Document:

exv10w8

 

EXHIBIT 10.8

SCHEDULE OF DIRECTOR COMPENSATION ARRANGEMENTS

TRICO MARINE SERVICES, INC.

Board and Committee Compensation

Fees:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	Chairman of	 	 	 	 
	All Directors	 	 	 	Nominating and	 	Chairman of	 	Chairman of
	Except Chairman	 	Chairman of Audit	 	Governance	 	Compensation	 	Strategic Committee
	$65,000 per year 

payable quarterly

	 	$10,000 per year

payable quarterly
	 	$5,000 per year

payable quarterly
	 	$5,000 per year

payable quarterly
	 	N/A

Meeting fees and international travel fees are discontinued.

Initial Share award for new directors: Equity award shall be granted to new directors with a total
equity value equal to the amount of the annual cash retainer then in effect.

Annual Share award: to be determined from time to time by the Board of Directors for award,
concurrent with the annual shareholders’ meeting, for all non-management directors.exv10w15

 

EXHIBIT 10.15

TRICO MARINE SERVICES, INC.

Compensation for Chief Administrative Officer, Vice President and General Counsel

	 	 	 	 	 	 	 	 	 
	Executive	 	Title	 	Base Salary	 	Date in Effect
	Rishi A. Varma

	 	Chief
Administrative
Officer,
 Vice
President and
General
 Counsel
	 	$	250,000	 	 	March 21, 2007(1)
	 
	 	 	 	 	 	 	 	 
	 

	 	Vice President and

General Counsel
	 	$	215,000	 	 	July 6, 2006(2)
	 
	 	 	 	 	 	 	 	 
	 

	 	General Counsel
	 	$	190,000	 	 	May 2, 2005

 

	(1)	 	Salary increased as a result of promotion to Chief Administrative Officer as well as
existing General Counsel position
	 
	(2)	 	Salary increased as a result of promotion to Vice Presidentexv10w27

 

EXHIBIT 10.27

CHANGE OF CONTROL AGREEMENT

          This Change of Control Agreement (the “Agreement”) is entered into as of January 23, 2007
between Trico Marine Services, Inc. (the “Company”) and Tomas Salazar (the “Employee”).

          WHEREAS, the Employee is currently employed by Company as its Director of International Sales
and Marketing; and

          WHEREAS, the Company is desirous of continuing to employ the Employee in such capacity on the
terms and conditions, and for the consideration, hereinafter set forth and the Employee is desirous
of continuing to be employed by Company on such terms and conditions and for such consideration;

          NOW, THEREFORE, for and in consideration of the mutual promises, covenants and obligations
contained herein, the Company and the Employee agree as follows:

	 	1.	 	Effective Date. Effective as of January 23, 2007 (the “Effective Date”) the
Employee’s employment by the Company shall be subject to the terms and conditions of this
Agreement.
	 
	 	2.	 	Position. From and after the Effective Date, the Company shall employ the
Employee in the position of Director of International Sales and Marketing of the Company,
or in such other positions as the parties mutually may agree.
	 
	 	3.	 	Duties and Responsibilities. The Employee agrees to serve in the position
referred to in Section 2 and to perform diligently and to the best of his abilities the
duties and services appertaining to such office, as well as such additional duties and
services appropriate to such office which the parties mutually may agree upon from time to
time. The Executive’s employment shall also be subject to the policies maintained and
established by Company that are of general applicability to Company’s executive employees,
as such policies may be amended from time to time.
	 
	 	4.	 	Change in Control Benefits. If the Employee’s employment is terminated (i) in
connection with, based upon, or within 12 months after, a Change in Control, and (ii) there
has been a significant reduction in the nature or scope of the Employee’s duties and
responsibilities or the assignment to the Employee of duties and responsibilities that are
materially inconsistent with the position referred to in Section 2, then the Company shall
provide the Employee with the Change in Control Benefits. Any lump sum cash payment due to
the Employee pursuant to the preceding sentence shall be paid to the Employee within five
business days of the date of the Employee’s termination of employment with the Company.
	 
	 	 	 	For purposes of this Agreement, a “Change of Control” shall mean (i) a merger of Company
with another entity, a consolidation involving Company, or the sale of all or
substantially all of the assets of Company to another entity if, in any such case, (A)
the holders of equity securities of Company immediately prior to such transaction or
event do not beneficially own immediately after such transaction or event equity
securities of the resulting entity entitled to 50% or more of the votes then eligible to
be cast in the election of directors generally (or comparable governing body) of the
resulting entity in substantially the same proportions that they owned the equity
securities of Company immediately prior to such transaction or event or (B) the persons
who were members of the Board of Directors immediately prior to such transaction or
event shall not constitute at least a majority of the board of directors of the
resulting entity immediately after such transaction or event, (ii) the dissolution or
liquidation of Company, (iii) when any person or entity, including a “group” as
contemplated by Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), acquires or gains ownership or control (including, without limitation,
power to vote) of more than 50% of the combined voting power of the outstanding
securities of, (A) if Company has not engaged in a merger or consolidation, Company, or
(B) if Company has engaged in a merger or consolidation, the resulting entity, or (iv)
as a result of or in connection with a contested election of directors, the persons who
were members of the Board of Directors immediately before such election shall cease to
constitute a majority of the Board of Directors. For purposes of the preceding
sentence, (1) “resulting entity” in the context of a transaction or event that is a
merger, consolidation or

 

 

	 	 	 	sale of all or substantially all assets shall mean the surviving entity (or acquiring
entity in the case of an asset sale) unless the surviving entity (or acquiring entity in
the case of an asset sale) is a subsidiary of another entity and the holders of common
stock of Company receive capital stock of such other entity in such transaction or
event, in which event the resulting entity shall be such other entity, and (2)
subsequent to the consummation of a merger or consolidation that does not constitute a
Change in Control, the term “Company” shall refer to the resulting entity and the term
“Board of Directors” shall refer to the board of directors (or comparable governing
body) of the resulting entity.

	 	 	 	For purposes of this Agreement, “Change in Control Benefits” means (i) a lump sum cash
payment equal to the sum of: (A) one times the Employee’s annual base salary at the rate
in effect on the date of termination of the Employee’s employment (or, if higher, the
Employee’s annual base salary in effect immediately prior to the Change in Control), (B)
one times the higher of (1) the Employee’s highest annual bonus paid during the three
most recent fiscal years or (2) the Employee’s Target Bonus (as provided in Company’s
annual cash incentive plan) for the fiscal year in which the Employee’s date of
termination occurs, and (C) any bonus that the Employee has earned and accrued as of the
date of termination of the Employee’s employment which relates to periods that have
ended on or before such date and which have not yet been paid to the Employee by
Company; and (ii) all of the outstanding stock options, restricted stock awards and
other equity based awards granted by Company to the Employee shall become fully vested
and immediately exercisable in full on the date of termination of Executive’s
employment.
	 
	 	5.	 	Notices. For purposes of this Agreement, notices and all other communications
provided for herein shall be in writing and shall be deemed to have been duly given when
personally delivered or when mailed by United States registered or certified mail, return
receipt requested, postage prepaid, addressed as follows:

	 	 	 
	If to Company to:

	 	Trico Marine Services, Inc.

2401 Fountainview, Suite 920

Houston, Texas 77057

Attention: General Counsel
	 
	 	 
	If to Employee to:

	 	Tomas Salazar

	 	 	 	or to such other address as either party may furnish to the other in writing in
accordance herewith, except that notices or changes of address shall be effective only
upon receipt.
	 
	 	6.	 	Applicable Law. This Agreement is entered into under, and shall be governed
for all purposes by, the laws of the State of Texas.
	 
	 	7.	 	No Waiver. No failure by either party hereto at any time to give notice of any
breach by the other party of, or to require compliance with, any condition or provision of
this Agreement shall be deemed a waiver of similar or dissimilar provisions or conditions
at the same or at any prior or subsequent time.
	 
	 	8.	 	Severability. If a court of competent jurisdiction determines that any
provision of this Agreement is invalid or unenforceable, then the invalidity or
unenforceability of that provision shall not affect the validity or enforceability of any
other provision of this Agreement, and all other provisions shall remain in full force and
effect.
	 
	 	9.	 	Counterparts. This Agreement may be executed in one or more counterparts, each
of which shall be deemed to be an original, but all of which together will constitute one
and the same Agreement.
	 
	 	10.	 	Assignment. This Agreement shall be binding upon and inure to the benefit of
Company and any successor of Company, by merger or otherwise. Except as provided in the
preceding sentence, this Agreement, and the rights and obligations of the parties
hereunder, are personal and neither this Agreement, nor any right, benefit, or obligation
of either party hereto, shall be subject to voluntary or

 

 

	 	 	 	involuntary assignment, alienation or transfer, whether by operation of law or
otherwise, without the prior written consent of the other party.

	 	11.	 	Entire Agreement. All understandings and agreements preceding the date of
execution of this Agreement (except for written offer letter signed by an officer of the
Company to the Employee) and relating to the subject matter hereof are hereby null and void
and of no further force and effect. Any modification of this Agreement will be effective
only if it is in writing and signed by the party to be charged.

          IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the 23rd day
of January 2007, to be effective as of the Effective Date.

	 	 	 	 	 
	 	TRICO MARINE SERVICES, INC.

 	 
	 	By:  	 	 
	 	 	Name:  	Larry Francois 	 
	 	 	Title:  	SVP of Operations 	 
	 
	 	 	 
	 	  	
 	 
	 	 	Tomas Salazar

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