Document:

EXHIBIT 10.10

The Landmark
Bancorp, Inc. Compensation Committee oversees the bonuses for all executive
officers.  Individual bonus awards are
made pursuant to an annual cash bonus plan that is recommended by the
Compensation Committee and was approved by the full board.  Potential bonus awards are based on
achievement of certain objective criteria, including a minimum threshold of 4%
earnings per share growth with 10% growth required to receive the maximum bonus
amount related to earnings per share and a minimum threshold on return on
average equity is 9% with the top tier of the goal at 12% and the return on
average assets has minimum and maximum threshold of .8% and 1.25%
respectively.  Additionally, the
Compensation Committee and the board consider subjective performance measures
in addition to objective measures, which subjective component comprises up to
forty percent of the potential bonus award for each executive officer.

 1Exhibit 10.1

AMENDMENT NO. 5

TO

LOAN AND SECURITY AGREEMENT

AMENDMENT
NO. 5 (this “Amendment”),
dated as of March 23, 2007, by and among K-SEA OPERATING
PARTNERSHIP L.P. (the “Borrower”),
the several financial institutions party hereto (the “Lenders”),
KEYBANK NATIONAL ASSOCIATION, as
Administrative Agent for the Lenders (in such capacity, the “Administrative Agent”) and as
collateral trustee for the Lenders, LASALLE BANK, NATIONAL
ASSOCIATION, as syndication agent, and CITIZENS
BANK OF PENNSYLVANIA, as Documentation Agent.

RECITALS

A.            Borrower, the Lenders and the
Administrative Agent are parties to a Loan and Security Agreement, dated as of
March 24, 2005 (as heretofore amended, and as it may be further amended,
restated, supplemented or otherwise modified from time to time, the “Loan Agreement”).  Unless otherwise defined herein, all
capitalized terms used herein or in the Acknowledgement and Consent annexed
hereto shall have the meanings ascribed to them in the Loan Agreement.

B.            Pursuant to the Increase Supplement
dated as of February 28, 2007 among the Borrower, Citibank, N.A., HSBC Bank
USA, National Association, and the Administrative Agent, Citibank, N.A. and
HSBC Bank USA, National Association became Lenders.

C.            Borrower has requested that the
Administrative Agent and the Lenders amend the Loan Agreement in certain
respects.

D.            The Administrative Agent has advised
Borrower that the Lenders are willing to agree to its requests to amend the
Loan Agreement on the terms and subject to the conditions set forth in this
Amendment.

Accordingly,
in consideration of the foregoing, the parties hereto hereby agree as follows:

1.             AMENDMENTS TO LOAN AGREEMENT.

(a)           Additional Definitions.  Section 1.01 of the Loan Agreement is hereby
amended by adding the following new definitions in the appropriate alphabetical
order:

“Amendment No. 5”
means Amendment No. 5 to Loan and Security Agreement, dated as of March 23,
2007, among Borrower, the Lenders party thereto and the Administrative Agent.

“Amendment No. 5 Effective
Date” means March 23, 2007.

 

(b)           Amendments to Definitions.  Section 1.01 of the Loan Agreement is hereby amended by deleting the
definition of “Maximum
Amount” in its entirety and substituting the following therefor:

“Maximum Amount”
means, with respect to the Facility, One Hundred Million Dollars
($100,000,000.00), as such amount may be increased in the aggregate in
accordance with Section 2.18 hereof or decreased in the aggregate in accordance
with Section 2.07.

(c)           Increase of Commitments.  Section 2.18(a) of the Loan Agreement is
hereby amended by deleting the first sentence thereof in its entirety and
substituting the following therefor:

Provided that no Default or Event of Default has occurred and is
continuing, Borrower may, at any time and from time to time after the Amendment
No. 5 Effective Date, provide a written request to the Administrative Agent to
increase the Commitments of the Facility by up to an aggregate maximum amount
of Fifty Million Dollars ($50,000,000.00).

(d)           Documentation Agent.  From and after the Amendment No. 5 Effective
Date, Citizens Bank of Pennsylvania shall be “Documentation Agent” under the
Loan Agreement and the other Loan Documents and subject to the benefits of
Section 9.10 of the Loan Agreement.

(e)           Commitments.  Schedule 2.01 to the Loan Agreement is hereby
deleted in its entirety and Exhibit A
to this Amendment substituted therefor.

(f)            General. 
All references to “this Agreement” in the Loan Agreement and to “the
Loan Agreement” in the other Loan Documents shall be deemed to refer to the
Loan Agreement as amended hereby.

2.             CONDITIONS TO EFFECTIVENESS.  This Amendment shall be effective upon the
satisfaction of each of the following conditions:

(a)           The Administrative
Agent (or its counsel) shall have received from each party hereto either
(i) a counterpart of this Amendment signed on behalf of such party or
(ii) written evidence satisfactory to the Administrative Agent (which may
include telecopy transmission of a signed signature page of this
Amendment) that such party has signed a counterpart of this Amendment.

(b)           The Administrative
Agent shall have received (i) Amendment No. 3 to the Mortgage in form and
substance satisfactory to the Administrative Agent duly signed on behalf of
Borrower and (ii) Amendment No. 2 to the Sea Coast Mortgage in form and
substance satisfactory to the Administrative Agent duly signed on behalf of Sea
Coast.

(c)           The Lenders shall be
reasonably satisfied that no material adverse change in the business, assets,
operations, properties, condition (financial or otherwise), liabilities
(including contingent liabilities) or material agreements of Borrower and its
Subsidiaries has occurred since June 30, 2006.

 2
 

 

(d)           There shall be no
injunction, writ, preliminary restraining order or other order of any nature
issued by any Governmental Authority in any respect affecting the transactions
provided for in this Amendment and no action or proceeding by or before any
Governmental Authority shall have been commenced and be pending or, to the
knowledge of Borrower, threatened, seeking to prevent or delay the transactions
contemplated by this Amendment or challenging any other terms and provisions
hereof or thereof or seeking any damages in connection herewith or therewith.

(e)           The representations
and warranties contained in the Loan Agreement shall be true and correct in all
material respects, except
to the extent such representations and warranties relate to an earlier date
and, after giving effect to the amendments set forth in Section 1 hereof, no
Default or Event of Default shall exist.

(f)         The Administrative Agent shall have
received all amounts due and payable on or prior to the Amendment No. 5
Effective Date, including, to the extent invoiced, reimbursement or payment of
all out-of-pocket expenses required to be reimbursed or paid by
Borrower hereunder.

(g)           All legal matters
with respect to and all legal documents (including, but not limited to, the
Loan Documents) executed in connection with the transactions contemplated by
this Amendment shall be satisfactory to counsel for the Administrative Agent.

(h)           Borrower shall have
paid the reasonable fees and disbursements of counsel to the Administrative
Agent and the Lenders in connection with this Amendment.

The
Administrative Agent shall notify Borrower and the Lenders of the Amendment No.
5 Effective Date, and such notice shall be conclusive and binding.

3.             REPRESENTATIONS AND WARRANTIES.  Borrower hereby represents and warrants to
the Administrative Agent and the Lenders that:

(a)           The representations
and warranties set forth in the Loan Documents are true and correct in all
material respects as of the date hereof and with the same effect as though made
on and as of the date hereof, except to the extent such representations and warranties relate to an
earlier date.

(b)           No Default or Event
of Default and no event or condition which, with the giving of notice or lapse
of time or both, would constitute such a Default or Event of Default, now
exists or would exist.

(c)           (i)  The execution, delivery and performance by
Borrower of this Amendment is within its organizational powers and have been
duly authorized by all necessary action (corporate or otherwise) on the part of
Borrower, (ii) this Amendment is the legal, valid and binding obligation of
Borrower, enforceable against Borrower in accordance with its terms, and (iii)
neither this Amendment nor the execution, delivery and performance by Borrower
hereof: (A) contravenes the terms of Borrower’s organization documents, (B)
conflicts with or results in any breach or contravention of, or the creation of
any Lien under, any document evidencing any contractual obligation to which
Borrower is a party or any order, injunction, writ or decree to which Borrower
or its property is subject, or (C) violates any requirement of law.

 3
 

 

4.             EFFECT; NO WAIVER.

(a)           Borrower hereby (i)
reaffirms and admits the validity and enforceability of the Loan Documents and
all of its obligations thereunder and (ii) agrees and admits that it has no
existing defenses to or offsets against any such obligation. Except as
specifically set forth herein, the Loan Agreement and the other Loan Documents
shall remain in full force and effect in accordance with their terms and are
hereby ratified and confirmed.  The
execution, delivery and effectiveness of this Amendment shall not operate as a
waiver of any existing or future Default or Event of Default, whether known or
unknown or any right, power or remedy of the Administrative Agent or the
Lenders under the Loan Agreement, nor constitute a waiver of any provision of
the Loan Agreement, except as specifically set forth herein.

(b)           Borrower hereby (i)
reaffirms all of its agreements and obligations under the Loan Documents, (ii)
reaffirms that all Obligations of Borrower under or in connection with the Loan
Agreement as amended hereby are “Obligations”
as that term is defined in the Loan Documents and (iii) reaffirms that all such
Obligations continue to be secured by the Loan Documents, which remain in full
force and effect and are hereby ratified and confirmed.

5.             MISCELLANEOUS.

(a)           Borrower shall pay
the Administrative Agent upon demand for all reasonable expenses, including
reasonable attorneys’ fees and expenses of the Administrative Agent, incurred
by the Administrative Agent in connection with the preparation, negotiation and
execution of this Amendment.

(b)           THIS AMENDMENT SHALL
BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH THE INTERNAL LAWS (AS OPPOSED
TO THE CONFLICTS OF LAW PROVISIONS, BUT INCLUDING SECTIONS 5-1401 AND 5-1402 OF
THE GENERAL OBLIGATIONS LAW OF THE STATE OF NEW YORK) AND DECISIONS OF THE
STATE OF NEW YORK.

(c)           This Amendment shall
be binding upon Borrower, the Administrative Agent and the Lenders and their
respective successors and assigns, and shall inure to the benefit of Borrower,
the Administrative Agent and the Lenders and the respective successors and
assigns of the Administrative Agent and the Lenders.

(d)           This Amendment may
be executed in any number of counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be
deemed to be an original and all of which taken together shall constitute one
and the same instrument.

[Signature pages follow.]

 4

 

AS EVIDENCE of the agreement by the parties hereto to
the terms and conditions herein contained, each such party has caused this
Amendment to be executed on its behalf.

	
  

  	
  K-SEA OPERATING PARTNERSHIP L.P.,

  by its general partner K-Sea OLP 

  GP, LLC, as Borrower

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ TIMOTHY J. CASEY

  
	
   

  	
   

  	
  Name:

  	
  Timothy J. Casey

  
	
   

  	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  

 

K-SEA OPERATING PARTNERSHIP AMENDMENT NO. 5 SIGNATURE
PAGE

 

	
  

  	
  KEYBANK NATIONAL 

  ASSOCIATION, for itself as Lender, and 

  as Administrative Agent and as Collateral 

  Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ DAVID J. RAY

  
	
   

  	
   

  	
  Name:

  	
  David J. Ray

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  

 

K-SEA OPERATING
PARTNERSHIP AMENDMENT NO. 5 SIGNATURE PAGE

 

	
  

  	
  LASALLE BANK NATIONAL 

  ASSOCIATION, as Syndication Agent and 

  Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ KATHLEEN L. ROSS

  
	
   

  	
   

  	
  Name:

  	
  Kathleen L. Ross

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  

 

K-SEA OPERATING PARTNERSHIP AMENDMENT NO. 5 SIGNATURE
PAGE

 

 

	
  

  	
  CITIZENS BANK OF
  PENNSYLVANIA, 

  as Documentation Agent and Lender

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ DEVON STARKS

  
	
   

  	
   

  	
  Name:

  	
  Devon Starks

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  

 

K-SEA OPERATING PARTNERSHIP AMENDMENT NO. 5 SIGNATURE
PAGE

 

 

	
  

  	
  WACHOVIA BANK, NATIONAL 

  ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ C. SCOTT FIELDS

  
	
   

  	
   

  	
  Name:

  	
  C. Scott Fields

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President

  
	
   

  	
   

  	
   

  	
   

  

 

K-SEA OPERATING PARTNERSHIP AMENDMENT NO. 5 SIGNATURE
PAGE

 

 

 

	
  

  	
  CITIBANK, N.A.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ CHARLES J. MARGIOTTI III

  
	
   

  	
   

  	
  Name:

  	
  Charles J. Margiotti III

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  

 

K-SEA OPERATING PARTNERSHIP AMENDMENT NO. 5 SIGNATURE
PAGE

 

 

	
  

  	
  HSBC BANK USA NATIONAL ASSOCIATION

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ PAULETTE P. LAURENZI

  
	
   

  	
   

  	
  Name:

  	
  Paulette P. Laurenzi

  
	
   

  	
   

  	
  Title:

  	
  Senior Vice President 

  
	
   

  	
   

  	
   

  	
   

  

 

K-SEA OPERATING PARTNERSHIP AMENDMENT NO. 5 SIGNATURE
PAGE

 

 

ACKNOWLEDGEMENT AND CONSENT

Each of the undersigned Guarantors hereby (1) consents
to the execution and delivery by Borrower of the foregoing Amendment No. 5; (2)
agrees that the definition of “Obligations”
(and any other term referring to the indebtedness, liabilities and obligations
of Borrower to the Administrative Agent or any of the Lenders) in the Parent
Guaranty or its Subsidiary Guaranty, as the case may be, and the other Loan
Documents shall include the Indebtedness of Borrower under the foregoing
Amendment No. 5; (3) agrees that the definition of “Loan Agreement” in the Parent
Guaranty or its Subsidiary Guaranty, as the case may be, and the other Loan
Documents to which it is a party is hereby amended to mean the Loan Agreement
as amended by the foregoing Amendment No. 5; (4) reaffirms its continuing
liability under the Parent Guaranty or its Subsidiary Guaranty, as the case may
be (as modified hereby); (5) reaffirms all of its agreements and
obligations under the Loan Documents to which it is a party; (6) reaffirms that
all Obligations of Borrower under or in connection with the Loan Agreement as
amended by the foregoing Amendment No. 5 are “Obligations”
as that term is defined in the Parent Guaranty or its Subsidiary Guaranty, as
the case may be; (7) reaffirms that all such Obligations continue to be secured
by the Loan Documents to which it is a party, which remain in full force and effect
and are hereby ratified and confirmed; and (8) confirms and agrees that it
is a Guarantor and that the Parent Guaranty or its Subsidiary Guaranty, as the
case may be, and the other Loan Documents to which it is a party are, and shall
continue to be, in full force and effect in accordance with their respective
terms.

	
  

  	
  K-SEA TRANSPORTATION PARTNERS L.P.
  by its general partner, K-Sea General Partner L.P., by its general partner,
  K-Sea General Partner GP LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ TIMOTHY J. CASEY 

  
	
   

  	
   

  	
  Name:

  	
  Timothy J. Casey 

  
	
   

  	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  

 

	
  

  	
  K-SEA TRANSPORTATION INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ TIMOTHY J. CASEY 

  
	
   

  	
   

  	
  Name:

  	
  Timothy J. Casey 

  
	
   

  	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  

 

	
  

  	
  SEA COAST TRANSPORTATION LLC

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ TIMOTHY J. CASEY 

  
	
   

  	
   

  	
  Name:

  	
  Timothy J. Casey 

  
	
   

  	
   

  	
  Title:

  	
  President and Chief Executive Officer

  
	
   

  	
   

  	
   

  	
   

  

 

EXHIBIT A

TO

AMENDMENT NO. 1 TO LOAN AGREEMENT

SCHEDULE 2.01

Amendment
No. 5 Effective Date Commitments

	
  Lender

  	
   

  	
   

  	
   

  	
  Commitment

  	
   

  
	
  KeyBank National
  Association

  	
   

  	
  $

  	
  24,193,548.39

  	
   

  
	
  LaSalle Bank National
  Association

  	
   

  	
  $

  	
  19,354,838.71

  	
   

  
	
  Citizens Bank of
  Pennsylvania

  	
   

  	
  $

  	
  17,903,225.81

  	
   

  
	
  Citibank, N.A.

  	
   

  	
  $

  	
  15,000,000.00

  	
   

  
	
  Wachovia Bank, National
  Association

  	
   

  	
  $

  	
  13,548,387.09

  	
   

  
	
  HSBC Bank USA National
  Association

  	
   

  	
  $

  	
  10,000,000.00

  	
   

  
	
  Aggregate Commitments

  	
   

  	
  $

  	
  100,000,000.00

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