Document:

exv10w3

Exhibit 10.3

[FORM OF WARRANT]

THE SECURITIES MAY BE PLEDGED IN CONNECTION WITH A BONA FIDE MARGIN ACCOUNT OR OTHER LOAN OR
FINANCING ARRANGEMENT SECURED BY THE SECURITIES. THE NUMBER OF SHARES OF COMMON STOCK ISSUABLE
UPON EXERCISE OF THIS WARRANT MAY BE LESS THAN THE AMOUNT SET FORTH ON THE FACE HEREOF PURSUANT TO
SECTIONS 1 AND 7 OF THIS WARRANT. THE COMPANY MAY TREAT THE HOLDER (AS DEFINED BELOW) REGISTERED ON
THE BOOKS OF THE COMPANY OR A TRANSFEREE THAT COMPLIES WITH SECTION 7(A) HEREIN AS THE ABSOLUTE
OWNER HEREOF FOR ALL PURPOSES AND AS THE PERSON ENTITLED TO EXERCISE THE RIGHTS REPRESENTED BY THIS
WARRANT.

TRICO MARINE SERVICES, INC.

Warrant To Purchase Common Stock

Warrant No.: [•]

Number of Shares of Common Stock: [•]

Date of Issuance: [•] (“Issuance Date”)

          Trico Marine Services, Inc., a Delaware corporation (the “Company”), hereby certifies that,
for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged,
[     ], the registered holder hereof or its permitted assigns (the “Holder”), is entitled,
subject to the terms set forth below, to purchase from the Company, at the Exercise Price (as
defined below) then in effect, upon surrender of this Warrant to Purchase Common Stock (including
any Warrants to Purchase Common Stock issued in exchange, transfer or replacement hereof, the
“Warrant”), at any time or times on or after the date hereof, but not after 11:59 p.m., New York
Time, on the Expiration Date (as defined below), [                      (     )] fully paid
nonassessable shares of Common Stock (as defined below), or such greater or lesser amount as is
indicated in the Register (as defined herein) to reflect adjustments, exercises or transfers
pursuant to the terms hereof (the “Warrant Shares”). Except as otherwise defined herein,
capitalized terms in this Warrant shall have the meanings set forth in Section 17. This Warrant is
one of the warrants to purchase Common Stock (the “Exchanged Warrants”) issued pursuant to Section
1 of those certain Exchange Agreements, dated as of May 11, 2009 (the “Subscription Date”), by and
among the Company and each of the investors (individually, an “Investor” and collectively, the
“Investors”) referred to therein (collectively, the “Exchange Agreements”).

 

 

          1. EXERCISE OF WARRANT.

               (a) Mechanics of Exercise. Subject to the terms and conditions hereof (including,
without limitation, the limitations set forth in Section 1(f)), this Warrant may be exercised by
the Holder on any day on or after the date hereof in whole or in part, by (i) delivery to the
Company of a written notice, in the form attached hereto as Exhibit A (the “Exercise
Notice”), of the Holder’s election to exercise this Warrant and (ii) either (A) payment to the
Company of an amount equal to the applicable Exercise Price multiplied by the number of Warrant
Shares as to which this Warrant is being exercised (the “Aggregate Exercise Price”) in cash or by
wire transfer of immediately available funds or (B) by notifying the Company that this Warrant is
being exercised pursuant to a Cashless Exercise (as defined in Section 1(d)). The Holder shall not
be required to deliver the original Warrant in order to effect an exercise hereunder. Execution
and delivery of the Exercise Notice with respect to less than all of the Warrant Shares shall have
the same effect as cancellation of the original Warrant and issuance of a new Warrant evidencing
the right to purchase the remaining number of Warrant Shares. On or before the first (1st)
Business Day following the date on which the Company has received each of the Exercise Notice and
the Aggregate Exercise Price (or notice of a Cashless Exercise) (the “Exercise Delivery
Documents”), the Company shall transmit by facsimile an acknowledgment of confirmation of receipt
of the Exercise Delivery Documents to the Holder. On or before the third (3rd) Trading Day
following the date on which the Company has received all of the Exercise Delivery Documents (the
“Share Delivery Date”), the Company shall (X) provided that the shares to be issued have been
registered under the Securities Act of 1933, as amended, or are not otherwise restricted and
further provided that the Company’s transfer agent (the “Transfer Agent”) is participating in The
Depository Trust Company (“DTC”) Fast Automated Securities Transfer Program, upon the request of
the Holder, credit such aggregate number of shares of Common Stock to which the Holder is entitled
pursuant to such exercise to the Holder’s or its designee’s balance account with DTC through its
Deposit Withdrawal Agent Commission system, or (Y) if the Transfer Agent is not participating in
the DTC Fast Automated Securities Transfer Program, issue and dispatch by overnight courier to the
address as specified in the Exercise Notice, a certificate, registered in the Company’s share
register in the name of the Holder or its designee, for the number of shares of Common Stock to
which the Holder is entitled pursuant to such exercise. Subject to Section 16 hereof, upon
delivery of the Exercise Delivery Documents, the Holder shall be deemed for all corporate purposes
to have become the holder of record of the Warrant Shares with respect to which this Warrant has
been exercised, irrespective of the date such Warrant Shares are credited to the Holder’s DTC
account or the date of delivery of the certificates evidencing such Warrant Shares, as the case may
be. If this Warrant is delivered to the Company in connection with any exercise pursuant to this
Section 1(a) and the number of Warrant Shares represented by this Warrant submitted for exercise is
greater than the number of Warrant Shares being acquired upon an exercise, then the Company shall
as soon as practicable and in no event later than three (3) Business Days after any exercise and at
its own expense, issue a new Warrant (in accordance with Section 7(d)) representing the right to
purchase the number of Warrant Shares issuable immediately prior to such exercise under this
Warrant, less the number of Warrant Shares with respect to which this Warrant is exercised. No
fractional shares of Common Stock are to be issued upon the exercise of this Warrant, but rather
the number of shares of Common Stock to be issued shall be rounded up to the nearest whole number.
Issuance

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and delivery of certificates for shares of Common Stock upon exercise of this Warrant shall be
made without charge to the Holder for any issue or transfer tax, withholding tax, transfer agent
fee or other incidental tax or expense in respect of the issuance of such certificates, all of
which taxes and expenses shall be paid by the Company; provided, however, that the Company shall
not be required to pay any tax which may be payable in respect of any transfer involved in the
registration of any certificates for Warrant Shares or Warrants in a name other than that of the
Holder or an Affiliate thereof. The Holder shall be responsible for all income tax liability that
may arise as a result of holding or transferring this Warrant or receiving Warrant Shares upon
exercise of this Warrant.

               (b) Exercise Price. For purposes of this Warrant, “Exercise Price” means $0.01,
subject to adjustment as provided herein.

               (c) Company’s Failure to Timely Deliver Securities. If on or prior to the Share
Delivery Date the Company shall fail to issue and deliver a certificate to the Holder and register
such shares of Common Stock on the Company’s share register or credit the Holder’s balance account
with DTC for the number of shares of Common Stock to which the Holder is entitled upon the Holder’s
exercise hereunder or pursuant to the Company’s obligation pursuant to clause (ii) below, and if on
or after the Share Delivery Date the Holder purchases (in an open market transaction or otherwise)
shares of Common Stock to deliver in satisfaction of a sale by the Holder of shares of Common Stock
issuable upon such exercise that the Holder anticipated receiving from the Company (a “Buy-In”),
then the Company shall, within three (3) Business Days after the Holder’s request and in the
Holder’s discretion, either (i) pay cash to the Holder in an amount equal to the Holder’s total
purchase price (including brokerage commissions, if any) for the shares of Common Stock so
purchased (the “Buy-In Price”), at which point the Company’s obligation to deliver such certificate
(and to issue such shares of Common Stock) or credit such Holder’s balance account with DTC shall
terminate, or (ii) promptly honor its obligation to deliver to the Holder a certificate or
certificates representing such shares of Common Stock or credit such Holder’s balance account with
DTC and pay cash to the Holder in an amount equal to the excess (if any) of the Buy-In Price over
the product of (A) such number of shares of Common Stock, times (B) the Closing Bid Price on the
date of exercise.

               (d) Cashless Exercise. Notwithstanding anything contained herein to the contrary, the
Holder may, in its sole discretion, exercise this Warrant in whole or in part and, in lieu of
making the cash payment otherwise contemplated to be made to the Company upon such exercise in
payment of the Aggregate Exercise Price, elect instead to receive upon such exercise the “Net
Number” of shares of Common Stock determined according to the following formula (a “Cashless
Exercise”):

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	 	Net Number   =
	 	(A x B) – (A x C)
 

B
	 	 

                    For purposes of the foregoing formula:

                    A = the total number of shares with respect to which this Warrant is then being
exercised.

                    B = the Weighted Average Price of the shares of Common Stock (as reported by
Bloomberg) for the five(5) consecutive Trading Days ending on the date immediately
preceding the date of the delivery of the Exercise Notice.

                    C = the Exercise Price then in effect for the applicable Warrant Shares at the
time of such exercise.

               (e) Disputes. In the case of a dispute as to the determination of the Exercise Price
or the arithmetic calculation of the Warrant Shares, the Company shall on or prior to the Share
Delivery Date issue to the Holder the number of Warrant Shares that are not disputed and resolve
such dispute in accordance with Section 12.

               (f) Limitations on Exercises. The Holder shall not have the right to exercise any
portion of this Warrant, to the extent that after giving effect to such exercise, the Holder
(together with the Holder’s affiliates whose ownership of securities is not disaggregated from the
Holder in accordance with SEC Release No. 34-39538) would beneficially own in excess of 9.99% (the
“Maximum Percentage”) of the number of shares of Common Stock outstanding immediately after giving
effect to such exercise. For purposes of the foregoing sentence, the aggregate number of shares of
Common Stock beneficially owned by such Person and its affiliates shall include the number of
shares of Common Stock issuable upon exercise of this Warrant with respect to which the
determination of such sentence is being made, but shall exclude shares of Common Stock which would
be issuable upon (A) exercise of the remaining, unexercised portion of this Warrant beneficially
owned by such Person and its affiliates and (B) exercise or conversion of the unexercised or
unconverted portion of any other securities of the Company beneficially owned by such Person and
its affiliates (including, without limitation, any convertible notes or convertible preferred stock
or warrants) subject to a limitation on conversion or exercise analogous to the limitation
contained herein. Except as set forth in the preceding sentence, for purposes of this paragraph,
beneficial ownership shall be calculated in accordance with Section 13(d) of the Securities
Exchange Act of 1934, as amended (the “Exchange Act”). For purposes of this Warrant, in
determining the number of outstanding shares of Common Stock, the Holder may rely on the number of
outstanding shares of Common Stock as reflected in (1) the Company’s most recent Annual Report on
Form 10-K, Quarterly Report on Form 10-Q, Current Report on Form 8-K or other public filing with
the Securities and Exchange Commission, as the case may be, (2) a more recent public announcement
by the Company or (3) any other notice by the Company or the Transfer Agent setting forth the
number of shares of Common Stock outstanding. For any reason at

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any time, upon the written or oral request of the Holder, the Company shall within one (1)
Business Day confirm orally and in writing to the Holder the number of shares of Common Stock then
outstanding. In any case, the number of outstanding shares of Common Stock shall be determined
after giving effect to the conversion or exercise of securities of the Company, including the
Exchanged Warrants, by the Holder and its affiliates since the date as of which such number of
outstanding shares of Common Stock was reported. By written notice to the Company, the Holder may
from time to time increase or decrease the Maximum Percentage to any other percentage not in excess
of 9.99% specified in such notice; provided that (i) any such increase will not be effective until
the sixty-first (61st) day after such notice is delivered to the Company, and (ii) any
such increase or decrease will apply only to the Holder and not to any other holder of Exchanged
Warrants. The provisions of this paragraph shall be construed and implemented in a manner
otherwise than in strict conformity with the terms of this Section 1(f) to correct this paragraph
(or any portion hereof) which may be defective or inconsistent with the intended beneficial
ownership limitation herein contained or to make changes or supplements necessary or desirable to
properly give effect to such limitation.

               (g) Insufficient Authorized Shares. If at any time while any of the Warrants remain
outstanding the Company does not have a sufficient number of authorized and unreserved shares of
Common Stock to satisfy its obligation to reserve for issuance upon exercise of the Warrants at
least a number of shares of Common Stock equal to 100% (the “Required Reserve Amount”) of the
number of shares of Common Stock as shall from time to time be necessary to effect the exercise of
all Warrants then outstanding (an “Authorized Share Failure”), then the Company shall immediately
take all action necessary to increase the Company’s authorized shares of Common Stock to an amount
sufficient to allow the Company to reserve the Required Reserve Amount for all Warrants then
outstanding. Without limiting the generality of the foregoing sentence, as soon as practicable
after the date of the occurrence of an Authorized Share Failure, but in no event later than sixty
(60) days after the occurrence of such Authorized Share Failure, the Company shall hold a meeting
of its stockholders for the approval of an increase in the number of authorized shares of Common
Stock. In connection with such meeting, the Company shall provide each stockholder with a proxy
statement and shall use its best efforts to solicit its stockholders’ approval of such increase in
authorized shares of Common Stock and to cause its board of directors to recommend to the
stockholders that they approve such proposal.

               (h) Sale Upon Exercise. Upon exercise of this Warrant pursuant to the terms herein,
the Holder shall transfer beneficial ownership of the Warrant Shares; provided, that this
Section 1(h) will not apply if, at the time of exercise of this Warrant, the Holder is not an Alien
(as defined in the certificate of incorporation of the Company (the “Charter”)).

               (i) Register. The Company shall maintain at its principal executive offices (or such
other office or agency of the Company as it may designate by notice to each holder of Warrants), a
register (the “Register”) for the Warrants in which the Company shall record the name and address
of the Person in whose name the Warrants have been issued (including the name and address of each
transferee) and the number of Warrant Shares issuable upon exercise of the Warrants held by such
Person. The Company shall keep the register open and available at all times during business hours
for inspection of any Holder or its legal representatives. The Company may

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treat the Holder registered on the books of the Company or a transferee that complies with
Section 7(a) herein as the absolute owner hereof for all purposes and as the person entitled to
exercise rights represented by this Warrant.

          2. ADJUSTMENT OF EXERCISE PRICE AND NUMBER OF WARRANT SHARES. The Exercise Price and
the number of Warrant Shares shall be adjusted from time to time as follows:

               (a) Adjustment upon Subdivision or Combination of shares of Common Stock. If the
Company at any time on or after the Subscription Date subdivides (by any stock split, stock
dividend, recapitalization or otherwise) one or more classes of its outstanding shares of Common
Stock into a greater number of shares, the Exercise Price in effect immediately prior to such
subdivision will be proportionately reduced and the number of Warrant Shares will be
proportionately increased. If the Company at any time on or after the Subscription Date combines
(by combination, reverse stock split or otherwise) one or more classes of its outstanding shares of
Common Stock into a smaller number of shares, the Exercise Price in effect immediately prior to
such combination will be proportionately increased and the number of Warrant Shares will be
proportionately decreased. Any adjustment under this Section 2(a) shall become effective at the
close of business on the date the subdivision or combination becomes effective.

          3. RIGHTS UPON DISTRIBUTION OF ASSETS. If the Company shall declare or make any
dividend or other distribution of its assets (or rights to acquire its assets) to holders of shares
of Common Stock, by way of return of capital or otherwise (including, without limitation, any
distribution of cash, stock or other securities, property or options by way of a dividend, spin
off, reclassification, corporate rearrangement, scheme of arrangement or other similar transaction)
(a “Company Distribution”), at any time after the issuance of this Warrant, then, in each such
case, the Holder will be entitled to receive, upon the terms applicable to such Company
Distribution, the aggregate Company Distribution which the Holder would have received if the Holder
had held the number of shares Common Stock acquirable upon complete exercise of this Warrant
(without regard to any limitations on the exercise of this Warrant) immediately before the date on
which a record is taken for the dividend or other distribution of its assets (or rights to acquire
its assets) of such Company Distribution, or, if no such record is taken, the date as of which the
record holders of shares of Common Stock are to be determined for the dividend or other
distribution of its assets (or rights to acquire its assets) of such Company Distribution.

          4. PURCHASE RIGHTS; FUNDAMENTAL TRANSACTIONS.

               (a) Purchase Rights. In addition to any adjustments pursuant to Section 2 above, if
at any time the Company grants, issues or sells any Options, Convertible Securities or rights to
purchase stock, warrants, securities or other property pro rata to the record holders of any class
of shares of Common Stock (the “Purchase Rights”), then the Holder will be entitled to acquire,
upon the terms applicable to such Purchase Rights, the aggregate Purchase Rights which the Holder
could have acquired if the Holder had held the number of shares of Common Stock acquirable upon
complete exercise of this Warrant (without regard to any limitations on the exercise

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of this Warrant) immediately before the date on which a record is taken for the grant,
issuance or sale of such Purchase Rights, or, if no such record is taken, the date as of which the
record holders of shares of Common Stock are to be determined for the grant, issue or sale of such
Purchase Rights.

               (b) Fundamental Transactions. If, at any time while this Warrant is outstanding,
(A) the Company effects any merger or consolidation of the Company with or into (whether or not the
Company is the surviving corporation) another Person, (B) the Company effects any sale, assignment,
transfer, conveyance or other disposition of all or substantially all of its assets in one or a
series of related transactions or (C) the Company effects any reclassification of the Common Stock
or any compulsory share exchange, in each of cases (A), (B) and (C) above, pursuant to which the
Common Stock is effectively converted into or exchanged for other securities, cash or property
(other than as a result of a subdivision or combination of shares of Common Stock covered by
Section 2(a) above) (in any such case, a “Fundamental Transaction”), then the Holder shall have the
right thereafter to receive in lieu of Common Stock, upon exercise of this Warrant, the same amount
and kind of securities, cash or property as it would have been entitled to receive upon the
occurrence of such Fundamental Transaction if it had been, immediately prior to such Fundamental
Transaction, the holder of the number of Warrant Shares then issuable upon exercise in full of this
Warrant (without regard to any limitations on exercise set forth herein).

          5. WARRANT HOLDER NOT DEEMED A STOCKHOLDER. Except as otherwise specifically provided
herein, the Holder, solely in such Person’s capacity as a holder of this Warrant, shall not be
entitled to vote or receive dividends or be deemed the holder of share capital of the Company for
any purpose, nor shall anything contained in this Warrant be construed to confer upon the Holder,
solely in such Person’s capacity as the Holder of this Warrant, any of the rights of a stockholder
of the Company or any right to vote, give or withhold consent to any corporate action (whether any
reorganization, issue of stock, reclassification of stock, consolidation, merger, conveyance or
otherwise), receive notice of meetings, receive dividends or subscription rights, or otherwise,
prior to the issuance to the Holder of the Warrant Shares which such Person is then entitled to
receive upon the due exercise of this Warrant. In addition, nothing contained in this Warrant
shall be construed as imposing any liabilities on the Holder to purchase any securities (upon
exercise of this Warrant or otherwise) or as a stockholder of the Company, whether such liabilities
are asserted by the Company or by creditors of the Company. Notwithstanding this Section 5, the
Company shall provide the Holder with copies of the same notices and other information given to the
stockholders of the Company generally, contemporaneously with the giving thereof to the
stockholders; provided, however, that copies of such notices or information need not be provided to
the Holder if the notice or information is filed with the Securities and Exchange Commission via
its EDGAR system or otherwise broadly distributed via a press release..

          6. NONCIRCUMVENTION. The Company hereby covenants and agrees that the Company will
not, by amendment of its Charter or bylaws or through any reorganization, transfer of assets,
consolidation, merger, scheme of arrangement, dissolution, issue or sale of securities, or any
other voluntary action, avoid or seek to avoid the observance or performance of any of the terms of
this Warrant, and will at all times in good faith carry out all the provisions of this Warrant and
take all action as may be required to protect the rights of the Holder. Without limiting the
generality of

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the foregoing, the Company (i) shall not increase the par value of any shares of Common Stock
receivable upon the exercise of this Warrant above the Exercise Price then in effect, (ii) shall
take all such actions as may be necessary or appropriate in order that the Company may validly and
legally issue fully paid and nonassessable shares of Common Stock upon the exercise of this
Warrant, and (iii) shall, so long as any of the Exchanged Warrants are outstanding, take all action
necessary to reserve and keep available out of its authorized and unissued shares of Common Stock,
solely for the purpose of effecting the exercise of the Exchanged Warrants, 100% of the number of
shares of Common Stock as shall from time to time be necessary to effect the exercise of the
Exchanged Warrants then outstanding (without regard to any limitations on exercise).

          7. REISSUANCE OF WARRANTS.

               (a) Transfer of Warrant. If this Warrant is to be transferred, the Holder shall
surrender this Warrant to the Company, whereupon the Company will forthwith issue and deliver upon
the order of the Holder a new Warrant (in accordance with Section 7(d)), registered as the Holder
may request, representing the right to purchase the number of Warrant Shares being transferred by
the Holder and, if less than the total number of Warrant Shares then underlying this Warrant is
being transferred, a new Warrant (in accordance with Section 7(d)) to the Holder representing the
right to purchase the number of Warrant Shares not being transferred. Notwithstanding the
foregoing, the Company shall recognize the transfer of this Warrant to a transferee upon receipt of
evidence reasonably satisfactory to the Company that such transfer has occurred and a written
undertaking by such transferee to deliver this Warrant (or such other documentation in compliance
with Section 7(b) below) to the Company as promptly as commercially practicable thereafter.

               (b) Lost, Stolen or Mutilated Warrant. Upon receipt by the Company of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of this
Warrant, and, in the case of loss, theft or destruction, of an agreement by the Holder to indemnify
the Company in customary form and, in the case of mutilation, upon surrender and cancellation of
this Warrant, the Company shall execute and deliver to the Holder a new Warrant (in accordance with
Section 7(d)) representing the right to purchase the Warrant Shares then underlying this Warrant.

               (c) Exchangeable for Multiple Warrants. This Warrant is exchangeable, upon the
surrender hereof by the Holder at the principal office of the Company, for a new Warrant or
Warrants (in accordance with Section 7(d)) representing in the aggregate the right to purchase the
number of Warrant Shares then underlying this Warrant, and each such new Warrant will represent the
right to purchase such portion of such Warrant Shares as is designated by the Holder at the time of
such surrender; provided, however, that no Warrants for fractional shares of Common Stock shall be
given.

               (d) Issuance of New Warrants. Whenever the Company is required to issue a new Warrant
pursuant to the terms of this Warrant, such new Warrant (i) shall be of like tenor with this
Warrant, (ii) shall represent, as indicated on the face of such new Warrant, the right to purchase
the Warrant Shares then underlying this Warrant (or in the case of a new Warrant being issued

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pursuant to Section 7(a) or Section 7(c), the Warrant Shares designated by the Holder which,
when added to the number of shares of Common Stock underlying the other new Warrants issued in
connection with such issuance, does not exceed the number of Warrant Shares then underlying this
Warrant), (iii) shall have an issuance date, as indicated on the face of such new Warrant which is
the same as the Issuance Date, and (iv) shall have the same rights and conditions as this Warrant.

          8. NOTICES. Whenever notice is required to be given under this Warrant, unless
otherwise provided herein, such notice shall be given in accordance with Section 6(l) of the
Exchange Agreements. The Company shall provide the Holder with prompt written notice of all
actions taken pursuant to this Warrant, including in reasonable detail a description of such action
and the reason therefor. Without limiting the generality of the foregoing, the Company will give
written notice to the Holder immediately upon any adjustment of the Exercise Price, setting forth
in reasonable detail, and certifying, the calculation of such adjustment. 

          9. AMENDMENT AND WAIVER. Except as otherwise provided herein, the provisions of this
Warrant may be amended and the Company may take any action herein prohibited, or omit to perform
any act herein required to be performed by it, only by (i) the consent of the Company and the
Holder or (ii) the written consent of the Required Holders; provided that no such action under
clause (ii) of this Section 9 may increase the exercise price of any Exchanged Warrant or decrease
the number of shares or class of stock obtainable upon exercise of any Exchanged Warrant without
the written consent of the Holder. No amendment under clause (ii) of this Section 9 shall be
effective to the extent that it applies to less than all of the holders of the Exchanged Warrants
then outstanding.

          10. GOVERNING LAW. This Warrant shall be governed by and construed and enforced in
accordance with, and all questions concerning the construction, validity, interpretation and
performance of this Warrant shall be governed by, the internal laws of the State of New York,
without giving effect to any choice of law or conflict of law provision or rule (whether of the
State of New York or any other jurisdictions) that would cause the application of the laws of any
jurisdictions other than the State of New York.

          11. CONSTRUCTION; HEADINGS. This Warrant shall be deemed to be jointly drafted by the
Company and all the Investors and shall not be construed against any person as the drafter hereof.
The headings of this Warrant are for convenience of reference and shall not form part of, or affect
the interpretation of, this Warrant.

          12. DISPUTE RESOLUTION. In the case of a dispute as to the determination of the
Exercise Price with respect to some or all of this Warrant or the arithmetic calculation of the
Warrant Shares, the Company shall submit the disputed determinations or arithmetic calculations via
facsimile within two (2) Business Days of receipt of the Exercise Notice giving rise to such
dispute, as the case may be, to the Holder. If the Holder and the Company are unable to agree upon
such determination or calculation of the Exercise Price or the Warrant Shares within three (3)
Business Days of such disputed determination or arithmetic calculation being submitted to the
Holder, then the Company shall, within two (2) Business Days submit via facsimile (a) the disputed
determination of the Exercise Price to an independent, reputable investment bank selected by the

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Company and approved by the Holder or (b) the disputed arithmetic calculation of the Warrant
Shares to the Company’s independent, outside accountant. The Company shall cause at its expense
the investment bank or the accountant, as the case may be, to perform the determinations or
calculations and notify the Company and the Holder of the results no later than ten (10) Business
Days from the time it receives the disputed determinations or calculations. Such investment bank’s
or accountant’s determination or calculation, as the case may be, shall be binding upon all parties
absent demonstrable error.

          13. REMEDIES, OTHER OBLIGATIONS, BREACHES AND INJUNCTIVE RELIEF. The remedies
provided in this Warrant shall be cumulative and in addition to all other remedies available under
this Warrant and the other Transaction Documents, at law or in equity (including a decree of
specific performance and/or other injunctive relief), and nothing herein shall limit the right of
the Holder to pursue actual damages for any failure by the Company to comply with the terms of this
Warrant. The Company acknowledges that a breach by it of its obligations hereunder will cause
irreparable harm to the Holder and that the remedy at law for any such breach may be inadequate.
The Company therefore agrees that, in the event of any such breach or threatened breach, the holder
of this Warrant shall be entitled to seek, in addition to all other available remedies, an
injunction restraining any breach, without the necessity of showing economic loss and without any
bond or other security being required.

          14. TRANSFER. This Warrant may be offered for sale, sold, transferred or assigned
(collectively, a “Transfer”) without the consent of the Company to (i) Affiliates of the Holder or
(ii) to Persons that are not Affiliates of the Holder so long as (X) the Holder is transferring the
Warrant in whole or (Y) if the Holder is transferring the Warrant in part, the number of Warrant
Shares underlying the part of the Warrant to be transferred is at least 100,000 shares.

          15. SEVERABILITY. If any provision of this Warrant is prohibited by law or otherwise
determined to be invalid or unenforceable by a court of competent jurisdiction, the provision that
would otherwise be prohibited, invalid or unenforceable shall be deemed amended to apply to the
broadest extent that it would be valid and enforceable, and the invalidity or unenforceability of
such provision shall not affect the validity of the remaining provisions of this Warrant so long as
this Warrant as so modified continues to express, without material change, the original intentions
of the parties as to the subject matter hereof and the prohibited nature, invalidity or
unenforceability of the provision(s) in question does not substantially impair the respective
expectations or reciprocal obligations of the parties or the practical realization of the benefits
that would otherwise be conferred upon the parties. The parties will endeavor in good faith
negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid
provision(s), the effect of which comes as close as possible to that of the prohibited, invalid or
unenforceable provision(s).

          16. LIMITATIONS ON FOREIGN OWNERSHIP. The shares of Common Stock issuable upon
exercise of the Warrants are subject to limitations on foreign ownership as and to the extent set
forth in the Charter and bylaws of the Company. By reason of such limitations, upon exercise of
the Warrants, as and to the extent set forth in the Charter and bylaws of the Company, an Alien (as
defined in the Charter) holding Common Stock received upon exercise of the Warrants will not
receive or accrue any rights with respect to any dividends or other distributions of assets

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declared payable or be entitled to vote with respect to any matter submitted to stockholders
and will be subject to having any Excess Shares (as defined in the Charter) of such Alien redeemed
by the Company for cash or for promissory notes of the Company with maturities not to exceed ten
years and bearing interest at the then-applicable rate for U.S. treasury instruments of the same
tenor. Each Holder, by accepting the same, (a) agrees to and shall be bound by such limitations
and (b) authorizes and directs the Company on his behalf to take such action as may be necessary or
appropriate to effectuate such limitations.

          17. CERTAIN DEFINITIONS. For purposes of this Warrant, the following terms shall have
the following meanings:

               (a) “Bloomberg” means Bloomberg Financial Markets.

               (b) “Business Day” means any day other than Saturday, Sunday or other day on which commercial
banks in The City of New York are authorized or required by law to remain closed.

               (c) “Closing Bid Price” and “Closing Sale Price” means, for any security as of any date, the
last closing bid price and last closing trade price, respectively, for such security on the
Principal Market, as reported by Bloomberg, or, if the Principal Market begins to operate on an
extended hours basis and does not designate the closing bid price or the closing trade price, as
the case may be, then the last bid price or the last trade price, respectively, of such security
prior to 4:00:00 p.m., New York Time, as reported by Bloomberg, or, if the Principal Market is not
the principal securities exchange or trading market for such security, the last closing bid price
or last trade price, respectively, of such security on the principal securities exchange or trading
market where such security is listed or traded as reported by Bloomberg, or if the foregoing do not
apply, the last closing bid price or last trade price, respectively, of such security in the
over-the-counter market on the electronic bulletin board for such security as reported by
Bloomberg, or, if no closing bid price or last trade price, respectively, is reported for such
security by Bloomberg, the average of the bid prices, or the ask prices, respectively, of any
market makers for such security as reported in the “pink sheets” by Pink Sheets LLC (formerly the
National Quotation Bureau, Inc.). If the Closing Bid Price or the Closing Sale Price cannot be
calculated for a security on a particular date on any of the foregoing bases, the Closing Bid Price
or the Closing Sale Price, as the case may be, of such security on such date shall be the fair
market value as mutually determined by the Company and the Holder. If the Company and the Holder
are unable to agree upon the fair market value of such security, then such dispute shall be
resolved pursuant to Section 12. All such determinations are to be appropriately adjusted for any
stock dividend, stock split, stock combination or other similar transaction during the applicable
calculation period.

               (d) “Common Stock” means (i) the Company’s shares of Common Stock, par value $0.01 per share,
and (ii) any share capital into which such Common Stock shall have been changed or any share
capital resulting from a reclassification of such Common Stock.

11

 

               (e) “Convertible Securities” means any stock or securities (other than Options) directly or
indirectly convertible into or exercisable or exchangeable for shares of Common Stock.

               (f) “Expiration Date” means the date that is ten (10) years following the Issuance Date or, if
such date falls on a day other than a Business Day or on which trading does not take place on the
Principal Market (a “Holiday”), the next day that is not a Holiday.

               (g) “Options” means any rights, warrants or options to subscribe for or purchase shares of
Common Stock or Convertible Securities.

               (h) “Person” means an individual, a limited liability company, a partnership, a joint venture,
a corporation, a trust, an unincorporated organization, any other entity and a government or any
department or agency thereof.

               (i) “Principal Market” means The NASDAQ Global Market.

               (j) “Required Holders” means the holders of the Exchanged Warrants representing a majority of
the shares of Common Stock underlying the Exchanged Warrants then outstanding.

               (k) “Trading Day” means any day on which the Common Stock is traded on the Principal Market,
or, if the Principal Market is not the principal trading market for the Common Stock, then on the
principal securities exchange or securities market on which the Common Stock is then traded;
provided that “Trading Day” shall not include any day on which the Common Stock is scheduled to
trade on such exchange or market for less than 4.5 hours or any day that the Common Stock is
suspended from trading during the final hour of trading on such exchange or market (or if such
exchange or market does not designate in advance the closing time of trading on such exchange or
market, then during the hour ending at 4:00:00 p.m., New York Time).

               (l) “Weighted Average Price” means, for any security as of any date, the dollar
volume-weighted average price for such security on the Principal Market during the period beginning
at 9:30:01 a.m., New York City Time (or such other time as the Principal Market publicly announces
as the official open of trading), and ending at 4:00:00 p.m., New York Time (or such other time as
the Principal Market publicly announces is the official close of trading) as reported by Bloomberg
through its “Volume at Price” function, or, if the foregoing does not apply, the dollar
volume-weighted average price of such security in the over-the-counter market on the electronic
bulletin board for such security during the period beginning at 9:30:01 a.m., New York City Time
(or such other time as such market publicly announces is the official open of trading), and ending
at 4:00:00 p.m., New York City Time (or such other time as such market publicly announces is the
official close of trading) as reported by Bloomberg, or, if no dollar volume-weighted average price
is reported for such security by Bloomberg for such hours, the average of the highest closing bid
price and the lowest closing ask price of any of the market makers for such security as reported in
the “pink sheets” by Pink Sheets LLC (formerly the National Quotation Bureau, Inc.). If the
Weighted Average Price cannot be calculated for a security on a particular date

12

 

on any of the foregoing bases, the Weighted Average Price of such security on such date shall
be the fair market value as mutually determined by the Company and the Holder. If the Company and
the Holder are unable to agree upon the fair market value of such security, then such dispute shall
be resolved pursuant to Section 12 with the term “Weighted Average Price” being substituted for the
term “Exercise Price”. All such determinations are to be appropriately adjusted for any stock
dividend, stock split, stock combination or other similar transaction during the applicable
calculation period.

[Signature Page Follows]

13

 

          IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase Common Stock to be duly
executed as of the Issuance Date set out above.

	 	 	 	 	 
	 	TRICO MARINE SERVICES, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

Signature Page to Common Stock Purchase Warrant

 

EXHIBIT A

EXERCISE NOTICE

TO BE EXECUTED BY THE REGISTERED HOLDER TO EXERCISE THIS

WARRANT TO PURCHASE COMMON STOCK

TRICO MARINE SERVICES, INC.

     The undersigned holder hereby exercises the right to purchase ___of the shares
of Common Stock (“Warrant Shares”) of Trico Marine Services, Inc., a Delaware corporation (the
“Company”), evidenced by the attached [copy of the] Warrant to Purchase Common Stock (the
“Warrant”). Capitalized terms used herein and not otherwise defined shall have the respective
meanings set forth in the Warrant.

     1. Form of Exercise Price. The Holder intends that payment of the Exercise Price shall be
made as:

                               a “Cash Exercise” with respect to                      Warrant Shares; and/or

                               a “Cashless Exercise” with respect to                      Warrant Shares.

     2. Payment of Exercise Price. In the event that the Holder has elected a Cash Exercise with
respect to some or all of the Warrant Shares to be issued pursuant hereto, the Holder shall pay the
Aggregate Exercise Price in the sum of $                     to the Company in accordance with the
terms of the Warrant.

     3. Maximum Percentage. Notwithstanding anything to the contrary contained herein, this
Exercise Notice shall constitute a representation by the holder of the Warrant submitting this
Exercise Notice that, after giving effect to the exercise provided for in this Exercise Notice,
such holder (together with its affiliates) will not have beneficial ownership (together with the
beneficial ownership of such Person’s affiliates) of a number of shares of Common Stock which
exceeds the Maximum Percentage of the total outstanding shares of Common Stock as determined
pursuant to the provisions of Section 1(f) of this Warrant.

     4. Delivery of Warrant Shares. The Company shall deliver to the Holder                      Warrant
Shares in accordance with the terms of the Warrant.

     5. Attached as Annex A is information to be provided to the Transfer Agent to effect this
exercise.

Date:                      __,                     

	 	 	 
	 
	 

Name of Registered Holder

	 	 

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

Name:
	 	 
	 

	 	Title:	 	 

 

 

ANNEX A

	 	 	 
	Issue To:

	 	Broker Name & Address
	 

	 	DTC Participant #
	 

	 	Tel. No.                     
	 

	 	 

	 

	 	Fax No.exv10w4

Exhibit 10.4

Execution

PLEDGE AGREEMENT

          PLEDGE AGREEMENT (as amended, modified, restated and/or supplemented from time to time, this
“Agreement”), dated as of May 12, 2009 made by TRICO MARINE SERVICES, INC., a Delaware
corporation (the “Issuer”) and TRICO MARINE OPERATORS, INC., a Louisiana corporation
(“Trico Operators” and together with the Issuer, each a “Pledgor” and together the
“Pledgors”), to WELLS FARGO BANK, NATIONAL ASSOCIATION, in its capacity as collateral agent
under the Second-Lien Documents (as defined below) (together with its successors and assigns in
such capacity from time to time, the “Collateral Agent”).

W I T N E S S E T H :

          WHEREAS, the Issuer is party to those certain Exchange Agreements, dated as of May 12, 2009,
pursuant to which the Persons party thereto as investors (each an “Investor”) exchanged
$202,812,000 aggregate principal amount of 6.5% senior convertible debentures due 2028 for
$252,515,000 initial aggregate principal amount of 8.125% Secured Convertible Debentures
due 2013 (as amended, restated, supplemented and/or modified from time to time, the
“Second-Lien Notes”), as well as cash and certain equity interests of the Issuer;

          WHEREAS, pursuant to that certain Indenture (as amended, restated, supplemented, or otherwise
modified from time to time, the “Second-Lien Notes Indenture”), dated as of May 12, 2009,
between the Issuer and Wells Fargo Bank, National Association, as Indenture Trustee (in such
capacity, and together with any successors and assigns in such capacity, the “Second-Lien
Indenture Trustee”) the Issuer issued Second-Lien Notes to the Investors (each such Investor
and each Person to whom Second-Lien Notes are issued pursuant to the Second-Lien Notes Indenture on
or after the date thereof, a “Debentureholder”, and collectively, the
“Debentureholders”);

          WHEREAS, the obligations of the Issuer to the Debentureholders under the Second-Lien Notes
will be guaranteed, on a subordinated and limited recourse basis, by Trico Operators and Trico
Marine Assets, Inc., a Delaware corporation (“Trico Assets”) pursuant to that certain
Subordinated Limited Recourse Guaranty, dated as of May 12, 2009 (as amended, restated,
supplemented or otherwise modified from time to time, the “Subordinated Guaranty”);

          WHEREAS, the obligations of the Issuer to the Debentureholders under the Second-Lien Notes
will be secured by the Collateral (as hereinafter defined) and the grant by Trico Assets of
second-lien mortgages on, and assignments of earnings, insurance and charters in respect of,
certain vessels owned by Trico Assets (such mortgages and assignments together with this Agreement,
the Second-Lien Notes Indenture, the Second-Lien Notes, the Subordinated Guaranty, the
Intercreditor Agreement (as defined below) and each of the other agreements, documents and
instruments providing for or evidencing any other obligation of the Issuer, Trico Assets or Trico
Operators to the Collateral Agent, the Second-Lien Indenture Trustee or the Debentureholders
arising thereunder or in connection therewith, to the extent such are effective

 

 

at the relevant time, as the same may be amended, restated, supplemented, or modified from
time to time, are referred to herein as the “Second-Lien Documents”);

          WHEREAS, the Pledgors are also party to (a) that certain Amended and Restated Credit
Agreement, dated as of August 29, 2008 and amended on March 10, 2009 and May 8, 2009 and further
amended on May 12, 2009 (as further amended, restated, supplemented, replaced, refinanced or
otherwise modified from time to time, the “First-Lien Credit Agreement”) among the Issuer,
as borrower, Trico Assets and Trico Operators, as guarantors, the lenders party thereto from time
to time (the “First-Lien Lenders”), and Nordea Bank Finland plc, New York Branch
(“Nordea”), as administrative agent for the First-Lien Lenders (in such capacity and
together with any successors, assigns and replacements in such capacity, the “First-Lien
Administrative Agent”), providing for the making of revolving loans to the Issuer, and the
issuance of, and participation in, letters of credit for the account of the Issuer, all as provided
therein and (b) that certain Amended and Restated Pledge and Security Agreement, dated as of August
29, 2008 (as amended, restated, supplemented, or replaced, refinanced otherwise modified from time
to time, the “First-Lien Security Agreement”), among the Pledgor, the Issuer and Trico
Assets, as pledgors, and Nordea, as collateral agent for the First-Lien Lenders (in such capacity
and together with any successors, assigns and replacements in such capacity, the “First-Lien
Collateral Agent”) and deposit account bank, pursuant to which the Pledgors granted the
First-Lien Collateral Agent a first-priority security interest in, and lien on, the Collateral (as
defined below), among other security interests granted therein by the Pledgors and Trico Assets, in
order to secure the First-Lien Obligations (as defined in the Intercreditor Agreement referenced
below); and

          WHEREAS, the Issuer, the First-Lien Collateral Agent, the Collateral Agent and the Pledgors
are party to an Intercreditor Agreement, dated as of May 12, 2009, (as amended, restated,
supplemented, or otherwise modified from time to time, the “Intercreditor Agreement”).

          NOW, THEREFORE, in consideration of the foregoing and other benefits accruing to the Pledgor,
the receipt and sufficiency of which are hereby acknowledged, the Pledgors hereby agree with the
Collateral Agent, for the benefit of the Debentureholders, as follows:

          1. SECURITY FOR OBLIGATIONS.

          1.1. Security. This Agreement is made by each Pledgor to the Collateral Agent for
the benefit of the Debentureholders to secure:

     (i) the full and prompt payment by the Issuer when due (whether at the stated maturity,
by acceleration or otherwise) of all obligations, liabilities and indebtedness owing by it
in respect of the Second-Lien Documents and (ii) in the case of Trico Operators, the payment
by such Pledgor, as and when due and payable of all “Guaranteed Obligations” under (and as
defined in) the Subordinated Guaranty, including, without limitation, in both cases, (A) all
principal of and interest on the Second-Lien Notes (including, without limitation, all
interest that accrues after the commencement of any Insolvency Proceeding of any Pledgor,
whether or not the payment of such interest is unenforceable or is not allowable due to the
existence of such Insolvency Proceeding),

2

 

and (B) all fees, commissions, expense reimbursements, indemnifications and all other
amounts due or to become due under any of the Second-Lien Documents and the due performance
and compliance by the Issuer with all of the terms, conditions and agreements contained in
the Second-Lien Documents (all such obligations, liabilities and indebtedness under clauses
(i) and (ii), being herein collectively called the “Second-Lien Obligations”);

     (ii) any and all sums advanced by the Collateral Agent pursuant to the terms hereof in
order to preserve the Collateral (as hereinafter defined) or its security interest in the
Collateral;

     (iii) in the event of any proceeding for the collection or enforcement of any
indebtedness, obligations or liabilities of the Issuer referred to in clause (i) above,
after an Event of Default shall have occurred and be continuing, the reasonable expenses of
retaking, holding, preparing for sale or lease, selling or otherwise disposing of or
realizing on the Collateral, or of any exercise by the Collateral Agent of its rights
hereunder, together with reasonable attorneys’ fees and court costs; and

     (iv) all amounts paid by any Debentureholder as to which such Debentureholder has the
right to reimbursement under Section 11 of this Agreement;

all such obligations, liabilities, sums and expenses set forth in clauses (i) through (iv) of this
Section 1.1 being herein collectively called the “Obligations,” it being acknowledged and
agreed that the “Obligations” shall include extensions of credit of the types described
above, whether outstanding on the date of this Agreement or extended from time to time after the
date of this Agreement pursuant to the Second-Lien Documents.

          2. DEFINITIONS. (a) All capitalized terms used in this Agreement and the recitals hereto
which are defined in the Second-Lien Notes Indenture and the Second-Lien Notes or in Articles 8 or
9 of the UCC (as defined below), and which are not otherwise defined herein shall have the same
meanings herein as set forth therein. Reference to singular terms shall include the plural and
vice versa.

          (b) The following capitalized terms used herein shall have the definitions specified below:

          “Adverse Claim” has the meaning given such term in Section 8-102(a)(1) of the UCC.

          “Agreement” has the meaning set forth in the introductory paragraph hereof.

          “Cash Proceeds” has the meaning given such term in the UCC.

          “Certificated Security” has the meaning given such term in Section 8-102(a)(4) of the
UCC.

          “Clearing Corporation” has the meaning given such term in Section 8-102(a)(5) of the
UCC.

3

 

          “Collateral” has the meaning set forth in Section 3.1 hereof.

          “Collateral Agent” has the meaning set forth in the introductory paragraph hereof.

          “Credit Party” means each of the Issuer, Trico Assets and Trico Operators.

          “Debentureholders” has the meaning set forth in the Recitals hereto.

          “Distribution Block Demand” has the meaning set forth in Section 6 hereof.

          “Event of Default” means any Event of Default under, and as defined in, Second-Lien
Notes Indenture.

          “Exchange Offer” has the meaning set forth in the Recitals hereto.

          “First-Lien Administrative Agent” has the meaning set forth in the Recitals hereto.

     “First-Lien Collateral Agent” has the meaning set forth in the Recitals hereto.

     “First-Lien Credit Agreement” has the meaning set forth in the Recitals hereto.

     “First-Lien Lenders” has the meaning set forth in the Recitals hereto.

     “First-Lien Security Agreement” has the meaning set forth in the Recitals hereto.

     “Guaranteed Obligations” has the meaning given to such term in Section 1.1
hereof.

     “Indemnities” has the meaning set forth in Section 11 hereof.

     “Insolvency Proceeding” means any proceeding commenced by or against any Person
under any provision of the Bankruptcy Code (Chapter 11 of Title 11 of the United States
Code) or under any other bankruptcy or insolvency law, assignments for the benefit of
creditors, formal or informal moratoria, compositions, or extensions generally with
creditors, or proceedings seeking reorganization, arrangement, or other similar relief.

     “Intercreditor Agreement” has the meaning set forth in the Recitals hereto.

     “Investor” has the meaning set forth in the introductory paragraph hereof.

     “Issuer” has the meaning set forth in the introductory paragraph hereof.

     “Noncash Proceeds” has the meaning given to such term in the UCC.

     “Nordea” has the meaning set forth in the Recitals hereto.

     “Obligations” has the meaning set forth in Section 1.1 hereof.

4

 

          “Person” means any individual, partnership, joint venture, firm, corporation,
association, limited liability company, trust or other enterprise or any government or political
subdivision or any agency, department or instrumentality thereof.

          “Pledgor” has the meaning set forth in the introductory paragraph hereof.

          “Primary Obligations” has the meaning set forth in Section 9(b) hereof.

          “Proceeds” has the meaning given such term in Section 9-102(a)(64) of the UCC.

          “Pro Rata Share” has the meaning set forth in Section 9(b) hereof.

          “Secondary Obligations” has the meaning set forth in Section 9(b) hereof.

          “Second-Lien Documents” has the meaning set forth in the Recitals hereto.

          “Second-Lien Indenture Trustee” has the meaning set forth in the Recitals hereto.

          “Second-Lien Notes” has the meaning set forth in the Recitals hereto.

          “Second-Lien Notes Indenture” has the meaning set forth in the Recitals hereto.

          “Second-Lien Obligations” has the meaning set forth in Section 1.1(i).

          “Securities Act” means the Securities Act of 1933, as amended, as in effect from time
to time.

          “Security” and “Securities” has the meaning given such term in Section
8-102(a)(15) of the UCC.

          “Security Entitlement” has the meaning given such term in Section 8-102(a)(17) of the
UCC.

          “Stock” means all of the issued and outstanding equity interests in (x) Trico Assets
and Trico Operators owned by the Issuer and (y) any other Domestic Subsidiary at any time owned,
directly or indirectly, by the Issuer which owns, directly or indirectly, interests in Trico Assets
or Trico Operators.

          “Subordinated Guaranty” has the meaning given to such term in the Recitals hereto.

          “Subsidiary” shall mean, as to any Person, (i) any corporation more than 50% of whose
stock of any class or classes having by the terms thereof ordinary voting power to elect a majority
of the directors of such corporation (irrespective of whether or not at the time stock of any class
or classes of such corporation shall have or might have voting power by reason of the happening of
any contingency) is at the time owned by such Person and/or one or more Subsidiaries of such Person
and (ii) any partnership, limited liability company, association, joint venture or other entity in
which such Person and/or one or more Subsidiaries of such Person has more than a 50% equity
interest at the time.

5

 

          “Termination Date” has the meaning set forth in Section 20 hereof.

          “Trico Assets” has the meaning set forth in the Recitals hereto.

          “Trico Operators” has the meaning set forth in the introductory paragraph hereof.

          “Trico Supply” shall mean Trico Supply AS, a limited company organized under the laws
of Norway.

          “Trico Supply Intercompany Loan” means the loan from Trico Operators to Trico Supply
in the initial principal amount of $194,000,000 pursuant to the Trico Supply Intercompany Loan
Documentation.

          “Trico Supply Intercompany Loan Documentation” means that certain promissory note
dated November 8, 2007, as amended, between Trico Supply and Trico Operators.

          “UCC” means the Uniform Commercial Code as in effect in the State of New York from
time to time.

          “Uncertificated Security” has the meaning given such term in Section 8-102(a)(18) of
the UCC.

          3. PLEDGE.

          3.1 Pledge. To secure the Obligations now or hereafter owed or to be performed by
the Credit Parties under the Second-Lien Documents, the Pledgors do hereby grant and pledge to the
Collateral Agent, for the benefit of the Debentureholders, and do hereby create a continuing
security interest in favor of the Collateral Agent in, all of their right, title and interest in
and to the following, whether now existing or hereafter from time to time acquired (collectively,
the “Collateral”):

     (a) all Stock;

     (b) the Trico Supply Intercompany Loan and the Trico Supply Intercompany Loan
Documentation; and

          (c) all Proceeds (including all Cash Proceeds and Noncash Proceeds) and products of any and
all of the foregoing; in each case howsoever the Pledgor’s interest therein may arise or appear
(whether by ownership, security interest, claim or otherwise).

          3.2. Procedures. (a) To the extent permitted by the Intercreditor Agreement, to the
extent that the Pledgors at any time or from time to time own, acquire or obtain any right, title
or interest in any Collateral, such Collateral shall, to the extent permitted by law, automatically
(and without the taking of any action by the Pledgors) be pledged pursuant to Section 3.1 of this
Agreement and, in addition thereto, the Pledgors shall (to the extent provided below) take, or, in
the case of Section 3.2(a)(iv), authorize the Collateral Agent to take the following actions as set
forth below (as promptly as practicable and, in any event, within 30 days after it obtains such
Collateral) for the benefit of the Collateral Agent and the Debentureholders:

6

 

     (i) with respect to a Certificated Security (other than a Certificated Security
credited on the books of a Clearing Corporation), the Pledgors shall deliver such
Certificated Security to the Collateral Agent with stock powers executed in blank;

     (ii) with respect to an Uncertificated Security (other than an Uncertificated Security
credited on the books of a Clearing Corporation), the Pledgors shall cause the issuer of
such Uncertificated Security to duly authorize and execute, and deliver to the Collateral
Agent, an agreement for the benefit of the Collateral Agent on behalf of the
Debentureholders substantially in the form of Annex D hereto (appropriately completed to the
reasonable satisfaction of the Collateral Agent and with such modifications, if any, as
shall be reasonably satisfactory to the Collateral Agent) pursuant to which such issuer
agrees during the continuance of any Event of Default to comply with any and all
instructions originated by the Collateral Agent without further consent by the registered
owner and not to comply with instructions regarding such Uncertificated Security originated
by any other Person other than a court of competent jurisdiction;

     (iii) with respect to a Certificated Security or Uncertificated Security that is a
Security credited on the books of a Clearing Corporation (including a Federal Reserve Bank,
Participants Trust Company or The Depository Trust Company), the Pledgors shall promptly
notify the Collateral Agent thereof and shall promptly take all actions required (i) to
comply in all material respects with the applicable rules of such Clearing Corporation and
(ii) to perfect the security interest of the Collateral Agent under applicable law
(including, in any event, under Sections 9-314(a), (b) and (c), 9-106 and 8-106(d) of the
UCC). The Pledgors further agree to take such actions as the Collateral Agent deems
reasonably necessary to effect the foregoing; and

     (iv) with respect to cash proceeds from any of the Collateral described in Section 3.1
hereof which are not released to the Pledgors in accordance with Section 6 hereof, the
Pledgors shall (i) establish, for the benefit of the Debentureholders, a cash account in the
name of the applicable Pledgor or Pledgors over which the Collateral Agent shall have
exclusive and absolute control and dominion (and no withdrawals or transfers may be made
therefrom by any Person except with the prior written consent of the Collateral Agent) and
(ii) deposit such cash in such cash account, in each case as promptly as practicable and, in
any event, within 30 days after it obtains such cash proceeds; provided that until
the Discharge of First-Lien Credit Agreement Obligations (as defined in the Intercreditor
Agreement) shall have occurred, any cash proceeds from the Collateral received by the
Collateral Agent shall be distributed to the First-Lien Collateral Agent to be held in a
cash account over which such First-Lien Collateral Agent shall have exclusive and absolute
control and dominion pursuant to the terms of the First-Lien Security Agreement.

          (b) In addition to the actions required to be taken pursuant to Section 3.2(a) hereof, the
Pledgors shall take the following additional actions with respect to the Collateral to the extent
permitted under the Intercreditor Agreement:

     (i) with respect to all Collateral of the Pledgors whereby or with respect to which the
Collateral Agent may obtain “control” thereof within the meaning of Section 8-106 of

7

 

the UCC (or under any provision of the UCC as the same may be amended or supplemented
from time to time, or under the laws of any relevant State other than the State of New
York), the Pledgors shall take all actions as may be reasonably requested from time to time
by the Collateral Agent so that “control” of such Collateral is obtained and at all
times held by the Collateral Agent; and

     (ii) the Pledgors shall from time to time cause appropriate financing statements (on
Form UCC-1 or other appropriate form) under the Uniform Commercial Code as in effect in the
various relevant states and any other relevant jurisdictions, covering all Collateral
hereunder (with the form of such financing statements to be satisfactory to the Collateral
Agent), to be filed in the relevant filing offices so that at all times the Collateral Agent
has a security interest in all Collateral which is perfected by the filing of such financing
statements (in each case to the maximum extent perfection by filing may be obtained under
the laws of the relevant states, including, without limitation, Section 9-312(a) of the
UCC).

     (c) Pledgor shall deliver to the Collateral Agent, for the benefit of the
Debentureholders, contemporaneously with the execution hereof, executed instruments of
transfer or assignment with respect to the original Trico Supply Intercompany Loan
Documentation (which shall be held and only exercised pursuant to the terms of the
Intercreditor Agreement).

          3.3. Subsequently Acquired Collateral. If the Pledgors shall acquire (by purchase,
stock dividend or similar distribution or otherwise) any additional Collateral at any time or from
time to time after the date hereof, such Collateral shall automatically (and without any further
action being required to be taken) be subject to the pledge and security interest created pursuant
to Section 3.1 hereof and, furthermore, the Pledgors will promptly thereafter take (or cause to be
taken) all action and promptly execute and deliver all further instruments and documents that the
Collateral Agent may reasonably request (acting upon the written instructions of a majority in
principal amount of the outstanding Debentures) in order to: (i) perfect and protect the security
interest purported to be created hereby; (ii) enable the Collateral Agent to exercise and enforce
its rights and remedies hereunder in respect of the Collateral; or (iii) otherwise effect the
purposes of this Agreement; provided such actions shall be with respect to such Collateral in
accordance with the procedures set forth in Section 3.2 hereof (to the extent permitted by the
Intercreditor Agreement), and will promptly thereafter deliver to the Collateral Agent (i) a
certificate executed by a principal executive officer of the Pledgor describing such Collateral and
certifying that the same has been duly pledged in favor of the Collateral Agent hereunder and (ii)
supplements to Annexes A through C hereto as are reasonably necessary to cause such annexes to be
complete and accurate in all material respects at such time.

          3.4. Transfer Taxes. Each pledge of Collateral under Section 3.1 or Section 3.3
hereof shall be accompanied by any transfer tax stamps required in connection with the pledge of
such Collateral.

          3.5. Certain Representations and Warranties Regarding the Stock. The Issuer
represents and warrants that on the date hereof: (i) the Issuer owns 100% of the outstanding
interests of Trico Assets and Trico Operators; (ii) the Stock (and any warrants or options to

8

 

purchase Stock) consists of the number and type of shares of the stock (or warrants or options
to purchase any stock) of such Persons as described in Annex B hereto; (iii) such Stock constitutes
that percentage of the issued and outstanding capital stock as is set forth in Annex B hereto; and
(iv) to the extent permitted by the Intercreditor Agreement, the Issuer has complied with the
respective procedure set forth in Section 3.2(a) hereof with respect to the Stock.

          3.6 Intercreditor Agreement. Notwithstanding anything to the contrary contained in
this Agreement, the priorities with respect to all security interests granted to the Collateral
Agent hereunder and under the other Security Documents and to the First-Lien Collateral Agent under
the First-Lien Credit Documents (as defined in the Intercreditor Agreement) shall be governed by
the terms and provisions of the Intercreditor Agreement. In the event of any conflict between the
terms of the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement
shall govern and control.

          3.7 Payment and Enforcement of Trico Supply Intercompany Loan. Trico Operators shall
not, without the consent of the Debentureholders holding at least a majority in principal amount of
the Second-Lien Notes then outstanding, reduce or otherwise deem any amount owing under the Trico
Supply Intercompany Loan satisfied or paid (including any principal, interest or other amount due
thereunder) without the receipt of cash or other assets of the type described in Section 3.2(a)(i)
through (iv) above, of equal or greater value.

          4. APPOINTMENT OF SUB-AGENTS; ENDORSEMENTS, ETC. If and to the extent necessary to enable
the Collateral Agent to perfect its security interest in any of the Collateral or to exercise any
of its remedies hereunder, the Collateral Agent shall have the right to appoint one or more
sub-agents for the purpose of retaining physical possession of the Collateral, which may be held
(in the discretion of the Collateral Agent) in the name of the Pledgors, endorsed or assigned in
blank or in favor of the Collateral Agent or any nominee or nominees of the Collateral Agent or a
sub-agent appointed by the Collateral Agent.

          5. VOTING, ETC., WHILE NO EVENT OF DEFAULT. Unless and until there shall have occurred and
be continuing an Event of Default, the Pledgors shall be entitled to exercise any and all voting
and other consensual rights pertaining to the Collateral owned by them, and to give consents,
waivers or ratifications in respect thereof; provided that, in each case, no vote shall be
cast or any consent, waiver or ratification given or any action taken or omitted to be taken which
would violate any of the terms of any Second-Lien Document or the Intercreditor Agreement, or which
could reasonably be expected to have the effect of impairing the Lien of the Collateral Agent or
any Debentureholder in the Collateral, unless expressly permitted by the terms of the Second-Lien
Documents or the Intercreditor Agreement. All such rights of the Pledgors to vote and to give
consents, waivers and ratifications shall cease so long as an Event of Default has occurred and is
continuing, and Section 7 hereof shall become applicable.

          6. DISTRIBUTIONS. Subject to the terms of the Intercreditor Agreement, unless and until (i)
there shall have occurred and be continuing an Event of Default and (ii) the Collateral Agent shall
have delivered to the Pledgors a Distribution Block Demand, all cash dividends, cash distributions,
cash Proceeds and other cash amounts payable in respect of the Collateral shall be paid to the
Pledgors. Upon the occurrence, and during the continuance, of an Event of Default, the Collateral
Agent may, at the direction of the Second-Lien Indenture Trustee

9

 

and subject to the terms of the Intercreditor Agreement, deliver to the Pledgors a demand in
writing instructing the Pledgors to deposit all cash dividends, cash distributions, cash Proceeds
and other cash amounts payable in respect of the Collateral into a cash account in accordance with
Section 3.2(a)(iv) (such demand a “Distribution Block Demand”); provided that the
Collateral Agent shall promptly return all such amounts to the Pledgors if such Event of Default is
subsequently cured or waived in accordance with the Second-Lien Documents. Subject to the
Intercreditor Agreement, the Collateral Agent shall be entitled to receive directly, and to retain
as part of the Collateral:

     (i) all other or additional stock, notes, instruments or other securities or property
(including, but not limited to, cash dividends other than as set forth above in the first
sentence of this Section 6) paid or distributed by way of dividend or otherwise in respect
of the Collateral;

     (ii) all other or additional stock, notes, instruments or other securities or property
(including, but not limited to, cash) paid or distributed in respect of the Collateral by
way of stock split, spin off, split up, reclassification, combination of shares or similar
rearrangement; and

     (iii) all other or additional stock, notes, instruments or other securities or property
(including, but not limited to, cash) which may be paid in respect of the Collateral by
reason of any consolidation, merger, exchange of stock, conveyance of assets, liquidation or
similar corporate or other reorganization.

All dividends, distributions or other payments which are received by the Pledgors contrary to the
provisions of this Section 6 and Section 7 hereof shall be received in trust for the benefit of the
Collateral Agent subject to the terms of the Intercreditor Agreement, shall be segregated from
other property or funds of the Pledgors and shall be forthwith paid over and/or delivered to the
Collateral Agent as Collateral in the same form as so received (with any necessary endorsement).

          7. REMEDIES IN CASE OF AN EVENT OF DEFAULT. If there shall have occurred and be continuing
an Event of Default, then and in every such case, the Collateral Agent shall be entitled, subject
in all cases to the terms of the Intercreditor Agreement, to exercise all of the rights, powers and
remedies (whether vested in it by this Agreement, any other Second-Lien Document or by law) for the
protection and enforcement of its rights in respect of the Collateral, and the Collateral Agent
shall be entitled, subject in all cases to the terms of the Intercreditor Agreement, to exercise
all the rights and remedies of a secured party under the Uniform Commercial Code as in effect in
any relevant jurisdiction and also shall be entitled, without limitation, to the extent permitted
under the Second-Lien Documents and applicable law, to exercise the following rights, which the
Collateral Agent hereby agrees to be commercially reasonable:

     (i) to receive all amounts payable in respect of the Collateral otherwise payable under
Section 6 hereof to the Pledgors;

     (ii) to transfer all or any part of the Collateral into the Collateral Agent’s name or
the name of its nominee or nominees;

10

 

     (iii) to vote all or any part of the Collateral (whether or not transferred into the
name of the Collateral Agent) and give all consents, waivers and ratifications in respect of
the Collateral and otherwise act with respect thereto as though it were the outright owner
thereof (the Pledgors hereby irrevocably constituting and appointing the Collateral Agent
the proxy and attorney-in-fact of the Pledgors, with full power of substitution to do so);

     (iv) at any time and from time to time to sell, assign and deliver, or grant options to
purchase, all or any part of the Collateral, or any interest therein, at any public or
private sale, without demand of performance, advertisement or notice of intention to sell or
of the time or place of sale or adjournment thereof or to redeem or otherwise (all of which
are hereby waived by the Pledgors, to the extent permitted by law), for cash, on credit or
for other property, for immediate or future delivery without any assumption of credit risk,
and for such price or prices and on such terms as the Collateral Agent in its absolute
discretion may determine to the extent permitted by law, provided that at least 10
days’ written notice of the time and place of any such sale or the date after which any such
private sale shall be given to the Pledgors. The Collateral Agent shall not be obligated to
make any such sale of Collateral regardless of whether any such notice of sale has
theretofore been given. The Pledgors hereby waive and release to the fullest extent
permitted by law any right or equity of redemption with respect to the Collateral, whether
before or after sale hereunder, and all rights, if any, of marshalling the Collateral and
any other security for the Obligations or otherwise. At any such sale, unless prohibited by
applicable law, the Collateral Agent may bid for and purchase all or any part of the
Collateral so sold free from any such right or equity of redemption. To the extent
permitted by law, neither the Collateral Agent nor any Debentureholder shall be liable for
failure to collect or realize upon any or all of the Collateral or for any delay in so doing
nor shall any of them be under any obligation to take any action whatsoever with regard
thereto;

     (v) to set-off any and all Collateral against any and all Obligations; and

     (vi) apply any monies constituting Collateral or Proceeds thereof in accordance with
the provisions of Section 9.

          8. REMEDIES, ETC., CUMULATIVE. Each and every right, power and remedy of the Collateral
Agent provided for in this Agreement or in any other Second-Lien Document, or now or hereafter
existing at law or in equity or by statute shall be cumulative and concurrent and shall be in
addition to every other such right, power or remedy. The exercise or beginning of the exercise by
the Collateral Agent or any Debentureholder of any one or more of the rights, powers or remedies
provided for in this Agreement or any other Second-Lien Document or now or hereafter existing at
law or in equity or by statute or otherwise shall not preclude the simultaneous or later exercise
by the Collateral Agent of all such other rights, powers or remedies, and no failure or delay on
the part of the Collateral Agent to exercise any such right, power or remedy shall operate as a
waiver thereof. No notice to or demand on a Pledgor in any case shall entitle it to any other or
further notice or demand in similar or other circumstances or constitute a waiver of any of the
rights of the Collateral Agent to any other or further action in any circumstances without notice
or demand. The Debentureholders agree that this Agreement

11

 

may be enforced only by the action of the Collateral Agent, subject to the terms of the
Intercreditor Agreement, and that no other Debentureholder shall have any right individually to
seek to enforce or to enforce this Agreement or to realize upon the security to be granted hereby,
it being understood and agreed that such rights and remedies may be exercised by the Collateral
Agent for the benefit of the Debentureholders upon the terms of this Agreement.

          9. APPLICATION OF PROCEEDS. (a) Subject to the terms of the Intercreditor Agreement, all
monies collected by the Collateral Agent upon any sale or other disposition of the Collateral shall
be applied to the payment of the Obligations as follows:

     (i) first, to the payment of all amounts owing to the Collateral Agent of the type
described in clauses (ii) and (iii) of Section 1.1;

     (ii) second, to the extent proceeds remain after the application pursuant to the
preceding clause (i), an amount equal to the outstanding Primary Obligations (as defined
below) constituting Second-Lien Obligations shall be paid to the Debentureholders as
provided in Section 9(b) hereof, with each Debentureholder receiving an amount equal to its
Pro Rata Share (as defined below) of all such outstanding Primary Obligations constituting
Second-Lien Obligations or, if the proceeds are insufficient to pay in full all such
outstanding Primary Obligations constituting Second-Lien Obligations, its Pro Rata Share of
the amount remaining to be distributed;

     (iii) third, to the extent proceeds remain after the application pursuant to the
preceding clauses (i) and (ii), an amount equal to the outstanding Secondary Obligations
shall be paid to the Debentureholders as provided in Section 9(b) hereof, with each
Debentureholder receiving an amount equal to its Pro Rata Share of all such outstanding
Secondary Obligations or, if the proceeds are insufficient to pay in full all such Secondary
Obligations, its Pro Rata Share of the amount remaining to be distributed; and

     (iv) fourth, to the extent proceeds remain after the application pursuant to the
preceding clauses (i) through (iii), inclusive, and following the termination of this
Agreement pursuant to Section 20 hereof, to the applicable Pledgor or to whomever may be
lawfully entitled to receive such surplus.

          (b) For purposes of this Agreement, (x) “Pro Rata Share” shall mean, when calculating
a Debentureholder’s portion of any distribution or amount, that amount (expressed as a percentage)
equal to a fraction the numerator of which is the then unpaid amount of such Debentureholder’s
Primary Obligations or Secondary Obligations, as the case may be, and the denominator of which is
the then outstanding amount of all Primary Obligations or Secondary Obligations, as the case may
be, (y) “Primary Obligations” shall mean all principal of, and interest on, all Second-Lien
Notes and all fees, costs and expenses incurred thereunder or under any other Second-Lien Document
with respect thereto and (z) “Secondary Obligations” shall mean all Obligations other than
Primary Obligations.

          (c) When payments to Debentureholders are based upon their respective Pro Rata Shares, the
amounts received by such Debentureholders hereunder shall be applied (for purposes of making
determinations under this Section 9 only) (i) first, to their Primary

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Obligations and (ii) second, to their Secondary Obligations. If any payment to any
Debentureholder of its Pro Rata Share of any distribution would result in overpayment to such
Debentureholder, such excess amount shall instead be distributed in respect of the unpaid Primary
Obligations or Secondary Obligations, as applicable, of the other Debentureholders, with each
Debentureholder whose Primary Obligations or Secondary Obligations, as applicable, have not been
paid in full to receive an amount equal to such excess amount multiplied by a fraction the
numerator of which is the unpaid Primary Obligations or Secondary Obligations, as applicable, of
such Debentureholder and the denominator of which is the unpaid Primary Obligations or Secondary
Obligations, as the case may be, of all Debentureholders entitled to such distribution.

          (d) All payments required to be made hereunder shall be made to the Collateral Agent for the
account of the Debentureholders.

          (e) For purposes of applying payments received in accordance with this Section 9, the
Collateral Agent shall be entitled to rely upon the Second-Lien Indenture Trustee for a
determination of the outstanding Primary Obligations and Secondary Obligations owed to the
Debentureholders. Unless it has actual knowledge (including by way of written notice from a
Debentureholder) to the contrary, the Collateral Agent, in acting hereunder, shall be entitled to
assume that no Secondary Obligations are outstanding.

          (f) It is understood and agreed that the Issuer shall remain liable to the extent of any
deficiency between the amount of the proceeds of the Collateral pledged hereunder and the aggregate
amount of the Obligations of the Pledgors.

          10. PURCHASERS OF COLLATERAL. Upon any sale of the Collateral by the Collateral Agent
hereunder (whether by virtue of the power of sale herein granted, pursuant to judicial process or
otherwise), subject to the terms of the Intercreditor Agreement, the receipt of the Collateral
Agent or the officer making the sale shall be a sufficient discharge to the purchaser or purchasers
of the Collateral so sold, and such purchaser or purchasers shall not be obligated to see to the
application of any part of the purchase money paid over to the Collateral Agent or such officer or
be answerable in any way for the misapplication or nonapplication thereof.

          11. INDEMNITY. Each Pledgor jointly and severally agrees (i) to indemnify and hold harmless
the Collateral Agent, the Second-Lien Indenture Trustee and each Debentureholder and their
respective successors, assigns, employees, agents and affiliates (individually an
“Indemnitee,” and collectively the “Indemnitees”) from and against any and all
claims, demands, losses, judgments and liabilities (including liabilities for penalties) of
whatsoever kind or nature, and (ii) to reimburse each Indemnitee for all reasonable costs and
expenses, including reasonable attorneys’ fees, in each case growing out of or resulting from this
Agreement or the exercise by any Indemnitee of any right or remedy granted to it hereunder or under
any other Second-Lien Document (but excluding any claims, demands, losses, judgments and
liabilities or expenses to the extent incurred by reason of gross negligence or willful misconduct
of such Indemnitee (as determined by a court of competent jurisdiction in a final and
non-appealable decision)). In no event shall the Collateral Agent be liable, in the absence of
gross negligence or willful misconduct on its part, for any matter or thing in connection with this
Agreement other than to account for monies actually received by it in accordance with the terms

13

 

hereof. If and to the extent that the obligations of any Pledgor under this Section 11 are
unenforceable for any reason, such Pledgor hereby agrees to make the maximum contribution to the
payment and satisfaction of such obligations which is permissible under applicable law.

          12. COLLATERAL AGENT NOT A PARTNER OR LIMITED LIABILITY COMPANY MEMBER. (a) Nothing herein
shall be construed to make the Collateral Agent or any Debentureholder liable as a member of any
limited liability company or as a partner of any partnership and neither the Collateral Agent nor
any Debentureholder by virtue of this Agreement or otherwise shall have any of the duties,
obligations or liabilities of a member of any limited liability company or partnership.

          (b) The Collateral Agent, by accepting this Agreement, did not intend to become a member of
any limited liability company or a partner of any partnership or otherwise be deemed to be a
co-venturer with respect to the Pledgors, any limited liability company, partnership and/or any
other Person either before or after an Event of Default shall have occurred. The Collateral Agent
shall have only those powers set forth herein and the Debentureholders shall assume none of the
duties, obligations or liabilities of a member of any limited liability company or as a partner of
any partnership or each Pledgor.

          (c) To the extent permitted by law, the Collateral Agent and the other Debentureholders shall
not be obligated to perform or discharge any obligation of each Pledgor as a result of the pledge
hereby effected.

          (d) To the extent permitted by law, the acceptance by the Collateral Agent of this Agreement,
with all the rights, powers, privileges and authority so created, shall not at any time or in any
event obligate the Collateral Agent or any Debentureholder to appear in or defend any action or
proceeding relating to the Collateral to which it is not a party, or to take any action hereunder
or thereunder, or to expend any money or incur any expenses or perform or discharge any obligation,
duty or liability under the Collateral.

          13. FURTHER ASSURANCES; POWER-OF-ATTORNEY. (a) Subject to the terms of the Intercreditor
Agreement, each Pledgor agrees that it will join with the Collateral Agent in executing, if
applicable, and, at the Pledgors’ own expense, file and refile under the Uniform Commercial Code or
other applicable law such financing statements, continuation statements and other documents in such
offices as the Collateral Agent may deem reasonably necessary and wherever required by law in order
to perfect and preserve the Collateral Agent’s security interest in the Collateral subject to the
terms of the Intercreditor Agreement, and hereby authorizes the Collateral Agent to file financing
statements and amendments thereto relative to all or any part of the Collateral where permitted by
law, and agrees to do such further acts and things and to execute and deliver to the Collateral
Agent such additional conveyances, assignments, agreements and instruments as the Collateral Agent
may reasonably require or deem necessary to carry into effect the purposes of this Agreement or to
further assure and confirm unto the Collateral Agent its rights, powers and remedies hereunder.

          (b) The Pledgors hereby appoint the Collateral Agent the Pledgors’ attorney-in-fact, with full
authority in the place and stead of such Pledgors and in the name of the Pledgors or otherwise, to
act from time to time solely after the occurrence and during the

14

 

continuance of an Event of Default in the Collateral Agent’s reasonable discretion to take any
action and to execute any instrument which the Collateral Agent may deem reasonably necessary or
advisable to accomplish the purposes of this Agreement.

          14. THE COLLATERAL AGENT AS AGENT. (a) The Collateral Agent will hold in accordance with
this Agreement and the Intercreditor Agreement all items of the Collateral at any time received
under this Agreement. It is expressly understood and agreed by each Debentureholder that by
accepting the benefits of this Agreement each such Debentureholder acknowledges and agrees that the
obligations of the Collateral Agent as holder of the Collateral and interests therein and with
respect to the disposition thereof, and otherwise under this Agreement, are only those expressly
set forth in this Agreement. The Collateral Agent shall act hereunder on the terms and conditions
set forth herein, in the Intercreditor Agreement and in Article 12 of the Second-Lien Notes
Indenture; provided that the Collateral Agent shall exercise, or refrain from exercising, any
remedies provided for in Section 9 herein in accordance with the terms of the Intercreditor
Agreement and the Second-Lien Notes Indenture.

          (b) Unless the Second-Lien Indenture Trustee has appointed a co-trustee under the terms of
the Second-Lien Notes Indenture, the Collateral Agent shall at all times be the same Person that is
the Second-Lien Notes Indenture Trustee under the Second-Lien Notes Indenture. Written notice of
resignation by the Second-Lien Indenture Trustee pursuant to Section 7.08 of the Second-Lien Notes
Indenture shall also constitute notice of resignation as the Collateral Agent under this Agreement.
Upon the acceptance of any appointment as the Second-Lien Notes Indenture Trustee under Section
7.08 of the Second-Lien Notes Indenture by a successor Second Lien Indenture Trustee, that
successor Second-Lien Indenture Trustee shall thereupon succeed to and become vested with all the
rights, powers, privileges and duties of the retiring or removed Collateral Agent under this
Agreement and the Intercreditor Agreement, and the retiring or removed Collateral Agent under this
Agreement shall promptly (i) transfer to such successor Collateral Agent all sums, securities and
other items of Collateral held hereunder, together with all records and other documents necessary
or appropriate in connection with the performance of the duties of the successor Collateral Agent
under this Agreement, and (ii) execute and deliver to such successor Collateral Agent such
amendments to financing statements, and take such other actions, as may be necessary or appropriate
in connection with the assignment to such successor Collateral Agent of the security interests
created hereunder, whereupon such retiring or removed Collateral Agent shall be discharged from its
duties and obligations under this Agreement. After any retiring or removed Trustee’s resignation
or removal hereunder as the Collateral Agent, the provisions of this Agreement shall inure to its
benefit as to any actions taken or omitted to be taken by it under this Agreement while it was
Collateral Agent hereunder.

          (c) The Collateral Agent’s sole duty with respect to the custody, safekeeping and physical
preservation of the Collateral in its possession, under Section 9-207 of the UCC or otherwise,
shall be to deal with it in the same manner as the Collateral Agent deals with similar property for
its own account. None of the Collateral Agent, the Second-Lien Indenture Trustee, the
Debentureholders or any of their respective officers, directors, employees or agents shall be
liable for failure to demand, collect or realize upon any of the Collateral or for any delay in
doing so or shall be under any obligation to sell or otherwise dispose of any Collateral upon the
request of either Pledgor or any other Person or to take any other action whatsoever with regard to
the Collateral or any part thereof. The powers conferred on the Collateral Agent hereunder are

15

 

solely to protect the Collateral Agent’s interests in the Collateral and shall not impose any duty
upon the Collateral Agent, the Second-Lien Indenture Trustee or any Debentureholder to
exercise any such powers. The Collateral Agent, the Second-Lien Indenture Trustee and the
Debentureholders shall be accountable only for amounts that they actually receive as a result of
the exercise of such powers, and neither they nor any of their officers, directors, employees or
agents shall be responsible to the Pledgors for any act or failure to act hereunder, except for
their own gross negligence or willful misconduct. To the fullest extent permitted by applicable
law, the Collateral Agent shall be under no duty whatsoever to make or give any presentment, notice
of dishonor, protest, demand for performance, notice of non-performance, notice of intent to
accelerate, notice of acceleration, or other notice or demand in connection with any Collateral or
the Second-Lien Obligations, or to take any steps necessary to preserve any rights against the
Pledgor or any other Person, or to ascertain or take any action with respect to calls, conversions,
exchanges, maturities, tenders or other matters relative to any Collateral, whether or not it has
or is deemed to have knowledge of such matters. Each Pledgor, to the extent permitted by
applicable law waives any right to require the Collateral Agent, the Second-Lien Indenture Trustee
or any Debentureholder to proceed against such Pledgor or other Person, exhaust any Collateral or
enforce any other remedy which the Collateral Agent, the Second-Lien Indenture Trustee or any
Debentureholder now has or may hereafter have against such Pledgor or other Person.

          15. TRANSFER BY THE PLEDGORS. Neither Pledgor will sell or otherwise dispose of, grant any
option with respect to, or mortgage, pledge or otherwise encumber any of the Collateral or any
interest therein (except as may be permitted in accordance with the terms of the Second-Lien
Documents).

          16. REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE PLEDGORS. (a) Each Pledgor represents,
warrants and covenants that it is the legal, beneficial and record owner of, and has good title to,
all Collateral pledged by it hereunder and that it has sufficient interest in all Collateral
pledged by it hereunder in which a security interest is purported to be created hereunder for such
security interest to attach (subject, in each case, to no pledge, lien, mortgage, hypothecation,
security interest, charge, option, Adverse Claim or other encumbrance whatsoever, except the liens
and security interests created by this Agreement and the Permitted Liens);

          (i) the Stock has been duly and validly issued and acquired, is fully paid and non assessable
and is not subject to options to purchase or similar rights;

          (ii) the pledge and collateral assignment to, and possession by, the Collateral Agent of the
Collateral pledged by the Pledgors hereunder consisting of Certificated Securities pursuant to this
Agreement creates a valid first priority security interest in such Certificated Securities, and the
proceeds thereof, subject to no prior Lien or to any agreement purporting to grant to any third
party a Lien on the property or assets of the Pledgors which would include the Certificated
Securities, except for Permitted Liens, and the Collateral Agent is entitled to all the rights,
priorities and benefits afforded by the UCC or other relevant law as enacted in any relevant
jurisdiction to perfect security interests in respect of such Collateral; and;

16

 

          (iii) upon the delivery of any Stock constituting Certificated Securities together with stock
powers executed in blank to the Collateral Agent, the Collateral Agent shall have
obtained “control” (as defined in Section 8-106 of the UCC) over all Stock with respect to
which such “control” may be obtained pursuant to Section 8-106 of the UCC.

          (b) Subject to the Intercreditor Agreement, the Pledgors covenant and agree that they will
defend the Collateral Agent’s right, title and security interest in and to the Collateral and the
proceeds thereof against the claims and demands of all persons whomsoever (other than Permitted
Liens); and each of the Pledgors covenants and agrees that it will have like title to and right to
pledge any other property at any time hereafter pledged to the Collateral Agent as Collateral
hereunder and will likewise defend the right thereto and security interest therein of the
Collateral Agent and the Debentureholders (subject to Permitted Liens).

          17. CERTAIN REPRESENTATIONS AND WARRANTIES; JURISDICTION OF ORGANIZATION. Each Pledgor
represents and warrants that, on the date hereof: (i) the jurisdiction of organization of such
Pledgor is specified in Annex A hereto; (ii) the chief executive office of such Pledgor is located
at the address specified in Annex C hereto; and (iii) the organizational identification number of
such Pledgor is specified in Annex A hereto. The Pledgor shall not change its jurisdiction of
organization or move its chief executive office except to such new jurisdiction or location as such
Pledgor may establish in accordance with the last sentence of this Section 17. Neither Pledgor
shall establish a new jurisdiction of organization or a new location for such chief executive
office until (i) it shall have given to the Collateral Agent not less than 15 days’ prior written
notice of its intention so to do, providing clear details of such new jurisdiction of organization
or new location, as the case may be, and providing such other information in connection therewith
as the Collateral Agent may reasonably request, and (ii) with respect to such new jurisdiction of
organization or new location, as the case may be, it shall have taken all action, satisfactory to
the Collateral Agent (and, to the extent applicable, in accordance with Section 3.2 hereof), to
maintain the security interest of the Collateral Agent in the Collateral intended to be granted
hereby at all times fully perfected and in full force and effect. Promptly after establishing a
new jurisdiction of organization or new location for such chief executive offices in accordance
with the immediately preceeding sentence, the Pledgors shall deliver to the Collateral Agent a
supplement to Annex A hereto, so as to cause such Annex A to be complete and accurate.

          18. PLEDGORS’ OBLIGATIONS ABSOLUTE, ETC. To the extent permitted by law, the obligations of
the Pledgors under this Agreement shall be absolute and unconditional and shall remain in full
force and effect without regard to, and shall not be released, suspended, discharged, terminated or
otherwise affected by, any circumstance or occurrence whatsoever, including, without limitation:
(i) any renewal, extension, amendment or modification of or addition or supplement to or deletion
from any Second-Lien Document or any other instrument or agreement referred to therein, or any
assignment or transfer of any thereof; (ii) any waiver, consent, extension, indulgence or other
action or inaction under or in respect of any such agreement or instrument including, without
limitation, this Agreement; (iii) any furnishing of any additional security to the Collateral Agent
or its assignee or any acceptance thereof or any release of any security by the Collateral Agent or
its assignee; (iv) any limitation on any party’s liability or obligations under any such instrument
or agreement or any invalidity or unenforceability, in whole or in part, of any such instrument or
agreement or any term thereof;

17

 

or (v) any bankruptcy, insolvency, reorganization, composition,
adjustment, dissolution, liquidation or other like proceeding relating to the Pledgors or any
Subsidiary of the Pledgors, or
any action taken with respect to this Agreement by any trustee or receiver, or by any court,
in any such proceeding, whether or not the Pledgors shall have notice or knowledge of any of the
foregoing (it being understood and agreed that the enforcement hereof may be limited by applicable
bankruptcy, insolvency, restructuring, moratorium or other similar laws generally affecting
creditors’ rights and by equitable principles and by the possible judicial application of foreign
laws or governmental action affecting the rights of creditors generally).

          19. REGISTRATION, ETC. Subject to the Intercreditor Agreement, if at any time when the
Collateral Agent shall determine to exercise its right to sell all or any part of the Collateral
consisting of Stock, and the Collateral or the part thereof to be sold shall not, for any reason
whatsoever, be effectively registered under the Securities Act, as then in effect, the Collateral
Agent may, in its sole and absolute discretion, sell such Collateral, as the case may be, or part
thereof by private sale in such manner and under such circumstances as the Collateral Agent may
deem necessary or advisable in order that such sale may legally be effected without such
registration. Without limiting the generality of the foregoing, in any such event the Collateral
Agent, in its sole and absolute discretion (i) may proceed to make such private sale
notwithstanding that a registration statement for the purpose of registering such Collateral or
part thereof shall have been filed under the Securities Act, (ii) may approach and negotiate with a
single possible purchaser to effect such sale, and (iii) may restrict such sale to a purchaser who
will represent and agree that such purchaser is purchasing for its own account, for investment, and
not with a view to the distribution or sale of such Collateral or part thereof. In the event of
any such sale, the Collateral Agent shall incur no responsibility or liability for selling all or
any part of the Collateral at a price which the Collateral Agent, in its sole and absolute
discretion, in good faith deems reasonable under the circumstances, notwithstanding the possibility
that a substantially higher price might be realized if the sale were deferred until after
registration as aforesaid.

          20. TERMINATION. (a) After the Termination Date, this Agreement and the security interest
created hereby shall terminate and the estate and rights hereby granted shall cease to be binding
and be void and the Collateral Agent, at the request and expense of the Pledgors, will as promptly
as practicable (i) execute and deliver to the Pledgors a proper instrument or instruments
acknowledging the satisfaction and termination of this Agreement, (ii) subject to the terms of the
Intercreditor Agreement will duly assign, transfer and deliver to the Pledgors (without recourse
and without any representation or warranty) such of the Collateral as has not theretofore been sold
or otherwise applied or released pursuant to this Agreement or any other Credit Document, together
with any monies at the time held by the Collateral Agent or any of its sub-agents hereunder, and
(iii) notify the deposit banks under any deposit account control agreement established pursuant to
Section 3.2(a)(iv) that such agreements are terminated. As used in this Agreement,
“Termination Date” shall mean the date on which the Obligations have been paid in full in
cash.

          (b) The Collateral Agent shall have no liability whatsoever to any Debentureholder as a result
of any release of Collateral by it in accordance with this Section 20.

18

 

          21. NOTICES, ETC. Except as otherwise expressly provided herein, all notices and other
communications provided for hereunder shall be in writing and mailed, telexed, telecopied or
delivered: if to the Pledgors, at Trico Marine Services Inc., 3200 Southwest Freeway, Suite
2950, Houston. TX 77027, Attention: General Counsel, and Vinson & Elkins LLP, First City
Tower, 1001 Fannin Street, Suite 2500, Houston, TX 77002-6760, Attention: Kevin Lewis; and if to
the Collateral Agent, at its address specified on its signature page hereto. All such notices and
communications shall (i) when mailed, be effective three Business Days after being deposited in the
mails, prepaid and properly addressed for delivery, (ii) when sent by overnight courier, be
effective one Business Day after delivery to the overnight courier prepaid and properly addressed
for delivery on such next Business Day, or (iii) when sent by telex or telecopier, be effective
when sent by telex or telecopier, except that notices and communications to the Collateral Agent or
any Pledgor shall not be effective until received by the Collateral Agent or such Pledgor, as the
case may be.

          22. WAIVER; AMENDMENT. None of the terms and conditions of this Agreement may be changed,
waived, modified or varied in any manner whatsoever except in writing in accordance with the terms
of the Intercreditor Agreement duly signed by the Pledgors and the Collateral Agent.

          23. MISCELLANEOUS. (a) THIS AGREEMENT AND THE RIGHTS AND OBLIGATIONS OF THE
DEBENTUREHOLDERS AND OF THE UNDERSIGNED HEREUNDER SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE
WITH THE LAW OF THE STATE OF NEW YORK. ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS
AGREEMENT OR ANY OTHER SECOND-LIEN DOCUMENT TO WHICH THE PLEDGORS ARE A PARTY MAY BE BROUGHT IN THE
COURTS OF THE STATE OF NEW YORK LOCATED IN NEW YORK COUNTY IN THE CITY OF NEW YORK OR OF THE UNITED
STATES OF AMERICA FOR THE SOUTHERN DISTRICT OF NEW YORK, IN EACH CASE LOCATED WITHIN THE CITY OF
NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AGREEMENT, EACH PARTY HERETO HEREBY IRREVOCABLY
ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY, GENERALLY AND UNCONDITIONALLY, THE JURISDICTION
OF THE AFORESAID COURTS. EACH PARTY HERETO FURTHER IRREVOCABLY CONSENTS TO THE SERVICE OF PROCESS
OUT OF ANY OF THE AFOREMENTIONED COURTS IN ANY SUCH ACTION OR PROCEEDING BY THE MAILING OF COPIES
THEREOF BY REGISTERED OR CERTIFIED MAIL, POSTAGE PREPAID, TO SUCH PARTY AT THEIR ADDRESSES SET
FORTH IN SECTION 21 HEREOF SUCH SERVICE TO BECOME EFFECTIVE 30 DAYS AFTER SUCH MAILING. NOTHING
HEREIN SHALL AFFECT THE RIGHT OF ANY PARTY HERETO TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY
LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST ANY OTHER PARTY HERETO IN ANY
OTHER JURISDICTION.

          (b) EACH PARTY HERETO HEREBY IRREVOCABLY WAIVES (TO THE FULLEST EXTENT PERMITTED BY APPLICABLE
LAW) ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE
AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT OR ANY OTHER
CREDIT DOCUMENT TO WHICH SUCH PARTY IS A PARTY BROUGHT IN THE COURTS REFERRED TO IN

19

 

CLAUSE (A)
ABOVE AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT
SUCH ACTION OR
PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM.

          (c) THE PLEDGORS AND EACH DEBENTUREHOLDER (BY THEIR ACCEPTANCE OF THE BENEFITS OF THIS
AGREEMENT) HEREBY IRREVOCABLY WAIVE ALL RIGHTS TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT, THE OTHER CREDIT DOCUMENTS TO WHICH THE
PLEDGORS ARE A PARTY OR THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY.

* * *

20

 

          IN WITNESS WHEREOF, the Pledgor and the Collateral Agent have caused this Agreement to be
executed by their duly elected officers duly authorized as of the date first above written.

	 	 	 	 	 	 	 
	3200 Southwest Fwy, Suite 2950	 	TRICO MARINE OPERATORS, INC.,	 	 
	Houston, Texas 77057	 	     as Pledgor	 	 
	Attention: General Counsel
	 	 	 	 	 	 
	Tel. No.: (713) 780-9926
	 	 	 	 	 	 
	Fax No.: (713) 750-0062

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	Title:
	 	VP & General Counsel
	 	 
	 
	 	 	 	 	 	 
	1445 Ross Avenue, 2nd Floor	 	Wells Fargo Bank, National Association,	 	 
	MAC T5303-022

Dallas, Texas 75202	 	as Collateral Agent	 	 
	Attention: Corporate Trust Services

	 	By:	 	 	 	 
	 

	 	 	 	 	 	 
	Tel. No.: (214) 740-1573

	 	Title:	 	 	 	 
	Fax No.: (214) 777-4086
	 	 	 	 	 	 

21

 

ANNEX A

to

Pledge Agreement

EXACT LEGAL NAME OF THE PLEDGORS AND JURISDICTIONS OF
ORGANIZATION

	 	 	 	 	 
	 	 	 	 	Organizational ID /
	Name of Pledgor	 	Jurisdiction of Organization	 	Registration Number
	Trico Marine Services, Inc.
	 	Delaware	 	2355700
	Trico Marine Operators, Inc.
	 	Louisiana	 	34236494D

 

 

ANNEX B

to

Pledge Agreement

LIST OF STOCK

	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	Number of	 	Percent of
	 	 	 	 	Jurisdiction of	 	Shares	 	Outstanding Stock
	Pledgor	 	Corporation	 	Organization	 	Pledged	 	Pledged
	Trico Marine
Services, Inc.

	 	Trico Marine
Assets, Inc.
	 	Delaware
	 	 	100	 	 	 	100	%
	Trico Marine
Services, Inc.

	 	Trico Marine
Operators, Inc.
	 	Louisiana
	 	 	100	 	 	 	100	%

 

 

ANNEX C

to

Pledge Agreement

CHIEF EXECUTIVE OFFICES

	 	 	 
	Names of Pledgors	 	Addresses
	Trico Marine Services, Inc.

	 	10001 Woodloch Forest Drive, Suite 610
	 

	 	The Woodlands, TX 77380
	 
	 	 
	Trico Marine Operators, Inc.

	 	250 North American Ct.
	 

	 	P.O. Box 4097
	 

	 	Houma, Louisiana 70363

 

 

ANNEX D

to

Pledge Agreement

Form of Agreement Regarding Uncertificated Securities 

          AGREEMENT (as amended, modified or supplemented from time to time, this “Agreement”),
dated as of                      ___, ___, among the undersigned pledgor (the “Pledgor”), Wells Fargo
Bank, National Association, not in its individual capacity but solely as collateral agent (the
“Collateral Agent”), and                     , as the issuer of the Uncertificated Securities (as
defined below) (the “Issuer”).

W I T N E S S E T H :

          WHEREAS, the Pledgor, certain of its affiliates, and the Collateral Agent have entered into a
Pledge Agreement, dated as of May 12, 2009 (as amended, amended and restated, modified or
supplemented from time to time, the “Pledge Agreement”), under which, among other things,
in order to secure the payment of the Obligations (as defined in the Pledge Agreement), the Pledgor
will pledge to the Collateral Agent for the benefit of the Debentureholders (as defined in the
Pledge Agreement), and grant a security interest in favor of the Collateral Agent for the benefit
of the Debentureholders in, all of the right, title and interest of the Pledgor in and to any and
all “uncertificated securities” (as defined in Section 8-102(a)(18) of the Uniform
Commercial Code, as adopted in the State of New York) (“Uncertificated Securities”) (with
all of such Uncertificated Securities being herein collectively called the “Issuer Pledged
Interests”); and

          WHEREAS, the Pledgor desires the Issuer to enter into this Agreement in order to perfect the
security interest of the Collateral Agent under the Pledge Agreement in the Issuer Pledged
Interests, to vest in the Collateral Agent control of the Issuer Pledge Interests and to provide
for the rights of the parties under this Agreement;

          WHEREAS, the Pledgor is party to that certain Intercreditor Agreement, dated as of May 12,
2009 (as amended, restated, supplemented, or otherwise modified from time to time, the
“Intercreditor Agreement”), among the Pledgor, certain of its affiliates, Nordea Bank
Finland plc, New York Branch (in such capacity and together with any successors, assigns and
replacements in such capacity, the “First-Lien Collateral Agent”) and the Collateral Agent.

          NOW THEREFORE, in consideration of the premises and the mutual promises and agreements
contained herein, and for other valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto hereby agree as follows:

          1. The Pledgor hereby irrevocably authorizes and directs the Issuer, and the Issuer hereby
agrees, after receiving a notice from the Collateral Agent stating that an “Event of
Default” (as defined in the Pledge Agreement) has occurred and is continuing, to comply with
any and all instructions and orders originated by the Collateral Agent (and its successors and
assigns) regarding any and all of the Issuer Pledged Interests without the further consent by the

 

 

ANNEX D

to

Pledge Agreement

registered owner (including the Pledgor), and, not to comply with any instructions or orders
regarding any or all of the Issuer Pledged Interests originated by any person or entity other than
the Collateral Agent (and its successors and assigns) or a court of competent jurisdiction.

          2. The Issuer hereby certifies that (i) no notice of any security interest, lien or other
encumbrance or claim affecting the Issuer Pledged Interests (other than the security interest of
the Collateral Agent and unless a “Discharge of First-Lien Obligations” (as defined in the
Intercreditor Agreement) has occurred, the lien of the First-Lien Collateral Agent) has been
received by it, and (ii) the security interest of the Collateral Agent in the Issuer Pledged
Interests has been registered in the books and records of the Issuer.

          3. The Issuer hereby represents and warrants that (i) the pledge by the Pledgor of, and the
granting by the Pledgor of a security interest in, the Issuer Pledged Interests to the Collateral
Agent, for the benefit of the Debentureholders, does not violate the charter, by-laws, partnership
agreement, membership agreement or any other agreement governing the Issuer or the Issuer Pledged
Interests, and (ii) the Issuer Pledged Interests are fully paid and nonassessable.

          4. All notices, statements of accounts, reports, prospectuses, financial statements and other
communications to be sent to the Pledgor by the Issuer in respect of the Issuer will also be sent
to the Collateral Agent at the following address:

Wells Fargo Bank, National Association

1445 Ross Avenue, 2nd Floor

MAC T5303-022

Dallas, Texas 75202

Attention: Corporate Trust Services

Tel. No.: (214) 740-1573

Fax No.: (214) 777-4086

          5. Until the Collateral Agent shall have delivered written notice to the Issuer that all of
the Obligations have been paid in full and this Agreement is terminated, the Issuer will, upon
receiving notice from the Collateral Agent stating that an Event of Default has occurred and is
continuing, send any and all redemptions, distributions, interest or other payments in respect of
the Issuer Pledged Interests from the Issuer for the account of the Pledgor only by wire transfers
to such account as the Collateral Agent shall instruct.

          6. Except as expressly provided otherwise in Sections 4 and 5, all notices, shall be sent or
delivered by mail, telegraph, telecopy or overnight courier service and all such notices and
communications shall, when mailed, telegraphed, telecopied or sent by overnight courier, be
effective when deposited in the mails, delivered to the telegraph company or courier, as the case
may be, or sent by telecopier, except that notices and communications to the Collateral Agent, the
Pledgor or the Issuer shall not be effective until received by the Collateral Agent, the Pledgor or
the Issuer, as the case may be. All notices and other communications shall be in writing and
addressed as follows:

 

 

ANNEX D

to

Pledge Agreement

	 	 	 
	(a)

	 	if to the Pledgor, to them:
	 
	 	 
	 

	 	[Trico Marine Services, Inc.
	 

	 	10001 Woodloch Forest Drive, Suite 610,
	 

	 	The Woodlands, TX 77380]
	 

	 	[Trico Marine Operators, Inc.
	 

	 	3200 Southwest Fwy, Suite 2950
	 

	 	Houston, TX 77027]
	 

	 	Attention: General Counsel
	 

	 	Telephone No.: (713) 780-9926
	 

	 	Telecopier No.: (713) 750-0062
	 
	 	 
	 

	 	with copies to:
	 
	 	 
	 

	 	Vinson & Elkins LLP
	 

	 	First City Tower
	 

	 	1001 Fannin Street
	 

	 	Suite 2500
	 

	 	Houston, TX 77002-6760
	 

	 	Attention: Kevin Lewis
	 

	 	Telephone No.: (713) 758-3884
	 

	 	Telecopier No.: (713) 615-5967
	 
	 	 
	(b)

	 	if to the Collateral Agent, at:
	 
	 	 
	 

	 	Wells Fargo Bank, National Association
	 

	 	1445 Ross Avenue, 2nd Floor
	 

	 	MAC T5303-022
	 

	 	Dallas, TX 75202
	 

	 	Attention: Corporate Trust Services
	 

	 	Tel. No.: (214) 740-1573
	 

	 	Fax No.: (214) 777-4086
	 
	 	 
	(c)

	 	if to the Issuer, at:
	 
	 	 
	 

	 	         
           
                                                    
        
	 

	 	                                                                      
          
	 

	 	                                                                       
         

or at such other address as shall have been furnished in writing by any Person described above to
the party required to give notice hereunder.

          7. This Agreement shall be binding upon the successors and assigns of the Pledgor and the
Issuer and shall inure to the benefit of and be enforceable by the Collateral Agent and its
successors and assigns. This Agreement may be executed in any number of

 

 

ANNEX D

to

Pledge Agreement

counterparts, each of which shall be an original, but all of which shall constitute one
instrument. In the event that any provision of this Agreement shall prove to be invalid or
unenforceable, such provision shall be deemed to be severable from the other provisions of this
Agreement which shall remain binding on all parties hereto. None of the terms and conditions of
this Agreement may be changed, waived, modified or varied in the manner whatsoever except in
writing signed by the Collateral Agent, the Issuer and the Pledgor.

          8. Notwithstanding anything to the contrary contained in this Agreement, the priorities with
respect to all security interests granted to the Collateral Agent under the Pledge Agreement and
under the other Security Documents and to the First-Lien Collateral Agent under the First-Lien
Credit Documents (each, as defined in the Intercreditor Agreement) shall be governed by the terms
and provisions of the Intercreditor Agreement. In the event of any conflict between the terms of
the Intercreditor Agreement and this Agreement, the terms of the Intercreditor Agreement shall
govern and control.

          9. This Agreement shall be governed by and construed in accordance with the laws of the State
of New York.

* * *

 

 

ANNEX D

to

Pledge Agreement

          IN WITNESS WHEREOF, the Pledgor, the Collateral Agent and the Issuer have caused this
Agreement to be executed by their duly elected officers duly authorized as of the date first above
written.

	 	 	 	 	 
	 	[TRICO MARINE SERVICES, INC.]
[TRICO MARINE OPERATORS, INC.,]

     as a Pledgor

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 

	 	 	 	 	 
	 	WELLS FARGO BANK, NATIONAL ASSOCIATION, 

     solely as Collateral Agent

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:  	 	 
	 
	 	[                                        ]
the Issuer

 	 
	 	By:  	 	 
	 	 	Name:  	 	 
	 	 	Title:

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