Document:

exv10w1

Exhibit 10.1

EXECUTION COPY

THIRD AMENDMENT, CONSENT AND WAIVER TO PRIORITY CREDIT AGREEMENT

          THIS THIRD AMENDMENT, CONSENT AND WAIVER TO PRIORITY CREDIT AGREEMENT (referred to below)
(this “Third Amendment”), dated as of November 12, 2010, by and among TRICO SUPPLY AS, a
limited company organized under the laws of Norway (“Holdings”), the Subsidiary Guarantors
listed on Schedule IX to the Credit Agreement (as defined below) (the “Subsidiary
Guarantors”), TRICO SHIPPING AS, a limited company organized under the laws of Norway and a
wholly-owned Subsidiary of Holdings (the “Borrower”), the Lenders (as defined below) party
hereto, and CANTOR FITZGERALD SECURITIES (“Cantor”), as Administrative Agent (in such
capacity, the “Administrative Agent”). Unless otherwise indicated, all capitalized terms
used herein and not otherwise defined herein shall have the respective meanings provided such terms
in the Credit Agreement referred to below.

WITNESSETH:

          WHEREAS, the Borrower, Holdings, the Subsidiary Guarantors, the lenders from time to time
party thereto (each, a “Lender” and, collectively, the “Lenders”) and the
Administrative Agent are parties to a Priority Credit Agreement, dated as of September 21, 2010 (as
amended by the First Amendment to Priority Credit Agreement, dated as of October 1, 2010 and the
Second Amendment to Priority Credit Agreement, dated as of October 15, 2010, the “Credit
Agreement”);

          WHEREAS, pursuant to Section 9.15 of the Credit Agreement, the Borrower is required to use its
best efforts to have an Approved Restructuring Plan adopted by October 31, 2010;

          WHEREAS, pursuant to Section 11.11 of the Credit Agreement, the Borrower’s failure to agree to
an Approved Restructuring on or prior to October 31, 2010 is an Event of Default;

          WHEREAS, the Credit Parties have requested that the Lenders extend the dates set forth in
Section 9.15 and 11.11 of the Credit Agreement to November 12, 2010;

          WHEREAS, the Credit Parties have requested waivers of certain events which are or may become
events of default under the Credit Agreement as described herein;

          WHEREAS, the Credit Parties have requested that the Required Lenders consent to the
consummation of the Settlement and Compromise Agreement with Tebma Shipyards Limited (the
“Tebma Settlement Agreement”), as described in the Form 8-K of Trico Marine Services, Inc.
filed on October 21, 2010, as required by Section 10.13;

     WHEREAS, the Lenders are willing to agree to this Third Amendment on and subject to the terms
and conditions contained herein;

 

 

     NOW, THEREFORE, in consideration of the premises, the mutual covenants contained herein and
for other valuable consideration, the receipt and adequacy of which are hereby acknowledged, the
Credit Parties and the Lenders party hereto hereby agree as follows:

ARTICLE I

AMENDMENTS, CONSENT AND WAIVER TO CREDIT AGREEMENT

          Section 1.1 Amendment to Section 9.15. Section 9.15 of the Credit Agreement is
hereby amended by replacing the phrase “October 31, 2010” with the phrase “November 12, 2010”.

          Section 1.2 Amendment to Section 11.11. Section 11.11 of the Credit Agreement is
hereby amended by replacing the phrase “October 31, 2010” with the phrase “November 12, 2010”.

ARTICLE II

WAIVER

          Section 2.1 The undersigned Required Lenders hereby waive compliance with the following:

          (a) The provisions of Section 9.01(b) of the Credit Agreement with respect to quarterly
accounting period ended September 30, 2010;

          (b) The provisions of Section 10.15 of the Credit Agreement with respect to months ended
September 30, 2010 and October 31, 2010;

          (c) Any Default or Event of Default under the Credit Agreement attributable to a default or
event of default under the Senior Notes Indenture or the Senior Notes due to (i) subject to Section
5.5 below, a failure by a Credit Party to make the interest payment on the Senior Notes that is due
on November 1, 2010, (ii) the failure of the Parent to timely file a Form 10-Q for the
3rd Quarter, (iii) the failure of the Credit Parties to have the requisite level minimum
cash beginning on the test date of October 31, 2010 and (iv) the failure of the Credit Parties to
maintain the requisite level of LTM consolidated cash flow beginning on the test date of September
30, 2010; provided, that such failure shall not result in the holder or holders of the
Senior Notes (or the Senior Notes Trustee on behalf of such holder or holders) causing such Senior
Notes to become due prior to their stated maturity (it being understood that the existence of a
valid agreement by the holder or holders of the Senior Notes to forbear from an acceleration of the
Senior Notes shall be sufficient for the purposes of this Section 2.1(c)); and

          (d) Any Default or Event of Default under the Credit Agreement attributable to the occurrence
of a default or an event of default under the Working Capital Credit Agreement that results from
any of the events described in Sections 2.1(a), (b) or (c) above as well as (i) the failure of the
Credit Parties to have the requisite level minimum cash beginning on the test date of October 31,
2010, (ii) the failure of the Credit Parties to maintain the requisite level of LTM consolidated
cash flow beginning on the test date of September 30, 2010, (iii) the occurrence of

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an event of
default under the first lien prepetition credit agreement of the Parent and (iv) occurrence of the
“Forbearance Termination Date” (as defined in the Working Capital Credit Agreement due to (x) the
failure of the Borrower to draw the Tranche B Term Loan by October 31, 2010 or (y) the occurrence
of an event of default under the Working Capital Credit Facility; provided, that such
default or event of default under the Working Capital Credit Agreement shall not cause, or result
in a lender or the lenders under the Working Capital Credit Agreement (or an
agent on behalf of such lender or lenders) causing such Indebtedness thereunder to become due
prior to its stated maturity (it being understood that the existence of a valid agreement by the
requisite lender or lenders under the Working Capital Credit Agreement to forbear from an
acceleration of the Indebtedness thereunder shall be sufficient for the purposes of this Section
2.1(d)).

ARTICLE III

CONSENT

          Section 3.1 The undersigned Required Lenders hereby consent to the consummation of the
Tebma Settlement Agreement.

ARTICLE IV

REAFFIRMATION

          Section 4.1 Each Credit Party hereby acknowledges and agrees that it expects to realize
substantial direct and indirect benefits as a result of the amendments and waivers
contemplated by this Third Amendment.

          Section 4.2 Each Credit Party hereby acknowledges its receipt of this Third Amendment and
its review of the terms and conditions thereof and consents to the terms and conditions of
this Third Amendment contemplated hereby and thereby.

          Section 4.3 Each Credit Party, by executing and delivering a copy hereof, hereby (i)
affirms and confirms its guarantee, pledge, grant and other agreements under and pursuant to
the applicable Guaranty and Security Documents (including, without limitation, any such
Security Documents governed by the laws of New York, Brazil, Cayman, Island of Guernsey,
Mexico, Netherlands, Norway, Scotland, Bahamas, Isle of Man, Vanuatu and England and Wales) in
accordance with the terms and provisions thereof and (ii) agrees that, notwithstanding the
effectiveness of this Third Amendment, (x) each such Guaranty and Security Document continues
to be in full force and effect and (y) all guarantees, pledges, grants and other agreements
thereunder shall continue to be in full force and effect without interruption to secure the
Secured Obligations (including, for the avoidance of doubt, the Loans made by the Lenders from
and after the date hereof and all other obligations under the Credit Documents as each such
Credit Document may be amended on the date hereof and as it may be further amended, restated,
modified or supplemented from

-3-

 

time to time), in each case, as such agreements and other
documents are being amended hereby or in connection herewith.

ARTICLE V

MISCELLANEOUS PROVISIONS

          Section 5.1 In order to induce the Lenders to enter into this Third Amendment, each of
Holdings and the Borrower hereby represents and warrants that (i) no Default or Event of
Default exists as of the Third Amendment Effective Date after giving effect to this Third
Amendment and (ii) all of the representations and warranties contained
in the Credit Agreement are true and correct in all material respects on the Third
Amendment Effective Date both before and after giving effect to this Third Amendment, with the
same effect as though such representations and warranties had been made on and as of the Third
Amendment Effective Date (it being understood that any representation or warranty made as of a
specific date shall be true and correct in all material respects as of such specific date).

          Section 5.2 This Third Amendment is limited as specified and shall not, except as
expressly set forth herein, constitute a modification, acceptance, consent to deviation from
or waiver of any other provision of the Credit Agreement or any other Credit Document.

          Section 5.3 This Third Amendment may be executed in any number of counterparts and by the
different parties hereto on separate counterparts, each of which counterparts when executed
and delivered shall be an original, but all of which shall together constitute one and the
same instrument. A complete set of counterparts shall be lodged with the Borrower and the
Administrative Agent. Delivery of an executed signature page to this Third Amendment by
facsimile transmission, as a .pdf attachment or by other electronic means of transmission
shall be as effective as delivery of a manually signed counterpart of this Third Amendment.

          Section 5.4 THIS THIRD AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER
SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE STATE OF NEW YORK AND
SHALL BE SUBJECT TO THE WAIVER OF JURY TRIAL AND NOTICE PROVISIONS IN THE CREDIT AGREEMENT.

          Section 5.5 This Third Amendment shall become effective on the date (the “Third
Amendment Effective Date”) each Credit Party, the Required Lenders and the Administrative
Agent have signed a counterpart hereof (whether the same or different counterparts) and
delivered the same (including by way of facsimile or other electronic transmission) to Paul,
Weiss, Rifkind, Wharton & Garrison LLP, 1285 Avenue of the Americas, New York, NY 10019
Attention: Liza Montesano (facsimile number: 212-492-0304 / email: lmontesano@paulweiss.com);
provided, however, that the waiver contained in clause (i) of Section 2.1(c)
above shall be effective if and only for so long as a valid

-4-

 

agreement to forbear from the
exercise of remedies in connection with a default or event of default arising from such
failure to make the interest payment on the Senior Notes that is due on November 1, 2010 shall
have been entered into by and among the Credit Parties, a majority of the holders of the
Senior Notes and shall remain in full force and effect, and such waiver shall be effective
only to the extent provided in such agreement.

          Section 5.6 Except for deliveries that are required pursuant to the Credit Agreement,
each of the parties hereto agree and acknowledge that notwithstanding anything to the contrary
contained herein, none of the Administrative Agent or the Borrower or any of its Subsidiaries
shall have any duty to disseminate any information or materials, or to solicit the
participation, of any Lender (or any affiliate (including funds under common management)
thereof).

          Section 5.7 The Borrower and its Subsidiaries agree to indemnify and hold harmless the
Administrative Agent, the Lenders and their respective affiliates and each director, officer,
employee, representative and agent thereof (each, an “indemnified person”) from and
against any and all actions, suits, proceedings (including any investigations or inquiries),
claims, losses, damages, liabilities or expenses of any kind or nature whatsoever which may be
incurred by or asserted against or involve the Administrative Agent, the Lenders or any other
such indemnified person as a result of or arising out of or in any way related to or resulting
from the matters described in the foregoing paragraph (collectively, the “indemnifiable
claims”) and, upon demand, to pay and reimburse the Administrative Agent, the Lenders and
each other indemnified person for any reasonable legal or other out-of-pocket expenses paid or
incurred in connection with investigating, defending or preparing to defend any such
indemnifiable claim (whether or not the Administrative Agent, the Lenders or any other such
indemnified person is a party to any action or proceeding out of which any such expenses
arise). Notwithstanding the foregoing, no indemnified party shall be entitled to seek any
indemnity for any indemnifiable claim arising from the gross negligence or willful misconduct
(as determined by a court of competent jurisdiction in a final and non-appealable decision) or
otherwise caused by action or inaction of such indemnified person.

          Section 5.8 From and after the Third Amendment Effective Date, all references in the
Credit Agreement and each of the other Credit Documents to the Credit Agreement shall be
deemed to be references to the Credit Agreement as amended by this Third Amendment.

* * *

-5-

 

     IN WITNESS WHEREOF, the parties hereto have caused their duly authorized officers to
execute and deliver this Third Amendment as of the date first above written.

	 	 	 	 	 
	 	TRICO SHIPPING AS

 	 
	 	By:  	/s/ Gerald Alistair Gray
 	 
	 	 	Name:  	Gerald Alistair Gray 	 
	 	 	Title:  	Managing Director 	 
	 
	 	TRICO SUPPLY AS

 	 
	 	By:  	/s/ Geoff Jones
 	 
	 	 	Name:  	Geoff Jones 	 
	 	 	Title:  	Chairman 	 
	 
	 	DEEPOCEAN SHIPPING III AS

 	 
	 	By:  	/s/ Geoff Jones
 	 
	 	 	Name:  	Geoff Jones 	 
	 	 	Title:  	Chairman 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	DEEPOCEAN SHIPPING II AS

 	 
	 	By:  	/s/ Geoff Jones
 	 
	 	 	Name:  	Geoff Jones 	 
	 	 	Title:  	Chairman 	 
	 
	 	DEEPOCEAN SHIPPING AS

 	 
	 	By:  	/s/ Gerald Alistair Gray
 	 
	 	 	Name:  	Gerald Alistair Gray 	 
	 	 	Title:  	Managing Director 	 
	 
	 	DEEPOCEAN AS

 	 
	 	By:  	/s/ Geoff Jones
 	 
	 	 	Name:  	Geoff Jones 	 
	 	 	Title:  	Chairman 	 
	 
	 	TRICO SUPPLY (UK) LIMITED

 	 
	 	By:  	/s/ Gerald Alistair Gray
 	 
	 	 	Name:  	Gerald Alistair Gray 	 
	 	 	Title:  	Managing Director 	 
	 
	 	ALBYN MARINE LIMITED

 	 
	 	By:  	/s/ Gerald Alistair Gray
 	 
	 	 	Name:  	Gerald Alistair Gray 	 
	 	 	Title:  	Managing Director 	 
	 
	 	CTC MARINE PROJECTS LIMITED

 	 
	 	By:  	/s/ Geoff Jones
 	 
	 	 	Name:  	Geoff Jones 	 
	 	 	Title:  	Director 	 
	 
	 	DEEPOCEAN BRASIL SERVICOS LTDA.

 	 
	 	By:  	/s/ Tomás Salazar
 	 
	 	 	Name:  	Tomás Salazar 	 
	 	 	Title:  	Manager 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	DEEPOCEAN MARITIME AS

 	 
	 	By:  	/s/ Geoff Jones
 	 
	 	 	Name:  	Geoff Jones 	 
	 	 	Title:  	Chairman 	 
	 
	 	DEEPOCEAN MANAGEMENT AS

 	 
	 	By:  	/s/ Geoff Jones
 	 
	 	 	Name:  	Geoff Jones 	 
	 	 	Title:  	Chairman 	 
	 
	 	DEEPOCEAN DE MEXICO, S. DE R.L. DE C.V.

 	 
	 	By:  	/s/ Geoff Jones
 	 
	 	 	Name:  	Geoff Jones 	 
	 	 	Title:  	Manager 	 
	 
	 	CTC MARINE NORWAY AS

 	 
	 	By:  	/s/ Geoff Jones
 	 
	 	 	Name:  	Geoff Jones 	 
	 	 	Title:  	Chairman 	 
	 
	 	CTC MARINE PROJECTS (GUERNSEY) LIMITED

 	 
	 	By:  	/s/ Geoff Jones
 	 
	 	 	Name:  	Geoff Jones 	 
	 	 	Title:  	Director 	 
	 
	 	DEEPOCEAN SUBSEA SERVICES LIMITED

 	 
	 	By:  	/s/ Gerald Alistair Gray
 	 
	 	 	Name:  	Gerald Alistair Gray 	 
	 	 	Title:  	Managing Director 	 
	 
	 	DEEPOCEAN B.V.

 	 
	 	By:  	/s/ Mads Ragnar Bardsen
 	 
	 	 	Name:  	Mads Ragnar Bårdsen 	 
	 	 	Title:  	Director 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	DEEPOCEAN UK LTD.

 	 
	 	By:  	/s/ Gerald Alistair Gray
 	 
	 	 	Name:  	Gerald Alistair Gray 	 
	 	 	Title:  	Managing Director 	 
	 
	 	SERVICIOS PROFESIONALES DE APOYO 

ESPECIALIZADO, S. DE R.L. DE C.V.

 	 
	 	By:  	/s/ Geoff Jones
 	 
	 	 	Name:  	Geoff Jones 	 
	 	 	Title:  	Manager 	 
	 
	 	SERVICIOS DE SOPORTE PROFESIONAL 

ADMINISTRATIVO, S. DE R.L. DE C.V.

 	 
	 	By:  	/s/ Geoff Jones
 	 
	 	 	Name:  	Geoff Jones 	 
	 	 	Title:  	Manager 	 
	 
	 	TRICO SUBSEA AS

 	 
	 	By:  	/s/ Geoff Jones
 	 
	 	 	Name:  	Geoff Jones 	 
	 	 	Title:  	Chairman 	 
	 
	 	TRICO SUBSEA HOLDING AS

 	 
	 	By:  	/s/ Geoff Jones
 	 
	 	 	Name:  	Geoff Jones 	 
	 	 	Title:  	Chairman 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	CANTOR FITZGERALD SECURITIES,

as Administrative Agent

 	 
	 	By:  	/s/ James Bond 	 
	 	 	Name:  	James Bond 	 
	 	 	Title:  	Chief Operating Officer 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	FIDELITY ADVISOR SERIES II: 

FIDELITY ADVISOR STRATEGIC INCOME FUND,

as a Lender

 	 
	 	By:  	/s/ Jeffrey Christian 	 
	 	 	Name:  	Jeffrey Christian 	 
	 	 	Title:  	Deputy Treasurer 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	FIDELITY SUMMER STREET TRUST: 

FIDELITY CAPITAL & INCOME FUND,

as a Lender

 	 
	 	By:  	/s/ Jeffrey Christian 	 
	 	 	Name:  	Jeffrey Christian 	 
	 	 	Title:  	Deputy Treasurer 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	FIDELITY SCHOOL STREET TRUST: 

FIDELITY STRATEGIC INCOME FUND,

as a Lender

 	 
	 	By:  	/s/ Jeffrey Christian 	 
	 	 	Name:  	Jeffrey Christian 	 
	 	 	Title:  	Deputy Treasurer 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	ILLINOIS MUNICIPAL RETIREMENT FUND,

by PGATC as Investment Manager

under Power of Attorney

as a Lender

 	 
	 	By:  	/s/ Jun Qi	 
	 	 	Name:  	Jun Qi	 
	 	 	Title:  	Director	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	VARIABLE INSURANCE PRODUCTS 

FUND V: STRATEGIC INCOME PORTFOLIO,

as a Lender

 	 
	 	By:  	/s/ Jeffrey Christian 	 
	 	 	Name:  	Jeffrey Christian 	 
	 	 	Title:  	Deputy Treasurer 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	MUTUAL EUROPEAN FUND,

as a Lender

 	 
	 	By:  	/s/ Bradley Takahashi
 	 
	 	 	Name:  	Bradley Takahashi 	 
	 	 	Title:  	Vice President

Franklin Mutual Advisers, LLC 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	FRANKLIN MUTUAL RECOVERY FUND,

as a Lender

 	 
	 	By:  	/s/ Bradley Takahashi
 	 
	 	 	Name:  	Bradley Takahashi 	 
	 	 	Title:  	Vice President

Franklin Mutual Advisers, LLC 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	Western Asset Management Company as

Investment Manager and Agent on behalf of:

Western Asset Floating Rate High Income 

Fund LLC, as a Lender

 	 
	 	By:  	/s/ Kim Nguyen 	 
	 	 	Name:  	Kim Nguyen 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	Western Asset Management Company as

Investment Manager and Agent on behalf of:

John Hancock Fund II Floating Rate Income Fund,

as a Lender

 	 
	 	By:  	/s/ Kim Nguyen 	 
	 	 	Name:  	Kim Nguyen 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	ARTIO GLOBAL INVESTMENT FUNDS,

ACTING SOLEY WITH RESPECT TO ITS

SERIES, ARTIO GLOBAL HIGH 

INCOME FUND

as a Lender

 	 
	 	By:  	/s/ Victor J. Simon
 	 
	 	 	Name:  	Victor J. Simon 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	ARTIO GLOBAL MANAGEMENT LLC,

ON BEHALF OF THE ARTIO GLOBAL 

HIGH INCOME GROUP TRUST FUND,

as a Lender

 	 
	 	By:  	/s/ Victor J. Simon
 	 
	 	 	Name:  	Victor J. Simon 	 
	 	 	Title:  	Vice President 	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 

	 	 	 	 	 
	 	ARTIO GLOBAL MANAGEMENT LLC, 

ON BEHALF OF THE ARTIO GLOBAL 

HIGH INCOME FUND LLC,

as a Lender

 	 
	 	By:  	/s/ Victor J. Simon
 	 
	 	 	Name:  	Victor J. Simon 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	ARTIO GLOBAL MANAGEMENT LLC,

ON BEHALF OF THE CALIFORNIA 

STATE TEACHERS RETIREMENT 

SYSTEM,

as a Lender

 	 
	 	By:  	/s/ Victor J. Simon
 	 
	 	 	Name:  	Victor J. Simon 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	ARTIO GLOBAL MANAGEMENT LLC,

ON BEHALF OF THE GENERAL 

RETIREMENT SYSTEM OF THE CITY

OF DETROIT, as a Lender

 	 
	 	By:  	/s/ Victor J. Simon
 	 
	 	 	Name:  	Victor J. Simon 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	ARTIO GLOBAL MANAGEMENT LLC, 

ON BEHALF OF THE CITY OF 

PHILADELPHIA PUBLIC EMPLOYEES 

RETIREMENT SYSTEM,

as a Lender

 	 
	 	By:  	/s/ Victor J. Simon
 	 
	 	 	Name:  	Victor J. Simon 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	ARTIO GLOBAL MANAGEMENT LLC,

ON BEHALF OF THE CALIFORNIA 

PUBLIC EMPLOYEES’ RETIREMENT 

SYSTEM,

as a Lender

 	 
	 	By:  	/s/ Victor J. Simon
 	 
	 	 	Name:  	Victor J. Simon 	 
	 	 	Title:  	Vice President 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	Oaktree Opps TS Investments Ltd.,

as a Lender

 	 
	 	By:  	Oaktree Capital Management, L.P. 	 
	 	Its:  	Director 	 
	 	 	 
	 	By:  	                  /s/ Kenneth Liang
 	 
	 	 	Name:  	Kenneth Liang 	 
	 	 	Title:  	Managing Director 	 
	 	 	 
	 	By:  	                  /s/ Rajath Shourie
 	 
	 	 	Name:  	Rajath Shourie 	 
	 	 	Title:  	Managing Director 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	Mariner LDC,

as a Lender

 	 
	 	By:  	Mariner Investment Group,
as Investment Advisor
 	 
	 	 	 
	 	By:  	                     /s/ Richard Holahan
 	 
	 	 	Name:  	Richard Holahan 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	Caspian Capital Partners, L.P., 

as a Lender

 	 
	 	By:  	Mariner Investment Group,
as Investment Advisor
 	 
	 	 	 	 
	 	 	 
	 	By:  	                     /s/ Richard Holahan
 	 
	 	 	Name:  	Richard Holahan 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	Caspian Corporate Loan Fund LLC, 

as a Lender

 	 
	 	By:  	Mariner Investment Group LLC,
as Investment Advisor
 	 
	 	 	 	 
	 	By:  	/s/ Richard Holahan
 	 
	 	 	Name:  	Richard Holahan 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	Caspian Select Credit Master Fund, Ltd., 

as a Lender

 	 
	 	By:  	Mariner Investment Group,
as Investment Advisor
 	 
	 	 	 	 
	 	 	 
	 	By:  	                     /s/ Richard Holahan
 	 
	 	 	Name:  	Richard Holahan 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	Caspian Alpha Long Credit Fund, L.P., 

as a Lender

 	 
	 	By:  	Mariner Investment Group LLC,
as Investment Advisor
 	 
	 	 	 	 
	 	 	 
	 	By:  	                     /s/ Richard Holahan
 	 
	 	 	Name:  	Richard Holahan 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]

 

 

	 	 	 	 	 
	 	Caspian Solitude Master Fund, L.P., 

as a Lender

 	 
	 	By:  	Mariner Investment Group LLC,
as Investment Advisor
 	 
	 	 	 	 
	 	 	 
	 	By:  	                     /s/ Richard Holahan
 	 
	 	 	Name:  	Richard Holahan 	 
	 	 	Title:  	Authorized Signatory 	 
	 

[Signature Page to Third Amendment and Waiver to Credit Agreement]Exhibit 10.1

Exhibit 10.1

DIGITILITI, INC.

2010 Long-Term Incentive Plan

NON-QUALIFIED STOCK OPTION AGREEMENT

	 	 	 
	OPTIONEE:

	 	[                                        ]
	 
	 	 
	GRANT DATE:

	 	[                                        ]
	 
	 	 
	NUMBER OF OPTION SHARES:

	 	[                                        ]
	 
	 	 
	EXERCISE PRICE PER SHARE:

	 	$ [                    ] per Share
	 
	 	 
	EXPIRATION DATE:

	 	[                                        ]

THIS AGREEMENT is made as of the Grant Date set forth above by and between Digitiliti, Inc., a
Delaware corporation (the “Company”), and the Optionee named above, who is an employee, consultant,
independent contractor or other service provider of the Company or an Affiliate of the Company (the
“Optionee”).

The Company desires, by affording the Optionee an opportunity to purchase shares of its Common
Stock, par value $0.001 per share (the “Common Stock”), as hereinafter provided, to carry out the
purpose of the Digitiliti, Inc. 2010 Long-Term Incentive Plan (the “Option Plan”). Any capitalized
term used herein that is not expressly defined herein shall have the meaning ascribed to it in the
Option Plan.

NOW, THEREFORE, in consideration of the mutual covenants hereinafter set forth, and for other
good and valuable consideration, the parties hereby agree as follows:

1. Grant of Option. The Company hereby grants to the Optionee the right and option (the
“Option”) to purchase all or any part of the aggregate number of shares of Common Stock set forth
above (the “Option Shares”) (such number being subject to adjustment as provided in Section 10
hereof) on the terms and subject to the conditions set forth in this Agreement. This Option is
not intended to be an “incentive stock option” within the meaning of Section 422 of the
Internal Revenue Code of 1986, as amended (the “Code”).

2. Purchase Price. The per share purchase price of the Option Shares shall be the Exercise
Price Per Share set forth above (such Exercise Price Per Share being subject to adjustment as
provided in Section 10 hereof).

3. Term and Exercise of Option.

(a) The term of this Option shall commence on the Grant Date set forth above and shall
continue until the Expiration Date set forth above, unless earlier terminated as provided
herein.

(b) Subject to the earlier termination of this Option pursuant to its terms and to the
terms of the Plan, this Option shall vest and become exercisable as follows but only if the
Optionee then is an employee, consultant, independent contractor or other service
provider of the Company or an Affiliate: [describe vesting schedule].

 

 

 

(c) To exercise this Option, the Optionee shall give written notice to the Company, to
the attention of its Chief Executive Officer or other designated agent, in substantially the
form attached hereto as Exhibit A, and the Optionee shall deliver payment in full
for the Option Shares with respect to which this Option is then being exercised, as provided
in Section 4(a) below, as well as the original Option.

(d) Neither the Optionee nor the Optionee’s legal representatives, as the case may be,
will be, or will be deemed to be, a holder of any Option Shares for any purpose unless and
until certificates for such Option Shares are issued to the Optionee or the Optionee’s legal
representatives under the terms of the Option Plan.

4. Limitations on Exercise of Option.

(a) The exercise of this Option will be contingent upon receipt of the full Exercise
Price of such Option Shares. Payment of the Exercise Price shall be made in cash or by a
certified or cashier’s check. However, in its sole discretion, the Company may accept
previously acquired shares of Common Stock of the Company that have been owned by the
Optionee for at least six (6) months, which shares have an aggregate Fair Market Value on
the date of exercise which is not less than the total Exercise Price, or shares of Common
Stock issuable upon the exercise of this Option, or a combination of cash and such shares of
Common Stock, in payment of the Exercise Price. No Option Shares will be issued until full
payment therefor has been made and the Optionee has executed any and all agreements that the
Company may require the Optionee to execute.

(b) The issuance of Option Shares upon the exercise of this Option shall be subject to
all applicable laws, rules, and regulations. If, in the opinion of the Board of Directors
of the Company or a Committee of the Board of Directors, (i) the listing, registration or
qualification of the Option Shares upon any securities exchange or under any state or
federal law, (ii) the consent or approval of any regulatory body, or (iii) an agreement of
the Optionee with respect to the disposition of the Option Shares, is necessary or desirable
as a condition to the issuance or sale of the Option Shares, this Option shall not be
exercised and/or the Option Shares shall not be sold unless and until such listing,
registration, qualification, consent, approval or agreement is effected or obtained in form
satisfactory to the Board of Directors or the Committee.

5. Nontransferability of Option. This Option shall not be transferable by the Optionee other
than by will or the laws of descent and distribution, and during the lifetime of the Optionee, this
Option shall be exercisable only by the Optionee.

6. Termination of Optionee as an Employee, Consultant, Independent Contractor or other Service
Provider. If the Optionee ceases to be employed by or performing services for the Company or an
Affiliate, the Optionee shall have the shorter of ninety (90) days after such termination or until
the Expiration Date to exercise any portion of the Option that was vested on such termination date,
but the unvested portion of the Option shall automatically terminate and be immediately forfeited,
and neither the Optionee nor any of the Optionee’s heirs, personal representatives, successors or
assigns shall have any rights with respect to such unvested portion of the Option.

 

2

 

7. Termination of Optionee as an Employee, Consultant, Independent Contractor or other Service
Provider due to Disability of Optionee. If the Optionee ceases to be employed by or performing
services for the Company or an Affiliate due to Optionee’s disability (as “disability” is
determined in the sole discretion of the Board or the Committee), the Optionee shall have the
shorter of one (1) year after such termination or until the Expiration Date to exercise any portion
of the Option that was vested on such termination date, but the unvested portion of the Option
shall automatically terminate and be immediately forfeited, and neither the Optionee nor any of the
Optionee’s heirs, personal representatives, successors or assigns shall have any rights with
respect to such unvested portion of the Option.

8. Termination of Optionee as an Employee, Consultant, Independent Contractor or other Service
Provider due to Death of Optionee. If the Optionee ceases to be employed by or performing services
for the Company or an Affiliate due to Optionee’s death, this Option may be exercised to the same
extent that the Optionee would have been entitled to exercise it at the date of death and may be
exercised within a period of one (1) year after the date of death, but in no case later than the
Expiration Date set forth above. In such event, this Option shall be exercisable only by the
executors or administrators of the Optionee or by the person or persons to whom the Optionee’s
rights under the Option shall pass by the Optionee’s will or the laws of descent and distribution.
Any portion of an Option that is not exercisable at the time of an Optionee’s death shall
automatically terminate.

9. No Right to Continued Employment or Engagement of Services. This Option will not confer
upon the Optionee, if applicable, any right with respect to continuance of employment or
continuance of engagement of services by the Company or an Affiliate of the Company, nor will it
interfere in any way with the Company’s right or the Affiliate’s right to terminate the Optionee’s
employment or engagement at any time.

10. Adjustments. In the event of any change in the outstanding shares of Common Stock by
reason of any stock dividend, stock split, reverse stock split, reclassification, combination,
exchange of shares, or other similar recapitalization of the Company, there shall be an appropriate
and proportionate adjustment to the number of Option Shares and the per share Exercise Price Per
Share hereunder so that the Optionee then shall receive for the aggregate Exercise Price paid by
the Optionee upon exercise of this Option the number of shares the Optionee would have received if
this Option had been exercised before such recapitalization event occurred. No adjustment shall be
made under this Section 10 upon the issuance by the Company of any warrants, rights, or options to
acquire additional Common Stock or of securities convertible into Common Stock unless such
warrants, rights, options or convertible securities are issued to all of the Company’s shareholders
on a proportionate basis.

11. Effect of Certain Transactions. Notwithstanding any provision in this Option to the
contrary, immediately before the effective time of any of the events described in Sections 11(a)
through (d) below, the portion of this Option that is not vested shall immediately and
automatically vest and, to the extent not exercised, the Option shall be automatically converted
into an Option to acquire the kind and amount of shares of stock or other securities or property
that the Optionee would have owned or have been entitled to receive immediately after the
occurrence of the event, had the Option been exercised in full immediately before the effective
time of such event; provided, however, that the Expiration Date of the Option shall remain
unchanged, and, in any such case, appropriate adjustment shall be made in the application of the
provisions of this Option with respect to the rights and interests thereafter of the Optionee, to
the end that the provisions set forth in this Option shall thereafter correspondingly be made
applicable, as nearly as may reasonably be, in relation to any shares of stock or other securities
or property thereafter deliverable on the exercise of this Option:

(a) The sale, lease, exchange or other transfer, directly or indirectly, of all or
substantially all of the assets of the Company (in one transaction or in a series of
related transactions) to a person or entity that is not controlled by the Company,

 

3

 

(b) The approval by the Company’s shareholders of any plan or proposal for the
liquidation or dissolution of the Company;

(c) Any person or entity becomes the “beneficial owner” (as defined in Rule 13d-3
under the Securities Exchange Act of 1934, as amended (“Exchange Act”)), directly or
indirectly, of more than fifty percent (50%) of the combined voting power of the
outstanding securities of the Company ordinarily having the right to vote at
elections of directors who were not beneficial owners of at least fifty percent
(50%) of such combined voting power as of the date the Company’s Board of Directors
adopted the Option Plan, and

(d) A merger or consolidation to which the Company is a party if the shareholders of
the Company immediately prior to the effective date of such merger or consolidation
have, solely on account of ownership of securities of the Company at such time,
“beneficial ownership” (as defined in Rule 13d-3 under the Exchange Act) immediately
following the effective date of such merger or consolidation of securities of the
surviving company representing less than fifty percent (50%) of the combined voting
power of the surviving corporation’s then outstanding securities ordinarily having
the right to vote at elections of directors.

Notwithstanding any provision in the Option Plan or this Option Agreement to the contrary, the
Board of Directors or the Committee shall not have the power or right, either before or after the
occurrence of an event described in subparagraph (a) through (d) above, to rescind, modify or amend
the provisions of this Section 11 without the consent of the Optionee.

12. Limitation on Payments and Benefits. Notwithstanding anything in this Agreement to the
contrary, if any of the payments or benefits to be made or provided in connection with this
Agreement, together with any other payments, benefits or awards which you have the right to receive
from the Company, or any corporation which is a member of an “affiliated group” (as defined in
Section 1504(a) of the Code without regard to Section 1504(b) of the Code) of which the Company is
a member (“Affiliate”), constitute an “excess parachute payment” (as defined in Section 280G(b) of
the Code), such payments, benefits or awards to be made or provided in connection with this
Agreement, or any other agreement between you and the Company or its Affiliates, may be reduced,
eliminated, modified or waived to the extent necessary to prevent all, or any portion, of such
payments, benefits or awards from becoming “excess parachute payments” and therefore subject to the
excise tax imposed under Section 4999 of the Code. The Optionee will have the sole right and
discretion to determine whether the payments, benefits or awards to be made or provided in
connection with this Agreement, or any other agreement between the Optionee and the Company, should
be reduced, whether or not such other agreement with the Company or an Affiliate expressly
addresses the potential application of Section 280G or Section 4999 of the Code (including, without
limitation, that “payments” under such agreement be reduced). The Optionee will also have the
right to designate the particular payments, benefits or awards that are to be reduced, eliminated,
modified or waived; provided that no such adjustment will be made if it results in additional
expense to the Company in excess of expenses the Company would have experienced if no adjustment
had been made. The determination as to whether any such decrease in the payments or benefits is
necessary must be made in good faith by legal counsel or a certified public accountant selected by
you and reasonably acceptable to the Company, and such determination will be conclusive and binding
upon you and the Company. The Company will pay or reimburse you on demand for the reasonable fees,
costs and expenses of the counsel or accountant selected to make the determinations under this
Section 12.

13. Interpretation. The interpretation and construction of any provision of the Option Plan
and this Option shall be made by the Board of Directors or the Committee and shall be final,
conclusive and binding on the Optionee and all other persons.

 

4

 

14. Definitions; Option Plan Governs. This Option is in all respects subject to and governed
by all of the provisions of the Option Plan.

IN WITNESS WHEREOF, the Company has caused this Agreement to be executed in its corporate name
by its duly authorized officer as of the Grant Date set forth above.

	 	 	 	 	 
	 	COMPANY:

Digitiliti, Inc.

 	 
	 	By  	 	 
	 	 	[Name of Officer of the Company] 	 
	 	 	Its: [Title] 	 
	 

 

5

 

EXHIBIT A

NOTICE OF EXERCISE OF

STOCK OPTION

TO:

FROM:

DATE:

RE:      Exercise of Stock Option

I
hereby exercise my option to purchase ________  shares of Common Stock at
$___________ per share (total
exercise price of $_______ ). This notice is given in accordance with the terms of my Non-Qualified Stock
Option Agreement (“Agreement”) dated
 _____. The option price and vested amount is in accordance
with Sections 2 and 3 of the Agreement.

Check one:

	 	 	 
	o
	 	Enclosed is cash, or a cashier’s or certified check payable to Digitiliti, Inc. for the total exercise price of the shares
being purchased.
	 
	 	 
	o
	 	Attached is a certificate(s) for _______  shares of common stock duly endorsed in blank
and surrendered for the exercise price of the shares being purchased.*

	 	 	 
	*	 	The use of this alternative is subject to the approval of Digitiliti, Inc.

Please prepare the stock certificate in the following name(s):

Sincerely,

	 	 	 
	 

(Signature)

	 	 
	 
	 	 
	 

(Print or Type Name)

	 	 

Letter and consideration

received on                                         

(effective date of exercise)

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