X0303 4 2010-08-20 0 0000098537 TODD SHIPYARDS CORP TOD 0000905516 HODGSON PATRICK W E PO BOX 3806 SEATTLE WA 98124 1 0 0 0 TODD SHIPYARDS CORP COMMON STOCK 2010-08-20 4 A 0 750 15.18 A 77900 D TODD STOCK SETTLED APPRECIATION RIGHTS 16.98 COMMON STOCK 2000 2000 D TODD STOCK SETTLED APPRECIATION RIGHTS 15.18 COMMON STOCK 2000 2000 D Fair market value on date of election. Shares will vest ratably over the next 36 months and are subject to forfeiture to the Company prior to vesting under certain circumstances. Granted as restricted shares under Todd's 2003 Incentive Stock Plan. Upon exercise of the SSARs, the holder is entitled to receive value equal to the number of rights being exercised times the then current fair market value reduced by $16.98, the fair market value on date of grant. Such value will be paid, net of withholding taxes, in shares of Todd Common Stock. One-third of the 2,000 SSARs vest each year on August 21 commencing in 2010 (through 2012). Upon certain termination events, but no later than August 21, 2014. Upon exercise of the SSARs, the holder is entitled to receive value equal to the number of rights being exercised times the then current fair market value reduced by $15.18, the fair market value on date of grant. Such value will be paid, net of withholding taxes, in shares of Todd Common Stock. One-third of the 2,000 SSARs vest each year on August 20 commencing in 2011 (through 2013). Upon certain termination events, but no later than August 20, 2015. PATRICK W.E. HODGSON 2010-08-20