Document:

exv10w9

     Exhibit 10.9

OPERATING AGREEMENT AND BY-LAWS

OF JACKSON OFFSHORE, LLC

THIS OPERATING AGREEMENT AND BY-LAWS of JACKSON OFFSHORE, LLC (this “Operating Agreement”)
is entered into and shall be effective as of the 16th day of August, 2006, by and among
the undersigned, the sole and only Members of Jackson Offshore, LLC (the “Company”),
pursuant to the provisions of the Louisiana Limited Liability Company Law, La. R.S. 12:1301, et
seq. (the “Act”), and on the terms and conditions herein contained:

RECITALS

WHEREAS, the existing Members of the Company desire to enter into this Operating Agreement to
govern the affairs of the Company.

NOW THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by each of the Members, the undersigned, being the sole and only Members of the
Company, do adopt this Operating Agreement in its entirety, to read as follows:

ARTICLE I

INTRODUCTION

Section 1.1 Name. The name of the Company is Jackson Offshore, LLC.

Section 1.2 Registered Office: Registered Agent: Other Offices. The registered office of
the Company in Louisiana shall be 601 Poydras St., Suite 2775, New Orleans, LA 70130 or such other
office as the Board of Directors may designate from time to time in the manner provided by law.
The registered agent of the Company in the State of Louisiana shall be Stewart F. Peck or such
other Person as the Board of Directors may designate from time to time in the manner provided by
law.

Section 1.3 Defined Terms. Terms used in this Operating Agreement with their initial
letters capitalized shall, unless the context otherwise requires, have the meanings specified in
this Section 1.3 or as defined elsewhere in this Operating Agreement (including, without
limitation, the preamble and recitals). The singular shall include the plural and the masculine
gender shall include the feminine and neuter, and vice versa, as the context requires. Then used
in this Operating Agreement, the following terms shall have the meanings set forth below:

“Act” has the meaning set forth in the preamble.

“Agreed Value” means that sum of cash, or the fair market value of Contributed Property,
services or other consideration, as agreed to by a subscribing Shareholder and the
Directors, using such reasonable method of valuation as they may adopt, that shall be paid
or contributed to the Company as consideration for Shares.

“Article” has the meaning set forth in the preamble.

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“Board of Directors” means the deliberative body formed and constituted pursuant to Article
III of this Agreement through which the powers of the Company shall be exercised and the
business and affairs of the Company shall be managed. The Board of Directors shall consist
of the number of Directors fixed in Section 3.1.

“Business Day” means a day of the year on which banks are not required or authorized to
close in New Orleans, Louisiana.

“Code” means the Internal Revenue Service Code of 1986, as amended. All references herein to
sections of the Code shall include any corresponding provision or provisions of succeeding
law.

“Company” has the meaning set forth in the preamble.

“Contributed Property” means property or other consideration (excluding services and cash)
paid to the Company by a Shareholder in consideration for the issuance by the Company to
such Shareholder of a Share.

“Director” means an individual selected to serve the Company as a Director pursuant to
Section 3.1.

“Fiscal Year” means (i) the period commencing on the effective date of this Operating
Agreement and ending on December 31 of the calendar year in which such commencement occurs
and (ii) any subsequent twelve (12) month period commencing on January 1 and ending December
31.

“Majority in Interest” means, at any time, the Shareholders owning more than 50% of the
issued and outstanding Shares.

“Operating Agreement” has the meaning set forth in the preamble.

“Permitted Transfer” shall have the meaning set forth in Section 6.1 hereof.

“Person” means any individual, partnership, corporation, trust, limited liability company or
other entity.

“Regulations” means the income tax regulations promulgated under the Code; as such
regulations may be amended from time to time (including corresponding provisions of
succeeding regulations).

“Share” means a single membership interest in the Company, including any and all benefits to
which the holder of such Share may be entitled as provided in this Operating Agreement,
together with all obligations of such holders to comply with the terms and provisions of
this Operating Agreement.

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“Shareholder” means any Person executing this Operating Agreement as of the date of this
Operating Agreement as a Shareholder, as well as any Person who hereafter acquires Shares of
the Company, and shall have the same meaning as the term “member” under the Act, but does
not include any person who has ceased to be a Shareholder of the Company.

“Subscription Price” means, with respect to each Share, the Agreed Value (net of liabilities
assumed or taken subject to) of property, the value of services and/or the total amount of
cash or other consideration contributed to the Company by a Shareholder in consideration for
such Share.

“Transfer” or “transfer,” as a noun, means any sale, exchange, mortgage, pledge, donation or
other disposition and, as a verb, means to sell, encumber or otherwise dispose of.

“Transferred Share” means a Share transferred pursuant to the provisions of Article VI
hereof.

Section 1.4 Company Purpose. The Company has been organized to engage in any lawful
activity for which limited liability companies may be formed under the Act.

Section 1.5 No State Law Partnership. The Company shall not be a partnership (including,
without limitation, a partnership in commendam) or joint venture for purposes of state law and no
Shareholder shall be a partner or joint venturer of any other Shareholder for any purposes and this
Operating Agreement shall not be construed to suggest otherwise. The Shareholders intend that the
Company be taxed as a corporation for federal income tax purposes.

ARTICLE II

SHAREHOLDERS; SHARES; MEETINGS; VOTING

Section 2.1 Names, Addresses, Shares Percentage Interests. The name, municipal address,
and number of Shares owned by each of the Shareholders of the Company are as set forth on Exhibit A
hereto. The Board of Directors shall be authorized to and shall amend Exhibit A hereto whenever
(i) new Shareholders are admitted to the Company and/or (ii) the ownership of Shares changes.

Section 2.2 Shares.

     (a) The membership interests (as defined in the Act) of the Company shall be divided into and
consist of 10,000 Shares. The authorized Shares of the Company shall be divided into two classes,
Class A and Class B. Class A shall consist of seven thousand five hundred and fifty (7,550)
Shares (“Class A Shares”), and Class B shall consist of two thousand four hundred fifty
(2,450) Shares (“Class B Shares”). Except as provided in subsection (b) of this Section,
each Share shall be in all respects equal to every other Share and shall be entitled to one vote on
all matters for which Shareholders are entitled to vote. The rights represented by the Shares
shall include (i) the right to receive dividends and other distributions, including liquidating
distributions, from the Company and (ii) all other rights, benefits and privileges enjoyed by the

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Shareholders (under the Act, the Articles of Organization or this Operating Agreement) in
their capacity as “Shareholders, including rights to vote, consent and approve. Upon issuance,
each Share shall be non-assessable. Shares shall have no assigned par value and each Share shall
be issued in consideration for such Subscription Price as may, from time to time, be determined by
the Board of Directors. The Subscription Price for Shares may, at the election of the Board of
Directors, vary from Share to Share and as between Shares. The consideration for Shares issued
shall be paid in cash, tangible or intangible goods, tangible or intangible real property, or
services actually rendered to the Company, the fair value of which is not less than the dollar
amount of the consideration fixed for the Shares, before the Shares are issued. Upon payment of the
consideration fixed therefor, such Shares shall be considered as fully paid. All fully paid shares
shall be non-assessable. Upon issuance of any Shares, the holder shall become a Shareholder or
member of the Company and be subject to the terms and conditions of this Agreement.

     (b) Class A Shares and Class B Shares shall be identical in all respects except that (i) Class
A Shares may only be issued to, and owned by, individuals who are citizens of the United States
and/or corporations or other juridical entities that would qualify in their own right under Section
2 of the Shipping Act of 1916, 46 U.S.C. §802 (the “Shipping Act”) and applicable
regulations to operate vessels in the coastwise trade of the United States, while Class B Shares
may be issued to, and owned by, any natural person or juridical entity without regard to
citizenship; and (ii) the holders of Class A Shares shall be entitled to elect only Class A
Directors, while the holders of Class B Shares shall be entitled to elect only Class B Directors,
to the Board of Directors of the Company in the respective compliments set forth below. In
addition, the issuance of Class B Shares will be restricted so that there cannot be, at any time,
in excess of twenty-five percent (25%) of the outstanding membership interests of the Company
represented by Class B Shares.

     (c) Except as otherwise provided in this Operating Agreement, no Shareholder shall have the
right to (i) demand that the Company purchase or redeem any or all of the Shares owned by such
Shareholder or (ii) receive a return of all or any part of the Subscription Price(s) received by
the Company for Shares owned by such Shareholder.

     (d) Under circumstances requiring a redemption of one or more Shares by the Company as set
forth in this Operating Agreement, no Shareholder shall have the right to receive property other
than cash, except as may be specifically provided herein.

     (e) No Shareholder shall receive any interest, salary, draw, distribution or other payment
with respect to his Shares or for services rendered on behalf of the Company as a Shareholder or
otherwise in his capacity as a Shareholder.

     (f) No Shareholder shall have preemptive rights with respect to Shares in the Company
hereafter issued. If the Shareholders or the Board of Directors, as applicable, determine to issue
Shares in the Company to a then existing Shareholder or a new Shareholder in accordance with a
right to do so under this Operating Agreement, no other Shareholder or Person shall have the right
or privilege to demand that additional Shares also be issued to them.

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Section 2.3 Shareholder Loans and Services. Neither loans nor services by any Shareholder
to the Company shall be considered contributions to the stated capital of the Company.

Section 2.4 Limitation of Liability and Indemnification of Members.

     (a) No Shareholder of the Company shall be liable in such capacity for any debt, obligation or
liability of the Company.

     (b) The Company shall defend, indemnify and hold harmless each Shareholder against judgments,
settlements, penalties, fines or expenses incurred because such Person is or was a Shareholder of
the Company, to the fullest extent permitted by Louisiana law.

Section 2.5 Meetings of the Shareholders.

     (a) All meetings of the Shareholders shall be held at the registered office of the Company,
as set forth in Section 1.2 hereof, or at such other place as may be specified in the notice of the
meeting.

     (b) A regular meeting of the Shareholders shall be called by the Board of Directors and held
at least once annually for the election of Directors and the transaction of other business.
Special meetings of the Shareholders may be called by the Board of Directors or by any one or more
of the Shareholders. Business conducted at a special meeting shall be confined to the objects
stated in the notice of such meeting. Notice of any such regular or special meeting shall be given
to all Shareholders not less than three (3) Business Days nor more than ten (10) Business Days
before the date of such meeting, which notice shall state the nature of the business to be
transacted. Shareholders may vote in person or by proxy at such meeting. Whenever the vote or
consent of Shareholders is permitted or required under this Operating Agreement or by law, such
vote or consent may be given by the Shareholders at a meeting of Shareholders or may be given in
accordance with the procedure described in Section 2.6 hereof. Except as otherwise expressly
provided in this Operating Agreement, the vote of a Majority in Interest of the Shareholders shall
control.

     (c) Nominations of candidates for the position of a Class A Director may be made by the Board
of Directors or any holder of Class A Shares, but not Class B Shares. Nominations of candidates
for the position of the Class B Director will be made by any holder of Class B Shares, but not
Class A Shares. Any such nomination by a Shareholder shall be made by notice in writing to be
delivered or mailed to the Board of Directors at least twenty (20) Business Days prior to the date
of the annual meeting as established by the Board of Directors.

     (d) Each Shareholder shall have one (1) vote for each Share held by such Person, except that,
with respect to the election of Directors, only the holders of Class A Shares shall be entitled to
elect (or remove) the Class A Directors of the Company, and only the holders of Class B Shares
shall be entitled to elect (or remove) the Class B Director. Directors shall be elected by a
Majority in Interest of their respective class, and may be removed, with or without cause, by the
vote of a Majority in Interest of the Shareholders of the class that elected the Director at a
special

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meeting called for such purpose (or by the written consent of the Shareholders of that class
holding a Majority in Interest).

     (e) Each Shareholder may authorize any Person to act for him by proxy on all matters in which
such Shareholder is entitled to participate, including waiving notice of any meeting, or voting or
participating at a meeting. Every proxy must be signed by the Shareholder or his attorney-in-fact
and delivered to the Board of Directors before the meeting at which the proxy will be exercised.
No proxy shall be valid after the expiration of eleven (11) months from the date thereof and every
proxy shall be revocable at the pleasure of the Shareholder executing it upon written notice of
such revocation being given to the Board of Directors.

     (f) Each meeting of the Shareholders shall be conducted by the President, or such other
Person as the Board of Directors may appoint, pursuant to such rules for the conduct of the meeting
as the Board of Directors deems appropriate.

     (g) At each meeting of Shareholders, a list of the Shareholders arranged alphabetically and
certified by the Secretary, showing the number of Shares held by each such Shareholder on the
record date for the meeting, shall be produced on the request of any Shareholder.

     (h) Any number of Shareholders, together holding at least a majority of the outstanding
Shares, who are present in person or represented by proxy at such meeting shall constitute a quorum
for the transaction of business despite the subsequent withdrawal or refusal to vote of any
Shareholder; provided, however, that with respect to any action to be taken by the vote of a
specific class of Shares, a quorum for such action shall be determined only among the holders of
Shares of that class.

     (i) If less than a quorum is in attendance at any time for which a meeting is called, the
meeting may, after the lapse of at least one-half hour, be adjourned by a majority in interest of
the Shareholders present or represented at such meeting. If notice of the adjournment of the
meeting is sent to the Shareholders, stating the date the meeting will reconvene, the purpose or
purposes of the meeting and that the previous meeting failed for lack of a quorum, then any number
of Shareholders, present in person or represented by proxy, and together holding at least
two-fifths of the outstanding Shares shall constitute a quorum at the reconvened meeting provided
that a majority of such Shareholders are the holders of Class A Shares.

Section 2.6 Consent Without Meeting. In lieu of holding a meeting of the Shareholders,
any action requiring the vote of the Shareholders may be taken by the written consent of those
Shareholders holding, in the aggregate, the percentage of Shares that would be required to approve
such action under this Operating Agreement at a meeting called for such purpose. Any such written
consent shall be delivered to the Board of Directors. If any such written consent is signed by
fewer than all of the Shareholders, a copy of the consent, or notice of the action taken pursuant
thereto, shall be given to all of the Shareholders who did not sign the consent. Any such written
consent may be executed by obtaining facsimile signatures of the Shareholders on multiple
counterparts of the consent instrument.

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Section 2.7 Certificates. Shares in the Company may be evidenced by certificates
representing such Shares. The Board of Directors, in its sole and absolute discretion, shall have
the right to determine whether Shares in the Company are certificated or uncertificated. In the
event that Shares in the Company are certificated, the Board of Directors, in its sole and absolute
discretion, shall determine the form of all certificates evidencing Shares in the Company, provided
that any certificate evidencing Shares in the Company shall contain the following legend:

RESTRICTION

The sale, transfer, pledge, mortgage, encumbrance, donation,
bequest, or other disposition of the shares (“Transfer”)
evidenced by this Certificate is restricted by Section 6.1 of the
Operating Agreement and By-Laws of the issuing Company. In
addition, Section 6.2 of the Operating Agreement and By-Laws grants
successive options to acquire the Shares evidenced by this
Certificate in favor of the Company and the Shareholders prior to
any Transfer. The Company will mail to the Shareholder of record a
copy of such restrictions, without charge, within five (5) days
after receipt of a written request therefore, or the Operating
Agreement and By-Laws may be inspected at the principal business
office of the Company during regular business hours, upon written
request, forwarded to the corporate Secretary.

All certificates evidencing Shares may be authenticated by the signature of the President alone, or
by the signatures of the President and the Secretary, as determined by the Board of Directors. A
new certificate of Shares may be issued in place of any certificate theretofore issued by the
Company, alleged to have been lost, stolen, mutilated, or destroyed, or mailed and not received,
and the Board of Directors may, in its discretion, require the owner of the replaced certificate to
give the Company a bond, unlimited as to stated amount, to indemnify the Company against any claim
which may be made against it on account of the replacement of the certificate or any payment made
or other action taken in respect thereof.

Section 2.7 Agency Power of Shareholders. No Shareholder in his or her capacity as a
Shareholder shall be the agent or mandatary of the Company for any purpose.

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ARTICLE III

DIRECTORS/OFFICERS

Section 3.1 Board of Directors.

     (a) All powers of the Company shall be exercised by, and the business of the Company shall be
managed by or under the authority of, a Board of Directors consisting of four (4), natural persons,
none of whom need be a Shareholder. Three (3) of the Directors appointed to the Board shall be
Class A directors (the “Class A Directors”), and one (1) of the Directors shall be a Class
B Director (the “Class B Director”). Class A Directors must each be a citizen of the
United States, but there is no restriction on the citizenship of the Class B Director. No person
who has been convicted of a crime involving conduct on his part constituting moral turpitude or who
has pled guilty or nolo contendere to such a charge may serve as a Director of the Company. If a
director is convicted of a crime involving moral turpitude while in office, he shall be
automatically disqualified.

     (b) The Board of Directors, acting as a body, shall have all the rights, powers and
privileges that may be possessed by a “manager” under the Act, and such rights, powers and
privileges as are otherwise conferred by law or by this Agreement or as are incidental thereto,
including such powers and privileges as are necessary or convenient to the conduct, promotion or
attainment of the business, purposes or activities of the Company. The Board of Directors shall
operate as, and shall have such additional powers as are customarily conferred on, the board of
directors of a Louisiana business corporation under the Louisiana Business Corporation Act, La.
R.S. §12:1 et seq. Absent an express resolution of the Board of Directors, no Director, in his or
her capacity as such, shall be the agent or mandatary of the Corporation.

     (c) Without prejudice to the general powers granted to the Board of Directors in the
preceding subsections of this Section, the Board of Directors shall have the following specific
powers:

     (i) to fix the consideration for and direct the issuance of authorized, unissued
membership Shares;

     (ii) to authorize any officer or other agent of the Company to enter into and carry
out contracts of all kinds on behalf of the Company;

     (iii) to authorize any officer or other agent of the Company to buy, own, manage,
sell, lease, mortgage, pledge, invest or otherwise acquire, dispose or encumber Company
property on such terms as may be approved by the Board of Directors, and to authorize any
such Person to execute on behalf of the Company any documents or instruments required in
connection therewith;

     (iv) to authorize any officer or other agent of the Company to borrow funds in the
name of the Company on a secured or unsecured basis, at any interest rate and from any
Person, all on such terms as may be approved by the Board of Directors (or if authorized

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by the Board of Directors, on such terms as may be approved by such officer or agent),
and to authorize any Person to execute on behalf of the Company any promissory notes or
other instruments to evidence such indebtedness;

     (v) to authorize any officer or other agent of the Company to mortgage, grant security
interests in, or otherwise encumber any property of the Company, and to authorize any such
Person to execute any acts of mortgage, security agreements or other documents to effect
such encumbrance, or to provide for the perfection thereof, any which such document may
include customary and usual Louisiana security device clauses, including, without
limitation, a confession of judgment, a right to executory process, a waiver of appraisal
and/or a pact de non alienando;

     (vi) to employ employees, agents, consultants and advisors on behalf of the Company;

     (vii) to confer upon any officer the power to appoint, remove and suspend, and fix and
change the compensation of, subordinate officers, agents and employees;

     (viii) to bring and defend actions in law or at equity;

     (ix) to delegate any of the powers of the Board of Directors to any operating officer
of the Company, that is a U.S. Citizen, or any standing or special committee provided that
no more than a minority of the number of the members of the committee necessary to
constitute a quorum can be persons who are not citizens of the United States;

     (x) to appoint one or more operating officers of the Company, or to appoint other
agents of the Company, to whom the foregoing powers and duties may be delegated in whole or
in part subject to the supervision of the Board of Directors; and

     (xi) to declare and cause to be paid cash dividends or distributions, or to declare
and cause to be distributed in-kind dividends or distributions, to the Shareholders,
provided that such dividend or distribution is authorized by applicable law.

     (d) At all meetings of the Board, each director shall have one vote. A quorum for the
transaction of business shall consist of (i) at least two of the Class A Directors, and (ii) there
must be more Class A Directors than Class B Directors present at the meetings (whether or not
ineligible to vote due to conflicts of interest or otherwise). No more of the Directors than a
minority of the number of Directors necessary to constitute a quorum can be persons who are not
citizens of the United States. The action of a majority of the Directors present at any meeting at
which a quorum is present is the action of the Board of Directors, unless the concurrence of a
greater proportion is required for such action by law or this Operating Agreement. If a quorum is
not present at any meeting of Directors, the Directors present may adjourn the meeting from time to
time, without notice other than announcement of the date and time the meeting shall reconvene,
until a quorum is present.

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     (e) The Board of Directors shall hold an annual meeting at such time and on such date as
shall be designated by the Chairman, or if no date is designated, immediately following the annual
meeting of the Shareholders. The Board of Directors may hold any additional regular meetings that
may be scheduled by a majority vote of the Directors. Special meetings of the Board of Directors
may be held on any day when called by any Director upon request in writing signed by such Director
delivered to the Secretary either in person or by certified mail, return receipt requested. Upon
receipt of a request from any Director to call a meeting as provided above, the Secretary shall
inform the remaining Director(s), and a date for such meeting shall be set and notice given as
provided below. If notice is not given within twenty (20) days after the delivery or mailing of
the request, the Director calling the meeting may fix the time of the meeting and give notice
thereof in the manner provided by law or by this Agreement.

     (f) Not less than ten (10), nor more than thirty (30), days prior written notice of a
meeting of the Board of Directors shall be given to each Director by the Secretary of the Company.
The notice shall state the time and place of the meeting, and the business that is to be taken up
by the Board of Directors. The meeting shall be held at the time and place specified in the
notice. Notice of any meeting may be waived in writing by any Director. Participation by a
Director at any meeting of the Board of Directors for any purpose other than to interpose an
objection to the transaction of business on the ground that such meeting has not been lawfully
called and convened shall constitute a waiver of notice.

     (g) Any meeting of the Board of Directors may be conducted by conference telephone, or any
Director may participate in any meeting of the Board of Directors by conference telephone, provided
that all persons participating in the meeting can hear and communicate with each other.
Participation in a meeting pursuant to this Section shall constitute attendance at such meeting,
except where a Director participates in the meeting for the express purpose of objecting to the
transaction of business on the ground that the meeting is not lawfully called or convened.

     (h) Any Director absent from a meeting of the Board of Directors may be represented by any
other Director or Shareholder who may cast the vote of the absent Director by proxy, according to
the absent Director’s written instructions, general or specific.

     (i) Any action which may be taken at a meeting of the Board of Directors may be taken by
written consent signed by all of the Directors and filed in the records of the proceedings of the
Board.

     (j) No contract or transaction between this Company and one or more of its Shareholders or
its Directors, or between this Company and a Person in which a Shareholder or a Director has a
financial interest, concerning any matter entrusted to the management of the Board of Directors,
shall be void or voidable solely for that reason, or solely because the interested Shareholder or
Director was present at or participated in the meeting of the Board of Directors which authorized
the contract or transaction, or solely because his or their votes were counted for such purpose, if
the material facts as to his interest in the contract or transaction were disclosed or known to the
Board of Directors and the contract or transaction was approved by a majority vote of the Board of
Directors, in accordance with subsection (d) of this Section, without counting the vote(s) of the
interested Director, or if the contract or transaction was fair to the

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Company as of the time it was authorized, approved, or ratified by the Board of Directors.
Interested Directors may be counted in determining the presence of a quorum at a meeting which
authorized the contract or transaction.

Section 3.2 Term of Office; Resignation; Removal. The terms of each Class A Director shall
commence upon his or her election and qualification and terminate at the annual meeting of
Shareholders next ensuing. The term of the Class B Director elected by the holders of Class B
Shares shall commence upon his or her election and qualification and terminate at the second (2nd)
annual meeting of Shareholders following such election and qualification. Notwithstanding the
foregoing, each Director shall hold office until: (a) his successor is elected at a meeting of the
Shareholders; and otherwise until (b) his resignation, removal from office, withdrawal from or
termination of membership, death or incapacity. Any Director may resign at any time upon thirty
(30) days prior written notice. In addition to removal by a vote of a Majority in Interest of the
class which elected him or her, any Director may also be removed by the vote of the Shareholders
collectively holding at least eighty percent (80%) of the voting power of the Company at a meeting
called for that purpose, or by written consent of such Shareholders.

Section 3.3 Vacancies; Election of Successor. If any Director dies, becomes
incapacitated, resigns, or is removed from office, his or her successor shall be elected by the
vote of the Shareholders collectively holding a Majority in Interest of the outstanding Shares of
the applicable class at a special or regular meeting called for the purpose of electing a
successor, or the successor may be designated by the written consent of such Shareholders.

Section 3.4 Officers.

     (a) General Provisions.

     (i) The Board of Directors shall appoint a Chairman, a President, a Treasurer/Chief
Financial Officer and a Secretary, and may appoint such other officers or agents as the
business of the Company may require, each of whom shall have such authority, and perform
such duties, as provided in this Agreement or as the Board of Directors may from time to
time determine. Except for the offices of President and Secretary, which must be held by
different individuals, the same individual may contemporaneously hold more than one office.

     (ii) Each officer of the Company shall hold office until his or her successor is
appointed and qualified, or until he or she resigns, is removed by the Board of Directors or
is otherwise disqualified to serve, whichever first occurs. Any officer or agent may be
removed by the Board of Directors at any time, either with or without cause. Any officer or
agent may resign at any time by giving written notice to the Board of Directors. Any such
resignation shall take effect at the date of receipt of such notice or at any later time
specified therein; and, unless otherwise specified therein, the acceptance of such
resignation shall not be necessary to make it effective. If any office of the Company
becomes vacant by reason of the death, incapacity, resignation, or removal of its incumbent,
the Board of Directors shall appoint a successor who shall hold office for the

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unexpired term, or until such individual resigns, is removed, or is disqualified to
serve as provided above.

     (iii) All powers conferred upon the officers pursuant to this Section 3.4 derive from,
and represent a delegation of, powers granted to the Board of Directors. All such powers
shall be exercised subject to (A) any limitations that would be imposed on the Board of
Directors in the exercise of such power, (B) any limitations that are imposed under this
Section 3.4, and (C) any limitations that are otherwise imposed by the Board of Directors.

     (b) Chairman of the Board. The Chairman of the Board, who shall be elected from the
incumbent Class A Directors of the Corporation, shall preside at all meetings of the Board of
Directors and exercise and perform such other powers and duties as may be from time to time
assigned to him by the Board of Directors or prescribed by this Operating Agreement. The Chairman
of the Board shall be a citizen of the United States.

     (c) President. Subject to authority of the Board of Directors, the President, who
must be a citizen of the United States, shall have general supervision, direction and control of
the business, officers and employees of the Company, and such other powers as may be prescribed by
this Agreement or by the Board of Directors. Within this authority, and in the course of his
duties, the President shall:

     (i) Appoint and remove, employ and discharge, and prescribe the duties and fix the
compensation of, all agents, employees and clerks of the Company and supervise the officers,
agents and employees of the Company, all subject to the direction of the Board of Directors;
and

     (ii) Make such contracts as the ordinary conduct of the business of the Company may
require, including the execution of purchase agreements, acts of sale, leases and other
instruments of conveyance in connection with the purchase or sale of Company property;
provided, however, that the President shall not have the authority to bind the Company to
any single obligation in excess of $250,000.00, nor to sell, assign, or otherwise transfer
any real or immovable property of the Company, or any personal or movable property of the
Company with a value in excess of $250,000.00, without such authority being expressly
conferred, or such commitment ratified, by the Board of Directors; and

     (iii) As authorized by resolution of the Board of Directors, or by resolution of the
Shareholders, as applicable, execute promissory notes and other instruments to evidence the
indebtedness of the Company, as well as mortgages, pledges, security agreements and other
instruments encumbering any Company property as security for such indebtedness.

     (d) Secretary. Subject to the supervision and control of the Board of Directors, the
Secretary (and any Assistant Secretary, subject to the additional supervision of the Secretary)
shall:

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     (i) Keep, at the registered office of the Company, the original or a copy of the
Articles and this Operating Agreement, as amended or otherwise altered to date;

     (ii) Keep, at the registered office of the Company, or such other place as the Board
of Directors may order, a book of minutes of the proceedings of the Board of Directors and
all actions of the Board of Directors by written consent, as well as a book of the minutes
of all meetings or actions by written consent of the Shareholders;

     (iii) See that all notices are duly given in accordance with the provisions of this
Agreement or as required by law;

     (iv) Keep, at the registered office of the Company, a Share register showing the names
of the Shareholders and their addresses, the number and class of Shares owned by them, the
numbers and dates of any certificates issued to them with respect to such Shares, and the
numbers and dates of cancellation of each certificate surrendered for cancellation;

     (v) See that all books, reports, statements, certificates and all other documents and
records required by law for the Company are properly kept and filed;

     (vi) Attest to any certification of any resolution or other document by the Board of
Directors, the President or any other operating officer or agent of the Company, if
required, and certify or authenticate any records of the Company; and,

     (vii) Perform such other duties as from time to time may be assigned to such officer
by the Board of Directors or by the President, or such other duties as may be specified
elsewhere in this Agreement.

     (e) Treasurer/Chief Financial Officer. The Treasurer/Chief Financial Officer shall
have the general powers and duties usually vested in the office of treasurer and chief financial
officer of a business corporation, and such other powers and duties as may be prescribed by the
Board of Directors, the President or by this Operating Agreement. Within this authority, and in the
course of his duties, the Treasurer/Chief Financial Officer shall:

     (i) Have charge and custody of, and be responsible for, all funds and securities of
the Company, and deposit all such funds in the name of the Company in such banks, trust
companies, or other depositories as shall be selected by the Board of Directors;

     (ii) Receive and give receipt for monies due and payable to the Company. from any
source whatsoever;

     (iii) Disburse or cause to be disbursed, the funds of the Company as may be directed
by the Board of Directors, taking proper vouchers for such disbursements;

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     (iv) Keep and maintain adequate and correct accounts of the properties and business
transactions of the Company, including accounts of its assets, liabilities, receipts,
disbursements, gains, losses, capital, surplus and shares;

     (v) Exhibit, at all reasonable times, the books of account and records to any
Shareholder or Director, upon application, during business hours at the principal office of
the Company;

     (vi) Render to the Board of Directors and the President, whenever they request it, an
account of all of his transactions as Treasurer/Chief Financial Officer and of the financial
condition of the Company;

     (vii) Prepare, or cause to be prepared and certified, the financial reports to be
included in the annual report to the Shareholders and statements of the affairs of the
Company when requested by the Board of Directors; and

     (viii) Give to the Company a bond, if required by the Board of Directors, in a sum,
and with one or more sureties, or a surety company satisfactory to the Board of Directors,
for the faithful performance of the duties of his office and for the restoration to the
Company in case of his death, defalcation, resignation, retirement or removal from office,
of all books, papers, vouchers, money, or other property of whatever kind in his possession
or under his control belonging to the Company.

     (f) Salaries. The salaries of the operating officers shall be fixed from time to
time by the Board of Directors.

Section 3.5 Limitation of Authority. Notwithstanding the foregoing provisions of Sections
3.1 and 3.2 above, the unanimous consent of the Shareholders shall be required for the following
actions: (i) the amendment of this Operating Agreement or the Articles, (ii) the issuance of
additional authorized Shares or the admission of new Shareholders, except as permitted by Section
6.1, (iii) the merger or consolidation of the Company with or into any other Person or the
acquisition by the Company of any equity, ownership or other interest in any other Person, and (iv)
the sale of substantially all of the assets of the Company.

Section 3.6 Directors and Officers as Fiduciaries: Business Judgment.

     (a) The Directors and officers shall be deemed to stand in a fiduciary relationship to the
Company and its Shareholders and shall discharge their duties in good faith, with the diligence,
care, judgment and skill which an ordinary prudent person in a like position would exercise under
similar circumstances and in the manner such Person reasonably believes to be in the best interests
of the Company. Nothing contained in this Section 3.6(a) shall derogate from any indemnification
authorized by La. R.S. § 12:1315(A)(2).

     (b) Without limiting the scope of La. R. S. § 12:1314(2), in discharging their respective
duties, the Board of Directors and all officers shall be fully protected in relying in good faith
upon the records of the Company and upon such information, opinions, reports or statements

-14-

 

presented to the Company or the Board of Directors by any of the Company’s officers or
employees, by a committee of the Board of Directors, by any legal counsel for the Company, by any
independent or certified public accountant, or by any other Person selected with reasonable care by
the Board of Directors or the President, or by any other agent having the authority to make such
selection, as to matters the Board of Directors or such officers reasonably believe are within such
Person’s professional competence. No Director or officer is acting in good faith if he or she has
knowledge concerning the matter in question that makes reliance otherwise permitted by this
subsection unwarranted.

     (c) Subject to sub-paragraph (e) below, each Director and each officer shall account to the
Company and hold as trustee for it any profit or benefit derived by such Person: (i) without the
informed consent of a majority of the uninterested Directors or Shareholders, as applicable, in
accordance with R.S. 12: 1318( C), (ii) from any transaction connected with the conduct or winding
up of the Company, or (iii) from any personal use by such Person of the property of the Company.

     (d) Neither any Director nor any officer shall be liable for any action taken on behalf of the
Company or any failure to take any action if such Director or officer performs the duties of his or
her office in compliance with this Section 3.6.

     (e) Notwithstanding anything in this Operating Agreement to the contrary, the Directors and
any entity in which they are associated may compete with the Company.

Section 3.7 Reliance by Third Parties. Any Person dealing with the Company may rely upon
a certificate signed on behalf of the Company by any Director or by the Secretary (or an Assistant
Secretary, if appointed), to establish the membership of any Shareholder, the authenticity of any
records of the Company or the authority of any Person, including the certifying Director or
Secretary, to act on behalf of the Company.

Section 3.8 Directors’ Compensation. The compensation of the Directors, if any, shall be
determined by a majority vote of the Board of Directors on an annual basis.

Section 3.9 Indemnification of the Directors and Officers.

     (a) Except to the extent such indemnification may be prohibited by law, the Company, its
receiver, or its trustee shall, and does hereby, indemnify, defend, hold harmless and pay all
judgments and claims against each of the Directors and/or officers relating to any liability or
damage incurred or suffered by any of the Directors or officers by reason of any act performed or
omitted to be performed (but not constituting willful misconduct, an intentional violation of this
Operating Agreement, gross negligence or a breach of fiduciary duty to the Company and/or the
Shareholders) by such Directors or officers or their agents or employees in connection with the
Company’s business, including reasonable attorneys’ fees incurred by such Directors or officers in
connection with the defense of any claim or action based on any such act or omission. Such
liability or damage caused by any Director’s or officer’s acts or omissions in connection with the
business of the Company includes, but is not limited to, reasonable attorneys’ fees incurred by
such Directors or officers in connection with the defense of any action based on such acts or

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omissions, which attorneys’ fees may be paid as incurred. For purposes of this Section 3.9,
the terms “willful misconduct” or “gross negligence” shall include, but not be limited to, acts of
fraud.

     (b) In the event any Shareholder shall bring a legal action against any of the Directors or
officers, including a derivative suit, the Company shall, and does hereby, indemnify, defend, hold
harmless and pay all expenses of such Directors and officers, including, but not limited to,
reasonable attorneys’ fees incurred in the defense of such action, unless such Directors or
officers shall be adjudicated guilty of or liable for gross negligence, an intentional breach of
this Operating Agreement, willful misconduct or a breach of fiduciary duty to the Company and/or
the Shareholders, in connection with the performance of his duties as one of the Directors or
officers of the Company.

     (c) The Company shall, and does hereby, indemnify, defend, hold harm1ess and pay all
expenses, costs or liabilities of each of the Directors and officers in the event that any of the
Directors or officers, for the benefit of the Company, makes any deposit, acquires any option,
makes any payment, or assumes any obligation in connection with any property proposed to be
acquired by the Company and any of such Directors or officers suffers any financial loss as a
result of such action.

     (d) Any indemnification required herein to be made by the Company shall be made promptly
following the fixing of any loss, liability, or damage incurred or suffered. If, at any time, the
Company has insufficient funds to provide such indemnification as herein provided, it shall provide
such indemnification if and as the Company generates sufficient funds, and prior to any
distribution to the Shareholders.

     (e) Notwithstanding the foregoing provisions of this Section 3.9, none of the Directors or
officers shall be indemnified by the Company from any liability for acts or omissions that
constitute willful misconduct, an intentional violation of this Operating Agreement, gross
negligence or a breach of fiduciary duty to the Company and/or the Shareholders; and the Directors
and officers shall not be indemnified by the Company against any liability for other actions or
omissions unless such were taken in good faith and with the reasonable belief that (i) in the case
of actions or omissions by any of the Directors or officers in their official capacity as one of
the Directors or officers of the Company, such actions or omissions were in the Company’s best
interests, and (ii) in all other cases, that such actions or omissions were at least not opposed to
the Company’s best interests, and, in the case of any actions or omissions alleged to be unlawful,
such were taken without reasonable cause to believe such actions or omissions would be unlawful.

ARTICLE IV

ACCOUNTING AND RECORDS

Section 4.1 Records and Accounting. The Board of Directors shall make such filings as may
be necessary to cause the Company to be taxed as a corporation under the Code and the Regulations.
The financial and tax books and records of the Company shall be kept, and the financial position
and the results of its operations recorded, in accordance with the method of

-16-

 

accounting determined by the Board of Directors. The books and records of the Company shall reflect
all Company transactions and shall be appropriate and adequate for the Company’s business. The
Fiscal Year of the Company for financial reporting and for federal income tax purposes shall be the
calendar year.

Section 4.2 Access to Accounting Records. All books and records of the Company shall be
maintained at the registered office of the Company, and each Shareholder; and his duly authorized
representatives, shall have access to them at such office of the Company and the right to inspect
and copy them at reasonable times.

Section 4.3 Annual and Tax Information. The Board of Directors shall use reasonable
efforts to cause the Company to deliver to each Shareholder within 90 days after the end of each
Fiscal Year all information necessary for the preparation of such Shareholder’s federal income tax
return. The Board of Directors shall also use its best efforts to cause the Company to prepare,
within 120 days after the end of each Fiscal Year, a financial report of the Company for such
Fiscal Year, containing a balance sheet as of the last day of the year then ended, an income
statement for the year then ended and a statement of cash flow.

Section 4.4 Accounting Decisions. All decisions as to accounting matters, except as
otherwise specifically set forth herein, shall be made by the Board of Directors. The Board of
Directors may rely upon the advice of the Company’s accountants as to whether such decisions are in
accordance with accounting methods followed for federal income tax purposes.

ARTICLE V

S CORPORATION STATUS

[Intentionally Omitted]

ARTICLE VI

TRANSFER OF INTERESTS

Section 6.1 Transfer Restrictions..

     (a) The sale, assignment, donation, bequest, pledge, mortgage or grant of a security interest
in, encumbrance, hypothecation, or other transfer (collectively “Transfer”) of any Shares
of the Company is prohibited except in connection with a Permitted Transfer or upon the prior
written consent of a majority of the disinterested Shareholders of the Company.

     (b) Class A Shares may only be issued or Transferred only to individuals who are citizens of
the United States and/or to Persons who are citizens of the United States under Section 2 of the
Shipping Act of 1916, 46 U.S.C.§802 (the “Shipping Act”) and applicable regulations
promulgated thereunder.

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     (c) Additional restrictions on the Transfer of any Shares of the Company may be imposed by
redemption or other agreements among the Company and its Shareholders.

Section 6.2 Permitted Transfers. The following Transfers of Shares are Permitted
Transfers:

     (a) Notwithstanding the provisions of Section 6.1(a), but subject to any restrictions imposed
by subsections (b) or (c) of Section 6.1, any Shareholder may sell or assign all or any portion of
his or her Shares provided that such Shareholder first offers the Shares to the Company, and the
other Shareholders in accordance with this subsection. Prior to the Transfer of any Shares, by or
for the account of a Shareholder, the Shareholder shall give written notice of the proposed
Transfer to the Company. The notice of proposed Transfer shall set forth the following information,
as applicable: (i) the nature of the proposed Transfer (sale, pledge, etc.); (ii) the identity of
the proposed transferee; (iii) the purchase price to be paid for, or other consideration supporting
the Transfer of, the Shares; (iv) the number of Shares to be Transferred; and (v) the terms of such
Transfer (e.g., cash, credit sale, etc.). The Company, and the remaining Shareholders (subject to
Section 6.1(b) with respect to Class A Shares) shall have the option to redeem or purchase all or
any portion of the Shares to be Transferred at the same price, and under the same terms and
conditions, as set forth in the notice of proposed Transfer; provided, however, that if the
proposed Transfer is not a sale or in the nature of a sale, the Company or the remaining
Shareholders (subject to Section 6.1(b) with respect to Class A Shares) may acquire all or any
portion of the Shares for an amount equal to the price per Share paid by such Shareholder for the
initial issuance of the Shares to be transferred, plus that percentage of any positive retained
earnings or minus that percentage of any negative retained earnings of the Company as of the date
of Transfer (as determined by the certified public accountants regularly retained by the Company to
perform accounting services) commensurate with the percentage of equity of the Company represented
by those Shares. Upon receipt of the notice of proposed Transfer, the Company shall promptly
notify all other Shareholders. The Company shall then have fifteen (15) business days from
receipt of the notice of proposed Transfer to exercise the foregoing option by written notice to
the transferor Shareholder that the Company will acquire the Shares (or stating the number of
Shares that will be acquired by the Company, if the Company elects to acquire only a portion of the
Shares for which a Transfer is proposed) given as provided in Section 8.13. The Company shall have
an additional thirty (30) days from the date of exercise of the option as provided above to redeem
or otherwise acquire the Shares. In the event that the Company may not lawfully redeem or
otherwise acquire the Shares under this option, or the acquisition by the Company would endanger
the Company’s status as a citizen of the United States under Section 2 of the Shipping Act at the
time it receives the notice of proposed Transfer, or the Company elects not to redeem all of the
Shares subject to the option, then the Company shall provide notice to the transferor Shareholder,
and the remaining Shareholders that all or a portion of the Shares remain available to be optioned
by or the remaining Shareholders. The remaining Shareholders (subject to Section 6.1(b) in the
case of Class A Shares) shall have the option to acquire all or any portion of the Shares under the
same terms available to the Company above. The options of the remaining Shareholders shall be
exercised by written notice to the Company and the transferor Shareholder within fifteen (15)
business days after the issuance of the notice of availability to be sent by the Company. The
notice of exercise shall state the number of Shares that the optionee desires to acquire. Should
more than one Shareholder desire to acquire any Shares remaining after the exercise of the

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options in favor of the Company, each such Shareholder may purchase that portion of the Shares
to be Transferred as corresponds to a fraction in which the numerator is the number of Shares then
owned by such Shareholder, and the denominator is the total number of Shares then owned by all of
the Shareholders who desire to purchase the offered Shares. The remaining Shareholders who desire
to purchase any of the Shares proposed to be Transferred shall have an additional thirty (30) days
from the date of exercise of the option as provided above to acquire the optioned Shares. Should
the Company and/or the remaining Shareholders fail to exercise the foregoing options, or should the
Company and/or the remaining Shareholders fail to redeem or purchase all of the Shares within the
periods stated above, any remaining Shares of the transferor Shareholder may be Transferred;
provided, however, that such Transfer must be consummated between the same Persons, for the same
consideration, and under the same terms and conditions as set forth in the notice of proposed
Transfer within fourteen (14) days following the lapse of the foregoing options, or the
restrictions imposed by this subsection shall reattach and such Transfer shall be null and void.

     (b) Any Shareholder may Transfer all or any portion of his Shares to a parent, subsidiary or
affiliate, or to any trust, partnership, limited liability company or other juridical entity,
controlled by or under common control with the Shareholder, provided that such transfer will not
impair the status of the Company as a citizen of the United States under Section 2 of the Shipping
Act.

Section 6.3 Transfer of Shares. To the extent a Transfer is permitted under this Article
VI, the Share or Shares of the Company are transferable only on the books of the Company, by the
holders thereof in person or by their duly authorized attorneys or legal representatives, and in
accordance with this Operating Agreement and the Articles of Organization. Upon such transfer, the
old certificates shall be surrendered to the Secretary, by whom they shall be canceled, and new
certificates shall thereupon be issued. A record shall be made of each transfer by the Secretary
in the share register. Any Transfer shall be made subject to the provisions of this Article VI,
and the restrictions and reservations provided in this Section shall be binding upon the
Transferee. Any further Transfer of the Shares shall be prohibited except upon the compliance with
the requirements of this Article. Following any Transfer, Exhibit A shall be amended as provided
in Section 2.1 as appropriate to reflect such Transfer.

Section 6.4 Prohibited Transfers. Any purported Transfer of any Share or Shares that is
not a Permitted Transfer or otherwise authorized by the consent of a majority of the disinterested
Shareholders shall be null and void and of no force or effect whatever; provided that, if the
Company, in its sole discretion, elects to recognize a Transfer that is not a Permitted Transfer,
the Shares Transferred shall be strictly limited to the transferor’s rights to and distributions as
provided by this Operating Agreement with respect to the transferred Shares, which distributions
may be applied (without limiting any other legal or equitable rights of the Company) to satisfy any
debts, obligations, or liabilities for damages that the transferor or transferee of such Shares may
have to the Company.

     In the case of a Transfer or attempted Transfer of Shares that is not a Permitted Transfer or
otherwise authorized by the consent of a majority of the disinterested Shareholders, the
Shareholders engaging or attempting to engage in such Transfer shall, and do hereby, indemnify,

-19-

 

defend and hold harmless the Company and the other Shareholders from all cost, liability, and
damage that any of such indemnified Persons may incur (including, without limitation, incremental
tax liability and attorneys’ fees and expenses) as a result of such Transfer or attempted Transfer
and efforts to enforce the indemnity granted thereby.

Section 6.5 Rights of Unadmitted Transferees. A Person who acquires one or more Shares in
the Company but who is not already a Shareholder or who is not admitted as a substituted or
additional Shareholder pursuant to Section 6.6 hereof shall be entitled only to distributions with
respect to such Shares, and shall have no right to any information or accounting of the affairs of
the Company, shall not be entitled to inspect the books or records of the Company, and shall not
have any of the rights of a Shareholder under this Operating Agreement or of a member under the
Act. A Person who acquires one or more Shares in the Company but who is not already a Shareholder
or who is not admitted as a substituted Shareholder pursuant to Section 6.6 hereof shall have no
right to Transfer said Shares except in compliance with the provisions of this Article VI.

Section 6.6 Admission of Transferees as Shareholders. Subject to the other provisions of
this Article VI, a transferee of any Shares who is not a Shareholder at the time of the Transfer
may be admitted to the Company as a substituted or additional Shareholder only upon satisfaction of
all of the conditions set forth below in this Section 6.6:

     (a) All of the Shareholders consent to such admission, which consent may be given or withheld
in the sole and absolute discretion of the Shareholders, or the Share or Shares with respect to
which the transferee is being admitted were acquired by means of a Permitted Transfer;

     (b) The transferee becomes a party to this Operating Agreement as a Shareholder and executes
such documents and instruments as the Board of Directors may reasonably request (including, without
limitation, amendments to this Operating Agreement) as may be necessary or appropriate to confirm
such transferee as a Shareholder of the Company and such transferee’s agreement to be bound by the
terms and conditions hereof;

     (c) The transferee agrees to pay or reimburse the Company for all reasonable legal, filing,
and publication costs that the Company incurs in connection with the admission of the transferee as
a Shareholder with respect to the Transferred Share or Shares; and,

     (d) Subject to waiver by the Board of Directors, if the transferee is not an individual of
legal majority, the transferee provides the Company with evidence satisfactory to counsel for the
Company of the authority of the transferee to become a Shareholder and to be bound by the terms and
conditions of this Operating Agreement.

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ARTICLE VII

DISSOLUTION

Section 7.1 Events Causing Dissolution. The Company shall dissolve and commence winding
up its affairs upon the first to occur of the following:

     (a) The unanimous vote or consent of the Shareholders;

     (b) The entry of a decree of judicial dissolution; or

     (c) The decision of the Board of Directors to dissolve and liquidate the Company.

Section 7.2 Winding Up. Upon dissolution, the Company shall continue solely for the
purposes of winding up its affairs in an orderly manner, liquidating its assets, and satisfying the
claims of its creditors and Shareholders, and no Shareholder shall take any action that is
inconsistent with, or not necessary to or appropriate for, the winding up of the Company’s business
and affairs. To the extent not inconsistent with the foregoing, all covenants and obligations in
this Operating Agreement shall continue in full force and effect until such time as all property of
the Company has been distributed pursuant to this Section 7.2 and the Company has been dissolved in
accordance with the Act. The President, or if there is none at the time, the Chairman of the Board
of Directors, shall serve as the liquidator of the Company who shall be responsible for overseeing
the winding up and dissolution of the Company, shall take full account of the Company’s liabilities
and property, shall cause all property of the Company to be liquidated as promptly as is consistent
with obtaining a fair value therefor, and shall cause the proceeds therefrom, to the extent
sufficient therefor, to be applied and distributed to the Shareholders in proportion to the Shares
held by them.

Section 7.3 Distribution of Assets. Upon the winding-up of the affairs of the Company,
all property of the Company shall be distributed in accordance with Sections 7.4 and 7.5 of this
Operating Agreement.

Section 7.4 In-Kind Distributions. In-kind distributions may be made in lieu of asset
sales and the distribution of sales proceeds, at the discretion of the liquidator, and, if made,
shall, to the extent possible, be made on the basis of particular properties being distributed to
particular Shareholders in full ownership. Any property distributed in-kind shall be valued by an
independent appraisal at its fair market value, or as otherwise agreed by all of the Shareholders,
and then treated as though the property were sold at such fair market value as of the time of such
distribution (with a resulting allocation of profits and losses) and the cash proceeds were
distributed.

Section 7.5 Distributions. Each Shareholder shall receive upon liquidation cash or other
assets (both valued at their appraised fair market value, as determined above, net of any
liabilities which encumber them at the time of distribution) in proportion to the number of Shares
held by such Shareholder as of the date of liquidation. Each Share shall be entitled to an equal
liquidating distribution.

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Section 7.6 Rights of Shareholders. Except as otherwise provided in this Agreement: (a)
each Shareholder shall look solely to the assets of the Company for the return of his capital
contribution and shall have no right or power to demand or receive property other than cash from
the Company, and (b) no Shareholder shall have priority over any other Shareholder as to the return
of his subscription price, other distributions or dividends.

ARTICLE VIII

MISCELLANEOUS

Section 8.1 Specific Performance. The parties acknowledge that their obligations
hereunder are unique, and that it would be extremely impracticable to measure the resulting damages
if any party should default in his obligations under this Operating Agreement. Accordingly, in the
event of a failure by a party to perform his obligations hereunder, the non-defaulting parties may,
in addition to any other available rights or remedies, sue for specific performance and, in
connection with any such suit, the parties each expressly waive the defense therein that the
plaintiff has an adequate remedy at law.

Section 8.2 Confidentiality. All Shareholders shall keep confidential all information of
a proprietary nature owned by the Company and shall only disclose such information if required by
law or order of a court of competent jurisdiction.

Section 8.3 Complete Agreement. This Operating Agreement and the Articles constitute the
complete and exclusive agreement among the Shareholders with respect to the subject matter hereof.
This Operating Agreement and the Articles replace and supersede all prior agreements made by and
among the Shareholders or any of them with respect to the subject matter hereof. This Operating
Agreement and the Articles supersede all prior written and oral statements, and no representation,
statement, condition or warranty not contained in this Operating Agreement or the Articles will be
binding on the Shareholders or have any force or effect whatsoever as among the Shareholders.

Section 8.4 Governing Law. This Operating Agreement and the rights of the parties
hereunder will be governed by, interpreted and enforced in accordance with the laws of the State of
Louisiana applicable to agreements to be performed entirely in Louisiana.

Section 8.5 Binding Effect. Subject to the provisions of this Operating Agreement
relating to Transfers, this Operating Agreement shall be binding upon and inure to the benefit of
the Shareholders and their respective distributees, executors, administrators, heirs, legatees,
successors and assigns.

Section 8.6 Terms. Common nouns and pronouns shall be deemed to refer to the masculine,
feminine, neuter, singular and plural, as the identity of the Person or Persons may in the context
require. Any reference to the Code or other statutes or laws shall include all amendments,
modifications or replacements of the specific sections and provisions concerned, whether presently
in effect or hereinafter promulgated.

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Section 8.7 Headings. Headings herein are inserted only for convenience and ease of
reference and are not to be considered in the construction or interpretation of any provision of
this Operating Agreement.

Section 8.8 Severability. If any provision of this Operating Agreement is held to be
illegal, invalid or unenforceable under any present or future laws in effect during the term of
this Operating Agreement, such provision shall be fully severable, and this Operating Agreement
will be construed and enforced as if such illegal, invalid, or unenforceable provision had never
comprised a part of this Operating Agreement, and the remaining provisions of this Operating
Agreement shall remain in full force and effect and will not be affected by the illegal, invalid or
unenforceable provision or by its severance from this Operating Agreement. Furthermore, in lieu of
such illegal, invalid or unenforceable provision, there will be added automatically as a part of
this Operating Agreement a provision as similar in effect to such illegal, invalid or unenforceable
provision as may be possible and be legal, valid, and enforceable.

Section 8.9 Multiple Counterparts. This Operating Agreement may be executed in several
counterparts, each of which will be deemed an original, but all of which when taken together shall
constitute one and the same instrument. However, in making proof thereof, it will be necessary to
produce only one copy hereof signed by the party to be charged.

Section 8.10 Additional Documents and Acts. Each Shareholder agrees to execute and
deliver such additional documents and instruments and to perform such additional acts as may be
necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and
conditions of this Operating Agreement and the transactions contemplated hereby.

Section 8.11 No Third Party Beneficiary. This Operating Agreement is made solely and
specifically among and for the benefit of the parties hereto, and their respective successors and
assigns subject to the express provisions hereof relating to Transfers, and no other Person will
have any rights, interest or claims hereunder or be entitled to any benefits under or on account of
this Operating Agreement as a third party beneficiary or otherwise.

Section 8.12 References to this Operating Agreement. Numbered or lettered articles,
sections and subsections herein contained refer to articles, sections and subsections of this
Operating Agreement, unless otherwise expressly stated.

Section 8.13 Notices. Any notice to be given or to be served upon the Company or any
party hereto in connection with this Operating Agreement must be in writing and will be deemed to
have been given and received when delivered to the address specified by the party to receive the
notice. Such notices will be given to a Shareholder at the address specified in Section 2.1 hereof.
Any Shareholder or the Company may, at any time by giving five (5) days prior written notice to the
other Shareholders and the Company, as applicable, designate any other address in substitution of
the foregoing address to which such notice will be given.

Section 8.14 Amendments. All amendments to this Operating Agreement must be in writing
and signed by those Shareholders necessary to approve such amendment as provided in Section 3.5.

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Section 8.15 Title to Company Property. Legal title to all property of the Company will
be held and conveyed in the name of the Company.

IN WI\ITNESS WHEREOF, the undersigned, being the sole and only Shareholders of the Company, have
executed this Operating Agreement effective as of                           , 2006.

	 	 	 
	SHAREHOLDERS:
	 	 
	 
	 	 
	RIGDON MARINE CORPORATION
	 	 
	 
	 	 
	 
	 	 
	/s/
Larry T. Rigdon

By: Larry T. Rigdon

	 	 
	 
	 	 
	/s/
Lee Jackson

Lee Jackson

	 	 
	 
	 	 
	BOURBON OFFSHORE HOLDINGS SAS
	 	 
	 
	 	 
	/s/
Christian Lefeire

By: Christian Lefeire

	 	 

-24-

 

EXHIBIT A

Class A Shareholders as of

September 1, 2006

	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	Shares	 	Percentage
	Member Name	 	Municipal Address	 	Owned	 	Owned
	Lee Jackson

	 	601 Poydras Street

Suite 2775

New Orleans, LA 70130
	 	 	5,100	 	 	 	51	%
	 
	 	 	 	 	 	 	 	 	 	 
	Rigdon Marine 

Corporation

	 	815 Walker Street

Houston, TX 77001
	 	 	2,450	 	 	 	24.5	%

Class B Shareholders as of

September 1, 2006

	 	 	 	 	 	 	 	 	 	 	 
	BOURBON 

OFFSHORE 

HOLDINGS SAS

	 	6620 Riverside Drive

Metairie, LA 70003
	 	 	2,450	 	 	 	24.5	 

-25-exv10w10

Exhibit 10.10

DELPHIN MARINE LOGISTICS LIMITED

JOINT VENTURE AGREEMENT

TRINIDAD AND TOBAGO

     THIS AGREEMENT is made in triplicate the 29th day of February, 2008 among
MARINERS HAVEN LIMITED, a company duly incorporated under the Companies Act, Chapter 81:01 of the
Laws of the Republic of Trinidad and Tobago, and having a registered office at Level 5 Long
Circular Mall, Nos. 51-53 Long Circular Road, St. James in the City of Port-of-Spain in the Island
of Trinidad, in the Republic of Trinidad and Tobago (hereinafter called “MHL”) of the First Part,
RIGDON MARINE CORPORATION, a corporation incorporated under the laws of the State of Delaware in
the United States of America and having its principal place of business at 815 Walker Street, Suite
1001, Houston, Texas, United States of America (hereinafter called “Rigdon”) of the Second Part,
and DELPHIN MARINE LOGISTICS LIMITED a company incorporated under the laws of the Republic of
Trinidad and Tobago and having its registered office at Level 5 Long Circular Mall, Nos. 51-53 Long
Circular Road, St. James in the City of Port-of-Spain in the Island of Trinidad (hereinafter called
“the Company”) of the Third Part.

WHEREAS:

	A.	 	Rigdon owns and operates platform supply vessels and crewboats which service the offshore oil
industry and has obtained charters for certain of its vessels in Trinidad and Tobago;
	 
	B.	 	MHL is a member of the Home Construction Limited Group of companies (“the HCL Group”) and is
involved in marine operations as well as in the oil and gas industry in Trinidad and Tobago;
	 
	C.	 	The HCL Group and Rigdon recognise that there could be long-term benefits and opportunities
in Trinidad and Tobago, Guyana and Suriname by the formation of a joint venture to engage in
the business of brokering and managing anchor handling tugs, anchor handling towing supply
vessels, offshore supply vessels, platform supply vessels, crew boats, multi-purpose vessels
and other vessels to be utilised in offshore oil and gas exploration and production activities
within the territorial seas and exclusive economic zones of the Republics of Trinidad and
Tobago, Guyana and Suriname.
	 
	D.	 	The Company was incorporated by MHL on the 6th day of July, 2007 to be the corporate entity
through which MHL and Rigdon would carry on the joint venture and MHL and Rigdon propose that
the Company should be used as their joint venture vehicle to engage in the business of
brokering and managing vessels as set out above.
	 
	E.	 	MHL and Rigdon have agreed that they will be the sole shareholders of the Company and that
they will subscribe for shares in the Company on the terms and subject to the conditions
hereinafter contained and have further agreed that their respective rights as shareholders in
the Company shall be regulated by the provisions of this Agreement.

 

 

Delphin Marine Logistics Limited — Joint Venture Agreement 

	F.	 	MHL and Rigdon have also agreed to the management and operation of the Company being
regulated by the Articles and the By-laws of the Company which will be amended in terms of the
agreed draft Articles of Amendment and agreed draft Revised By-Laws annexed hereto in Schedule
1 and 2 respectively and the Company has agreed with MHL and Rigdon to comply with all matters
herein contained and in the Articles and By-laws to be amended as aforesaid as relate to the
Company.

NOW THEREFORE THIS AGREEMENT WITNESSES that in consideration of the respective covenants and
agreements of the Parties contained herein and for other good and valuable consideration (the
receipt and sufficiency of which are hereby acknowledged by each of the Parties) it is hereby
agreed and declared as follows:

	1.	 	INTERPRETATION
	 
	1.1	 	In this Agreement including the Recitals and the Schedules hereto the following words and
expressions shall have the following meanings:
	 
	 	 	“Accounting Procedure” means the accounting principles and policies as adopted by the
Company by resolution of the Directors as a Reserved Matter;
	 
	 	 	“‘A’ Directors” means the directors (including alternative directors) of the Company from
time to time elected by the ‘A’ Shareholder(s);
	 
	 	 	“Annual Operating Plan” means the Annual Operating Plan described in Clause 7.2 hereof
adopted by the Shareholders as a Special Reserved Matter;
	 
	 	 	“Articles” means the Articles of Incorporation of the Company as amended by the Articles of
Amendment in the form annexed in the Schedule 1 hereto and which may be amended from time
to time;
	 
	 	 	“‘A’ Shareholder” means MHL or another Person from time to time registered as the holder of
‘A’ Shares in accordance with this Agreement and the Articles;
	 
	 	 	“Auditors” means initially PriceWaterhouseCoopers Limited of 11-13 Victoria Avenue, Port of
Spain or such other firm of international chartered accountants practising in Trinidad and
Tobago as shall be appointed auditors of the Company in accordance with the Articles;
	 
	 	 	“‘B’ Directors” means the directors (including alternative directors) of the Company from
time to time elected by the ‘B’ Shareholder(s);
	 
	 	 	“Board” means the board of Directors for the time being of the Company or any duly
appointed committee thereof;
	 
	 	 	“‘B’ Shareholder” means Rigdon or another Person from time to time registered as the holder
of ‘B’ Shares in accordance with this Agreement and the Articles;
	 
	 	 	“Business” means the business intended to be carried on by the Company as described in
Clause 2.1 and such other business as the Shareholders may resolve by unanimous resolution
provide shall be carried on by the Company;

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Delphin Marine Logistics Limited — Joint Venture Agreement 

	 	 	“By-Laws” means the revised By-Laws of the Company to be adopted in the form of the
attached hereto in Schedule 2 and which may be amended from time to time;
	 
	 	 	“Change of Control” when applied to any Shareholder shall be deemed to have occurred if
any Person who Controls such Shareholder at the date of execution of this Agreement (or the
date such Shareholder becomes bound by the terms of this Agreement, if later) subsequently
ceases to Control it or if any Person subsequently acquires Control of it (and for either
purpose a Change of Control shall occur upon the death or bankruptcy of a Person who
Controls such Shareholder); provided, however, that a Change of Control shall not be deemed
to occur in respect of any transfer of the shares in or acquisition of the relevant
Shareholder by another member of its Group so that such Shareholder remains a member of its
Group;
	 
	 	 	“Commencement Date” means the date when each of the obligations of the Parties set forth in
Sub-Clause 2.6 have been satisfied, but in no event shall the Commencement Date be later
than the 31st day of March, 2008 unless such date is extended in writing by the
Parties hereto;
	 
	 	 	“the Companies Act” means the Companies Act Chap. 81:01 of the laws of Trinidad and Tobago
as amended or re-enacted from time to time and the regulations made thereunder from time to
time;
	 
	 	 	“Control” means (i) the ownership or control (directly or indirectly through companies or
otherwise) of more than fifty percent (50%) of the voting share capital of the relevant
undertaking, or (ii) the ability to direct the casting of more than fifty percent (50%) of
the votes exercisable at general meetings of the relevant undertaking on all, or
substantially all, matters;
	 
	 	 	“Directors” means both the ‘A’ Directors and the ‘B’ Directors and their alternative
Directors, or prior to the issue of Shares, the Directors named in Form 8 filed for the
incorporation of the Company or elected by the incorporator of the Company.
	 
	 	 	“Eligible Transferee”

	 	(a)	 	means, in respect of any particular corporate Shareholder:

	 	(i)	 	a company of which such Shareholder is the sole registered
and beneficial shareholder; or
	 
	 	(ii)	 	any Person who is a parent or holding company of such
Shareholder; or
	 
	 	(iii)	 	a company which is otherwise an Affiliate of such
shareholder.

	 	(b)	 	includes, in respect of Rigdon only, Bourbon SAS, a société par actions
simplifiée incorporated under the laws of France and having a registered office at
Marseille, France.

Page 3

 

Delphin Marine Logistics Limited — Joint Venture Agreement 

	 	 	“Equity Proportions” means the respective proportions in which the total issued common shares of the Company are held from time to time by the “A” Shareholder(s) and the “B”
Shareholder(s) (initially being, in the case of the “A” Shareholder 51% and, in the case of
the “B” Shareholder, 49%);
	 
	 	 	“Financial Year” means each accounting reference period of the Company ending on the
31st day of March in every year;
	 
	 	 	“Group” means, in relation to a Shareholder, that company and its parent, holding company,
subsidiaries and other Affiliates for the time being;
	 
	 	 	“Guarantee” means any guarantee, indemnity or other contingent liability (other than any
endorsement for collection or deposit in the ordinary course of business), direct or
indirect, by a Person with respect to any obligations of another Person, through a contract
or otherwise;
	 
	 	 	“Long Term Business Plan” means the long term business plan for the Company described in
Clause 7.1 which the Shareholders have agreed to adopt as a Special Reserved Matter which
plan may be amended or restated from time to time pursuant to the unanimous consent of the
Shareholders as a Special Reserved Matter;
	 
	 	 	“Parties” means MHL, Rigdon and the Company (and “Party” shall be construed accordingly);
	 
	 	 	“Person” means any corporation, partnership, joint venture, firm, organisation, company,
trust, entity or natural person.
	 
	 	 	“Regulatory Action” means any order of a court of competent jurisdiction or any order,
decision or conclusive view made, given or expressed by a competent supranational,
governmental or regulatory authority or agency or an enactment of a legislative body which
would materially prohibit or restrict the investment of MHL or Rigdon in the Company, the
payment of dividends, net profits and other sums by the Company to the Shareholders, or the
management of the Company and carrying on of the Business as contemplated by the Articles
and/or the By-laws.
	 
	 	 	“Regulatory Approvals” means any necessary approvals required by any competent
supranational, governmental or regulatory agencies or authorities;
	 
	 	 	“Reserved Matters” means the matters so defined in paragraph 5 of the Fifth Schedule of the
Articles;
	 
	 	 	“Shareholder” means an ‘A’ Shareholder or a ‘B’ Shareholder or prior to the issue of
Shares, the incorporator of the Company;
	 
	 	 	“Shareholders” means both the ‘A’ Shareholder(s) and the ‘B’ Shareholder(s) or prior to the
issue of Shares, the incorporator of the Company;
	 
	 	 	“Shares” means the ‘A’ common shares and the ‘B’ common shares of the Company and subject
to the provisions of the Articles any shares issued in exchange therefor

Page 4

 

Delphin Marine Logistics Limited — Joint Venture Agreement 

	 	 	by way of conversion or reclassification and any shares representing or deriving from such shares as a result of any increase in or reorganisation or variation of the capital of the
Company;
	 
	 	 	“Special Reserved Matters” means the matters so defined in paragraph 6 of the Fifth
Schedule of the Articles;
	 
	 	 	“Third Party” means any Person who is not a Party to this Agreement;
	 
	 	 	“Vessel Management Agreement” means the vessel management contract to be made between
Rigdon Marine Corporation and the Company in the form annexed as Schedule 3 as the same may
be amended by the parties thereto and for the time being in force.
	 
	 	 	and the expressions “Affiliate”, “Officer”, “Subsidiary” and “Special Resolution” and
other expressions shall bear the same meanings as in the Companies Act PROVIDED THAT for
the purposes of this Agreement neither the Company nor any Affiliate of the Company shall
be regarded as an Affiliate of Rigdon or MHL.
	 
	1.2	 	Unless the context otherwise requires, any reference to a statutory provision shall include
such provision as from time to time modified or re-enacted or consolidated so far as such
modification or re-enactment or consolidation applies or is capable of applying to any
transactions entered into hereunder.
	 
	1.3	 	References to Recitals, Clauses, Paragraphs and Schedules are to recitals, clauses,
paragraphs and schedules of this Agreement.
	 
	1.4	 	Any reference in this Agreement to “dollars” or “$” shall mean Trinidad and Tobago Dollars
and any reference to an amount in Trinidad and Tobago Dollars shall include the equivalent
amount at the relevant time in any other currency or combination of currencies.
	 
	1.5	 	The headings are for convenience only and shall not affect the interpretation hereof.
	 
	1.6	 	Unless the context otherwise requires, words importing the singular only shall include the
plural and vice versa and references to natural persons shall include bodies corporate.
	 
	1.7	 	Where any obligation pursuant to this Agreement is expressed to be undertaken or assumed by
any Shareholder, such obligation shall be construed as requiring the Shareholder concerned to
exercise all rights and powers of control over the affairs of the Company or any other Person
which that Shareholder is able to exercise (whether directly or indirectly) in order to secure
performance of that obligation.
	 
	1.8	 	The following Schedules are attached to and incorporated in this Agreement by reference and
are deemed to be a part hereof:
	 
	 	 	Schedule 1                     Articles of Amendment of the Company;
	 
	 	 	Schedule 2                     By-Laws of the Company

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Delphin Marine Logistics Limited — Joint Venture Agreement 

	 	 	Schedule 3                    Vessel Management Agreement
	 
	2.	 	OBJECTS OF THE COMPANY/CONDITIONS PRECEDENT TO COMMENCEMENT OF BUSINESS
	 
	2.1	 	Business

	 	(a)	 	The Business of the Company shall be brokering and managing anchor handling
tugs, anchor handling towing supply vessels, offshore supply vessels, platform supply
vessels, crew boats, multi-purpose vessels and other vessels to be utilised in
offshore oil and gas exploration and production activities within the territorial
areas and exclusive economic zones of the Republics of Trinidad and Tobago, Guyana and
Suriname, and shall include the supply of local crews, procuring supplies and
performing accounting and other administrative services under the terms of the Vessel
Management Agreement.
	 
	 	(b)	 	Unless otherwise agreed by the Shareholders as a Special Reserved Matter,
during the term of this Agreement the Company will manage only vessels owned and/or
operated by Rigdon.

	2.2	 	No Activity Prior to Commencement Date
	 
	 	 	The Parties shall procure that, prior to the Commencement Date and
save as may be required for the Company to pursue the fulfilment of
the conditions in Clause 2.3, the Company shall not carry on any
business and shall have no assets or liabilities of any nature
whatsoever.
	 
	2.3	 	 Conditions precedent to the Commencement of Business
	 
	 	 	The obligations of MHL and Rigdon to acquire their respective ‘A’ and
‘B’ Shares, pay the consideration therefor to the Company, for Rigdon
to enter into the Vessel Management Agreement with the Company, as
well as the commencement of Business by the Company shall all be
conditional upon and subject to each of the following conditions
having been satisfied (or waived) by Rigdon and MHL:

	 	(a)	 	the representations and warranties of each of MHL and Rigdon set forth in
Clause 14.6 of this Agreement shall be true and correct in all respects as at the date
of this Agreement and as at the Commencement Date and each such Party shall have
performed all obligations and fulfilled all covenants and agreements which are
required to be performed and fulfilled by such Party prior to the Commencement Date;
	 
	 	(b)	 	no action, suit or proceeding shall have been instituted, or to the knowledge
of MHL or Rigdon, threatened contesting the validity or legality of the incorporation
of the Company and the transactions contemplated by this Agreement;

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Delphin Marine Logistics Limited — Joint Venture Agreement 

	 	(c)	 	there shall be no outstanding Regulatory Approvals required for the
commencement of Business by the Company; and
	 
	 	(d)	 	no material Regulatory Action (or action, proceeding or proposal which if
successfully pursued by the Person initiating the same will result in a Regulatory
Action) having been taken which has not been revoked, annulled, withdrawn,
discontinued, abandoned, repealed or discharged or otherwise ceased to have effect.

	2.4	 	Reasonable endeavours to fulfil conditions precedent
	 
	 	 	MHL, Rigdon and the Company shall use all reasonable endeavours to
procure (so far as it lies within their respective powers so to do)
that each of the conditions precedent set out in Clause 2.3 (to the
extent that such conditions are not waived) are fulfilled as soon as
possible.
	 
	2.5	 	
Non-fulfilment of conditions precedent
	 
	 	 	
If any of the conditions precedents set out in Clause 2.3 have not
been fulfilled (or waived) by the Commencement Date, this Agreement
shall, unless Rigdon and MHL otherwise agree, thereupon automatically
terminate.
	 
	2.6	 	Commencement of Business
	 
	 	 	Subject to the fulfilment or waiver of all the conditions precedent
referred to in Clause 2.3, and to the satisfaction of all regulatory
requirements, the Company shall commence Business when each of the
events set out below has taken place (which date shall be the
Commencement Date):

	 	(a)	 	MHL has subscribed and paid for, and the Company has issued to MHL, all
510,000 ‘A’ Shares for the consideration stated in Clauses 3.2 and 3.4 below;
	 
	 	(b)	 	Rigdon has subscribed and paid for, and the Company has issued to Rigdon, all
490,000 ‘B’ Shares for the consideration stated in Clauses 3.3 and 3.4 below;
	 
	 	(c)	 	the Company and Rigdon have entered into the Vessel Management Agreement;
	 
	 	(d)	 	MHL and Rigdon have procured that the Company has allotted and issued all of
the 510,000 “A” Shares to MHL and all of the 490,000 “B” Shares to Rigdon, and that
the names of MHL and Rigdon are entered in the Register of Members of the Company as
the respective holders of such Shares subscribed for and paid in full by them and that
Share Certificates have been issued to MHL and Rigdon respectively in respect of such
Shares.

Page 7

 

Delphin Marine Logistics Limited — Joint Venture Agreement 

	2.7	 	Termination prior to Commencement Date
	 
	 	 	This Agreement may be terminated at any time prior to the Commencement Date:

	 	(a)	 	by mutual written consent of MHL and Rigdon;
	 
	 	(b)	 	by either MHL or Rigdon if the Commencement Date has not occurred prior to
March 31, 2008, or such later date as MHL and Rigdon shall agree in writing;
	 
	 	(c)	 	by either MHL or Rigdon if the other of them shall have failed, or be unable,
to comply with any of its obligations under this Agreement;
	 
	 	(d)	 	by either MHL or Rigdon if there shall have occurred any event, development
or circumstance after the date hereof and prior to the Commencement Date which
materially and adversely affects the proposed Business, or upon the ability of either
MHL or Rigdon or the Company to realise the benefits currently anticipated to result
from such Business; or
	 
	 	(e)	 	by either MHL and Rigdon if prior to the Commencement Date there shall have
been a material breach by either of such Parties of any representation or warranty
contained in this Agreement and such breach remains uncured for more than twenty (20)
days following written notice of such breach by such Party to the other Party.

	2.8	 	In the event that this Agreement is terminated prior to the Commencement Date under Clause
2.7 hereof or terminated pursuant to Clause 2.5, the following consequences shall in each such
case apply:

	 	(a)	 	MHL and Rigdon shall procure the Company to convene a special meeting to pass
a Special Resolution to wind up the Company as a Members’ Voluntary Winding Up and
take all necessary steps and procure their Directors to take all necessary steps to
wind up and dissolve the Company;
	 
	 	(b)	 	MHL and Rigdon shall pay all fees, costs, and expenses associated with the
incorporation and winding up and subsequent dissolution of the Company which costs
shall be shared between MHL and Rigdon in the same proportions as the Equity
Proportions; and
	 
	 	(c)	 	this Agreement shall become void and there shall be no liability or further
obligation of either Rigdon, MHL or the Company, except for continuing obligations
under Clause 8 (Confidentiality) and the relevant provisions of Clause 15 to enforce
such of the above obligations or the obligations which otherwise apply to the Parties
hereto and that nothing herein contained shall relieve any Party from any liability
for any prior breach of or outstanding obligations under this Agreement.

	2.9	 	Principal Business Office

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Delphin Marine Logistics Limited — Joint Venture Agreement 

	 	 	The registered office and principal place of business of the Company
shall be initially located at Level 5 Long Circular Mall, Nos. 51-53
Long Circular Road, St. James in the City of Port-of-Spain in the
Island of Trinidad thereafter at such other place selected from time
to time by the Directors as a Reserved Matter.
	 
	2.10	 	Commercial Principles
	 
	 	 	The Business shall be conducted in the best interests of the Company in accordance with the
general principles of the Long Term Business Plan as amended from time to time by the
Shareholders as a Special Reserved Matter and on sound commercial profit making principles.
	 
	3.	 	Capital and Further Finance
	 
	3.1	 	Initial Capital
	 
	 	 	All the initial authorised share capital of the Company consisting of 510,000 ‘A’ Shares
and 490,000 ‘B’ Shares shall forthwith be subscribed for by MHL as to all the ‘A’ Shares
and by Rigdon as to all the ‘B’ Shares as herein provided.
	 
	3.2	 	MHL shall subscribe and pay for and the Company shall issue to MHL, all the 510,000 ‘A’
Shares in consideration of the sum of US $102,000.00paid in cash.
	 
	3.3	 	Rigdon shall subscribe and pay for and the Company shall issue to Rigdon 490,000 ‘B’ Shares
in consideration of the sum of US $98,000.00 paid in cash.
	 
	3.4	 	Such cash contributions to be made by the Parties to the capital of the Company shall be made
by bank draft payable to the Company or by wire transfer or other mutually acceptable means in
US Dollars to the Company’s account with its bankers in Trinidad and Tobago.
	 
	3.6	 	The issued share capital of the Company may from time to time be increased by such sum as
shall be determined by the Shareholders as a Special Reserved Matter in accordance with the
Articles but so that (unless the Shareholders determine otherwise as a Special Reserved
Matter) shares shall only be issued to MHL as the holder of the ‘A’ Shares and to Rigdon as
the holder of the ‘B’ Shares in the Equity Proportions.
	 
	3.8.	 	Non-Equity Financing.

	 	(a)	 	The Company shall secure non-equity financing as is required to operate the
Company in the ordinary course of business (working capital) in amounts not exceeding
the maximum borrowing limits set forth in its current Annual Operating Plan and/or the
Articles;
	 
	 	(b)	 	The Company shall endeavour to obtain on its own behalf such non-equity
financing from Third Parties, on such terms and conditions as do not require any
Guarantees from the Shareholders;

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Delphin Marine Logistics Limited — Joint Venture Agreement 

	3.9	 	It is the intention of the Parties that the Company should be self-financing and should
obtain additional funds from Third Parties without recourse to its Shareholders. Neither
Shareholder shall be obliged to contribute further funds or participate for the benefit of the
Company in any Guarantee or similar undertaking.
	 
	3.10	 	If the Board considers at any time that further finance is required for the Business, the
Board will consider whether or not to approach the Company’s bankers or other financial
institutions or, in appropriate circumstances, to seek such further finance from the
Shareholders. The Shareholders will not be obliged to provide any such further finance unless
both Shareholders agree as to the amount and method by which such finance is to be provided.
Unless otherwise agreed, any further contribution of finance to the Company (whether by way of
subscription for Shares, stock or debentures or by way of loan or otherwise) shall be made by
each of the Shareholders in the Equity Proportions at the same time and on the same terms.
	 
	3.11	 	Neither Shareholder shall be obliged to participate for the benefit of the Company in any
Guarantee, bond or financing arrangement with any bank or financial institution, whether as a
guarantor or in any other capacity whatsoever. If and to the extent that the Shareholders
agree to participate in any such Guarantee, bond or financing arrangement then, unless the
Shareholders otherwise agree, any liability or obligation to be assumed by them in relation to
any such guarantee, bond or financing arrangement shall be borne in their Equity Proportions.
Any such liability or obligation shall, unless otherwise agreed, be several and not joint or
joint and several and, in the event that a Shareholder suffers any loss or damage resulting
therefrom, that Shareholder shall be entitled to a contribution from the other Shareholder to
ensure that the aggregate liability of the Shareholders is borne by MHL and Rigdon in their
Equity Proportions.
	 
	4.	 	MANAGEMENT AND STAFF
	 
	4.1	 	Subject to the Articles and to Clauses 4.2 and 4.3 hereof, the Board shall exercise the
powers of the Company directly or indirectly through the employees and agents of the Company
and shall direct the management of the Business and affairs of the Company.
	 
	4.2	 	Subject to Clause 4.3 hereof, the Board as a Reserved Matter may designate Officers and
Managers of the Company and specify their duties and delegate to them powers to manage the
Business and affairs of the Company as contemplated in the Companies Act. The Company shall
recruit, employ, dismiss and replace such staff as may be considered necessary for the proper
conduct of the Business.
	 
	4.3	 	There shall be:

	 	(a)	 	a General Manager of the Company nominated by MHL and appointed by the Board,
on the direction of MHL, as a Reserved Matter whose responsibilities,

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Delphin Marine Logistics Limited — Joint Venture Agreement 

	 	 	 	subject to the responsibilities of the Director of Operations, shall include the
following:

	 	(i)	 	Providing overall management of the Company;
	 
	 	(ii)	 	Ensuring compliance by the Company with all applicable laws;
	 
	 	(iii)	 	Marketing the Company within Trinidad and Tobago, Guyana and
Suriname;
	 
	 	(iv)	 	Arranging the recruitment and employment of properly
certified and experienced local crews as provided in the Vessel Management
Agreement;
	 
	 	(v)	 	Promoting favourable governmental and community relations;
	 
	 	(vi)	 	Developing, in conjunction with the Director of Operations
and the Board, the Long Term Business Plan and Annual Operating Plan for the
Company; and
	 
	 	(vii)	 	Ensuring that the Company adheres to the Accounting
Procedure.

	 	(b)	 	a Director of Operations of the Company nominated by Rigdon and appointed by
the Board, on the direction of Rigdon, as a Reserved Matter, whose responsibilities,
subject to the responsibilities of the General Manager, shall include the following:

	 	(i)	 	Providing for the technical aspects of the management of
vessels managed by the Company:
	 
	 	(ii)	 	Training of local crews regarding the operation of the vessels managed by the
Company;
	 
	 	(iii)	 	Marketing the Company, both locally and internationally,
with respect to its ship management business in Trinidad and Tobago; and
	 
	 	(iv)	 	Developing, in conjunction with the General Manager and the
Board, the Long Term Business Plan and Annual Operating Plan for the Company.

	5.	 	DIRECTORS AND MANAGEMENT
	 
	5.1	 	Quorum
	 
	 	 	The quorum for the transaction of business at any meeting of the Board
shall be at least two (2) ‘A’ Directors and at least two (2) ‘B’
Directors present at the time when the relevant business is
transacted, except that the quorum for the transaction of business
which constitutes a Reserved Matter shall be at least two (2) ‘A’
Directors

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Delphin Marine Logistics Limited — Joint Venture Agreement 

	 	 	and three (3) ‘B’ Directors present at the time when the relevant business is
transacted. A Director shall be regarded as present for the purposes of a
quorum if represented by an alternative Director in accordance with Clause 5.3
or by telephone participation in accordance with Clause 5.5.
	 
	5.2	 	Notice and Agenda
	 
	 	 	Unless otherwise agreed, the Parties shall procure
that meetings of the Board are convened and held at
least twice a year at a location determined by the
Board. At least fourteen (14) days’ written notice
shall be given to each of the members of the Board of
any meeting of the Board, provided always that a
shorter period of notice may be given with the
written approval of at least one (1) ‘A’ Director (or
his alternative Director) and at least one (1) ‘B’
Director (or his alternative Director). Any such
notice shall contain, inter alia, an agenda
identifying in reasonable detail the matters to be
discussed at the meeting and shall be accompanied by
copies of any relevant papers to be discussed at the
meeting. Any matter which is to be submitted to the
Board for a decision which is not identified in
reasonable detail as aforesaid shall not be decided
upon, unless otherwise agreed by all of the members
of the Board.
	 
	5.3	 	Board Voting
	 
	 	 	Save and except for Reserved Matters, matters for
decision by the Board shall be decided by simple
majority vote. Each Director shall have one (1) vote
and the Chairman shall not have a second or casting
vote. Any Director who is absent from any meeting
may request his alternative Director to act and vote
in his place at the meeting. Reserved Matters shall
be decided by a majority of no less than five (5) Directors (of which at least threes(3) Directors
shall be ‘B’ Directors or their alternative
Directors) who shall all sign the minutes of the
relevant meeting or the relevant written resolution
for a decision to be taken by the Company on a
Reserved Matter.
	 
	5.4	 	Resolution in Writing
	 
	 	 	A resolution in writing signed by all the Directors
or their alternative Directors entitled to vote on
that resolution at a meeting of the Directors or any
committee of the Directors is valid as if it had been
passed at a meeting of the Directors or any committee
of the Directors.
	 
	5.5	 	Telephone Participation at Directors’ Meetings
	 
	 	 	A Director (or an alternative Director) may, in
accordance with the By-Laws participate in any
meeting of Directors or any committee of Directors by
means of such telephone or other communication
facilities as permit all Persons participating in the
meeting to hear each other and a Director
participating in such a meeting by such means is
deemed to be present at that meeting.
	 
	5.6	 	Reserved Matters

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	 	 	The Articles shall provide that the Company shall
not undertake any of the Reserved Matters unless
approved by a resolution of the Directors passed by
the majority provided for in Clause 5.3 hereof.
	 
	5.7	 	Special Reserved Matters
	 
	 	 	The Articles shall also provide that the Company
shall not undertake any of the Special Reserved
Matters without the unanimous resolution of all
Shareholders as provided in the Articles.
	 
	5.8	 	Provision of Articles to Third Parties
	 
	 	 	Where the Company, in undertaking any Reserved
Matters or Special Reserved Matters, is required to
contract with a third party, the Company shall
provide that third party with a copy of the Articles
before entering into any contract with that third
party.
	 
	5.9	 	Certificates from the Company
	 
	 	 	A certificate from the Company certifying that
Reserved Matters and/or Special Reserved Matters have
been authorised in accordance with the requirements
of the Articles shall be signed by at least one (1)
“A” Director and one (1) “B” Director.
	 
	6	 	MEETINGS AND ACTION OF THE SHAREHOLDERS OF THE COMPANY
	 
	6.1	 	Meetings of the Shareholders

	 	(a)	 	General and special meetings of the Shareholders of the Company shall take
place in accordance with the applicable provisions of the Articles and the By-Laws on
the basis (inter alia) that:

	 	(i)	 	a quorum shall, after the issue of Shares, be one (1) duly
authorised representative of the ‘A’ Shareholder and one (1) duly authorised
representative of the ‘B’ Shareholder and prior to the issue of Shares a
quorum shall consist of the incorporator of the Company;
	 
	 	(ii)	 	the notice of meeting shall (unless otherwise agreed by each
of the Shareholders ) set out an agenda identifying in reasonable detail the
matters to be discussed; and
	 
	 	(iii)	 	the chairman of any such meeting shall not have a second or
casting vote.

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	 	(b)	 	After the issue of Shares, special meetings of the ‘A’ Shareholder(s) or the
‘B’ Shareholder(s) of the Company shall take place in accordance with the applicable
provision in the Articles and the By-Laws on the basis (inter alia) that:

	 	(i)	 	a quorum shall be the duly authorised representative of a
majority of the relevant class of Shares;
	 
	 	(ii)	 	if there is only one ‘A’ Shareholder or one ‘B’ Shareholder,
the resolutions of each such class of Shareholders shall be determined by
resolution in writing signed by such sole ‘A’ Shareholder or ‘B’ Shareholder
as provided in Clause 6.2 hereof.

	6.2	 	Resolution in writing of Shareholders.
	 
	 	 	Subject to the provisions of Section 132 of the Companies Act, a resolution in writing
signed by all the Shareholders (either of the Company or of any class of Shares in the
Company) entitled to vote on such resolution at a meeting of Shareholders or of a class of
Shareholders, as the case may be, shall be as valid as if it had been passed at a meeting
of all the Shareholders or of the Shareholders of any class of Shareholders, as the case
may be.
	 
	7.	 	OPERATION OF THE COMPANY
	 
	7.1	 	Long Term Business Plan

	 	(a)	 	The Shareholders, by unanimous resolution as a Special Reserved Matter of
even date as this Agreement, have determined an initial Long Term Business Plan for
the Company;
	 
	 	(b)	 	The Company shall operate within the guidelines set forth in its Long Term
Business Plan, as amended from time to time by the Shareholders as a Special Reserved
Matter, and MHL and Rigdon shall use commercially reasonable efforts, and shall
co-operate with each other and the Company, to assist the Company to achieve the
targets set forth in its Long Term Business Plan.

	7.2	 	Annual Operating Plan
	 
	 	 	The Company shall prepare a draft Annual Operating Plan based upon the
targets set forth in its Long-Term Business Plan (which Annual
Operating Plan shall include an annual operating and capital
expenditure budget for the Company). The Annual Operating Plan shall
be submitted to the Shareholders for approval as a Special Reserved
Matter as provided in the Articles before the start of each Financial
Year.
	 
	7.3	 	In the event that an Annual Operating Plan for a Financial Year is not approved by the
Shareholders as a Special Reserved Matter within thirty (30) days of the commencement of such
Financial Year, the existing Annual Operating Plan shall

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	 	 	remain in full force and effect and the Company shall be
managed and the Business operated in a manner consistent
with such Annual Operating Plan until a new Annual
Operating Plan is properly approved by the Shareholders as
a Special Reserved Matter.
	 
	7.4.	 	MHL and Rigdon shall procure that:

	 	7.4.1	 	the Company shall at all times maintain accurate and complete accounting and
other financial records in accordance with the requirements of all applicable laws and
the Accounting Procedure;
	 
	 	7.4.2	 	monthly management accounts containing such information as either MHL or
Rigdon shall reasonably require shall be prepared and dispatched by the Company to
such Shareholders within thirty (30) days after the end of the month in question;
	 
	 	7.4.3	 	Upon seven days prior notice to the secretary of the Company, and subject to
the Act, each of the Shareholders and its respective authorised representatives shall
be allowed access at all reasonable times to examine the books and records of the
Company at the registered address of the Company or at such other location where such
books and records are maintained.

	7.5	 	It is the intention of the Parties that the Company shall, subject to the Companies Act,
distribute in each Financial Year by way of dividend fifty percent (50%) (or such other
percentage as the Directors as a Reserved Matter may from time to time declare) of the sum of
(a) the profit (after taxation and extraordinary items) of the Company for that Financial Year
and (b) Retained Earnings (in each case as shown in the Financial Statements of the Company
and available for distribution in accordance with the Companies Act); subject always to
appropriation of such reasonable and proper reserves required for the purposes of the Annual
Operating Plan or otherwise as the Directors may determine as a Reserved Matter.
	 
	7.6	 	Performance Quality
	 
	 	 	The Parties hereto agree that all services performed by the Company
for Rigdon under the Vessel Management Agreement shall be of a
professional quality consistent with the highest international
industry standards for the provision of similar services and in
compliance with the requirements of the Vessel Management Agreement.
	 
	8.	 	CONFIDENTIALITY
	 
	8.1	 	Confidentiality Obligation
	 
	 	 	Each Party undertakes with each other Party that it shall at all times
use its best endeavours to keep confidential (and to ensure that its
officers, employees, agents and professional and other advisers keep
confidential) any information:

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	 	(a)	 	which it may have or acquire (whether before or after the date of this
Agreement) in relation to the customers, business, assets or affairs of the Company
(including, without limitation, any information provided pursuant to Clause 7);
	 
	 	(b)	 	which, in consequence of the negotiations relating to this Agreement or of
being a Shareholder in the Company or through Directors elected by it on the Board or
the exercise of its rights or performance of its obligations under this Agreement, it
may have or acquire (whether before or after the date of this Agreement) in relation
to the customers, business, assets or affairs of Rigdon (if the Party is MHL) or MHL
(if the Party is Rigdon); or
	 
	 	(c)	 	which relates to the contents of this Agreement (or any agreement or
arrangement entered into pursuant to this Agreement).

	 	 	Neither Shareholder nor the Company shall use for its own business purposes or disclose to
any Third Party any such information (collectively “Confidential Information”) without the
consent of the other Parties.
	 
	8.2	 	Exceptions from Confidentiality Obligation
	 
	 	 	The obligation of confidentiality under Clause 8.1 shall not apply to:

	 	(a)	 	information which is independently developed by the relevant Party or its
Affiliates or acquired from a Third Party to the extent that it is acquired with the
right to disclose the same (and other than as a result of a breach of this Clause 8);
	 
	 	(b)	 	the disclosure of information to the extent required to be disclosed by law,
any stock exchange, regulation or securities commission or any binding judgment,
order or requirement of any court or other competent authority in any jurisdiction;
	 
	 	(c)	 	the disclosure of information to any tax authority to the extent reasonably
required for the purposes of the tax affairs of the Party concerned in any
jurisdiction;
	 
	 	(d)	 	the disclosure (subject to Clause 8.3) in confidence to a Party’s
professional advisers of information reasonably required to be disclosed for a purpose
reasonably incidental to this Agreement; or
	 
	 	(e)	 	information which becomes within the public domain (otherwise than as a
result of a breach of this Clause 8).

	8.3	 	Employees, Agents and Advisers
	 
	 	 	Each Party shall inform any officer, employee or agent or any
professional or other adviser advising it in relation to the matters
referred to in this Agreement, or to whom

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	 	 	it provides Confidential Information, that such information is confidential and shall
instruct them:

	 	(a)	 	to keep it confidential; and
	 
	 	(b)	 	not to disclose it to any Third Party (other than those Persons to whom it
has already been disclosed in accordance with the terms of this Agreement).

	 	 	The disclosing Party shall remain responsible for any breach of this
Clause 8.3 by the Person to whom it is disclosed.
	 
	8.4	 	Return of Confidential Information
	 
		 	
Upon termination of this Agreement, either Shareholder may demand from
the other Shareholder and/or from the Company the return of such
Shareholder’s Confidential Information by notice in writing; whereupon
each of the other Parties shall (and shall ensure that its officers,
employees, agents and advisers shall):

	 	(a)	 	return all documents containing Confidential Information which have been
provided by or on behalf of the Party demanding the return of Confidential
Information; and
	 
	 	(b)	 	destroy any copies of such documents and any document or other record
reproducing, containing or made from or with reference to the Confidential
Information,

	 	 	(save, in each case, for any submission to or filings with governmental, tax or Regulatory Authorities in any
jurisdiction). Such return or destruction shall take place as soon as practicable after the
receipt of any such notice.
	 
	8.5	 	
 Survival After Termination
	 
		 	

The provisions of this Clause 8 shall survive any termination of this Agreement.
	 
	9.	 	PROMOTION OF COMPANY’S BUSINESS AND EXERCISE OF VOTING RIGHTS
	 
	9.1	 	Each of the Parties to this Agreement covenants to use its best endeavours to promote and
develop the Business to the best advantage of the Company.
	 
	9.2	 	Each of MHL and Rigdon shall:

	 	9.2.1	 	exercise all voting rights and powers available to it in relation to the
Company so as to give full effect to the terms of this Agreement, the Long Term
Business Plan, the relevant Annual Operating Plan or any other agreement or
arrangement entered into pursuant to this Agreement;

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	 	9.2.2	 	use its best endeavours to procure that the Directors elected by it support
and implement all reasonable proposals put forward at Board and other meetings of the
Company for the proper development and conduct of the Business as contemplated in this
Agreement, the Long Term Business Plan, the Annual Operating Plan and any other
agreement or arrangement entered into pursuant to this Agreement;
	 
	 	9.2.3	 	procure that all Third Parties directly or indirectly under its control
refrain from acting in a manner which hinders or prevents the Company from carrying on
the Business in a proper and reasonable manner in accordance with the terms of the
Long Term Business Plan and the Annual Operating Plan;
	 
	 	9.2.4	 	act in good faith and reasonably in its business dealings with the Company;
and
	 
	 	9.2.5	 	generally use its best endeavours to promote the Business and the interests
of the Company.

	10.	 	REGULATORY MATTERS
	 
	10.1	 	Regulatory Approvals and Other Matters
	 
	 	 	The Parties shall respectively co-operate with and assist
each other to procure that all Regulatory Approvals and all
information necessary or desirable for the making of (or
responding to any requests for further information
consequent upon) any notifications or filings made in
respect of this Agreement, or the transactions or other
matters contemplated thereby, are promptly obtained or
supplied to the Party dealing with such notifications,
filings, transactions or matters, as the case may be, and
that they are properly, accurately and promptly made.
	 
	10.2	 	Regulatory Action
	 
	 	 	If any material Regulatory Action is taken or threatened,
the Parties shall promptly meet to discuss the situation and
the action to be taken as a result and whether any
modification to the terms of this Agreement, or any
agreement or instrument entered into pursuant to this
Agreement should be made, in order that any requirements
(whether as a condition of giving any approval, exemption,
clearance or consent or otherwise) of any regulatory
authority may be reconciled with, and within the intended
scope of, the business arrangements contemplated by this
Agreement (including in particular but not limited to, the
Long Term Business Plan and the Annual Operating Plan), or
any other agreement or arrangement entered into pursuant to
this Agreement. The Parties shall co-operate and assist
each other in giving effect to any modifications so agreed
upon.

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	11.	 	RESTRICTIONS ON TRANSFER AND LEGEND ON SHARE CERTIFICATES
	 
	11.1	 	Except as permitted by the Second Schedule to the Articles, this Clause 11 or with the prior
written consent of the other Shareholder, no Shareholder shall:

	 	11.1.1	 	transfer any Shares;
	 
	 	11.1.2	 	create or permit to exist any pledge, mortgage, lien, charge (whether fixed or
floating) or other encumbrance over any Shares;
	 
	 	11.1.3	 	grant, declare, create, sell, transfer or otherwise dispose of any right or interest
in any Shares;
	 
	 	11.1.4	 	enter into any agreement in respect of the votes attached to any Shares; or
	 
	 	11.1.5	 	agree, whether or not subject to any condition precedent or subsequent, to do any of
the foregoing.

	11.2	 	Save for transfers permitted by the Second Schedule to the Articles, or for which written
consent is given under Clause 11.1, or for transfers permitted under Clause 11.7, no Shares
held by a Shareholder or any member of its respective Group may be transferred otherwise than
pursuant to a transfer by that Shareholder and/or members of its Group (“the Seller”) of all
(and not some only) of the Shares collectively held by them (“the Seller’s Shares”).
	 
	11.3	 	If in relation to either of the Shareholders:

	 	11.3.1	 	the Shareholder fails to remedy any material breach on its part of this Agreement
within thirty (30) days from the service of any written notice by the other
Shareholder holding the ‘A’ Shares or ‘B’ Shares complaining of such breach;
	 
	 	11.3.2	 	the Shareholder files bankruptcy or any other form of insolvency proceeding (or such
a proceeding is filed against the Shareholder and not dismissed within sixth (60)
days), enters into any composition or arrangement with its creditors generally, or is
unable to pay its debts as they become due;
	 
	 	11.3.3	 	an encumbrancer lawfully takes possession or a judgment creditor levies execution or
a receiver is validly appointed over the whole or any part of the undertaking,
property or assets of the Shareholder (and such action or appointment is not vacated
within sixty (60) days);
	 
	 	11.3.4	 	an order is made or resolution is passed or a notice is issued convening a meeting
for the purpose of passing a resolution or any analogous proceedings are taken for the
appointment of a receiver of or the winding

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	 	 	 	up of the Shareholder (other than a members’ voluntary liquidation solely for
the purpose of amalgamation or reconstruction);
	 
	 	11.3.5	 	the Shareholder is the subject of any Change of Control (unless such Change of
Control occurs with the prior written consent of the other Shareholder); or
	 
	 	11.3.6	 	any of the matters referred to in sub-clauses 11.3.2, 11.3.3, 11.3.4 or 11.3.5 above
occurs in relation to the immediate parent company for the time being of the
Shareholder,

	 	 	then upon written notice to such Shareholder (which for the purpose of this Clause shall
be referred to as “the Defaulting Shareholder”) by the other Shareholder this Agreement
shall automatically terminate with respect to the Defaulting Shareholder, but without
prejudice to its obligations under the provisions of Clauses 8 and 15 and any outstanding
obligations under or prior breaches of this Agreement.
	 
	11.4	 	Within thirty (30) days after termination of this Agreement pursuant to Clause 11.3 above,
the Defaulting Shareholder shall give to the Company a Transfer Notice under the Second
Schedule to the Articles, in respect of all the Defaulting Shareholder’s Shares in the Company
to sell all (but not some only) of the Shares held by the Defaulting Shareholder.
	 
	11.5	 	The Auditors shall determine and certify the sum per Share considered by the Auditors to be
the Fair Price thereof (as provided in paragraph 2(3) of the Second Schedule to the Articles)
in accordance with generally accepted international professional valuation practices and the
sum so determined and certified shall be the price at which the Shares held by the Defaulting
Shareholder shall be transferred, and the provisions of the Company’s Articles shall apply in
relation to the Auditors’ role and expenses and the finality of their determination hereunder.
Completion of the transfer of Shares hereunder shall take place on the fifth (5th)
day after the Auditors shall have certified the Fair Price of the Shares at such reasonable
time and place as the other Shareholder may specify by not less than five (5) days’ written
notice to the Defaulting Shareholder and, save as provided herein, the provisions of the
Second Schedule to the Articles shall apply mutatis mutandis to the completion, sale and
transfer of the Defaulting Shareholder’s Shares and the finality of the same.
	 
	11.6	 	The transfer of all the Shares held by the Defaulting Shareholder in accordance with this
Clause shall be subject to the conditions that:

	 	11.6.1	 	the Defaulting Shareholder shall repay all loans, loan capital, borrowings and
indebtedness in the nature of borrowings outstanding to the Company from the
Defaulting Shareholder (together with any accrued interest);
	 
	 	11.6.2	 	the Company shall repay all loans, loan capital, borrowings and indebtedness in the
nature of borrowings outstanding to the Defaulting Shareholder (together with any
accrued interest);

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	 	11.6.3	 	the Defaulting Shareholder shall procure the resignations of all the Directors
appointed by it and such resignations shall take effect without any liability on the
Company for compensation for loss of office or otherwise;
	 
	 	11.6.4	 	the other Shareholder shall use all reasonable endeavours (but without involving any
financial obligation on its part or on the part of the Company) to procure the release
of any Guarantees or indemnities given by the Defaulting Shareholder to or in respect
of the Company and, pending such release, shall indemnify the Defaulting Shareholder
in respect thereof; and
	 
	 	11.6.5	 	this Agreement shall terminate with regard to the Defaulting Shareholder, but
without prejudice to Clauses 8 and 15 and any outstanding obligations under or prior
breaches of this Agreement.

	11.7	 	Transfers to Eligible Transferees
	 
	 	 	Notwithstanding the provisions of Clause 11.1 and without complying with Clause 12.1, a
Shareholder (“the Transferor”) may at any time or from time to time transfer all or any of
its Shares to an Eligible Transferee of such Transferor provided that, at the time of such
transfer:

	 	11.7.1	 	such Eligible Transferee shall agree with the other Parties hereto, by an agreement
in writing in form and substance satisfactory to the other Parties, acting reasonably,
to be bound by the terms of this Agreement as if such Eligible Transferee had entered
into this Agreement as of the date hereof as well as to agree to remain an Eligible
Transferee of the Transferor as long as such Eligible Transferee is the registered or
beneficial owner of any Shares;
	 
	 	11.7.2	 	the other Shareholder receives evidence satisfactory to it, acting reasonably, that
such Eligible Transferee is an Eligible Transferee of the Transferor and that the
agreement referred to in sub-clause 11.7.1 above is a legal, valid and binding
obligation of the Eligible Transferee; and
	 
	 	11.7.3	 	The Transferor is in compliance with all of its covenants and obligations under this
Agreement, including, without limitation, its covenants and obligations with respect
to the Shares to be transferred.

	11.8	 	Shareholder ceasing to be an Eligible Transferee
	 
	 	 	Each of the Shareholders respectively undertakes to procure that, if any Eligible
Transferee of such Shareholder to which Shares in the Company have been transferred ceases
at any time to be an Eligible Transferee of the relevant former Shareholder, such former
Shareholder shall acquire all of the Shares held by such Eligible Transferee at the time in
question or cause such Shares to be transferred to the former Shareholder or another Person
who would qualify as an Eligible Transferee of that former Shareholder; failing which such
Shares shall be tendered

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	 	 	and disposed of in accordance with the Second Schedule to the Articles. Each of the
Shareholders further agrees that the instruments and agreements pursuant to which any
transfer of Shares to an Eligible Transferee is made shall contain terms and conditions
requiring the Eligible Transferee to execute and deliver such documents as may be necessary
to effect a subsequent transfer of the Shares pursuant to this sub-clause 11.8 in the event
that the Eligible Transferee ceases to qualify as an Eligible Transferee.
	 
	11.9	 	Legend
	 
	 	 	All certificates representing Shares shall bear the following legend:

	 	 	 	“The Common Shares represented by this certificate are subject to the restrictions
on transfer and rights of pre-emption set out in the Second Schedule to the
Articles of Incorporation of the Company including an obligation on the registered
holder to give a Transfer Notice before selling, assigning, transferring or
otherwise disposing of such Common Shares or any interest whatsoever therein
(including any security interest therein) as well as in the event of any Person
acquiring or becoming entitled to any such Common Shares or interest therein
contrary to the said restrictions on transfer and rights of pre-emption; and
pursuant to such restrictions the Directors may in certain circumstances cancel
this share certificate, whereupon it will become null and void.
	 
	 	 	 	Such Common Shares are also subject to the restrictions contained in the Agreement
dated the 29th day of February 2008 among Mariners Haven Limited, Rigdon
Marine Corporation and the Company.”

	11.10	 	Company to Enforce
	 
	 	 	The Company shall not accept for registration in its Register of Members and other relevant
books of record any transfer of Shares not made in accordance with the provisions of this
Agreement and the Articles.
	 
	11.11	 	Certain Transfers Ineffective
	 
	 	 	Any transfer of Shares attempted to be made other than in accordance with the provisions of
this Agreement (and in particular Clauses 11, 12 and 13 hereof) and the Articles shall be
void and of no effect.
	 
	12.	 	RIGHTS OF FIRST REFUSAL
	 
	12.1	 	Delivery of Sale Notice
	 
	 	 	Subject to the provisions of Clause 11.7, in the event that any Shareholder (“the Vendor “)
desires to transfer all or any of the Shares owned by it, the Vendor shall be obliged to
deliver a Transfer Notice for such Shares to the Company and the provisions of the Second
Schedule to the Articles shall apply.

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	12.2	 	Completion of Sale
	 
	 	 	Completion of any transfer of Shares by the Vendor to a Third Party under the provisions of
the Articles shall be subject to the conditions that:

	 	(a)	 	the Third Party shall first have entered into an agreement with the Parties
to this Agreement whereby it agrees to be bound (in terms reasonably satisfactory to
the Parties ) by provisions corresponding to provisions of this Agreement binding
upon the Vendor (provided that if the Vendor is Rigdon these provisions shall not
apply to the Vessel Management Agreement which Rigdon shall be entitled to terminate
upon Rigdon ceasing to be a Shareholder).
	 
	 	(b)	 	any loans, loan capital, borrowings and indebtedness in the nature of
borrowings outstanding to the Company from the Vendor or the Vendor’s Affiliates shall
first have been repaid (together with accrued interest) or refinanced by the Third
Party;
	 
	 	(c)	 	any loans, loan capital, borrowings and indebtedness in the nature of
borrowing owing at any time from the Company to the Vendor shall first have either
been repaid (together with accrued interest) or purchased from the Vendor by, and
assigned by the Vendor to, the Third Party under terms acceptable to the Vendor in its
discretion;
	 
	 	(d)	 	if and insofar as the Vendor requires a Third Party to assume the obligations
of the Vendor under any Guarantees or indemnities to Third Parties in relation to the
Business of the Company, such assumption shall first have taken place (provided that
any such assumption is without prejudice to the rights of the other Shareholder to
receive a contribution from the Vendor for its share of any claims attributable to
any liabilities arising in respect of the period during which the Vendor held Shares),
	 
	 	(e)	 	if requested by the Third Party, the Vendor shall procure the resignation of
all the Directors appointed by it and such resignation shall take effect without any
liability on the Company for compensation for loss of office or otherwise; and
	 
	 	(f)	 	this Agreement shall terminate with regard to the Vendor, but without
prejudice to Clauses 8 and 15 and any outstanding obligations under or prior breaches
of this Agreement

	13.	 	DEADLOCK
	 
	13.1	 	If the Directors or the Shareholders are unable to meet or to make a decision on a Reserved
Matter described in sub-paragraphs (a), (b), (e), (g) or (i) — (s), inclusive, of paragraph
5(1) of the Fifth Schedule to the Articles, or on a Special Reserved Matter described in
paragraph 6(1) of the Fifth Schedule to the Articles, respectively, within one (1) month of
the earlier of such Reserved Matter or such Special Reserved Matter being:-

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	 	(a)	 	first requested in writing by a Director or a Shareholder to the Company to
convene a meeting of the Board or Shareholders, as the case may be, to consider same
if no meeting is held; or
	 
	 	(b)	 	if a meeting is held, considered at such meeting by the Directors or the
Shareholders, as the case may be, (in each case a “deadlock”),

	 	 	then each of the Shareholders shall, within seven (7) days after the expiry of such one (1)
month period, cause its appointees on the Board to prepare and circulate to the other
Shareholder a memorandum or other form of statement setting out their position on the
matter in dispute and their reasons for adopting that position. Each memorandum or
statement shall be considered by the Shareholder to which it is addressed who shall
endeavour to resolve the deadlock. If the Shareholders agree upon a resolution or
disposition of the matter, they shall execute a statement setting out the agreed terms.
The Shareholders shall exercise their voting rights and other powers available to them in
relation to the Company to procure that the agreed terms are fully and promptly carried
into effect.
	 
	13.2	 	If the deadlock is not resolved or disposed of in accordance with Clause 13.1 within thirty
(30) days after expiry of the seven (7) day period, or such longer period as both Shareholders
may agree in writing, then the holder of the issued Shares of either class (“the Seller”) may
serve a written notice (“a Deadlock Notice”), in the case of the holder of the ‘A’ Shares, on
the holder of the ‘B’ Shares, and in the case the Seller is the holder of the ‘B’ Shares, on
the holder of the ‘A’ Shares (“the Buyer”), offering to sell (or procure the sale of) all the
issued Shares of that class held by the Seller (“the Sale Shares”) to the Buyer or, failing
which, to purchase all the Buyer’s Shares in accordance with the following provisions of this
Clause.
	 
	13.3	 	The Deadlock Notice shall specify the price at which the Seller is prepared to sell the Sale
Shares to the Buyer (“the Deadlock Price”) but shall not include any other condition
whatsoever as the provisions of this Agreement shall apply to the Deadlock Notice and the
consequential sale or purchase of Shares.
	 
	13.4	 	The Deadlock Notice shall be deemed to:

	 	13.4.1	 	constitute an offer by the Seller, open for acceptance by the Buyer for one (1)
month from the date of service of the Deadlock Notice (“the Buyer Purchase Period”),
to sell all (but not some only) of the Sale Shares to the Buyer on the Transfer Terms
at the Deadlock Price; and
	 
	 	13.4.2	 	constitute an alternative offer by the Seller to purchase all (but not some only) of
the Buyer’s Shares within seven (7) days after the end of the Buyer Purchase Period on
the Transfer Terms at the Deadlock Price if the Buyer does not elect to purchase all
the Sale Shares before the expiry of the Buyer Purchase Period,

	 	 	and shall be irrevocable without the written consent of the other Shareholder. For the
purposes of this Clause “Transfer Terms” means free from all claims, equities, liens

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Delphin Marine Logistics Limited — Joint Venture Agreement 

	 	 	and encumbrances whatsoever together with all rights attaching thereto at the date of
service of the Deadlock Notice and subject to the provisions of this Agreement.
	 
	13.5	 	The Buyer may at any time before the expiry of the Buyer Purchase Period serve notice in
writing upon the Seller of its desire to accept the offer referred to in Sub-Clause 13.4.1 and
to purchase all (but not some only) of the Sale Shares on the terms set out in this Clause (“a
Buyer Purchase Notice”) which may not be expressed to be subject to the fulfilment of any
condition whatsoever. Upon service of a Buyer Purchase Notice on the Seller the latter shall
be bound to sell (upon payment of the Deadlock Price), and the Buyer who has served a Buyer
Purchase Notice shall be bound to purchase (at the Deadlock Price), all the Sale Shares, which
the Seller shall transfer on the Transfer Terms.
	 
	13.6	 	If the Buyer does not serve a Buyer Purchase Notice before the expiry of the Buyer Purchase
Period, the Buyer shall be deemed to have declined the offer by the Seller referred to in
sub-clause 13.4.1 and shall be deemed to have accepted the Seller’s alternative offer in
Sub-clause 13.4.2 and the Buyer shall be bound to sell (upon payment of the Deadlock Price),
and the Seller shall be bound to purchase (at the Deadlock Price), all the Buyer’s Shares
within such seven (7) day period, which the Buyer shall transfer on the Transfer Terms.
	 
	13.7	 	In the following sub-clauses, “the Seller” means the holder of the Sale Shares and “the
Buyer” means the person who, in accordance with the foregoing provisions of this Clause, has
become bound to purchase them.
	 
	13.8	 	Completion of the sale and purchase of the Sale Shares shall be completed on the day which is
seven (7) days after the end of the Buyer Purchase Period and at such reasonable time and
place as the Buyer may specify by not less than seven (7) days’ written notice to the Seller
whereupon:

	 	13.8.1	 	the Seller shall deliver to the Company a duly executed share transfer or transfers
in favour of the Buyer or to such nominee or nominees as it may direct together with
the relative share certificates in respect of the Sale Shares;
	 
	 	13.8.2	 	the Parties shall procure (insofar as they are able) that the said transfer or
transfers shall be approved by the Board and the Sale Shares registered in the name of
the Buyer or its nominees;
	 
	 	13.8.3	 	if requested by the Buyer, the Seller shall procure the resignation of all the
Directors appointed by it (and its predecessors in title to the Sale Shares) and such
resignation shall take effect without any liability on the Company for compensation
for loss of office or otherwise;
	 
	 	13.8.4	 	the Seller shall do all such other things and execute all such other documents as
the Buyer may require to give effect to the sale and purchase of the Sale Shares; and

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Delphin Marine Logistics Limited — Joint Venture Agreement 

	 	13.8.5	 	the Buyer shall pay the Deadlock Price to the Seller by bankers’ draft for value on
the date of completion.

	13.9	 	If the Seller shall fail or refuse to transfer any Shares or to deliver any share certificate
in accordance with its obligations hereunder the Company shall authorise an Officer to execute
and deliver on its behalf the necessary share transfer of such Shares and shall issue
duplicate share certificates in place of the original share certificates for such Shares
(which original share certificates shall thereupon become void) and the Company may receive
the purchase money in trust for the Seller and cause the Buyer to be registered as the holder
of such Shares. The receipt of the Company for the purchase money shall be a good discharge
to the Buyer (who shall not be bound to see to the application thereof) and after the Buyer
has been registered in purported exercise of the aforesaid powers the validity of the
proceedings shall not be questioned by any Person.
	 
	13.10	 	If each Shareholder shall receive an effective and properly delivered Deadlock Notice, the
first such notice to be properly delivered shall prevail.
	 
	13.11	 	Completion of a transfer of all the Shares held by a Shareholder in accordance with this
Clause shall be subject to the conditions that:

	 	13.11.1	 	the Selling Shareholder shall repay all loans, loan capital, borrowings and
indebtedness in the nature of borrowings outstanding to the Company from that
Shareholder (together with any accrued interest);
	 
	 	13.11.2	 	the Company shall repay all loans, loan capital, borrowings and indebtedness in the
nature of borrowings outstanding to the Selling Shareholder or its Affiliates
(together with any accrued interest);
	 
	 	13.11.3	 	the continuing Shareholder shall use all reasonable endeavours (but without
involving any financial obligation on its part or on the part of the Company) to
procure the release of any Guarantees or indemnities given by such Shareholder to or
in respect of the Company and, pending such release, shall indemnify such Shareholder
in respect thereof; and
	 
	 	13.11.4	 	this Agreement shall terminate with regard to the Selling Shareholder but without
prejudice to its obligations under Clauses 8 and 15 and any outstanding obligations
under or prior breaches of this Agreement.

	13.12	 	If a deadlock is not resolved in accordance with sub-clause 13.1, and neither Shareholder
has served a Deadlock Notice on the other pursuant to sub-clause 13.2, then the Company shall
be wound-up as provided in the Companies Act unless the Shareholders unanimously agree to
submit the dispute that is the source of the deadlock to mediation and arbitration under
Clauses15.13 and 15.14 of this Agreement.
	 
	13.13	 	In no circumstances shall either Shareholder create a deadlock during a period of two (2)
years from the date of this Agreement, or thereafter for the duration of this Agreement create
an artificial deadlock for the purposes of this Clause 13. An

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Delphin Marine Logistics Limited — Joint Venture Agreement 

	 	 	artificial deadlock shall be a deadlock caused by virtue of any Shareholder (a) voting
against an issue or proposal in circumstances where the approval of the same is required to
enable the Company to carry on the Business properly and efficiently in accordance with the
Long Term Business Plan and the current Annual Operating Plan, or (b) proposing an issue or
proposal in circumstances where such issue or proposal is contrary to or will hinder the
implementation of the provisions of this Agreement.
	 
	14.	 	MISCELLANEOUS
	 
	14.1	 	Triplicate of Agreement
	 
	 	 	A fully executed original triplicate of this Agreement shall be retained by the Secretary
of the Company.
	 
	14.2	 	Proprietary Information
	 
	 	 	All proprietary information owned by each of the Parties shall remain the sole property of
the respective owner.
	 
	14.3	 	Specific Performance
	 
	 	 	Each of the Parties hereto agrees that the remedies at law for any
breach of this Agreement is inadequate and that should any dispute
arise concerning the sale or disposition of any Shares or the voting
thereof or any other matter hereunder, this Agreement and the
relevant provisions in the Articles for the transfer of shares shall
be enforceable in a court of equity by an injunction or a decree of
specific performance. Such remedies shall, however, be cumulative
and non-exclusive, and shall be in addition to any other remedies
which the Parties may have.
	 
	14.6	 	
Representations and Warranties

	 	(a)	 	MHL and Rigdon each represents and warrants to the other and to the Company
that:

	 	(i)	 	it is a company or corporation, duly organised, validly
existing and in good standing under the laws of the jurisdiction of its
incorporation, with full corporate power and authority to own its properties
and operate its business as presently operated;
	 
	 	(ii)	 	it has the corporate power and authority to enter into this
Agreement and to consummate the transactions contemplated hereby;
	 
	 	(iii)	 	this Agreement has been duly executed and delivered and
constitutes a legal, valid and binding obligation of such Party enforceable
against it in accordance with its terms;

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Delphin Marine Logistics Limited — Joint Venture Agreement 

	 	(iv)	 	the authorisation, execution and delivery of this Agreement
and the performance and consummation of the transactions contemplated hereby
do not and will not, with or without the giving of notice or passage of time
or both, (i) violate, conflict with, or result in the breach or acceleration,
termination or cancellation under any terms or provisions of, or require any
notice, filing or further consent under, (A) the charter documents, articles,
by-laws or resolutions of such Party, (B) any statute, law, rule, regulation,
order or requirement of any governmental authority applicable to such Party or
any of its assets, (C) any judgment, decree, writ, injunction, order or award
of any arbitrator, court or governmental authority binding upon such Party or
any of its assets, or (D) any instrument or agreement to which such Party or
its assets may be bound or relating to or affecting any such assets; or (ii)
other than as provided in this Agreement, result in any lien, claim,
encumbrance or restriction on any of such Party’s assets;
	 
	 	(v)	 	no filing, consent, waiver, approval or authorisation of any
governmental authority or of any Third Party is or will be required in
connection with the execution, delivery and performance of this Agreement or
the consummation of any of the transactions contemplated hereby;
	 
	 	(vi)	 	at the time of signing this Agreement, neither Party has an
agreement, arrangement or understanding for the transfer of any of the Shares
or any interest therein to any other person or entity;
	 
	 	(vii)	 	at the time of signing this Agreement, the Shares to be
subscribed for under Clause 2.6 will be subscribed and purchased by each Party
for its own account, not on behalf of any other person or entity and is
intended to be held by each Party for investment purposes and not with a view
to any immediate further distribution thereof;
	 
	 	(viii)	 	it understands that the Shares to be subscribed for under Clause 2.6 are not
publicly traded and that no market may exist for such shares at the time of
any desired resale; and
	 
	 	(ix)	 	each has such knowledge and experience in financial and
business matters, or has the advice or representation of a person having such
knowledge and experience, to be able to evaluate the merits and risks of any
investment in the Shares and has had access to sufficient information
regarding the Company.

	 	(b)	 	MHL and Rigdon shall each deliver on the execution of this Agreement to the
other Party and the Company a copy of such Party’s board of directors’ resolution
authorising the execution, delivery and performance of this Agreement and the
obligations contained therein.

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Delphin Marine Logistics Limited — Joint Venture Agreement 

	14.7	 	Non-competition with the Company

	 	(a)	 	Each Shareholder respectively undertakes that while they are parties to this
agreement, neither it (nor any of its Subsidiaries, Affiliates or any company of which
it is a subsidiary) shall compete whether directly or indirectly with the Company in
the Business without first using reasonable efforts to co-operate with the Company in
the business to be undertaken.
	 
	 	(b)	 	Each Shareholder respectively undertakes that for a period of two (2) years
after ceasing to be a Party, neither it (nor any of its Subsidiaries, Affiliates or
any company of which it is a subsidiary) shall compete whether directly or indirectly
with the Company in the Business in Trinidad and Tobago. For this purpose “compete”
means (whether alone or jointly with others or whether as principal, agent,
shareholder or otherwise and whether for its own benefit or that of others) to
undertake or be interested in any business in competition with the Company (or any of
its Subsidiaries) in the Business.
	 
	 	(c)	 	Each Shareholder covenants with each other Shareholder and the Company that
while they are Parties to this Agreement and for a period of two (2) years after
ceasing to be a Party such Shareholder shall not canvass or solicit the customers of,
or endeavour to entice away from, the Company, any Person which at anytime during the
period of twelve (12) months before the termination of this Agreement with respect to
such Shareholder, has been a customer of the Company in relation to the Business or an
employee of the Company.
	 
	 	(d)	 	In no event will paragraphs (b) or (c) of this sub-clause 14.7 be construed
to prevent Rigdon from chartering vessels to Persons for operation within the
exclusive economic zone and above the continental shelf of the Republic of Trinidad
and Tobago, or to prevent Rigdon, at any time after it ceases to be a Party to this
Agreement, from entering into an agreement for the management of such vessels with a
Person that is not an Affiliate of Rigdon.
	 
	 	(e)	 	The restrictions contained in this Clause 14.7 are considered reasonable by
the Parties but in the event that any such restriction shall be found to be
un-enforceable but would be valid if some part or parts of it were deleted or the
period or area of application reduced, such restrictions shall apply with such
modifications as may be necessary to make it valid and effective

	15.	 	NOTICES AND GENERAL
	 
	15.1	 	Notices
	 
	 	 	Notices, demands or other communications required or permitted to be given or made
hereunder shall be in writing and delivered personally or sent by prepaid international

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Delphin Marine Logistics Limited — Joint Venture Agreement 

	 	 	courier service with recorded delivery or legible telefax addressed to the intended
recipient at its address set out in this Agreement or to such other address or telefax
number as any Party may from time to time duly notify to any other Party. Any such notice,
demand or communication shall, unless the contrary is proved, be deemed to have been duly
served (if given or made by personal delivery) when delivered or (if given or made by
telefax) on the next following business day in the place of receipt or (if given or made by
prepaid courier service) four (4) business days after the recorded delivery by the
international courier service of the despatch of same and in proving the same it shall be
sufficient to show, in the case of prepaid international courier service, that the envelope
containing the same was duly addressed and despatched to a current address of the addressee
and, in the case of a telefax, that such telefax was duly despatched to a current telefax
number of the addressee.
	 
	 	 	The addresses of the parties for the purpose of this sub-clause 15.1 are as follows:

	 	 	 
	Rigdon :

	 	Rigdon Marine Corporation
	 

	 	815 Walker Street, Suite 1101
	 

	 	Houston, Texas, 77002.
	 
	 	 
	Fax Number:

	 	(713) 236-0200
	Attention:

	 	Mr. Larry T. Rigdon, Chairman
	 
	 	 
	MHL:

	 	Level 5, Long Circular Mall
	 

	 	Nos. 51-53 Long Ciricular Road
	 

	 	St. James
	 

	 	Port of Spain
	 
	 	 
	Fax Number :

	 	(868) 628-7144
	Attention :

	 	Ms. Roxanne Husbands, Company Secretary
	 
	 	 
	The Company:

	 	1st Avenue South
	 

	 	Western Main Road, Granwood
	 

	 	Chaguaramas
	Fax Number:

	 	(868) 634-2072
	Attention:

	 	Mr. Damien Rose

	15.2	 	Remedies
	 
	 	 	No remedy conferred by any of the provisions of this Agreement is intended to be exclusive of any other remedy which is
otherwise available at law, in equity, by statute or otherwise, and each and every other remedy shall be cumulative and
shall be in addition to every other remedy given hereunder or now or hereafter existing at law, in equity, by statute or
otherwise. The election of any one or more of such

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Delphin Marine Logistics Limited — Joint Venture Agreement 

	 	 	remedies by any of the Parties hereto shall not constitute a waiver by such
Party of the right to pursue any other available remedy.
	 
	15.3	 	Severance
	 
	 	 	If any provision of this Agreement or part thereof is
rendered void, illegal or unenforceable in any
respect under any law of the Republic of Trinidad and
Tobago, the validity, legality and enforceability of
the remaining provisions shall not in any way be
affected or impaired thereby. The Parties shall
negotiate in good faith in order to agree to the
terms of a mutually satisfactory provision to be
substituted for the provision found to be void,
illegal or unenforceable.
	 
	15.4	 	Survival of Rights, Duties and Obligations
	 
	 	 	Termination of this Agreement for any cause shall not
release a Party from any liability which at the time
of termination has already accrued to any other Party
or which thereafter may accrue in respect of any act
or omission prior to such termination. The rights
which each of the Parties has under this Agreement
shall not be prejudiced or restricted by any
indulgence or forbearance extended to any other
Party. No waiver by any Party in respect of a breach
shall operate as a waiver in respect of any
subsequent breach.
	 
	15.5	 	Costs
	 
	 	 	Each Party shall bear its own costs and expenses
incurred by it in connection with this Agreement.
	 
	15.6	 	Entire Agreement
	 
	 	 	This Agreement constitutes the entire agreement between the Parties as to the subject
matter hereof and save as otherwise expressly provided no modification, amendment or waiver
of any of the provisions of this Agreement shall be effective unless made in writing
specifically referring to this Agreement and duly signed by the Parties hereto.
	 
	15.7	 	Assignment

	 	15.7.1	 	This Agreement shall be binding on the Parties hereto and their respective
successors and assigns.
	 
	 	15.7.2	 	None of the Parties hereto shall be entitled to assign this Agreement or any of its
rights and obligations hereunder except in the case of a Shareholder to an Eligible
Transferee of that Party’s Shares in accordance with the terms of this Agreement and
the Articles.

	15.8	 	No Unanimous Shareholders Agreement/Conflict with the Articles

	 	(a)	 	The Parties do not intend this Agreement to be an unanimous shareholders
agreement as defined in the Companies Act and hence have drafted this Agreement in
such a way that there is no restriction or fetter on the power of the Directors to
manage the business and affairs of the Company referred to in

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Delphin Marine Logistics Limited — Joint Venture Agreement 

	 	 	 	this Agreement but rather any such restriction or fetter is provided for in the
Articles as is permissible and contemplated by Section 65 of the Companies Act. In
the event that through inadvertence or otherwise any such restriction or fetter on
the powers of the Directors to manage the business and affairs of the Company is
found to be incorporated in this Agreement, each of the Shareholders and the
Company agrees to amend this Agreement to delete therefrom any such matter so as to
ensure that this Agreement shall not be an unanimous shareholders agreement as
aforesaid and each of the Shareholders hereby agrees to take all necessary steps to
amend the Articles so as to give effect to any such matter as a Special Reserved
Matter in the Articles and, as to the extent possible, in the same form in all
material respects as provided herein.
	 
	 	(b)	 	In the event of any ambiguity or discrepancy between the provisions of this
Agreement and the Articles or the By-Laws then it is the intention that, subject only
to Clause 15.8(a) above, the provisions of this Agreement, as between the Shareholders
only, shall prevail and accordingly the Shareholders shall each exercise all voting
and other rights and powers available to them so as to give effect to the provisions
of this Agreement and shall further if necessary procure any required amendment to the
Articles or the By-Laws.

	15.9	 	No Partnership or other relationship
	 
	 	 	Nothing in this Agreement (or any of the arrangements contemplated by this Agreement) shall
be deemed to constitute a partnership, joint venture (save as expressly provided for in
this Agreement) or other business relationship among the Parties or any of them hereto nor,
save as may be expressly set out herein, constitute any Party the agent of any other Party
for any purpose. In addition, unless otherwise agreed in writing among the Parties, none
of them shall enter into any contracts or commitments with Third Parties as agent for the
Company or for any other Party nor shall any Party describe itself as such an agent or in
any way hold itself out as being such an agent. For the avoidance of doubt, upon the
termination of this Agreement, whether before the Commencement Date or upon the sale of
Shares by either Shareholder or otherwise, the joint venture provided for in this Agreement
shall cease and be determined and this Agreement shall cease to apply except as is
expressly provided for herein.
	 
	15.10	 	Further Assurances

	 	(a)	 	Each of the Shareholders shall procure that (subject always to the Directors’
fiduciary duties and to the Companies Act) each Director (and his alternative
Director) nominated and elected by it under the Articles shall execute and do such
acts and things and give and confer such powers and authorities as each such Director
(and his alternative Director) would have been required to execute, do, give and
confer had he been a party to this Agreement and had covenanted and/or agreed as the
Shareholder who elected him as a Director (or alternative Director) and each of the
Shareholders shall also exercise all

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Delphin Marine Logistics Limited — Joint Venture Agreement 

	 	 	 	voting rights and powers, direct and indirect, available to it in relation to any
Person and to the Company so as to ensure in each case that all the provisions set
out in this Agreement, the Articles and the By-laws are given full force and effect
and carried out in a timely manner;
	 
	 	(b)	 	Each Party undertakes with each of the other Parties that it shall do,
execute, deliver and perform such further acts, things, deeds, instruments and
documents as any of the Parties may reasonably require by notice in writing to the
other Parties so as to ensure the complete and punctual fulfilment, observance and
performance of the provisions of this Agreement, the Vessel Management Agreement, the
Lease, any other agreement referred to in this Agreement, the Articles and the By-laws
and generally that full effect is given to the principles and provisions set out in
this Agreement, the Articles and the By-laws in a timely manner.

	15.11	 	Announcements
	 
	 	 	No formal public announcement or press release in connection with the signature or subject
matter of this Agreement shall (subject to this sub-clause) be made or issued by or on
behalf of any Party without the prior written approval of the other Parties (such approval
not to be unreasonably withheld, conditioned or delayed). If a Party has an obligation to
make or issue any announcement required by law or by any stock exchange, securities
commission or by any governmental authority, the relevant Party shall give the other
Parties every reasonable opportunity to comment on any such announcement or release before
it is made or issued (provided always that this shall not have the effect of preventing the
Party making the announcement or release from complying with its legal, stock exchange and
securities commission obligations in any jurisdiction).
	 
	15.12	 	Settlement of Disputes
	 
	 	 	In the event of any dispute between the Shareholders arising in connection with this
Agreement or any associated agreement entered into pursuant to this Agreement they shall
use all reasonable endeavours to resolve the matter on an amicable basis. If one
Shareholder serves formal written notice on the other that a material dispute of such a
description has arisen under this Agreement and the Shareholders are unable to resolve the
dispute within a period of thirty (30) days from the service of such notice, then the
dispute shall be referred to the respective Chairmen of the Shareholders. No recourse to
mediation or arbitration by one Shareholder against the other under this Agreement shall
take place unless a period of not less than thirty (30) days has expired after such
referral. This shall not affect a Shareholder’s right, where appropriate, to seek an
immediate remedy for an injunction, specific performance or similar court order to enforce
the obligations of the other Parties to this Agreement.
	 
	15.13	 	Mediation
	 
	 	 	Except as otherwise provided herein, any dispute arising out of or in connection with this
Agreement (if unresolved by the Chairmen of the Shareholders pursuant to

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Delphin Marine Logistics Limited — Joint Venture Agreement 

	 	 	Clause 15.12) shall be referred in writing to the President for the time being of the
Trinidad and Tobago Chamber of Industry and Commerce acting as the mediator for non-binding
mediation. No recourse to arbitration by one Shareholder against the other Shareholder
under this Agreement shall take place unless a period of not less than thirty (30) days has
expired after such referral to the President for the time being of the Trinidad and Tobago
Chamber of Industry and Commerce for mediation. This shall not affect a Shareholder’s
right where appropriate, to seek an immediate remedy for an injunction, specific
performance or a similar court order to enforce the obligations of the other Parties to
this Agreement.
	 
	15.14	 	Arbitration
	 
	 	 	Subject to the rights of any Shareholder where appropriate, to seek an immediate remedy for
an injunction, specific performance or a similar court order to enforce the obligations of
the other Parties to this Agreement, any dispute arising out of or in connection with this
Agreement (if unresolved by the President for the time being of the (Trinidad and Tobago
Chamber of Industry and Commerce) shall be referred to and finally settled by arbitration
according to the provisions of the Arbitration Act, Chapter 5:01 of the Laws of the
Republic of Trinidad and Tobago.. The Shareholders shall attempt to mutually agree upon an
arbitrator. However, if the Shareholders cannot agree upon an arbitrator within 45 days
after receipt of notice of intent to arbitrate any such dispute, each Shareholder shall
select an arbitrator in its sole discretion, and the two arbitrators so selected shall
appoint a third arbitrator which third arbitrator shall solely conduct the arbitration
proceedings (and each of the Shareholders’ selected arbitrators shall cease to act). The
Shareholders shall equally share in the cost of such arbitration. The location of such
arbitration shall be in the City of Port of Spain in the Republic of Trinidad and Tobago.
The award of such arbitrator shall be final, binding and conclusive upon all the Parties.
	 
	15.15	 	Duration and Termination

	 	(a)	 	Except as otherwise provided herein for earlier termination or unless the
Parties agree otherwise, this Agreement shall continue in full force and effect
without limit in point of time until the earlier of the following events:

	 	(i)	 	the holders of a majority of the ‘A’ Shares and the ‘B’
Shares shall agree in writing to terminate this Agreement; or
	 
	 	(ii)	 	an effective resolution is passed or a binding order is made
for the winding up of the Company; or
	 
	 	(iii)	 	there is a deadlock that remains unresolved following the
exercise of the procedures set forth in Clause 13; or
	 
	 	(iv)	 	the expiry of three (3) years after the Commencement Date.

	 	 	PROVIDED, HOWEVER, that this Agreement shall cease to have effect as regards any
Shareholder who ceases to hold any Shares save for any provisions hereof which are
expressed to continue in force thereafter.

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Delphin Marine Logistics Limited — Joint Venture Agreement 

	 	(b)	 	Notwithstanding Clause 15.15 (a) (iv), the Parties may by written agreement
extend the term of the Agreement for such time as they shall determine.

	15.16	 	New Shareholders
	 
	 	 	Without prejudice to any other provision of this Agreement or the
Articles, the Parties shall procure that no Person other than a
Shareholder acquires Shares in the Company (whether by transfer or
issue of new Shares) unless such Third Party covenants with the
other Parties to this Agreement (in a form reasonably acceptable to
each of them) to observe and be bound by the terms of this
Agreement, and, in the case of a transferee, to observe and perform
all the obligations of the transferor under this Agreement and upon
registration of such Third Party as a Shareholder, each such Third
Party shall be treated as a Shareholder for the purposes of this
Agreement.
	 
	15.17	 	The Company’s Obligations
	 
	 	 	The Company shall not be bound by any provision of this Agreement to the extent that such
provision would constitute an unlawful fetter upon any statutory power of the Company
whether under the Companies Act or otherwise (but this provision shall not affect the
validity of the relevant provision in this Agreement as between the Shareholders as Parties
to this Agreement or the respective obligations of such Shareholders as between themselves
under this Agreement).
	 
	15.18	 	Counterparts
	 
	 	 	This Agreement may be executed in any number of counterparts and by the parties to it on
separate counterparts, each of which shall be an original, but all of which together shall
constitute one and the same instrument.
	 
	15.19	 	Governing Law and Jurisdiction

	 	(a)	 	This Agreement shall be governed by and construed in accordance with the laws of the
Republic of Trinidad and Tobago.
	 
	 	(b)	 	The Parties agree that the courts of Trinidad and Tobago shall have exclusive
jurisdiction to settle any dispute or claim that arises out of or in connection with this
Agreement.

[SIGNATURE PAGE FOLLOWS]

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Delphin Marine Logistics Limited — Joint Venture Agreement 

     IN WITNESS WHEREOF this Agreement has been entered into by the duly authorised representatives
of the Parties the day and year first before written.

	 	 	 
	Signed by Micheal A. Fifi, Director with due
authority for and on behalf of MARINERS
HAVEN LIMITED in the presence of:

	 	)

)               /s/ Micheal A. Fifi

)

)
	 
	 	 
	Signed by Larry T. Rigdon, Director with due authority for and on
behalf of RIGDON MARINE CORPORATION in the presence of:

	 	)

)               /s/ Larry T. Rigdon

)

)
	 
	 	 
	Signed by Damien Rose, Director with due authority for and on behalf
of DELPHIN MARINE LOGISTICS LIMITED in the presence of:

	 	)

)               /s/ Damien Rose

)

)

Page 36

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