Document:

Amendment No. 2 To Loan And Security Agreement

 Exhibit 10.1 
 AMENDMENT NO. 2 TO LOAN AND SECURITY AGREEMENT 
 THIS AMENDMENT NO. 2 TO LOAN AND SECURITY AGREEMENT
(this “Amendment”), dated January 4, 2007 is by and among Reptron Electronics, Inc. (“Borrower”) and Wachovia Bank, National Association, as successor by merger with Congress Financial Corporation (Florida), in its capacity
as agent pursuant to the Loan Agreement (as hereinafter defined), acting for and on behalf of the parties thereto as lenders (in such capacity, “Agent”), and the parties to the Loan Agreement as lenders (individually, each a
“Lender” and collectively, “Lenders”). 
 WITNESSETH: 
 WHEREAS, Borrower has entered into financing arrangements pursuant to which Agent and Lenders have made and may make loans and advances to Borrower as
set forth in the Loan and Security Agreement, dated February 3, 2004, by and among Agent, Lenders and Borrower (as the same now exists or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced, the “Loan
Agreement”) and other agreements, documents and instruments referred to therein or at any time executed or delivered in connection therewith or related thereto (all of the foregoing, together with the Loan Agreement, as the same now exist or
may hereafter be further amended, modified, supplemented, extended, renewed, restated or replaced, being collectively referred to herein as the “Financing Agreements”); 
 WHEREAS, Borrower has requested certain amendments to the Loan Agreement and Agent and Lenders are willing to agree to such amendments, subject to the
terms and conditions contained herein. By this Amendment, Agent, Lenders and Borrower desire and intend to evidence such amendments. 
 NOW,
THEREFORE, in consideration of the foregoing, and the respective agreements, warranties and covenants contained herein, the parties hereto agree, covenant and warrant as follows: 
 SECTION 1. DEFINITIONS 
 1.1 Amendments to Definitions. 
 (a) Section 1.6 of the Loan Agreement, the definition of “Applicable Margin”, is hereby amended and restated in its entirety as follows:

 “1.6 “Applicable Margin” “Applicable Margin” shall mean, at any time, as to the
Interest Rate for Prime Rate Loans and the Interest Rate for Eurodollar Rate Loans, the applicable percentage (on a per annum basis) set forth below if the Debt Service Coverage Ratio as of the last day of the immediately preceding fiscal quarter
(which ratio (a) for the fiscal quarter ending December 31, 2006, shall be calculated based on the immediately preceding fiscal quarter, (b) for the fiscal quarter ending March 31, 2007, shall be calculated based on the two
(2) immediately preceding fiscal quarters, (c) for the fiscal quarter ending June 30, 2007, shall be calculated based on the three (3) immediately preceding fiscal quarters, and (d) for the fiscal quarter ending
September 30, 2007 and for each fiscal quarter thereafter, shall be calculated based on the four (4) immediately preceding fiscal quarters) is at or within the levels indicated for such percentage: 
  

									
	 	  	 Debt Service Coverage Ratio
	  	 Applicable
 Prime
 Rate Margin
	 	 	 Applicable
 Eurodollar
 Rate Margin
	 
	 Tier 1
	  	Greater than or equal to 1.50 to 1.00	  	0	%	 	2 1/4	%
	 Tier 2
	  	Greater than or equal to1.25 to 1.00 but less than 1.50 to 1.00	  	.25	%	 	2 3/4	%
	 Tier 3
	  	Greater than or equal to 1.00 to 1.00 but less than 1.25 to 1.00	  	.50	%	 	3	%
	 Tier 4
	  	Less than 1.00 to 1.00	  	.75	%	 	3	%

 provided, that, (a) the Applicable Margin shall be calculated and established once
each fiscal quarter (commencing with the quarter ending March 31, 2007) and shall remain in effect until adjusted thereafter (if at all) as of the first day of the next fiscal quarter, (b) notwithstanding the Debt Service Coverage Ratio,
for each quarter prior to the fiscal quarter ending March 31, 2007, the Applicable Margin be as set forth in Tier 4 of the schedule above;, and (c) if Borrower shall fail to deliver the financial statements, certificates and/or other
information required under Section 9.6(a)(ii) by the dates required pursuant to such section, each Applicable Margin shall be conclusively presumed to equal the highest Applicable Margin specified in the pricing table set forth above until the
first day of the month immediately following the delivery of such financial statements, certificates and/or other information.” 
 (b)
Section 1.11 of the Loan Agreement, the definition of “Borrowing Base”, is hereby amended and restated in its entirety as follows: 
 “Borrowing Base” shall mean, at any time, the amount equal to: 
 (a) the lesser of: 
 (i) the amount equal to: (A) eighty-five percent (85%) of the Net Amount of the Eligible Accounts, plus (B) the lesser of (1) the
Inventory Loan Limit or (2) the lesser of (x) forty percent (40%) multiplied by the Value of the Eligible Inventory of Borrower consisting of raw materials or finished goods or (y) eighty-five percent (85%) of the Net
Recovery Percentage multiplied by the Value of such Eligible Inventory, plus (C) the lesser of (1) the Equipment Loan Limit or (2) up to forty-five percent (45%) of the Net Liquidation Value of Eligible Equipment, or 

(ii) the Revolving Loan Limit; minus 
 (b) Reserves. 
 For purposes only of applying the Inventory Loan Limit, Agent may treat the then undrawn amounts of outstanding
Letter of Credit Accommodations for the purpose of purchasing Eligible 

 
Inventory as Revolving Loans to the extent Agent is in effect basing the issuance of the Letter of Credit Accommodations on the Value of the Eligible
Inventory being purchased with such Letter of Credit Accommodations. In determining the actual amounts of such Letter of Credit Accommodations to be so treated for purposes of the sublimit, the outstanding Revolving Loans and Reserves shall be
attributed first to any components of the lending formulas set forth above that are not subject to such sublimit, before being attributed to the components of the lending formulas subject to such sublimit.” 
 1.2 Section 1.29 of the Loan Agreement, the definition of “Debt Service Coverage Ratio”, is hereby amended and restated in its entirety as
follows: 
 “1.29 “Debt Service Coverage Ratio” shall mean, with respect to Borrower and its Subsidiaries, on a consolidated
basis, for any period, the ratio of (a) the amount equal to EBITDA during applicable period immediately preceding the determination date with respect to the calculation of the Fixed Charges to (b) Fixed Charges of Borrower and its
Subsidiaries for such applicable period.” 
 1.3 Section 1.41 of the Loan Agreement, the definition of “Equipment Loan
Limit”, is hereby amended and restated in its entirety as follows: 
 “1.41 “Equipment Loan Limit” shall mean One Million
Five Hundred Thousand ($1,500,000) Dollars; provided, that, commencing February 1, 2007 and on the first (1st) day of each successive May, August, November and February thereafter, the Equipment Loan Limit shall be reduced by Two Hundred
Fifty Thousand ($250,000) Dollars.” 
 (a) Section 1.55 of the Loan Agreement, the definition of “Fixed Charges”, is
hereby amended and restated in its entirety as follows: 
 “1.55 “Fixed Charges” for any period shall mean the sum of, without
duplication, (a) all Interest Expense, plus (b) all regularly scheduled (as determined at the beginning of the respective period) principal payments of Indebtedness for borrowed money and Indebtedness with respect to Capital Leases
(and without duplicating amounts in item (a) of this definition, the interest 

 
component with respect to Indebtedness under Capital Leases and accrued interest payable in respect of the Senior Subordinated Notes), plus
(c) the aggregate of all expenditures by such Person and its Subsidiaries during such period that in accordance with GAAP are or should be included in “property, plant and equipment” on its balance sheet, whether such expenditures are
paid in cash or financed and including that portion of the obligations under Capital Leases that is capitalized on the balance sheet of such Person during such period in accordance with GAAP (“Capital Expenditures”), exclusive, with
respect to the Borrower, of Capital Expenditures made with the proceeds of Indebtedness permitted for such purpose hereunder plus (d) cash taxes paid for such period. The foregoing shall not be construed to include principal payments on
Indebtedness arising pursuant to revolving loans and advances.” 
 (b) Section 1.65 of the Loan Agreement, the definition of
“Interest Rate”, is hereby amended and restated in its entirety as follows 
 “1.65 “Interest Rate” shall mean,

 (a) Subject to clause (b) of this definition below: 
 (i) as to Prime Rate Loans, a rate equal to the Applicable Margin plus the Prime Rate, 
 (ii) as to
Eurodollar Rate Loans, a rate equal to the Applicable Margin plus the Adjusted Eurodollar Rate (in each case, based on the Eurodollar Rate applicable for the Interest Period selected by Borrower, as in effect three (3) Business Days after the
date of receipt by Agent of the request of or on behalf of Borrower for such Eurodollar Rate Loans in accordance with the terms hereof, whether such rate is higher or lower than any rate previously quoted to Borrower). 
 (b) Notwithstanding anything to the contrary contained in clause (a) of this definition, the Interest Rate shall mean the rate of two
(2%) percent per annum in excess of the per annum rate otherwise in effect pursuant to clause (a) of the definition for both 

 
Prime Rate Loans and Eurodollar Rate Loans, at Agent’s option, without notice, (i) either (A) for the period on and after the date of
termination or non-renewal hereof until such time as all Obligations are indefeasibly paid and satisfied in full in immediately available funds, or (B) for the period from and after the date of the occurrence of any Event of Default, and for so
long as such Event of Default is continuing as determined by Agent and (ii) on the Revolving Loans to Borrowers at any time outstanding in excess of the Borrowing Base or the Maximum Credit (whether or not such excess(es) arise or are made with
or without Agent’s or any Lender’s knowledge or consent and whether made before or after an Event of Default).” 
 (c)
Section 1.75 of the Loan Agreement, the definition of “Maximum Credit”, is hereby amended and restated in its entirety as follows: 
 “1.75 “Maximum Credit” shall mean the amount of Twenty Million ($20,000,000) Dollars.” 
 (d) Section 1.99
of the Loan Agreement, the definition of “Revolving Loan Limit”, is hereby amended and restated in its entirety as follows: 
 “1.99 “Revolving Loan Limit” shall mean, at any time, the amount equal to Twenty Million ($20,000,000) Dollars.” 
 1.4 Interpretation. All capitalized terms used herein shall have the meanings assigned thereto in the Loan Agreement unless otherwise defined herein. 
 SECTION 2. Amendment to Loan Agreement. 
 2.1 Section 3.2(b) of the Loan Agreement is hereby
amended and restated in its entirety as follows: 
 “(b) Borrowers shall pay to Agent for the ratable benefit of Lenders monthly an
unused line fee at a rate equal to the percentage (on a per annum basis) set forth below calculated upon the amount by which (i) the Revolving Loan Limit exceeds (ii) the average daily principal balance of the outstanding Loans and Letter
of Credit Accommodations during the immediately preceding 

 
month (or part thereof) while this Agreement is in effect and for so long thereafter as any Obligations are outstanding. Such fee shall be payable on the
first day of each month in arrears. The percentage used for determining the unused line fee shall be three-eighths percent (.375%).” 
 2.2 Section 9.17 of the Loan Agreement is hereby amended and restated in its entirety as follows: 
 “9.17 Debt Service
Coverage Ratio. Commencing with the fiscal quarter ending December 31, 2006 and as of the end of each fiscal quarter thereafter, the Debt Service Coverage Ratio for Borrower (calculated on a rolling four (4) quarter basis) shall not be
less than 1.2:1.0, provided, that, Debt Service Coverage Ratio will only be tested if (a) Excess Availability falls below Two Million ($2,000,000) Dollars at any time, or (b) an Event of Default has occurred and is
continuing.” 
 2.3 Section 13.1(a) of the Loan Agreement is hereby amended and restated in its entirety as follows: 
 “13.1 Term. 
 (a) This Agreement and the
other Financing Agreements shall become effective as of the date set forth on the first page hereof and shall continue in full force and effect for a term ending on the earlier of (i) October 31, 2008 and (ii) the maturity of the
Senior Subordinated Notes, unless sooner terminated pursuant to the terms hereof. Borrower may terminate this Agreement at any time upon sixty (60) days prior written notice to Agent (which notice shall be irrevocable) and Agent may, at its
option, and shall at the direction of Required Lenders, terminate this Agreement at any time on or after an Event of Default. Upon the effective date of termination of the Financing Agreements, Borrower shall pay to Agent all outstanding and unpaid
Obligations and shall furnish cash collateral to Agent (or at Agent’s option, a letter of credit issued for the account of Borrower and at Borrower’s expense, in form and substance satisfactory to Agent, by an issuer acceptable 

 
to Agent and payable to Agent as beneficiary) in such amounts as Agent determines are reasonably necessary to secure Agent and Lenders from loss, cost,
damage or expense, including attorneys’ fees and expenses, in connection with any contingent Obligations, including issued and outstanding Letter of Credit Accommodations and checks or other payments provisionally credited to the Obligations
and/or as to which Agent or any Lender has not yet received final and indefeasible payment. The amount of such cash collateral (or letter of credit, as Agent may determine) as to any Letter of Credit Accommodations shall be in the amount equal to
one hundred ten percent (110%) of the amount of the Letter of Credit Accommodations plus the amount of any fees and expenses payable in connection therewith through the end of the latest expiration date of such Letter of Credit Accommodations.
Such payments in respect of the Obligations and cash collateral shall be remitted by wire transfer in Federal funds to the Agent Payment Account or such other bank account of Agent, as Agent may, in its discretion, designate in writing to Borrower
for such purpose. Interest shall be due until and including the next Business Day, if the amounts so paid by Borrower to the Agent Payment Account or other bank account designated by Agent are received in such bank account later than 12:00 noon,
Miami, Florida time.” 
 2.4 Section 13.1(c) of the Loan Agreement is hereby amended and restated in its entirety as follows:

 “(c) If for any reason this Agreement is terminated prior to October 31, 2008, in view of the impracticality and extreme
difficulty of ascertaining actual damages and by mutual agreement of the parties as to a reasonable calculation of Agent’s and each Lender’s lost profits as a result thereof, Borrower agrees to pay to Agent for itself and the ratable
benefit of Lenders, upon the effective date of such termination, an early termination fee in the amount equal to 0.5% of the Maximum Credit. 
 Such early termination fee shall be presumed to be the amount of damages sustained by Agent and Lenders as a result of such early termination and Borrower agrees that it is reasonable under the 

 
circumstances currently existing. In addition, Agent and Lenders shall be entitled to such early termination fee upon the occurrence of any Event of Default
described in Sections 10.1(g) and 10.1(h) hereof, even if Agent and Lenders do not exercise the right to terminate this Agreement, but elect, at their option, to provide financing to Borrower permit the use of cash collateral under the United States
Bankruptcy Code. The early termination fee provided for in this Section 13.1 shall be deemed included in the Obligations.” 
 2.5
In addition to the financial information required to be delivered pursuant to Section 9.6 of the Loan Agreement, Borrower shall furnish or cause to be furnished to the Agent, as soon as available, but in no event later than five days from the
date hereof for the 13 week period commencing January 1, 2007 (the “Initial Weekly Projections”) and shall furnish or cause to be furnished on the first day of each calendar month thereafter, projected statements of cash flow and
Excess Availability and a projected Borrowing Base (collectively, all of the foregoing being referred to herein as the “Weekly Projections”), all in form and substance satisfactory to Agent, together with such supporting information as
Agent may request in good faith. All of the Weekly Projections shall be prepared on a weekly basis for the applicable thirteen (13) week period. The Weekly Projections shall represent the reasonable estimate of the Borrower of the future
financial performance of the Borrower for the periods set forth therein and shall have been prepared on the basis of the assumptions set forth therein which the Borrower believes are fair and reasonable as of the date of preparation, in light of
then current and reasonably foreseeable business conditions. 
 SECTION 3. CONDITIONS TO EFFECTIVENESS OF THIS AMENDMENT 
 The effectiveness of this Amendment shall be conditioned upon the satisfaction of each of the following conditions precedent: 
 3.1 Agent shall have received each of the following, in form and substance satisfactory to Agent: 
 (a) an original of this Amendment duly authorized, executed and delivered by Borrower; 
 (b) receipt of an updated appraisal of the Borrower’s Equipment in form, scope and methodology acceptable to Agent; 

 (c) Borrower shall have paid to Agent and Lenders all legal and professional fees and expenses incurred
by Agent and Lenders in connection with the negotiation, preparation and execution of this Amendment and the related transactions contemplated hereby; and 
 (d) the payment of the Fee as set forth in Section 4.2 below. 
 3.2 As of the date hereof and after
giving effect to the provisions of this Amendment, no Default or Event of Default shall exist or have occurred and be continuing. 
 SECTION 4. PROVISIONS
OF GENERAL APPLICATION 
 4.1 Effect of this Amendment. Except as modified pursuant hereto, no other changes or modifications to
the Financing Agreements are intended or implied and in all other respects the Financing Agreements are hereby specifically ratified, restated and confirmed by all parties hereto as of the effective date hereof. To the extent of conflict between the
terms of this Amendment and the other Financing Agreements, the terms of this Amendment shall control. 
 4.2 Fee. In consideration of
the amendments and agreements set forth herein, Borrower shall pay to Agent a fee in the amount of $50,000 which fee is in addition to all other fees payable under the Loan Agreement, shall be fully earned as of the date hereof, shall constitute
part of the Obligations and shall be payable on February 1, 2007. Agent, at its option, may charge the fee to any account of Borrower maintained by Agent. 
 4.3 Further Assurances. The parties hereto shall execute and deliver such additional documents and take such additional action as may be necessary or desirable to effectuate the provisions and purposes of this
Amendment. 
 4.4 Merger. This Amendment and the documents executed in connection herewith represent the entire expression of the
agreement of Borrower, Agent and Lenders regarding the matters set forth herein. No modification, rescission, waiver, release or amendment of any provision of this Amendment shall be made, except by a written agreement signed by Borrower and a duly
authorized officer of Agent and the Required Lenders or at Agent’s option, by Agent with the authorization of the Required Lenders. 
 4.5 Governing Law. The validity, interpretation and enforcement of this Amendment whether in contract, tort, equity or otherwise, shall be governed by the internal laws of the State of Florida but excluding any principles of
conflicts of law or other rule of law that would cause the application of the law of any jurisdiction other than the laws of the State of Florida. 

 4.6 Binding Effect; No Third Party Beneficiaries. This Amendment shall be binding upon and inure
to the benefit of each of the parties hereto and their respective successors and assigns. This Amendment is solely for the benefit of each of the parties hereto and their respective successors and assigns, and no other Person shall have any right,
benefit, priority or interest under, or because of the existence of, this Amendment. 
 4.7 Survival of Representations and
Warranties. All representations and warranties made in this Amendment or any other document furnished in connection with this Amendment shall survive the execution and delivery of this Amendment and the other documents, and no investigation by
Agent or any Lender or any closing shall affect the representations and warranties or the right of Agent and Lenders to rely upon them. 
 4.8 Severability. Any provision of this Amendment which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the
remaining portions hereof or affecting the validity or enforceability of such provision in any other jurisdiction. 
 4.9
Counterparts. This Amendment may be executed in any number of counterparts, but all of such counterparts shall together constitute but one and the same agreement. In making proof of this Amendment, it shall not be necessary to produce or
account for more than one counterpart thereof signed by each of the parties hereto. Delivery of an executed counterpart of this Amendment by telefacsimile shall have the same force and effect as delivery of an original executed counterpart of this
Amendment. Any party delivering an executed counterpart of this Amendment by telefacsimile also shall deliver an original executed counterpart of this Amendment, but the failure to deliver an original executed counterpart shall not affect the
validity, enforceability, and binding effect of this Amendment as to such party or any other party. 
 [REMAINDER OF PAGE INTENTIONALLY LEFT
BLANK] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to Loan and Security
Agreement to be duly executed and delivered by their authorized officers as of the day and year first above written. 
  

			
	WACHOVIA BANK, NATIONAL ASSOCIATION,
	as Agent
		
	By:	 	 /s/ Steven M. Cole

	Title:	 	Managing Director
	Date:	 	1/8/2007
	
	REPTRON ELECTRONICS, INC.
		
	By:	 	 /s/ Paul J. Plante

	Title:	 	President & Chief Executive Officer
	Date:	 	1/4/2007Restricted Stock between OMNI Energy Services Corp. and James C. Eckert

 Exhibit 10.1 
 JAMES C. ECKERT 
 RESTRICTED STOCK AND 
 STOCK-BASED AWARD INCENTIVE AGREEMENT 
 WHEREAS, Section 7 of the
Sixth Amended and Restated OMNI Energy Services Corp. Stock Incentive Plan (the “Plan”) authorizes the Compensation Committee of the Board of Directors (or a subcommittee thereof) (the “Committee”) to award shares
of restricted stock to eligible participants in the Plan; 
 WHEREAS, Section 8 of the Plan authorizes the Committee to make other
awards to eligible participants in the Plan, the value of which may be based in whole or in part on the value of shares of the Company’s common stock; 
 WHEREAS, James C. Eckert is such an eligible participant (the “Employee”); 
 WHEREAS, under
Sections 7.4 and 10.6 of the Plan, a participant receiving an award of restricted stock or a stock-based award shall enter into an incentive agreement with OMNI Energy Services Corp. (the “Company”) setting forth the conditions of
the grant of restricted stock and the stock-based award; 
 WHEREAS, the Employee currently has a Stock-Based Award Incentive Agreement dated
June 30, 2004, together with amendments thereto, if any (collectively, the “2004 Agreement”); 
 WHEREAS, the Committee
and the Employee desire to terminate and cancel the 2004 Agreement and grant the awards and incentives made herein; and 
 WHEREAS, upon
execution of this Restricted Stock and Stock-Based Award Incentive Agreement (the “Agreement”), the 2004 Agreement will be null and void and neither the Company nor the Employee shall have any continuing obligations, rights or
liability under the 2004 Agreement. 
 NOW THEREFORE, the Company and the Employee hereby, for mutual good and valuable consideration the
receipt and sufficiency of which is hereby acknowledged by both parties, enter into this Agreement and concurrently terminate the 2004 Agreement. 
 Section 1. Definitions 
 For purposes of this Agreement: 
 (a) “FMV” shall mean Fair Market Value which shall be the volume weighted average closing price per Share on the Nasdaq National Market
(or such other national exchange 

 
on which the shares of common stock of the Company are then principally traded) over the five (5) prior trading days; provided however, that for
purposes of a death or Disability valuation, the FMV shall be the volume weighted average closing price per Share on the Nasdaq National Market (or such other national exchange on which the shares of common stock of the Company are then principally
traded) over the ten (10) trading days commencing with the ninetieth (90th) day following the death of the
Employee or the Disability determination; 
 (b) “Share” shall mean a share of common stock, $.01 par value per share of the
Company; 
 (c) The term “Change of Control” is defined to include: 
  

	 	(i)	A tender offer or exchange offer made and consummated for ownership of Company stock representing 80% or more of the combined voting power of the Company’s then outstanding
securities; or 

  

	 	(ii)	The sale or transfer of substantially all of the Company’s assets to another corporation which is not a wholly-owned subsidiary of the Company; or 

  

	 	(iii)	Any merger or consolidation of the Company with another corporation, where less than 20% of the outstanding voting shares of the surviving or resulting corporation are owned in the
aggregate by the Company’s shareholders as of the record date entitling shareholders to vote on a merger or consolidation. 

 (d) The term “Disability” shall mean that Employee (i) has become physically or mentally incapable (excluding infrequent and temporary absences due to ordinary illnesses) of properly performing the services required of
him in accordance with his employment obligations, (ii) such incapacity shall exist or be reasonably expected to exist for more than 180 days in the aggregate during any period of twelve (12) consecutive months, and (iii) either
Employee or the Committee shall have given the other sixty (60) days written notice of his or its intention to terminate Employee’s active employment because of such Disability. Notwithstanding the foregoing definition, Employee shall be
deemed to have become disabled for purposes of this Agreement, if the insurer providing the Company Disability policy shall find, during the term of such policy and pursuant to the provisions of such policy, that Employee is so mentally or
physically disabled as to be unable to reasonably engage in his job responsibilities and that such Disability is permanent and will be continuous during the remainder of Employee’s life, and either the Employee or the Committee shall have given
the other sixty (60) days written notice of his or its intention to terminate Employee’s active employment because of such Disability; 
 (e) The term “Fair Change of Control Offer” shall mean a bona fide offer from any potential buyer for all of the then outstanding securities of the Company on a Fully Diluted Basis (or if the offer is so structured, for all
of the Company’s then outstanding securities on a Fully Diluted Basis, save and except for common and preferred shares then held by management), the 

  

 2 

 
acceptance of which would result in a Change of Control, provided that (a) the cash portion of any offer is supported by financing commitment (and not
financing proposal) letters from nationally recognized institutional lenders containing customary contingencies from or on behalf of the potential buyer, and (b) the offer is supported by an independent fairness opinion obtained by the Board
from a disinterested third-party stating that the Fair Change of Control Offer is fair to the Company’s shareholders from a financial point of view; 
 (f) The term “Termination for Cause” shall mean termination of employment of the Employee at the direction of the Board of the Company upon conviction of Employee of any felony involving moral
turpitude, including any felony for theft or embezzlement of Company property, or conviction of a violation of securities laws. 
 (g) The
term “Termination Without Cause” shall mean any termination of this Agreement that is not the result of resignation, death, Disability or Termination for Cause; 
 (h) The term “Fully Diluted Basis” shall mean the inclusion of all the Company’s then outstanding common stock, all the shares of
common stock then issuable upon conversion of the Company’s Series C 9% Convertible Preferred Stock, all the shares of common stock then issuable upon the exercise of outstanding options and outstanding warrants, and any other shares of common
stock into which then outstanding securities or indebtedness of the Company are then exercisable or convertible. 
 (i) All other defined
terms (reflected by an initial capitalization) shall have the same meaning as under the Plan. 
 Section 2. Restricted Stock. 
 2.1 Grant of Performance-Based Restricted Stock. The Committee hereby grants the Employee as of the date of this Agreement the hereinafter set
forth number of shares of restricted common stock ($.01 par value per share) of the Company (the “Restricted Shares”) on the terms set forth herein: 
  

	 	•	 	400,000 shares of the common stock of the Company if the FMV of a share of the common stock of the Company is greater than or equal to $7.50 but less than $11.00 at the time of
vesting; or 

  

	 	•	 	450,000 shares of the common stock of the Company if the FMV of a share of the common stock of the Company is greater than or equal to $11.00 but less than $12.00 at the time of
vesting; or 

  

	 	•	 	500,000 shares of the common stock of the Company if the FMV of a share of the common stock of the Company is greater than or equal to $12.00 at the time of vesting.

  

 3 

 2.2 The Restricted Period. Transfer of the Restricted Shares is prohibited during the twelve
months following vesting of the Restricted Shares. Nevertheless, the Restricted Period shall terminate in the event of (a) Employee’s death or Disability; (b) Termination Without Cause; or (c) a Change of Control. 
 2.3 Restrictions During Restricted Period. The Restricted Shares shall be held by the Company in escrow. While held in escrow, the Restricted
Shares shall be registered in the name of the Employee, who shall endorse a stock power in blank for the Restricted Shares in favor of the Company upon placement of the Restricted Shares into escrow. The certificate for the Restricted Shares shall
bear the following legend: 
 The transferability of this certificate and the shares of Common Stock represented by it are subject to the
terms and conditions (including conditions of forfeiture) contained in the OMNI Energy Services Corp. Stock Incentive Plan (the “Plan”), and an agreement entered into between the registered owner and OMNI Energy Services Corp. thereunder.
Copies of the Plan and the agreement are on file at the principal office of OMNI Energy Services Corp. 
 2.4 Dividends Paid During
Restricted Period. All cash and stock dividends, if any, paid with respect to the Restricted Shares shall be held in escrow with and added to the Restricted Shares and be subject to the same restrictions as the Restricted Shares during the term
of this Agreement. 
 2.5 Voting Rights. The Employee shall have all the rights of a shareholder with respect to the Restricted Shares
held in escrow under this Agreement including the right to vote, unless and until such shares are forfeited, cancelled, sold, assigned or reissued. 
 2.6 Vesting. The Restricted Shares shall vest and the number of shares granted shall become fixed on the earlier of: (a) the date of the Employee’s termination of employment (for any reason other than resignation or
Termination for Cause); (b) 105 days after the Employee’s death or Disability; (c) a Change of Control; or (d) receipt by the Board of a Fair Change of Control Offer. The Restricted Shares shall be delivered upon the occurrence
of any of the events described in subparagraphs (i), (ii), (iii), (iv), (v) and (vi) below, as follows: 
  

	 	(i)	To Employee in the event of a Change of Control; 

  

	 	(ii)	Into Escrow in the event of the receipt by the Board of a Fair Change of Control Offer; 

  

	 	(iii)	To Employee in the event of Termination Without Cause; 

  

	 	(iv)	To Employee’s Estate in the event of Employee’s death; 

  

 4 

	 	(v)	To Employee in the event of Employee’s Disability; and 

  

	 	(vii)	In the event of resignation or Termination for Cause prior to vesting, 100% of the Restricted Shares shall be forfeited. 

 2.7 Plan Deficit. The Company has reserved 500,000 shares in the Plan for issuance pursuant to this Agreement. The Company will seek shareholder
approval for an increase in the number of shares that can be issued under the Plan at its next annual meeting of shareholders. To the extent the obligation to deliver Restricted Shares arises prior to such annual meeting of shareholders or if the
Company fails to obtain the necessary vote at the referenced shareholders’ meeting or any subsequent shareholders’ meeting, then the Company shall satisfy the obligation to deliver the Restricted Shares by paying Employee in cash that
portion of the FMV of Restricted Shares which cannot then be issued by the Company pursuant to the Plan. 
 2.8 Investment Representations
and Restrictions. The Employee (a) understands that the Restricted Shares have not been, and will not be, registered under the Securities Act of 1933, as amended or under any state securities laws, in reliance upon federal and state
exemptions for transactions not involving any public offering; (b) will be an “affiliate” under Rule 144 of the Securities and Exchange Commission and the Restricted Shares will be subject to further limitations on sale as a result
thereof; (c) is acquiring the Restricted Shares for his own account for investment purposes, and not with a view to the distribution thereof; (d) is a sophisticated investor with knowledge and experience in business and financial matters;
(e) is a director and/or officer of the Company, has received all requested information concerning the Company, and has had the opportunity to obtain additional information in order to evaluate the merits and the risks inherent in holding the
Restricted Shares; (f) is able to bear the economic risks and lack of liquidity inherent in holding the Restricted Shares; and (g) acknowledges that the certificate(s) evidencing the Restricted Shares will contain legends restricting the
transfer thereof. 
 Section 3. Stock Based Award 
 3.1 Grant of Stock-Based Award. The Committee has granted the Employee the right to receive a cash payment (the “Stock-Based Award” or “SBA”) equal to $1,200,000, provided that
the FMV of a share of the common stock of the Company is greater than or equal to $7.50 at the time of vesting. 
 3.2 Payment of
Stock-Based Award. The SBA shall vest: (a) on the date of the Employee’s termination of employment (for any reason other than resignation or Termination for Cause); (b) 90 days after the Employee’s death or Disability;
(c) upon a Change of Control; or (d) upon receipt by the Board of a Fair Change of Control Offer. The amount of the SBA shall be paid in full, upon the occurrence of any of the events described in subparagraphs (i), (ii), (iii), (iv),
(v) and (vi) below, as follows: 
  

	 	(i)	In cash in the event of a Change of Control; 

  

 5 

	 	(ii)	In cash as follows: one-half (1/2) of such amount six months after receipt by the Board of a Fair Change of Control Offer, and the remaining amount in six equal monthly
installments beginning on the first day of the month following the payment above; provided, however, that the remaining amount shall be paid in full upon a Change of Control; 

  

	 	(iii)	In cash or on other mutually agreeable terms in the event of Termination Without Cause; 

  

	 	(iv)	In cash to Employee’s Estate in the event of Employee’s Death; 

  

	 	(v)	In cash in the event of Employee’s Disability; and 

  

	 	(vi)	In the event of resignation or Termination for Cause prior to vesting, 100% of the SBA shall be forfeited. 

 Section 4. Miscellaneous 
 4.1 No Right to
Assign. Neither the Restricted Stock Award nor the Stock-Based Award may be assigned, pledged, alienated or transferred during the Restricted Period. However, both the Restricted Stock Award and the Stock Based Award are heritable. 

4.2 Other Terms. This Agreement shall be subject to the terms of the Plan (including adjustments in the number of shares and share prices upon
a recapitalization, stock dividend or stock split, and tax withholding under Section 10 of the Plan), which shall be controlling. 
 4.3
Amendment. This Agreement may be amended only by written agreement signed by all of the signatories below. 
 4.4 Term. This
Agreement shall terminate on December 31, 2008, and any rights to Restricted Shares or Stock-Based Awards that have not then vested shall terminate and lapse. 
 4.5 Choice of Law. The interpretation of this Agreement shall be governed by the laws of the State of Louisiana, without reference to principles of conflicts of law. Venue and jurisdiction for any and all
actions shall be in the state and federal courts in Lafayette, Louisiana. 
 4.6 Resolution of Disputes. Any dispute or controversy
between the parties arising from or relating to this Agreement or the construction, validity, interpretation, meaning, enforcement, performance, non-performance, operation or breach of this Agreement shall be submitted to mediation. Any mediation
under this Agreement shall take place pursuant to the following procedures: 
 (a) If any such dispute or controversy arises, either or both
parties shall request that Judicial Arbitration and Mediation (“JAMS”) (or similar mediation service of a similar national 

  

 6 

 
scope if JAMS no longer exists) appoint an independent mediator, who shall serve as mediator for all purposes hereof. Each party shall pay one-half of the
cost of the mediator’s services, in advance upon request by the mediator or either party. 
 (b) Within 10 days after appointment of the
mediator, the mediator shall schedule a meeting among the parties and the mediator for the purpose of mediating the dispute. If the parties do not resolve the dispute within 45 days after appointment of the mediator, the parties at their sole
discretion may (i) agree to arbitrate or (ii) file suit. 
 4.7 Termination of 2004 Agreement. By execution of this
Agreement, the parties hereby terminate the 2004 Agreement without liability, and no party has any further obligations, rights or responsibilities under such 2004 Agreement. 
  

							
		 		 	EMPLOYEE:
			
	January 5, 2007	 		 	 /s/ James C. Eckert

		 		 	James C. Eckert
			
		 		 	COMPENSATION COMMITTEE:
				
	January 5, 2007	 		 	By:	 	 /s/ Barry E. Kaufman

		 		 	Name:	 	Barry E. Kaufman
		 		 	Title:	 	Compensation Committee Member
			
		 		 	COMPANY:
			
		 		 	OMNI Energy Services Corp.
				
	 January 5, 2007
	 		 	By:	 	 /s/ G. Darcy Klug

		 		 	Name:	 	G. Darcy Klug
		 		 	Title:	 	EVP

  

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