EX-99.C 5 d98175a7exv99wc.txt LETTER AGREEMENT DATED JUNE 26, 2002 14 EXHIBIT C [TRANSMONTAIGNE LETTERHEAD] June 26, 2002 First Reserve Fund VI, Limited Partnership ("Fund VI") First Reserve Fund VII, Limited Partnership ("Fund VII") First Reserve Fund VIII, L.P. ("Fund VIII") c/o First Reserve Corporation 1801 California Street, Suite 4110 Denver, CO 80202 Re: Amendment to Agreement to Elect Directors dated as of April 17, 1996 (the "Agreement") Dear Tom: This letter will amend the above-referenced Agreement to include Fund VII and Fund VIII as "First Reserve Investors" as defined in the Agreement. All other terms of the Agreement shall remain unchanged and in full force and effect except that Section 2.7 shall be amended and restated as set forth below: Section 2.7. Term. This Agreement shall terminate and no longer be binding on the parties hereto at such time as the First Reserve Investors beneficially own (as such term is defined in Rule 13d-3 under the Securities Exchange Act of 1934) less than 10% of the Common Stock. To acknowledge your agreement to this amendment, please sign below on behalf of Fund VI, Fund VII and Fund VIII. Sincerely, ------------------------------------- TransMontaigne Inc. Acknowledged this 26th day of June, 2002 15 FIRST RESERVE FUND VI, Limited Partnership By: First Reserve Corporation, its General Partner By: --------------------------------------- FIRST RESERVE FUND VII, Limited Partnership By: First Reserve GP VII, L.P., its General Partner By: First Reserve Corporation, its General Partner By: --------------------------------------- FIRST RESERVE FUND VIII, L.P. By: First Reserve GP VIII, L.P., its General Partner By: First Reserve Corporation, its General Partner By: ---------------------------------------