Document:

JV amendment

     

    EXHIBIT
      10.2

    FIRST
      AMENDMENT TO THE SHAREHOLDERS AGREEMENT

    

    This
      Amendment, dated as of June 30, 2006 (this “First Amendment”), to the
      Shareholders Agreement, dated as of March 20, 2006 (the “Agreement”), is by and
      among Trico Marine Services (Hong Kong) Limited, a limited liability company
      duly organized and validly existing under the laws of Hong Kong (“Trico”), China
      Oilfield Services Limited, a corporation duly organized and validly existing
      under the laws of the PRC (“COSL”), COSL-Hong Kong Limited, a limited liability
      company duly organized and validly existing under the laws of Hong Kong and
      wholly-owned by COSL (“COSLHK”) and Eastern Marine Services, Limited, a limited
      liability company duly organized and validly existing under the laws of Hong
      Kong (the “Company”). Capitalized terms used but not otherwise defined herein
      shall have the meanings assigned to them in the Agreement.

    

    RECITALS

    

    WHEREAS,
      the Shareholders set forth their respective rights and obligations in connection
      with the ownership and management of the Company and their cooperation
      concerning the business of the Company and the provisions of the Services to
      customers in the Territory in the Agreement; 

    

    WHEREAS,
      the Shareholders desire to amend their Agreement concerning certain Definitions,
      Capitalization, Subscription, Capital Contributions and the anticipated Closing
      Date set forth in the Agreement; 

    

    NOW,
      THEREFORE, following friendly consultations on the basis of mutual benefit
      and
      equality, and in consideration of the mutual covenants and agreements set forth
      herein and for other good and valuable consideration, the receipt and
      sufficiency of which are hereby expressly acknowledged, the Parties, intending
      to be legally bound, hereby agree as follows: 

    

    1.  Novation
      from COSL to COSLHK. 

    

    
      	1.1  	
              Notwithstanding
                any provision to the contrary in the Agreement, COSL assigns all
                of its
                rights and interests in, to and under the Agreement to COSLHK with
                effect
                from March 20, 2006 and Trico and the Company hereby consent to such
                assignment.

            

    

    

    
      	1.2  	
              Notwithstanding
                any provision to the contrary in the Agreement, COSL transfers by
                novation
                all of its obligations in, to and under the Agreement to COSLHK with
                effect from March 20, 2006 and Trico and the Company hereby consent
                to
                such transfer.

            

    

    

    
      	1.3  	
              Trico
                and the Company hereby release and discharge COSL from further performance
                of its obligations under or in respect of the Agreement and from
                all
                claims and liabilities in respect thereof and accept the liability
                of
                COSLHK in place of COSL and are bound by the terms of and undertake
                to
                perform their respective obligations in, to and under the
                Agreement.

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2.  Article
      I - Section 1.1. Definitions.
      The
      definition “Closing Date” under Section 1.1 shall be deleted in its entirety and
      the following definitions shall be inserted under Section 1.1:

    

    “Escrow
      Agent” means HSBC Bank U.S.A., N.A. or an escrow agent that is mutually agreed
      by COSLHK and Trico.

    

    “Escrow
      Agreement” shall have the meaning set forth in Section 3.2(b) of this
      Agreement.

    

    “Initial
      Closing Date” means June 16, 2006, or a date that is mutually agreed to by the
      parties to this Agreement. .

    

    “Second
      Closing Date” means January 1, 2008, or a date that is mutually agreed to by the
      parties to this Agreement.

    

    3.  Article
      III - Section 3.1. Capitalization; Subscription.
      Section
      3.1 of Article III of the Agreement shall be deleted and replaced in its
      entirety by the following:

    

    “3.1
      Capitalization;
      Subscription

     

    a.  .
      The
      total authorized capital of the Company as of the date hereof is HK$1,000,000,
      divided into one million (1,000,000) ordinary shares (“Shares”),
      each
      Share having a par value of HK$1.00. Each of the Shares shall have the same
      voting and other rights and privileges, except as otherwise specified in this
      Agreement and the Organizational Documents. COSLHK shall subscribe for 510,000
      Shares, representing 51% of the issued and outstanding Shares, and Trico shall
      subscribe for 490,000 Shares, representing 49% of the issued and outstanding
      Shares, in consideration of their respective Capital Contributions on the
      Initial Closing Date and/or the Second Closing Date.”

    

    4.  Article
      III - Section 3.2. Capital Contributions.
      Section
      3.2 of Article III of the Agreement shall be deleted and replaced in its
      entirety by the following:

    

    “3.2
      Capital
      Contributions.
      

     

    (a)  The
      total
      amount of Capital Contributions of the Company shall initially be forty-one
      million US Dollars (US$41,000,000) (such amount, the “Total
      Capital Contribution”),
      which
      shall include US$38,000,000 in fixed assets and US$3,000,000 in working capital.
      The Total Capital Contribution shall comprise the following Capital
      Contributions (each a “Capital
      Contribution”)
      by
      each of the Major Shareholders:

     

    (i)  COSLHK
      Contribution.
      As
      consideration for its Shares, COSL shall on the Closing Date make its Capital
      Contribution in cash in the amount of twenty million nine hundred ten thousand
      US Dollars (US$20,910,000). 

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    (ii)  Trico
      Contribution.
      As
      consideration for its Shares, Trico shall make its Capital Contribution in
      kind
      in the amount of twenty million ninety thousand US Dollars (US$20,090,000)
      by
      contributing and assigning to the Company (either directly or effectively by
      contract) all of its rights, title and interest in the Trico Vessels, free
      from
      encumbrances, listed on Annex
      1(a)
      and
Annex
      1(b)
      on each
      of the Initial and Second Closing Dates, respectively, which shall include
      all
      vessel spares parts assigned to such vessels of not less than seven hundred
      forty thousand US Dollars (US$740,000) as of the Initial and Second Closing
      Date, whichever the case may be. The Parties agree and acknowledge that the
      total value of the Trico Vessels has been established and is thirty-eight
      million US Dollars (US$38,000,000). Accordingly, the Parties agree that, in
      addition to its Shares, Trico shall receive:

     

    
      	a.  	
              On
                the Initial Closing Date, cash from the Company in the amount of
                fourteen
                million four hundred and forty-two thousand US Dollars (US$14,442,000)
                in
                exchange for its contribution of the Trico Vessels listed on Annex
                1(a).
                The parties acknowledge that the cash amount received by Trico shall
                be in
                partial consideration for the following Trico Vessels: Northern Genesis,
                Northern Mariner, Northern Chaser and Northern Comrade;
                and

            

    

     

    
      	b.  	
              On
                the Second Closing Date (defined below), cash from the Company in
                the
                amount of three million and four hundred and sixty-eight thousand
                US
                Dollars (US$3,468,000) less the bareboat fee of the Trico Vessels
                listed
                on Annex
                1(b)
                from Initial Closing Date through December 31, 2007 in exchange for
                its
                contribution of the Trico Vessels listed on Annex
                1(b).
                Notwithstanding the foregoing, the Parties agree that should the
                Second
                Closing Date not occur on the date set forth in Section 3.2(a)(iii)
                below,
                the cash amount to be received by Trico shall be mutually agreed
                upon by
                the Parties.

            

    

    

    The
      aggregate amount of cash received by Trico constitutes the difference between
      the value of the Trico Vessels and Trico’s Capital Contribution less the
      foresaid bareboat fee. If the Initial Closing Date occurs on June 16, 2006,
      the
      bareboat fee shall be US$2,140,380.
      If not, the bareboat fee shall be calculated at the day rate of US$3,795 from
      the actual Initial Closing Date through the later of (i) December 31, 2007
      and
      (ii) the end of any existing charter contract term for such vessel.

     

    (iii) Closing
      Date.
      The
      Initial Closing Date shall occur on the date that is mutually agreed by COSLHK
      and Trico. The Second Closing Date shall occur on January 1, 2008.”

     

    (b) On
      the
      Initial Closing Date, the following events shall occur in the following
      sequence:

    

    
      	(i)  	
              Trico
                shall deliver to the Company all the bills of sale and all the sale
                and
                purchase agreements of the Trico Vessels listed on Annex
                1(a)
                so
                that the Trico Vessels listed on Annex
                1(a)
                can be validly and legally transferred from Trico or its Affiliates
                to the
                Company and all the requisite documents (including, in respect of
                Amite
                River, Flint River, Red River, Sun River and White River, the applications
                for deletion of registration issued by the Coast Guard in the United
                States) necessary for the registration of Amite River, Flint River,
                Red
                River, Sun River and White River at the registry in the Commonwealth
                of
                Dominica, for the change of ownership of Willow River at the registry
                in
                the Commonwealth of Dominica, for the change of ownership of Northern
                Mariner and Northern Chaser at the registry in the United Kingdom
                and for
                the change of ownership of Northern Genesis and Northern Comrade
                at the
                registry in Norway, all in the name of the Company in accordance
                with the
                laws of the respective
                jurisdictions.

            

    

    

    
      	(ii)  	
              Trico
                shall deliver to the Escrow Agent, in escrow subject to terms and
                conditions acceptable to COSLHK, Trico and the Escrow Agent, all
                the bills
                of sale and all the sale and purchase agreements of the Trico Vessels
                listed on Annex
                1(b)
                so
                that the Trico Vessels listed on Annex
                1(b)
                can be validly and legally transferred from Trico or its Affiliates
                to the
                Company and all the requisite documents (including application for
                deletion of registration to the Coast Guard in the United States)
                necessary for the registration of such Trico Vessels listed on
                Annex
                1(b)
                in
                the name of the Company at the registry in the Commonwealth of Dominica
                in
                accordance with the laws of the respective
                jurisdictions.

            

    

    

    
      	(iii)  	
              COSLHK
                shall transfer to the Company the sum of seventeen million four hundred
                forty two thousand US Dollars (US$17,442,000) in immediately available
                funds;

            

    

    

    
      	(iv)  	
              COSLHK
                shall transfer to the Escrow Agent as nominee of the Company the
                sum of
                three million four hundred sixty eight thousand US Dollars (US$3,468,000)
                less the bareboat fee as stipulated in Article 3.2(a)(ii)b in immediately
                available funds which shall be held by the Escrow Agent in escrow
                subject
                to terms and conditions acceptable to COSLHK, Trico and the Escrow
                Agent
                and set forth in the Escrow Agreement by and amongst Trico, the Escrow
                Agent and the Company (the “Escrow
                Agreement”);

            

    

    

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	(v)  	
              the
                Company shall pay fourteen million four hundred forty-two thousand
                US
                Dollars (US$14,442,000) to Trico as the excess capital contribution
                made
                by Trico to the Company on the Initial Closing Date;
                and

            

    

    

    
      	(vi)  	
              the
                Company shall issue and allot 510,000 Shares and 490,000 Shares to
                COSLHK
                and Trico respectively and deliver to COSLHK and Trico the certificates
                representing such numbers of Shares in their respective
                names.

            

    

    

    (c)
      Trico
      Vessels listed on Annex 1(a) shall be validly vested in the Company free from
      encumbrances within two (2) months of the Initial Closing Date.

    (d)
      On
      the Second Closing Date, Trico, COSLHK and the Company shall cause the Escrow
      Agent to release the sum and the documents held in escrow in accordance with
      the
      terms and conditions set forth in the Escrow Agreement.

    

    5. Annex
      1 to the Agreement.
      Annex I
      to the Agreement shall be deleted and replaced in its entirety by Annex 1(a)
      and
      Annex 1(b) attached and incorporated by reference hereto.

    

    6. Annex
      3(B) to the Agreement.
      Annex
      3(B) to the Agreement shall be deleted and replaced in its entirety by Annex
      3(B) attached and incorporated by reference hereto.

    

    7. Article
      II - Section 2.3. Vessel Bareboat Principles.
      Section
      2.3(b) of the Agreement shall be deleted and replaced in its entirety by the
      following:

    

    “(b)
      Trico
      Charters Outside of the Territory.
      Trico
      shall enter into bareboat charter arrangements with the Company in respect
      of
      the Trico Vessels indicated on Annex
      3(B)
      for
      operations to be conducted outside of the Territory, such bareboat charters
      to
      commence on the Initial Closing Date and to terminate on the later of (i) the
      end of any existing charter contract term for such vessel (including any
      applicable charterer-elected contractual option periods); and (ii) the bareboat
      end of term date specified with respect to such vessel on Annex
      3(B).
      All
      such charter contracts shall be based on the BIMCO Model Form Bareboat Charter
      Agreement attached as Annex
      5 hereto and
      shall
      include pricing terms as set forth on Annex
      3(B).

    

    8. Article
      V - Section 5.2 Board of Directors: Term and Vacancies.
      Section
      5.2 of the Agreement shall be deleted and replaced in its entirety by the
      following:

    

    “5.2
      Board
      of Directors: Term and Vacancies.
      The
      Company shall be governed by a Board composed of six (6) directors, of which
      the
      Shareholders agree three (3) shall be nominated by COSLHK and three (3) by
      Trico. The Directors shall be elected by the Shareholders for a term of office
      of three (3) years. A Director whose term of office expires may be re-elected.
      Should any casual vacancy occur in the membership of the Board of Directors,
      the
      Board of Directors shall appoint the person nominated by the Shareholder that
      nominated the Director whose departure created such vacancy. Within 30 days
      following the end of the term of office for the initial Chairman and
      Vice-Chairman (and thereafter for each successor Chairman and Vice-Chairman),
      the Shareholders shall discuss and agree upon a successor Chairman and
      Vice-Chairman. The initial Board members, Chairman and Vice-Chairman are listed
      on Annex
      4.
      Each
      Shareholder may replace one or more Directors appointed by it at any time upon
      written notice to the other Parties of such appointment or
      replacement.”

    

    9. Article
      V - Section 5.13. Senior Officers.
      In
      accordance with the parties’ desire to reduce the number of Trico nominees for
      Senior Officers during the first 36 months commencing on the Initial Closing
      Date, section 5.13 is hereby deleted and replaced in its entirety by the
      following:

    

    “5.13
      Senior
      Officers.
      The
      Company shall have the following senior officers: Co-Chief Executive Officers,
      one (1) Executive Vice President, and one (1) Chief Financial Officer. During
      the first thirty-six (36) months commencing on the Initial Closing Date, the
      Major Shareholders agree to direct their respective Directors to vote for
      Trico’s nominee for the position of Co-Chief Executive Officer and to vote for
      the COSLHK’s nominees for the positions of Co-Chief Executive Officer and
      Executive Vice President. The Trico nominee serving as Co-Chief Executive
      Officer shall manage the Company’s operations within the Territory and the
      COSLHK nominee as Co-Chief Executive Officer shall manage the Company’s
      operations in PRC. The position of Chief Financial Officer shall be agreed
      and
      appointed by the Board.

     

    The
      Co-Chief Executive Officers shall report to the Board and shall have
      responsibility for the day-to-day management and operation of the Company.
      The
      Co-Chief Executive Officers shall act upon the instructions of the Board,
      executing its resolutions. 

     

    The
      senior officers shall act in accordance with the laws and regulations of Hong
      Kong. No senior officer shall hold a post concurrently with other economic
      organizations, nor shall any senior officer be engaged (in whatever capacity)
      in
      any other economic organizations which are in commercial competition with the
      Company.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    Each
      Co-Chief Executive Officer, the Executive Vice President, and the Chief
      Financial Officer may be dismissed at any time by a decision of the Board.
      Should either Co-Chief Executive Officer, the Executive Vice President, or
      the
      Chief Financial Officer violate any law or be derelict in their duties, the
      Board may dismiss them. 

    

    Unless
      otherwise decided by the Board, the term of office for all senior personnel
      (each Co-Chief Executive Officer, the Executive Vice President, and Chief
      Financial Officer) shall be three (3) years.”

    

    10. Annex
      4 to the Agreement.
      Annex 4
      to the Agreement shall be deleted and replaced in its entirety by Annex 4
      attached and incorporated by reference hereto.

    

    11. Effect
      of Amendment.
      Except
      as expressly set forth herein, the terms and conditions of the Agreement shall
      remain in effect and binding on each party. Nothing herein shall be deemed
      to
      entitle either party to a consent to, or a waiver, amendment, modification
      or
      other change of, any of the other terms, conditions, obligations, or agreements
      contained in the Agreement. Neither this First Amendment nor any provision
      hereof may be waived, amended or modified except by a written amendment signed
      by both parties.

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this First Amendment to be
      executed and delivered as of the date first written above.

    

    
      	
              Eastern
                Marine Services Limited

               

               

              By:
                     

               

              Name: 

              Title:

            	
              Trico
                Marine Services (Hong Kong) Limited

               

               

              By:
                     

               

              Name: Trevor
                Turbidy

              Title:
                Director

            
	
              COSL
                Hong Kong

               

               

              By:
                     

               

              Name: 

              Title:

            	
              China
                Oilfield Services Limited

               

               

              By:
                     

               

              Name: 

              Title:Employment Agreement -Varma

     

    EXHIBIT
      10.3

    AMENDED
      AND RESTATED EMPLOYMENT AGREEMENT

     

    THIS
      AMENDED AND RESTATED EMPLOYMENT AGREEMENT
      (“Agreement”) is made by and between Trico Marine Services, Inc., a Delaware
      corporation (“Company”), and Rishi A. Varma (“Executive”).

     

    W
      I T N E S S E T H:

     

    WHEREAS,
      Executive is currently employed by Company; and

     

    WHEREAS,
      Company
      is desirous of continuing to employ Executive in an executive capacity on the
      terms and conditions, and for the consideration, hereinafter set forth and
      Executive is desirous of continuing to be employed by Company on such terms
      and
      conditions and for such consideration;

     

    NOW,
      THEREFORE,
      for and
      in consideration of the mutual promises, covenants and obligations contained
      herein, Company and Executive agree as follows:

     

    ARTICLE
      1: EMPLOYMENT
      AND DUTIES

     

    1.1 Employment;
      Effective Date.
      Effective as of May __, 2006 (the “Effective Date”) and continuing for the
      period of time set forth in Article 2 of this Agreement, Executive’s employment
      by Company shall be subject to the terms and conditions of this
      Agreement.

     

    1.2 Positions.
      From
      and after the Effective Date, Company shall employ Executive in the positions
      of
      Vice President, General Counsel and Corporate Secretary of Company, or in such
      other positions as the parties mutually may agree. 

     

    1.3 Duties
      and Services.
      Executive agrees to serve in the positions referred to in paragraph 1.2 and
      to
      perform diligently and to the best of his abilities the duties and services
      appertaining to such offices, as well as such additional duties and services
      appropriate to such offices which the parties mutually may agree upon from
      time
      to time. Executive’s employment shall also be subject to the policies maintained
      and established by Company that are of general applicability to Company’s
      executive employees, as such policies may be amended from time to
      time.

     

    1.4 Other
      Interests.
      Executive agrees, during the period of his employment by Company, to devote
      substantially all of his business time, energy and best efforts to the business
      and affairs of Company and its affiliates and not to engage, directly or
      indirectly, in any other business or businesses, whether or not similar to
      that
      of Company, except with the consent of the Board of Directors of Company (the
      “Board of Directors”). The foregoing notwithstanding, the parties recognize and
      agree that Executive may engage in other business activities that do not
      conflict with the business and affairs of Company or interfere with Executive’s
      performance of his duties hereunder, which shall be at the sole determination
      of
      the Board of Directors.

     

    1.5 Duty
      of Loyalty.
      Executive acknowledges and agrees that Executive owes a fiduciary duty of
      loyalty to act at all times in the best interests of Company. In keeping with
      such duty, Executive shall make full disclosure to Company of all business
      opportunities pertaining to Company’s business and shall not appropriate for
      Executive’s own benefit business opportunities concerning Company’s
      business.

     

    ARTICLE
      2: TERM
      AND TERMINATION OF EMPLOYMENT

     

    2.1 Term.
      Unless
      sooner terminated pursuant to other provisions hereof, Company agrees to employ
      Executive for the period beginning on the Effective Date and ending on the
      first
      anniversary of the Effective Date (the “Initial Expiration Date”); provided,
      however, that beginning
      on the Initial Expiration Date, and on each anniversary of the Initial
      Expiration Date thereafter, if this Agreement has not been terminated pursuant
      to paragraph 2.2 or 2.3, then said term of employment shall automatically be
      extended for an additional one-year period unless on or before the date that
      is
      30 days prior to the first day of any such extension period either party shall
      give written notice to the other that no such automatic extension shall
      occur.

     

    2.2 Company’s
      Right to Terminate.
      Notwithstanding the provisions of paragraph 2.1, Company shall have the
      right to terminate Executive’s employment under this Agreement at any time for
      any of the following reasons:

     

    (i) upon
      Executive’s death;

     

    (ii) upon
      Executive’s becoming incapacitated by accident, sickness, or other circumstances
      which, in the opinion of a physician selected by Company, renders him mentally
      or physically incapable of performing the duties and services required of him
      hereunder;

     

    (iii) for
      “Cause”, which shall mean Executive (A) has engaged in gross negligence or
      willful misconduct in the performance of the duties required of him hereunder,
      (B) has willfully refused without proper legal reason to perform the duties
      and
      responsibilities required of him hereunder, (C) has materially breached any
      material provision of this Agreement or any material corporate policy maintained
      and established by Company that is of general applicability to Company’s
      executive employees, (D) has willfully engaged in conduct that he knows or
      should know is materially injurious to Company or any of its affiliates, or
      (E)
      has been convicted of, or pleaded no contest to, a crime involving moral
      turpitude or any felony, or (F) has engaged in any act of serious dishonesty
      which adversely affects, or reasonably could in the future adversely affect,
      the
      value, reliability, or performance of Executive in a material manner; provided,
      however, that Executive’s employment may be terminated for Cause only if such
      termination is approved by at least a majority of a quorum (as defined in
      Company’s By-laws) of the members of the Board of Directors after Executive has
      been given written notice by Company of the specific reason for such termination
      and an opportunity for Executive, together with his counsel, to be heard before
      the Board of Directors; or

     

    (iv) for
      any
      other reason whatsoever, in the sole discretion of the Board of
      Directors.

     

    Members
      of the Board of Directors may participate in any hearing that is required
      pursuant to paragraph 2.2(iii) by means of conference telephone or similar
      communications equipment by means of which all persons participating in the
      hearing can hear and speak to each other. 

     

    2.3 Executive’s
      Right to Terminate.
      Notwithstanding the provisions of paragraph 2.1, Executive shall have the
      right to terminate his employment under this Agreement for any of the following
      reasons:

     

    (i) for
“Good
      Reason”, which shall mean, within 60 days of and in connection with or based
      upon (A) a material breach by Company of any material provision of this
      Agreement (provided, however, that a reduction in Executive’s annual base salary
      that is consistent with reductions taken generally by other executives of
      Company shall not be considered a material breach of a material provision of
      this Agreement), (B) a significant reduction in the nature or scope of
      Executive’s duties and responsibilities, (C) the assignment to Executive of
      duties and responsibilities that are materially inconsistent with the positions
      referred to in paragraph 1.2, (D) any requirement that Executive relocate
      to a site more than 50 miles from his present business address, or (E) Executive
      not being offered a comparable position at the “resulting entity” (as defined in
      paragraph 4.1) in connection with a Change in Control. Prior to Executive’s
      termination for Good Reason, Executive must give written notice to Company
      of
      the reason for his termination and the reason must remain uncorrected for 30
      days following such written notice; or

     

    (ii) at
      any
      time for any other reason whatsoever, in the sole discretion of
      Executive.

     

    2.4 Notice
      of Termination.
      If
      Company desires to terminate Executive’s employment hereunder at any time prior
      to expiration of the term of employment as provided in paragraph 2.1, it shall
      do so by giving written notice to Executive that it has elected to terminate
      Executive’s employment hereunder and stating the effective date and reason for
      such termination, provided that no such action shall alter or amend any other
      provisions hereof or rights arising hereunder. If Executive desires to terminate
      his employment hereunder at any time prior to expiration of the term of
      employment as provided in paragraph 2.1, he shall do so by giving a 30-day
      written notice to the Company that he has elected to terminate his employment
      hereunder and stating the effective date and reason for such termination,
      provided that no such action shall alter or amend any other provisions hereof
      or
      rights arising hereunder.

     

    2.5 Deemed
      Resignations.
      Any
      termination of Executive’s employment shall constitute an automatic resignation
      of Executive as an officer of Company and each affiliate of Company, and an
      automatic resignation of Executive from the Board of Directors (if applicable)
      and from the board of directors of any affiliate of Company and from the board
      of directors or similar governing body of any corporation, limited liability
      company or other entity in which Company or any affiliate holds an equity
      interest and with respect to which board or similar governing body Executive
      serves as Company’s or such affiliate’s designee or other
      representative.

     

    ARTICLE
      3: COMPENSATION
      AND BENEFITS

     

    3.1 Base
      Salary.
      During
      the period of this Agreement, Executive shall receive a minimum annual base
      salary of $215,000. Executive’s annual base salary shall be reviewed by the
      Board of Directors (or a committee thereof) on an annual basis, and, in the
      sole
      discretion of the Board of Directors (or such committee), such annual base
      salary may be increased, but not decreased (except for a decrease that is
      consistent with reductions taken generally by other executives of Company),
      effective as of any date determined by the Board of Directors. Executive’s
      annual base salary shall be paid in equal installments in accordance with
      Company’s standard policy regarding payment of compensation to executives but no
      less frequently than monthly.

     

    3.2 Bonuses.
      Executive shall be eligible to participate in Company’s annual cash incentive
      plan as approved from time to time by the Board of Directors in amounts to
      be
      determined by the Board of Directors (or a duly authorized committee thereof)
      based upon criteria established by the Board of Directors (or such committee,
      if
      any).

     

    3.3 Other
      Perquisites.
      During
      his employment hereunder, Executive shall be afforded the following benefits
      as
      incidences of his employment:

     

    (i) Business
      and Entertainment Expenses
      -
      Subject to Company’s standard policies and procedures with respect to expense
      reimbursement as applied to its executive employees generally, Company shall
      reimburse Executive for, or pay on behalf of Executive, reasonable and
      appropriate expenses incurred by Executive for business related purposes,
      including dues and fees to industry and professional organizations and costs
      of
      entertainment and business development.

     

    (ii) Vacation
      - During
      his employment hereunder, Executive shall be entitled to four weeks of paid
      vacation each calendar year (or such greater amount of vacation as provided
      to
      executives of Company generally) and to all holidays provided to executives
      of
      Company generally; provided, however, that for the period beginning on the
      Effective Date and ending on the last day of the calendar year in which the
      Effective Date occurs, Executive shall be entitled to four weeks of paid
      vacation (or such greater amount of vacation as provided to executives of
      Company generally) reduced by the number of vacation days that Executive has
      already used during such calendar year and prior to the Effective
      Date.

     

    (iii) Other
      Company Benefits
      -
      Executive and, to the extent applicable, Executive’s spouse, dependents and
      beneficiaries, shall be allowed to participate in all benefits, plans and
      programs, including improvements or modifications of the same, which are now,
      or
      may hereafter be, available to other executive employees of Company. Such
      benefits, plans and programs shall include, without limitation, any profit
      sharing plan, thrift plan, health insurance or health care plan, life insurance,
      disability insurance, pension plan, supplemental retirement plan, vacation
      and
      sick leave plan, and the like which may be maintained by Company. Company shall
      not, however, by reason of this paragraph be obligated to institute, maintain,
      or refrain from changing, amending, or discontinuing, any such benefit plan
      or
      program, so long as such changes are similarly applicable to executive employees
      generally.

     

    ARTICLE
      4: EFFECT
      OF TERMINATION AND CHANGE IN CONTROL ON COMPENSATION; ADDITIONAL
      PAYMENTS

     

    4.1 Defined
      Terms.
      For
      purposes of this Article 4, the following terms shall have the meanings
      indicated:

     

    “Change
      in Control” means (i) a merger of Company with another entity, a consolidation
      involving Company, or the sale of all or substantially all of the assets of
      Company to another entity if, in any such case, (A) the holders of equity
      securities of Company immediately prior to such transaction or event do not
      beneficially own immediately after such transaction or event equity securities
      of the resulting entity entitled to 50% or more of the votes then eligible
      to be
      cast in the election of directors generally (or comparable governing body)
      of
      the resulting entity in substantially the same proportions that they owned
      the
      equity securities of Company immediately prior to such transaction or event
      or
      (B) the persons who were members of the Board of Directors immediately prior
      to
      such transaction or event shall not constitute at least a majority of the board
      of directors of the resulting entity immediately after such transaction or
      event, (ii) the dissolution or liquidation of Company, (iii) when any person
      or
      entity, including a “group” as contemplated by Section 13(d)(3) of the
      Securities Exchange Act of 1934, as amended, acquires or gains ownership or
      control (including, without limitation, power to vote) of more than 50% of
      the combined voting power of the outstanding securities of, (A) if Company
      has
      not engaged in a merger or consolidation, Company, or (B) if Company has engaged
      in a merger or consolidation, the resulting entity, or (iv) as a result of
      or in
      connection with a contested election of directors, the persons who were members
      of the Board of Directors immediately before such election shall cease to
      constitute a majority of the Board of Directors. For purposes of the preceding
      sentence, (1) “resulting entity” in the context of a transaction or event that
      is a merger, consolidation or sale of all or substantially all assets shall
      mean
      the surviving entity (or acquiring entity in the case of an asset sale) unless
      the surviving entity (or acquiring entity in the case of an asset sale) is
      a
      subsidiary of another entity and the holders of common stock of Company receive
      capital stock of such other entity in such transaction or event, in which event
      the resulting entity shall be such other entity, and (2) subsequent to the
      consummation of a merger or consolidation that does not constitute a Change
      in
      Control, the term “Company” shall refer to the resulting entity and the term
“Board of Directors” shall refer to the board of directors (or comparable
      governing body) of the resulting entity. 

     

    “Change
      in Control Benefits” means (i) a lump sum cash payment equal to the sum of:
      (A) 2.99 times Executive’s annual base salary at the rate in effect under
      paragraph 3.1 on the date of termination of Executive’s employment (or, if
      higher, Executive’s annual base salary in effect immediately prior to the Change
      in Control), (B) 2.99 times the higher of (1) Executive’s highest annual bonus
      paid during the three most recent fiscal years or (2) Executive’s Target Bonus
      (as provided in Company’s annual cash incentive plan) for the fiscal year in
      which Executive’s date of termination occurs, and (C) any bonus that
      Executive has earned and accrued as of the date of termination of Executive’s
      employment which relates to periods that have ended on or before such date
      and
      which have not yet been paid to Executive by Company; (ii) all of the
      outstanding stock options, restricted stock awards and other equity based awards
      granted by Company to Executive shall become fully vested and immediately
      exercisable in full on the date of termination of Executive’s employment; and
      (iii) Health Coverage.

     

    “Health
      Coverage” means that if Executive elects to continue coverage for himself or his
      eligible dependents under Company’s group health plans pursuant to the
      Consolidated Omnibus Budget Reconciliation Act of 1985, as amended (“COBRA”),
      during the one-year period commencing on the date of Executive’s termination of
      employment from Company (the “Severance Period”), then throughout the Severance
      Period Company shall promptly reimburse Executive on a monthly basis for the
      difference between the amount Executive pays to effect and continue such
      coverage and the employee contribution amount that active senior executive
      employees pay for the same or similar coverage under Company’s group health
      plans. Further, if after the Severance Period Executive continues his COBRA
      coverage and Executive’s COBRA coverage terminates at any time during the
      eighteen-month period commencing on the day immediately following the last
      day
      of the Severance Period (the “Extended Coverage Period”), then Company shall
      provide Executive (and his eligible dependents) with health benefits
      substantially similar to those provided under its group health plans for active
      employees for the remainder of the Extended Coverage Period at a cost to
      Executive that is no greater than the cost of COBRA coverage; provided, however,
      that Company shall use its reasonable efforts so that such health benefits
      are
      provided to Executive under one or more insurance policies (or such other
      manner) so that reimbursement or payment of benefits to Executive thereunder
      shall not result in taxable income to Executive. Notwithstanding the preceding
      provisions of this paragraph, Company’s obligation to reimburse Executive during
      the Severance Period and to provide health benefits to Executive during the
      Extended Coverage Period shall immediately end if and to the extent Executive
      becomes eligible to receive health plan coverage from a subsequent employer
      (with Executive being obligated hereunder to promptly report such eligibility
      to
      Company).

     

    “Termination
      Benefits” means (i) a lump sum cash payment equal to the sum of: (A) one
      year of Executive’s annual base salary at the rate in effect under paragraph 3.1
      on the date of termination of Executive’s employment, (B) the higher of (1)
      Executive’s highest annual bonus paid during the three most recent fiscal years
      or (2) Executive’s Target Bonus (as provided in Company’s annual cash incentive
      plan) for the fiscal year in which Executive’s date of termination occurs, and
      (C) any bonus that Executive has earned and accrued as of the date of
      termination of Executive’s employment which relates to periods that have ended
      on or before such date and which have not yet been paid to Executive by Company;
      and (ii) Health Coverage.

     

    4.2 Termination
      By Expiration.
      If
      Executive’s employment hereunder shall terminate upon expiration of the term
      provided in paragraph 2.1 hereof because either party has provided the notice
      contemplated in such paragraph, then all compensation and all benefits to
      Executive hereunder shall continue to be provided until the expiration of such
      term and such compensation and benefits shall terminate contemporaneously with
      termination of his employment.

     

    4.3 Termination
      By Company.
      If
      Executive’s employment hereunder shall be terminated by Company prior to
      expiration of the term provided in paragraph 2.1, then, upon such termination,
      regardless of the reason therefor, all compensation and benefits to Executive
      hereunder shall terminate contemporaneously with the termination of such
      employment; provided, however, that, subject to paragraph 4.7 below, if such
      termination shall be for any reason other than those encompassed by paragraph
      2.2(i), 2.2(ii), or 2.2(iii), then Company shall provide Executive with the
      Termination Benefits, except that if Executive is entitled to the Change in
      Control Benefits pursuant to paragraph 4.5 as a result of such termination,
      then
      Executive will not receive the Termination Benefits provided by Company under
      this paragraph. Any lump sum cash payment due to Executive pursuant to the
      preceding sentence shall be paid to Executive within five business days of
      the
      date of Executive’s termination of employment with Company; provided, however,
      that if the lump sum cash payment would be subject to additional taxes and
      interest under Section 409A of the Internal Revenue Code of 1986, as amended
      (the “Code”), then payment of the lump sum cash payment shall be deferred to the
      extent required to avoid such additional taxes and interest.

     

    4.4 Termination
      By Executive.
      If
      Executive’s employment hereunder shall be terminated by Executive prior to
      expiration of the term provided in paragraph 2.1, then, upon such termination,
      regardless of the reason therefor, all compensation and benefits to Executive
      hereunder shall terminate contemporaneously with the termination of such
      employment; provided, however, that, subject to paragraph 4.7 below, if such
      termination occurs for Good Reason, then Company shall provide Executive with
      the Termination Benefits, except that if Executive is entitled to the Change
      in
      Control Benefits pursuant to paragraph 4.5 as a result of such termination,
      then
      Executive will not receive the Termination Benefits provided by Company under
      this paragraph. Any lump sum cash payment due to Executive pursuant to this
      paragraph shall be paid to Executive within five business days of the date
      of
      Executive’s termination of employment with Company; provided, however, that if
      the lump sum cash payment would be subject to additional taxes and interest
      under Section 409A of the Code, then payment of the lump sum cash payment shall
      be deferred to the extent required to avoid such additional taxes and
      interest.

     

    4.5 Change
      in Control Benefits.
      If
      Executive’s employment is terminated pursuant to paragraph 2.2(iv) or paragraph
      2.3(i) in connection with, based upon, or within 12 months after, a Change
      in
      Control, then Company shall provide Executive with the Change in Control
      Benefits. Any lump sum cash payment due to Executive pursuant to the preceding
      sentence shall be paid to Executive within five business days of the date of
      Executive’s termination of employment with Company; provided, however, that if
      the lump sum cash payment would be subject to additional taxes and interest
      under Section 409A of the Code, then payment of the lump sum cash payment shall
      be deferred to the extent required to avoid such additional taxes and
      interest.

     

    4.6 Additional
      Payments by Company.
      Notwithstanding anything to the contrary in this Agreement, in the event that
      any payment or distribution by Company to or for the benefit of Executive,
      whether paid or payable or distributed or distributable pursuant to the terms
      of
      this Agreement or otherwise (a “Payment”), would be subject to the excise tax
      imposed by Section 4999 of the Code, or any interest or penalties with respect
      to such excise tax (such excise tax, together with any such interest or
      penalties, are hereinafter collectively referred to as the “Excise Tax”),
      Company shall pay to Executive an additional payment (a “Gross-up Payment”) in
      an amount such that after payment by Executive of all taxes (including any
      interest or penalties imposed with respect to such taxes), including any Excise
      Tax imposed on any Gross-up Payment, Executive retains an amount of the Gross-up
      Payment equal to the Excise Tax imposed upon the Payments. Company and Executive
      shall make an initial determination as to whether a Gross-up Payment is required
      and the amount of any such Gross-up Payment. Executive shall notify Company
      in
      writing of any claim by the Internal Revenue Service which, if successful,
      would
      require Company to make a Gross-up Payment (or a Gross-up Payment in excess
      of
      that, if any, initially determined by Company and Executive) within 10 days
      of
      the receipt of such claim. Company shall notify Executive in writing at least
      10
      days prior to the due date of any response required with respect to such claim
      if it plans to contest the claim. If Company decides to contest such claim,
      Executive shall cooperate fully with Company in such action; provided, however,
      Company shall bear and pay directly or indirectly all costs and expenses
      (including additional interest and penalties) incurred in connection with such
      action and shall indemnify and hold Executive harmless, on an after-tax basis,
      for any Excise Tax or income tax, including interest and penalties with respect
      thereto, imposed as a result of Company’s action. If, as a result of Company’s
      action with respect to a claim, Executive receives a refund of any amount paid
      by Company with respect to such claim, Executive shall promptly pay such refund
      to Company. If Company fails to timely notify Executive whether it will contest
      such claim or Company determines not to contest such claim, then Company shall
      immediately pay to Executive the portion of such claim, if any, which it has
      not
      previously paid to Executive. In addition, Company may use reasonable tax
      planning options to mitigate the effects of the Excise Tax and Executive agrees
      to cooperate fully with Company in using all available tax planning options
      to
      mitigate the effects of the Excise Tax; provided, however, Company shall bear
      and pay directly or indirectly all costs and expenses (including additional
      interest and penalties) incurred in connection with using such tax planning
      options and shall indemnify and hold Executive harmless, on an after-tax basis,
      for any Excise Tax or income tax, including interest and penalties with respect
      thereto, imposed as a result of Company’s use of such tax planning
      options.

     

    4.7 Release
      and Full Settlement.
      Anything
      to the contrary herein notwithstanding, as a condition to the receipt of
      Termination Benefits under paragraph 4.3 or 4.4 hereof, Executive shall first
      execute a release, in the form established by the Board of Directors, releasing
      the Board of Directors, Company, and Company’s parent corporation, subsidiaries,
      affiliates, and their respective shareholders, partners, officers, directors,
      employees, attorneys and agents from any and all claims and from any and all
      causes of action of any kind or character including, but not limited to, all
      claims or causes of action arising out of Executive’s employment with Company or
      its affiliates or the termination of such employment, but excluding all claims
      to vested benefits and payments Executive may have under any compensation or
      benefit plan, program or arrangement, including this Agreement. The performance
      of Company’s obligations hereunder and the receipt of any benefits provided
      under paragraphs 4.3 and 4.4 shall constitute full settlement of all such claims
      and causes of action.

     

    4.8 No
      Duty to Mitigate Losses.
      Executive shall have no duty to find new employment following the termination
      of
      his employment under circumstances which require Company to pay any amount
      to
      Executive pursuant to this Article 4. Except to the extent Executive becomes
      eligible to receive health plan coverage from a subsequent employer as provided
      in paragraph 4.1 with respect to Health Coverage, any salary or remuneration
      received by Executive from a third party for the providing of personal services
      (whether by employment or by functioning as an independent contractor) following
      the termination of his employment under circumstances pursuant to which this
      Article 4 apply shall not reduce Company’s obligation to make a payment to
      Executive (or the amount of such payment) pursuant to the terms of this Article
      4.

     

    4.9 Liquidated
      Damages.
      In
      light of the difficulties in estimating the damages for an early termination
      of
      Executive’s employment under this Agreement, Company and Executive hereby agree
      that the payments, if any, to be received by Executive pursuant to this Article
      4 shall be received by Executive as liquidated damages.

     

    4.10 Other
      Benefits.
      This
      Agreement governs the rights and obligations of Executive and Company with
      respect to Executive’s base salary and certain perquisites of employment. Except
      as expressly provided herein, Executive’s rights and obligations both during the
      term of his employment and thereafter with respect to stock options, restricted
      stock, incentive and deferred compensation, life insurance policies insuring
      the
      life of Executive, and other benefits under the plans and programs maintained
      by
      Company shall be governed by the separate agreements, plans and other documents
      and instruments governing such matters.

     

    ARTICLE
      5: OWNERSHIP
      AND PROTECTION OF INFORMATION; COPYRIGHTS

     

    5.1 Disclosure
      to Executive.
      Executive
      acknowledges that Company has and will in the course of his employment disclose
      to Executive, or place Executive in a position to have access to or develop,
      trade secrets or confidential information of Company and its affiliates; and/or
      shall entrust Executive with business opportunities of Company and its
      affiliates; and/or shall place Executive in a position to develop business
      good
      will on behalf of Company and its affiliates.

     

    5.2 Property
      of Company. All
      information, ideas, concepts, improvements, discoveries, and inventions, whether
      patentable or not, which are conceived, made, developed or acquired by
      Executive, individually or in conjunction with others, during Executive’s
      employment by Company (whether during business hours or otherwise and whether
      on
      Company’s premises or otherwise) which relate to the business, products or
      services of Company or its affiliates shall be disclosed to Company and are
      and
      shall be the sole and exclusive property of Company and its affiliates.
      Moreover, all documents, drawings, memoranda, notes, records, files,
      correspondence, manuals, models, specifications, computer programs, E-mail,
      voice mail, electronic databases, maps and all other writings or materials
      of
      any type embodying any of such information, ideas, concepts, improvements,
      discoveries, and inventions are and shall be the sole and exclusive property
      of
      Company and its affiliates. Upon Executive’s termination of employment for any
      reason, Executive shall deliver the same, and all copies thereof, to
      Company.

     

    5.3 Patent
      and Copyright Assignment.
      Executive agrees to assign and transfer to Company or its designee, without
      any
      separate remuneration or compensation, his entire right, title and interest
      in
      and to all Inventions and Works in the Field (as hereinafter defined), together
      with all United States and foreign rights with respect thereto, and at Company’s
      expenses to execute and deliver all appropriate patent and copyright
      applications for securing United States and foreign patents and copyrights
      on
      such Inventions and Works in the Field, and to perform all lawful acts,
      including giving testimony and executing and delivering all such instruments,
      that may be necessary or proper to vest all such Inventions and Works in the
      Field and patents and copyrights with respect thereto in Company, and to assist
      Company in the prosecution or defense of any interference which may be declared
      involving any of said patent applications or patents or copyright applications
      or copyrights. For purposes of this Agreement the words “Inventions and Works in
      the Field” shall include any discovery, process, design, development,
      improvement, application, technique, program or invention, whether patentable
      or
      copyrightable or not and whether reduced to practice or not, conceived or made
      by Executive, individually or jointly with others (whether on or off Company’s
      premises or during or after normal working hours) while employed by Company;
      provided, however, that no discovery, process, design, development, improvement,
      application, technique, program or invention reduced to practice or conceived
      by
      Executive off Company’s premises and after normal working hours or during hours
      when Executive is not performing services for Company, shall be deemed to be
      included in the term “Inventions and Works in the Field” unless directly or
      indirectly related to the business then being conducted by Company or its
      affiliates or any business which Company or its affiliates is then actively
      exploring.

     

    5.4 No
      Unauthorized Use or Disclosure. Executive
      acknowledges that the business of Company and its affiliates is highly
      competitive and that their strategies, methods, books, records, and documents,
      their technical information concerning their products, equipment, services,
      and
      processes, procurement procedures and pricing techniques, the names of and
      other
      information (such as credit and financial data) concerning their customers
      and
      business affiliates, all comprise confidential business information and trade
      secrets which are valuable, special, and unique assets which Company and its
      affiliates use in their business to obtain a competitive advantage over their
      competitors. Executive further acknowledges that protection of such confidential
      business information and trade secrets against unauthorized disclosure and
      use
      is of critical importance to Company and its affiliates in maintaining their
      competitive position. Executive hereby agrees that Executive will not, at any
      time during or after Executive’s employment by Company, make any unauthorized
      disclosure of any confidential business information or trade secrets of Company
      and its affiliates, or make any use thereof, except in the carrying out of
      Executive’s employment responsibilities hereunder. Company and its affiliates
      shall be third party beneficiaries of Executive’s obligations under this
      paragraph. As a result of Executive’s employment by Company, Executive may also
      from time to time have access to, or knowledge of, confidential business
      information or trade secrets of third parties, such as customers, suppliers,
      partners, joint venturers, and the like, of Company and its affiliates.
      Executive also agrees to preserve and protect the confidentiality of such third
      party confidential information and trade secrets to the same extent, and on
      the
      same basis, as the confidential business information and trade secrets of
      Company and its affiliates. These obligations of confidence apply irrespective
      of whether the information has been reduced to a tangible medium of expression
      (e.g.,
      is only
      maintained in the minds of Company’s employees) and, if it has been reduced to a
      tangible medium, irrespective of the form or medium in which the information
      is
      embodied (e.g.,
      documents, drawings, memoranda, notes, records, files, correspondence, manuals,
      models, specifications, computer programs, E-mail, voice mail, electronic
      databases, maps and all other writings or materials of any type).

     

    5.5 Assistance
      by Executive.
      Both
      during the period of Executive’s employment by Company and thereafter, Executive
      shall assist Company and its affiliates and their respective nominees, at any
      time, in the protection of Company’s and its affiliates’ worldwide rights,
      titles, and interests in and to information, ideas, concepts, improvements,
      discoveries, and inventions, and their copyrighted works, including without
      limitation, the execution of all formal assignment documents requested by
      Company and its affiliates or their respective nominees and the execution of
      all
      lawful oaths and applications for applications for patents and registration
      of
      copyright in the United States and foreign countries.

     

    5.6 Remedies.
      Executive acknowledges that money damages would not be sufficient remedy for
      any
      breach of this Article 5 by Executive, and Company shall be entitled to
enforce
      the provisions of this Article 5 by terminating any payments then owing to
      Executive under this Agreement and/or to specific performance and injunctive
      relief as remedies for such breach or any threatened breach. Such remedies
      shall
      not be deemed the exclusive remedies for a breach of this Article 5, but shall
      be in addition to all remedies available at law or in equity to Company and
      its
      affiliates, including the recovery of damages from Executive and Executive’s
      agents involved in such breach and remedies available to Company and its
      affiliates pursuant to other agreements with Executive.

     

    ARTICLE
      6: NON-COMPETITION
      OBLIGATIONS

     

    6.1 Non-competition
      Obligations.
      As part
      of the consideration for the compensation and benefits to be paid to Executive
      hereunder; to protect the trade secrets and confidential information of Company
      and its affiliates that have been or will in the future be disclosed or
      entrusted to Executive, the business good will of Company and its affiliates
      that has been and will in the future be developed in Executive, or the business
      opportunities that have been and will in the future be disclosed or entrusted
      to
      Executive by Company and its affiliates; and as an additional incentive for
      Company to enter into this Agreement, Company and Executive agree to the
      provisions of this Article 6. Executive agrees that during the period of
      Executive’s non-competition obligations hereunder, Executive shall not, directly
      or indirectly for Executive or for others, in any geographic area or market
      where Company or its affiliates are conducting any business as of the date
      of
      termination of the employment relationship or have during the previous 12 months
      conducted any business:

    

    
      	 	
              (i)

            	
              engage
                in any offshore supply vessel business serving the oil and gas industry
                that is competitive with the business conducted by Company or its
                affiliates;

            

    

    

    
      	 	
              (ii)

            	
              render
                any advice or services to, or otherwise assist, any other person,
                association, or entity who is engaged, directly or indirectly, with
                any
                offshore supply vessel business serving the oil and gas industry
                that is
                competitive with the business conducted by Company or its
                affiliates;

            

    

    

    
      	 	
              (iii)

            	
              induce
                any employee of Company or its affiliates to terminate his or her
                employment with Company or its affiliates, or hire or assist in the
                hiring
                of any such employee by any person, association, or entity not affiliated
                with Company;

            

    

    

    
      	 	
              (iv)

            	
              request
                or cause any customer of Company or its affiliates to terminate any
                business relationship with Company or its
                affiliates.

            

    

    

    These
      non-competition obligations shall apply during the period that Executive is
      employed by Company and shall continue until the first anniversary of the
      termination of Executive’s employment. Executive understands that the foregoing
      restrictions may limit Executive’s ability to engage in certain businesses
      anywhere in the world during the period provided for above, but acknowledges
      that Executive will receive sufficiently high remuneration and other benefits
      under this Agreement to justify such restriction.

    

    6.2 Enforcement
      and Remedies.
      Executive acknowledges that money damages would not be sufficient remedy for
      any
      breach of this Article 6 by Executive, and Company shall be entitled to enforce
      the provisions of this Article 6 by terminating any payments then owing to
      Executive under this Agreement and/or to specific performance and injunctive
      relief as remedies for such breach or any threatened breach. Such remedies
      shall
      not be deemed the exclusive remedies for a breach of this Article 6, but shall
      be in addition to all remedies available at law or in equity to Company,
      including, without limitation, the recovery of damages from Executive and
      Executive’s agents involved in such breach and remedies available to Company
      pursuant to other agreements with Executive.

    

    6.3 Reformation.
      It is
      expressly understood and agreed that Company and Executive consider the
      restrictions contained in this Article 6 to be reasonable and necessary to
      protect the proprietary information of Company and its affiliates. Nevertheless,
      if any of the aforesaid restrictions are found by a court having jurisdiction
      to
      be unreasonable, or overly broad as to geographic area or time, or otherwise
      unenforceable, the parties intend for the restrictions therein set forth to
      be
      modified by such courts so as to be reasonable and enforceable and, as so
      modified by the court, to be fully enforced.

     

    ARTICLE
      7: MISCELLANEOUS

     

    7.1 Notices.
      For
      purposes of this Agreement, notices and all other communications provided for
      herein shall be in writing and shall be deemed to have been duly given when
      personally delivered or when mailed by United States registered or certified
      mail, return receipt requested, postage prepaid, addressed as
      follows:

     

    If
      to Company to:  Trico
      Marine Services, Inc.

    2401
      Fountainview, Suite 920

    Houston,
      Texas 77057

    Attention:
      Chief Executive Officer

     

    If
      to Executive to:  Rishi
      A.
      Varma

    4144
      Cason Street

    Houston,
      Texas 77005

     

    or
      to
      such other address as either party may furnish to the other in writing in
      accordance herewith, except that notices or changes of address shall be
      effective only upon receipt.

     

    7.2 Applicable
      Law.
      This
      Agreement is entered into under, and shall be governed for all purposes by,
      the
      laws of the State of Texas.

     

    7.3 No
      Waiver.
      No
      failure by either party hereto at any time to give notice of any breach by
      the
      other party of, or to require compliance with, any condition or provision of
      this Agreement shall be deemed a waiver of similar or dissimilar provisions
      or
      conditions at the same or at any prior or subsequent time.

     

    7.4 Severability.
      If a
      court of competent jurisdiction determines that any provision of this Agreement
      is invalid or unenforceable, then the invalidity or unenforceability of that
      provision shall not affect the validity or enforceability of any other provision
      of this Agreement, and all other provisions shall remain in full force and
      effect.

     

    7.5 Counterparts.
      This
      Agreement may be executed in one or more counterparts, each of which shall
      be
      deemed to be an original, but all of which together will constitute one and
      the
      same Agreement.

     

    7.6 Withholding
      of Taxes and Other Employee Deductions.
      Company
      may withhold from any benefits and payments made pursuant to this Agreement
      all
      federal, state, city and other taxes as may be required pursuant to any law
      or
      governmental regulation or ruling and all other normal employee deductions
      made
      with respect to Company’s employees generally.

     

    7.7 Headings.
      The
      paragraph headings have been inserted for purposes of convenience and shall
      not
      be used for interpretive purposes.

     

    7.8 Gender
      and Plurals.
      Wherever the context so requires, the masculine gender includes the feminine
      or
      neuter, and the singular number includes the plural and conversely.

     

    7.9 Affiliate.
      As used
      in this Agreement, the term “affiliate” shall mean any entity which owns or
      controls, is owned or controlled by, or is under common ownership or control
      with, Company.

     

    7.10 Assignment.
      This
      Agreement shall be binding upon and inure to the benefit of Company and any
      successor of Company, by merger or otherwise. Except as provided in the
      preceding sentence, this Agreement, and the rights and obligations of the
      parties hereunder, are personal and neither this Agreement, nor any right,
      benefit, or obligation of either party hereto, shall be subject to voluntary
      or
      involuntary assignment, alienation or transfer, whether by operation of law
      or
      otherwise, without the prior written consent of the other party.

     

    7.11 Term.
      This
      Agreement has a term co-extensive with the term of employment provided in
      paragraph 2.1. Termination shall not affect any right or obligation of any
      party
      which is accrued or vested prior to such termination.

     

    7.12 Entire
      Agreement.
      Except
      as provided in (i) the written benefit plans and programs referenced in
      paragraph 3.3(iv) (and any agreements between Company and Executive that have
      been executed under such plans and programs) and (ii) any signed written
      agreement contemporaneously or hereafter executed by Company and Executive,
      this
      Agreement constitutes the entire agreement of the parties with regard to the
      subject matter hereof, and contains all the covenants, promises,
      representations, warranties and agreements between the parties with respect
      to
      employment of Executive by Company. Without limiting the scope of the preceding
      sentence, all understandings and agreements preceding the date of execution
      of
      this Agreement and relating to the subject matter hereof (other than the
      agreements described in clause (i) of the preceding sentence) are hereby null
      and void and of no further force and effect. Any modification of this Agreement
      will be effective only if it is in writing and signed by the party to be
      charged.

     

    IN
      WITNESS WHEREOF,
      the
      parties hereto have executed this Agreement on the ___ day of May, 2006, to
      be
      effective as of the Effective Date.

     

    TRICO
      MARINE SERVICES, INC.

    

    By:
      /s/ Trevor Turbidy

    Name:
      Trevor Turbidy      

    Title:
      President and Cheif Excutive Officer    

                          
       “COMPANY”

    

    /s/
      Rishi A. Varma

    Rishi
      A.
      Varma

     “EXECUTIVE”

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00106-of-00352.parquet"}]]