Document:

exv4w3

Exhibit 4.3

REGISTRATION RIGHTS AGREEMENT

TRICO MARINE SERVICES, INC.

6.50% Senior Convertible Debentures due 2028

May 16, 2008

The Purchasers (as defined below),

Listed in the Schedule of Purchasers,

Attached Hereto.

Ladies and Gentlemen:

          Trico Marine Services, Inc., a Delaware corporation (the “Issuer”), proposes to issue and sell
to certain purchasers (collectively, the “Purchasers”) named in that certain Purchase Agreement,
dated May 14, 2008 (the “Purchase Agreement”), between the Issuer and Highbridge International LLC,
Highbridge Convertible Arbitrage Master Fund, L.P., Portside Growth and Opportunity Fund, Capital
Ventures International, Whitebox Convertible Arbitrage Partners, LP, Whitebox Intermarket Partners,
LP, Guggenheim Portfolio Company XXXI, LLC, Pandora Select Partners, LP, Whitebox Special
Opportunities Partners, Series B, LP, Radcliffe SPC, Ltd. for and on behalf of the Class A
Segregated Portfolio, UBS O’Connor LLC fbo O’Connor Global Convertible Arbitrage Master Limited,
UBS O’Connor LLC fbo O’Connor Global Convertible Arbitrage II Master Limited, UBS O’Connor LLC fbo
O’Connor Pipes Corporate Strategies Master Limited, Liberty Harbor Master Fund I, L.P. ,
Interlachen Convertible Investments Ltd., Aristeia International Limited , Aristeia Partners, L.P.
and Aristeia Special Investments Master, L.P., upon the terms set forth therein, $300,000,000
aggregate principal amount 6.5% Senior Convertible Debentures due 2028 (the “Debentures”) to be
issued pursuant to an indenture (as the same may be modified, supplemented or amended from time to
time, the “Indenture”), dated as of the date hereof, among the Issuer and Wells Fargo Bank,
National Association, as trustee (the “Trustee”). The Debentures will be convertible into cash,
and if applicable, into shares of fully paid, nonassessable common stock, $0.01 par value per share
(the “Common Stock”) (as converted into Common Stock, collectively, the “Conversion Shares”), of
the Issuer on the terms, and subject to the conditions set forth in the Indenture.

          Capitalized terms used herein and not otherwise defined shall have the meanings assigned to
them in the Indenture.

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          As an inducement to the Purchasers to enter into the Purchase Agreement and to purchase the
Debentures, the Issuers agree with you for the benefit of the Holders (as defined below) as
follows:

1.   Definitions. As used in this Agreement, the following capitalized terms shall have the
following meanings:

     Additional Interest: as defined in Section 3(a) hereof.

     Additional Interest Payment Date: each May 15 and November 15, commencing November 15, 2008.

     Affiliate: shall have the meaning given such term under Rule 405 of the Securities Act.

     Agreement: this Registration Rights Agreement, as amended, modified or otherwise supplemented
from time to time in accordance with the terms hereof.

     Broker-Dealer: any broker or dealer registered under the Exchange Act.

     Business Day: a day other than a Saturday or Sunday or any day on which banking institutions
in The City of New York are authorized or obligated by law or executive order to close.

     Closing Date: the date of this Agreement.

     Commission: Securities and Exchange Commission.

     Common Stock: as defined in the preamble hereto.

     Debentures: as defined in the preamble hereto.

     Effectiveness Period: as defined in Section 2(a) hereof.

     Effectiveness Target Date: the date (i) in the event that the Shelf Registration Statement is
not subject to a full review by the Commission, ninety (90) calendar days after the Closing Date or
(ii) in the event that the Shelf Registration Statement is subject to full review by the
Commission, one hundred and twenty (120) calendar days after the Closing Date.

     Eligible Market: means the Principal Market, The New York Stock Exchange, Inc., the American
Stock Exchange, The NASDAQ Global Market or The NASDAQ Capital Market.

     Exchange Act: Securities Exchange Act of 1934, as amended, and the rules and regulations of
the Commission thereunder.

     Filing Date: the date the Shelf Registration Statement is filed with the Commission.

     Holder: a Person who owns, beneficially or otherwise, Transfer Restricted Securities.

     Indemnified Holder: as defined in Section 6(a) hereof.

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     Indenture: as defined in the preamble hereto.

     Inspectors: as defined in Section 4(e) hereof.

     Issuer: as defined in the preamble hereto.

     Majority of Holders: Registered Holders of a number of shares of the then outstanding Common
Stock constituting Transfer Restricted Securities and an aggregate principal amount of then
outstanding Debentures constituting Transfer Restricted Securities, such that the sum of such
shares of Common Stock and the shares of Common Stock issuable upon conversion of such Debentures
constitute in excess of 50% of the sum of all of the then outstanding shares of Common Stock
constituting Transfer Restricted Securities and the number of shares of Common Stock issuable upon
conversion of then outstanding Debentures constituting Transfer Restricted Securities, in each case
assuming that the Debentures are then convertible and that no cash is paid upon a conversion of the
Debentures. For purposes of the immediately preceding sentence, (i) any Holder may elect to make
any request, notice, demand, objection or other action hereunder with respect to all or any portion
of Transfer Restricted Securities held by it and only the portion as to which such action is taken
shall be included in the numerator of the fraction described in the preceding sentence and (ii)
Transfer Restricted Securities owned, directly or indirectly, by the Issuer or its Affiliates shall
be deemed not to be outstanding.

     NASD: National Association of Securities Dealers, Inc.

     Person: an individual, partnership, corporation, unincorporated organization, limited
liability company, trust, joint venture or a government or agency or political subdivision thereof.

     Principal Market: The NASDAQ Global Select Market.

     Prospectus: the prospectus included in a Shelf Registration Statement (including, without
limitation, a prospectus that discloses information previously omitted from a prospectus filed as
part of an effective registration statement in reliance upon Rule 430A promulgated pursuant to the
Securities Act and any preliminary prospectus), as amended or supplemented by any prospectus
supplement and by all other amendments thereto, including post-effective amendments, and all
material incorporated by reference into such Prospectus.

     Purchasers: as defined in the preamble hereto.

     Purchase Agreement: as defined in the preamble hereto.

     Questionnaire: as defined in Section 2(b) hereof.

     Questionnaire Deadline: as defined in Section 2(b) hereof.

     Record Holder: with respect to any Additional Interest Payment Date, each Person who is a
Holder on the record date with respect to such Additional Interest Payment Date, which record date
shall be the May 1 and November 1 immediately preceding the relevant May 15 or November 15
Additional Interest Payment Date, respectively.

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     Records: as defined in Section 4(e) hereof.

     Registration Default: as defined in Section 3(a) hereof.

     Securities Act: Securities Act of 1933, as amended, and the rules and resolutions of the
Commission thereunder.

     Shelf Filing Deadline: as defined in Section 2(a)(i) hereof.

     Shelf Registration Statement: as defined in Section 2(a)(i) hereof.

     Suspension Notice: as defined in Section 4(c) hereof.

     Suspension Period: as defined in Section 4(b)(i) hereof.

     TIA: Trust Indenture Act of 1939, as amended, and the rules and regulations of the Commission
thereunder, in each case, as in effect on the date the Indenture is qualified under the TIA.

     Transaction Document: as defined in Section 8(n) hereof.

     Transfer Restricted Securities: each of the Debentures and each of the shares of Common Stock
issued upon conversion of the Debentures until the earliest of, in the case of any such Debentures
or share(s) of Common Stock: (i) the date on which holders of such Debentures or such shares of
Common Stock issued upon conversion thereof, other than Affiliates of the Issuer, may sell or
transfer all such securities immediately without restriction (including without volume or manner of
sale or filing restrictions) pursuant to Rule 144 under the Securities Act without the requirement
to be in compliance with Rule 144(c)(1) (or any other similar provision then in force); (ii) the
date on which such Debentures or such shares of Common Stock issued upon conversion thereof have
been effectively registered under the Securities Act with the Shelf Registration Statement and sold
pursuant thereto; or (iii) the date when such Debentures or such shares of Common Stock issued upon
conversion have ceased to be outstanding (whether as a result of repurchase and cancellation,
conversion or otherwise).

2.   Shelf Registration.

     (a) The Issuer shall (i) not later than thirty (30) days after the date hereof (the
“Shelf Filing Deadline”), cause to be filed with the Commission a registration statement for
an offering to be made on a delayed or continuous basis pursuant to Rule 415 under the
Securities Act (together with any amendments thereto, any registration statement required by
Section 2(d) and including any documents incorporated by reference therein, the “Shelf
Registration Statement”), which Shelf Registration Statement shall provide for resale of all
Transfer Restricted Securities held by Holders that have provided the
information required pursuant to the terms of Section 2(b) hereof and certain other
persons to whom securities of the Issuer will be issued pursuant to the Acquisition, (ii)
use reasonable best efforts to cause the Shelf Registration Statement to be declared
effective by the Commission not later than the Effectiveness Target Date and (iii) use
reasonable best efforts to keep the Shelf Registration Statement continuously effective,

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supplemented and amended as required by the provisions of Section 4(b) hereof to the
extent necessary to ensure that it (A) is available for resales by the Holders of Transfer
Restricted Securities entitled to the benefit of this Agreement and (B) conforms with the
requirements of this Agreement and the Securities Act for a period (the “Effectiveness
Period”) ending on the earliest of (1) the date when all of the Transfer Restricted
Securities covered by the Shelf Registration Statement have been sold pursuant thereto or
under Rule 144 promulgated under the Securities Act (or any successor thereto), (2) the date
when the Holders, other than Affiliates of the Issuer, of the Transfer Restricted Securities
are able to sell all such Transfer Restricted Securities immediately pursuant to Rule 144
under the Securities Act without the requirement to be in compliance with Rule 144(c)(1) and
(3) the date when all Transfer Restricted Securities have ceased to be outstanding (whether
as a result of repurchase and cancellation, conversion or otherwise). The Shelf
Registration Statement shall contain the “Selling Securityholders” section in
substantially the form attached hereto as Exhibit A-1, and may include such other
provisions in these sections as the Issuer shall deem necessary or appropriate and the
“Plan of Distribution” section in substantially the form attached hereto as
Exhibit A-2. By 9:30 a.m., New York City time, on the date following the date on
which the Shelf Registration Statement is declared effective by the Commission, the Issuer
shall file with the Commission in accordance with Rule 424 under the Securities Act the
final Prospectus to be used in connection with sales pursuant to such Shelf Registration
Statement.

     (b) The form of Selling Securityholder Notice and Questionnaire is contained in
Appendix A hereto (the “Questionnaire”) which shall be deemed delivered to the Holders of
the Transfer Restricted Securities on the date hereof. To have its Transfer Restricted
Securities included in the Shelf Registration Statement pursuant to this Agreement, each
Holder shall complete the Selling Securityholder Notice and Questionnaire. Holders are
required to complete and deliver the Questionnaire to the Issuer within fifteen (15) days
after the Closing Date (or, in the case of a Holder that is a transferee of the Transfer
Restricted Securities, five (5) Business Days after the completion of the transfer of
Transfer Restricted Securities to the transferee but in no event later than 9:00 a.m., New
York City time, ten (10) Business Days prior to the effectiveness of the Shelf Registration
Statement) (in any case, the “Questionnaire Deadline”) in order to be named as selling
securityholders in the Prospectus at the time that the Shelf Registration Statement is
declared effective. Upon receipt of a Questionnaire from a Holder on or prior to the
Questionnaire Deadline, the Issuer shall include such Holder’s Transfer Restricted
Securities in the Shelf Registration Statement and the Prospectus. In addition, promptly
upon the request of a Holder given to the Issuer at any time, the Issuer shall deliver a
Questionnaire to such Holder. Any Holder that does not complete and deliver a Questionnaire
prior to the Questionnaire Deadline may not be named as a selling securityholder in the
Shelf Registration Statement at the time that it is declared effective. Upon receipt of a
completed Questionnaire from a
Holder who did not complete and deliver a Questionnaire prior to the Questionnaire
Deadline, the Issuer shall, within twenty (20) Business Days of such receipt, file such
amendments to the Shelf Registration Statement or supplements to a related Prospectus as are
necessary to permit such Holder to deliver such Prospectus to transferees of Transfer
Restricted Securities. Provided, however, that if a post-effective amendment to the Shelf

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Registration Statement is required, the Issuer shall not be obligated to file more than one
amendment for all such Holders in any one fiscal quarter unless the aggregate principal
amount of all Transfer Restricted Securities requested to be included in such amendment or
supplement by all such Holders exceeds $5,000,000. The Issuer shall use its reasonable best
efforts to cause any such post-effective amendment to become effective under the Securities
Act as promptly as practicable.

     The Issuer will give notice to all Holders of the effectiveness of the Shelf
Registration Statement by issuing a press release to Business Wire or PR Newswire.

     (c) Upon receipt of written request for additional information from the Issuer, each
Holder who intends to be named as a selling securityholder in the Shelf Registration
Statement shall furnish to the Issuer in writing, within five Business Days after such
Holder’s receipt of such request, such additional information regarding such Holder and the
proposed distribution by such Holder of its Transfer Restricted Securities, in connection
with the Shelf Registration Statement or Prospectus or Preliminary Prospectus included
therein and in any application to be filed with or under state securities law, as the Issuer
may reasonably request. Each Holder as to which the Shelf Registration Statement is being
effected agrees to furnish promptly to the Issuer all information required to be disclosed
in order to make information previously furnished to the Issuer by such Holder not
materially misleading. Notwithstanding the foregoing, the Issuer shall not be required to
name as a selling stockholder in the Shelf Registration Statement or Prospectus or
Preliminary Prospectus included therein or supplement thereto, or request information from,
any Holder that has not completed and delivered a Questionnaire to the Issuer within the
time periods specified herein.

     (d) If at any time the Commission takes the position that the offering of some or all
of the Transfer Restricted Securities in the Shelf Registration Statement is not eligible to
be made on a delayed or continuous basis under the provisions of Rule 415 as a result of a
characterization by the Commission of the transaction described by the Shelf Registration
Statement as a primary offering by the Issuer, the Issuer shall use its reasonable best
efforts to persuade the Commission that the offering contemplated by the Shelf Registration
Statement is a valid secondary offering and not an offering “by or on behalf of the issuer”
as defined in Rule 415. In the event that, despite the Issuer’s reasonable best efforts and
compliance with the terms of this Section 2(d) the Commission refuses to alter its position,
the Issuer shall, upon obtaining consent of the Purchasers, (i) remove from the Shelf
Registration Statement such portion of the Transfer Restricted Securities (the "Cut Back
Shares") and/or (ii) agree to such restrictions and limitations on the registration and
resale of the Transfer Restricted Securities as the Commission may require to assure the
Issuer’s compliance with the requirements of Rule 415. The Issuer agrees that the Cut Back
Shares shall be comprised of, first any securities of the Issuer held by Persons other than
the Purchasers that are then included in
the Shelf Registration Statement. Thereafter, any Transfer Restricted Securities not
able to be included in the Shelf Registration Statement shall reduce the number of Transfer
Restricted Securities of each Purchaser covered by such Shelf Registration Statement on a
pro-rata basis based on the number of Transfer Restricted Securities purchased by each
Purchaser and the Issuer shall have no liability to any Purchaser pursuant to Section 2(d)

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or otherwise as a result of the Shelf Registration Statement covering less than all of the
Transfer Restricted Securities under the circumstances described in this proviso. Within
six (6) months, or such earlier time as permitted by the Commission, of the initial
registration filed hereunder being declared effective, the Issuer shall file an additional
registration statement containing the Cut Back Shares. With regard to the new registration
statement, all of the provisions of this Section 2(d) shall again be applicable to the Cut
Back Shares. The new registration statement shall be on Form S-3 (except if the Issuer is
not then eligible to register for resale the Transfer Restricted Securities on Form S-3, in
which case such registration shall be on another appropriate form in accordance with the
Securities Act and the Exchange Act) and shall contain (except if otherwise directed by the
Purchasers or requested by the Commission) the “Plan of Distribution” in substantially the
form attached hereto as Exhibit A-2.

     3. Additional Interest.

     (a) If (i) the Shelf Registration Statement is not filed with the Commission prior to
or on the Shelf Filing Deadline, (ii) the Shelf Registration Statement has not been declared
effective by the Commission prior to or on the Effectiveness Target Date, (iii) except as
provided in Section 4(b)(i) hereof, the Shelf Registration Statement is filed and
declared effective but, during the Effectiveness Period, shall thereafter cease to be
effective or fail to be usable for its intended purpose without being succeeded within five
(5) Business Days by an effective post-effective amendment to the Shelf Registration
Statement, a supplement to the Prospectus or a report filed with the Commission pursuant to
Section 13(a), 13(c), 14 or 15(d) of the Exchange Act that cures such failure or (iv)
Suspension Periods exceed 30 days in any 90 day period or 90 days in any 12-month period
(each such event referred to in foregoing clauses (i) through (iv), a “Registration
Default”), the Issuer hereby agrees to pay additional interest (“Additional Interest”) with
respect to Debentures that are Transfer Restricted Securities from and including the day
following the Registration Default to, but excluding, the earlier of the day on which the
Registration Default has been cured or the end of the Effectiveness Period, accruing at a
rate, to each holder of Debentures, equal to one-half of one percent (0.50%) per each thirty
(30) day period of such Registration Default of the principal amount of Debentures related
to the Transfer Restricted Securities subject to such Shelf Registration Statement, it being
understood that (a) Additional Interest with respect to such Transfer Restricted Securities
shall not accrue under more than one of the foregoing clauses (i) through (iv) at any one
time, (b) no Additional Interest shall be payable on any Debentures that have been converted
into Conversion Shares or upon such Conversion Shares and (c) all calculations pursuant to
this and the preceding sentence shall be carried out to five decimal places.

     (b) All accrued Additional Interest shall be paid in arrears to Record Holders by the
Issuer on each Additional Interest Payment Date by wire transfer of immediately
available funds or by federal funds check in accordance with the terms of the
Indenture. All accrued Additional Interest will be calculated on the basis of a 360-day
year consisting of twelve (12) 30-day months. Following the cure of all Registration
Defaults relating to any particular Debentures, the accrual of Additional Interest with
respect to such Debentures will cease. The Issuer agrees to deliver all notices,
certificates and other

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documents contemplated by the Indenture in connection with the
payment of Additional Interest.

          The Additional Interest set forth above shall be the exclusive monetary remedy available to
the Holders of Transfer Restricted Securities for such Registration Default.

     (c) Immediately upon the occurrence or the termination of a Registration Default, the
Issuer shall give the Trustee, so long as the Debentures remain outstanding, notice of such
commencement or termination of the obligation to pay Additional Interest with regard to the
Debentures, and the amount thereof and of the nature of the default giving rise to such
commencement or the event giving rise to such termination, as the case may be (such notice
to be contained in an Officers’ Certificate (as such term is defined in the Indenture)), and
prior to receipt of such Officer’s Certificate the Trustee and the transfer and paying agent
shall be entitled to assume that no such commencement or termination has occurred, as the
case may be.

     (d) To the extent permitted by applicable law and the interpretations of the
Commission, the Shelf Registration Statement may be terminated with respect to the Transfer
Restricted Securities at any time after the Effectiveness Period.

4.   Registration Procedures.

     (a) In connection with the registration of the Transfer Restricted Securities, the
Issuer shall comply with all the provisions of Section 4(b) hereof and shall use its
reasonable best efforts to effect such registration to permit the sale of the Transfer
Restricted Securities being sold in accordance with the intended method or methods of
distribution thereof, and pursuant thereto, shall as expeditiously as possible prepare and
file with the Commission a Shelf Registration Statement relating to the registration on any
appropriate form under the Securities Act.

     (b) In connection with the Shelf Registration Statement and any Prospectus required by
this Agreement to permit the sale or resale of Transfer Restricted Securities, the Issuer
shall:

     (i) Subject to any notice by the Issuer in accordance with this
Section 4(b) of the existence of any fact or event of the kind described in
Section 4(b)(iii)(D), use reasonable best efforts to keep the Shelf
Registration Statement continuously effective during the Effectiveness Period; upon
the occurrence of any event that would cause the Shelf Registration Statement or the
Prospectus contained therein (A) to contain a material misstatement or omission or
(B) not be effective and usable for resale of Transfer Restricted Securities during
the Effectiveness Period, the Issuer shall file promptly an appropriate
amendment to the Shelf Registration Statement, a supplement to the Prospectus
or a report filed with the Commission pursuant to Section 13(a), 13(c), 14 or 15(d)
of the Exchange Act, in the case of clause (A), correcting any such misstatement or
omission, and, in the case of either clause (A) or (B), use its reasonable best
efforts to cause such amendment to be declared effective and the Shelf

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Registration
Statement and the related Prospectus to become usable for their intended purposes as
soon as practicable thereafter. Notwithstanding the foregoing, the Issuer may
suspend the effectiveness of the Shelf Registration Statement by written notice to
the Holders for a period not to exceed an aggregate of 45 days in any 90-day period
(each such period, a “Suspension Period”) and not to exceed an aggregate of 90 days
in any 360-day period if (A) (1) an event occurs and is continuing as a result of
which the Shelf Registration Statement would, in the Issuer’s reasonable judgment,
contain an untrue statement of a material fact or omit to state a material fact
required to be stated therein or necessary to make the statements therein not
misleading and (2) the Issuer reasonably determines that the disclosure of the
information needed to correct such misstatements or omissions at such time would
have a material adverse effect on the business of the Issuer (and its subsidiaries,
if any, taken as a whole) or (B) if the Board reasonably and in good faith
determines that it is in the best interest of the Issuer not to disclose the
existence of, or facts surrounding, any proposed or pending material corporate
transaction involving the Issuer or its subsidiaries, and the Issuer notifies the
selling Holders within two Business Days after such determination is made. The
first day of any Suspension Period must be at least five (5) Trading Days after the
last day of any prior Suspension Period.

     (ii) Prepare and file with the Commission such amendments and post-effective
amendments to the Shelf Registration Statement as may be necessary to keep the Shelf
Registration Statement effective during the Effectiveness Period; cause the
Prospectus to be supplemented by any required Prospectus supplement, and as so
supplemented to be filed pursuant to Rule 424 under the Securities Act, and to
comply fully with the applicable provisions of Rules 424 and 430A under the
Securities Act in a timely manner; and comply with the provisions of the Securities
Act with respect to the disposition of all securities covered by the Shelf
Registration Statement during the applicable period in accordance with the intended
method or methods of distribution by the sellers thereof set forth in the Shelf
Registration Statement or supplement to the Prospectus; provided, however, that in
no event will such method(s) of distribution take the form of an underwritten
offering.

     (iii) Advise selling Holders promptly (but in any event within five (5)
Business Days) and, if requested by such Persons, to confirm such advice in writing
(A) when the Prospectus or any Prospectus supplement or post-effective amendment has
been filed, and, with respect to the Shelf Registration Statement or any
post-effective amendment thereto, when the same has become effective, (B) of any
request by the Commission for amendments to the Shelf Registration Statement or
amendments or supplements to the Prospectus or for additional information relating
thereto, (C) of the issuance by the Commission or any other
federal or state governmental authority of any stop order suspending the
effectiveness of the Shelf Registration Statement under the Securities Act or of the
suspension by any state securities commission of the qualification of the Transfer
Restricted Securities for offering or sale in any jurisdiction, or the initiation of
any proceeding for any of the preceding purposes, (D) of the

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existence of any fact
or the happening of any event, during the Effectiveness Period, that makes any
statement of a material fact made in the Shelf Registration Statement, the
Prospectus, any amendment or supplement thereto, or any document incorporated by
reference therein untrue, or that requires the making of any additions to or changes
in the Shelf Registration Statement or the Prospectus in order to make the
statements therein not misleading, (E) of the receipt by the Issuer of any
notification with respect to the suspension of the qualification or exemption from
qualification of the Transfer Restricted Securities included in any Shelf
Registration Statement for sale in any jurisdiction or the initiation of any threat
of any proceeding for that purpose, (F) of the Issuer’s determination that a
post-effective amendment to the Shelf Registration Statement is necessary or (G) of
the commencement (including as a result of any of the events or circumstances in (C)
above) and the termination of any Suspension Period.

     If at any time the Commission shall issue any stop order suspending the
effectiveness of the Shelf Registration Statement, or any state securities
commission or other regulatory authority shall issue an order suspending the
qualification or exemption from qualification of the Transfer Restricted Securities
under state securities or Blue Sky laws, the Issuer shall use its reasonable best
efforts to obtain the withdrawal or lifting of such order at the earliest possible
time and will provide to each Holder who is named in the Shelf Registration
Statement prompt notice of the withdrawal of any such order.

     (iv) Furnish to one counsel for the selling Holders within a reasonable period
of time, but in any event within three (3) Business Days prior to the filing thereof
with the Commission to afford such persons reasonable opportunity for review, a copy
of the Shelf Registration Statement and copies of any Prospectus included therein or
any amendments or supplements to the Shelf Registration Statement or Prospectus
(other than documents incorporated by reference after the initial filing of the
Shelf Registration Statement) and reasonable opportunity to participate in the
preparation of such documents for filing.

     (v) If any Holder is required under applicable securities laws to be described
in the Shelf Registration Statement as an underwriter or Holder believes that it
could reasonably be deemed to be an underwriter of Transfer Restricted Securities,
make available at reasonable times for inspection by any underwriter(s)
participating in any distribution pursuant to the Shelf Registration Statement and
any one accounting firm or any one counsel retained by any of the underwriter(s),
all financial and other records, pertinent corporate documents and properties of the
Issuer as shall be reasonably necessary to enable them to exercise any applicable
due diligence responsibilities, and cause the officers, directors, managers and
employees of the Issuer to supply all information
reasonably requested by any such underwriter, counsel or accountant in
connection with the Shelf Registration Statement after the filing thereof and before
its effectiveness; provided, however, that any information designated by the Issuer
as confidential at the time of delivery of such information shall be kept
confidential by the recipient thereof and shall be subject, upon request of the

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  Issuer, to the execution by such persons of a confidentiality agreement in a form
that is reasonable in the context of a registered public offering.

     (vi) If requested by any selling Holders who, singly or in the aggregate, have
included or requested the inclusion in the Shelf Registration Statement of Transfer
Restricted Securities in excess of $5,000,000, promptly incorporate in the Shelf
Registration Statement or Prospectus, pursuant to a supplement or post-effective
amendment if necessary, such information as such selling Holders may reasonably
request to have included therein, including, without limitation (A) information
relating to the “Plan of Distribution” of the Transfer Restricted Securities, (B)
information with respect to the principal amount of Debentures or number of shares
of Common Stock being sold, (C) the purchase price being paid therefor and (D) any
other terms of the offering of the Transfer Restricted Securities to be sold in such
offering; and make all required filings of such Prospectus supplement or
post-effective amendment as soon as reasonably practicable after the Issuer is
notified of the matters to be incorporated in such Prospectus supplement or
post-effective amendment.

     (vii) Furnish to each selling Holder, upon their request and without charge,
(A) at least one copy of the Shelf Registration Statement, as first filed with the
Commission, and of each amendment thereto (and any documents incorporated by
reference therein or exhibits thereto (or exhibits incorporated in such exhibits by
reference) as such Person may request) and (B) copies of any correspondence from the
Commission or the staff of the Commission to the Issuer or its representatives
relating to any Shelf Registration Statement.

     (viii) Deliver to each selling Holder without charge, as many copies of the
Prospectus (including each preliminary prospectus) and any amendment or supplement
thereto as such Persons reasonably may request; subject to any notice by the Issuer
in accordance with this Section 4(b) of the existence of any fact or event
of the kind described in Section 4(b)(iii)(D), the Issuer hereby consents to
the use (in accordance with applicable law) of the Prospectus and any amendment or
supplement thereto by each of the selling Holders in connection with the offering
and the sale of the Transfer Restricted Securities covered by the Prospectus or any
amendment or supplement thereto.

     (ix) Submit to the Commission, within two Business Days after the Issuer learns
that no review of a particular Shelf Registration Statement will be made by the
staff of the Commission or that the staff has no further comments on a particular
Shelf Registration Statement, as the case may be, a request for acceleration of
effectiveness of such Shelf Registration Statement to a time and date not later than
48 hours after the submission of such request (or as soon
thereafter as acceleration of effectiveness may be requested pursuant to Rule
461 of the Securities Act).

     (x) Before any public offering of Transfer Restricted Securities, register,
qualify or cooperate with the selling Holders and one counsel for such

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Holders, in connection with the registration and qualification (or exemption from such
registration or qualification) of the Transfer Restricted Securities under the
securities or Blue Sky laws of such jurisdictions in the United States as the
selling Holders may reasonably request and shall maintain such qualification and
effect and do any and all other acts or things necessary or advisable to enable the
disposition in such jurisdictions of the Transfer Restricted Securities covered by
the Shelf Registration Statement; provided, however, that the Issuer shall not be
required (A) to register or qualify as a foreign corporation or a dealer of
securities where it is not now so qualified or to take any action that would subject
it to the service of process in any jurisdiction where it is not now so subject or
(B) to subject itself to taxation in any such jurisdiction if it is not now so
subject.

     (xi) Cooperate with the selling Holders to facilitate the timely preparation
and delivery of certificates representing Transfer Restricted Securities to be sold
and not bearing any restrictive legends (unless required by applicable securities
laws); and enable such Transfer Restricted Securities to be in such denominations
and registered in such names as the Holders may request at least two Business Days
before any sale of Transfer Restricted Securities made by such Holders.

     (xii) Use its reasonable best efforts to cause the Transfer Restricted
Securities covered by the Shelf Registration Statement to be registered with or
approved by such other federal, state and local governmental agencies or
authorities, and self-regulatory organizations in the United States as may be
necessary to enable the seller or sellers thereof to consummate the disposition of
such Transfer Restricted Securities; without limitation to the foregoing, the Issuer
shall provide all such information as may be required by the NASD in connection with
the offering under the Shelf Registration Statement of the Transfer Restricted
Securities (including, without limitation, such as may be required by NASD Rule 2710
or 2720), and shall cooperate with each Holder in connection with any filings
required to be made with the NASD by such Holder in that regard.

     (xiii) Subject to Section 4(b)(i) hereof, if any fact or event
contemplated by Section 4(b)(iii)(D) hereof shall exist or have occurred,
use its reasonable best efforts to prepare a supplement or post-effective amendment
to the Shelf Registration Statement or related Prospectus or any document
incorporated therein by reference or file any other required document so that, as
thereafter delivered to the purchasers of Transfer Restricted Securities, the Shelf
Registration Statement and the Prospectus, in each case as then amended or
supplemented, will not contain an untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary to make the
statements therein, in light of the circumstances under which they were made, not
misleading and, in the case of a post-effective amendment, use its reasonable
best efforts to cause it to become effective as promptly as practicable.

     (xiv) Provide CUSIP numbers for all Transfer Restricted Securities not later
than the effective date of the Shelf Registration Statement and provide the

12

 

Trustee under the Indenture with certificates for the Debentures that are in a form eligible
for deposit with The Depository Trust Company.

     (xv) Otherwise use their reasonable best efforts to comply with all applicable
rules and regulations of the Commission and all reporting requirements under the
Exchange Act and shall make generally available to its security holders an earnings
statement satisfying the provisions of Section 11(a) of the Securities Act and Rule
158 promulgated by the Commission thereunder (or any similar rule promulgated under
the Securities Act) for a 12-month period commencing on the first day of the first
fiscal quarter of the Issuer commencing after the effective date of any Shelf
Registration Statement or each post-effective amendment to any Shelf Registration
Statement, which such statements shall be made available no later than forty-five
(45) days after the end of the 12-month period or ninety (90) days after the end of
the 12-month period, if the 12-month period coincides with the fiscal year of the
Issuer.

     (xvi) Cause the Indenture to be qualified under the TIA not later than the
effective date of the Shelf Registration Statement required by this Agreement, and,
in connection therewith, cooperate with the Trustee and the holders of Debentures to
effect such changes to the Indenture as may be required for such Indenture to be so
qualified in accordance with the terms of the TIA; and execute and use their
reasonable best efforts to cause the Trustee thereunder to execute all documents
that may be required to effect such changes and all other forms and documents
required to be filed with the Commission to enable such Indenture to be so qualified
in a timely manner.

     (xvii) Cause all Conversion Shares issued upon conversion of the Debentures to
be listed or quoted, as the case may be, on each securities exchange or automated
quotation system on which similar securities issued by the Issuer are then listed or
quoted, and in connection therewith, make such filings as may be required under the
Exchange Act and to have such filings declared effective as and when required
thereunder.

     (c) Each Holder agrees by acquisition of a Transfer Restricted Security that, upon
receipt of any notice (a “Suspension Notice”) from the Issuer of the existence of any fact
of the kind described in Section 4(b)(iii)(D) hereof, such Holder will forthwith
discontinue disposition of Transfer Restricted Securities pursuant to the Shelf Registration
Statement until (i) such Holder has received copies of the supplemented or amended
Prospectus contemplated by Section 4(b)(xiii) hereof or (ii) such Holder is advised
in writing by the Issuer that the use of the Prospectus may be resumed, and has received
copies of any additional or supplemental filings that are incorporated by reference in the
Prospectus, or that the relevant Suspension Period has been terminated,
as the case may be, provided that the foregoing shall not prevent the sale, transfer or
other disposition of the Transfer Restricted Securities by a Holder in a transaction which
is exempt from, or not subject to, the registration requirements of the Securities Act, so
long as such Holder does not and is not required to deliver the applicable Prospectus or
Shelf Registration Statement in connection with such sale, transfer or other disposition, as
the

13

 

case may be. If so directed by the
Issuer, each Holder will deliver to the Issuer (at the Issuer’s expense) all copies, other
than permanent file copies then in such Holder’s possession, of the Prospectus covering
such Transfer Restricted Securities that was current at the time of receipt of such notice
of suspension.

     (d) If any Holder is required under applicable securities laws to be described in the
Shelf Registration Statement as an underwriter or a Holder believes that it could
reasonably be deemed to be an underwriter of Transfer Restricted Securities, at the
reasonable request of such Holder, the Issuer shall furnish to such Holder, on the date of
the effectiveness of the Shelf Registration Statement and thereafter from time to time on
such dates as a Holder may reasonably request (i) a letter, dated such date, from the
Issuer’s independent certified public accountants in form and substance as is customarily
given by independent certified public accountants to underwriters in an underwritten public
offering and (ii) an opinion, dated as of such date, of counsel representing the Issuer for
purposes of such Shelf Registration Statement, in form, scope and substance as is
customarily given in an underwritten public offering, addressed to the Holders.

     (e) If any Holder is required under applicable securities laws to be described in the
Shelf Registration Statement as an underwriter or a Holder believes that it could
reasonably be deemed to be an underwriter of Transfer Restricted Securities, the Issuer
shall make available for inspection by (i) such Holder, (ii) legal counsel and (iii) one
firm of accountants or other agents retained by the Holders (collectively, the
“Inspectors”), such information as is customarily provided to underwriters in an
underwritten offering of securities (collectively, the “Records”), and cause the Issuer’s
officers, directors and employees to supply all information as is customarily provided to
underwriters in an underwritten offering of securities; provided, however, that each
Inspector shall agree to hold in strict confidence and shall not make any disclosure
(except to a Holder) or use of any Record or other information which the Issuer determines
in good faith to be confidential, and of which determination the Inspectors are so
notified, unless (a) the disclosure of such Records is necessary to avoid or correct a
misstatement or omission in any Shelf Registration Statement or is otherwise required under
the Securities Act, (b) the release of such Records is ordered pursuant to a final, non-
appealable subpoena or order from a court or government body of competent jurisdiction
or (c) the information in such Records has been made generally available to the public
other than by disclosure in violation of this Agreement. Each Holder agrees that it shall,
upon learning that disclosure of such Records is sought in or by a court or governmental
body of competent jurisdiction or through other means, give prompt notice to the Issuer and
allow the Issuer, at its expense, to undertake appropriate action to prevent disclosure of,
or to obtain a protective order for, the Records deemed confidential. Nothing herein (or
in any other confidentiality agreement between the Issuer and any Holder) shall be deemed
to limit the Holders’ ability to sell Transfer Restricted Securities in a manner which is
otherwise consistent with applicable laws and regulations.

     5. Registration Expenses.

     (a) All expenses incident to the performance of or compliance with this Agreement by
the Issuer shall be borne by the Issuer regardless of whether a Shelf

14

 

Registration Statement becomes effective, including, without limitation (i) all registration and filing
fees and expenses (including filings made by any Holders with the NASD), (ii) all fees and
expenses of compliance with federal securities and state Blue Sky or securities laws
(including reasonable fees and disbursements of counsel in connection with Blue Sky
qualifications), (iii) all expenses of printing (including printing of Prospectuses and
certificates for the Common Stock to be issued upon conversion of the Debentures) and the
expenses of the Issuer for messenger and delivery services and telephone, (iv) all fees and
disbursements of counsel to the Issuer and, subject to Section 5(b) below, the
Holders of Transfer Restricted Securities, (v) all application and filing fees in
connection with listing (or authorizing for quotation) the Common Stock on a national
securities exchange or automated quotation system pursuant to the requirements hereof and
(vi) all fees and disbursements of independent certified public accountants of the Issuer
(including the expenses of any special audit and comfort letters required by or incident to
such performance). The Issuer shall bear its internal expenses (including, without
limitation, all salaries and expenses of their officers and employees performing legal,
accounting or other duties), the expenses of any annual audit and the fees and expenses of
any Person, including special experts, retained by the Issuer.

     (b) In connection with the Shelf Registration Statement required by this Agreement,
including any amendment or supplement thereto, and any other documents delivered to any
Holders, the Issuer shall reimburse the Holders of Transfer Restricted Securities being
registered pursuant to the Shelf Registration Statement, as applicable, for the reasonable
fees and disbursements of not more than one counsel as may be chosen by a Majority of
Holders for whose benefit the Shelf Registration Statement is being prepared. The Issuer
shall not be required to pay any underwriting discount or commission related to the sale of
any securities.

     6. Indemnification and Contribution.

     (a) The Issuer shall indemnify and hold harmless (i) each Holder, (ii) each person, if
any, who controls (within the meaning of either Section 15 of the Securities Act or Section
20 of the Exchange Act) any Holder (any of the persons referred to in this clause (ii)
being hereinafter referred to as a “controlling person”) and (iii) the respective officers,
directors, partners, employees, members, representatives and agents of each Holder and
controlling person (any person referred to in clause (i), (ii) or (iii), an “Indemnified
Holder”), from and against all losses, claims, damages and liabilities, joint or several,
and any actions in respect thereof (including, but not limited to, any loss, claim, damage,
liability or action relating to resales of the Transfer Restricted Securities), to which
such Indemnified Holder may become subject under the Securities Act or otherwise
(“Losses”), insofar as any such Losses arises out of, or are based upon (A) any untrue
statement or alleged untrue statement of a material fact contained in the Shelf
Registration Statement, the Prospectus, any “issuer free writing prospectus,” as defined in
Rule 433 under the Securities Act (“Issuer FWP”) or any blue sky application or other
document prepared or executed by the Issuer (or based upon any written information
furnished by the Issuer) specifically for the purpose of qualifying any or all of the
Transfer Restricted Securities under the securities laws of any state or other jurisdiction
(any such application, document or information being hereinafter called a “Blue Sky

15

 

Application”) or any amendment or supplement to any of the foregoing or (B) the omission or
alleged omission to state therein any material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which
they were made, not misleading or (C) any act or failure to act, or any alleged act or
failure to act, by any such Holder in connection with, or relating in any manner to, the
Transfer Restricted Securities, and which is included as part of or referred to in any
Losses arising out of or based upon matters covered by clause (A) or (B) above (provided
that the Issuer shall not be liable in the case of any matter covered by this clause (C) to
the extent that it is determined in a final judgment by a court of competent jurisdiction
that such Losses resulted directly from any such act or failure to act undertaken or
omitted to be taken by such Holder, as the case may be, through its gross negligence or
willful misconduct), and shall reimburse each Indemnified Holder promptly upon demand for
any legal or other expenses reasonably incurred by such Indemnified Holder in connection
with investigating or defending or preparing to defend against any such Losses as such
expenses are incurred; provided, however, that the Issuer shall not be liable in any such
case to the extent that any such losses arises out of, or is based upon, any untrue
statement or alleged untrue statement or omission or alleged omission made in the Shelf
Registration Statement, any Prospectus, Issuer FWP or Blue Sky Application or amendment or
supplement thereto in reliance upon and in conformity with written information furnished to
the Issuer by or on behalf of such Holder specifically for use therein.

     (b) Each Holder, severally and not jointly, shall indemnify and hold harmless the
Issuer and the other selling Holders, the Issuer’s officers, directors and employees and
each controlling person of the foregoing to the same extent as the indemnity set forth in
Section 6(a) above, but only with respect to any Losses that arises out of, or are
based upon, any untrue statement or alleged untrue statement or omission or alleged
omission made in reliance upon and in conformity with written information relating to such
Holder furnished to the Issuer by or on behalf of such Holder (or its related Indemnified
Holder) specifically for use in the Shelf Registration Statement, the Prospectus, any
Issuer FWP and any Blue Sky Application; provided, however, that in no event shall the
liability of such Holder hereunder be greater in amount than the dollar amount of the net
proceeds received by such Holder upon the sale, pursuant to the Shelf Registration
Statement, of the Transfer Restricted Securities giving rise to such indemnification
obligation.

     (c) Promptly after receipt by an indemnified party under this Section 6 of
notice of any claim or the commencement of any action, the indemnified party shall, if a
claim in respect thereof is to be made against the indemnifying party under this
Section 6, notify the indemnifying party in writing of the claim or the
commencement of that action; provided, however, that the failure to notify the indemnifying
party shall not relieve it from any liability that (i) it may have under this Section
6 except to the extent it has been materially prejudiced by such failure and (ii) it
may have to an indemnified party otherwise than under this Section 6. If any such
claim or action shall be brought against an indemnified party, and such indemnified party
shall notify the indemnifying party thereof, the indemnifying party shall be entitled to
participate therein and, to the extent that it wishes, jointly with any other similarly
notified indemnifying party, to assume the defense thereof with counsel reasonably
satisfactory to the indemnified party. After

16

 

notice from the indemnifying party to the
indemnified party of its election to assume the defense of such claim or action, the
indemnifying party shall not be liable to the indemnified party under this Section
6 for any legal or other expenses subsequently incurred by the indemnified party in
connection with the defense thereof other than reasonable costs of investigation unless (A)
the indemnifying party shall not have employed counsel reasonably satisfactory to the
indemnified party to represent the indemnified party within a reasonable time after notice
or commencement of the action; (B) the indemnifying party has authorized the employment of
counsel for the indemnified party at the expense of the indemnifying party or (C) the use
of counsel chosen by the indemnifying party to represent the indemnified party would
present such counsel with a conflict of interest; provided, further, that a Majority of
Holders shall have the right to employ a single counsel (in addition to any local counsel)
to represent jointly the Indemnified Parties, their controlling persons and their
respective officers, directors, partners, employees, representatives and agents, in each
case, who may be subject to liability arising out of any claim in respect of which
indemnity may be sought under this Section 6, if a Majority of Holders seeking
indemnification, as the case may be, shall have been advised by legal counsel that there
may be one or more legal defenses available to them and their respective officers,
employees and controlling persons that are different from or additional to those
available to the Issuer, its officers, directors, employees and controlling persons, and,
in such instance, the reasonable fees and expenses of a single separate counsel (in
addition to any local counsel) shall be paid by the Issuer. No indemnifying party shall
(1) without the prior written consent of the indemnified parties (which consent shall not
be unreasonably withheld, conditioned or delayed) settle or compromise or consent to the
entry of any judgment with respect to any pending or threatened claim, action, suit or
proceeding in respect of which indemnification or contribution may be sought hereunder
(whether or not the indemnified parties are actual or potential parties to such claim or
action) unless such settlement, compromise or consent includes an unconditional release of
each indemnified party, in form and substance reasonably acceptable to each indemnified
party, from all liability arising out of such claim, action, suit or proceeding and does
not include any statement as to or any admission of fault, culpability or a failure to act
by or on behalf of any indemnified party or (2) be liable for any settlement of any such
action effected without its written consent (which consent shall not be unreasonably
withheld, conditioned or delayed) or otherwise in accordance with clause (1) above, but if
settled with the indemnified party’s written consent or if there be a final judgment for
the plaintiff in any such action other than a judgment entered with the consent of such
indemnified party, the indemnifying party agrees to indemnify and hold harmless any
indemnified party from and against any loss or liability by reason of such settlement or
judgment. If at any time an indemnified party shall have requested that an indemnifying
party reimburse the indemnified party for reasonable fees and expenses of counsel as
contemplated by this Section 6(c) and to which it would be entitled under
Section 6(a) or 6(b) hereof, the indemnifying party agrees that it shall be
liable for any settlement of any proceeding effected without the indemnified party’s
written consent if (x) such settlement is entered into more than forty-five (45) days after
receipt by such indemnifying party of such request for reimbursement, (y) such indemnifying
party shall have received notice of the terms of such settlement at least thirty (30) days
prior to such settlement being entered

17

 

into and (z) such indemnifying party shall not have
reimbursed such indemnified party in accordance with such request prior to the date of such
settlement.

     (d) If the indemnification provided for in this Section 6 shall for any reason
be unavailable or insufficient to hold harmless an indemnified party under Sections
6(a) or 6(b) in respect of any loss, claim, damage or liability (or action in
respect thereof) referred to therein, each indemnifying party shall, in lieu of
indemnifying such indemnified party, contribute to the amount paid or payable by such
indemnified party as a result of such loss, claim, damage or liability (or action in
respect thereof) (i) in such proportion as is appropriate to reflect the relative benefits
received by the Issuer from the offering and sale of the Transfer Restricted Securities on
the one hand and a Holder with respect to the sale by such Holder of the Transfer
Restricted Securities on the other or (ii) if the allocation provided by Section
6(d)(i) is unavailable for any reason, in such proportion as is appropriate to reflect
not only the relative benefits referred to in
Section 6(d)(i) but also the relative fault of the Issuer on the one hand and
the Holders on the other in connection with the statements or omissions or alleged
statements or alleged omissions that resulted in such loss, claim, damage or liability (or
action in respect thereof), as well as any other relevant equitable considerations. The
relative benefits received by the Issuer on the one hand and a Holder on the other with
respect to such offering and such sale shall be deemed to be in the same proportion as the
total net proceeds from the offering of the Debentures purchased under the Purchase
Agreement (net of discounts and commissions but before deducting expenses) received by the
Issuer on the one hand, bear to the total net proceeds received by such Holder with respect
to its sale of Transfer Restricted Securities on the other. The relative fault of the
parties shall be determined by reference to, among other things, whether the untrue or
alleged untrue statement of a material fact or the omission or alleged omission to state a
material fact relates to information supplied by the Issuer on the one hand or the Holders
on the other, the intent of the parties and their relative knowledge and access to
information and opportunity to correct or prevent such statement or omission. The Issuer
and each Holder agree that it would not be just and equitable if the amount of contribution
pursuant to this Section 6(d) were determined by pro rata allocation or by any
other method of allocation that does not take into account the equitable considerations
referred to in the first sentence of this Section 6(d). The amount paid or payable
by an indemnified party as a result of the loss, claim, damage or liability, or action in
respect thereof, referred to above in this Section 6 shall be deemed to include,
for purposes of this Section 6, any legal or other expenses reasonably incurred by
such indemnified party in connection with investigating or defending or preparing to defend
any such action or claim. Notwithstanding the provisions of this Section 6, no
Holder shall be required to contribute any amount in excess of the amount by which the net
proceeds received by such Holder from the sale of Transfer Restricted Securities pursuant
to a Shelf Registration Statement exceeds the amount of any damages that such Holder has
otherwise been required to pay by reason of any untrue or alleged untrue statement or
omission or alleged omission. No person guilty of fraudulent misrepresentation (within the
meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any
person who was not guilty of such fraudulent misrepresentation. The Holders’ obligations
to contribute as provided in this Section 6(d) are several and not joint.

18

 

     (e) The remedies provided for in this Section 6 are not exclusive and shall
not limit any rights or remedies that may otherwise be available to any indemnified party
at law or in equity.

     (f) The indemnity and contribution provisions contained in this Section 6
shall remain operative and in full force and effect regardless of any termination of this
Agreement, any investigation made by or on behalf of any Holder, the Issuer, any
controlling persons, or any of their respective officers, directors, partners, employees,
representatives and agents, and any sale of Transfer Restricted Securities pursuant to a
Shelf Registration Statement.

     7. Rules 144 and 144A. The Issuer hereby agrees with each Holder, for so long as any
Transfer Restricted Securities remain outstanding, to make available to any Holder or beneficial
owner of Transfer Restricted Securities in connection with any sale thereof and any prospective
purchaser of such Transfer Restricted Securities from such Holder or beneficial owner, the
information required by Rule 144A(d)(4) under the Securities Act in order to permit resales of such
Transfer Restricted Securities pursuant to Rule 144A. The Issuer further covenants that, for so
long as any Transfer Restricted Securities remain outstanding, it will use its reasonable best
efforts to take such further action as any Holder may reasonably request in writing, all to the
extent required from time to time to enable such holder to sell the Transfer Restricted Securities
without registration under the Securities Act or any similar rule or regulation hereafter adopted
by the Commission.

     8. Miscellaneous.

     (a) Remedies. The Issuer acknowledges and agrees that any failure by the Issuer to
comply with its obligations under Section 2 hereof may result in material
irreparable injury to the Holders for which there is no adequate remedy at law, that it
will not be possible to measure damages for such injuries precisely and that, in the event
of any such failure, any Holder may obtain such relief as may be required to specifically
enforce the obligations of the Issuer under Section 2 hereof. The Issuer further
agrees to waive the defense in any action for specific performance that a remedy at law
would be adequate.

     (b) Adjustments Affecting Transfer Restricted Securities. The Issuer shall not take
any action with the primary purpose of adversely affecting the ability of the Holders of
the Transfer Restricted Securities as a class to include such Transfer Restricted
Securities in a registration undertaken pursuant to this Agreement.

     (c) No Inconsistent Agreements. The Issuer has not, as of the date hereof, entered
into nor shall it, on or after the date of this Agreement, enter into any agreement with
respect to its securities that is inconsistent with the rights granted to the Holders in
this Agreement or otherwise conflicts with the provisions hereof. In addition, from and
after the date hereof, the Issuer shall not enter into any agreement, nor grant to any of
their security holders (other than the Holders of Transfer Restricted Securities in such
capacity) the right to include any securities in the Shelf Registration Statement provided
for in this Agreement other than the Transfer Restricted Securities; provided, however,

19

 

that, notwithstanding anything herein to the contrary, any such rights previously granted
by the Issuer shall not be negatively affected by this Agreement. Except as disclosed by
the Issuer in its reports filed under the Exchange Act and pursuant to the Acquisition, the
Issuer has not previously entered into any agreement (which has not
expired or been terminated) granting any registration rights with respect to its securities to
any Person which rights conflict with the provisions hereof.

     (d) Amendments and Waivers. This Agreement may not be amended, modified or
supplemented, and waivers or consents to or departures from the provisions hereof may not
be given, unless the Issuer has obtained the written consent of a Majority of Holders or
such greater percentage of the Holders as required by the Indenture. Notwithstanding the
foregoing, a waiver or consent to departure from the provisions hereof with respect to a
matter that relates exclusively to the rights of Holders whose Transfer Restricted
Securities are being sold pursuant to a Shelf Registration Statement and that does not
directly or indirectly affect the rights of other Holders may be given by the Majority of
Holders. In the event of an assumption of the obligations under this Agreement by any
Person in accordance with the terms of the Indenture, this Agreement may be amended,
modified or supplemented without the consent of any Holders to provide for such assumption
of the Issuer’s obligations hereunder in accordance therewith. Without the consent of each
Holder of Debentures, no amendment or modification may change the provisions relating to
the payment of Additional Interest during the pendency of a Registration Default.

     Each Holder of Transfer Restricted Securities outstanding at the time of any
amendment, modification, supplement, waiver or consent or thereafter shall be bound by any
amendment, modification, supplement, waiver or consent effected pursuant to this
Section 8(d), whether or not any notice, writing or marking indicating such
amendment, modification, supplement, waiver or consent appears on the Transfer Restricted
Securities or is delivered to such Holder.

     (e) Notices. All notices and other communications provided for or permitted hereunder
shall be made in writing by hand delivery, first class mail (registered or certified,
return receipt requested), telex, facsimile transmission, or air courier guaranteeing
overnight delivery:

If to a Holder:

To
the address set forth on the records of the registrar under the Indenture or the transfer agent of the Common Stock, as the case may be;

If to the Issuer:

Trico Marine Services, Inc.

2401 Fountainview Drive, Suite 920

Houston, TX 77057

Attention: General Counsel

Facsimile: 713-780-0062

20

 

With a copy to:

Bartlit Beck Herman Palenchar & Scott LLP

1899 Wynkoop, 8th Floor

Denver, CO 80202

Attention: James L. Palenchar

Facsimile: 303-592-3140

If to Legal Counsel, to:

Schulte Roth & Zabel LLP

919 Third Avenue

New York, NY 10022

Attention: Eleazer Klein

Telephone: 212-756-2000

Facsimile: 212-593-5955

     All such notices and communications shall be deemed to have been duly given: at the
time delivered by hand, if personally delivered; five Business Days after being deposited
in the mail, postage prepaid, if mailed; when answered back, if telexed; when receipt
acknowledged, if transmitted by facsimile; and on the next Business Day, if timely
delivered to an air courier guaranteeing overnight delivery.

     (f) Third Party Beneficiaries. Holders are expressly intended third party
beneficiaries of this Agreement and this Agreement may be enforced by such persons.

     (g) Successors and Assigns. This Agreement shall inure to the benefit of and be
binding upon the successors and assigns of each of the parties hereto, including without
limitation and without the need for an express assignment, each Holder of Transfer
Restricted Securities; provided, however, that (i) this Agreement shall not inure to the
benefit of or be binding upon a successor or assign of a Holder unless and to the extent
such successor or assign acquired Transfer Restricted Securities from such Holder and (ii)
nothing contained herein shall be deemed to permit any assignment, transfer or other
disposition of Transfer Restricted Securities in violation of the terms of the Purchase
Agreement or the Indenture. If any transferee of any Holder shall acquire Transfer
Restricted Securities, in any manner, whether by operation of law or otherwise, such
Transfer Restricted Securities shall be held subject to all of the terms of this Agreement,
and by taking and holding such Transfer Restricted Securities such person shall be
conclusively deemed to have agreed to be bound by and to perform all of the terms and
provisions of this Agreement. In the event that any other Person shall succeed to the
Issuer under the Indenture, then such successor shall enter into an agreement, in form and
substance reasonably satisfactory to the Holders, whereby such successor shall assume all
of the Issuer’s obligations under this Agreement.

21

 

     (h) Counterparts. This Agreement may be executed in any number of counterparts and by
the parties hereto in separate counterparts, each of which when so executed shall be deemed
to be an original and all of which taken together shall constitute one and the same
agreement.

     (i) Transfer Restricted Securities Held by the Issuer or Its Affiliates. Whenever the
consent or approval of Holders of a specified percentage of Transfer Restricted Securities
is required hereunder, Transfer Restricted Securities held by the Issuer or its
“affiliates” (as such term is defined in Rule 405 under the Securities Act) shall not be
counted in determining whether such consent or approval was given by the Holders of such
required percentage.

     (j) Headings. The headings in this Agreement are for convenience of reference only and
shall not limit or otherwise affect the meaning hereof.

     (k) Governing Law. All questions concerning the construction, validity, enforcement
and interpretation of this Agreement shall be governed by the internal laws of the State of
New York, without giving effect to any choice of law or conflict of law provision or rule
(whether of the State of New York or any other jurisdictions) that would cause the
application of the laws of any jurisdictions other than the State of New York. Each party
hereby irrevocably submits to the exclusive jurisdiction of the state and federal courts
sitting in The City of New York, Borough of Manhattan, for the adjudication of any dispute
hereunder or in connection herewith or with any transaction contemplated hereby or
discussed herein, and hereby irrevocably waives, and agrees not to assert in any suit,
action or proceeding, any claim that it is not personally subject to the jurisdiction of
any such court, that such suit, action or proceeding is brought in an
inconvenient forum or that the venue of such suit, action or proceeding is improper.
Each party hereby irrevocably waives personal service of process and consents to process
being served in any such suit, action or proceeding by mailing a copy thereof to such party
at the address for such notices to it under this Agreement and agrees that such service
shall constitute good and sufficient service of process and notice thereof. Nothing
contained herein shall be deemed to limit in any way any right to serve process in any
manner permitted by law. If any provision of this Agreement shall be invalid or
unenforceable in any jurisdiction, such invalidity or unenforceability shall not affect the
validity or enforceability of the remainder of this Agreement in that jurisdiction or the
validity or enforceability of any provision of this Agreement in any other jurisdiction.
EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT IT MAY HAVE, AND AGREES NOT TO REQUEST, A
JURY TRIAL FOR THE ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR
ARISING OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREBY.

     (l) Severability. If any provision of this Agreement is prohibited by law or otherwise
determined to be invalid or unenforceable by a court of competent jurisdiction, the
provision that would otherwise be prohibited, invalid or unenforceable shall be deemed
amended to apply to the broadest extent that it would be valid and enforceable, and the
invalidity or unenforceability of such provision shall not affect the validity of the

22

 

remaining provisions of this Agreement so long as this Agreement as so modified continues
to express, without material change, the original intentions of the parties as to the
subject matter hereof and the prohibited nature, invalidity or unenforceability of the
provision(s) in question does not substantially impair the respective expectations or
reciprocal obligations of the parties or the practical realization of the benefits that
would otherwise be conferred upon the parties. The parties will endeavor in good faith
negotiations to replace the prohibited, invalid or unenforceable provision(s) with a valid
provision(s), the effect of which comes as close as possible to that of the prohibited,
invalid or unenforceable provision(s).

     (m) Termination. This Agreement and the obligations of the parties hereunder shall
terminate upon the end of the Effectiveness Period, except for any liabilities or
obligations under Sections 5 or 6.

     (n) Independent Nature of Holders’ Obligations and Rights. The obligations of each
Holder under this Agreement are several and not joint with the obligations of any other
Holder, and no Holder shall be responsible in any way for the performance of the
obligations of any other Holder under this Agreement. Nothing contained herein or in any
other Transaction Document (as defined in the Purchase Agreement), and no action taken by
any Holder pursuant hereto or thereto, shall be deemed to constitute the Holders as a
partnership, an association, a joint venture or any other kind of entity, or create a
presumption that the Holders are in any way acting in concert or as a group with respect to
such obligations or the transactions contemplated by the Transaction Documents. Each
Holder confirms that it has independently participated in the negotiation of the
transaction contemplated hereby with the advice of its own counsel and advisors. Each
Holder shall be entitled to independently protect and enforce its rights, including,
without limitation, the rights arising out of this Agreement or out of any other
Transaction Documents, and it shall not be necessary for any other Holder to be joined as
an additional party in any proceeding for such purpose.

     (o) Underwriter Status. Neither the Issuer nor any Subsidiary (as defined in the
Indenture) or affiliate thereof shall identify any Holder as an underwriter in any public
disclosure or filing with the Commission or any Principal Market or any Eligible Market and
any Holder being deemed an underwriter by the Commission shall not relieve the Issuer of
any obligations it has under this Agreement or any other Transaction Document; provided,
however, that the foregoing shall not prohibit the Issuer from including the disclosure
found in the “Plan of Distribution” section attached hereto as Exhibit A-2
in the Shelf Registration Statement.

     (p) Entire Agreement. This Agreement is intended by the parties as a final expression
of their agreement and intended to be a complete and exclusive statement of the agreement
and understanding of the parties hereto in respect of the subject matter contained herein.
There are no restrictions, promises, warranties or undertakings, other than those set forth
or referred to herein with respect to the registration rights granted by the Issuer with
respect to the Transfer Restricted Securities. This Agreement supersedes all prior
agreements and understandings between the parties with respect to such subject matter.

23

 

[Signature Page to Follow]

24

 

     IN WITNESS WHEREOF, each Purchaser and the Issuer have caused their respective signature page
to this Registration Rights Agreement to be duly executed as of the date first written above.

	 	 	 	 	 
	 	COMPANY:

TRICO MARINE SERVICES, INC.

 	 
	 	By:  	/s/ Rishi Varma	 
	 	 	Name:  Rishi Varma	   	 
	 	 	Title:  VP and General Counsel	 	 
	 

[ Signature Page to Registration Rights Agreement]

 

          IN WITNESS WHEREOF, each Purchaser and the Issuer have caused their respective signature page
to this Registration Rights Agreement to be duly executed as of the date first written above.

	 	 	 	 	 	 	 
	 	 	PURCHASERS:	 	 
	 
	 	 	 	 	 	 
	 	 	HIGHBRIDGE INTERNATIONAL LLC	 	 
	 
	 	 	 	 	 	 
	 	 	By: HIGHBRIDGE CAPITAL

MANAGEMENT, LLC, its Trading

Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Adam J. Chill	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Adam J. Chill	 	 
	 

	 	 	 	Title: Managing Director	 	 

[Signature Page to Registration Rights Agreement]

 

 

          IN WITNESS WHEREOF, each Purchaser and the Issuer have caused their respective signature page
to this Registration Rights Agreement to be duly executed as of the date first written above.

	 	 	 	 	 	 	 
	 	 	HIGHBRIDGE CONVERTIBLE

ARBITRAGE MASTER FUND, L.P.	 	 
	 
	 	 	 	 	 	 
	 	 	By: HIGHBRIDGE CAPITAL

MANAGEMENT, LLC, its Trading

Manager	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/
Mark J. Vanacore	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Mark Vanacore	 	 
	 

	 	 	 	Title: Managing Director	 	 

[Signature Page to Registration Rights Agreement]

 

 

          IN WITNESS WHEREOF, each Purchaser and the Issuer have caused their respective signature page
to this Registration Rights Agreement to be duly executed as of the date first written above.

	 	 	 	 	 	 	 
	 	 	PORTSIDE GROWTH AND

OPPORTUNITY FUND	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Jeff Smith	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Jeff Smith	 	 
	 

	 	 	 	Title:	 	 

[Signature Page to Registration Rights Agreement]

 

 

          IN WITNESS WHEREOF, each Purchaser and the Issuer have caused their respective signature page
to this Registration Rights Agreement to be duly executed as of the date first written above.

	 	 	 	 	 	 	 
	 	 	CAPITAL VENTURES

INTERNATIONAL	 	 
	 
	 	 	 	 	 	 
	 

	 	By: HEIGHTS CAPITAL MANAGEMENT, INC. 
its authorized agent	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Martin Kobinger	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Martin Kobinger	 	 
	 

	 	 	 	Title: Investment Manager	 	 

[Signature Page to Registration Rights Agreement]

 

 

          IN WITNESS WHEREOF, each Purchaser and the Issuer have caused their respective signature page
to this Registration Rights Agreement to be duly executed as of the date first written above.

	 	 	 	 	 	 	 
	 	 	WHITEBOX CONVERTIBLE

ARBITRAGE PARTNERS, LP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Mark Strefling 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Mark Strefling 		 
	 

	 	 	 	Title: Chief Legal Officer		 

[Signature Page to Registration Rights Agreement]

 

 

          IN WITNESS WHEREOF, each Purchaser and the Issuer have caused their respective signature page
to this Registration Rights Agreement to be duly executed as of the date first written above.

	 	 	 	 	 	 	 
	 	 	WHITEBOX INTERMARKET

PARTNERS, LP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Mark Strefling	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Mark Strefling	 	 
	 

	 	 	 	Title: Chief Legal Officer	 	 

[Signature Page to Registration Rights Agreement]

 

 

          IN WITNESS WHEREOF, each Purchaser and the Issuer have caused their respective signature page
to this Registration Rights Agreement to be duly executed as of the date first written above.

	 	 	 	 	 	 	 
	 	 	GUGGENHEIM PORTFOLIO

COMPANY XXXI, LLC	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Jonathan Wood	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name: Jonathan Wood	 	 
	 

	 	 	 	Title: Chief Operating Officer	 	 

[Signature Page to Registration Rights Agreement]

 

 

     IN WITNESS WHEREOF, each Purchaser and the Issuer have caused their respective signature page
to this Registration Rights Agreement to be duly executed as of the date first written above.

	 	 	 	 	 
	 	PANDORA SELECT PARTNERS, LP

 	 
	 	By:  	/s/ Mark Strefling	 
	 	 	Name: Mark Strefling	 
	 	 	Title: Chief Legal Officer	 
	 

[Signature Page to Registration Rights Agreement]

 

 

     IN WITNESS WHEREOF, each Purchaser and the Issuer have caused their respective signature page
to this Registration Rights Agreement to be duly executed as of the date first written above.

	 	 	 	 	 
	 	WHITEBOX SPECIAL 

OPPORTUNITIES PARTNERS, SERIES

B, LP

 	 
	 	By:  	/s/
Mark Strefling	 
	 	 	Name:  	Mark Strefling	 
	 	 	Title:  	Chief Legal Officer	 
	 

[Signature Page to Registration Rights Agreement]

 

 

     IN WITNESS WHEREOF, each Purchaser and the Issuer have caused their respective signature page
to this Registration Rights Agreement to be duly executed as of the date first written above.

	 	 	 	 	 
	 	RADCLIFFE SPC, LTD. FOR AND ON 

BEHALF OF THE CLASS A 

SEGREGATED PORTFOLIO

 	 
	 	By:	RG Capital Management, L.P.	 
	 
	 	By:	RGC Management Company, LLC	 
	 
	 	By:  	/s/
Gerald F. Stahlecker	 
	 	 	Name:  	Gerald F. Stahlecker	 
	 	 	Title:  	Managing Director	 
	 

[Signature Page to Registration Rights Agreement]

 

 

     IN WITNESS WHEREOF, each Purchaser and the Issuer have caused their respective signature page
to this Registration Rights Agreement to be duly executed as of the date first written above.

	 	 	 	 	 
	 	UBS O’CONNOR LLC FBO O’CONNOR

GLOBAL CONVERTIBLE ARBITRAGE

MASTER LIMITED

 	 
	 	By:  	/s/ Andrew Martin	 
	 	 	Name:  Andrew Martin	 	 
	 	 	Title:  Managing Director	 	 
	 

[Signature Page to Registration Rights Agreement]

 

 

     IN WITNESS WHEREOF, each Purchaser and the Issuer have caused their respective signature page
to this Registration Rights Agreement to be duly executed as of the date first written above.

	 	 	 	 	 
	 	UBS O’CONNOR LLC FBO O’CONNOR

GLOBAL CONVERTIBLE ARBITRAGE

II MASTER LIMITED

 	 
	 	By:  	/s/ Andrew Martin	 
	 	 	Name:  Andrew Martin	 	 
	 	 	Title:  Managing Director	 	 
	 

[Signature Page to Registration Rights Agreement]

 

 

     IN WITNESS WHEREOF, each Purchaser and the Issuer have caused their respective signature page
to this Registration Rights Agreement to be duly executed as of the date first written above.

	 	 	 	 	 
	 	UBS O’CONNOR LLC FBO O’CONNOR

PIPES CORPORATE STRATEGIES

MASTER LIMITED

 	 
	 	By:  	/s/
Andrew Martin	 
	 	 	Name:  	Andrew Martin	 
	 	 	Title:  	Managing Director	 
	 

[Signature Page to Registration Rights Agreement]

 

 

     IN WITNESS WHEREOF, each Purchaser and the Issuer have caused their respective signature page
to this Registration Rights Agreement to be duly executed as of the date first written above.

	 	 	 	 	 
	 	LIBERTY HARBOR MASTER FUND I,

L.P.

 	 
	 	By:  	/s/
Brendan Mc Govern	 
	 	 	Name:  	Brendan Mc Govern	 
	 	 	Title:  	Vice President	 
	 

[Signature Page to Registration Rights Agreement]

 

 

     IN WITNESS WHEREOF, each Purchaser and the Issuer have caused their respective signature page
to this Registration Rights Agreement to be duly executed as of the date first written above.

	 	 	 	 	 
	 	INTERLACHEN CONVERTIBLE

INVESTMENTS LTD.

 	 
	 	By:  INTERLACHEN CAPITAL GROUP LP,

Authorized Signatory

	 
	 	By:  	Gregg
T. Colburn	 
	 	 	Name:  	Gregg
T. Colburn	 
	 	 	Title:  	Authorized Signatory	 
	 

[Signature Page to Registration Rights Agreement]

 

 

     IN WITNESS WHEREOF, each Purchaser and the Issuer have caused their respective signature page
to this Registration Rights Agreement to be duly executed as of the date first written above.

	 	 	 	 	 
	 	ARISTEIA INTERNATIONAL LIMITED

 	 
	 	By:  	/s/
Robert H. Lynch, Jr.	 
	 	 	Name:  	Robert H. Lynch, Jr.	 
	 	 	Title:  	Managing Member
Aristeia Capital, L.L.C.	 
	 

[Signature Page to Registration Rights Agreement]

 

 

     IN WITNESS WHEREOF, each Purchaser and the Issuer have caused their respective signature page
to this Registration Rights Agreement to be duly executed as of the date first written above.

	 	 	 	 	 
	 	ARISTEIA PARTNERS, L.P.

 	 
	 	By:  	/s/
Robert H. Lynch, Jr.	 
	 	 	Name:  	
Robert H. Lynch, Jr.	 
	 	 	Title:  	Managing
Member
Aristeia Advisors, L.L.C.	 
	 

[Signature Page to Registration Rights Agreement]

 

 

     IN WITNESS WHEREOF, each Purchaser and the Issuer have caused their respective signature page
to this Registration Rights Agreement to be duly executed as of the date first written above.

	 	 	 	 	 
	 	ARISTEIA SPECIAL INVESTMENTS 

MASTER, L.P.

 	 
	 	By:  	/s/
Robert H. Lynch, Jr.	 
	 	 	Name:  	Robert H. Lynch, Jr.	 
	 	 	Title:  	Managing Member
Aristeia Capital, L.L.C.	 
	 

[Signature Page to Registration Rights Agreement]

 

 

SCHEDULE OF PURCHASERS

	 	 	 	 	 
	(1)	 	(2)	 	(3)
	 	 	Address and	 	Legal Representative’s
	Purchaser	 	Facsimile Number	 	Address and Facsimile Number
	 
	Highbridge International LLC

	 	c/o Highbridge Capital Management, LLC

9 West 57th Street, 27th Floor

New York, New York 10019

Attention: Ari J. Storch

     Adam J. Chill

Facsimile: (212) 751-0755

Telephone: (212) 287-4720

Residence: Cayman Islands
	 	Schulte Roth & Zabel LLP

919 Third Avenue

New York, New York 10022

Attention: Eleazer Klein, Esq.

Facsimile: (212) 593-5955

Telephone: (212) 756-2376
	 
	 	 	 	 
	Highbridge Convertible

Arbitrage Master Fund, L.P.

	 	c/o Highbridge Capital Management, LLC

9 West 57th Street, 27th Floor

New York, New York 10019

Attention: Ari J. Storch

     Adam J. Chill

Facsimile: (212) 751-0755

Telephone: (212) 287-4720

Residence: Cayman Islands
	 	Schulte Roth & Zabel LLP

919 Third Avenue

New York, New York 10022

Attention: Eleazer Klein, Esq.

Facsimile: (212) 593-5955

Telephone: (212) 756-2376
	 
	 	 	 	 
	Portside Growth and

Opportunity Fund

	 	c/o Ramius LLC

599 Lexington Avenue, 20th Floor

New York, NY 10022

Attention: Jeffrey Smith

Facsimile: (212) 845-7966

Telephone: (212) 845-7955

Residence: Cayman Islands
	 	N/A
	 
	 	 	 	 
	Capital Ventures International

	 	c/o Heights Capital Management, Inc.

101 California Street, Suite 3250

San Francisco, CA 94111

Attention: Martin Kobinger

Facsimile: (415) 403-6525

Telephone: (415) 403-6500

Residence: Cayman Islands
	 	N/A
	 
	 	 	 	 
	Whitebox Convertible

Arbitrage Partners, LP

	 	c/o Whitebox Advisors, LLC

3033 Excelsior Blvd, Suite 300

Minneapolis, MN 55416

Attention: Jonathan Wood

Telephone: (612) 253-6025

Facsimile: (612) 253-6135

Residence: British Virgin Islands
	 	N/A

 

 

	 	 	 	 	 
	(1)	 	(2)	 	(3)
	 	 	Address and	 	Legal Representative’s
	Purchaser	 	Facsimile Number	 	Address and Facsimile Number
	 
	Whitebox Intermarket 

Partners, LP

	 	c/o Whitebox Advisors, LLC

3033 Excelsior Blvd, Suite 300

Minneapolis, MN 55416

Attention: Jonathan Wood

Telephone: (612) 253-6025

Facsimile: (612) 253-6135

Residence: British Virgin Islands
	 	N/A
	 
	 	 	 	 
	Guggenheim Portfolio

Company XXXI, LLC

	 	c/o Whitebox Advisors, LLC

3033 Excelsior Blvd, Suite 300

Minneapolis, MN 55416

Attention: Jonathan Wood

Telephone: (612) 253-6025

Facsimile: (612) 253-6135

Residence: Delaware
	 	N/A
	 
	 	 	 	 
	Pandora Select Partners, LP

	 	c/o Whitebox Advisors, LLC

3033 Excelsior Blvd, Suite 300

Minneapolis, MN 55416

Attention: Jonathan Wood

Telephone: (612) 253-6025

Facsimile: (612) 253-6135

Residence: British Virgin Islands
	 	N/A
	 
	 	 	 	 
	Whitebox Special

Opportunities Partners, 

Series

B, LP

	 	c/o Whitebox Advisors, LLC

3033 Excelsior Blvd, Suite 300

Minneapolis, MN 55416

Attention: Jonathan Wood

Telephone: (612) 253-6025

Facsimile: (612) 253-6135

Residence: British Virgin Islands
	 	N/A
	 
	 	 	 	 
	Radcliffe SPC, Ltd. for and
on

behalf of the Class A

Segregated Portfolio

	 	c/o RG Capital Management, LP

3 Bala Plaza-East, Suite 501

Bala Cynwyd, PA 19004

Attention: Gerald F. Stahlecker

Chris Hinkel

Facsimile: (610) 617-0580

Telephone: (610) 617-5900

Residence: Cayman Islands
	 	N/A
	 
	 	 	 	 
	UBS O’Connor LLC fbo

O’Connor Global Convertible

Arbitrage Master Limited

	 	c/o UBS O’Connor LLC

One North Wacker Dr., 32nd Floor

Chicago, IL 60606

Attention: Robert Murray

Telephone: (312) 525-6247

Facsimile: (312) 525-6271

Residence: Cayman Islands
	 	N/A

 

 

	 	 	 	 	 
	(1)	 	(2)	 	(3)
	 	 	Address and	 	Legal Representative’s
	Purchaser	 	Facsimile Number	 	Address and Facsimile Number
	 
	UBS O’Connor LLC fbo

O’Connor Global Convertible

Arbitrage II Master Limited

	 	c/o UBS O’Connor LLC

One North Wacker Dr., 32nd Floor

Chicago, IL 60606

Attention: Robert Murray

Telephone: (312) 525-6247

Facsimile: (312) 525-6271

Residence: Cayman Islands
	 	N/A
	 
	 	 	 	 
	UBS O’Connor LLC fbo

O’Connor Pipes Corporate

Strategies Master Limited

	 	c/o UBS O’Connor LLC

One North Wacker Dr.

32nd Floor

Chicago, IL 60606
Attention: Robert Murray

Telephone: (312) 525-6247

Facsimile: (312) 525-6271

Residence: Cayman Islands
	 	N/A
	 
	 	 	 	 
	Liberty Harbor Master Fund
I, L.P.

	 	c/o Liberty Harbor I GP, LLC

1 New York Plaza

New York, NY 10004

Attention: Brendan McGovern

Facsimile: 646-835-3510

Telephone: 212-357-5817

Residence: Cayman Islands
	 	N/A
	 
	 	 	 	 
	Interlachen Convertible

Investments Ltd.

	 	c/o Interlachen Capital Group LP

800 Nicollet Mall, Suite 2500

Minneapolis, MN 55402-2034

Attention: Gregg T. Colburn

Facsimile: (612) 659-4457

Telephone: (612) 659-4407

Residence: Cayman Islands
	 	N/A
	 
	 	 	 	 
	Aristeia International 

Limited

	 	c/o Aristeia Capital, L.L.C.

136 Madison Avenue, 3rd Floor

New York, NY 10016

Attention: Darren Bell

Facsimile: (212) 842-8901

Telephone: (212) 842-1960

Residence: Cayman Islands
	 	N/A
	 
	 	 	 	 
	Aristeia Partners, L.P.

	 	c/o Aristeia Advisors, L.L.C.

136 Madison Avenue, 3rd Floor

New York, NY 10016

Attention: Darren Bell

Facsimile: (212) 842-8901

Telephone: (212) 842-1960

Residence: Delaware
	 	N/A

 

 

	 	 	 	 	 
	(1)	 	(2)	 	(3)
	 	 	Address and	 	Legal Representative’s
	Purchaser	 	Facsimile Number	 	Address and Facsimile Number
	 
	Aristeia Special Investments

Master, L.P.

	 	c/o Aristeia Capital, L.L.C.

136 Madison Avenue, 3rd Floor

New York, NY 10016

Attention: Darren Bell

Facsimile: (212) 842-8901

Telephone: (212) 842-1960

Residence: Cayman Islands
	 	N/A
	 
	 	 	 	 
	TOTALexv10w1

Exhibit 10.1

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 ANY 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 -1

     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 West Supply IV AS, a Norwegian limited liability
company (“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:

-1-

 

ARTICLE 1

PHANTOM STOCK UNITS

          1.1 Grant. For value received, the Company hereby grants to West Supply IV AS One
Million Three Hundred Fifty-Two Thousand Five Hundred Fifty-Eight (1,352,558) phantom stock units
of the Company (the “Phantom Stock Units”), which shall be evidenced by this Agreement,
representing the right to receive One Million Three Hundred Fifty-Two Thousand Five Hundred
Fifty-Eight (1,352,558) shares of the Company’s Common Stock, $0.01 par value per share (the
“Trico Common Shares”) 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 Exercise Period. Except as set forth in Section 1.3, the Unitholder may exercise
the Phantom Stock Units, in whole but not in part, at any time and from time to time during the
period beginning on the Exercise Date and ending on the fifth anniversary of the Exercise Date or,
if such day is not a business day, on the next succeeding business day (the “Exercise
Period”). 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. For purposes of this Agreement, the “Exercise Date” shall mean that
date that is one hundred eighty one (181) days after 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.

          1.3 Limitations on Foreign Ownership. The Unitholder acknowledges that the Trico
Common Shares issuable upon exercise of the Phantom Stock Units are subject to limitations on
foreign ownership as and to the extent set forth in the Company’s Second Amended and Restated
Certificate of Incorporation (the “Trico Charter”). The Unitholder shall not be entitled
to exercise the Phantom Stock Units if, within three (3) business days of the Company’s receipt of
the Exercise Certificate from the Unitholder, the Company notifies the Unitholder that, by reason
of such exercise and the acquisition by Unitholder of the Trico Common Shares that may be issuable
pursuant to the Phantom Stock Units, the Company would be unable to conduct its business as a U.S.
Maritime Company (as such term is defined in the Trico Charter). Notwithstanding the foregoing,
during the Exercise Period, the Unitholder may assign all, but not less than all, of its rights to
acquire Trico Common Stock (an “Assignment”) to a third party (an “Assignee”) who
is not an Alien (as such term is defined in the Trico Charter) for such consideration as the
Unitholder determines in its discretion. The Company has the right, in its sole discretion, to
waive Unitholder’s obligation to transfer its right to exercise the Phantom Stock Units by means of
the Assignment.

          1.4 Exercise Procedure. The 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 (or, in the case of an Assignment, a completed Assignment Certificate, in the form
attached as Exhibit 2, executed by the Unitholder and an Exercise Certificate executed by
Assignee); and

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

-2-

 

          1.5 Issuance or Payment by the Company.

          (a) Except in the case of an Assignment, upon delivery of the items set forth in Section 1.4,
the Company shall issue to Unitholder the number of Trico Common Shares underlying the Phantom
Stock Units exercised pursuant to Section 1.5(e) of this Agreement, together with any cash payable
in lieu of a fraction of a share pursuant to Section 1.5(c) of this Agreement.

          (b) If Unitholder makes an Assignment pursuant to Section 1.3, then:

               (i) prior to 4:00 p.m. New York City time on the third (3rd) business day following
receipt by the Company of the items set forth in Section 1.4 (the “Settlement Date”): (A)
the Company shall issue the Trico Common Shares to Assignee and direct Lazard Frères & Co. LLC
(“Custodian”) to credit the Assignee’s account with such shares through delivery by
electronic book-entry at the Depository Trust Company, and (B) Assignee shall remit by wire
transfer the amount of funds equal to the purchase price for the Trico Common Shares being
purchased (the “Purchase Price”) to the following account of Custodian:

JP Morgan Chase

ABA #: xxx

Account #: xxx

N/O Lazard Capital Markets LLC

FFC: A/C # xxx

               (ii) Custodian shall hold all such Trico Common Shares and funds in escrow until the delivery
of both, and shall settle such purchase at 4:00 p.m. New York City time on the Settlement Date,
with the Purchase Price being credited to the following account of the Unitholder, or such other
account as the Unitholder shall advise the Company by notice in writing:

Account #:

IBAN:

Swift:

Simultaneously with the settlement of such purchase, the Company shall record the Assignment of the
Phantom Stock Units on its books and records, and the Assignment shall be deemed to have been
exercised effective as of such time.

          (c) In no event shall the Company issue any fractional Trico Common Shares to the Unitholder
or Assignee (either, the “Holder”) pursuant to this Section 1.5. In lieu of any such
fractional shares, the Company shall pay the Holder 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 fraction of
a Trico Common Share that the Holder would otherwise be entitled to receive, 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

-3-

 

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.

          (d) Any cash amount that may be paid to the Unitholder pursuant to 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, and any such cash amount that may be paid to the
Unitholder pursuant to Section 1.5(b) shall be payable at the time set forth therein.

          (e) Trico Common Shares issued upon exercise of the Phantom Stock Units pursuant to Section
1.5(a) 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.

          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 Holder at the Exercise Time, and
the Holder 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 Holder 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

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          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 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

-5-

 

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 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 the provisions of any
other paragraph of this Article 2), (a) the Company shall have the right to require that Holder
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, Holder 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. 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 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.

          2.8 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

-6-

 

          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, subject to Section 1.3,
any legal or equitable interest therein.

ARTICLE 4

MISCELLANEOUS

          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

-7-

 

If to Unitholder to:

West Supply IV AS

[Address]

Telephone:

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 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 Exhibits) 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

-8-

 

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 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. Holder 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]

-9-

 

     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:

WEST SUPPLY IV AS

	 	 	 
	 	 	 
	By:

Its:

	 	 

-10-

 

EXHIBIT 1

EXERCISE CERTIFICATE

			
	 	 	 
	To:
	 	Dated:

     The undersigned, pursuant to the provisions set forth in the attached Phantom Stock Units
Agreement (Certificate No. PSU-1), 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  
              
               
                 
             .

	 	 	 	 	 
	 

	 	Signature                                         
	 	 
	 
	 	 	 	 
	 

	 	Address                                         	 	 

-11-

 

EXHIBIT 2

ASSIGNMENT CERTIFICATE

     FOR VALUE RECEIVED, and in accordance with the requirements of Article 1 of the Phantom Stock
Units Agreement, West Supply IV AS hereby sells, assigns and transfers all of its rights under the
attached Phantom Stock Units Agreement (Certificate No. PSU- 1) with respect to all of the Trico
Common Shares covered thereby set forth below, unto:

					
	 	 	 	 	 
	Names of Assignee
	 	Address
	 	No. of Trico Common Shares

	 	 	 	 	 
	Dated:
	 	 	 	 
	 

	 	 	 	 
	 

	 	Signature
	 	 
	 
	 	 	 	 
	 

	 	 	 	 
	 

	 	Witness	 	 

-12-

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