Document:

exv10w2

Exhibit 10.2

NEITHER THE SECURITIES REPRESENTED BY THIS AGREEMENT NOR THE SECURITIES OBTAINABLE UPON EXERCISE
HAVE BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “ACT”), AND MAY NOT BE
OFFERED, SOLD, TRANSFERRED, ASSIGNED OR HYPOTHECATED, OR EXERCISED BY OR ON BEHALF OF A U.S.
PERSON, UNLESS THERE IS AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT COVERING SUCH SECURITIES,
OR THE COMPANY RECEIVES AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM
SUCH REGISTRATION IS AVAILABLE UNDER REGULATION S PROMULGATED BY THE SECURITIES AND EXCHANGE
COMMISSION UNDER THE ACT OR PURSUANT TO ANOTHER EXEMPTION FROM REGISTRATION. HEDGING TRANSACTIONS
INVOLVING THE SECURITIES REPRESENTED BY THIS AGREEMENT MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE
WITH THE ACT.

PHANTOM STOCK UNITS AGREEMENT

			
	Date of Issuance: May                    , 2008
	 	Certificate No. PSU-   

     This Phantom Stock Units Agreement (this “Agreement”), dated May                    , 2008 (the
“Effective Date”), is made and entered into by and among Trico Marine Services, Inc., a
Delaware corporation (the “Company”) and                      (“Unitholder”).

W I T N E S S E T H :

          WHEREAS, the Company, Unitholder and Trico Shipping AS, a subsidiary of the Company
(“Buyer”), entered into that certain Share Purchase Agreement dated May 15, 2008 (the
“Purchase Agreement”), pursuant to which Buyer agreed to purchase from Unitholder, and
Unitholder agreed to sell to Buyer all of Unitholder’s shares of common stock of DeepOcean ASA, a
Norwegian public limited company (“DeepOcean”);

          WHEREAS, pursuant to the Purchase Agreement, the Company agreed to pay Unitholder cash and
issue Phantom Stock Units (as defined below) of the Company; and

          WHEREAS, the Company and Unitholder desire to enter into this Agreement to provide for the
terms and conditions of the Phantom Stock Units;

     NOW THEREFORE, in consideration of the foregoing and the mutual representations, warranties,
covenants, agreements, terms and conditions contained herein, the parties to this Agreement agree
as follows:

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ARTICLE 1

PHANTOM STOCK UNITS

          1.1 Grant. For value received, the Company hereby grants to Unitholder
                                        (                    ) phantom stock units of the Company (the “Phantom Stock Units”),
which shall be evidenced by this Agreement, representing the right to receive
                                        (                    ) shares of the Company’s Common Stock, $0.01 par value per share (the
“Trico Common Shares”), or, at the option of the Company, the Cash Equivalent (as defined
below) on the terms and conditions set forth in this Agreement. The number of Trico Common Shares
(and the amount and kind of other securities) for which the Phantom Stock Units are exercisable
shall be subject to adjustment as provided in this Agreement.

          1.2 Vesting Schedule. A Phantom Stock Unit may be exercised only after vesting in
accordance with the following schedule:

          (a) Time Vesting. Subject to earlier vesting set forth in Section 1.2(b) or Section 1.2(c),
the Phantom Stock Units shall be subject to vesting as follows:

               (i) fifty percent (50%) of the Phantom Stock Units shall vest and be exercisable upon the
first anniversary of the Closing Date; and

               (ii) the remaining fifty percent (50%) of the Phantom Stock Units shall vest and be
exercisable upon the second anniversary of the Closing Date1.

          (b) Performance Vesting. If DeepOcean’s earnings before interest, taxes, depreciation and
amortization (EBITDA) for its fiscal year ended December 31, 2008 is greater than NOK 489,000,000,
then one hundred percent (100%) of the Phantom Stock Units shall vest and be exercisable upon the
first anniversary of the Closing Date. For purposes of this Agreement, “Closing Date”
shall mean the date of the completion and settlement of Buyer’s mandatory offer to purchase all of
the issued and outstanding shares of DeepOcean for NOK 32 in cash.

          (c) Change of Control. One hundred percent (100%) of the Phantom Stock Units shall vest and
be exercisable immediately prior to a Change of Control. For purposes of this Agreement,
“Change of Control” means (i) a merger, consolidation or business combination in which the
Company is not the surviving entity or the Company’s shareholders immediately prior to such event
do not own at least a majority of the outstanding equity interests of the surviving company, (ii)
the sale of all or substantially all of the assets of the Company and its subsidiaries in one or
more related transactions, (iii) the acquisition of beneficial ownership or voting control of a
majority of the outstanding equity interests of the Company by any person (as such term is used in
Section 3(a)(9) and Section 13(d) of the U.S. Securities Exchange Act) or a “group” (as defined by
or under Section 13(d)(3) of the U.S. Securities Exchange Act), or (iv) the dissolution or
liquidation of the Company.2

 

			
	1	 	With respect to certain members of DeepOcean’s management (each a
“Management Member”), all of the Phantom Stock Units granted to those
Management Members (74,402 total Phantom Stock Units) will vest 181 days after
the Closing Date.
	 
	2	 	The Phantom Stock Units granted to certain Management Members will
vest in connection with the termination of their employment. All 74,402
Phantom Stock Units granted to certain of these Management Members will vest
if, prior to the first anniversary of the Closing Date, their employment with
DeepOcean is terminated due to retirement

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          1.3 Exercise Period. The Unitholder may exercise vested Phantom Stock Units, in
whole but not in part, at any time after vesting in accordance with Section 1.2, and from time to
time thereafter until the fifth anniversary of the Closing Date or, if such day is not a business
day, on the next succeeding business day (the “Exercise Period”)3. The Company
will give the Unitholder of the Phantom Stock Units written notice of the expiration of the
Exercise Period at least 30 days (but no more than 45 days) prior to the date of such expiration.

          1.4 Exercise Procedure. Vested Phantom Stock Units shall be deemed to have been
exercised when all of the following items have been delivered to the Company (the “Exercise
Time”):

          (a) a completed Exercise Certificate, in the form attached as Exhibit 1, executed by the
Unitholder; and

          (b) the original of this Agreement executed by the Unitholder.

          1.5 Issuance or Payment by the Company. Upon delivery of the items set forth in
Section 1.4, the Company shall deliver either the number of Trico Common Shares set forth in
Section 1.5(a) or the amount set forth Section 1.5(b) below:

          (a) a certificate or certificates representing the number of Trico Common Shares underlying
the vested Phantom Stock Units exercised, together with any cash payable in lieu of a fraction of a
share pursuant to Section 1.5(c) of this Agreement; or

          (b) an amount in cash equal to the Weighted Average Trading Price on the Nasdaq Global Market
(or such other securities exchange or automated quotation system on which the Trico Common Shares
are then listed or quoted) during the last three days on which the Trico Common Shares were traded
prior to the Exercise Time multiplied by the number of Trico Common Shares underlying the vested
Phantom Stock Units exercised (the “Cash Equivalent”), where the “Weighted Average
Trading Price” for the three days shall mean (x) the sum for all three days of the average of
the high and low sales prices for one Trico Common Share for each of the three days times the
number of Trico Common Shares traded on each such day, all as is reported by the Nasdaq Global
Market (or such other securities exchange or automated quotation system), divided by (y) the total
number of Trico Common Shares traded during such three days, as is reported by the Nasdaq Global
Market (or such other securities exchange or automated quotation system). The Weighted Average
Trading Price shall be converted from USD into NOK based on the USD/NOK exchange rate as quoted by
the Federal Reserve Bank of New York at the end of each of the same three trading days as the
Weighted Average Trading Price of the Trico Common Shares are calculated, using the same weighted
average method of calculation as used with respect to sales prices of the Trico Common Shares.

 

			
	 	 	(“Retirement”). All 151,707 Phantom Stock Units granted to another Management Member will vest if, prior to the
first anniversary of the Closing Date, his employment with DeepOcean is
terminated due to Retirement or he steps down (“Step Down”) from his current
position (provided he agrees to remain as an employee of the Company until
December 31, 2008).
	 
	3	 	With respect to all of the Phantom Stock Units held by Management
Members described in footnote 2 above, upon such Retirement or Step Down, their
Phantom Stock Units will be exercisable for the lesser of (i) three month
period after Retirement or Step Down or (ii) the remaining term of the Exercise
Period.

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          (c) In no event shall the Company issue any fractional Trico Common Shares to the Unitholder
pursuant to this Section 1.5. In lieu of any such fractional shares, the Company shall pay the
Unitholder the cash value of such fractional share as determined based on the calculation set forth
in Section 1.5(b).

          (d) Any cash amount that may be paid to the Unitholder pursuant to Section 1.5(b) or Section
1.5(c) shall be payable within three (3) business days after the Exercise Time by wire transfer or
delivery of other immediately available funds to Unitholder.

          (e) Any Trico Common Shares issued upon exercise of the vested Phantom Stock Units shall be
delivered by the Company to Unitholder within three (3) business days after the date of the
Exercise Time by delivery of a stock certificate or certificates representing such Trico Common
Shares or, at the Unitholder’s option, by crediting its account with such shares through delivery
by electronic book-entry at the Depository Trust Company. Unless the Phantom Stock Units have
expired or been exercised in their entirety, the Company shall prepare a new Phantom Stock Units
Agreement, substantially identical hereto and executed by the Company, representing the rights
formerly represented by the Phantom Stock Units which have not expired or been exercised and shall
deliver such new Phantom Stock Units Agreement to the Unitholder concurrently with the delivery of
certificates for Trico Common Shares.

          1.6 Record Holder of Shares. The Trico Common Shares issuable upon the exercise of
the Phantom Stock Units shall be deemed to have been issued to the Unitholder at the Exercise Time,
and the Unitholder shall be deemed for all purposes to have become the record holder of such Trico
Common Shares at the Exercise Time.

          1.7 Reserved Shares. The Company shall at all times reserve and keep available out of
its authorized but unissued capital stock, solely for the purpose of issuance upon the exercise of
the Phantom Stock Units, the maximum number of Trico Common Shares issuable upon the exercise of
the Phantom Stock Units. All Trico Common Shares which are so issuable shall, when issued, be duly
and validly issued, fully paid and nonassessable and free from all taxes, liens and charges.

          1.8 Replacement. Upon receipt of evidence reasonably satisfactory to the Company (an
affidavit of the Unitholder shall be satisfactory) of the ownership and the loss, theft,
destruction or mutilation of any certificate evidencing the Phantom Stock Units, and in the case of
any such loss, theft or destruction, upon receipt of indemnity reasonably satisfactory to the
Company (provided that if the holder is a financial institution or other institutional investor its
own agreement shall be satisfactory), or, in the case of any such mutilation upon surrender of such
certificate, the Company shall (at its expense) execute and deliver in lieu of such certificate a
new certificate of like kind representing the same rights represented by such lost, stolen,
destroyed or mutilated certificate and dated the date of such lost, stolen, destroyed or mutilated
certificate.

ARTICLE 2

ADJUSTMENT

          2.1 Adjustment of Number of Trico Common Shares. In order to prevent dilution of the
rights granted under the Phantom Stock Units, the number of Trico Common Shares or other

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securities
obtainable upon exercise of the Phantom Stock Units shall be subject to adjustment from time to
time as provided in this Article 2.

          2.2 Adjustment for Stock Splits and Combinations. If the Company at any time after
the Date of Issuance (as set forth on the first page of this Agreement) effects a subdivision of
the outstanding Trico Common Shares, the aggregate number of Trico Common Shares for which the
Phantom Stock Units are exercisable shall be proportionately increased. If the Company any time
after the Date of Issuance combines the outstanding Trico Common Shares into a smaller number of
shares, the aggregate number of Trico Common Shares for which the Phantom Stock Units are
exercisable shall be proportionately reduced. Any adjustment under this Section 2.2 shall become
effective at the close of business on the date the subdivision or combination becomes effective.

          2.3 Adjustment for Stock Dividends and Distributions. If the Company at any time
after the Date of Issuance makes, or fixes a record date for the determination of holders of Trico
Common Shares entitled to receive, a dividend or other distribution payable in additional Trico
Common Shares, in each such event the aggregate number of Trico Common Shares for which the Phantom
Stock Units are exercisable shall be proportionately increased as of the time of such issuance.

          2.4 Adjustments for Other Dividends and Distributions. If the Company at any time
after the Date of Issuance makes, or fixes a record date for the determination of holders of Trico
Common Shares entitled to receive a dividend or other distribution (other than a dividend or
distribution payable solely in Trico Common Shares), in each such event provision shall be made so
that the holder of the Phantom Stock Units shall receive upon exercise hereof, in addition to the
number of Trico Common Shares receivable thereupon, the dividend or distribution which such holder
would have received had such exercise occurred immediately prior to such event. Any such dividends
paid shall be subject to withholding by the Company for taxes.

          2.5 Adjustment for Reclassification, Exchange and Substitution. If at any time after
the Date of Issuance the Trico Common Shares issuable upon exercise of the Phantom Stock Units are
changed into the same or a different number of shares of any class or classes of stock, whether by
recapitalization, reclassification or otherwise (other than a subdivision or combination of shares
or stock dividend, a reorganization, merger or consolidation provided for elsewhere in this Article
2), in any such event the Phantom Stock Units shall thereafter represent the right to receive upon
exercise hereof the kind and amount of stock and other securities and property receivable in
connection with such recapitalization, reclassification or other change with respect to the maximum
number of Trico Common Shares issuable upon exercise of the Phantom Stock Units immediately prior
to such recapitalization, reclassification or change, all subject to further adjustments as
provided herein or with respect to such other securities or property by the terms thereof.

          2.6 Reorganizations, Mergers or Consolidations. If, at any time after the Date of
Issuance, the Trico Common Shares are converted into other securities or property, whether pursuant
to a reorganization, merger, consolidation or otherwise (other than a recapitalization,
subdivision, combination, reclassification, exchange or substitution of shares provided for
elsewhere in this Article 2 or any such transaction pursuant to which the Company exercises its
right to require exercise pursuant to Section 2.7), then, as a part of such transaction, provision shall be made so that

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the Phantom Stock Units shall thereafter represent the right to receive upon exercise hereof the
number of shares of stock or other securities or property to which a holder of the maximum number
of Trico Common Shares issuable upon exercise of the Phantom Stock Units immediately prior to such
transaction would have been entitled in connection with such transaction, subject to further
adjustments as provided herein or with respect to such other securities or property by the terms
thereof. In any such case, appropriate adjustment shall be made in the application of the
provisions of this Article 2 with respect to the rights of the Unitholder after such transaction to
the end that the provisions of this Article 2 (including adjustment of the number of Trico Common
Shares issuable upon exercise of the Phantom Stock Units) shall be applicable after that event and
be as nearly equivalent as practicable.

          2.7 Change of Control. If any transaction is contemplated that would constitute a
Change of Control and that would involve the holders of Trico Common Shares receiving or having the
right to receive securities or other property in exchange for Trico Common Shares (whether by
merger, consolidation, exchange offer or otherwise), then, notwithstanding anything in this
Agreement to the contrary, (a) the Company shall have the right to require that the Unitholder
exercise all Phantom Stock Units immediately prior to the consummation of such Change of Control in
exchange for the Trico Common Shares underlying such Phantom Stock Units, (b) upon such exercise
the Phantom Stock Units and this Phantom Stock Units Agreement shall be null and void and of no
further force and effect and (c) thereafter, Unitholder shall be entitled to receive the number of
shares of stock or other securities or property to which any other holder of such number of Trico
Common Shares immediately prior to the consummation of such transaction would be entitled to in
connection with such transaction.

          2.8 Certificate of Adjustment. In each case of an adjustment or readjustment under
this Article 2, the Company, at its expense, shall compute such adjustment or readjustment in
accordance with the provisions hereof and prepare a certificate showing such adjustment or
readjustment, and shall mail such certificate, by first class mail, postage prepaid, to the
Unitholder. The certificate shall set forth such adjustment or readjustment, showing in detail the
facts upon which such adjustment or readjustment is based.

          2.9 Notices. The Company shall give written notice to the Unitholder at least 15
days prior to the date on which the Company closes its books or takes a record with respect to any
dividend or distribution upon the Trico Common Shares.

ARTICLE 3

NO ASSIGNMENT

          The Phantom Stock Units are not transferable and Unitholder may not sell, transfer, assign,
pledge, encumber or otherwise dispose of any of the Phantom Stock Units or any legal or equitable
interest therein other than by will (testament) or the laws of descent and distribution upon death.
Upon any such permitted assignment, assignee shall assume Unitholder’s rights and obligations
under this Agreement.

ARTICLE 4

MISCELLANEOUS

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          4.1 Notices. All notices and other communications provided for herein (including the
Exercise Certificate and Assignment Certificate) shall be in writing and shall be deemed to have
been duly given when delivered personally or sent by facsimile or email (provided a confirmation
copy is later sent by other method) or three (3) business days after being mailed by registered or
certified mail, return receipt requested, postage prepaid, to the party to whom it is directed or
one (1) business day after being sent via an internationally recognized courier service for next
business day delivery, to the party to whom it is directed:

          If to the Company, to:

3200 Southwest Freeway, Suite 2950

Houston, Texas 77027

Attention:       Rishi A. Varma

Telephone:       (832) 922-6812

Facsimile:       (713) 780-0062

E-Mail:       rvarma@tricomarine.com

          With a copy to:

Bartlit Beck Herman Palenchar & Scott LLP

1899 Wynkoop Street, Suite 800

Denver, Colorado 80202

Attention:       James L. Palenchar

Telephone:       303-592-3111

Facsimile:       303-592-3140

E-Mail:       james.palenchar@bartlit-beck.com

          and:

Bugge, Arentz-Hansen & Rasmussen

P.O. Box 1524 Vika

N-0117

Oslo, Norway

Attention: Bjørn Gabriel Reed

Telephone: +47 22 83 02 70

Facsimile: +47 22 83 07 95

E-Mail: bgr@bahr.no

          If to Unitholder to:

[Name]

[Address]

Telephone:

Facsimile:

E-Mail:

          With a copy to:

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Attention:

Telephone:

Facsimile:

E-Mail:

or for any party, at such other address as such party shall have specified in writing to each of
the other parties in accordance with this Section 4.1.

          4.2 Amendments. Any provision of this Agreement may be waived or amended if, and only
if, such amendment or waiver is in writing and signed by the Company and Unitholder.

          4.3 Entire Agreement. This Agreement (including the Exhibit), together with the
Purchase Agreement (a) constitutes the entire agreement and understandings of the parties hereto
and supersedes all prior agreements and understandings, both written and oral, among the parties
hereto with respect to the subject matter hereof, and (b) is not intended to confer upon any other
Person any rights or remedies hereunder.

          4.4 Governing Law. This Agreement shall be governed by and construed in accordance
with the Laws of Norway (without regard to the choice of law provisions thereof).

          4.5 Dispute Resolution. The parties shall attempt to resolve disputes that arise out
of or in relation to this Agreement amicably. If the parties in dispute fail to resolve the
dispute, the dispute shall be referred to arbitration pursuant to the Norwegian Arbitration Act
(2004). Each party shall appoint one arbitrator and the two arbitrators shall appoint the third
arbitrator who shall be the chairman of the arbitration tribunal. The chairman shall be a
Norwegian legal professional. If one party fails to appoint an arbitrator within one month from
being requested to do so or if the two arbitrators cannot agree on who shall be appointed chairman
within one month from the last appointment, the Chief Justice of Oslo District Court shall appoint
such arbitrator. The venue of the arbitral proceedings shall be in Oslo and the language shall be
English. The arbitration is deemed to be commenced when request for arbitration is sent from the
party requesting arbitration. The parties agree to conclude a separate agreement on
confidentiality of both the arbitral proceedings and the award immediately after arbitration has
been requested. In the event of any dispute arising out of or related to this Agreement, the
prevailing party shall be entitled to recover from the losing party all of its costs and expenses
incurred in connection with such dispute, including costs of the arbitration and reasonable
attorneys’ fees.

          4.6 Severability. If any term or other provision of this Agreement is invalid,
illegal or incapable of being enforced by any law or public policy, all other terms and provisions
of this Agreement shall nevertheless remain in full force and effect. Upon such determination that
any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in an acceptable manner in order that the transactions contemplated
hereby are consummated as originally contemplated to the greatest extent possible.

          4.7 Specific Performance. Each of the parties hereto acknowledges and agrees that the
Company and the Unitholder would be irreparably damaged if each covenant in this

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Agreement is not performed in accordance with its specific terms and that any breach of such provision of this
Agreement by any party to this Agreement could not be adequately compensated in all cases by
monetary damages alone. Accordingly, in addition to any other right or remedy to which either the
Company or the Unitholder may be entitled under this Agreement, the Company and the Unitholder
shall be entitled to enforce such provision of this Agreement by a decree of specific performance
and to temporary, preliminary and permanent injunctive relief to prevent breaches or threatened
breaches of any of such provision of this Agreement, without posting any bond or other undertaking.

          4.8 No Rights as a Shareholder. Until Trico Common Shares are issued to the
Unitholder hereunder, the Unitholder shall not possess any rights of a stockholder of the Company
with respect to the Trico Common Shares underlying the Phantom Stock Units, including, without
limitation, the right to vote such Trico Common Shares or receive dividends (except as provided
above).

          4.9 Taxes. Unitholder shall bear and pay any taxes payable arising out of or
otherwise in connection with the Phantom Stock Units and the transactions contemplated by this
Phantom Stock Units Agreement, including, without limitation, any taxes arising in connection with
exercising any of the Phantom Stock Units.

          4.10 Counterparts. This Agreement may be executed in separate counterparts, each of
which is deemed to be an original and all of which taken together constitute one and the same
agreement.

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

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     IN WITNESS WHEREOF, the Company has caused this Phantom Stock Units Agreement to be duly
executed and attested by its duly authorized officers under its corporate seal and to be dated as
of the date first above written.

	 	 	 	 	 	 	 
	 	 	COMPANY:	 	 
	 
	 	 	 	 	 	 
	 	 	TRICO MARINE SERVICES, INC.	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	By:
	 	Rishi A. Varma	 	 
	 

	 	Its:
	 	Chief Administrative Officer,	 	 
	 

	 	 	 	Vice President and General Counsel	 	 

AGREED AND ACKNOWLEDGED:

UNITHOLDER:

	 	 	 
	 

Name:

	 	 

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EXHIBIT 1

EXERCISE CERTIFICATE

					
	To:
	 	Dated:
	 	 

     The undersigned, pursuant to the provisions set forth in the attached Phantom Stock Units
Agreement (Certificate No. PSU-   ), hereby exercises its Phantom Stock Units for                      Trico
Common Shares covered by such Phantom Stock Units.

     The undersigned requests that a certificate for such Trico Common Shares be registered in the
name of                                                             whose address is
                                                             and whose [identifying
number] is               
      , and that such
certificate be delivered to            
              
               
whose address is             
              
               
                   .
If said number of Trico Common Shares is less than all of the Trico Common Shares issuable under
the Phantom Stock Units, the undersigned requests that a new Phantom Stock Units Agreement
evidencing the right to the remaining balance of Trico Common Shares for which the Phantom Stock
Units are exercisable be registered in the name of                                          whose address is
                                        and whose [identifying number] is   
                  ,
and that such certificate be
delivered to               
       whose address is       
                
                 
                 
    .

	 	 	 	 	 	 	 
	 

	 	Signature
	 	 
 

	 	 
	 
	 	 	 	 	 	 
	 

	 	Address
	 	 
 

	 	 

 - 11 -exv10w3

Exhibit 10.3

REGISTRATION RIGHTS AGREEMENT

     This Registration Rights Agreement (this “Agreement”) is made as of May ___, 2008 (the
“Effective Date”), among Trico Marine Services, Inc., a Delaware corporation (the
“Company”), and West Supply IV AS, a Norwegian limited company (“Holder”).

R E C I T A L S

     A. The Company and Holder are parties to a Share Purchase Agreement dated May 15, 2008,
pursuant to which the Company agreed to purchase Holder’s shares of common stock of DeepOcean ASA,
a Norwegian public limited company (the “Purchase Agreement”), in exchange for cash and
phantom stock units (the “Phantom Stock Units”) that are exercisable for shares of the
Company’s Common Stock, par value $0.01 per share (“Common Stock”).

     B. The Company has agreed to provide registration rights related to the shares of Common Stock
issued or issuable upon exercise of the Phantom Stock Units (“Underlying Shares”) on the
terms and subject to the conditions set forth herein.

     C. Capitalized terms used but not defined in this Agreement shall have the meanings given to
such terms in the Purchase Agreement.

     NOW, THEREFORE, in consideration of the foregoing recitals, the mutual promises set forth in
this Agreement, and other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the parties hereto agree as follows:

     1. DEFINITIONS.

       1.1 Defined Terms. As used in this Agreement, the following terms shall have the
following meanings:

          “Common Stock” has the meaning set forth in the Recitals.

          “Company” has the meaning set forth in the Preamble.

          “Company Securities” shall mean any securities issued by the Company, including,
without limitation, the Common Stock and any other equity securities, debt, notes, options, phantom
stock units, warrants, and other convertible securities.

          “Company Notice” has the meaning set forth in Section 2.1(a).

          “Convertible Note Registration Statement” means the registration statement to be filed
with the SEC to register the shares of Common Stock that are issuable upon conversion of the
Convertible Notes.

          “Convertible Notes” means the 6.5% Senior Convertible Debentures due 2028 issued by
the Company in connection with funding the transactions contemplated by the

 

 

Purchase Agreement, the
purchase of the Initial Shares, the Mandatory Offer and other related transactions.

          “Effective Date” has the meaning set forth in the Preamble.

          “Eligible Registration Statement” has the meaning set forth in Section 2.1(a).

          “Exchange Act” has the meaning set forth in Section 2.5(a).

          “Holder” has the meaning set forth in the Preamble.

          “Lock-up Period” has the meaning set forth in Section 2.1(b).

          “Phantom Stock Units” has the meaning set forth in the Recitals.

          “Purchase Agreement” has the meaning set forth in the Recitals.

          “Registration,” and the terms “register,” “registered,” and
“registration,” refer to a registration effected by preparing and filing a registration
statement in compliance with the Securities Act, and the declaration or ordering of effectiveness
of such registration statement.

          “Registrable Securities” means any Underlying Shares issued or issuable upon
the exercise of the Phantom Stock Units, excluding in all cases, any shares of Common Stock
which have previously been registered or which have been sold by the Shareholder pursuant
to a registration statement or an exemption from registration under the Securities Act.

          “Request Notice” has the meaning set forth in Section 2.1(a).

“SEC” means the U.S. Securities and Exchange Commission.

“Securities Act” means the Securities Act of 1933, as amended.

“Underlying Shares” has the meaning set forth in the Recitals.

          “Violation” has the meaning set forth in Section 2.5(a).

     1.2 Additional Interpretations.

          (a) The words “hereof”, “herein”, and “hereunder” and words of similar import when used in
this Agreement shall refer to this Agreement as a whole and not to any particular provision of this
Agreement, and Section, Subsection, Schedule and Exhibit references are to this Agreement unless
otherwise specified.

          (b) The headings in this Agreement are included for convenience of reference only and shall
not limit or otherwise affect the meaning or interpretation of this Agreement.

          (c) The meanings given to terms defined herein shall be equally applicable to both the
singular and plural forms of such terms.

2

 

2. REGISTRATION RIGHTS.

     2.1 Registrations.

          (a) Notices. If and when the Company proposes to register shares of Common Stock on
the Convertible Note Registration Statement or any registration statement subsequent to the filing
of the Convertible Note Registration Statement under the Securities Act in connection with an
underwritten public offering of Common Stock (either, an “Eligible Registration
Statement”), the Company shall promptly notify the Holder in writing (a “Company
Notice”) prior to filing any such Eligible Registration Statement. If Holder desires to
include in any such Eligible Registration Statement all or any part of the Registrable Securities
held by Holder, then Holder shall within ten (10) business days after receipt of the Notice so
notify the Company in writing (the “Request Notice”), and in such notice shall inform the
Company of the number of Registrable Securities Holder wishes to include in such Eligible
Registration Statement. If the Company receives a Request Notice from Holder, then the Company
shall use its commercially reasonable efforts to cause the number of Registrable Securities set
forth in the Request Notice to be registered under the Securities Act and registered or qualified
under any state securities law on such Eligible Registration Statement, subject to the limitations,
terms and conditions set forth in this Agreement. If Holder elects not to include all of its
Registrable Securities in any such Eligible Registration Statement, Holder shall nevertheless
continue to have the right to include any Registrable Securities in any subsequent Eligible
Registration Statements as may be filed by the Company with respect to offerings of its securities,
subject to the limitations, terms and conditions set forth in this Agreement. For the avoidance of
doubt, an “Eligible Registration Statement” shall not include any other registration statement that
is not described in the first sentence of this Section 2.1(a) filed by the Company pursuant to the
Securities Act, including, without limitation, any registration (i) on Form S-8 (or any successor
form), (ii) in connection with dividend reinvestment plans, or (iii) on Form S-4 (or any successor
form) for the purpose of offering registered securities to another business entity or the
shareholders of such entity in connection with the acquisition of assets or capital stock of such
entity or in connection with a merger, consolidation, combination or similar transaction with such
entity.

          (b) Convertible Note Registration Statement. If and when the Company proposes to
register shares of Common Stock on the Convertible Note Registration Statement, then the Company
shall so advise Holder. Notwithstanding any other provision of this Agreement, if the Company
determines in good faith that legal restrictions or other limitations or factors require a
limitation of the shares of Common Stock to be included on the Convertible Note Registration
Statement, then the Company shall so advise Holder, and the Company may exclude any and all
Registrable Securities from the registration, and the number of shares of Common Stock that will be
included in the Convertible Note Registration Statement shall be allocated, first to the
holders of the Convertible Notes, and second, to Holder and any other security holder with
the right to request inclusion of its Registrable Securities in such registration statement on a
pro rata basis based on the total number of shares of Common Stock then held by Holder and such
other security holders, provided, however, that in the event any other security
holder has priority rights over Holder by virtue of an agreement with the Company prior to the date
of this Agreement, such other security holder shall have priority over Holder.

3

 

          (c) Underwritten Registration Statement. If a registration statement referred to in
the Company Notice is for an underwritten offering, then the Company shall so advise Holder. In
such event, the right of Holder to include Registrable Securities in such a Registration shall be
conditioned upon such Holder’s participation in such underwriting and the inclusion of such
Holder’s Registrable Securities in the underwriting as provided in this Agreement. In such event,
Holder shall enter into an underwriting agreement in customary form with the managing underwriter
or underwriters selected by the Company for such underwriting. With respect to any such
underwritten offering in which the Company or Holder is selling securities, Holder hereby agrees
not to effect any sale, transfer, assignment, pledge or conveyance of (including, without
limitation, taking any short position in) Registrable Securities (or any securities of the Company
exchangeable or convertible into Registrable Securities) during the 180-day period (the
“Lock-up Period”) beginning on the effective date of such registration statement filed by
the Company (except as part of that Registration). Notwithstanding any other provision of this
Agreement, if the managing underwriter(s) determine(s) in good faith that marketing factors require
a limitation of the Company Securities to be underwritten, then the Company shall so advise Holder
and the managing underwriter(s) may exclude Registrable Securities from the registration and the
underwriting, and the number of Company Securities that will be included in the registration and
the underwriting shall be allocated, first to the Company, and second, to Holder
and any other security holder with the right to request inclusion of its Company Securities in such
registration statement on a pro rata basis, based on the total number of Company Securities then
held by Holder and such other security holders, provided, however, that in the
event any other security holder has priority rights over Holder by virtue of an agreement with the
Company prior to the date of this Agreement, such other security holder shall have priority over
Holder. If Holder disapproves of the terms of any such underwriting, Holder may elect to withdraw
therefrom by written notice to the Company and the underwriter(s), delivered at least ten (10)
business days prior to the effective date of the registration statement. Any Registrable
Securities excluded or withdrawn from such underwriting shall be excluded and withdrawn from the
registration.

          (d) Expenses. All expenses incurred in connection with a registration pursuant to
this Section 2.1 (excluding underwriters’ and brokers’ discounts and commissions relating to
Registrable Securities sold by Holder), including, without limitation all federal and “blue sky”
registration, filing and qualification fees, printers’ and accounting fees, and fees and
disbursements of counsel for the Company, shall be borne by the Company. Holder shall bear its own
proportionate share (based on the total number of Registrable Securities sold in such registration
other than for the account of the Company) of all discounts, commissions or other amounts payable
to underwriters or brokers in connection with such offering by the security holders thereunder and
all of its fees relating to the Registrable Securities to be sold by Holder.

          (e) Withdrawal Right. Notwithstanding any provision contained in this Section 2.1 to
the contrary, the Company shall have the right to terminate or withdraw any registration statement
initiated by it prior to the effectiveness of such registration statement whether or not Holder has
elected to include its Registrable Securities in such registration statement.

     2.2 Obligations of the Company. Whenever effecting the registration of any
Registrable Securities under this Agreement the Company shall, as expeditiously as reasonably
possible:

4

 

          (a) Registration Statement. Prepare and file with the SEC a registration statement
with respect to such Registrable Securities and use its commercially reasonable efforts to cause
such registration statement to become effective and to keep any such registration statement
effective for so long as required by the Securities Act to complete the distribution.

          (b) Amendments and Supplements. Prepare and file with the SEC such amendments and
supplements to such registration statement and the prospectus used in connection with such
registration statement as may be necessary to comply with the provisions of the Securities Act with
respect to the disposition of all securities covered by such registration statement.

          (c) Prospectuses. Furnish to Holder such number of copies of a prospectus, including
a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other
documents as it may reasonably request in order to facilitate the disposition of the Registrable
Securities owned by it that are included in such registration.

          (d) Blue Sky. Use its commercially reasonable efforts to register and qualify the
securities covered by such registration statement under such other securities or Blue Sky laws of
such jurisdictions as shall be reasonably requested by Holder; provided that the Company
shall not be required in connection therewith or as a condition thereto to qualify to do business
or to file a general consent to service of process in any such states or jurisdictions.

          (e) Underwriting. In the event of any underwritten public offering, enter into and
perform its obligations under an underwriting agreement in usual and customary form (including
indemnification provisions), with the managing underwriter(s) of such offering. Holder
participating in such underwriting shall also enter into and perform its obligations under such an
agreement.

          (f) Notification. Notify Holder of Registrable Securities covered by such
registration statement at any time when a prospectus relating thereto is required to be delivered
under the Securities Act of the happening of any event as a result of which the prospectus included
in such registration statement, as then in effect, includes an untrue statement of a material fact
or omits to state a material fact required to be stated in such registration statement or necessary
to make the statements in such registration statement not misleading in light of the circumstances
then existing. In addition, the Company shall promptly notify Holder and each underwriter, broker,
dealer and placement agent participating in any offering or sale or other distribution of
securities covered by such registration statement of the issuance or threatened issuance of any
order suspending the registration or qualification of any Registrable Securities covered by such
registration statement for disposition in any jurisdiction, use its commercially reasonable efforts
to prevent the issuance of any such threatened order and, if any such order is issued, use its
commercially reasonable efforts to obtain the lifting or withdrawal of such order at the earliest
possible moment and promptly notify Holder and each such underwriter, broker, dealer and placement
agent of any lifting or withdrawal.

          (g) Additional Actions. Take all other actions which are reasonably necessary or
which may be reasonably requested by Holder or any underwriter, broker, dealer or placement agent
participating in connection with any offering or sale or other distribution of securities

5

 

covered by such registration statement and use its commercially reasonable efforts to effect
the registration and qualification of the Registrable Securities covered by such registration
statement and to facilitate the disposition thereof in accordance with the respective plans of
distribution of the selling holders.

     2.3 Furnish Information. It shall be a condition precedent to the obligations of the
Company to use commercially reasonable efforts to take any action pursuant to Section 2.1 that
Holder shall furnish to the Company such information regarding itself, the Registrable Securities
held by it, and the intended method of disposition of such securities as shall be reasonably
requested by the Company or otherwise required to timely effect the registration of its Registrable
Securities.

     2.4 Indemnification. In the event any Registrable Securities are included in an
Eligible Registration Statement under Section 2.1:

          (a) By the Company. To the extent permitted by law, the Company will indemnify and
hold harmless Holder, the partners, members, officers and directors of Holder, any underwriter (as
determined in the Securities Act) for Holder and each person, if any, who controls Holder or
underwriter within the meaning of the Securities Act or the Securities Exchange Act of 1934, as
amended, (the “Exchange Act”), against any losses, claims, damages, or liabilities (joint
or several) to which they may become subject under the Securities Act, the Exchange Act or other
federal or state law, insofar as such losses, claims, damages, or liabilities (or actions in
respect thereof) arise out of or are based upon any of the following statements, omissions or
violations (collectively a “Violation”):

     (i) any untrue statement or alleged untrue statement of a material fact
contained in such registration statement, including any preliminary prospectus or
final prospectus contained in this Agreement or any amendments or supplements
thereto;

     (ii) the omission or alleged omission to state in the registration statement a
material fact required to be stated in the registration statement, or necessary to
make the statements in the registration statement not misleading; or

     (iii) any violation or alleged violation by the Company of the Securities Act,
the Exchange Act, any federal or state securities law or any rule or regulation
promulgated under the Securities Act, the Exchange Act or any federal or state
securities law in connection with the offering covered by such registration
statement;

and the Company will reimburse Holder, and each such partner, member, officer or director,
underwriter or controlling person for any legal or other expenses reasonably incurred by them, as
incurred, in connection with investigating or defending any such loss, claim, damage, liability or
action; provided, however, that the indemnity agreement contained in this subsection 2.4(a)
shall not apply to amounts paid in settlement of any such loss, claim, damage, liability or action
if such settlement is effected without the consent of the Company, which consent shall not be
unreasonably withheld, nor shall the Company be liable in any such case for any such loss,

6

 

claim, damage, liability or action to the extent that it arises out of or is based upon a Violation
which occurs in reliance upon and in conformity with written information furnished expressly for
use in connection with such registration by Holder, or such partner, member, officer, director,
underwriter or controlling person of any such person.

          (b) By Holder. To the extent permitted by law, Holder will indemnify and hold
harmless the Company, each of its directors, each of its officers who have signed the registration
statement, each person, if any, who controls the Company within the meaning of the Securities Act,
any underwriter and any other security holder of the Company selling securities under such
registration statement or any of such other security holder’s partners, members, directors or
officers or any person who controls such security holder within the meaning of the Securities Act
or the Exchange Act, against any losses, claims, damages or liabilities (joint or several) to which
the Company or any such director, officer, controlling person, underwriter or other such security
holder, partner or director, officer or controlling person of such other security holder may become
subject under the Securities Act, the Exchange Act or other federal or state law, insofar as such
losses, claims, damages or liabilities (or actions in respect thereto) arise out of or are based
upon any Violation, in each case to the extent (and only to the extent) that such Violation occurs
in reliance upon and in conformity with written information furnished by Holder expressly for use
in connection with such registration; and Holder will reimburse any legal or other expenses
reasonably incurred by the Company or any such director, officer, controlling person, underwriter
or other security holder, partner, member, officer, director or controlling person of such other
security holder in connection with investigating or defending any such loss, claim, damage,
liability or action: provided, however, that the indemnity agreement contained in
this subsection 2.4(b) shall not apply to amounts paid in settlement of any such loss, claim,
damage, liability or action if such settlement is effected without the consent of Holder, which
consent shall not be unreasonably withheld; and provided, further, that the total amounts payable
in indemnity by a Holder under this Section 2.4(b) in respect of any Violation shall not exceed the
net proceeds received by Holder in the registered offering out of which such Violation arises.

          (c) Notice. Promptly after receipt by an indemnified party under this Section 2.4 of
notice of the commencement of any action (including any governmental action), such indemnified
party will, if a claim in respect thereof is to be made against any indemnifying party under this
Section 2.4, deliver to the indemnifying party a written notice of the commencement thereof and the
indemnifying party shall have the right to participate in, and, to the extent the indemnifying
party so desires, jointly with any other indemnifying party similarly noticed, to assume the
defense thereof with counsel mutually satisfactory to the parties; provided,
however, that an indemnified party shall have the right to retain its own counsel, with the
fees and expenses to be paid by the indemnifying party, if representation of such indemnified party
by the counsel retained by the indemnifying party would be inappropriate due to actual or potential
conflict of interests between such indemnified party and any other party represented by such
counsel in such proceeding. The failure to deliver written notice to the indemnifying party within
a reasonable time of the commencement of any such action shall relieve such indemnifying party of
liability to the indemnified party under this Section 2.4 to the extent the indemnifying party is
prejudiced as a result thereof, but the omission so to deliver written notice to the indemnified
party will not relieve it of any liability that it may have to any indemnified party otherwise than
under this Section 2.4.

7

 

          (d) Contribution. In order to provide for just and equitable contribution to joint
liability under the Securities Act in any case in which either (i) Holder, or any controlling
person of Holder, makes a claim for indemnification pursuant to this Section 2.4 but it is
judicially determined (by the entry of a final judgment or decree by a court of competent
jurisdiction and the expiration of time to appeal or the denial of the last right of appeal) that
such indemnification may not be enforced in such case notwithstanding the fact that this
Section 2.4 provides for indemnification in such case, or (ii) contribution under the Securities
Act may be required on the part of Holder or any such controlling person in circumstances for which
indemnification is provided under this Section 2.4; then, and in each such case, the Company and
Holder will contribute to the aggregate losses, claims, damages or liabilities to which they may be
subject (after contribution from others) in such proportion so that Holder is responsible for the
portion represented by the percentage that the public offering price of its Registrable Securities
offered by and sold under the registration statement bears to the public offering price of all
securities offered by and sold under such registration statement, and the Company and other selling
security holders are responsible for the remaining portion; provided, however,
that, in any such case: (A) Holder will not be required to contribute any amount in excess of the
public offering price of all such Registrable Securities offered and sold by Holder pursuant to
such registration statement; (B) no person or entity guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) will be entitled to contribution from any
person or entity who was not guilty of such fraudulent misrepresentation, and (C) in determining
relative fault, due consideration shall be given to the source of any written information furnished
by Holder expressly for use in connection with such registration.

          (e) Survival. The obligations of the Company and Holder under this Section 2.5 shall
survive until the one year anniversary of the expiration of all applicable statutes of limitation
or extensions of such statutes.

     2.6 Termination of the Company’s Obligations. The Company shall have no obligations
pursuant to Section 2.1 with respect to any Registrable Securities proposed to be sold by Holder in
a registration pursuant to Section 2.1 if, in the opinion of counsel to the Company, Rule 144 and
Regulation S under the Securities Act permits all such Registrable Securities to be sold in a
single transaction without registration.

     2.7 Rule 144 Reporting; S-3 Eligibility. With a view to making available the benefits
of certain rules and regulations of the SEC which may at any time permit the sale of “Restricted
Securities” (used in this Agreement as defined in Rule 144 under the Securities Act) to the public
without registration, and to be eligible to use Form S-3, the Company agrees to:

          (a) make and keep public information available, as those terms are understood and defined in
Rule 144 under the Securities Act, at all times during which the Company is subject to the
reporting requirements of the Exchange Act;

          (b) file with the SEC in a timely manner all reports and other documents required of the
Company under the Securities Act and the Exchange Act (at all times during which the Company is
subject to such reporting requirements);

8

 

          (c) so long as Holder owns any Restricted Securities, to furnish to Holder forthwith upon
request a written statement by the Company as to its compliance with the reporting requirements of
said Rule 144 and with regard to the Securities Act and the Exchange Act (at all times during which
the Company is subject to such reporting requirements), a copy of the most recent annual or
quarterly report of the Company, and such other reports and documents of the Company and other
information in the possession of or reasonably obtainable by the Company as such Holder may
reasonably request in availing itself of any rule or regulation of the SEC allowing such Holder to
sell any such securities without registration; and

          (d) to the extent the Company is not subject to the Exchange Act, to provide the information
required of “Non-Reporting Issuers” as set forth in Rule 144(c)(2).

3. GENERAL PROVISIONS.

     3.1 Notices. All notices and other communications provided for herein shall be in
writing and shall be deemed to have been duly given when delivered personally or sent by facsimile
or email (provided a confirmation copy is later sent by other method) or three (3) Business Days
after being mailed by registered or certified mail, return receipt requested, postage prepaid, to
the party to whom it is directed or one (1) Business Day after being sent via an internationally
recognized courier service for next Business Day delivery, to the party to whom it is directed:

If to the Company, to:

3200 Southwest Freeway, Suite 2950

Houston, Texas 77027

Attention: Rishi A. Varma

Telephone: (832) 922-6812

Facsimile: (713) 780-0062

E-Mail: rvarma@tricomarine.com

With a copy to:

Bartlit Beck Herman Palenchar & Scott LLP

1899 Wynkoop Street, Suite 800

Denver, Colorado 80202

Attention: James L. Palenchar

Telephone: 303-592-3111

Facsimile: 303-592-3140

E-Mail: james.palenchar@bartlit-beck.com

If to Shareholder to:

West Supply IV AS

[Address]

Telephone:

9

 

Facsimile:

E-Mail:

With a copy to:

Attention:

Telephone:

Facsimile:

E-Mail:

or for any party, at such other address as such party shall have specified in writing to each of
the other parties in accordance with this Section 3.1.

     3.2 Counterparts. This Agreement may be executed in any number of counterparts, each
of which shall be deemed an original, but such counterparts together shall constitute one and the
same instrument.

     3.3 Section Headings. The section headings of this Agreement are for convenience of
reference only and shall not be deemed to limit or affect any of the provisions hereof.

     3.4 Amendments. Any provision of this Agreement may be waived or amended if, and only
if, such amendment or waiver is in writing and signed by the Company and Holder.

     3.5 Entire Agreement; No Assignment. This Agreement and the rights and obligations
hereunder (including Holder’s rights to register Registrable Securities on an Eligible Registration
Statement), the Exhibits and Schedules, the Purchase Agreement and the Phantom Stock Units
Agreement (a) constitute the entire agreement and understandings of the parties hereto and
supersedes all prior agreements and understandings, both written and oral, among the parties hereto
with respect to the subject matter hereof, (b) are not intended to confer upon any other Person any
rights or remedies hereunder, and (c) shall not be assigned, by operation of Law or otherwise,
provided, however, that this Agreement may be assigned to any person to which Holder has
transferred 50% of Holder’s Registrable Securities, in which case such transferee shall become a
“Holder” hereunder.

     3.6 Governing Law. This Agreement shall be governed by and construed exclusively in
accordance with the internal laws of the State of Delaware, excluding that body of law relating to
conflict of laws and choice of law.

     3.7 Arbitration. Any dispute, controversy or claim arising out of or relating to this
Agreement (a “Dispute”), shall be settled by binding arbitration in accordance with the
commercial arbitration rules of the American Arbitration Association. Any such Dispute shall be
arbitrated on an individual basis, and shall not be consolidated in any arbitration with any
dispute, claim or controversy of any other party. Following the selection of arbitrator as set
forth above, the arbitration shall be conducted promptly and expeditiously so as to enable the
arbitrator to render a decision within thirty (30) days. The arbitration shall be conducted in

10

 

Wilmington, Delaware, and any court having jurisdiction thereof may immediately issue judgment
on the arbitration award. The parties agree that (a) the arbitration provided for in this Section
3.7 shall be the exclusive means to resolve all Disputes and (b) all costs of the arbitration
contemplated by this Section 3.7 (including, without limitation, the attorneys’ fees of the
parties) shall be borne by the party (that is, either Holder or the Company) who is the least
successful in each such arbitration, which shall be determined by the arbitrator for the
controversy, dispute or claim by comparing (i) the position asserted by Holder and the Company on
all disputed matters taken together to (ii) the final decision of such arbitrator on all disputed
matters taken together. The parties acknowledge that the arbitrator shall have the authority to
grant equitable remedies, if appropriate. The parties intend that this agreement to arbitrate be
valid, enforceable and irrevocable.

     3.8 Severability. If any term or other provision of this Agreement is invalid,
illegal or incapable of being enforced by any law or public policy, all other terms and provisions
of this Agreement shall nevertheless remain in full force and effect. Upon such determination that
any term or other provision is invalid, illegal or incapable of being enforced, the parties hereto
shall negotiate in good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in an acceptable manner in order that the transactions contemplated
hereby are consummated as originally contemplated to the greatest extent possible.

     3.9 Specific Performance. Each of the parties hereto acknowledges and agrees that the
Company and Holder would be irreparably damaged if each covenant in this Agreement is not performed
in accordance with its specific terms and that any breach of such provision of this Agreement by
any party to this Agreement could not be adequately compensated in all cases by monetary damages
alone. Accordingly, in addition to any other right or remedy to which either the Company or Holder
may be entitled under this Agreement, the Company and Holder shall be entitled to enforce such
provision of this Agreement by a decree of specific performance and to temporary, preliminary and
permanent injunctive relief to prevent breaches or threatened breaches of any of such provision of
this Agreement, without posting any bond or other undertaking.

     3.10 Successors and Assigns. The provisions of this Agreement shall inure to the
benefit of, and shall be binding upon, the successors and permitted assigns of the parties hereto.

[Signature Page Follows.]

11

 

     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first above written:

	 	 	 	 	 	 	 
	 	 	THE COMPANY:	 	 
	 
	 	 	 	 	 	 
	 	 	TRICO MARINE SERVICES, INC.	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	By:
	 	Rishi A. Varma	 	 
	 

	 	Its:
	 	Chief Administrative Officer,	 	 
	 

	 	 	 	Vice President and General Counsel
	 	 
	 
	 	 	 	 	 	 
	 	 	SHAREHOLDER:	 	 
	 
	 	 	 	 	 	 
	 	 	WEST SUPPLY IV AS:	 	 
	 
	 	 	 	 	 	 
	 	 	 	 	 
	 

	 	By:

Its:

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