MEMBERSHIP INTEREST PURCHASE AGREEMENT BY AND AMONG

LLC Membership Agreement

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K-SEA OPERATING PARTNERSHIP L.P., | MARINE RESOURCES GROUP, INC

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Title: MEMBERSHIP INTEREST PURCHASE AGREEMENT BY AND AMONG
Governing Law: New York Date: 8/23/2005
Industry: WATERT Law Firm: Baker Botts L.L.P. Sector: TRANSP

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Exhibit 10

Exhibit 10.1

EXECUTION VERSION

MEMBERSHIP INTEREST PURCHASE AGREEMENT

BY AND AMONG

K-SEA OPERATING PARTNERSHIP L.P.,

K-SEA TRANSPORTATION PARTNERS L.P.

MARINE RESOURCES GROUP, INC.

AND

SALTCHUK RESOURCES, INC.

DATED AUGUST 23, 2005

TABLE OF CONTENTS

ARTICLE I DEFINITIONS
ARTICLE II PURCHASE AND SALE OF MEMBERSHIP INTERESTS; CLOSING
Section 2.1	Purchase and Sale of Membership Interests
Section 2.2	Purchase Price
Section 2.3	Closing
Section 2.4	Post-Closing Adjustments
ARTICLE III REPRESENTATIONS AND WARRANTIES OF SELLER AND SALTCHUK
Section 3.1	Corporate Status and Good Standing; Citizenship
Section 3.2	Authorization
Section 3.3	Capitalization; Title to Shares; Title to Membership Interests
Section 3.4	Non-Contravention
Section 3.5	Validity
Section 3.6	Broker Involvement
Section 3.7	Litigation
Section 3.8	Title to Assets
Section 3.9	Continuity Prior to the Closing Date
Section 3.10	Contracts and Commitments
Section 3.11	Trademarks, Trade Names and Intellectual Property
Section 3.12	Financial Statements; Budget
Section 3.13	Bank Relations; Powers of Attorney
Section 3.14	Condition of Assets; Eligibility for Coastwise Trade
Section 3.15	Absence of Undisclosed Liabilities
Section 3.16	Real Estate
Section 3.17	Accounts Receivable
Section 3.18	Inventory
Section 3.19	Employees and Related Matters
Section 3.20	Employee Benefits
Section 3.21	Compliance With Law
Section 3.22	Environmental
Section 3.23	Insurance
Section 3.24	Government Licenses and Permits
Section 3.25	Responsible Carriers Plan
Section 3.26	Taxes
Section 3.27	No Material Adverse Change
Section 3.28	Books and Records
Section 3.29	Safety Reports
Section 3.30	Transactions with Certain Persons
Section 3.31	Investment Representations
Section 3.32	Disclosure
ARTICLE IV REPRESENTATIONS AND WARRANTIES OF BUYER
Section 4.1	Partnership Status and Good Standing
Section 4.2	Authorization
Section 4.3	Non-Contravention
Section 4.4	Validity
Section 4.5	Broker Involvement

Section 4.6	Valid Issuance
Section 4.7	Exchange Act Reports
Section 4.8	Buyer’s Review
ARTICLE V COVENANTS
Section 5.1	Other Offers
Section 5.2	Conduct of Business Pending Closing
Section 5.3	Access
Section 5.4	Termination of Guarantees and Settlement of Intercompany Amounts
Section 5.5	Covenant Against Competition
Section 5.6	Further Assurances
Section 5.7	Governmental Filings
Section 5.8	Consents
Section 5.9	Public Announcements
Section 5.10	Tax Matters
Section 5.11	Restrictions on Transfer; Legends
Section 5.12	Matters Related to the Pre-Closing Merger
Section 5.13	Vessel Transfer to Sea Coast
Section 5.14	Seller Post-Closing Net Worth
Section 5.15	Employees
Section 5.16	Insurance
Section 5.17	Right of First Refusal
Section 5.18	Misdirected Payments
Section 5.19	Vessel Purchase Agreement
ARTICLE VI INDEMNIFICATION
Section 6.1	Seller’s Indemnity Obligations
Section 6.2	Buyer’s Indemnity Obligations
Section 6.3	Survival
Section 6.4	Indemnification Procedures
Section 6.5	General
Section 6.6	Exclusivity
ARTICLE VII CONDITIONS TO CLOSING
Section 7.1	Conditions to Obligations of Buyer
Section 7.2	Conditions to Obligations of Seller
ARTICLE VIII TERMINATION
Section 8.1	Grounds for Termination
Section 8.2	Effect of Termination
ARTICLE IX GENERAL PROVISIONS
Section 9.1	Release
Section 9.2	Arbitration
Section 9.3	Confidentiality
Section 9.4	Expenses
Section 9.5	Entire Agreement
Section 9.6	Waivers and Consents
Section 9.7	Notices
Section 9.8	Assignments, Successors and No Third-Party Rights
Section 9.9	Choice of Law

iii

Section 9.10	Jurisdiction and Venue
Section 9.11	Construction; Section Headings; Table of Contents
Section 9.12	Severability
Section 9.13	Counterparts
Section 9.14	Time of Essence

EXHIBITS

Exhibit A	Seller’s Knowledge
Exhibit B	Form of Escrow Agreement
Exhibit C	Form of Release
Exhibit D	Vessel Purchase Agreement
Exhibit E	Form of Registration Rights Agreement
Exhibit F	Contracts with Seller’s Affiliates

SCHEDULES

Schedule 3.1	Foreign Qualifications
Schedule 3.2	Authorization
Schedule 3.4	Non-Contravention
Schedule 3.6	Broker Involvement
Schedule 3.7	Litigation
Schedule 3.8	Title to Assets
Schedule 3.9	Continuity Prior to Closing Date
Schedule 3.10	Contracts and Commitments
Schedule 3.11	Trademarks, Trade Names and Intellectual Property
Schedule 3.12(a)	Unaudited Annual Financial Statements
Schedule 3.12(b)	Unaudited Interim Financial Statements
Schedule 3.12(e)	Liabilities of Sea Coast
Schedule 3.12(f)	Intercompany Transactions
Schedule 3.13	Bank Relations
Schedule 3.14(a)(1)	Assets
Schedule 3.14(a)(2)	Condition of Assets
Schedule 3.14(a)(2)	Material Assets Not Being Conveyed
Schedule 3.14(b)	Vessels
Schedule 3.14(c)	Vessel Occurrences
Schedule 3.14(d)	Coastwise Documentation and Permits
Schedule 3.14(e)	Certificates
Schedule 3.15	Undisclosed Liabilities
Schedule 3.16(1)	Real Estate
Schedule 3.16(2)	Public Service Interruptions
Schedule 3.18	Inventory
Schedule 3.19	Employees
Schedule 3.20	Employee Benefits
Schedule 3.21	Compliance with Law
Schedule 3.22	Environmental

Schedule 3.22(d)	Non-Compliance with Environmental Law and Remedial Action
Schedule 3.22(e)	Releases
Schedule 3.22(f)	Notices