95 D 35521 D Todd Shipyards Corp Common 2008-02-14 4 S 0 100 16.03 D 35221 D Todd Shipyards Corp Common 2008-02-14 4 S 0 100 16.04 D 35121 D Todd Shipyards Corp Common 2008-02-14 4 S 0 100 16.06 D 35021 D Todd Shipyards Corp Common 2008-02-14 4 S 0 100 16.08 D 34921 D Todd Shipyards Corp Common 2008-02-14 4 S 0 200 16.11 D 34721 D Todd Shipyards Corp Common 2008-02-14 4 S 0 100 16.12 D 34621 D Todd Shipyards Corp Common 2008-02-14 4 S 0 300 16.13 D 34321 D Todd Shipyards Corp Common 2008-02-14 4 S 0 100 16.15 D 34221 D Todd Shipyards Corp Common 2008-02-14 4 S 0 200 16.21 D 34021 D Todd Shipyards Corp Common 2008-02-14 4 S 0 300 16.26 D 33721 D Todd Shipyards Corp Common 2008-02-14 4 S 0 200 16.28 D 33521 D Todd Shipyards Corp Common 2008-02-14 4 S 0 100 16.3 D 33421 D Todd Shipyards Corp Common 2008-02-14 4 S 0 100 16.32 D 33321 D Todd Shipyards Corp Common 2008-02-14 4 S 0 300 16.36 D 33021 D Todd Shipyards Corp Common 2008-02-14 4 S 0 200 16.37 D 32821 D Todd Shipyards Corp Common 2008-02-14 4 S 0 100 16.39 D 32721 D Todd Shipyards Corp Common 2008-02-14 4 S 0 100 16.4 D 32621 D Todd Shipyards Corp Common 2008-02-14 4 S 0 300 16.42 D 32321 D Todd Shipyards Corp Common 2008-02-14 4 S 0 500 16.6 D 31821 D Todd Shipyards Corp Common 2008-02-14 4 S 0 100 16.61 D 31721 D Todd Shipyards Corp Common 2008-02-14 4 S 0 100 16.62 D 31621 D Todd restricted stock units 2007-07-06 4 A 0 1500 A Common Stock 1500 1500 D Todd stock appreciation rights 21.02 2007-07-06 4 A 0 3000 A Common Stock 3000 3000 D Each RSU represents the right to receive one share of Todd Common Stock, subject to adjustment as provided in the grant agreement. The RSUs vest and convert to Todd Common Stock as to 300 units on each July 6 commencing in 2008 (through 2012). By virtue of vesting, the RSUs will expire on July 6, 2012 or, as to non-vested units, upon certain termination events. Granted under the Todd Shipyards Incentive Stock Plan. Upon exercise of the SARs, the holder is entitled to receive value equal to the number of rights being exercised times the then current fair market value reduced by $21.02, the fair market value on date of grant. Such value will be paid, net of withholding taxes, in shares of Todd Common Stock. The SARs vest as to 1,000 units on each July 6 commencing in 2008 (through 2010). Upon certain termination events, earlier as to non-vested units. Michael G. Marsh 2008-02-15