Document:

EX-10.2

    ADDENDUM
    NO. 1

    To the Memorandum of Agreement dated 20th August 2008

    (the “Contract”)

    Between

    IRIS MARINE CARRIERS S.A. Panama

    (the “Sellers”)

    And

    GAVIAL MARINE CORPORATION., Liberia

    A guaranteed nominee of Oceanaut Inc., Marshall Islands

    (the “Buyers”)

    In respect of m/v “IRIS II”

    (the “Vessel”)

 

    It is Hereby agreed between the Buyers and Sellers that the
    lifting of the Guarantor’s Board of Director’s
    Approval referred to in Clause 20 of the Memorandum of
    Agreement shall be extended from the 30th of September 2008
    until latest 31st of October 2008.

 

    In this respect, the delivery laycan referred to in
    Clause 5 of the Memorandum of Agreement shall be extended
    from 1st October / 1st December 2008 to
    1st November / 31st December 2008 and the cancelling
    date shall also be extended until 31st of December 2008 in the
    Buyers’ option.

 

    All other terms and conditions of the above mentioned Contract
    remain unaltered and in full force.

 

    In witness thereof the parties have caused this Addendum
    No. 1 to be signed this 5th day of September 2008

 

	 	 	 
	
    For the Sellers
	
 
	
    For the Buyers

	 

	

    /s/ Toby English, H. Clarkson & Co. Ltd., Director

	
 
	
    /s/ Gabriel Panayotides, Chief Executive Officer and President

    

    1EX-10.3

    ADDENDUM
    NO. 1

    To the Memorandum of Agreement dated 20th August 2008

    (the “Contract”)

    Between

    SEA TRIUMPH MARITIME S.A. Panama

    (the “Sellers”)

    And

    TUNMORE SHIPHOLDING CO., Liberia

    A guaranteed nominee of Oceanaut Inc., Marshall Islands

    (the “Buyers”)

    In respect of m/v “MEDI CEBU”

    (the “Vessel”)

 

    It is Hereby agreed between the Buyers and Sellers that the
    lifting of the Guarantor’s Board of Director’s
    Approval referred to in Clause 20 of the Memorandum of
    Agreement shall be extended from the 30th of September 2008
    until latest 31st of October 2008.

 

    In this respect, the delivery laycan referred to in
    Clause 5 of the Memorandum of Agreement shall be extended
    from 1st October / 1st December 2008 to
    1st November / 31st December 2008 and the
    cancelling date shall also be extended until 31st of
    December 2008 in the Buyers’ option.

 

    All other terms and conditions of the above mentioned Contract
    remain unaltered and in full force.

 

    In witness thereof the parties have caused this Addendum
    No. 1 to be signed this 5th day of September 2008

 

	 	 	 
	
    For the Sellers
	
 
	
    For the Buyers

	 

	

    /s/ Toby English, H. Clarkson & Co. Ltd., Director

	
 
	
    /s/ Gabriel Panayotides, Chief Executive Officer and President

	
 
	
 
	
 

    

    1EX-10.4

    ADDENDUM
    NO. 1

    To the Memorandum of Agreement dated 20th August 2008

    (the “Contract”)

    Between

    THREE STARS MARITIME S.A. Panama

    (the “Sellers”)

    And

    SKELTON MARITIME LTD., Liberia

    A guaranteed nominee of Oceanaut Inc., Marshall Islands

    (the “Buyers”)

    In respect of m/v “THREE STARS”

    (the “Vessel”)

 

    It is Hereby agreed between the Buyers and Sellers that the
    lifting of the Guarantor’s Board of Director’s
    Approval referred to in Clause 20 of the Memorandum of
    Agreement shall be extended from the 30th of September 2008
    until latest 31st of October 2008.

 

    In this respect, the delivery laycan referred to in
    Clause 5 of the Memorandum of Agreement shall be extended
    from 1st October / 1st December 2008 to
    1st November / 31st December 2008 and the
    cancelling date shall also be extended until 31st of
    December 2008 in the Buyers’ option.

 

    All other terms and conditions of the above mentioned Contract
    remain unaltered and in full force.

 

    In witness thereof the parties have caused this Addendum
    No. 1 to be signed this 5th day of September 2008

 

	 	 	 
	
    For the Sellers
	
 
	
    For the Buyers

	 

	

    /s/ Toby English, H. Clarkson & Co. Ltd., Director

	
 
	
    /s/ Gabriel Panayotides, Chief Executive Officer and President

	
 
	
 
	
 

    

    1EX-10.5

    RIGHT OF
    FIRST REFUSAL AND

    CORPORATE OPPORTUNITIES AGREEMENT

 

    THIS RIGHT OF FIRST REFUSAL AND CORPORATE OPPORTUNITIES
    AGREEMENT (this “Agreement”) is made as of
    September 5, 2008 by and between Oceanaut, Inc., a Marshall
    Islands corporation (the “Company”), and Excel
    Maritime Carriers Ltd., a Liberian Corporation
    (“Excel”).

 

    RECITALS

 

    A. Excel is a significant shareholder in the Company.

 

    B. The Company and Excel share certain officers and
    directors.

 

    C. The parties have entered into that certain Right of
    First Refusal and Corporate Opportunities Agreement, dated
    March 1, 2006, regarding the clarification of corporate
    opportunities between the parties in the shipping industry (the
    “Prior Agreement”), which Prior Agreement shall
    continue in full force and effect until the earlier of
    (i) the consummation by the Company of a business
    combination (“Business Combination”) and
    (ii) the Company’s liquidation, each in the
    circumstances and in the manner described in the Company’s
    prospectus relating to the initial public offering of its
    securities.

 

    D. The Company has entered into definitive agreements for
    the purchase of certain dry bulk carriers, the consummation of
    which shall be a Business Combination.

 

    E. Because each of the Company and Excel will be seeking
    business opportunities in the dry bulk sector of the shipping
    industry after the consummation of the Company’s Business
    Combination, the parties have made this Agreement to clarify the
    business opportunities for which the Company shall have the
    right of first refusal after such time.

 

    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 4 and subject to the terms of
    Section 2 of this Agreement, Excel hereby grants to
    the Company a right of first refusal to any opportunities for
    (a) the acquisition, operation, and chartering-in of any
    dry bulk carrier that is subject to a Qualifying Contract and
    (b) the sale or other disposition of any dry bulk carrier
    owned or chartered-in by Excel and that is subject to a
    Qualifying Contract (“Corporate Opportunity”).
    A “Qualifying Contract” means a time or
    bareboat charter-out having a remaining duration, excluding any
    extension options, of at least four years. Nothing herein shall
    require Excel to offer a right of first refusal merely because
    it enters into, renews or extends a Qualifying Contract with
    respect to any vessel already owned or chartered in by Excel at
    the time the Qualifying Contract is entered into. For purposes
    of this Section, “Excel” shall include Excel’s
    subsidiaries.  

 

    2.  Permitted
    Exceptions.  Notwithstanding any provision of
    Section 1 to the contrary, Excel may engage in the
    following activities under any of the following circumstances:

 

    (a) acquire or own any dry bulk carrier that is not subject
    to a Qualifying Contract;

 

    (b) acquire a dry bulk carrier that is subject to a
    Qualifying Contract (such a dry bulk carrier subject to a
    Qualifying Contract, a “Dry Bulk Carrier
    Asset”) if Excel promptly offers to sell to Oceanaut
    such Dry Bulk Carrier Asset for fair market value, plus any
    applicable costs incurred by Excel (such as taxes, flag
    administration, financing, legal and other similar costs) in
    consummating such transaction, in accordance with the procedures
    set forth in Section 3;

 

    (c) own, operate, acquire or dispose of a Dry Bulk Carrier
    Asset that is owned, operated, acquired or disposed of as part
    of Excel’s joint ventures with parties other than Oceanaut;

    

    1

 

    (d) acquire one or more Dry Bulk Carrier Assets as part of
    the acquisition of a controlling interest in a business or
    package of assets and own and operate or charter those vessels,
    provided, however, that:

 

    (i) if less than a majority of the value of the total
    assets or business acquired is attributable to one or more Dry
    Bulk Carrier Assets, as determined in good faith by Excel, Excel
    must offer to sell such Dry bulk Carrier Assets to Oceanaut at
    such Dry Bulk Carrier Assets’ fair market value, plus any
    applicable
    Break-up
    Costs, in accordance with the procedures set forth in
    Section 3. “Break Up Costs” means
    the aggregate amount of any and all additional taxes, flag
    administration, financing, legal and other similar costs to
    Excel that would be required to transfer to Oceanaut any Dry
    Bulk Carrier Asset acquired by Excel as part of a larger
    transaction; or

 

    (ii) if a majority or more of the value of the total assets
    or business acquired is attributable to one or more Dry Bulk
    Carrier Assets, as determined in good faith by Excel, Excel
    shall notify Oceanaut in writing of the proposed acquisition.
    Oceanaut shall, not later than the 10th Business Day
    following receipt of such notice, notify Excel if it wishes to
    acquire any of the Dry Bulk Carrier Assets forming part of the
    business or package of assets. If Oceanaut does not notify Excel
    of its intent to pursue the acquisition within ten
    (10) Business Days, Excel may proceed with the acquisition
    as provided in subsection (i) above;

 

    (e) own, operate or charter any Dry Bulk Carrier Asset that
    is subject to an offer to purchase by Oceanaut as described in
    Section 2(b) pending the applicable offer of any
    such Dry Bulk Carrier Asset to Oceanaut and Oceanaut’s
    determination pursuant to Section 3 whether to
    purchase the Dry Bulk Carrier Asset and, if Oceanaut elects to
    purchase any such Dry Bulk Carrier Asset, pending the closing of
    such purchase;

 

    (f) acquire a non-controlling interest in any company,
    business or pool of assets that include one or more Dry Bulk
    Carrier Assets;

 

    (g) acquire or own a Dry Bulk Carrier Asset if Oceanaut
    does not fulfill its obligations under any written agreement
    between Excel and Oceanaut requiring Excel to purchase such Dry
    Bulk Carrier Asset;

 

    (h) provide ship management services relating to any vessel
    whatsoever, including, without limitation, Dry Bulk Carriers
    Assets; or

 

    (i) acquire, operate or charter one or more Dry Bulk
    Carrier Assets if Oceanaut has previously advised Excel that it
    consents to such acquisition, operation or charter.

 

    3.  Corporate Opportunity
    Procedures.  

 

    (a) In the event that Excel or any of Excel’s
    Affiliates become aware of a Corporate Opportunity, Excel shall
    provide written notice of such Corporate Opportunity to the
    Company (the “Offer Notice”) within three
    (3) Business Days of its identification of the Corporate
    Opportunity. The Offer Notice shall contain all of the material
    terms of such Corporate Opportunity. “Business Day”
    means any day except Saturday, Sunday, and any day which
    shall be a legal holiday or a day on which banking institutions
    in Athens, Greece, are authorized or required by law or other
    governmental action to close. “Affiliate”
    means, with respect to Excel, any other person or entity that
    directly or indirectly, through one or more intermediaries,
    controls, is controlled by, or is under common control with
    Excel. As used in this Section 2(a),
    “control” means the possession, direct or
    indirect, of the power to direct or cause the direction of the
    management and policies of a person or entity, whether through
    ownership of voting securities, by contract, or otherwise.

 

    (b) The Company, within fifteen (15) Business Days of
    its receipt of the Offer Notice (the “Response
    Period”), shall provide written notice to Excel of its
    decision on whether it will pursue the Corporate Opportunity
    that is the subject of such Offer Notice (“Reply
    Notice”). If the Company indicates in such Reply Notice
    that it has decided to pursue such Corporate Opportunity, then
    Excel shall relinquish all rights with respect to such Corporate
    Opportunity, such relinquishment including nominating the
    Company as the counterparty to the Corporate Opportunity in the
    place of Excel, whether or not the Company successfully secures
    such Corporate Opportunity. If, however, the Company
    (i) indicates in such Reply Notice that it will not pursue
    such Corporate Opportunity, or (ii) fails to provide a
    Reply Notice within the Response Period, then Excel shall be
    forever free to pursue such Corporate Opportunity. Nothing
    herein shall preclude Excel from consummating an acquisition of
    one or more Dry

    

    2

 

    Bulk Carrier Assets prior to the receipt of a Reply Notice or
    the end of the Response Period, provided it complies with
    Section 2(b) thereafter.

 

    (c) Decisions by the Company to release Excel to pursue any
    Corporate Opportunity shall be made by a majority of the
    Company’s independent directors who are not affiliated with
    Excel.

 

    (d) Excel shall have no obligation to provide financial or
    other assistance in connection with the Company’s pursuit
    of any Corporate Opportunity.

 

    4.  Term.  This Agreement
    shall become effective on its execution and shall remain in
    effect for a period of five years from the date hereof,
    provided, further, this Agreement shall automatically renew for
    successive two-year periods if neither party gives written
    notice of termination to the other at least 30 days prior
    to the then next scheduled termination date.

 

    5.  Notices.  All notices or
    communications hereunder shall be addressed as follows:

 

    To the Company:

 

    Oceanaut, Inc.

    17th
    Km National Road Athens-Lamia & Finikos Street

    145 64 Nea Kifisia

    Athens, Greece

    Telephone: +30-210-620-9520

    Facsimile: +30-210-620-9528

    Attention: Chief Executive Officer

 

    with copies to:

 

    Mintz Levin Cohn Ferris Glovsky & Popeo, P.C.

    666 Third Avenue

    New York, New York 10017

    Telephone: +1-212-935-3000

    Facsimile: +1-212-983-3115

    Attention: Kenneth R. Koch, Esq.

 

    If to Excel:

 

    Excel Maritime Carriers Limited

    17th
    Km National Road Athens-Lamia & Finikos Street

    145 64 Nea Kifisia

    Athens, Greece

    Telephone: +30-210-620-9520

    Facsimile: +30-210-620-9528

    Attention: Chief Executive Officer

 

    Any notice required or permitted to be given to a party pursuant
    to the provisions of this Agreement shall be (i) in
    writing; (ii) provided by personal delivery, facsimile, or
    internationally recognized courier only; and
    (iii) effective and deemed given to such party under this
    Agreement on the earliest of the following: (1) the date of
    personal delivery; (2) one Business Day after transmission
    by facsimile, with confirmation of transmission; and
    (3) one Business Day after deposit with a return receipt,
    internationally recognized express courier.

 

    6.  Scope of
    Prohibition.  Except as otherwise provided in
    this Agreement, each party and its Affiliates shall be free to
    engage in any business activity whatsoever, including those that
    may be in direct competition with such other party.

 

    7.  Entire Agreement.  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; provided, however, that
    the Prior Agreement shall be in full force and effect until the
    consummation of a Business Combination by the Company.

    

    3

 

    8.  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.

 

    9.  Assignment.  Neither this
    Agreement nor any rights or obligations hereunder shall be
    assignable or otherwise subject to hypothecation by either party
    hereto.

 

    10.  Amendment.  This
    Agreement may only be amended by written agreement of the
    parties hereto.

 

    11.  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 11 are in addition to the
    survivorship provisions of any other section of this Agreement.

 

    12.  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 its 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.

 

    13.  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.

 

    14.  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.

 

    15. 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.)

    

    4

 

    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.

 

			
	 	    By: 
	
    /s/ Eleftherios A. Papatrifon

    Name:     Eleftherios A. Papatrifon

			
	 	    Title: 
	
    Chief Financial Officer

 

    EXCEL MARITIME CARRIERS LTD.

 

			
	 	    By: 
	
    /s/ Stamatis Molaris

    Name:     Stamatis Molaris

			
	 	    Title: 
	
    President and Chief Executive Officer

    

    5

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}], [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00147-of-00352.parquet"}]]