Document:

Form of Investment Management Trust Agreement

 EXHIBIT 10.10 
 INVESTMENT MANAGEMENT TRUST AGREEMENT 
 This Agreement is made as of
[            ], 2007, by and between Oceanaut, Inc. (the “Company”) and Continental Stock Transfer & Trust Company (the “Trustee”).

 WHEREAS, the Company’s Registration Statement on Form F-1,
No. 333-[            ] (the “Registration Statement”), for its initial public offering of securities (“IPO”) has been declared effective as of
the date hereof by the Securities and Exchange Commission (“Effective Date”); 
 WHEREAS, the Company has agreed to issue
securities in a private placement that will occur immediately prior to the IPO (the “Private Placement”); 
 WHEREAS,
Citigroup Global Markets Inc. (the “Representative”) is acting as the representative of the underwriters in the IPO; 
 WHEREAS, as described in the Company’s Registration Statement, and (i) in accordance with the Company’s Articles of Incorporation, as may be amended from time to time, $141,100,000 of the net proceeds of the IPO
($162,475,000, if the underwriters’ over-allotment option is exercised in full), (ii) in accordance with the Insider Unit and Insider Warrant Purchase Agreement to be entered into immediately prior to the IPO by and between the Company and
Excel Maritime Carriers Ltd., $11,000,000 of the gross proceeds of the Private Placement, and (iii) in accordance with the Underwriting Agreement to be entered into immediately prior to the IPO by and between the Company and the Representative,
as representative of the underwriters, an additional $3,000,000 ($3,450,000, if the underwriters’ over-allotment option is exercised in full), representing a portion of the underwriters’ discount (the “Deferred
Discount”) which the Representative, on behalf of the underwriters, has agreed to deposit in the Trust Account (as defined below), will be delivered to the Trustee to be deposited and held in a trust account for the benefit of the Company
and the holders of the Company’s common stock, par value $.0001 per share (“Common Stock”), included in the Company’s units issued in the IPO (the amount to be delivered to the Trustee will be referred to herein as the
“Property,” the shareholders for whose benefit the Trustee shall hold the Property will be referred to as the “Public Shareholders,” and the Public Shareholders, the Representative and the Company will be referred
to together as the “Beneficiaries”); and 
 WHEREAS, the Company and the Trustee desire to enter into this Agreement to set
forth the terms and conditions pursuant to which the Trustee shall hold the Property. 
 NOW, THEREFORE, in consideration of the foregoing
and the mutual covenants and agreements herein contained, the parties hereto agree as follows: 
 1. Agreements and Covenants of
Trustee. The Trustee hereby agrees and covenants to: 
 (a) Hold the Property in trust for the Beneficiaries in accordance
with the terms of this Agreement in a segregated trust account (“Trust Account”) established by the Trustee at a branch of JP Morgan Chase NY Bank selected by the Trustee; 
 (b) Manage, supervise and administer the Trust Account subject to the terms and conditions set forth herein; 

 (c) In a timely manner, upon the instruction of the Company, to invest and reinvest the
Property in Treasury Bills issued by the United States with maturity dates of 180 days or less or in money market funds meeting certain conditions under Rule 2a-7 promulgated under the Investment Company Act of 1940; 
 (d) Collect and receive, when due, all principal and income arising from the Property, which shall become part of the
“Property,” as such term is used herein; 
 (e) Notify the Company and the Representative of all communications
received by it with respect to any Property requiring action by the Company; 
 (f) Supply any necessary information or
documents as may be requested by the Company in connection with the Company’s preparation of the tax returns for the Trust Account; 
 (g) Participate in any plan or proceeding for protecting or enforcing any right or interest arising from the Property if, as and when instructed by the Company and/or the Representative to do so; 
 (h) Render to the Company and to the Representative, and to such other person as the Company may instruct, monthly written statements of
the activities of and amounts in the Trust Account reflecting all receipts and disbursements of the Trust Account; 
 (i) As
of the date of the consummation of a Business Combination (as defined below), commence liquidation of the Trust Account upon receipt of the Officers’ Certificate signed by the Chief Executive Officer and Chief Financial Officer of the Company
in accordance with the terms of a letter (“Termination Letter”), in a form substantially similar to that attached hereto as Exhibit A or Exhibit B, signed on behalf of the Company by its Chief Executive Officer or
Chief Financial Officer, and complete the liquidation of the Trust Account and distribute the Property in the Trust Account only as directed in the Termination Letter and the other documents referred to therein. The Trustee understands and agrees
that disbursements from the Trust Account shall be made only pursuant to a duly executed Termination Letter, together with the other documents referenced herein, including, without limitation, an independently certified oath and report of inspector
of election in respect of the shareholder vote in favor of the Business Combination. In all cases, the Trustee shall provide the Representative with a copy of any Termination Letters, Officers’ Certificates and/or any other correspondence that
it receives with respect to any proposed withdrawal from the Trust Account promptly after it receives same. As used in this Agreement, the term “Business Combination” means the acquisition by the Company, through merger, capital
stock exchange, asset acquisition, stock purchase or other similar business combination with, one or more vessels or operating businesses in the shipping industry as more fully described in the prospectus forming a part of the Registration
Statement; and 
 (j) As of the date 18 months from the date of this Agreement (the
“LOI Termination Date”) (or 24 months from the date hereof in the event the Company has executed a Letter of Intent (defined below) prior to the LOI Termination Date but failed to consummate a Business Combination (“Second
Termination Date”)), commence liquidation of the Trust Account. The Trustee, upon consultation with the
Company and the Representative, shall deliver a notice to Public Shareholders of record as of the LOI Termination Date or Second Termination Date, whichever the case may be, by U.S. mail or via the Depository Trust Company (“DTC”),
within five days of the LOI Termination Date or Second Termination Date, to notify the Public Shareholders of such event and take such other actions as it may deem necessary to inform the Beneficiaries. The Trustee shall deliver to each Public
Shareholder its ratable share of the Property against satisfactory evidence of delivery of the stock 

  

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certificates by the Public Shareholders to the Company through DTC, its Deposit Withdraw Agent Commission (DWAC) system or as otherwise presented to the
Trustee. Notwithstanding the foregoing, if the Trustee receives a bona fide, executed letter of intent, agreement in principle or engagement letter (a “Letter of Intent”) for a Business Combination prior to the LOI Termination Date
accompanied by an Officers’ Certificate as described in Section 3(e) hereof, then the Trustee shall forego or suspend any liquidation of the Trust Account until the earlier of a Business Combination or the Second Termination Date.

 2. Limited Distributions of Income on Property. 
 (a) Upon receipt by the Trustee of an Officer’s Certificate signed by the Chief Executive Officer and Chief Financial Officer of the
Company certifying as true, accurate and complete a copy of any tax return required to be filed on behalf of the Trust Account in respect of income earned on the Property held therein, the Trustee shall deliver to the Company for submission to the
appropriate taxing authority a check made payable to the order of such taxing authority in the amount required to pay such taxes; provided, however, that in no event shall the aggregate amount of all checks issued to taxing authorities
pursuant to this Section 2(a) exceed the income in respect of which such taxes are due and owing. 
 (b) Upon one or more
written requests from the Company, which may be given not more than once in any calendar month period, the Trustee shall distribute to the Company an amount which may not exceed the lesser of (y) the aggregate amount of income actually received
or paid on amounts in the Trust Account less an amount equal to estimated taxes that are or will be due on such income at an assumed rate of 40% and (z) $2,000,000. The distributions requested by the Company may be for any amount, provided that
(i) in the aggregate, all distributions under this Section 2(b) may not exceed $2,000,000, and (ii) that such distributions may only be made if and to the extent that interest has been earned on the amount initially deposited into the
Trust Account. 
 (c) Except as provided in Sections 2(a) and 2(b) above, no other distributions from the Trust Account shall
be permitted except in accordance with Sections 1(i) and 1(j) hereof. 
 3. Agreements and Covenants of the Company. The Company
hereby agrees and covenants to: 
 (a) Provide all instructions to the Trustee hereunder in writing, signed by the
Company’s Chief Executive Officer and Chief Financial Officer. In addition, except with respect to its duties under paragraph 1(i) and 1(j) above, the Trustee shall be entitled to rely on, and shall be protected in relying on, any verbal or
telephonic advice or instruction which it in good faith believes to be given by any one of the persons authorized above to give written instructions, provided that the Company and/or the Representative shall promptly confirm such instructions in
writing; 
 (b) Hold the Trustee harmless and indemnify the Trustee from and against any and all expenses, including
reasonable counsel fees and disbursements, or loss suffered by the Trustee in connection with any action, suit or other proceeding brought against the Trustee involving any claim, or in connection with any claim or demand which in any way arises out
of or relates to this Agreement, the services of the Trustee hereunder, or the Property or any income earned from investment of the Property, except for expenses and losses resulting from the Trustee’s gross negligence or willful misconduct.
Promptly after the receipt by the Trustee of notice of demand or claim or the commencement of any action, suit or proceeding, pursuant to which the Trustee intends to seek indemnification under this paragraph, it shall notify the Company in writing
of such claim (hereinafter referred to as the “Indemnified Claim”). The Trustee shall have the right to conduct and manage the defense against such 

  

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Indemnified Claim, provided, that the Trustee shall obtain the consent of the Company with respect to the selection of counsel, which consent shall not be
unreasonably withheld. The Company may participate in such action with its own counsel; 
 (c) Pay the Trustee an initial
acceptance fee of $1,000 and an annual fee of $3,000 (it being expressly understood that the Property shall not be used to pay such fee). The Company shall pay the Trustee the initial acceptance fee and first year’s fee at the consummation of
the IPO and thereafter on the anniversary of the Effective Date. The Trustee shall refund to the Company the fee (on a pro rata basis) with respect to any period after the liquidation of the Trust Fund. The Company shall not be responsible for any
other fees or charges of the Trustee except as may be provided in Section 2(b) hereof (it being expressly understood that the Property shall not be used to make any payments to the Trustee under such section); 
 (d) In the event that the Company consummates a Business Combination and the Trust Account is liquidated in accordance with
Section 1(i) hereof, the Trustee or another independent party designated by the Representative shall act as the inspector of election to certify the results of the shareholder vote with regard to a Business Combination; and 
 (e) Within five business days after the Representative’s over-allotment option (or any unexercised portion thereof) expires or is
exercised in full, provide the Trustee notice in writing (with a copy to the Representative) of the total amount of the Deferred Discount. 
 The
Officers’ Certificate referenced in Sections 1(i) and (j) hereof shall require the Chief Executive Officer and Chief Financial Officer of the Company to each certify the following (wherever applicable): (1) prior to the LOI
Termination Date, the Company has entered into a bona fide Letter of Intent with a target business; and/or (2) prior to the LOI Termination Date, the Company has entered into a Business Combination with a target business, the terms of which are
consistent with the requirements set forth in the Registration Statement; and/or (3) prior to the Second Termination Date, the Company has entered into a Business Combination with a target business, the terms of which are consistent with the
requirements set forth in the Registration Statement; and (4) the Company’s board of directors, by way of a unanimous written consent, has approved (where applicable): (i) the Business Combination; and/or (ii) Letter of Intent. A
copy of such consent shall be attached as an exhibit to the Officers’ Certificate. 
 4. Limitations of Liability. The
Trustee shall have no responsibility or liability to: 
 (a) Take any action with respect to the Property, other than as
directed in Section 1 hereof and the Trustee shall have no liability to any party except for liability arising out of its own gross negligence or willful misconduct; 
 (b) Institute any proceeding for the collection of any principal and income arising from, or institute, appear in or defend any proceeding
of any kind with respect to, any of the Property unless and until it shall have received written instructions from the Company given as provided herein to do so and the Company shall have advanced or guaranteed to it funds sufficient to pay any
expenses incident thereto; 
 (c) Change the investment of any Property, other than in compliance with Section 1(c);

 (d) Refund any depreciation in principal of any Property; 
  

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 (e) Assume that the authority of any person designated by the Company and/or the
Representative to give written instructions hereunder shall not be continuing unless provided otherwise in such designation, or unless the Company and/or the Representative shall have delivered a written revocation of such authority to the Trustee;

 (f) The other parties hereto or to anyone else for any action taken or omitted by it, or any action suffered by it to be
taken or omitted, in good faith and in the exercise of its own best judgment, except for its gross negligence or willful misconduct. The Trustee may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate,
opinion or advice of counsel (including counsel chosen by the Trustee), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and
acceptability of any information therein contained) which is believed by the Trustee, in good faith, to be genuine and to be signed or presented by the proper person or persons. The Trustee shall not be bound by any notice or demand, or any waiver,
modification, termination or rescission of this agreement or any of the terms hereof, unless evidenced by a written instrument delivered to the Trustee signed by the proper party or parties and, if the duties or rights of the Trustee are affected,
unless it shall give its prior written consent thereto; 
 (g) Verify the correctness of the information set forth in the
Registration Statement or to confirm or assure that any acquisition made by the Company or any other action taken by it is as contemplated by the Registration Statement, unless an officer of the Trustee has actual knowledge thereof, written notice
of such event is sent to the Trustee or as otherwise required under Section 1(i) hereof; and 
 (h) Pay any taxes on
behalf of the Trust Account (it being expressly understood that, subject to the provisions of Section 2(a), the Property shall not be used to pay any such taxes and that such taxes, if any, shall be paid by the Company from funds not held in
the Trust Account). 
 5. Certain Rights Of Trustee. 
 (a) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or opinion of counsel or both. The
Trustee shall not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or opinion of counsel. The Trustee may consult with counsel and the advice of such counsel or any opinion of counsel
shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
 (b) The Trustee may act through its attorneys and agents and shall not be responsible for the misconduct or negligence of any agent
appointed with due care. 
 (c) The Trustee shall not be liable for any action it takes or omits to take in good faith that it
believes to be authorized or within the rights or powers conferred upon it by this Agreement. 
 (d) The Trustee shall not be
responsible for and makes no representation as to the validity or adequacy of this Agreement and it shall not be accountable for the Company’s use of the proceeds from the Trust Account. Notwithstanding the effective date of this Agreement or
anything to the contrary contained in this Agreement, the Trustee shall have no liability or responsibility for any act or event relating to this Agreement or the transactions related thereto which occurs prior to the date of this Agreement, and
shall have no contractual obligations to the Beneficiaries until the date of this Agreement. 
  

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 6. Termination. This Agreement shall terminate as follows: 
 (a) If the Trustee gives written notice to the Company that it desires to resign under this Agreement, the Company shall use its
reasonable efforts to locate a successor trustee during which time the Trustee shall continue to act in accordance with the terms of this Agreement. At such time that the Company notifies the Trustee that a successor trustee has been appointed by
the Company and has agreed to become subject to the terms of this Agreement, the Trustee shall transfer the management of the Trust Account to the successor trustee, including, but not limited, to the transfer of copies of the reports and statements
relating to the Trust Account, whereupon this Agreement shall terminate; provided, however, that, in the event that the Company does not locate a successor trustee within ninety days of receipt of the resignation notice from the Trustee, the Trustee
may submit an application to have the Property deposited with the United States District Court for the Southern District of New York and upon such deposit, the Trustee shall be immune from any liability whatsoever that arises due to any actions or
omissions to act by any party after such deposit; 
 (b) At such time that the Trustee has completed the liquidation of the
Trust Account in accordance with the provisions of Section 1(i) hereof, and distributed the Property in accordance with the provisions of the Termination Letter, this Agreement shall terminate except with respect to Section 2(b) hereof; or

 (c) On such date after
[                    ] [    ], 2008 when the Trustee deposits the Property with the United States District Court
for the Southern District of New York in the event that, prior to such date, the Trustee has not received a Termination Letter from the Company pursuant to Section 1(i) or (j) hereof. 
 7. Miscellaneous. 
 (a) The Company and the Trustee each acknowledge that the Trustee will follow the security procedures set forth below with respect to funds transferred from the Trust Account. Upon receipt of written instructions, the Trustee will confirm
such instructions with an Authorized Individual at an Authorized Telephone Number listed on the attached Exhibit C. The Company and the Trustee will each restrict access to confidential information relating to such security procedures to
authorized persons. Each party must notify the other party immediately if it has reason to believe unauthorized persons may have obtained access to such information, or of any change in its authorized personnel. In executing funds transfers, the
Trustee will rely upon account numbers or other identifying numbers of a beneficiary, beneficiary’s bank or intermediary bank, rather than names. The Trustee shall not be liable for any loss, liability or expense resulting from any error in an
account number or other identifying number, provided it has accurately transmitted the numbers provided. 
 (b) This Agreement
shall be governed by and construed and enforced in accordance with the laws of the State of New York, without giving effect to conflict of laws. It may be executed in several counterparts, each of which shall constitute an original and all of which,
taken together, shall constitute one instrument. Facsimile signatures shall constitute original signatures for all purposes of this Agreement. 
 (c) This Agreement contains the entire agreement and understanding of the parties hereto with respect to the subject matter hereof. This Agreement or any provision hereof may only be changed, amended or modified by a
writing signed by each of the parties hereto; provided, however, that no such change, amendment or modification may be made without the prior written consent of the Representative, who, along with the other underwriters, the parties specifically
agree, are and shall be 

  

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third party beneficiaries for purposes of this Agreement; and provided further, the Agreement may not be changed, modified or amended without the consent of
each of the Public Shareholders adversely affected thereby. As to any claim, cross-claim or counterclaim in any way relating to this Agreement, each party waives the right to trial by jury. 
 (d) The parties hereto consent to the jurisdiction and venue of any state or federal court located in the State and County of New York for
purposes of resolving any disputes hereunder. The parties hereto irrevocably submit to such jurisdiction, which jurisdiction shall be exclusive, and hereby waive any objection to such exclusive jurisdiction and that such courts represent an
inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in
Section 7(e) hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. 
 (e) Any notice, consent or request to be given in connection with any of the terms or provisions of this Agreement shall be in writing and
shall be sent by express mail or similar private courier service, by certified mail (return receipt requested), by hand delivery or by facsimile transmission: 
 if to the Trustee, to: 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004

 Attn: Steven G. Nelson 
 Fax
No.: (212) 509-5150 
 if to the Company, to: 
 Oceanaut, Inc. 
 17th Km National Road Athens-Lamia & Finikos Street 
 145 64 Nea Kifisia 
 Athens, Greece 
 Attn: Chief Executive Officer 
 Fax No.: 011-30-210-620-9258 
 in either case, with a copy to: 
 Citigroup
Global Markets Inc. 
 390 Greenwich Street 
 New York, New York 10013 
 Attn: David Spivak 
 Fax No.: (212) 723-8871 
 and

 Mintz Levin Cohn Ferris Glovsky and Popeo, P.C. 
 666 Third Avenue, 25th Floor 
 New York, New York 10017 
 Attn: Kenneth R. Koch, Esq. 
 Fax No.:
(212) 983-3115 
  

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 and 
 Cleary Gottlieb Steen & Hamilton LLP 
 One Liberty Plaza 
 New York, New York 10006 
 Attn: Raymond B.
Check, Esq. 
 Fax No.: (212) 225-3999 
 (f) This Agreement may not be assigned by the Trustee without the prior written consent of the Company and the Representative. 
 (g) Each of the Trustee and the Company hereby represents that it has the full right and power and has been duly authorized to enter into
this Agreement and to perform its respective obligations as contemplated hereunder. The Trustee acknowledges and agrees that it shall not make any claims or proceed against the Trust Account, including by way of set-off, and shall not be entitled to
any funds in the Trust Account under any circumstance. 
 (Remainder of page intentionally left blank. Signature pages to follow.)

  

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 IN WITNESS WHEREOF, the parties have duly executed this Investment Management Trust Agreement as of the
date first written above. 
  

			
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Trustee
		
	By:	 	  
		 	Name: Steven G. Nelson
		 	Title: Chief Executive Officer
	
	OCEANAUT, INC.
		
	By:	 	  
		 	Name: Christopher Georgakis
		 	Title: Chief Executive Officer and President

 EXHIBIT A 
 [Letterhead of Company] 
 [Date] 
 Continental Stock Transfer 
   & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn:
[                                    ] 
 Re: Trust Account No. [            ] Termination Letter 
 Gentlemen: 
 Pursuant to Section 1(i) of the Investment
Management Trust Agreement between Oceanaut, Inc. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of
[                ], 2006 (“Trust Agreement”), this is to advise you that the Company has entered into an agreement (“Business
Agreement”) with [                ] (“Target Business”) to consummate a business combination with Target Business (“Business
Combination”) on or about [date]. The Company shall notify you at least 48 hours in advance of the actual date of the consummation of the Business Combination (“Consummation Date”) and shall provide you with an
Officers’ Certificate in accordance with Sections 1(i) and 2(e) of the Trust Agreement. Capitalized terms used herein and not otherwise define shall have the meaning ascribed to them in the Trust Agreement. 
 In accordance with the terms of the Trust Agreement, we hereby authorize you to commence liquidation of the Trust Account to the effect that, on the
Consummation Date, all of the funds held in the Trust Account will be immediately available for transfer to the account or accounts that the Company and the Representative shall direct in writing on the Consummation Date. 
 On the Consummation Date (i) counsel for the Company shall deliver to you written notification that all of the conditions to closing of the Business
Combination have been satisfied and the closing date for such Business Combination has been scheduled pursuant to the Business Agreement relating to the Business Combination (ii) the Company shall deliver along with the oath and report of
inspector of election certified by an independent inspector which may be the Trustee or as otherwise appointed by the Representative (collectively, the “Report”); and (iii) the Company and the Representative shall deliver to
you joint written instructions with respect to the transfer of the funds, including the Deferred Discount, held in the Trust Account (“Instructions”). You are hereby directed and authorized to transfer the funds held in the Trust
Account immediately upon your receipt of the counsel’s letter, the Report, evidence of delivery of the stock certificates, the Officers’ Certificate and the Instructions in accordance with the terms of the Instructions. Notwithstanding the
foregoing, upon verification of receipt by you of the Instructions, we hereby agree and acknowledge that the Property in the Trust Account shall be distributed as follows: (1) first, to any Public Shareholder exercising its conversion rights in
accordance with the terms and conditions of the Registration Statement; (2) second, to the Representative as directed in writing by the Representative, in an amount equal to the Deferred Discount; and (3) thereafter, to any other
Beneficiary in accordance with the terms of the Instructions. In the event that certain deposits held in the Trust Account may not be liquidated by the Consummation Date without penalty, you will notify 

  

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the Company and the Representative of the same and the Company and, if the amount set forth in clause (1) shall not have been paid in full, the
Representative shall issue joint written instructions directing you as to whether such funds should remain in the Trust Account and be distributed after the Consummation Date to the Company and/or the Representative. Upon the distribution of all the
funds in the Trust Account pursuant to the terms hereof, the Trust Agreement shall be terminated. 
 In the event that the Business
Combination is not consummated on the Consummation Date described in the notice thereof and we have not notified you on or before the original Consummation Date of a new Consummation Date, then the funds held in the Trust Account shall be reinvested
as provided in the Trust Agreement on the business day immediately following the Consummation Date as set forth in the notice. 
  

			
	Very truly yours,
	
	OCEANAUT, INC.
		
	By:	 	  
		 	Christopher Georgakis, Chief Executive Officer
		
	By:	 	  
		 	Eleftherios Papatrifon, Chief Financial Officer

  

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 EXHIBIT B 
 [Letterhead of Company] 
 [Date] 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn:
[                                    ] 
  

	 	Re:	Trust Account No. [            ] Termination Letter 

 Gentlemen: 
 Pursuant to Section 1(i) of the Investment
Management Trust Agreement between Oceanaut, Inc. (“Company”) and Continental Stock Transfer & Trust Company (“Trustee”), dated as of
[                ], 2006 (“Trust Agreement”), this is to advise you that the board of directors of the Company has voted to dissolve the Company
and liquidate the Trust Account (as defined in the Trust Agreement). Attached hereto is a copy of the resolutions of the Company’s board of directors passed by unanimous written consent, certified by the Secretary of the Company as true and
correct and in full force and effect, in relation thereto. 
 In accordance with the terms of the Trust Agreement, we hereby authorize you to
commence liquidation of the Trust Account. You will notify the Company and Citigroup Global Capital Markets Inc. in writing as to when all of the funds in the Trust Account will be available for immediate transfer (“Transfer Date”).
Thereafter, you shall commence distribution of such funds in accordance with the terms of the Trust Agreement and the Company’s Amended and Restated Articles of Incorporation, a copy of which is appended to this letter. Upon the payment of all
the funds in the Trust Account, the Trust Agreement shall be terminated and the Trust Account closed. 
  

			
	Very truly yours,
	
	OCEANAUT, INC.
		
	By:	 	  
		 	Christopher Georgakis, Chief Executive Officer
		
	By:	 	  
		 	Eleftherios Papatrifon, Chief Financial Officer

  

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 EXHIBIT C 
  

			
	 AUTHORIZED INDIVIDUAL(S)
 FOR TELEPHONE CALL BACK
	  	 AUTHORIZED
 TELEPHONE NUMBER(S)

		
	 Company:
	  	
		
	 Oceanaut, Inc.
 17th Km National Road Athens-Lamia & Finikos Street
 145
64 Nea Kifisia
 Athens, Greece
 Attn: Christopher
Georgakis,
 Chief Executive Officer and President
	  	011-30-210-620-9520
		
	Trustee:	  	
		
	 Continental Stock Transfer & Trust Company
 17
Battery Place
 New York, New York 10004
 Attn:
[                                    ]
	  	[_______________]

  

 13Note Purchase Agreement - Mason Capital Management, LLC

 Exhibit 10.1 
 NOTE PURCHASE AGREEMENT  
 THIS NOTE PURCHASE AGREEMENT, dated February 12, 2007 (the
“Agreement”), is by and between Mason Capital Management, LLC (along with and on behalf of its affiliates and advisory clients listed on Schedule I hereto, the “Seller”) and Internet Capital Group, Inc., a Delaware corporation
(the “Purchaser”). The Seller and the Purchaser are sometimes referred to herein individually as a “Party” and collectively as the “Parties.” 
 Background 
 A. As of the date hereof, the Seller currently holds Purchaser’s 5% Senior
Convertible Notes due 2009 (the “Senior Convertible Notes”) in the principal amount of $22,590,013. 
 B. The Seller desires to
sell to the Purchaser, and the Purchaser desires to purchase from the Seller, all of the Purchaser’s Senior Convertible Notes held by Seller on the terms and conditions contained herein. 
 Terms 
 In consideration of the mutual covenants contained herein and intending
to be legally bound hereby, the Parties hereto agree as follows: 
 ARTICLE I.  
 PURCHASE AND SALE; PURCHASE PRICE; CLOSING  
 1.1. Purchased Notes. Subject to the terms and conditions hereof, the Seller shall transfer and sell to the Purchaser, and the Purchaser shall purchase from the Seller, twenty-two million five hundred ninety thousand and thirteen
million dollars ($22,590,013) aggregate principal amount of the Senior Convertible Notes plus all accrued and unpaid interest thereon (the “Purchased Notes”) for an aggregate purchase price equal to the sum of (i) thirty-one million
five hundred and thirteen and sixty-eight dollars and fourteen cents ($31,513,068.14) and (ii) all accrued and unpaid interest on the Purchased Notes through the Closing Date (the “Purchase Price”). 
 1.2. Closing. The purchase and sale of the Purchased Notes shall take place immediately following satisfaction of all the conditions to closing
set forth in Article IV (the “Closing” and the date of the Closing, the “Closing Date”). 

 1.3. Purchase Price. At the Closing, the Seller shall deliver to the Purchaser the Purchased
Notes, along with duly executed note powers, against delivery by the Purchaser of the Purchase Price. The cash amount due at Closing shall be paid by wire transfer of immediately available funds to the account or accounts designated by the Seller on
Schedule I attached hereto. 
 ARTICLE II.  
 REPRESENTATIONS AND WARRANTIES 
 OF THE SELLER 
 2.1. Representations and Warranties of the Seller. The Seller hereby represents and warrants to the Purchaser as follows: 
 (a) The Seller has full corporate, partnership, limited liability company or similar power and authority, as the case may be, to make, execute, deliver
and perform this Agreement and to carry out all of the transactions provided for herein. 
 (b) The Seller has taken such action as is
necessary or appropriate to enable it to perform its obligations hereunder, including, but not limited to, the sale and transfer of the Seller’s Purchased Notes, and this Agreement constitutes the legal, valid and binding obligation of Seller,
enforceable against Seller in accordance with the terms hereof, except as such enforceability may be limited by (i) general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar
laws relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies and (ii) principles of public policy. 
 (c) The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby will not violate (i) the organizational documents of Seller or (ii) any applicable laws or
orders, regulations, rules or requirements of a court, public body or authority by which Seller is bound, except in the case of clause (ii), for such violations which, individually or in the aggregate, have not had, and would not reasonably be
expected to have, a material adverse effect on the ability of Seller to perform its obligations hereunder. 
 (d) Seller is the sole
beneficial owner of the Purchased Notes to be sold by Seller to the Purchaser pursuant to this Agreement, free and clear of any and all liens, claims, security interests, pledges, charges, equities, options, restrictions and encumbrances of whatever
nature, and the Purchased Notes represent all of the Seller’s beneficial ownership, in any manner, directly or indirectly, of the Purchaser’s Senior Convertible Notes. 
 (e) Seller has the full legal right, power and authority to enter into this Agreement and to perform its obligations hereunder, without the need for the
consent of any other person or entity other than those consents which have been obtained, except for such consents, the failure to obtain which, individually or in the aggregate, would not reasonably be expected to have, a material adverse effect on
the ability of Seller to perform its obligations hereunder. 
  

 2 

 (f) Upon delivery to the Purchaser at the Closing of Seller’s Purchased Notes in accordance with the
terms hereof, the Purchaser will acquire good and valid title to such note, free and clear of any and all liens, claims, security interests, pledges, charges, equities, options, restrictions and encumbrances, other than such liens, claims, security
interests, pledges, charges, equities, options, restrictions and encumbrances that arise from acts of the Purchaser. 
 ARTICLE III. 

 REPRESENTATIONS AND WARRANTIES  
 OF THE PURCHASER 
 3.1. Representations and Warranties of the Purchaser. The Purchaser
represents and warrants to the Seller as follows: 
 (a) The Purchaser is a corporation validly existing and in good standing under the laws
of the State of Delaware. 
 (b) The Purchaser has corporate power and corporate authority to make, execute, deliver and perform this
Agreement and to carry out all of the transactions provided for herein. 
 (c) The Purchaser has taken such action as is necessary or
appropriate to enable it to perform its obligations hereunder, including, but not limited to, the purchase of the Purchased Notes from the Seller, and this Agreement constitutes the legal, valid and binding obligation of the Purchaser, enforceable
against the Purchaser in accordance with the terms hereof, except as such enforceability may be limited by (i) general principles of equity or applicable bankruptcy, insolvency, reorganization, moratorium, liquidation and other similar laws
relating to, or affecting generally, the enforcement of applicable creditors’ rights and remedies and (ii) principles of public policy. 
 (d) The execution and delivery of this Agreement and the consummation of the transactions contemplated hereby will not violate the Purchaser’s organizational documents or any applicable laws or orders, regulations, rules or
requirements of a court, public body or authority (including federal and state securities laws and regulations and the rules and regulations of the Nasdaq National Market) by which the Purchaser is bound. 
 (e) The Purchaser has the full legal right, power and authority to enter into this Agreement and to perform the Purchaser’s obligations hereunder,
without the need to obtain any consent, authorization or order of, or make any filing or registration with, any court, governmental agency or any regulatory or self-regulatory agency or any other person in order for the Purchaser to execute, deliver
or perform any of its obligations under or contemplated by this Agreement, except any such any such consents, authorizations, orders, filing or registrations which have already been obtained or made. 
  

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 ARTICLE IV.  
 CONDITIONS TO CLOSING  
 4.1. Conditions to the Seller’s Obligations. The obligations of
the Seller hereunder are subject to the satisfaction on or prior to the Closing of the following conditions: 
 (a) The Purchaser shall have
delivered the Purchase Price to the Seller pursuant to Section 1.3 hereof. 
 (b) The representations and warranties of the Purchaser
set forth in Article III shall be true and correct in all respects at and as of the Closing Date as though then made, and all covenants of the Purchaser required to be performed at or prior to the Closing shall have been performed in all respects.

 (c) No preliminary or permanent injunction or order, decree or ruling of any nature issued by any court or governmental agency of
competent jurisdiction, nor any statute, rule, regulation or executive order promulgated or enacted by any United States federal, state or local governmental authority, shall be in effect that would prevent the consummation of the transactions
contemplated by this Agreement. 
 4.2. Conditions to the Purchaser’s Obligations. The obligations of the Purchaser hereunder are
subject to the satisfaction on or prior to the Closing Date of the following conditions: 
 (a) The Seller shall have delivered the Purchased
Notes along with duly executed note powers to the Purchaser pursuant to Section 1.3 hereof. 
 (b) All other holders of Purchaser’s
Senior Convertible Notes shall have agreed to sell all Senior Convertible Notes held by them to Purchaser and shall have delivered to Purchaser all such notes along with duly executed note powers, and such notes, along with the Purchased Notes,
shall represent all of Purchaser’s outstanding Senior Convertible Notes. 
 (c) The representations and warranties of the Seller set
forth in Article II shall be true and correct in all respects on and as of the Closing Date as though then made. 
 (d) No preliminary or
permanent injunction or order, decree or ruling of any nature issued by any court or governmental agency of competent jurisdiction, nor any statute, rule, regulation or executive order promulgated or enacted by any United States federal, state or
local governmental authority, shall be in effect that would prevent the consummation of the transactions contemplated by this Agreement. 
  

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 ARTICLE V.  
 MISCELLANEOUS  
 5.1. Non-Solicitation. Seller agrees that until the expiration of eighteen
(18) months from the date of this Agreement, Seller shall not, directly or indirectly, or directly or indirectly through any affiliate of Seller that is controlled by Seller or under common control with Seller, without the prior written
approval of a majority of the members of the board of directors of Purchaser (the “Board”), make, or in any way participate, directly or indirectly, in any “solicitation” of “proxies” (as such terms are used in
Regulation 14A promulgated under the Securities Exchange Act of 1941, as amended (the “Exchange Act”)) to vote or consent, or seek or advise or influence any person with respect to the voting of, or granting of a consent with respect to,
any voting securities of Purchaser, or seek to influence or control the management, Board or policies of Purchaser. 
 5.2. Disclosure of
Transactions and Other Material Information. On or before 5:30 p.m., New York Time, on February 14, 2007, the Company shall file a Current Report on Form 8-K describing the terms of the transaction contemplated by this Agreement in the form
required by the Securities Exchange Act of 1934. As of the date of the filing of the Form 8-K with the Securities and Exchange Commission, Seller shall not be in possession of any material, nonpublic information received from the Company, any of its
wholly owned subsidiaries or any of their respective officers, directors, employees or agents, that is not disclosed in the Form 8-K. 
 5.3.
Release. Effective upon the Closing, Seller, for itself and anyone claiming through Seller, irrevocably, unconditionally, fully and forever releases and discharges Purchaser and its affiliates from any and all claims, causes of action,
indebtedness, liabilities and/or obligations of any kind whatsoever in law or in equity, whether known or unknown, existing or contingent, arising out of or related to the Senior Convertible Notes and the governing instruments related thereto which
Seller and its respective affiliates, successors and assigns had, now has, can or may have against Purchaser and its affiliates, arising contemporaneously with or prior to the Closing Date. 
 5.4. Notices. All notices, demands or other communications hereunder shall be in writing and shall be deemed to have been duly given if delivered
in person, or by United States mail, certified or registered with return receipt requested, or by nationally recognized overnight courier services, or otherwise actually delivered: 
  

	 	(a)	if to the Purchaser, to: 

 Internet Capital Group, Inc.

 690 Lee Road, Suite 310 
 Wayne, Pennsylvania 19087 
 Telephone:    (610) 727-6900 
 Facsimile:     (610) 727-6901 
  

 5 

 Attention:        General Counsel and 
                         Vice
President, Treasury and Tax 
 with a copy to: 
 Dechert LLP 
 Cira Centre 
 2929 Arch Street 
 Philadelphia, Pennsylvania 19104 
 Telephone:    (215) 994-4000 
 Facsimile:     (215) 994-2222 
 Attention:      Henry N. Nassau, Esq. 
  

	 	(b)	if to the Seller, to: 

 Mason Capital Management, LLC

 110 East 59th Street, 30th Floor 
 New York, NY 10022 
 Telephone:    (212) 771-1202 
 Facsimile:     (212) 644-4264 
 Attention:      Stewart E. Tabin 
 or at such other address as may have been furnished by such person in writing to the other parties. Any such notice, demand or other communication shall be deemed to have been given on the date actually delivered to the recipient or to the
recipient’s address. 
 5.5. Governing Law; Limitation on Scope of Agreement. This Agreement and the rights and obligations of
the parties hereunder shall be governed by and interpreted, construed and enforced in accordance with the internal laws of the State of New York. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be
effective and valid under applicable law, but if any provision hereof shall be prohibited by or invalid under any such law, such provision shall be ineffective to the extent of such prohibition or invalidity, without invalidating or nullifying the
remainder of such provision or any other provisions of this Agreement. 
 5.6. Amendments. This Agreement may be changed, waived or
terminated only with the written consent of the parties hereto. 
 5.7. Survival of Representations and Warranties; Remedies. All
representations and warranties contained herein and in any certificate, documentation or agreement delivered pursuant hereto shall survive the execution and delivery of this Agreement, any investigation at any time made thereof, the sale of the
Purchased Notes and payment therefor as provided for in this Agreement. It is understood and agreed that money damages would not be a sufficient remedy for any breach of this agreement and that Purchaser will be entitled to specific performance and
injunctive or other equitable relief as a remedy for any such breach and Seller further agrees to 

  

 6 

 
waive any requirement for the security or posting of any bond in connection with such remedy. Such remedy will not be deemed to be the exclusive remedy for
breach of this agreement but will be in addition to all other remedies available at law or equity to Purchaser. 
 5.8. Successors and
Assigns. This Agreement, and all provisions hereof, shall be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto, including without limitation any subsequent holders of the Purchased Notes or
securities issued upon conversion or exercise thereof and all such persons and entities shall be deemed to be the Purchaser hereunder. 
 5.9. Entire Agreement. This Agreement, any attached exhibits and schedules and the other agreements, documents and instruments contemplated hereby contain the entire understanding of the Parties, and there are no further or other
agreements or understandings, written or oral, in effect between the Parties relating to the subject matter hereof unless expressly referred to herein. 
 5.10. Counterparts. This Agreement may be executed in one or more counterparts by facsimile signature, and with counterpart signature pages, each of which shall be an original, but all of which together shall
constitute one Agreement. 
 5.11. Indemnification. 
 (a) In consideration of Seller’s execution and delivery of this Agreement and the sale by Seller of the Purchased Notes and in addition to all of the Purchaser’s other obligations under this Agreement and
elsewhere, Purchaser shall defend, protect, indemnify and hold harmless Seller and all of their respective stockholders, partners, members, officers, directors, employees and direct or indirect investors and any of the foregoing persons’ agents
or other representatives (including, without limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively, the “Seller Indemnitees”) from and against any and all actions, causes of action,
suits, claims, losses, costs, penalties, fees, liabilities and damages (other than consequential damages), and reasonable expenses in connection therewith (irrespective of whether any Seller Indemnitee is a party to the action for which
indemnification hereunder is sought), and including reasonable attorneys’ fees and disbursements (the “Seller Indemnified Liabilities”), incurred by any Seller Indemnitee as a result of, or arising out of, or relating to (i) any
breach of any representation or warranty made by Purchaser in this Agreement or (ii) any breach of any covenant, agreement or obligation of Purchaser contained in this Agreement. To the extent that the foregoing undertaking by Purchaser may be
unenforceable for any reason, Purchaser shall make the maximum contribution to the payment and satisfaction of each of the Seller Indemnified Liabilities which is permissible under applicable law. 
 (b) In consideration of the Purchaser’s execution and delivery of this Agreement and the purchase by the Purchaser of the Purchased Notes and in
addition to all of Seller’s other obligations under this Agreement and elsewhere, Seller shall defend, protect, 

  

 7 

 
indemnify and hold harmless the Purchaser and all of the Purchaser’s officers, directors, agents or other representatives (including, without
limitation, those retained in connection with the transactions contemplated by this Agreement) (collectively, the “Purchaser Indemnitees”) from and against any and all actions, causes of action, suits, claims, losses, costs, penalties,
fees, liabilities and damages (other than consequential damages), and reasonable expenses in connection therewith (irrespective of whether any such Purchaser Indemnitee is a party to the action for which indemnification hereunder is sought), and
including reasonable attorneys’ fees and disbursements (the “Purchaser Indemnified Liabilities”), incurred by any Purchaser Indemnitee as a result of, or arising out of, or relating to (i) any breach of any representation or
warranty made by Seller in this Agreement or (ii) any breach of any covenant, agreement or obligation of Seller contained in this Agreement. To the extent that the foregoing undertaking by Seller may be unenforceable for any reason, Seller
shall make the maximum contribution to the payment and satisfaction of each of the Purchaser Indemnified Liabilities which is permissible under applicable law. 
 (c) Except as otherwise set forth herein, the mechanics and procedures with respect to the rights and obligations under this Section 5.11 shall be the same as those set forth in Section 6 of the Registration
Rights Agreement (as such term is defined in the Securities Purchase Agreement). 
 5.12. Legal Fees and Expenses. Each Party to this
Agreement shall bear its own expenses in connection with the sale of the Purchased Notes contemplated by this Agreement. 
 5.13. Public
Disclosure. The Seller shall not issue any press releases or any other public statements with respect to the transactions contemplated hereby, other than the filing as set forth in Section 5.2. 
 [Signature Pages Follow] 
  

 8 

 IN WITNESS WHEREOF, the Parties hereto have executed this Note Purchase Agreement the day and year first
above written. 
  

			
	PURCHASER:
	
	INTERNET CAPITAL GROUP, INC.
		
	By:	 	 /s/ Suzanne Niemeyer

	Name:	 	Suzanne Niemeyer
	Title:	 	General Counsel
	
	SELLER:
	
	MASON CAPITAL MANAGEMENT, LLC
		
	By:	 	 /s/ Michael Martino

	Name:	 	Michael Martino
	Title:	 	Managing Member

  

 9

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