Right of First Refusal and Corporate Opportunities Agreement



 EXHIBIT 10.15 
 RIGHT OF FIRST REFUSAL AND 
 CORPORATE OPPORTUNITIES AGREEMENT 
 THIS RIGHT OF FIRST REFUSAL AND CORPORATE OPPORTUNITIES AGREEMENT (this “Agreement”) is made as of
                     , 2007 by and between Oceanaut, Inc., a Marshall Islands corporation (the “Company”), and Excel Maritime
Carriers Ltd., a Liberian corporation (“Excel”) in connection with the Company’s proposed public offering of Units in the United States pursuant to a registration statement, on Form F-1, filed by the Company with the Securities
and Exchange Commission (as amended, the “Registration Statement”). 
 RECITALS 
 WHEREAS, Excel is a significant shareholder in the Company and the Company and Excel share certain officers and directors; and 
 WHEREAS, because each of the Company and Excel will be seeking business opportunities in the shipping industry, the parties have made this Agreement to
clarify the business opportunities for which each party shall have the right of first refusal. 
 NOW, THEREFORE, in consideration of the
mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Right of First Refusal. For the term specified in Section 2 of this Agreement, each party agrees to grant to such other party
(i) in its certificate of incorporation or equivalent document or (ii) by action of its board of directors, a right of first refusal to any corporate opportunities belonging to it that concern a Business Combination (as defined herein) as
follows: 
 (a) Excel shall have a right of first refusal for corporate opportunities in the dry bulk sector of the shipping
industry as described in the Registration Statement; and 
 (b) The Company shall have a right of first refusal with respect
to corporate opportunities in all other sectors of the shipping industry as described in the Registration Statement. 
 Decisions by the Company to release
Excel to pursue any corporate opportunity outside of the dry bulk sector will be made by a majority of the Company’s independent directors. Decisions by Excel to release the Company to pursue a corporate opportunity in the dry bulk sector will
be made by a majority of Excel’s independent directors. 
 As used herein, the term “Business Combination” (as
described more fully in the Registration Statement) shall mean any acquisition, through a merger, capital stock exchange, asset acquisition, stock purchase or other similar business combination vessels or one or more operating businesses in the
shipping industry. 
 Any party whose directors, officers or employees become aware of a corporate opportunity which is subject to this
Agreement (such party, the “Grantor”) shall provide written notice of the business opportunity to the party to whom it has the duty to grant the right of first refusal (the “Grantee”) within 5 (five) business days of its
identification of the corporate opportunity. Any right of first refusal granted 

  

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shall expire ninety (90) days from the date of the written notice, provided that, during such ninety (90)-day period, the Grantee has failed to
commence discussions with any third party regarding a Business Combination. 
 2. Term. This Agreement shall become effective
on its execution and shall remain in effect for a period to expire upon the earlier of (i) the consummation by the Company of a Business Combination or (ii) the Company’s liquidation, each in the circumstances and in the manner
described in the Registration Statement. 
 3. Notices. All notices or communications hereunder shall be in writing, addressed
as follows: 
 To the Company: 
 Oceanaut, Inc. 
 17th Km National Road Athens-Lamia & Finikos Street 
 145-64 Nea Kifisia 
 Athens, Greece 
 Attention: Chief Executive Officer 
 with copies to: 
 Kenneth R. Koch, Esq. 
 Mintz Levin Cohn
Ferris Glovsky & Popeo, P.C. 
 666 Third Avenue 
 New York, New York 10017 
 If to Excel: 
 Excel Maritime Carriers Ltd. 
 17th Km National Road Athens-Lamia & Finikos Street 
 145-64 Nea Kifisia 
 Athens, Greece 
 Attention: General Counsel

 with copies to: 
 Kenneth R.
Koch, Esq. 
 Mintz Levin Cohn Ferris Glovsky & Popeo, P.C. 
 666 Third Avenue 
 New York, New York 10017

 Any such notice or communication shall be delivered by hand or by courier or sent certified or registered mail, return receipt requested,
postage prepaid, addressed as above (or to such other address as such party may designate in a notice delivered as described above), and the third business day after the actual date of mailing shall constitute the time at which notice was given.

 4. Severability. If any provision of this Agreement shall be declared to be invalid or unenforceable, in whole or in part,
such invalidity or unenforceability shall not affect the remaining provisions hereof which shall remain in full force and effect. 
 5.
Assignment. Neither this Agreement nor any rights or obligations hereunder shall be assignable or otherwise subject to hypothecation by either party hereto. 
  

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 6. Amendment. This Agreement may only be amended by written agreement of the parties
hereto. 
 7. Survival. The respective rights and obligations of the parties hereunder shall survive any termination of this
Agreement to the extent necessary to the intended preservation of such rights and obligations. The provisions of this Section 7 are in addition to the survivorship provisions of any other section of this Agreement. 
 8. Governing Law and Jurisdiction. This Agreement shall be construed, interpreted, and governed in accordance with the laws of the State of New
York, without reference to rules relating to conflicts of law. The undersigned hereby agrees that any action, proceeding or claim against the undersigned arising out of or relating in any way to this Agreement shall be brought and enforced in the
courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The undersigned hereby waives any objection to such
exclusive jurisdiction and that such courts represent an inconvenient forum. The Company hereby appoints, without power of revocation, Mintz, Levin, Cohn, Ferris, Glovsky & Popeo, P.C, with an office at 666 Third Avenue, New York, New York,
10017, Attention of Kenneth R. Koch, Esq., as its agent to accept and acknowledge on its behalf service of any and all process which may be served in any action, proceeding or counterclaim in any way relating to or arising out of this letter
agreement. 
 9. Effect on Prior Agreements. This Agreement contains the entire understanding between the parties hereto and
supersedes in all respects any prior or other agreement or understanding concerning the subject matter hereof between the Company and Excel. 
 10. Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which, taken together, shall be deemed one document 
 11. Mutual Waiver of Jury Trial. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY
RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST
BENEFITS OF THE JUDICIAL SYSTEM, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS AGREEMENT OR ANY DOCUMENTS RELATED HERETO. 
 12. Waiver. Each party acknowledges and permanently and irrevocably waives any and all claims against the other parties hereto in respect
of any business opportunities not received by it pursuant to the terms of this Agreement. 
 (Remainder of page intentionally left blank.
Signature pages to follow.) 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Right of First Refusal and Corporate
Opportunities Agreement as of the date first specified above. 
  

									
	OCEANAUT, INC.	 		 	EXCEL MARITIME CARRIERS LTD.
					
	By:	 	/s/    Christopher Georgakis	 		 	By:	  	/s/    Eleftherios A. Papatrifon
	Name:	 	Christopher Georgakis	 		 	Name:	  	Eleftherios A. Papatrifon
	Title:	 	Chief Executive Officer and President	 		 	Title:	  	Chief Financial Officer