Document:

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                                                                   EXHIBIT 10.1
                                                                   ------------

              FOURTH AMENDMENT TO RELEASE AND SETTLEMENT AGREEMENT

         THIS FOURTH AMENDMENT (the "Fourth Amendment") is entered into as of
January 14, 2005, by and between Hollinger International Inc. ("International")
and Peter Y. Atkinson ("Atkinson"), and is made with reference to the Original
Agreement, the Amendment, the Second Amendment, and the Third Amendment. The
Original Agreement, the Amendment, the Second Amendment, the Third Amendment and
the Fourth Amendment are referred to herein collectively as the "Agreement."
Capitalized terms used herein and not otherwise defined herein shall have the
meanings assigned to such terms in the Agreement.

                                 R E C I T A L S

         WHEREAS, the parties have concluded their discussions regarding the
language of the Agreement to more appropriately reflect their intent to
facilitate its approval by the Court and to adequately protect the interests of
both parties;

         WHEREAS, this Agreement is one of a number of Settlements that may be
entered into between the SC, on behalf of International, and others, and that
the SC, on International's behalf, intends to seek Court approval of the
Settlements as a single group to the extent necessary and appropriate and the
parties thus desire to seek an extension of time for the SC to apply to the
Delaware Court of Chancery for the Scheduling Order;

         NOW, THEREFORE, for and in consideration of the mutual representations,
warranties, covenants and agreements contained in the Agreement, and intending
to be legally bound hereby, subject to the approval of the Court as described in
the Original Agreement, the parties agree as follows:

1.    The following WHEREAS clause in the Original Agreement is deleted in its
entirety:

      WHEREAS, Atkinson wishes to settle and finally resolve all actual or
potential claims arising out of or relating to the matters that have been or may
be asserted against him in the Cardinal Action and the Illinois Action;

      and replaced by the following:

      WHEREAS, Atkinson wishes to settle and finally resolve all actual or
potential claims arising out of or relating to the matters that have been or may
be asserted against him by International and its subsidiaries in the Cardinal
Action and the Illinois Action;

2.    The following WHEREAS clause in the Original Agreement is deleted in its
entirety:

      WHEREAS, Atkinson has agreed to enter into the Agreement to resolve any
potential liability in connection with the Cardinal Action and the Illinois
Action, and to reduce further expense, inconvenience and the distraction of
burdensome and protracted litigation;

      and replaced by the following:

      WHEREAS, Atkinson has agreed to enter into the Agreement to resolve any
potential liability to International and its subsidiaries in connection with the
Cardinal Action and the Illinois Action, and to reduce further expense,

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inconvenience and the distraction of burdensome and protracted litigation.

3.    Section 4 of the Original Agreement is deleted in its entirety and
replaced by the following:

      4.    Release and Settlement.

      a. Upon Final Approval, and payment in full of the Settlement Amount,
International and its subsidiaries do hereby fully, finally and forever release
Atkinson and any and all of his personal agents, spouses, heirs, survivors and
executors (collectively with Atkinson, the "Atkinson Releasees") from any and
all rights, interests, obligations, debts, dues, sums of money, accounts,
reckonings, damages, claims, actions, allegations, causes of action,
counterclaims or demands whatsoever, whether known or unknown, in law or in
equity, that have been or that could be asserted, relating to the subject matter
of the Cardinal Action, the Illinois Action and/or the Report of Investigation
by the Special Committee of the Board of Directors of Hollinger International
Inc. dated August 30, 2004 (the "SC Report") against any of the Atkinson
Releasees (the "Settled Claims"); and Atkinson and any and all of his personal
agents, spouses, heirs, survivors and executors do hereby fully, finally and
forever release International and any and all of its predecessors, successors,
assigns, affiliates, subsidiaries, divisions, and its current and former
officers, directors, shareholders, employees, attorneys, agents, advisors, and
representatives (collectively with International, the "International Releasees")
from any and all rights, interests, obligations, debts, dues, sums of money,
accounts, reckonings, damages, claims, actions, allegations, causes of action,
counterclaims or demands whatsoever, whether known or unknown, in law or in
equity, that have been or that could be asserted, relating to the subject matter
of the Cardinal Action, the Illinois Action and/or the SC Report against any of
the International Releasees.

      b. The International Releasees do not include Hollinger Inc., The
Ravelston Corporation Limited, Ravelston Management Inc., Conrad M. Black, F.
David Radler, John A. Boultbee, Daniel W. Colson, Barbara Amiel Black, and
Richard Perle, who are the defendants named in the Second Amended Complaint
filed on October 29, 2004 in the Illinois Action (the "Illinois Action
Defendants").

      c. Notwithstanding any other section or sub-section in this Agreement,
Mark S. Kipnis ("Kipnis") is included as a member of the International Releasees
only under the condition that that Atkinson Releasees are not, and do not
become, the subject of any claim of any nature asserted by Kipnis and/or his
spouses, heirs, survivors, or executors, including but not limited to a
cross-claim or counterclaim, relating to the subject matter of the Cardinal
Action, the Illinois Action and the SC Report (a "Kipnis Claim"). Should any of
the Atkinson Releasees become the subject of any Kipnis Claim, then the release
being provided by the Atkinson Releasees hereunder is void solely to the extent
of any counterclaims the Atkinson Releasees have against Kipnis, but only up to
the amount of any recovery Kipnis obtains from the Atkinson Releasees (excluding
any Atkinson unreimbursed attorneys' fees).

      d. Notwithstanding any other section or sub-section in this Agreement,
Todd A. Vogt ("Vogt") is included as a member of the International Releasees
only under the condition that that Atkinson Releasees are not, and do not
become, the subject of any claim of any nature asserted by Vogt and/or his
spouses, heirs, survivors, or executors, including but not limited to a
cross-claim or counterclaim, relating to the subject matter of the Cardinal
Action, the Illinois Action and the SC Report (a "Vogt Claim"). Should any of
the Atkinson Releasees become the subject of any Vogt Claim, then the release
being provided by the Atkinson Releasees hereunder is void solely to the extent

                                     Page 2

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of any counterclaims the Atkinson Releasees have against Vogt, but only up to
the amount of any recovery Vogt obtains from the Atkinson Releasees (excluding
any Atkinson unreimbursed attorneys' fees).

      e. The releases provided under this Section 4 also do not relate to any
pending or future securities class action suits and do not affect the rights of
contribution and indemnification the parties to this Agreement may have against
each other in any securities class action suits. The releases also do not
release Atkinson or International from their respective obligations under this
Agreement or the Consulting Agreement.

      f. In connection with any settlement between or among (i) International
and/or its subsidiaries and (ii) any former or current directors or officers of
International or any former or current directors or officers of International's
subsidiaries in respect of any claims of any nature relating to the subject
matter of the Cardinal Action, the Illinois Action, and/or the SC Report,
International and/or its subsidiaries shall use commercially reasonable efforts,
in good faith, to obtain a release of all claims of any nature that such
settling officer or director has or may thereafter have against the Atkinson
Releasees arising out of or relating to the subject matter of the Cardinal
Action, the Illinois Action and/or the SC Report.

      g. For purposes of further clarification, the words "personal agents"
in Section 4 and "agents" in Section 14 of the Agreement, as both of these
sections are amended herein, refer and apply only to Atkinson's personal agents,
including but not limited to his attorneys or accountants who represent him in
his personal capacity, and, notwithstanding the foregoing, do not release or
apply to other former or current officers, agents, attorneys, accountants,
directors, employees or affiliated companies of International, Hollinger Inc.,
or The Ravelston Corporation Limited, including without limitation the Illinois
Action Defendants. Similarly, the words "spouses," "heirs," "successors,"
"administrators" and "executors" in Sections 4 and 14 do not release or apply to
other former or current officers, agents, attorneys, accountants, directors,
employees or affiliated companies of International, Hollinger Inc., or The
Ravelston Corporation Limited, including without limitation the Illinois Action
Defendants.

4.    Sub-section (a) of Section 7 is deleted in its entirety and replaced
by the following:

      a. a settlement hearing (the "Settlement Hearing") be held to determine
whether the Court should: (i) approve the Settlements pursuant to the Chancery
Court's Rule 23.1 as fair, reasonable, and adequate and in the best interests of
International's stockholders; and (ii) enter an Order and Final Judgment
dismissing Atkinson from the Cardinal Action with prejudice, each
party to bear its own costs and release and enjoin prosecution by International
and its subsidiaries against Atkinson of any and all Settled Claims; and (iii)
hear such other matters as the Court may deem necessary and appropriate; and

5.    Sub-section (c) of Section 9 is deleted in its entirety and replaced by
the following:

      c. dismiss Atkinson from the Cardinal Action with prejudice;
extinguish, discharge and release, any and all Settled Claims as against
Atkinson, said dismissal subject only to compliance by International and
Atkinson with the terms of this Agreement and any Order of the Court concerning
this Agreement; and permanently enjoin International and its subsidiaries from
asserting, commencing, prosecuting or continuing any of the Settled Claims.

                                     Page 3
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6.    Sub-Section (a) of Section 10 of the Original Agreement is further
amended by changing the date of "January 15, 2005" in clause (iv) (which had
previously been amended to January 15, 2005 by the Third Amendment) to "March
31, 2005."

7.    Section 11 is deleted in its entirety and replaced by the following:

      11. Governing Law; Choice of Forum; Jury Waiver. This Agreement and any
claim related directly to this Agreement shall be governed and construed in
accordance with the laws of the State of Delaware, without regard to the
principles of conflicts of law thereof. All disputes arising out or relating to
this Agreement or its breach shall be resolved in the courts located within the
State of Delaware, New Castle County, and Atkinson and International hereby
submit exclusively to the jurisdiction and venue of those Delaware courts. EACH
PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE TO, AND AGREES NOT TO
REQUEST, A JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE ARISING OUT OF THIS
AGREEMENT.

8.    Section 14 is deleted in its entirety and replaced by the following:

      14. Successors. This Agreement shall apply to Atkinson, as well as his
heirs, agents, executors, and administrators. Except as otherwise expressly
provided in this Agreement, the Agreement also shall apply to, and inure to the
benefit of, International and its subsidiaries and any successors of
International and its subsidiaries that International may designate.

9.    Chubb Insurance Company of Canada ("Chubb") and American Home Assurance
Company ("American Home") are currently engaged in discussions with
International pursuant to which they would tender the limits of the insurance
policies named herein to fund a settlement of the Cardinal Action with
International, Dwayne O. Andreas, Richard R. Burt, Raymond G. Chambers, Henry A.
Kissinger, Marie-Josee Kravis, Shmuel Meitar, Robert S. Strauss, A. Alfred
Taubman, James R. Thompson, Lord Weidenfeld of Chelsea and Leslie H. Wexner. In
the event Chubb and American Home should require as a condition of that
settlement that Atkinson execute a mutual release as part of that settlement,
Atkinson agrees that he will execute a mutual release of Chubb and American
Home, as of the date required by Chubb and American Home, regarding the
following insurance policies: Policy No. 426 90 85 issued by American Home with
a policy period of July 1, 2002 to July 1, 2003; Policy No. 8180-5152 issued by
Chubb with a policy period of July 1, 2002 to July 1, 2003; Policy No. 426 90 86
issued by American Home with a policy period of July 1, 2002 to July 1, 2003.

10.   This Fourth Amendment may be signed in any number of counterparts, all of
which together shall constitute one and the same instrument.

Agreed to this 14th day of January 2005 by:

HOLLINGER INTERNATIONAL INC.                    PETER Y. ATKINSON

By: /s/ James R. Van Horn                       /s/ Peter Y. Atkinson
   ----------------------------                 -----------------------------

               FIFTH AMENDMENT TO RELEASE AND SETTLEMENT AGREEMENT

        THIS FIFTH AMENDMENT (the "Fifth Amendment") is entered into as of
March 28, 2005, by and between Hollinger International Inc. ("International")

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and Peter Y. Atkinson ("Atkinson"), and is made with reference to that certain
Release and Settlement Agreement entered into as of April 27, 2004 (the
"Original Agreement") and the Amendments to that certain Release and Settlement
Agreement entered into as of May 10, October 29, and December 30, 2004, and
January 14, 2005 (the "Amendments"). Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned to such terms in the
Original Agreement.

                                 R E C I T A L S

        WHEREAS, this Agreement is one of a number of such agreements that may
be entered into between the Special Committee (the "SC"), on behalf of
International, and others (the "Settlements") and that the SC, on
International's behalf, intends to seek Court approval of the Settlements as a
single group to the extent necessary and appropriate;

        WHEREAS, the parties desire to seek an extension of time for the SC to
apply to the Delaware Court of Chancery for the Scheduling Order;

        NOW, THEREFORE, the parties agree as follows:

1.    Sub-Section (a) of Section 10 of the Original Agreement is amended by
changing the date of "March 31, 2005" in clause (iv) (which had previously been
amended to March 31, 2005 by the Fourth Amendment) to "May 31, 2005."

2.    This Fifth Amendment may be signed in any number of counterparts, all of
which together shall constitute one and the same instrument.

3.    All other provisions of the Original Agreement and the Amendments remain
fully in effect.

Agreed to this 28th day of March, 2005 by:

HOLLINGER INTERNATIONAL INC.                    PETER Y. ATKINSON

By: /s/ James R. Van Horn                       /s/ Peter Y. Atkinson
   ----------------------------                 -----------------------------

               SIXTH AMENDMENT TO RELEASE AND SETTLEMENT AGREEMENT

         THIS SIXTH AMENDMENT (the "Sixth Amendment") is entered into as of May
3, 2005, by and between Hollinger International Inc. ("International") and Peter
Y. Atkinson ("Atkinson"), and is made with reference to that certain Release and
Settlement Agreement entered into as of April 27, 2004 (the "Original
Agreement") and the Amendments to that certain Release and Settlement Agreement
entered into as of May 10, October 29, and December 30, 2004, and January 14 and
March 28, 2005 (the "Amendments"). Capitalized terms used herein and not
otherwise defined herein shall have the meanings assigned to such terms in the
Original Agreement.

                                 R E C I T A L S

         WHEREAS, this Agreement is one of a number of such agreements that may

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be entered into between the Special Committee (the "SC"), on behalf of
International, and others (the "Settlements") and that the SC, on
International's behalf, intends to seek Court approval of the Settlements as a
single group to the extent necessary and appropriate;

        WHEREAS, the parties desire to seek an extension of time for the SC to
apply to the Delaware Court of Chancery for the Scheduling Order;

        NOW, THEREFORE, the parties agree as follows:

1.    Sub-Section (a) of Section 10 of the Original Agreement is amended by
changing the date of "May 31, 2005" in clause (iv) (which had previously been
amended to May 31, 2005, by the Fifth Amendment) to "September 30, 2005."

2.    This Sixth Amendment may be signed in any number of counterparts, all of
which together shall constitute one and the same instrument.

3.    All other provisions of the Original Agreement and the Amendments remain
fully in effect.

Agreed to this 3rd day of May, 2005 by:

HOLLINGER INTERNATIONAL INC.                    PETER Y. ATKINSON

By: /s/ James R. Van Horn                       /s/ Peter Y. Atkinson
   ----------------------------                 -----------------------------

                                     Page 6exv10w1

 

FORBEARANCE AGREEMENT

          THIS FORBEARANCE AGREEMENT (“Forbearance Agreement”), effective as of January 21, 2005
(the “Forbearance Date”), is made by and among OMNI ENERGY SERVICES CORP., AMERICAN
HELICOPTERS INC., OMNI ENERGY SERVICES CORP.-MEXICO, TRUSSCO, INC., and TRUSSCO PROPERTIES, LLC
(collectively, “Maker” and each, individually, a “Maker”), and BEAL BANK, S.S.B., a
savings bank organized under the laws of the State of Texas (“Payee”), and is based on the
following recitals of fact.

R E C I T A L S:

     A. The Maker is indebted to the Payee under a Promissory Note dated as of October 22, 2004
(the “Note”; capitalized terms used in this Forbearance Agreement but not defined herein
shall have the same sense and meaning as in the Note), among the Maker and the Payee. As of the
Forbearance Date, the outstanding principal balance of the Note is Six Million, Five Hundred
Thousand Dollars ($6,500,000.00) (the “Balance”). Unpaid interest continues to accrue according to
the terms of the Note, currently at the Default Rate. Additionally, the Maker is obligated for
other fees, costs, and expenses in accordance with and as may be provided for in the Loan
Documents.

     B. As of the date of this Forbearance Agreement, an Event of Default exists under
paragraph 7(a) of the Note as a result of the Maker’s failure to repay the Obligations
owing to the Payee under the Note on the Final Maturity Date (the “Existing Default”).

     C. The Maker has requested that the Payee temporarily forbear from exercising its available
rights and remedies arising as a result of the Existing Default and the Payee is willing to
forebear from exercising such rights and remedies conditioned upon and subject to the terms and
conditions set forth in this Forbearance Agreement.

A G R E E M E N T:

     For and in consideration of the mutual covenants herein, and other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the Maker and the
Payee agrees as follows:

     1. Recitals. The foregoing recitals are confirmed by the parties as true, accurate,
and correct and are incorporated herein by reference. The recitals are a substantive, contractual
part of this Forbearance Agreement.

FORBEARANCE AGREEMENT — Page 1

 

     2. Extension of Maturity, Forbearance and Limitations Thereof.

     (a) Subject to the terms and provisions of this Forbearance Agreement (including
without limitation, paragraph 6 and paragraph 7 hereof), the Payee hereby
agrees to forbear from exercising any of its rights and remedies arising under the Loan
Documents or otherwise as a result of the Existing Default (the “Forbearance”) for
the period, and only for the period, commencing on the Forbearance Date through and
including February 28, 2005 (the “Expiration Date”) or such earlier date on which
Payee’s agreement to forbear pursuant hereto terminates (such period being referred to
hereinafter as the “Forbearance Period”).

     (b) Paragraph 2(a) of this Forbearance Agreement shall be limited strictly as
written and this Forbearance Agreement does not constitute a forbearance with respect to any
Event of Default other than the Existing Default and does not constitute a waiver of the
Existing Default or any other Event of Default. In the event that prior to the end of the
Forbearance Period any further Event of Default occurs under the Note (i.e., other than the
Existing Default) or if the Maker shall breach any provision of this Forbearance Agreement
or any Loan Document, then the Payee shall have the right and option, in its sole discretion
and without notice to the Maker, to terminate its agreement to forbear pursuant to this
Forbearance Agreement and to exercise any and all of its rights and remedies under the Loan
Documents or otherwise arising as a result of such Event of Default or the Existing Default.

     (c) Notwithstanding anything contained herein to the contrary, and as an additional
material inducement to the Payee to enter into this Forbearance Agreement, the Maker hereby
agrees that, except as expressly set forth herein with respect to the Forbearance during the
Forbearance Period, this Forbearance Agreement shall have no effect on, and shall not act as
a waiver of, any Event of Default (including, without limitation, the Existing Default), or
any rights or remedies resulting therefrom, whether now existing or hereafter arising, under
the terms and provisions of the Loan Documents or otherwise whether known or unknown by the
Payee. The Payee expressly reserves the right to, and may, at its option, declare any other
Event of Default, except as expressly set forth herein.

     3. Liens. By this Forbearance Agreement, all liens, security interests, assignments,
superior titles, rights, remedies, powers, equities, and priorities securing the Obligations
(collectively, the “Outstanding Liens”) are hereby ratified and confirmed as valid,
subsisting, and continuing to secure the Obligations as amended to date, and this Forbearance
Agreement shall not affect the priority of any Outstanding Lien. Nothing in this Forbearance
Agreement shall in any manner diminish, impair, or extinguish any of the Outstanding Liens or the
Loan Documents or be construed as a novation in any respect. In addition, the Maker acknowledges
and agrees that this Forbearance Agreement constitutes a Loan Document and that the obligations of
the Maker hereunder (including, without limitation, the obligation of Maker to repurchase the
Stock, as hereinafter defined, as provided in paragraph 7 (d) below) constitute Obligations secured
by the Outstanding Liens.

FORBEARANCE AGREEMENT — Page 2

 

     4. Amounts Due. The Payee and the Maker acknowledge that, prior to giving effect to
any payment or payments specified in this Forbearance Agreement, the aggregate outstanding unpaid
principal balance of the Note is equal to the Balance, and accrued and unpaid interest on the Note
is equal to $198,972.04as of the Forbearance Date.

     5. Waivers of Makers. Each Maker waives any and all rights to other notice of payment
default or any other default, protest and notice of protest, dishonor, diligence in collecting and
the bringing of suit or arbitration proceedings against any party, notice of intention to
accelerate, notice of acceleration, demand for payment, and any other notices whatsoever regarding
the Obligations or any of the Loan Documents, and further waives any claims that any notices
previously given are or were insufficient for any reason.

     6. Conditions Precedent. The following are conditions precedent to the effectiveness
of this Forbearance Agreement:

     (a) Delivery. Before this Forbearance Agreement becomes effective and any
party becomes obligated under it, the Payee shall have received fully executed originals of
this Forbearance Agreement.

     (b) Reimbursement of the Payee’s Costs and Expenses; Receipt of Payments. The
Payee shall have received reimbursement, in immediately available funds, of all unpaid fees,
expenses and costs due from the Maker to the Payee, and all costs and expenses incurred by
the Payee in connection with this Forbearance Agreement, including but not limited to
charges for preparing, recording, and/or filing amendments to financing statements,
appraisal, and legal fees and expenses of the Payee’s counsel (“Reimbursable Costs”)
to the extent incurred by the Payee and submitted to the Maker for reimbursement. The
amount of Reimbursable Costs to be paid by Maker in order for this Forbearance Agreement to
become effective is $22,000.00. All other Reimbursable Costs incurred by Payee shall be
paid by Maker as provided below and in the Loan Documents.

     (c) Payment of Interest and Principal. The Payee shall receive payment of an
amount equal to all accrued and unpaid interest on the Note as of the Forbearance Date
(being $198,972.04) plus Two Hundred Fifty Thousand Dollars ($250,000.00) of principal of
the Note.

     (d) Additional Information. The Payee shall have received such additional
agreements, certificates, documents, instruments, and information as the Payee or its legal
counsel may request to effect the Forbearance contemplated hereby.

     (e) All payments to be made by Maker to Payee as provided in the Note, this Forbearance
Agreement or any other Loan Document will be paid to Payee in accordance with Payee’s wire
transfer instructions attached hereto as Exhibit “A”.

FORBEARANCE AGREEMENT — Page 3

 

     7. Continuing Conditions. Payee’s agreement to forbear pursuant to this Forbearance
Agreement is conditioned upon the Maker’s compliance with each of the following conditions. The
Maker acknowledges and agrees that the Maker’s failure to fully comply with any of the following
conditions shall constitute a breach of the terms of this Forbearance Agreement which shall result
in the termination of the Payee’s agreement to forbear.

     (a) Obligation to Remain Current. The Maker shall remain current in the
payment of all interest and other fees and expenses as provided by the Note, any other Loan
Document and this Forbearance Agreement.

     (b) Applicable Interest Rates. Interest on the outstanding principal of the
Obligations shall be calculated at a per annum rate equal to the lesser of (x) the Highest
Lawful Rate or (y) the Default Rate.

     (c) Payments. In addition to the payments required by paragraphs 6 (b) and (c)
above, on January 28, 2005, Maker shall pay to Payee an additional Two Hundred Fifty
Thousand Dollars ($250,000.00), with such payment being applied first to accrued and unpaid
interest on the Note and additional Reimbursable Costs, and with the balance of such payment
being applied to the unpaid principal balance of the Note. The remaining principal due on
the Note and all other amounts due to Payee pursuant to the Loan Documents are due and
payable on the last day of the Forbearance Period.

     (d) Payment in Stock; Obligation to Purchase. Subject to satisfaction of the
conditions set forth below, the Maker’s obligation to pay all of the amounts required to be
paid as provided in paragraphs 6 (b) and (c) and the Two Hundred Fifty Thousand Dollars
($250,000.00) payment required to be made on January 28, 2005 as provided above (but not the
principal balance of the Note, and interest thereon, due and payable on the last day of the
Forbearance Period) may be satisfied by the delivery to the Payee, on the date the payment
in question is due, of fully registered, publicly traded, unrestricted common stock
(“Stock”) of OMNI Energy Services Corp., or, if Maker is unable to deliver such Stock as
fully registered, unrestricted shares, by delivery to the Payee of privately issued
restricted shares of Stock, in each case, registered in the name of Payee or its nominee,
valued at the lesser of (i) the closing price of the Stock on the NASDAQ Stock Market on
the last day the Stock was trading on such market prior to the due date of such payment or
(ii) the opening price of the Stock on such market on the date such payment is due, in each
case rounded up to the next highest whole number of shares of Stock. If the shares of Stock
are privately issued, restricted shares, Maker shall cause OMNI Energy Services Corp. to
prepare and file a registration statement on Form S-3, or other appropriate form, to
register the resale of such Stock, and to use its best efforts to cause such registration
statement to be declared effective on or before the last day of the Forbearance Period. The
issuer shall cause the registration statement to continue in effect until such time that the
Payee (and/or its nominee and/or successor or assign) has disposed of all the Stock or that
it may be entitled to dispose of all of the Stock without any restrictions or limitations
under the securities laws. On or prior to the Expiration Date, Payee may, with one business
day’s prior notice to Maker, require that Maker

FORBEARANCE AGREEMENT — Page 4

 

purchase the Stock issued to Payee as aforesaid by delivery to Payee by wire transfer
in same day funds U.S. Dollars equal to the value of such Stock valued at the higher of (x)
the value determined under clauses (i) or (ii) of the preceding sentence or (y) the then
current market price of the Stock. The rights of Maker set forth in this paragraph (d) to
make the above-described payment to Payee by the delivery of the Stock is conditioned and
contingent upon Payee agreeing, at or prior to the time such Stock is offered to Payee, that
it will accept such Stock, and if Payee does not agree in writing to so accept such Stock,
Maker shall have no right to make such payment by delivering such Stock to Payee and Payee
will have no obligation to accept such Stock. Payee may make its determination of whether
to accept such Stock in payment of the amounts due as set forth in this paragraph (d) in
Payee’s sole discretion.

     (e) Notice of Payment. If Maker elects to pay all amounts due under the Note,
the other Loan Documents and this Forbearance Agreement prior to the last day of the
Forbearance Period, Maker must give the Payee no less than 5 business days’ prior written
notice of such payment. Once given, such notice will be irrevocable and the Note shall be
due and payable on the date prior to the last day of the Forbearance Period as provided in
such notice.

     8. Representations and Warranties. In order to induce the Payee to execute, deliver,
and perform this Forbearance Agreement, the Maker warrants and represents to the Payee each and
every of the following:

     (a) This Forbearance Agreement is not being made or entered into with the actual intent
to hinder, delay, or defraud any entity or person, and the Maker is solvent and is not
bankrupt.

     (b) This Forbearance Agreement is not intended by the parties to be a novation of the
Loan Documents and, except as expressly modified herein, all terms, conditions, rights, and
obligations as set out in the Loan Documents are hereby reaffirmed and shall otherwise
remain in full force and effect as originally written and agreed.

     (c) No action or proceeding, including, without limitation, a voluntary or involuntary
petition for bankruptcy under any chapter of the United States Bankruptcy Code (the
“Bankruptcy Code”), has been instituted by or against any Maker or threatened
against any Maker.

     (d) The execution of this Forbearance Agreement by the Maker and the performance by the
Maker of its respective obligations hereunder will not violate or result in a breach or
constitute a default under any agreement to which it is a party.

     (e) All information provided by the Maker to the Payee prior to the Forbearance Date,
including, without limitation, all representations and warranties made and given by any
Maker in the Loan Documents, all financial statements, balance sheets, and cash flow
statements, was, at the date of delivery, and is, as of the date hereof, true,

FORBEARANCE AGREEMENT — Page 5

 

accurate, and correct in all respects. The Maker recognizes and acknowledges that the
Payee is entering into this Forbearance Agreement based in part on the financial information
provided to the Payee by the Maker and that the truth and correctness of that financial
information is a material inducement to the Payee in entering into this Forbearance
Agreement. During the term of this Forbearance Agreement, the Maker agrees to advise the
Payee promptly in writing of any and all new information, facts, or occurrences which would
in any way materially supplement, contradict, or affect any financial statements, balance
sheets, cash flow statements, or similar items furnished to the Payee.

     (f) Other than the Existing Default, no Default or Event of Default under any Loan
Document has occurred and is continuing, and no event has occurred and is continuing which,
with notice or the passage of time or both, would be a Default or an Event of Default.

     (g) The Maker lawfully possesses and holds a 100% ownership interest in all of the
Collateral for the Obligations, free and clear of any Lien, defect, reservation of title, or
conditional sales contract, and also of any security interest, other than the Outstanding
Liens in favor of the Payee or Permitted Encumbrances. There is no financing statement
affecting any real, personal, tangible, or intangible property (“Property”) of the
Maker on file in any public office except for financing statements in favor of the Payee and
any relating to Permitted Encumbrances.

     (h) Since the inception of the Obligations, there have been no changes in the
organization, composition, material ownership, structure, or formation documents of any
Maker which has not been disclosed in writing to the Payee; in each state in which any Maker
does business, it is properly licensed, in good standing, and, where required, in compliance
with fictitious name statutes.

     (i) Execution, delivery, and performance of this Forbearance Agreement, and any
instrument or agreement required hereunder, are within each Maker’s powers, have been duly
authorized, and do not conflict with any of its organizational papers.

     (j) The Loan Documents to which the Maker is a party, including this Forbearance
Agreement, are legal, valid, and binding agreements of the Maker, enforceable in accordance
with its respective terms, and any instrument or agreement required hereunder or thereunder,
when executed and delivered, will be similarly legal, valid, binding, and enforceable; this
Forbearance Agreement does not conflict with any law, agreement, or obligation by which the
Maker is bound.

     9. Reaffirmation. Each Maker reaffirms all of its obligations under the Loan
Documents to which it is a party.

     10. Termination of Forbearance and Rights in the Event of Bankruptcy.

FORBEARANCE AGREEMENT — Page 6

 

     (a) Notwithstanding anything to the contrary in this Forbearance Agreement, the
obligations of the Payee to forbear from exercising any of its rights and remedies arising
under the Loan Documents or otherwise as a result of the Existing Default shall terminate
upon the filing of any proceeding, voluntarily or involuntarily, under Title 11 of the
United States Code or any other state or federal statute seeking the reorganization,
liquidation or restructuring of any Maker, or the filing by any person of any legal,
administrative or arbitration proceeding seeking the reorganization, liquidation,
dissolution, restructuring, foreclosure, appointment of a receiver or transfer of control or
possession of the assets of any Maker for the benefit of a creditor. In the event of any
such filing, all obligations, covenants, representations, warranties and releases of and/or
granted by the Maker, and the Maker’s shareholders shall remain in full force and effect.

     (b) All of the above terms and conditions have been freely bargained for and are all
supported by reasonable and adequate consideration and the provisions herein are material
inducements for the Payee entering into this Forbearance Agreement.

     11. Waiver of Claims and Defenses. To induce the Payee to enter into this Forbearance
Agreement, each Maker represents and warrants to Payee that as of the Forbearance Date there are no
claims or offsets against or defenses or counterclaims to their respective obligations under the
Loan Documents, and each Maker waives any and all such claims, offsets, defenses, or counterclaims
whether known or unknown, arising prior to the Forbearance Date. Additionally, each Maker, on
behalf of itself and its shareholders/owners, hereby releases and agrees to hold the Payee, and
each of its legal representatives, successors, affiliates, parents, subsidiaries, predecessors,
assigns, shareholders, partners, trustees, beneficiaries, administrators, heirs, former and current
officers, directors, agents, attorneys, and employees, and their respective successors, assigns,
heirs, executors, and administrators harmless from any and all claims, actions, suits, causes of
action, accounts, judgments, agreements, promises, executions, debts, damages, demands, rights,
obligations, liabilities, and controversies now in existence concerning or in connection with the
Note, this Forbearance Agreement, or any other Loan Documents (collectively, the “Claims”)
of every nature and description, at law or in equity, whether known or unknown, foreseen or
unforeseen, and regardless of whether the Maker, or any other person hereafter discovers any fact
which may give rise to any of the Claims.

     12. Acknowledgments. Each Maker hereby acknowledges and agrees that:

     (a) No Future Obligations. The Payee has no obligation to make any additional
loan or extension of credit to or for the benefit of the Maker, and no obligation to extend
the maturity date of any credit extended to the Maker.

     (b) No Third Party Beneficiaries. This Forbearance Agreement is not intended
for, and shall not be construed to be for, the benefit of any person not a signatory hereto.

FORBEARANCE AGREEMENT — Page 7

 

     13. Impairment/Security. Except as otherwise specifically set forth herein, the Loan
Documents shall each remain unaffected by this Forbearance Agreement and all such Loan Documents
shall remain in full force and effect. The Maker’s payment and performance of its various
obligations to the Payee under the Loan Documents (including, without limitation, this Forbearance
Agreement), including all extensions, amendments, renewals, or replacements thereof, continue to be
and shall be secured by the Outstanding Liens. Nothing contained herein shall be deemed a waiver
of any of the rights and remedies that the Payee may have against any Maker, or of the Payee’s
rights and remedies arising out of the Loan Documents.

     14. Severability. If any court of competent jurisdiction determines any provision of
this Forbearance Agreement or any provision in any of the other Loan Documents to be invalid,
illegal, or unenforceable, that portion shall be deemed severed from the rest, which shall remain
in full force and effect.

     15. Attorneys’ Fees. If any lawsuit, reference, or arbitration is commenced which
arises out of or relates to the Obligations or any of the Loan Documents, the prevailing party
shall be entitled to recover from each other party such sums as the court, referee, or arbitrator
may adjudge to be reasonable attorneys’ fees in the action, reference, or arbitration, in addition
to costs and expenses otherwise allowed by law. In all other situations, including any matter
arising out of or relating to any bankruptcy or insolvency proceeding, the Maker agrees to pay all
of the Payee’s costs and expenses, including attorneys’ fees (including, without limitation, the
allocated costs of in-house counsel), which may be incurred in enforcing or protecting the Payee’s
rights or interests. From the time(s) incurred until paid in full to the Payee, all such sums
shall bear interest at the rate specified in paragraph 7(b) hereof.

     16. Miscellaneous.

     (a) Counterparts. This Forbearance Agreement may be executed in a number of
identical counterparts which, taken together, shall constitute collectively one agreement;
but in making proof of this Forbearance Agreement, it shall not be necessary to produce or
account for more than one such counterpart executed by the party to be charged.

     (b) Amendments, etc. Any future waiver, alteration, amendment, or modification
of any of the provisions of the Loan Documents or this Forbearance Agreement shall not be
valid or enforceable unless in writing and signed by all parties, it being expressly agreed
that neither the Loan Documents, nor this Forbearance Agreement can be modified orally, by
course of dealing, or by implied agreement. Moreover, any delay by the Payee in enforcing
its rights after a Default or an Event of Default shall not be a release or waiver of the
Default or the Event of Default and shall not be relied upon by the Maker as a release or
waiver of the Default or Event of Default. Except as specifically provided in this
Forbearance Agreement, no express or implied consent to any further forbearance or
modifications involving any of the matters set forth in this

FORBEARANCE AGREEMENT — Page 8

 

Forbearance Agreement or otherwise shall be inferred or implied by the Payee’s
execution of this Forbearance Agreement or any other action of the Payee.

     (c) Successors and Assigns. This Forbearance Agreement shall be binding upon
and shall inure to the benefit of the parties hereto, their heirs, executors,
administrators, successors, legal representatives, and assigns; however, nothing contained
herein will constitute Payee’s consent to any assignment or delegation of any rights, duties
or obligations of any Maker hereunder or under the Note or any other Loan Document.

     (d) Headings. The headings of paragraphs in this Forbearance Agreement are for
convenience of reference only and shall not in any way affect the interpretation or
construction of this Forbearance Agreement. As used herein, neuter pronouns include the
masculine and feminine genders, and the singular includes the plural (and vice versa),
unless the context otherwise requires.

     (e) Governing Law. THIS FORBEARANCE AGREEMENT SHALL BE GOVERNED BY THE LAWS OF
THE STATE OF LOUISIANA AND FEDERAL LAW, AS APPLICABLE.

     (f) Survival. The warranties and representations of the parties in this
Forbearance Agreement shall survive the termination of this Forbearance Agreement.

     (g) Joint Preparation. The terms and conditions set forth in this Forbearance
Agreement are the product of joint draftsmanship by all parties, each being represented by
counsel, and any ambiguities in this Forbearance Agreement or any documentation prepared
pursuant to or in connection with this Forbearance Agreement shall not be construed against
any of the parties because of draftsmanship.

     17. Time is of the Essence. Time is of the essence of this Forbearance Agreement and
the other Loan Documents.

     18. Further Performance. The Maker, whenever and as often as it shall be requested by
the Payee, shall execute, acknowledge, and deliver, or cause to be executed, acknowledged, and
delivered such further instruments and documents and to do any and all things as may be reasonably
requested in order to carry out the intent and purpose of this Forbearance Agreement and the other
Loan Documents.

     19. Ratification and Confirmation of Loan Documents. The Maker hereby ratifies and
confirms each of the Loan Documents to which it is a party entered into prior to the Forbearance
Date, including its respective Collateral Documents, executed pursuant to the Note and agrees that
such Loan Documents continue to be legal, valid, binding, and enforceable in accordance with their
respective terms except as amended pursuant to the terms hereof.

FORBEARANCE AGREEMENT — Page 9

 

     20. Integration. The Loan Documents, including this Forbearance Agreement, (a)
integrate all the terms and conditions mentioned in or incidental to the Loan Documents, (b)
supersede all oral negotiations and prior and other writings with respect to their subject matter,
and (c) are intended by the parties as the final expression of the agreement with respect to the
terms and conditions set forth in those documents, including this Forbearance Agreement, and as the
complete and exclusive statement of the terms agreed to by the parties. If there is any conflict
between the terms, conditions, and provisions of this Forbearance Agreement and those of any other
agreement or instrument, including the other Loan Documents, the terms, conditions, and provisions
of this Forbearance Agreement shall prevail. No supplement, modification, or amendment of this
Forbearance Agreement or the other Loan Documents shall be effective unless in writing and signed
by the Payee, and the Maker. THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS REPRESENT THE FINAL
AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS, OR
SUBSEQUENT ORAL AGREEMENT OF THE PARTIES. THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE
PARTIES. EXCEPT AS MODIFIED OR SUPPLEMENTED HEREBY, THE AGREEMENT, THE OTHER LOAN DOCUMENTS AND ALL
OTHER DOCUMENTS AND AGREEMENTS EXECUTED IN CONNECTION THEREWITH SHALL CONTINUE IN FULL FORCE AND
EFFECT.

     IN WITNESS WHEREOF, the parties hereto have executed this Forbearance Agreement as of the date
first above written.

	 	 	 	 	 	 	 	 	 
	MAKER:
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	OMNI ENERGY SERVICES CORP.	 	 	 	OMNI ENERGY SERVICES CORP.-MEXICO
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ G. Darcy Klug
	 	 	 	By:
	 	/s/ G. Darcy Klug
	

	 	 
	 	 	 	 	 	 
	G. Darcy Klug, Executive Vice President	 	 	 	 	 	G. Darcy Klug, Executive Vice President
	 
	 	 	 	 	 	 	 	 
	AMERICAN HELICOPTERS INC.	 	 	 	TRUSSCO, INC.
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ G. Darcy Klug
	 	 	 	By:
	 	/s/ G. Darcy Klug
	

	 	 
	 	 	 	 	 	 
	G. Darcy Klug, Executive Vice President	 	 	 	 	 	G. Darcy Klug, Executive Vice President
	 
	 	 	 	 	 	 	 	 
	TRUSSCO PROPERTIES, LLC	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ G. Darcy Klug	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 
	 	 	G. Darcy Klug, Executive Vice President	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	PAYEE:	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	BEAL BANK, S.S.B.	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	By:

	 	/s/ William T. Saurenmann	 	 	 	 	 	 
	

	 	 	 	 	 	 	 	 
	

	 	William T. Saurenmann,	 	 	 	 	 	 
	

	 	Senior Vice President	 	 	 	 	 	 

FORBEARANCE AGREEMENT — Page 10

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