Document:

Execution Version (as revised)

                       ASSET ACQUISITION AGREEMENT

                              BY AND BETWEEN

                       GLOBAL INDUSTRIES, LTD.

                                  AND

                    OCEANEERING INTERNATIONAL, INC.

                    DATED AS OF SEPTEMBER 30, 2000

                          TABLE OF CONTENTS

                             ARTICLE I
                            DEFINITIONS

1.1     Definitions                                          1

                             ARTICLE II
                          PURCHASE AND SALE

2.1     Assets being Conveyed by Oceaneering                 6
2.2     Assets being Conveyed by Global                      6
2.3	Assumption of Liabilities by Oceaneering -
         Completion of Certain Contracts                     7
2.4	Assumption of Liabilities by Global -
         Completion of Certain Contracts.                    7

                            ARTICLE III
                              CLOSING

3.1     The Closing                                          7
3.2     Documents being Delivered to Global                  8
3.3     Documents being Delivered to Oceaneering             8

                            ARTICLE IV
           REPRESENTATIONS AND WARRANTIES OF OCEANEERING

4.1     Organization                                         9
4.2     Authorizations, Execution and Consents               9
4.3     Tax Matters.                                        10
4.4     Title to Assets                                     10
4.5     Intellectual Property                               11
4.6     Contracts and Commitments                           12
4.7     Licenses and Permits                                12
4.8     Compliance with Law                                 12
4.9     Litigation                                          13
4.10    Brokers.                                            13

                             ARTICLE V
             REPRESENTATIONS AND WARRANTIES OF GLOBAL

5.1     Organization                                        13
5.2     Authorizations, Execution and Consents              13
5.3     Tax Matters.                                        14
5.4     Title to Assets                                     14
5.5     Intellectual Property                               15
5.6     Contracts and Commitments                           16
5.7     Licenses and Permits                                16
5.8     Compliance with Law                                 16
5.9     Litigation                                          16
5.10    Brokers                                             17

                            ARTICLE VI
                             COVENANTS

6.1     Actions of the Parties                              17
6.2     Certain Employee Matters                            17
6.3     Protection of Value of Diving Business Assets       18
6.4     Protection of Value of ROV Purchased Assets         19
6.5     Assignment of Contracts                             21
6.6     Taxes and Expenses                                  21
6.7     Access to Records After Closing.                    22
6.8     Allocation of Revenues from Assumed Contracts       22
6.9     Transition Assistance                               23
6.10    Facility Arrangements and ROV Services Agreement    23
6.11    Preferred Provider                                  24
6.12    Further Assurances                                  24

                           ARTICLE VII
          SURVIVAL OF REPRESENTATIONS; INDEMNIFICATION

7.1     Survival of Representations                         24
7.2     Indemnity                                           25
7.3     Notice and Participation                            26
7.4     Indemnification of Negligence of Indemnitee         27
7.5	Indemnification Threshold and Limitations;
          Exclusive Remedy                                  28
7.6     Payment                                             28

                          ARTICLE VIII
                         MISCELLANEOUS

8.1     Waivers and Amendments                              28
8.2     Notices                                             28
8.3     Headings; Article and Section References            29
8.4     Entire Agreement                                    29
8.5     Severability                                        30
8.6     Public Announcements                                30
8.7     Governing Law                                       30
8.8     Successors and Assigns                              30
8.9     Counterparts.                                       30
8.10    Risk of Loss                                        30
8.11    Transfer of Certain Assets                          30

Appendix I    -    List of Oceaneering's Affiliates who own any of
                     the Diving Business Assets
Appendix II   -    List of Global's Affiliates who own any of
                     the ROV Business Assets

                      ASSET ACQUISITION AGREEMENT

	THIS ASSET ACQUISITION AGREEMENT (this "Agreement") dated
as of September 30, 2000, is made and entered into by and between
GLOBAL INDUSTRIES, LTD., a Louisiana corporation ("Global"),
and OCEANEERING INTERNATIONAL, INC., a Delaware corporation
("Oceaneering").

R E C I T A L S:

	Oceaneering and the Oceaneering Affiliates are, among other
things, engaged in the business of providing commercial diving
services in the waters offshore Australia, India, Egypt, South
and Southeast Asia and China as well as in the Persian Gulf and
the Red Sea (hereinafter, the "Diving Business").

	Oceaneering desires to sell and to cause the Oceaneering
Affiliates to sell and Global desires to purchase or cause
certain of its Affiliates to purchase the assets of the Diving
Business referred to herein, upon the terms hereinafter set
forth.

	Global and the Global Affiliates are, among other things,
engaged in the business of providing remotely operated vehicles
("ROVs") and ROV operators in South and Southeast Asia and
Australia (hereinafter, the "ROV Business"; provided that the
term "ROV Business" does not include the operations or assets
of ROV Technologies, a division of Global).

	Global desires to sell and to cause the Global Affiliates to
sell and Oceaneering desires to purchase or cause certain of its
Affiliates to purchase the assets of the ROV Business referred to
herein, upon the terms hereinafter set forth.

	It is the intention of the parties hereto to cause each of
their Affiliates listed on Appendix I or II, as applicable, to
enter into a Supplemental Asset Acquisition Agreement, for the
purpose of having each such Person convey any and all of the
Diving Business Assets or ROV Business Assets each as referred to
herein owned by it to the other party hereto or, in accordance
with Section 8.11, to certain of such other parties' Affiliates.

	NOW, THEREFORE, in consideration of the premises, the mutual
benefits to be derived from this Agreement and the respective
representations, warranties, covenants and agreements herein
contained, and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:

                            ARTICLE I
                           DEFINITIONS

    1.1     Definitions  Unless otherwise defined herein or unless
the context otherwise requires,  capitalized terms used in this
Agreement shall have the following meanings:

	"Action" shall mean any action, suit, inquiry, proceeding
or investigation by or before any Governmental Entity or any
arbitration proceeding.

	"Affiliate" shall mean with respect to any Person, any
Person directly or indirectly controlled by such Person.  For
this purpose, control means the possession, direct or indirect,
of the power to direct or cause the direction of the management
and policies of a Person, whether through the ownership of voting
securities, by contract or otherwise.

	"Business Day" shall mean each Monday, Tuesday, Wednesday,
Thursday and Friday other than days on which banking institutions
in the State of Texas are authorized or obligated by law or
executive order to close.

	"Closing" shall mean the consummation of the transactions
between Global and Oceaneering contemplated hereby, which is
being effected concurrently with the execution and delivery of
this Agreement.

	"Diving Business" shall have the meaning ascribed thereto
in the Recitals to this Agreement.

	"Diving Business Assets" shall mean all right, title and
interest of Oceaneering or any of the Oceaneering Affiliates in
and to the assets listed or described below:

	(a)	the vessel known as the "Ocean Winsertor"
(Official No. 7397), including without limitation, all blue
prints and construction drawings related to the vessel in
the possession of Oceaneering or any of its Affiliates and
all equipment, accessories, inventories of supplies, stores
and spare parts primarily used in the operation of the
vessel as well as the galley inventory and consumables
normally included on the vessel during its operations;

	(b)	the saturation diving systems and all air diving
systems listed or described on Schedule 1.1(b) to the
Oceaneering Disclosure Letter, including, without
limitation, all blue prints and construction drawings
related to any of the systems in the possession of
Oceaneering or its Affiliates and all equipment,
accessories, inventories of supplies, stores and spare parts
primarily related to or primarily used in the operation of
such systems;

	(c)	all equipment (including without limitation all
computer equipment and hardware), machinery, tools,
furniture, spare and replacement parts, and supplies
primarily relating to or primarily used in the Shekou,
China, Jebel Ali, United Arab Emirates or Sale, Australia
office, including without limitation those listed or
described on Schedule 1.1(c) to the Oceaneering Disclosure
Letter;

	(d)	all property listed or described on
Schedule 1.1(d) to the Oceaneering Disclosure Letter;

	(e)	all the contracts, agreements and arrangements
related to the Diving Business that are listed on Schedule
1.1(e) to the Oceaneering Disclosure Letter, the obligations
under all of which are being assumed by Global hereunder
(the "Diving Business Assumed Contracts");

	(f)	all files and correspondence with customers,
vendors, suppliers or subcontractors relating to outstanding
bids, projects in progress or projects awarded but not yet
in progress, maintenance procedures and records, written
technical information, technical drawings and operating and
maintenance manuals primarily relating to the Diving
Business; and

 	(g)	all Permits primarily relating to the Diving
Business Assets, to the extent transferable, including
without limitation those listed in Schedule 1.1(g) to the
Oceaneering Disclosure Letter and characterized therein as
transferable, all as the same may exist on the date of this
Agreement.

	"Diving Business Assumed Contracts" shall have the meaning
ascribed thereto in the definition of Diving Business Assets.

	"Diving Business Shared Facilities" shall mean the
facilities owned or leased by Oceaneering or one of the
Oceaneering Affiliates and currently used in connection with the
operation of the Diving Business at the following locations:
Jurong, Singapore; Jakarta, Indonesia; and Sale, Australia.

	"Diving Business Transferred Facilities" shall mean the
facilities leased by Oceaneering or one of the Oceaneering
Affiliates and currently used in connection with the operation of
the Diving Business at the following locations:  Shekou, China;
and Jebel Ali, United Arab Emirates.

	"Effective Time" shall mean 11:59 p.m., Houston time, on
September 30, 2000.

	"Environmental Laws" shall mean any and all Laws, orders
or determinations of any Governmental Entity (including common
law duties established by courts or other Governmental Entities)
pertaining to pollution or the protection of human health and
safety, employee health and safety or the environment including
Laws relating to emissions, discharges, releases, or threatened
releases of pollutants, contaminants, or chemical, industrial,
hazardous, or toxic materials or wastes into ambient air, surface
water, groundwater, or lands or otherwise relating to the
manufacture, processing, distribution, use, treatment, storage,
disposal, transport, or handling of pollutants, contaminants, or
chemical, industrial, hazardous, or toxic materials or wastes, in
effect on the date of this Agreement in any jurisdiction,
federal, state, local or foreign, in which the Diving Business or
ROV Business, as the case may be, is operated.

	"Global Affiliates" shall mean those Affiliates of Global
that own any of the ROV Business Assets each of which is listed
on Appendix II.

	"Global Disclosure Letter" shall mean a letter of even
date with this Agreement addressed by Global to Oceaneering and
setting forth information relating to, among other things,
Global's representations and warranties contained in Article V of
this Agreement.

	"Global Documents" shall mean this Agreement and all other
agreements, instruments and certificates to be executed and
delivered by Global or the Global Affiliates in connection with
this Agreement.

	"Global Indemnitees" shall have the meaning ascribed
thereto in Section 7.2(a) herein.

	"Governmental Entity" shall mean any court or any federal,
state, local or foreign legislative body or governmental
department, commission, board, bureau, agency or authority.

	"Indemnitee" shall have the meaning ascribed thereto in
Section 7.3 herein.

	"Indemnitor" shall have the meaning ascribed thereto in
Section 7.3 herein.

	"known" or "knowledge" shall mean, when used in a
statement regarding the existence or absence of facts in this
Agreement that is qualified by a phrase such as "to such
Person's knowledge" or "known to such Person," information
actually known to (a) the Person in a case of an individual or
(b) in the case of a corporation or other entity, any executive
officer or director of such corporation or its Affiliates.

	"Law" shall mean any law, statute, rule, regulation,
ordinance, requirement, announcement or other binding action or
requirement of a Governmental Entity.

	"Liens" shall mean all mortgages, deeds of trust, liens,
security interests, pledges, conditional sale contracts, claims,
rights of first refusal, options, charges, liabilities,
obligations, easements, rights-of-way, limitations, reservations,
restrictions and other encumbrances of any kind other than (i)
Liens for current Taxes not yet due and payable, including Liens
for non-delinquent ad valorem Taxes; (ii) Liens of carriers,
warehousemen, mechanics, laborers, materialmen and suppliers for
sums not yet due; (iii) statutory Liens arising other than by
reason of any default on the part of the owner; (iv) Liens
incurred in the ordinary course of the Diving Business or the ROV
Business, as applicable, to secure the performance of bids,
tenders, trade contracts, statutory obligations, surety and
appeal bonds, performance and return-of-money bonds and other
obligations of like nature; and (v) easements, rights-of-way,
reservations, restrictions and other similar encumbrances
incurred in the ordinary course of the Diving Business or the ROV
Business, as applicable, or existing on property that do not in
any material respect detract from the value or materially
interfere with the ordinary use and operation of the Diving
Business Assets or the ROV Business Assets, as applicable.

	"Losses" shall mean all damages, awards, judgments,
payments, debts, liabilities, obligations, and other losses
however suffered or characterized, all interest thereon, all
costs and expenses, including without limitation the cost of
investigation, together with all reasonable attorneys' fees
incurred in connection therewith, and, all amounts paid incident
to any compromise or settlement of any claim, lawsuit or
arbitration.

	"Material Adverse Effect" shall mean with respect to the
Diving Business Assets or the ROV Business Assets, a change in
the condition or permissible use thereof that (individually or in
the aggregate) is material and adverse to the Diving Business
Assets, taken as a whole or the ROV Business Assets, taken as a
whole, respectively.

	"Oceaneering Affiliates" shall mean those Affiliates of
Oceaneering that own any Diving Business Assets, each of which is
listed on Appendix I hereto.

	"Oceaneering Disclosure Letter" shall mean a letter of
even date with this Agreement addressed by Oceaneering to Global
and setting forth information relating to, among other things,
Oceaneering's representations and warranties contained in
Article IV of this Agreement.

	"Oceaneering Documents" shall mean this Agreement and all
other agreements, instruments and certificates to be executed and
delivered by the Oceaneering or the Oceaneering Affiliates in
connection with this Agreement.

	"Oceaneering Indemnitees" shall have the meaning ascribed
thereto in Section 7.2(b) herein.

	"Permits" shall mean all permits, licenses, registrations,
franchises, concessions, orders, certificates, consents,
authorizations and approvals of any Governmental Entity.

	"Person" shall mean (i) any natural person, entity,
estate, trust, union or employee organization or Governmental
Entity, and (ii) the term "entity" shall mean any sole
proprietorship, corporation, partnership of any kind having a
separate legal status, limited liability company, business trust,
unincorporated organization or association, mutual company, joint
stock company or joint venture.

	"ROV" shall mean remotely operated vehicles.

	"ROV Business" shall have the meaning ascribed thereto in
the Recitals to this Agreement.

	"ROV Business Assets" shall mean all right, title and
interest of Global or any of the Global Affiliates in and to the
assets listed or described below:

	(a)	the ROVs listed or described on Schedule 1.1(a) to
the Global Disclosure Letter, including without limitation,
all blue prints and construction drawings related to any of
such ROVs in the possession of Global or any of its
Affiliates and all equipment, accessories, inventories of
supplies, stores and spare parts primarily related to or
primarily used in the operation of such ROVs excluding,
however, (i) any vessels and (ii) their related equipment,
accessories, inventories of supplies, stores and spare parts
that are not primarily related to or used in the operation
of the ROVs.

	(b)	all property listed or described on Schedule
1.1(b) to the Global Disclosure Letter;

	(c)	all the contracts, agreements and arrangements
related to the ROV Business that are listed on Schedule
1.1(c) to the Global Disclosure Letter, the obligations
under all of which are being assumed by Oceaneering
hereunder (the "ROV Business Assumed Contracts");

 	(d)	all Permits primarily relating to the ROV Business
Assets, to the extent transferable, including without
limitation those listed in Schedule 1.1(d) to the Global
Disclosure Letter and characterized therein as transferable,
all as the same may exist on the date of this Agreement;

	(e)	all files and correspondence with customers,
vendors, suppliers or subcontractors relating to outstanding
bids, projects in progress or projects awarded but not yet
in progress, maintenance procedures and records, written
technical information, technical drawings and operating and
maintenance manuals relating to the ROV Business; and

	(f)	all proprietary rights to the name "Dragon," as
that name is used in connection with the operation of any of
the ROV Business Assets.

	"ROV Business Assumed Contracts" shall have the meaning
ascribed thereto in the definition of ROV Business Assets.

	"ROV Business Shared Facility" shall mean the facilities
leased by PT Global Industries Asia Pacific, an Affiliate of
Global, and currently used in connection with the operation of
the ROV Business at Batam Island, Indonesia.

	"ROV Services" shall mean the provision of (i) ROV's and
related equipment or (ii) ROV operators, technicians or other
operating personnel.

	"Supplemental Asset Acquisition Agreement" shall mean a
Supplemental Asset Acquisition Agreement pursuant to which any of
the Oceaneering Affiliates is transferring to Global or its
Affiliates the Diving Business Assets owned by it or pursuant to
which any of the Global Affiliates is transferring to Oceaneering
or its Affiliates the ROV Business Assets owned by it.

	"Taxes" shall mean any federal, state, local or foreign
income, profit, franchise (including without limitation those
that are based on net worth, capitalization, income or total
assets), sales, use, transfer, real property transfer, recording,
value added, superannuation guarantee levy, fringe benefits tax,
real or personal property or other taxes, assessments, fees,
levies, duties (including without limitation customs duties and
similar charges), deductions or other governmental charges of any
nature whatsoever (including without limitation interest and
penalties) imposed by any Law.

	"Third Party Claim" shall have the meaning ascribed
thereto in Section 7.3 herein.

	"Transfer Taxes" shall mean all sales, use, transfer, real
property transfer, recording, stamp, documentary, value added,
customs duties and similar Taxes that become due and payable
prior to, on or after the Effective Time as the result of (a) the
conveyance of the Diving Business Assets by Oceaneering or any of
the Oceaneering Affiliates to Global or Affiliates of Global or
(b) the conveyance of the ROV Business Assets by Global or any of
the Global Affiliates to Oceaneering or Affiliates of
Oceaneering.

                          ARTICLE II
                     PURCHASE AND SALE

    2.1     Assets being Conveyed by Oceaneering.

	(a)	At the Closing, subject to Section 8.11,
Oceaneering shall sell, convey, transfer, assign and deliver
to Global, free and clear of all Liens, and Global will
purchase all of the Diving Business Assets owned by
Oceaneering.

	(b)	Concurrently with the execution and delivery of
this Agreement, subject to Section 8.11, Oceaneering agrees
to (i) cause each Oceaneering Affiliate to execute and
deliver to Global, and Global agrees to execute and deliver
to such Oceaneering Affiliate, a Supplemental Asset
Acquisition Agreement providing for the sale and purchase of
the Diving Business Assets owned by such Oceaneering
Affiliate and (ii) cause each Oceaneering Affiliate to sell,
convey, transfer, assign and deliver to Global all of the
Diving Business Assets owned by such Oceaneering Affiliate
at the Closing.

	(c)	Oceaneering is obligated hereunder to sell only
the Diving Business Assets owned by it and to cause each of
the Oceaneering Affiliates to sell only the Diving Business
Assets owned by such Oceaneering Affiliate and Global is
obligated to purchase only the Diving Business Assets.
Notwithstanding anything to the contrary contained herein,
Global shall not be obligated to purchase, and Oceaneering
shall not be obligated hereunder to sell, and none of the
Oceaneering Affiliates shall be obligated under any
Supplemental Asset Acquisition Agreement to sell, any other
assets or properties of Oceaneering or any of the
Oceaneering Affiliates.

    2.2     Assets being Conveyed by Global.

	(a)	At the Closing, subject to Section 8.11, Global
shall sell, convey, transfer, assign and deliver to
Oceaneering, free and clear of all Liens, and Oceaneering
will purchase all of the ROV Business Assets owned by
Global.

	(b)	Concurrently with the execution and delivery of
this Agreement, subject to Section 8.11, Global agrees to
(i) cause each Global Affiliate to execute and deliver to
Oceaneering, and Oceaneering agrees to execute and deliver
to such Global Affiliate, a Supplemental Asset Acquisition
Agreement providing for the sale and purchase of the ROV
Business Assets owned by such Global Affiliate and (ii)
cause each Global Affiliate to sell, convey, transfer,
assign and deliver to Oceaneering all of the ROV Business
Assets owned by such Global Affiliate at the Closing.

	(c)	Global is obligated hereunder to sell only the ROV
Business Assets owned by it and to cause each of the Global
Affiliates to sell only the ROV Business Assets owned by
such Global Affiliate and Oceaneering is obligated to
purchase only the ROV Business Assets.  Notwithstanding
anything to the contrary contained herein, Oceaneering shall
not be obligated to purchase, and Global shall not be
obligated hereunder to sell, and none of the Global
Affiliates shall be obligated under any Supplemental Asset
Acquisition Agreement to sell, any other assets or
properties of Global or any of the Global Affiliates.

    2.3     Assumption of Liabilities by Oceaneering - Completion
of Certain Contracts.

	(a)	Subject only to Section 2.3(b) below, neither
Oceaneering nor any of the Oceaneering Affiliates is
assuming and none of them will assume, either hereunder or
under any Supplemental Asset Acquisition Agreement, any
liabilities or obligations whatsoever of Global or the
Global Affiliates whether or not relating to the ROV
Business or the ROV Business Assets.  Specifically and
without limiting the generality of the foregoing, neither
Oceaneering nor any of the Oceaneering  Affiliates is
assuming and none of them will assume any liabilities or
obligations of Global or the Global Affiliates for any Taxes
imposed in connection with the transactions contemplated by
this Agreement or any Supplemental Asset Acquisition
Agreement.

	(b)	Subject to the provisions hereof and of each
Supplemental Asset Acquisition Agreement, Oceaneering is
assuming, or causing one or more of its Affiliates to
assume, the ROV Business Assumed Contracts as of the
Effective Time and, agrees thereafter, to pay, perform and
discharge when due, or to cause an Affiliate of Oceaneering
to pay, perform and discharge when due, to the extent they
relate to performance after the Effective Time, the
obligations of Global or any Global Affiliate under the ROV
Business Assumed Contracts and none other.

    2.4     Assumption of Liabilities by Global - Completion of
Certain Contracts.

	(a)	Subject only to Section 2.4(b) below, neither
Global nor any of the Global Affiliates is assuming and none
of them will assume, either hereunder or under any
Supplemental Asset Acquisition Agreement, any liabilities or
obligations whatsoever of Oceaneering or the Oceaneering
Affiliates whether or not relating to the Diving Business or
the Diving Business Assets.  Specifically and without
limiting the generality of the foregoing, neither Global nor
any of the Global Affiliates is assuming and none of them
will assume any liabilities or obligations of Oceaneering or
the Oceaneering Affiliates for any Taxes imposed in
connection with the transactions contemplated by this
Agreement or any Supplemental Asset Acquisition Agreement.

	(b)	Subject to the provisions hereof and of each
Supplemental Asset Acquisition Agreement, Global is
assuming, or causing one or more of its Affiliates to
assume, the Diving Business Assumed Contracts as of the
Effective Time and, agrees thereafter, to pay, perform and
discharge when due, or to cause an Affiliate of Global to
pay, perform and discharge when due, to the extent they
relate to performance after the Effective Time, the
obligations of Oceaneering or any Oceaneering Affiliate
under the Diving Business Assumed Contracts and none other.

                          ARTICLE III
                            CLOSING

    3.1     The Closing.  Concurrently with the execution and
delivery of this Agreement, the Closing is taking place at the
offices of Vinson & Elkins L.L.P. on September 30, 2000, to be
effective as of the Effective Time.

    3.2     Documents being Delivered to Global.

	(a)	Concurrently with the execution and delivery of
this Agreement, Oceaneering is delivering, or causing to be
delivered, to Global or such of its Affiliates as it has
designated pursuant to the provisions of Section 8.11:

                (i)     a general conveyance, transfer and assignment
with respect to all of the Diving Business Assets;

                (ii)    bills of sale conveying title to all personal
property included in the  Diving Business Assets;

                (iii)   assignments conveying all right, title
and interest of Oceaneering or Oceaneering Affiliates
in the Diving Business Assumed Contracts (subject to
the assumption thereof by Global); and

                (iv)    certificates of title or other title
documents in recordable form conveying good title to
all vehicles and other transportation equipment
included in the Diving Business Assets.

	(b)	Oceaneering also is delivering or causing to be
delivered to Global:

                (i)     such releases by Oceaneering and the
Oceaneering Affiliates of all claims which they may
have against or with respect to the Diving Business
Assets as Global may reasonably request;

                (ii)    a certified copy of the resolutions of the
Board of Directors of Oceaneering properly authorizing
and approving this Agreement and the transactions
contemplated hereby;

                (iii)   instruments evidencing Oceaneering's
assumption and agreement to perform the obligations to
be performed after the Effective Time with respect to
the ROV Business Assumed Contracts; and

                (iv)    possession of the Diving Business Assets.

    3.3     Documents being Delivered to Oceaneering.

	(a)	Concurrently with the execution and delivery of
this Agreement, Global is delivering, or causing to be
delivered, to Oceaneering or such of its Affiliates as it
has designated pursuant to the provisions of Section 8.11:

                (i)     a general conveyance, transfer and assignment
with respect to all the ROV Business Assets;

                (ii)    bills of sale conveying title to all personal
property included in the  ROV Business Assets;

                (iii)   assignments conveying all right, title
and interest of Global or Global Affiliates in the ROV
Business Assumed Contracts (subject to the assumption
thereof by Oceaneering); and

                (iv)    certificates of title or other title
documents in recordable form conveying good title to
all vehicles and other transportation equipment
included in the ROV Business Assets.

	(b)	Global is delivering or causing to be delivered to
Oceaneering:

                (i)     such releases by Global and the Global
Affiliates of all claims which they may have against or
with respect to the ROV Business Assets as Oceaneering
may reasonably request;

                (ii)    a certified copy of the resolutions of the
Board of Directors of Global  properly authorizing and
approving this Agreement and the transactions
contemplated hereby;

                (iii)   instruments evidencing Global's
assumption and agreement to perform the obligations to
be performed after the Effective Time with respect to
the Diving Business Assumed Contracts; and

		(iv)	possession of the ROV Business Assets.

                            ARTICLE IV
          REPRESENTATIONS AND WARRANTIES OF OCEANEERING

	Oceaneering represents and warrants to Global as follows:

    4.1     Organization.  Oceaneering, each of the Oceaneering
Affiliates and any other Affiliate of Oceaneering to whom any of
the ROV Business Assets are being transferred by Global or any of
the Global Affiliates, is a corporation duly incorporated,
validly existing and in good standing under the Laws of the
jurisdiction of its incorporation.

    4.2     Authorizations, Execution and Consents Error! Bookmark
not defined..

	(a)	Oceaneering has full corporate power and authority
to execute and deliver this Agreement and the other
Oceaneering Documents to which it is a party and to carry
out and perform its obligations as provided herein and
therein.  Each Oceaneering Affiliate has full corporate
power and authority to execute and deliver the Supplemental
Asset Acquisition Agreement to which it is a party and the
other Oceaneering Documents to which it is a party and to
carry out and perform its obligations as provided in the
Supplemental Asset Acquisition Agreement to which it is a
party and the other Oceaneering Documents to which it is a
party.

	(b)	This Agreement, each Supplemental Asset
Acquisition Agreement and each of the other Oceaneering
Documents  have been duly and validly authorized by all
proper and requisite corporate actions and duly executed and
delivered by Oceaneering and, where applicable, the
Oceaneering Affiliate a party thereto, and constitutes the
legal, valid and binding obligation of Oceaneering and,
where applicable, the Oceaneering Affiliate a party thereto,
enforceable against Oceaneering and, where applicable, the
Oceaneering Affiliate a party thereto, in accordance with
its terms except to the extent that enforceability may be
limited by applicable bankruptcy, insolvency,
reorganization, moratorium, fraudulent conveyance or
transfer and similar laws affecting creditors' rights and
remedies generally and general privileges of equity
(regardless of whether enforcement is considered in a
proceeding at law or in equity).

	(c)	Except as set forth on Schedule 4.2 to the
Oceaneering Disclosure Letter, the execution and delivery of
and performance under this Agreement, the Supplemental Asset
Acquisition Agreements and the other Oceaneering Documents
by Oceaneering and, where applicable, the Oceaneering
Affiliate a party thereto and consummation of the
transactions contemplated hereby and thereby, (i) will not
conflict with or breach any provision of the certificate of
incorporation, charter or bylaws or similar organizational
documents of Oceaneering or any Oceaneering Affiliate or
violate any Law, judgment, order, writ, injunction or decree
applicable to Oceaneering or any Oceaneering Affiliate or
any of the Diving Business Assets; (ii) will not conflict
with or breach or constitute any default (with or without
notice or lapse of time or both) under or give rise to any
rights of termination, cancellation or acceleration under or
result in or require the creation or imposition of any Lien
on any of the Diving Business Assets under, any contract,
agreement, permit or license to which Oceaneering or any
Oceaneering Affiliate is a party or by which Oceaneering or
any Oceaneering Affiliate is bound other than those that
would not have a Material Adverse Effect on the Diving
Business Assets or adversely affect the ability of
Oceaneering or the Oceaneering Affiliates to consummate the
transactions contemplated by this Agreement and the other
Oceaneering Documents; (iii) will not require any filing
with, notification of or consent, approval or authorization
of any Governmental Entity or any third Person.

    4.3     Tax Matters.

	(a)	All Taxes based upon, measured by, or arising by
reason of the ownership or operation of the Diving Business
Assets or sales resulting from the productive use of such
Diving Business Assets which have become due and payable
have been duly and timely paid, all applicable returns and
reports of or with respect to any Tax that are required to
be filed by or with respect to Oceaneering or any
Oceaneering Affiliate relating to the Diving Business Assets
have been duly and timely filed, and there is no claim
pending or threatened by any applicable taxing authority in
connection with any such Taxes, except for failures to pay
or file and claims that could not (i) have a Material
Adverse Effect on the Diving Business Assets or (ii) result
in the imposition of any Lien on any of the Diving Business
Assets after the Effective Time.

	(b)	There are no Liens for Taxes upon any of the
Diving Business Assets.

	(c)	There is not in force any extension of time with
respect to the due date for the filing of any Tax return or
Tax report of or with respect to any of the Diving Business
Assets or any waiver or agreement for any extension of time
for the assessment or payment of any Tax of or with respect
to any of the Diving Business Assets.

    4.4     Title to Assets.

	(a)	Oceaneering or the Oceaneering Affiliates have,
and upon delivery of possession in the manner contemplated
hereby Global or its Affiliates will acquire, the Diving
Business Assets free and clear of all Liens.  All of the
Diving Business Assets are owned legally and beneficially by
Oceaneering or Oceaneering Affiliates.  Except for this
Agreement and the Supplemental Asset Acquisition Agreements,
neither Oceaneering nor any of the Oceaneering Affiliates is
a party to any option, purchase right or other contract or
commitment that could require them to sell, transfer or
otherwise dispose of any of the Diving Business Assets and,
except for the Diving Business Assumed Contracts, there is
no lease, contract or other agreement applicable to or
binding upon any of the Diving Business Assets.

	(b)	Global acknowledges that it has conducted to its
satisfaction an independent investigation and verification
of the assets of the Diving Business and, in making its
determination to proceed with the transactions contemplated
by this Agreement, Global has relied on the results of its
own independent investigation and the representations and
warranties of Oceaneering expressly and specifically set
forth in this Agreement.  SUCH REPRESENTATIONS AND
WARRANTIES BY OCEANEERING CONSTITUTE THE SOLE AND EXCLUSIVE
REPRESENTATIONS AND WARRANTIES OF OCEANEERING TO GLOBAL IN
CONNECTION WITH THE TRANSACTIONS CONTEMPLATED HEREBY, AND
GLOBAL UNDERSTANDS, ACKNOWLEDGES AND AGREES THAT ALL OTHER
REPRESENTATIONS AND WARRANTIES OF ANY KIND OR NATURE WHETHER
EXPRESS, IMPLIED OR STATUTORY (INCLUDING WITHOUT LIMITATION
ANY RELATING TO THE FUTURE OR HISTORICAL FINANCIAL
CONDITION, RESULTS OF OPERATIONS, ASSETS OR LIABILITIES OF
THE DIVING BUSINESS) ARE SPECIFICALLY DISCLAIMED BY
OCEANEERING.  EXCEPT AS EXPRESSLY PROVIDED IN THIS
AGREEMENT, NEITHER OCEANEERING NOR ANY OF THE OCEANEERING
AFFILIATES MAKES ANY WARRANTY OR COVENANT OF ANY KIND,
EXPRESS, IMPLIED OR STATUTORY.  WITHOUT LIMITING THE
GENERALITY OF THE IMMEDIATELY PRECEDING SENTENCE, WITH
RESPECT TO ANY OF THE DIVING BUSINESS ASSETS, EXCEPT AS
EXPRESSLY PROVIDED FOR HEREIN, OCEANEERING, ON ITS OWN
BEHALF AND ON BEHALF OF EACH OF THE OCEANEERING AFFILIATES,
EXPRESSLY DISCLAIMS AND NEGATES:  (i) ANY IMPLIED OR EXPRESS
WARRANTY OF MERCHANTABILITY; (ii) ANY IMPLIED OR EXPRESS
WARRANTY OF FITNESS FOR A PARTICULAR PURPOSE; (iii) ANY
IMPLIED OR EXPRESS WARRANTY OF CONFORMITY TO MODELS OR
SAMPLES OF MATERIALS OR FREEDOM FROM PATENT INFRINGEMENTS;
(iv) ANY IMPLIED OR EXPRESS WARRANTY AS TO THE ACCURACY OF
ANY OF THE INFORMATION FURNISHED WITH RESPECT TO THE VALUE
OF THE DIVING BUSINESS ASSETS OR STATE OF REPAIR THEREOF, IT
BEING UNDERSTOOD THAT THE DIVING BUSINESS ASSETS ARE
CONVEYED AS IS, WHERE IS AND WITH ALL FAULTS.  GLOBAL ALSO
ACKNOWLEDGES THAT ITS SOLE AND EXCLUSIVE RECOURSE IN RESPECT
OF THE TRANSACTIONS CONTEMPLATED BY THIS AGREEMENT IS TO
ASSERT ITS RIGHTS PURSUANT TO ARTICLE VII.  Oceaneering and
Global agree that, to the extent required by any applicable
Law to be operative, the disclaimers of warranties contained
in this Section 4.4(b) are "conspicuous" disclaimers.

    4.5     Intellectual Property.

	(a)	Except as disclosed in Schedule 4.5 to the
Oceaneering Disclosure Letter:

                (i)     There are no unexpired U.S. and foreign
patents, pending patent applications and currently
active identified inventions which are owned by
Oceaneering or any of its Affiliates and which are
necessary for the operation of the Diving Business
Assets in the manner in which they have been operated
in the last three months or are currently being
operated;

                (ii)    There are no agreements relating in any way
to the Diving Business Assets (x) under which royalties
presently are payable or may in the future become
payable or (y) which concern ownership, use or
disclosure of intellectual property, technology,
processes or proprietary information of any Person
relating to the Diving Business Assets;

	(b)	No Person has asserted that either Oceaneering or
any Affiliate of Oceaneering is infringing or has infringed
within the three years prior to the date hereof, any foreign
or domestic patent, trademark, service mark, trade name, or
copyright, or has misappropriated or improperly used or
disclosed any trade secret, confidential information or know
how in connection with the Diving Business Assets; and

	(c)	No operations of Oceaneering or any Oceaneering
Affiliate relating to the Diving Business Assets are
infringing, or have infringed within the three years prior
to the date hereof, any foreign or domestic patent,
trademark, service mark, trade name or copyright of any
Person, or were involved in any misappropriation or improper
use or disclosure of any trade secret, confidential
information or know how of any Person.

    4.6     Contracts and Commitments.  True and correct copies of
all Diving Business Assumed Contracts have been provided to
Global.  All the Diving Business Assumed Contracts are valid,
binding and in full force and effect, have not been amended or
supplemented in any manner or respect except as disclosed on
Schedule 4.6 to the Oceaneering Disclosure Letter.  There are no
defaults by Oceaneering or any Oceaneering Affiliate under any
Diving Business Assumed Contract, and, to the knowledge of
Oceaneering (a) there are no material defaults under any Diving
Business Assumed Contract by any other party thereto and (b) no
events have occurred that with the lapse of time or action or
inaction by any party thereto would result in any material
defaults thereunder.  Except as disclosed in Schedule 4.6 to the
Oceaneering Disclosure Letter, the Diving Business Assumed
Contracts may be assigned to Global without any authorization,
consent, approval, permission or license of, or filing with, any
other Person.

    4.7     Licenses and PermitsError! Bookmark not defined..  The
Permits listed in Schedule 1.1(g) to the Oceaneering Disclosure
Letter constitute all the Permits held by Oceaneering or any
Oceaneering Affiliate that primarily relate to the Diving
Business and, except as set forth in Schedule 4.7 to the
Oceaneering Disclosure Letter constitute all material Permits
necessary under applicable Laws, including applicable
Environmental Laws, for Oceaneering and the Oceaneering
Affiliates to own, operate, maintain and use the Diving Business
Assets in the manner in which they are now, and during the
preceding 12 months have been, operated, maintained and used.
Each of such Permits and the rights of Oceaneering or any
Oceaneering Affiliate with respect thereto are valid and
subsisting, in full force and effect and enforceable by
Oceaneering or such Oceaneering Affiliate.  Oceaneering or the
applicable Oceaneering Affiliate (depending on the holder
thereof) is now and has at all times in the past 12 months been
in compliance with the terms of such Permits except, in each
case, where the failure to remain in compliance would not (i)
have a Material Adverse Effect on the Diving Business Assets or
(ii) result in any Lien on any of the Diving Business Assets
after the Effective Time.  None of such Permits has been or, to
the knowledge of Oceaneering, is threatened to be revoked,
canceled, suspended or modified.

    4.8     Compliance with Law.  Oceaneering and the Oceaneering
Affiliates have operated the Diving Business Assets in compliance
with all applicable Laws, including Environmental Laws, the
Foreign Corrupt Practices Act and the Export Administration Act
and the rules and regulations promulgated thereunder, except, in
each case, where the failure to comply would not have a Material
Adverse Effect on the Diving Business Assets.  Neither
Oceaneering nor any Oceaneering Affiliates, nor any officer,
employee or agent thereof has any agreement, arrangement or
understanding (whether written or oral) to make any payment,
contribution or gift to a Governmental Entity or third Person
that would, if applicable to such Person, constitute a violation
of the Foreign Corrupt Practices Act or any applicable Law nor is
any Diving Assumed Business Contract or Permit primarily related
to the Diving Business dependent on any such payment,
contribution or gift.  Neither Oceaneering nor any Oceaneering
Affiliate is a "national" of a "designated foreign country"
(or a Person defined as a "designated foreign country") within
the definitions in the Foreign, Cuban or Iranian Assets Control
Regulations of the United States Treasury Department, 31 CFR,
Subtitle B, Chapter V, as amended, or any regulation or ruling
issued thereunder.

    4.9     Litigation.  Except as described in Schedule 4.9 to the
Oceaneering Disclosure Letter, there is no Action pending or, to
the knowledge of Oceaneering, threatened against or which
otherwise relates to the Diving Business Assets or the
transactions contemplated by this Agreement.  Neither
Oceaneering, any Oceaneering Affiliates nor any of the Diving
Business Assets is subject to any outstanding order, writ,
injunction or decree that would have a Material Adverse Effect on
the ownership, use or value of the Diving Business Assets or
would prevent or delay the consummation of the transactions
contemplated hereby.

    4.10    Brokers.  Neither Oceaneering, the Oceaneering
Affiliates, nor any of their respective officers, directors or
employees has employed any financial advisor, broker or lender or
incurred any liability for any financial advisory, brokerage or
finder's fee or commission in connection with the transactions
contemplated hereby.

                          ARTICLE V
           REPRESENTATIONS AND WARRANTIES OF GLOBAL

	Global represents and warrants to Oceaneering as follows:

    5.1     OrganizationError! Bookmark not defined..  Global, each
of the Global Affiliates and any other Affiliate of Global to
whom any of the Diving Business Assets are being transferred by
Oceaneering or any of the Oceaneering Affiliates, is a
corporation duly organized, validly existing and in good standing
under the Laws of its jurisdiction of incorporation.

    5.2     Authorizations, Execution and ConsentsError! Bookmark
not defined..

	(a)	Global has full corporate power and authority to
execute and deliver this Agreement and the other Global
Documents to which it is a party and to carry out and
perform its obligations as provided herein and therein.
Each Global Affiliate has full corporate power and authority
to execute and deliver the Supplemental Asset Acquisition
Agreement to which it is a party and the other Global
Documents to which it is a party and to carry out and
perform its obligations as provided in the Supplemental
Asset Acquisition Agreement to which it is a party and the
other Global Documents to which it is a party.

	(b)	This Agreement, each Supplemental Asset
Acquisition Agreement and each of the other Global Documents
have been duly and validly authorized by all proper and
requisite corporate actions and duly executed and delivered
by Global and, where applicable, the Global Affiliate a
party thereto, and constitutes the legal, valid and binding
obligation of Global and, where applicable, the Global
Affiliate a party thereto, enforceable against Global and,
where applicable, the Global Affiliate a party thereto, in
accordance with its terms except to the extent that
enforceability may be limited by applicable bankruptcy,
insolvency, reorganization, moratorium, fraudulent
conveyance or transfer and similar laws affecting creditors'
rights and remedies generally and general privileges of
equity (regardless of whether enforcement is considered in a
proceeding at law or in equity).

	(c)	Except as set forth on Schedule  5.2 to the Global
Disclosure Letter, the execution and delivery of and
performance under this Agreement, the Supplemental Asset
Acquisition Agreements and the other Global Documents by
Global and, where applicable, the Global Affiliate a party
thereto and consummation of the transactions contemplated
hereby and thereby, (i) will not conflict with or breach any
provision of the certificate of incorporation, charter or
bylaws or similar organizational documents of Global or any
Global Affiliate or violate any Law, judgment, order, writ,
injunction or decree applicable to Global or any Global
Affiliate or any of the ROV Business Assets; (ii) will not
conflict with or breach or constitute any default (with or
without notice or lapse of time or both) under or give rise
to any rights of termination, cancellation or acceleration
under or result in or require the creation or imposition of
any Lien on any of the ROV Business Assets under, any
contract, agreement, permit or license to which Global or
any Global Affiliate is a party or by which Global or any
Global Affiliate is bound other than those that would not
have a Material Adverse Effect on the ROV Business Assets or
adversely affect the ability of Global or its Affiliates to
consummate the transactions contemplated by this Agreement
and the other Global Documents; (iii) will not require any
filing with, notification of or consent, approval or
authorization of any Governmental Entity or any third
Person.

    5.3     Tax Matters

	(a)	All Taxes based upon, measured by, or arising by
reason of the ownership or operation of the ROV Business
Assets or sales resulting from the productive use of such
ROV Business Assets which have become due and payable have
been duly and timely paid, all applicable returns and
reports of or with respect to any Tax that are required to
be filed by or with respect to Global or any Global
Affiliate relating to the ROV Business Assets have been duly
and timely filed, and there is no claim pending or
threatened by any applicable taxing authority in connection
with any such Taxes, except for failures to pay or file and
claims that could not (i) have a Material Adverse Effect on
the ROV Business Assets or (ii) result in the imposition of
any Lien on any of the ROV Business Assets after the
Effective Time.

	(b)	There are no Liens for Taxes upon any of the ROV
Business Assets.

	(c)	There is not in force any extension of time with
respect to the due date for the filing of any Tax return or
Tax report of or with respect to any of the ROV Business
Assets or any waiver or agreement for any extension of time
for the assessment or payment of any Tax of or with respect
to any of the ROV Business Assets.

    5.4     Title to Assets.

	(a)	Global or the Global Affiliates have, and upon
delivery of possession in the manner contemplated hereby
Oceaneering or its Affiliates will acquire, the ROV Business
Assets free and clear of all Liens.  All of the ROV Business
Assets are owned legally and beneficially by Global or
Global Affiliates.  Except for this Agreement and the
Supplemental Asset Acquisition Agreements, neither Global
nor any of the Global Affiliates is a party to any option,
purchase right or other contract or commitment that could
require them to sell, transfer or otherwise dispose of any
of the ROV Business Assets and, except for the ROV Business
Assumed Contracts, there is no lease, contract or other
agreement applicable to or binding upon any of the ROV
Business Assets.

	(b)	Oceaneering acknowledges that it has conducted to
its satisfaction an independent investigation and
verification of the assets of the ROV Business and, in
making its determination to proceed with the transactions
contemplated by this Agreement, Oceaneering has relied on
the results of its own independent investigation and the
representations and warranties of Global expressly and
specifically set forth in this Agreement.  SUCH
REPRESENTATIONS AND WARRANTIES BY GLOBAL CONSTITUTE THE SOLE
AND EXCLUSIVE REPRESENTATIONS AND WARRANTIES OF GLOBAL TO
OCEANEERING IN CONNECTION WITH THE TRANSACTIONS CONTEMPLATED
HEREBY, AND OCEANEERING UNDERSTANDS, ACKNOWLEDGES AND AGREES
THAT ALL OTHER REPRESENTATIONS AND WARRANTIES OF ANY KIND OR
NATURE WHETHER EXPRESS, IMPLIED OR STATUTORY (INCLUDING
WITHOUT LIMITATION ANY RELATING TO THE FUTURE OR HISTORICAL
FINANCIAL CONDITION, RESULTS OF OPERATIONS, ASSETS OR
LIABILITIES OF THE ROV BUSINESS) ARE SPECIFICALLY DISCLAIMED
BY GLOBAL.  EXCEPT AS EXPRESSLY PROVIDED IN THIS AGREEMENT,
NEITHER GLOBAL NOR ANY OF THE GLOBAL AFFILIATES MAKES ANY
WARRANTY OR COVENANT OF ANY KIND, EXPRESS, IMPLIED OR
STATUTORY.  WITHOUT LIMITING THE GENERALITY OF THE
IMMEDIATELY PRECEDING SENTENCE, WITH RESPECT TO ANY OF THE
ROV BUSINESS ASSETS, EXCEPT AS EXPRESSLY PROVIDED FOR
HEREIN, GLOBAL, ON ITS OWN BEHALF AND ON BEHALF OF EACH OF
THE GLOBAL AFFILIATES, EXPRESSLY DISCLAIMS AND NEGATES:
(i) ANY IMPLIED OR EXPRESS WARRANTY OF MERCHANTABILITY;
(ii) ANY IMPLIED OR EXPRESS WARRANTY OF FITNESS FOR A
PARTICULAR PURPOSE; (iii) ANY IMPLIED OR EXPRESS WARRANTY OF
CONFORMITY TO MODELS OR SAMPLES OF MATERIALS OR FREEDOM FROM
PATENT INFRINGEMENTS; (iv) ANY IMPLIED OR EXPRESS WARRANTY
AS TO THE ACCURACY OF ANY OF THE INFORMATION FURNISHED WITH
RESPECT TO THE VALUE OF THE ROV BUSINESS ASSETS OR STATE OF
REPAIR THEREOF, IT BEING UNDERSTOOD THAT THE ROV BUSINESS
ASSETS ARE CONVEYED AS IS, WHERE IS AND WITH ALL FAULTS.
OCEANEERING ALSO ACKNOWLEDGES THAT ITS SOLE AND EXCLUSIVE
RECOURSE IN RESPECT OF THE TRANSACTIONS CONTEMPLATED BY THIS
AGREEMENT IS TO ASSERT ITS RIGHTS PURSUANT TO ARTICLE VII.
Global and Oceaneering agree that, to the extent required by
any applicable Law to be operative, the disclaimers of
warranties contained in this Section 4.4(b) are
"conspicuous" disclaimers.

    5.5     Intellectual PropertyError! Bookmark not defined..

	(a)	Except as disclosed in Schedule 5.5 to the Global
Disclosure Letter:

                (i)     There are no unexpired U.S. and foreign
patents, pending patent applications and currently
active identified inventions which are owned by Global
or any of its Affiliates and which are necessary for
the operation of the ROV Business Assets in the manner
in which they have been operated in the last three
months or are currently being operated;

                (ii)    There are no agreements relating in any way
to the ROV Business Assets (x) under which royalties
presently are payable or may in the future become
payable or (y) which concern ownership, use or
disclosure of intellectual property, technology,
processes or proprietary information of any Person
relating to the ROV Business Assets;

	(b)	No Person has asserted that either Global or any
Affiliate of Global is infringing or has infringed within
the three years prior to the date hereof, any foreign or
domestic patent, trademark, service mark, trade name, or
copyright, or has misappropriated or improperly used or
disclosed any trade secret, confidential information or know
how in connection with the ROV Business Assets; and

	(c)	No operations of Global or any Global Affiliate
relating to the ROV Business Assets are infringing, or have
infringed within the three years prior to the date hereof,
any foreign or domestic patent, trademark, service mark,
trade name or copyright of any Person, or were involved in
any misappropriation or improper use or disclosure of any
trade secret, confidential information or know how of any
Person.

    5.6     Contracts and CommitmentsError! Bookmark not defined..
True and correct copies of all ROV Business Assumed Contracts
have been provided to Oceaneering.  All the ROV Business Assumed
Contracts are valid, binding and in full force and effect, have
not been amended or supplemented in any manner or respect except
as disclosed on Schedule 5.6 to the Global Disclosure Letter.
There are no defaults by Global or any Global Affiliate under any
ROV Business Assumed Contract, and, to the knowledge of Global
(a) there are no material defaults under any ROV Business Assumed
Contract by any other party thereto and (b) no events have
occurred that with the lapse of time or action or inaction by any
party thereto would result in any material defaults thereunder.
Except as disclosed in Schedule 5.6 to the Global Disclosure
Letter, the ROV Business Assumed Contracts may be assigned to
Oceaneering without any authorization, consent, approval,
permission or license of, or filing with, any other Person.

    5.7     Licenses and Permits.  The Permits listed in Schedule
1.1(d) to the Global Disclosure Letter constitute all the Permits
held by Global or any Global Affiliate that primarily relate to
the ROV Business and, except as set forth in Schedule 5.7 to the
Global Disclosure Letter, constitute all material Permits
necessary under applicable Laws, including applicable
Environmental Laws, for Global and the Global Affiliates to own,
operate, maintain and use the ROV Business Assets in the manner
in which they are now, and during the preceding 12 months have
been, operated, maintained and used.  Each of such Permits and
the rights of Global or any Global Affiliate with respect thereto
are valid and subsisting, in full force and effect and
enforceable by Global or such Global Affiliate.  Global or the
applicable Global Affiliate (depending on the holder thereof) is
now and has at all times in the past 12 months been in compliance
with the terms of such Permits except, in each case, where
failure to remain in compliance would not (i) have a Material
Adverse Effect on the ROV Business Assets or (ii) result in any
Lien on any of the ROV Business Assets after the Effective Time.
None of such Permits has been or, to the knowledge of Global, is
threatened to be revoked, canceled, suspended or modified.

    5.8     Compliance with Law.  Global and the Global Affiliates
have operated the ROV Business Assets in compliance with all
applicable Laws, including Environmental Laws, the Foreign
Corrupt Practices Act and the Export Administration Act and the
rules and regulations promulgated thereunder except, in each
case, where failure to comply would not have a Material Adverse
Effect on the ROV Business Assets.  Neither Global nor any Global
Affiliates, nor any officer, employee or agent thereof has any
agreement, arrangement or understanding (whether written or oral)
to make any payment, contribution or gift to a Governmental
Entity or third Person that would, if applicable to such Person,
constitute a violation of the Foreign Corrupt Practices Act or
any applicable Law nor is any ROV Assumed Business Contract or
Permit primarily  related to the ROV Business dependent on any
such payment, contribution or gift.  Neither Global nor any
Global Affiliate is a "national" of a "designated foreign
country" (or a Person defined as a "designated foreign
country") within the definitions in the Foreign, Cuban or
Iranian Assets Control Regulations of the United States Treasury
Department, 31 CFR, Subtitle B, Chapter V, as amended, or any
regulation or ruling issued thereunder.

    5.9     LitigationError! Bookmark not defined..  Except as
described in Schedule 5.9 to the Global Disclosure Letter, there
is no Action pending or, to the knowledge of Global, threatened
against or which otherwise relates to the ROV Business Assets or
the transactions contemplated by this Agreement.  Neither Global,
any Global Affiliates nor any of the ROV Business Assets is
subject to any outstanding order, writ, injunction or decree that
would have a Material Adverse Effect on the ownership, use or
value of the ROV Business Assets or would prevent or delay the
consummation of the transactions contemplated hereby.

    5.10    Brokers.  Neither Global, the Global Affiliates, nor
any of their respective officers, directors or employees has
employed any financial advisor, broker or lender or incurred any
liability for any financial advisory, brokerage or finder's fee
or commission in connection with the transactions contemplated
hereby.

                           ARTICLE VI
                           COVENANTS

    6.1     Actions of the Parties.  after the Closing.

	(a)	Oceaneering will promptly give or file and will
cause each of the Oceaneering Affiliates to promptly give or
file any notices, applications or registration to third
Persons, and will use its reasonable efforts (and will cause
each Oceaneering Affiliate to use its reasonable efforts) to
obtain any consents, waivers or approvals set forth on
Schedule 4.2 or 4.6 to the Oceaneering Disclosure Letter.
Oceaneering will use reasonable efforts to promptly replace
and obtain the release of Global and any of its Affiliates
from any performance bonds, letters of credit, guarantees or
other credit or performance support related to any of the
ROV Business Assumed Contracts.

	(b)	Global will promptly give or file and will cause
each of the Global Affiliates to promptly give or file any
notices, applications or registration to third Persons, and
will use its reasonable efforts (and will cause each Global
Affiliate to use its reasonable efforts) to obtain any
consents, waivers or approvals set forth on Schedule 5.2 or
5.6 to the Global Disclosure Letter.  Global will use
reasonable efforts to promptly replace and obtain the
release of Oceaneering and any of its Affiliates from any
performance bonds, letters of credit, guarantees or other
credit or performance support related to any of the Diving
Business Assumed Contracts.

    6.2     Certain Employee Matters.

	(a)	From and after the date hereof, Oceaneering shall
permit Global to approach and negotiate with any or all
employees and agents of the Diving Business including, but
not limited to, managerial staff, in an effort to persuade
them to accept employment or agency with Global or its
Affiliates.

        (b)     From and after the date hereof until the Effective
Time, Global shall permit Oceaneering to approach and
negotiate with any or all employees and agents of the ROV
Business including, but not limited to, managerial staff, in
an effort to persuade them to accept employment or agency
with Oceaneering or its Affiliates.

	(c)	Global shall have no liability for, and
Oceaneering agrees to indemnify Global in accordance with
Article VII against any Action, liability, Losses or
obligations of Oceaneering or its Affiliates in each case
arising out of or relating to Oceaneering's termination of
their employment with it or any of its Affiliates.  Without
limiting the scope of the preceding sentence, Oceaneering
shall take any and all actions necessary to ensure that
Global and its Affiliates shall not be required to provide
benefit coverage with respect to any such former employee
under the continuation of coverage provisions contained in
Section 4980B of the Code, Sections 601 through 608 of ERISA
or applicable state or foreign Laws.

	(d)	Oceaneering shall have no liability for, and
Global agrees to indemnify Oceaneering in accordance with
Article VII against any Action, liability, Losses or
obligations of Global or its Affiliates in each case arising
out of or relating to Global's termination of their
employment with it or any of its Affiliates.  Without
limiting the scope of the preceding sentence, Global shall
take any and all actions necessary to ensure that
Oceaneering and its Affiliates shall not be required to
provide benefit coverage with respect to any such former
employee under the continuation of coverage provisions
contained in Section 4980B of the Code, Sections 601 through
608 of ERISA or applicable state or foreign Laws.

    6.3     Protection of Value of Diving Business Assets.  Because
of Oceaneering's access to the Diving Business' confidential
information and trade secrets, Oceaneering would be in a unique
position to divert business from the Diving Business and to
commit irreparable damage to the Diving Business were Oceaneering
to be allowed to compete with the Diving Business or to commit
any of the other acts prohibited by this Section  6.3;
Oceaneering acknowledges that the enforcement of said restrictive
covenants against Oceaneering will not impose any undue burden
upon Oceaneering, that none of said restrictive covenants is
unreasonable as to period or geographic area, and that the
ability to enforce said restrictive covenants against Oceaneering
is a material inducement to the decision of Global to consummate
the transactions contemplated in this Agreement.  Oceaneering
acknowledges that Global would not purchase the Diving Business
Assets but for the agreements and covenants of Oceaneering
contained in this Section 6.3.  Accordingly, Oceaneering
covenants and agrees as follows:

        (a)     Covenant.  Oceaneering shall not, and will cause
its Affiliates not to, at any time prior to October 1, 2005,
(i) use any assets owned, leased or operated by Oceaneering
or any of its Affiliates to perform commercial diving
services (other than for the United States Navy or for ship
and marine vessel inspection, cleaning, repair and
maintenance) in the waters of Australia, New Zealand, India,
Egypt, South and Southeast Asia and China as well as the
Persian Gulf and the Red Sea, as more particularly set out
in Appendix III (the "Geographic Area"), or (ii) acquire
or maintain more than a one-third equity ownership or
profits interest in any Person (other than any special
purpose entity formed for the purpose of completing a single
contract or a series of related contracts with any customer
of Oceaneering or that special purpose entity) that
generates (A) at the time of the acquisition more than 12.5%
of its revenues or (B) at any time after such acquisition
through October 1, 2005, more than the greater of (1) 33% of
its revenues for any calendar year and (2) $5 million of
revenues for any calendar year, in the case of (A) or (B)
from commercial diving services (other than for the United
States Navy or for ship and marine inspection, cleaning,
repair, and maintenance) in the Georgraphic Area;  provided,
however, that the foregoing shall not prohibit Oceaneering
or any of its Affiliates from subcontracting for commercial
diving services in the Geographic Area in connection with
any work performed for its customers; and provided, further,
that the foregoing provision shall not apply to any business
acquired by Oceaneering or any of its Affiliates after the
date hereof that has conducted diving services in the
Geographic Area during the 12 months preceding such
acquisition so long as (i) the total revenues of the
subsequently acquired business (taken together with any
related business acquired in the same transaction or a
series of related transactions (collectively, the
"Subsequently Acquired Business")) for the then most
recently completed period of 12 consecutive calendar months
that are attributable to commercial diving services in the
Geographic Area are less than 12.5% of the total revenues of
the Subsequently Acquired Business for that 12-month period
and (ii) the total consideration paid for the Subsequently
Acquired Business is equal to or exceeds $50 million.

	(b)	Solicitation of Business.  Until October 1, 2005,
Oceaneering shall not, and will cause its Affiliates not to
solicit or assist any other Person to solicit to perform
commercial diving services in the Geographic Area other than
for Global or its Affiliates (except to the extent of the
exceptions set forth in clause (a) above).

	(c)	Confidential Information.  From and after the date
of this Agreement, Oceaneering shall, and shall cause its
Affiliates to, keep secret and retain in strictest
confidence, and shall not, directly or indirectly, use in
the Geographic Area for the benefit of any Person other than
Oceaneering (including for this purpose, any Person who
controls Oceaneering), Global and their respective
Affiliates and customers all confidential matters and trade
secrets known relating to the Diving Business, including
customer lists, pricing policies, operational methods and
marketing plans or strategies, and shall not divulge,
disclose or make assessable to any Person outside of
Oceaneering (including for this purpose, any Person who
controls Oceaneering), Global and their respective
Affiliates any such information except upon Global's express
prior written consent.

        (d)     Rights and Remedies upon Breach.  If Oceaneering
breaches, or threatens to commit a breach of, any of the
provisions of this Section 6.3, Global shall have the
following rights and remedies:

                (i)     the right and remedy to have the restrictive
covenants in this Section 6.3 specifically enforced by
any court having equity jurisdiction and Oceaneering
acknowledges and agrees that any such breach or
threatened breach will cause irreparable injury to
Global and that monetary damages will not provide an
adequate remedy to Global; and

                (ii)    the right and remedy to require Oceaneering
to indemnify Global against any losses, damages, costs
and expenses, including reasonable attorneys' fees and
court costs, which may be incurred by it and which
result from or arise out of or relate to any such
breach or threatened breach of the restrictive
covenants in this Section 6.3.

	(e)	Severability of Covenants.  If any court of
competent jurisdiction determines that any of the
restrictive covenants in this Section 6.3, or any part
thereof, is invalid or unenforceable with respect to
Oceaneering, the remainder of the restrictive covenants in
this Section 6.3 shall not thereby be affected and shall be
given full effect, without regard to the invalid portions.
If any court of competent jurisdiction determines that any
of the restrictive covenants in this Section 6.3, or any
part thereof, is unenforceable because of the duration of
such provision or the area covered thereby, such court shall
have the power to reduce the duration or area of such
provision and, in its reduced form, such provision shall
then be enforceable and shall be enforced.  Oceaneering
hereby waives any and all right to attack the validity of
the restrictive covenants in this Section 6.3 on the grounds
of the breadth of their geographic scope or the length of
their term.

	(f)	Enforceability in Jurisdictions.  Each of
Oceaneering and Global intends to and does hereby consent to
and subject itself to the jurisdiction of the courts of any
jurisdiction within the Geographic Area to enforce the
restrictive covenants in this Section 6.3.  If the courts of
any one or more of such jurisdictions hold the restrictive
covenants in this Section 6.3 unenforceable by reason of the
breadth of such scope or otherwise, it is the intention of
Global and Oceaneering that such determination not bar or in
any way affect the right of Global to the relief provided
above in the courts of any other jurisdiction within the
geographical scope of such covenants, as to breaches of such
covenants in such other respective jurisdictions, such
covenants as they relate to each jurisdiction being, for
this purpose, severable into diverse and independent
covenants.

    6.4     Protection of Value of ROV Purchased Assets.  Because
of Global's access to the ROV Business' confidential information
and trade secrets, Global would be in a unique position to divert
business from the ROV Business and to commit irreparable damage
to the ROV Business were Global to be allowed to compete with the
ROV Business or to commit any of the other acts prohibited by
this Section 6.4; Global acknowledges that the enforcement of
said restrictive covenants against Global will not impose any
undue burden upon Global, that none of said restrictive covenants
is unreasonable as to period or geographic area, and that the
ability to enforce said restrictive covenants against Global is a
material inducement to the decision of Oceaneering to consummate
the transactions contemplated in this Agreement.  Global
acknowledges that Oceaneering would not purchase the ROV Business
Assets but for the agreements and covenants of Global contained
in this Section 6.4.  Accordingly, Global covenants and agrees as
follows:

        (a)     Covenant.  Global shall not, and will cause its
affiliates not to, at any time prior to October 1, 2005, (i)
use any assets owned, leased or operated by Global or any of
its Affiliates to perform ROV Services in the Geographic
Area or (ii) acquire or maintain more than a one-third
equity ownership or profits interest in any Person (other
than any special purpose entity formed for the purpose of
completing a single contract or a series of related
contracts with any customer of Global or that special
purpose entity) that generates (A) at the time of the
acquisition more than 12.5% of its revenues or (B) at any
time after such acquisition through October 1, 2005, more
than the greater of (1) 33% of its revenues for any calendar
year and (2) $5 million of revenues for any calendar year,
in the case of (A) or (B) from ROV Services in the
Georgraphic Area;  provided, however, that the foregoing
shall not prohibit Global or any of its Affiliates from
subcontracting for ROV Services in the Geographic Area in
connection with any work performed for its customers, and
provided, further, that the foregoing provision shall not
apply to any business acquired by Global or any of its
Affiliates after the date hereof that has conducted ROV
Services in the Geographic Area during the 12 months
preceding such acquisition so long as (i) the total revenues
of the subsequently acquired business (taken together with
any related business acquired in the same transaction or a
series of related transactions (collectively, the
"Subsequently Acquired Business")) for the then most
recently completed period of 12 consecutive calendar months
that are attributable to ROV Services in the Geographic Area
are less than 12.5% of the total revenues of the
Subsequently Acquired Business for that 12-month period and
(ii) the total consideration paid for the Subsequently
Acquired Business is equal to or exceeds $50 million.

	(b)	Solicitation of Business.  Until October 1, 2005,
Global shall not, and will cause its Affiliates not to,
solicit or assist any other Person to solicit to perform ROV
Services in the Geographic Area other than for Oceaneering
or its Affiliates (except to the extent of the exceptions
set forth in clause (a) above).

	(c)	Confidential Information.  From and after the date
of this Agreement, Global shall, and shall cause its
Affiliates to, keep secret and retain in strictest
confidence, and shall not, directly or indirectly, use in
the Geographic Area for the benefit of any Person other than
Global (including for this purpose, any Person who controls
Global), Oceaneering and their respective Affiliates and
customers all confidential matters and trade secrets known
relating to the ROV Business, including customer lists,
pricing policies, operational methods and marketing plans or
strategies, and shall not divulge, disclose or make
assessable to any Person outside of Global (including for
this purpose, any Person who controls Global), Oceaneering
and their respective Affiliates any such information except
upon Oceaneering's express prior written consent.

        (d)     Rights and Remedies upon Breach.  If Global
breaches, or threatens to commit a breach of, any of the
provisions of this Section 6.4, Oceaneering shall have the
following rights and remedies:

                (i)     the right and remedy to have the restrictive
covenants in this Section 6.4 specifically enforced by
any court having equity jurisdiction and Global
acknowledges and agrees that any such breach or
threatened breach will cause irreparable injury to
Oceaneering and that monetary damages will not provide
an adequate remedy to Oceaneering; and

                (ii)    the right and remedy to require Global to
indemnify Oceaneering against any losses, damages,
costs and expenses, including reasonable attorneys'
fees and court costs, which may be incurred by it and
which result from or arise out of or relate to any such
breach or threatened breach of the restrictive
covenants in this Section 6.4.

	(e)	Severability of Covenants.  If any court of
competent jurisdiction determines that any of the
restrictive covenants in this Section 6.4, or any part
thereof, is invalid or unenforceable with respect to Global,
the remainder of the restrictive covenants in this Section
6.4 shall not thereby be affected and shall be given full
effect, without regard to the invalid portions. If any court
of competent jurisdiction determines that any of the
restrictive covenants in this Section 6.4, or any part
thereof, is unenforceable because of the duration of such
provision or the area covered thereby, such court shall have
the power to reduce the duration or area of such provision
and, in its reduced form, such provision shall then be
enforceable and shall be enforced.  Global hereby waives any
and all right to attack the validity of the restrictive
covenants in this Section 6.4 on the grounds of the breadth
of their geographic scope or the length of their term.

	(f)	Enforceability in Jurisdictions.  Each of
Oceaneering and Global intends to and does hereby consent to
and subject itself to the jurisdiction of the courts of any
jurisdiction within the Geographic Area to enforce the
restrictive covenants in this Section 6.4.  If the courts of
any one or more of such jurisdictions hold the restrictive
covenants in this Section 6.4 unenforceable by reason of the
breadth of such scope or otherwise, it is the intention of
Global and Oceaneering that such determination not bar or in
any way affect the right of Oceaneering to the relief
provided above in the courts of any other jurisdiction
within the geographical scope of such covenants, as to
breaches of such covenants in such other respective
jurisdictions, such covenants as they relate to each
jurisdiction being, for this purpose, severable into diverse
and independent covenants.

    6.5     Assignment of Contracts.  To the extent that the
assignment of any Diving Business Assumed Contract or ROV
Business Assumed Contract shall require the consent of any other
Person, this Agreement shall not constitute an agreement to
assign the same if the attempted assignment would constitute a
breach thereof.  Oceaneering and Global agree each to use
reasonable efforts in each case to obtain such consent to the
assignment as promptly as possible.  If any such required consent
is not obtained, the parties hereto will cooperate in any
reasonable arrangement designed to provide for the assigning
party the benefit of such Diving Business Assumed Contract or ROV
Business Assumed Contract which it is denied or deprived of as a
result of the failure to obtain such consent.  Such "reasonable
arrangement" may include subcontracting to perform obligations
under the applicable Diving Business Assumed Contract or ROV
Business Assumed Contract on terms substantially similar to the
Diving Business Assumed Contract or ROV Business Assumed
Contract.

    6.6     Taxes and Expenses.

	(a)	Each party shall pay or cause to be paid all Taxes
incurred by it or its Affiliates arising out of or in
connection with the transactions effected pursuant to this
Agreement or any of the Supplemental Asset Acquisition
Agreements and all Transfer Taxes related to property or
assets transferred by it.

	(b)	Oceaneering shall pay or cause Oceaneering
Affiliates to pay all Taxes with respect to the Diving
Business and the Diving Business Assets that are payable or
become payable after the date hereof with respect to periods
ending on or prior to the Effective Time (irrespective of
when the relevant Tax period ends).  Global shall pay all
Taxes with respect to the ROV Business and ROV Business
Assets that are payable or become payable with respect to
periods ending on or prior to the Effective Time
(irrespective of when the relevant Tax period ends).
Subject to Section 6.8, the determination of the portion of
any Taxes payable with respect to periods on or prior to the
Effective Time shall be made, in the case of ad valorem,
property or similar Taxes, by allocating such Taxes on a per
diem basis, and, in the case of all other Taxes, by assuming
that the period on or prior to the Effective Time
constitutes a separate taxable period and by taking into
account the actual taxable events occurring during such
period.

	(c)	Except as may otherwise be specifically provided
herein, each party shall be responsible for its own
expenses, including without limitation the fees of
accountants and attorneys, which are incurred in connection
with the negotiation and execution of this Agreement and the
consummation of the transactions herein contemplated.

    6.7     Access to Records After Closing.  Oceaneering and
Global agree that, so long as any of the books and records
retained by Oceaneering and any Oceaneering Affiliate relating to
the Diving Business Assets or retained by Global and any Global
Affiliate relating to the ROV Business Assets remain in
existence, the other party shall have the right to inspect and,
at its expense, to make copies of the same at any time during
business hours for any proper purpose upon written request
therefor stating with reasonable particularity the books or
records to which access is sought provided that such access does
not violate any confidentiality obligation of the party
possessing such books and records or result in the loss or waiver
of any privilege to refuse to disclose such information in any
Action, with any determination as to whether the provisions of
any such requested information would result in such a violation,
loss or waiver to be made on a reasonable basis by the party from
whom the information is requested.  For a period of five years
following the date of this Agreement, the parties hereto will
not, without first having offered to deliver the same to the
other party, destroy or permit the destruction of any of such
books and records.  Notwithstanding the foregoing, the parties
shall not have any obligation to make available or provide copies
to each other of any consolidated, combined, unitary or similar
Tax return or report filed by such party or any of its
Affiliates, or any related material.

    6.8     Allocation of Revenues from Assumed Contracts.  The
parties shall allocate all amounts paid under each Diving
Business Assumed Contract and ROV Business Assumed Contract which
is not a "day rate" contract based upon the percentage-of-
completion of each such contract at the Effective Time.  With
respect to contracts referenced in the preceding sentence (a) if
invoices sent prior to the Effective Time, together with payments
received by the party assigning the contract exceed the total
payments to be made under the contract multiplied by the
percentage-of-completion (calculated in accordance with U.S.
generally accepted accounting principles) at the Effective Time,
then such party shall within 30 days of the Effective Time pay to
the party assuming the contract an amount in U.S. dollars equal
to such excess, and (b) if invoices sent prior to the Effective
Time, together with payments received by the party assigning the
contract are less than the total payments to be made under the
contract multiplied by the percentage-of-completion (calculated
in accordance with U.S. generally accepted accounting principles)
at the Effective Time, then the assuming party shall within 30
days of receipt of payment pay to the assuming party an amount in
U.S. dollars equal to such shortfall.  In the case of Diving
Business Assumed Contracts and ROV Business Assumed Contracts
that are "day rate" contracts, payments attributable to work
days prior to the Effective Time shall be paid over to or
retained by the assigning party and payments attributable to work
days after the Effective Time shall be paid over to or retained
by the assuming party.  The parties shall use their best efforts
to cause the income from such contracts to be allocated for Tax
purposes to periods on or prior to the Effective Time in a manner
consistent with this Section 6.8.

    6.9     Transition Assistance.

	(a)	To provide for a smooth transition of the Diving
Business Assets operations to Global, Oceaneering agrees (to
the extent it may do so without violating any applicable
lease, license or other agreement) to provide during the 30
days after the Effective Time general administration
services, including accounting, invoicing, information and
data processing systems (together with the personnel
necessary to provide such service) in connection with the
Diving Business to the extent requested by Global and
reasonably necessary to prevent disruptions in the provision
of services to customers and suppliers and the employment
and payment of employees and agents.  Global will promptly
reimburse Oceaneering for all out-of-pocket costs incurred
in connection with providing these services.

	(b)	To provide for a smooth transition of the ROV
Business Assets operations to Oceaneering, Global agrees (to
the extent it may do so without violating any applicable
lease, license or other agreement) to provide during the 30
days after the Effective Time general administration
services, including accounting, invoicing, information and
data processing systems (together with the personnel
necessary to provide such service) in connection with the
ROV Business to the extent requested by Oceaneering and
reasonably necessary to prevent disruptions in the provision
of services to customers and suppliers and the employment
and payment of employees and agents.  Oceaneering will
promptly reimburse Global for all out-of-pocket costs
incurred in connection with providing these services.

    6.10    Facility Arrangements and ROV Services Agreement.

	(a)	From and after the Closing, the parties hereto
will, and (where applicable) will cause their respective
Affiliates to, (i) negotiate and document mutually
acceptable (A) lease assignments with respect to the Diving
Business Transferred Facilities and (B) leases, subleases or
other appropriate facility sharing arrangements with respect
to the Diving Business Shared Facilities and the ROV
Business Shared Facility and (ii) use reasonable efforts to
obtain all consents of the lessors (where applicable) of
those respective facilities as are necessary to give full
force and effect to each such lease assignment, lease,
sublease or other facility sharing arrangement.

	(b)	With respect to each Diving Business Transferred
Facility, until such time as a lease assignment (as
contemplated by Section 6.10(a)) pertaining to that facility
becomes effective, Global will (i) reimburse Oceaneering and
its Affiliates for any costs or expenses they incur with
respect to that facility (A) pursuant to pre-existing lease
obligations (including, without limitation, rent), (B) for
operating costs of the facility, or (C) at the request of
Global, in each case within 30 days after receipt of an
invoice therefor accompanied by reasonable evidence of the
amount and payment of such sum, and (ii) indemnify and hold
harmless Oceaneering and its Affiliates from and against any
and all Losses of any kind or nature whatsoever (including,
without limitation, Losses which may be incurred by
Oceaneering or any of its Affiliates, agents, employees or
invitees) arising out of, resulting from or otherwise
relating to any use or possession of any of the Diving
Business Transferred Facilities after the Effective Time.

	(c)	With respect to the Diving Business Shared
Facilities and the ROV Business Shared Facility, the general
terms that will be applicable to the respective leases,
subleases or other facility sharing arrangements are as set
forth on Exhibit 6.10(c)(i) hereto and certain of the
specific terms that will be applicable to those leases,
subleases or facility sharing arrangements are as set forth
in Exhibit 6.10(c)(ii).

	(d)	With respect to each of the Diving Business Shared
Facilities and the ROV Business Shared Facility, to the
extent permitted by the existing lease relating to that
facility (if any), the parties or their respective
Affiliates will commence the sharing of the facility
contemplated by this Section 6.10 (and Exhibits 6.10(c)(i)
and (ii) hereto) immediately following the Effective Time
and, until such time as a lease, sublease or other
appropriate facility sharing arrangement (as contemplated by
Section 6.10(a)) pertaining to that facility becomes
effective, the parties hereto will, or (where applicable)
will cause their respective Affiliates to, comply, to the
greatest extent possible, with the terms set forth in
Exhibit 6.10(c)(i) hereto and the applicable terms set forth
in Exhibit 6.10(c)(ii) hereto (including, without limitation
the payment of rent, provision of the indemnification and
termination rights set forth therein).

	(e)	From and after the Closing, the parties hereto
will, and (where applicable) will cause their respective
Affiliates to, negotiate and document a mutually acceptable
ROV Services Agreement providing for the provision of ROV
Services to Global and its Affiliates in the Geographic Area
on the terms and conditions set forth in Exhibit 6.10(e).

    6.11    Preferred Provider.     Until October 1, 2005 Oceaneering
agrees that Global and its Affiliates shall be the preferred
provider of commercial diving services to Oceaneering and its
Affiliates in the Geographic Area and in accordance with this
status, Oceaneering will use reasonable efforts to ensure that
Global or its Affiliates will be given an opportunity to provide
commercial diving services to, or in connection with, any project
controlled by or awarded to, Oceaneering or its Affiliates in the
Geographic Area.  In those circumstances where Oceaneering or its
Affiliates are in a position to influence the selection of the
provider of commercial diving services to be used on a specific
project in the Geographic Area, and where Global is willing and
able to supply commercial diving services for such project,
Oceaneering agrees to, and to cause its Affiliates to, recommend
the use of Global's commercial diving services for such project.
Further, Global and Oceaneering agree to cooperate in the
Geographic Area to pursue joint opportunities for their
respective businesses.

    6.12    Further Assurances.

	(a)	After the Closing, and for no further
consideration, Oceaneering shall, and shall cause each of
the Oceaneering Affiliates to, perform all acts and execute,
acknowledge and deliver such additional assignments,
transfers, consents and other documents and instruments as
Global may reasonably request, in each case, to vest in
Global or its Affiliates and to protect Global or its
Affiliates' right, title and interest in, and enjoyment of,
the Diving Business Assets free of any Liens.

	(b)	After the Closing, and for no further
consideration, Global shall, and shall cause each of the
Global Affiliates to, perform all acts and execute,
acknowledge and deliver such additional assignments,
transfers, consents and other documents and instruments as
Oceaneering may reasonably request, in each case, to vest in
Oceaneering or its Affiliates and to protect Oceaneering or
its Affiliates' right, title and interest in, and enjoyment
of, the ROV Business Assets free of any Liens.

                          ARTICLE VII
          SURVIVAL OF REPRESENTATIONS; INDEMNIFICATION

    7.1     Survival of Representations.  The representations and
warranties of the parties or of their Affiliates set forth in
this Agreement or in any other Oceaneering Document or Global
Document shall survive the Closing, notwithstanding any
investigations or on behalf of any of the parties hereto or any
of their respective Affiliates; provided that (i) the
representations and warranties set forth in Sections 4.9 and 5.9
shall survive until the third anniversary of the date of this
Agreement and shall then expire, (ii) the representations and
warranties set forth in Sections 4.3 and 5.3 shall survive until
expiration of the applicable statutes of limitations or the time
within which claims relating to the underlying matters covered by
such representations and warranties shall have expired and shall
then expire, (iii) the representations and warranties set forth
in Sections 4.2, 4.4(a), 5.2 and 5.4(a) shall survive
indefinitely and (iv) all other representations and warranties of
the parties or their Affiliates in this Agreement or in any other
Oceaneering Document or Global Document shall survive until the
first anniversary of the date of this Agreement and shall then
expire.  Upon the expiration of any representation and warranty
pursuant to this Section 7.1, unless written notice of a claim
based on such representation and warranty shall have been
delivered to the Indemnitee prior to such expiration, no claim
may be brought based on the breach of such representation and
warranty.

    7.2     Indemnity.

	(a)	Subject to the provisions of this Article VII,
Oceaneering shall indemnify and hold Global and its
directors, officers, employees and Affiliates ("Global
Indemnitees") harmless from and against any Losses of any
kind or nature whatsoever, which may be incurred or suffered
by any of the Global Indemnitees and which may arise out of,
result from, or be based upon:

                (i)     any breach of or inaccuracy in any
representation or warranty of Oceaneering made in this
Agreement or of Oceaneering or any of its Affiliates
made in any of the other Oceaneering Documents;

                (ii)    the failure of Oceaneering or any Oceaneering
Affiliate to perform the covenants and obligations
imposed on it by this Agreement or by the other
Oceaneering Documents;

                (iii)   the failure of Oceaneering or any of the
Oceaneering Affiliates to deliver to and vest in Global
or its Affiliates all of their right, title and
interest in and to the Diving Business Assets;

                (iv)    any obligation or liability of Oceaneering or
any of its Affiliates arising out of the transactions
hereunder except for the obligations and liabilities
arising after the Effective Time under the Diving
Business Assumed Contracts;

                (v)     the ownership, management, operation or use
by Oceaneering or the Oceaneering Affiliates of any of
the Diving Business Assets or the conduct of the Diving
Business by Oceaneering or any of the Oceaneering
Affiliates prior to the Effective Time, including
warranty claims for work performed prior to the
Effective Time regardless of whether the job or the
contract under which such work was performed was
completed prior to or after the Effective Time;

                (vi)    the ownership, management, operation or use
by Oceaneering or any of its Affiliates of any of the
ROV Business Assets after the Effective Time; and

                (vii)   the failure of Oceaneering or its
Affiliates to pay, perform or discharge when due
obligations arising after the Effective Time under the
ROV Business Assumed Contracts.

	(b)	Subject to the provisions of this Article VII,
Global shall indemnify and hold Oceaneering and its
directors, officers, employees and Affiliates ("Oceaneering
Indemnitees") harmless from and against any Losses of any
kind or nature whatsoever, which may be incurred or suffered
by any of the Oceaneering Indemnitees and which may arise
out of, result from, or be based upon:

                (i)     any breach of or inaccuracy in any
representation or warranty of Global made in this
Agreement or of Global or any of its Affiliates made in
any of the other Global Documents;

                (ii)    the failure of Global or any Global Affiliate
to perform the covenants and obligations imposed on it
by this Agreement or by the other Global Documents;

                (iii)   the failure of Global or any of the
Global Affiliates to deliver to and vest in Oceaneering
and its Affiliates all of their right, title and
interest in and to the ROV Business Assets;

                (iv)    any obligation or liability of Global or any
of its Affiliates arising out of the transactions
hereunder, except for the obligations and liabilities
arising after the Effective Time under the ROV Business
Assumed Contracts;

                (v)     the ownership, management, operation or use
by Global or the Global Affiliates of any of the ROV
Business Assets or the conduct of the ROV Business by
Global or any of the Global Affiliates prior to the
Effective Time, including warranty claims for work
performed prior to the Effective Time regardless of
whether the job or the contract under which such work
was performed was completed prior to or after the
Effective Time;

                (vi)    the ownership, management, operation or use
by Global or any of its Affiliates of any of the Diving
Business Assets after the Effective Time; and

                (vii)   the failure of Global or its Affiliates
to pay, perform or discharge when due obligations
arising after the Effective Time under the Diving
Business Assumed Contracts.

    7.3     Notice and Participation.

	(a)	If a claim, demand or Action is asserted by a
third Person against any Person indemnified pursuant to this
Article VII (each an "Indemnitee"), and if such Indemnitee
intends to seek indemnity with respect thereto under this
Article VII (which claim, demand or Action is herein called
a "Third Party Claim"), the Indemnitee shall promptly, and
in any event within 15 days of the assertion of such Third
Party Claim, deliver notice (a "Claim Notice") to each
Person from whom indemnification is sought (the
"Indemnitor") for such Third Party Claim which notice
shall (i) state with reasonable particularity the nature of
the Third Party Claim, (ii) set forth an estimate of the
amount of damages or other Losses attributable to the Third
Party Claim to the extent feasible (which estimate shall not
be conclusive of the final amount of that claim) and the
basis for the Indemnitee's request for indemnification under
this Agreement and (iii) attach a copy of all papers served
with respect to that Third Party Claim (if any).  Except as
set forth in the last sentence of Section 7.1, the failure
to promptly deliver a Claim Notice to the Indemnitor shall
not relieve the Indemnitor of any obligation which the
Indemnitor might have to the Indemnitee with respect to the
related Third Party Claim except to the extent (and only to
the extent) such failure prejudices the Indemnitor's defense
of the Third Party Claim.  In the event of any Third Party
Claim, Indemnitor, at its option, may assume (with legal
counsel reasonably acceptable to the Indemnitee) at its sole
cost and expense the defense of any Third Party Claim by
written notice to the Indemnitee within 30 days after
receipt of any Claim Notice if (i) it acknowledges to the
Indemnitee in writing its obligations to indemnify the
Indemnitee with respect to all elements of such Third Party
Claim, and (ii) the Third Party Claim involves only money
damages and does not seek injunctive or equitable relief;
provided that Indemnitee shall have the right at its own
expense to participate jointly with, but not control,
Indemnitor in the defense of any such Third Party Claim.  If
Indemnitor elects to undertake the defense of any Third
Party Claim hereunder, Indemnitee shall cooperate with
Indemnitor in the defense or settlement of the Third Party
Claim.  The Indemnitor shall not without the prior written
consent of the Indemnitee (which consent shall not be
unreasonably withheld or delayed) be entitled to settle any
Third Party Claim or consent to the entry of any judgment
which does not include as an unconditional term thereof the
giving by the claimant or the plaintiff to the Indemnitee of
an unconditional release from all liability in respect of
such Third Party Claim.

	(b)	If the Indemnitor, by the thirtieth day after
receipt of any Claim Notice in regards to a Third Party
Claim (or, if earlier, by the tenth day preceding the day on
which an answer or other pleading must be served in order to
prevent judgment by default in favor of the person asserting
the Third Party Claim) does not acknowledge its obligation
to indemnify Indemnitee, fails to notify the Indemnitee that
the Indemnitor elects to defend the Indemnitee or elects to
defend the Indemnitee but fails to prosecute actively and in
good faith the defense of such Third Party Claim, the
Indemnitee may defend against and control the proceedings
regarding such claim, and the Indemnitor shall be entitled
to participate in (but not control) the defense of such
action, with its counsel and at its own expense.  The
Indemnitee shall not settle or compromise any Third Party
Claim for which it is entitled to indemnification hereunder,
without the prior written consent of the Indemnitor (which
consent shall not be unreasonably withheld or delayed).
Notwithstanding the foregoing, if the Indemnitor has
delivered a written notice to the Indemnitee to the effect
that the Indemnitor disputes its potential liability to the
Indemnitee under this Article VII and if that dispute is
resolved in favor of the Indemnitor, the Indemnitor shall
not be required to bear the costs and expenses of the
Indemnitee's defense pursuant to this Section 7.3 or of the
Indemnitor's participation therein at the Indemnitee's
request, and the Indemnitee shall reimburse the Indemnitor
in full for all reasonable costs and expenses of such
litigation.

	(c)	If any Indemnitee believes there exists any claim
(other than a claim that involves a Third Party Claim) with
respect to which any Indemnitor is obligated to provide
indemnification pursuant to Section 7.1(a) or 7.1(b), or
pursuant to any other specific indemnification covenant
contained in this Agreement, the Indemnitee shall give the
Indemnitor written notice thereof (an "Indemnity Notice")
which notice shall state with reasonable particularity the
circumstances giving rise to such Claim and shall specify,
if known, the amount of the Losses for which indemnification
is sought.  Any such claim shall be conclusive against the
Indemnitor in all respects 60 days after receipt by the
Indemnitor of the Indemnity Notice with respect thereto in
accordance with this Section 7.3(c), unless within such
period the Indemnitor sends the Indemnitee a notice
disputing the propriety of the claim.  Such notice of
dispute shall describe the basis for such objection and the
amount of the claim as to which the Indemnifying Party does
not believe should be subject to indemnification.  If the
Indemnitor disputes that claim, that dispute shall be
resolved by proceedings in an appropriate court of competent
jurisdiction if the parties do not reach a settlement of
that dispute within 60 days after written notice of that
dispute is given by the Indemnitor.

    7.4 Indemnification of Negligence of Indemnitee.  The
indemnification provided in this Article VII shall be
applicable whether or not the Losses are contributed to
by the negligence or fault of the Indemnitee.

    7.5     Indemnification Threshold and Limitations; Exclusive
Remedy.  Except in cases of fraud, knowing or willing
misrepresentation or gross negligence, (a) neither the Global
Indemnitees on the one hand, nor the Oceaneering's Indemnitees on
the other hand shall be entitled to make any claim for
indemnification under Section 7.2(a)(i) or 7.2(b)(i),
respectively, unless and until the aggregate of all Losses
suffered by them and for which indemnification under such
provision is sought exceeds $50,000, and in such event such
Person shall be entitled to indemnification only for the amount
of Losses in excess of the $50,000 threshold, (b) Oceaneering
shall not have any obligation under Sections 7.2(a)(i) and (ii)
in respect of Losses in excess of $5,000,000, and in no event
shall Oceaneering be responsible or liable to Global hereunder in
respect of any Losses that are, in the nature of cost of money,
loss of use of capital or revenue or damage to reputation or any
special, punitive or consequential damages, (c) Global shall not
have any obligation under Sections 7.2(b)(i) and (ii) in respect
of Losses in excess of $5,000,000, and in no event shall Global
be responsible or liable to Oceaneering hereunder in respect of
any Losses that are, in the nature of cost of money, loss of use
of capital or revenue or damage to reputation or any special,
punitive or consequential damages.  Except as provided in
Sections 6.3(d) and 6.4(d), the remedies provided in this
Article VII shall be the exclusive remedy for damages (whether at
law or in equity) and other Losses with respect to claims
resulting from or relating to any misrepresentation, breach of
warranty or failure to perform any covenant or agreement
contained in this Agreement or otherwise relating to the
transactions that are the subject of this Agreement.

    7.6     Payment.  Payments of all amounts owing by an
Indemnitor pursuant to this Article VII relating to a Third Party
Claim shall be made within five Business Days after (i) the
settlement of that Third Party Claim, (ii) the expiration of the
period for appeal of a final adjudication of that Third Party
Claim or (iii) if Indemnitor has not previously acknowledged in
writing its obligation to indemnify the Indemnitee, the
expiration of the period for appeal of a final adjudication of
the Indemnitor's liability to the Indemnitee under this Agreement
in respect of that Third Party Claim.  Payments of all other
amounts owing by an Indemnitor hereunder shall be made at such
time as the Indemnitee and the Indemnitor shall mutually agree,
but in any event within five Business Days after the expiration
of the period for appeal of a final adjudication of the
Indemnitor's liability to the Indemnitee under this Agreement in
cash in U.S. Dollars, together with interest from the date that
the Indemnitee initially requested such payment until the date of
actual payment, at an annual rate equal to the prime interest
rate then generally in effect on the date of payment as set forth
in The Wall Street Journal.

                            ARTICLE VIII
                           MISCELLANEOUS

    8.1     Waivers and Amendments.  Any waiver of any term or
condition of this Agreement, or any amendment or modification of
this Agreement, shall be effective only if set forth in a written
document executed by a duly authorized officer of each of the
parties hereto.  Except as otherwise provided herein, no delay or
omission in the exercise of any right, power or remedy accruing
to any party hereto as a result of any breach or default
hereunder by any other party hereto shall impair any such right,
power or remedy, nor shall it be construed, deemed or interpreted
as a waiver of or acquiescence in any such breach or default, or
of any similar breach or default occurring later, nor shall any
waiver of any single breach or default be construed, deemed or
interpreted as a waiver of any other breach or default hereunder
occurring before or after that waiver.

    8.2     Notices.  Any notice, request, instruction, demand or
other communication to be given hereunder by either party hereto
to the other shall be given in writing and shall be delivered
either by hand, by telegram, telex, telecopy or similar facsimile
means, or by registered or certified mail, postage prepaid,
return receipt requested, as follows:

	(a)	If to Global, addressed to:

                Global Industries, Ltd.
                8000 Global Drive
                Carlyss, LA  70665
                Attention: Peter Atkinson
                Telecopy No:  337-583-5010

                With copy to:

                Russell Robicheaux
                Vice President and General Counsel
                Global Industries, Ltd.
                8000 Global Drive
                Carlyss, LA  70665
                Telecopy No:  337-583-5010

	(b)	If to Oceaneering, addressed to:

                Oceaneering International, Inc.
                11911 FM 529
                Houston, TX  77041
                Attention: T. Jay Collins
                Telecopy No:  (713) 329-4654

                With a copy to:

                George R. Haubenreich, Jr.
                Senior Vice President, General
                Counsel and Secretary
                Oceaneering International, Inc.
                11911 FM 529
                Houston, TX  77041
                Telecopy No:  713-329-4654

or to such other address or number as either party shall have
previously designated by written notice given to the other party
in the manner herein above set forth.  Notices shall be deemed
given when received, if sent by telegram, telex, telecopy or
similar facsimile means, and when delivered and receipted for, if
mailed or hand delivered.

    8.3     Headings; Article and Section References.  The Article
and Section headings herein are for convenience only and shall
not affect the meaning or construction of any provision hereof.
Unless otherwise specified, all references to Articles or
Sections in this Agreement refer to Articles and Sections of this
Agreement.

    8.4     Entire Agreement.  This Agreement, the Oceaneering
Disclosure Letter, the Global Disclosure Letter, the Supplemental
Asset Acquisition Agreements, the Appendices hereto, the other
Oceaneering Documents  and the other Global Documents constitute
the entire agreement between the parties pertaining to the
subject matter hereof and supersede all other prior and
contemporaneous agreements and understandings, both oral and
written, of the parties in connection therewith.  No covenant or
condition not expressed in this Agreement shall be effective to
interpret, change or restrict this Agreement.

    8.5     Severability.  If any provision of this Agreement is
held by any court of competent jurisdiction to be invalid, void
or unenforceable in any respect, the remainder of such provision
shall, to the extent possible, be modified in such manner as to
be valid, legal and enforceable but so as to most nearly retain
the intent of the parties hereto as expressed herein, and if such
a modification is not possible, that provision shall be severed
from this Agreement, and in either case the validity, legality
and enforceability of the remaining provisions of this Agreement
shall not in any way be affected or impaired thereby.

    8.6     Public Announcements.  Neither of the parties hereto,
except as required by any Law, Governmental Entity or stock
exchange rule, shall release to the public any information
concerning this Agreement or the transactions contemplated
hereby, without having first obtained the approval of the other
parties hereto, which approval may not be unreasonably withheld.

    8.7     Governing Law.  THIS AGREEMENT AND THE RIGHTS AND
OBLIGATIONS OF THE PARTIES HERETO SHALL BE GOVERNED BY AND
CONSTRUED AND ENFORCED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF TEXAS WITHOUT REFERENCE TO ANY CHOICE OF LAW PRINCIPLES
THEREOF THAT WOULD CAUSE THE LAWS OF ANOTHER JURISDICTION TO
APPLY.

    8.8     Successors and Assigns.  This Agreement shall be
binding upon and inure to the benefit of the parties hereto and
their respective successors and permitted assigns.  Neither
Oceaneering nor Global may assign this Agreement or (except as
provided in Section 8.11) its rights hereunder (except by
operation of law) without the express prior written consent of
the other party hereto.  Neither this Agreement nor any
Supplemental Asset Acquisition Agreement is intended, or shall be
construed, deemed or interpreted, to confer on any person not a
party hereto or thereto any rights or remedies hereunder or
thereunder, except as provided in Article VII or as otherwise
provided expressly herein or therein.

    8.9     Counterparts. This Agreement may be executed
simultaneously in two or more counterparts, each of which shall
be deemed an original, but all of which together shall constitute
one and the same instrument.

    8.10    Risk of Loss.

	(a)	The risk of any loss, damage, impairment,
confiscation or condemnation of the Diving Business Assets,
or any part thereof, shall be upon Global and the Global
Affiliates at all times after the Effective Time.

	(b)	The risk of any loss, damage, impairment,
confiscation or condemnation of the ROV Business Assets, or
any part thereof, shall be upon Oceaneering and the
Oceaneering Affiliates at all times after the Effective
Time.

    8.11    Transfer of Certain Assets.

	(a)	Global may cause Oceaneering to transfer to one or
more of Global's Affiliates at the Closing all of the Diving
Business Assets to be sold, conveyed, transferred, assigned
and delivered to Global hereunder.  Any such transfers shall
be to Affiliates of Global designated by Global, and such
designation shall not relieve Global from any of its
obligations under this Agreement provided that such
designation does not increase any Taxes otherwise payable by
Oceaneering.

	(b)	Oceaneering may cause Global to transfer to one or
more of Oceaneering's Affiliates at the Closing all of the
ROV Business Assets to be sold, conveyed, transferred,
assigned and delivered to Oceaneering hereunder.  Any such
transfers shall be to Affiliates of Oceaneering designated
by Oceaneering and such designation shall not relieve
Oceaneering from any of its obligations under this Agreement
provided that such designation does not increase any Taxes
otherwise payable by Global.

[Signature Page Follows]

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

Global:                              Oceaneering:

GLOBAL INDUSTRIES, LTD.                  OCEANEERING INTERNATIONAL, INC.

By:     /s/ Peter Atkinson                By:      /s/ T. Jay Collins
   -------------------------                 --------------------------
        Peter Atkinson                             T. Jay Collins
        President                                  President

APPENDIX I

Oceaneering's Affiliates who own Diving Business Assets:

 Oceaneering Australian Pty. Limited, an Australian company

 Oceaneering International Services Limited, an English company

 Oceaneering International AG, a Swiss company

APPENDIX II

Global's Affiliates who own ROV Business Assets:

 Global International Vessels, Ltd., a Cayman Islands company

 Global Offshore Pty. Ltd., an Australian company

 Global Industries Asia Pacific Pty. Ltd., a Singapore companyExhibit 10.1

LEASE AGREEMENT
                                Lease No. 3300

For and in consideration of the mutual covenants and promises hereinafter set
forth, the individual, company or other legal person identified on the signature
page of this Lease as the lessor ("Lessor") and the individual, company or other
legal person identified on the signature page of this Lease as the lessee
("Lessee") hereby agree as follows:

         LEASE. Lessor hereby leases to Lessee, and Lessee hereby leases from
Lessor, all machinery, equipment, motor vehicles and other property described in
any schedule or schedules executed by the parties, concurrently herewith or
hereafter, which schedules state they are subject to this Lease (collectively,
the "Schedules"). All machinery, equipment, motor vehicles and other property
described in any Schedule and all replacement parts, additions, repairs and
accessories incorporated in, or attached or affixed to, any such property is
collectively referred to in this Lease as the "Equipment."

2. TERM OF LEASE. This lease shall commence on the date it is executed and,
unless sooner terminated by Lessor as provided in Section 19, shall continue
until the total number of "Payments" shown on each Schedule shall have been made
and all amounts Lessee is required to pay under Section 15 (if any) have been
paid.

3. RENT. As rent for the Equipment described on each Schedule, Lessee agrees to
pay to Lessor the sum of (x) the rent payments shown under "Rent Payment" on
that Schedule, multiplied by the total number of "Payments" shown on that
Schedule, plus (y) any additional rent specified on that Schedule, plus (z)
"Interim Rent" amounts payable with respect to the period between the
Commencement Date and the first Rent Payment Due Date, based on a 30-day month
and the number of days between the Commencement Date and the first Rent Payment
Due Date. Payments are to be made on each and every Rent Payment Due Date shown
on the Schedule until the total number of payments have been made. The first
rent payment with respect to each Schedule is due upon (i) Lessee's execution of
a delivery receipt, if the Equipment described in that Schedule is motor
vehicles, or (ii) upon Lessee's acceptance (as described in Section 9) of any
Equipment other than motor vehicles described in that Schedule. Rent shall be
paid on the dates specified in the Schedule at the office of Lessor or to such
other person or at such other place as Lessor may from time to time designate in
writing. In addition to the rent payments described above, Lessee shall pay the
amount of any personal property taxes or other taxes and all maintenance,
insurance and other costs and expenses with respect to the Equipment (including
amounts, if any, required to be paid under Sections 14 and 16 of this Lease). If
Lessee fails to make any such payment or pay any other expense required to be
paid by Lessee pursuant to this Lease, Lessor, at its option, may pay such
expense, which shall constitute additional rent and be due and payable from
Lessee to Lessor upon demand thereof.

4. LATE CHARGE. The Payments described in Section 3 shall be paid when due to
the person entitled to those payments. In the event Lessee's rental payments or
any sum required to be paid to Lessor shall become past due, Lessee agrees to
pay to Lessor, not later than one month thereafter, an amount equal to 5 % of
the scheduled lease payment or twenty dollars ($20.00), whichever is greater,
but only to the extent allowed by law.

5. ESTIMATED COST. The rent payments specified in each Schedule have been
computed on the basis of the total cost of the Equipment to Lessor, as estimated
at the time that Schedule is executed. Total cost includes the cost to Lessor of
purchasing and delivering the Equipment to Lessee, transportation, installation,
and all other charges with respect to the Equipment. Lessee hereby authorizes
Lessor to correct the rent payments to reflect any difference between the actual
cost of the Equipment and the estimated cost.

6. SECURITY DEPOSIT. Lessee has deposited or will deposit with Lessor the sum
shown as "Security Deposit", if any, on each Schedule as a security deposit and
not as advance rent. Lessor may, at its option, apply any security deposit to
cure any default by Lessee under the Lease, in which event Lessee shall promptly
pay a sufficient amount to Lessor to restore the security deposit to the full
amount specified on the Schedule. Upon termination of this Lease, Lessor shall
return any remaining balance of the security deposit, if any, to Lessee if, and
only if, Lessee has fulfilled all of its obligations under the Lease

7. SELECTION OF EQUIPMENT AND SUPPLIER. Lessee has selected the Equipment and
the supplier of the Equipment. Lessor agrees to order the Equipment from the
supplier in accordance with Lessor's customary practices, and Lessor shall not
be obligated to lease the Equipment to Lessee unless the supplier fills the
order. Lessor will have no liability because of any delay by the supplier in
filling the order. Lessee will accept the Equipment if delivered in good repair
and authorizes Lessor to add to the Schedules any serial numbers or other
identification of the Equipment when known. Any delay, in the delivery of the
Equipment will not affect the validity of this Lease.

8. WARRANTIES. LESSOR MAKES NO WARRANTIES, EXPRESS OR IMPLIED, AS TO THE
CONDITION, MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF, THE ABSENCE
OR ANY CLAIM OF INFRINGEMENT OR THE LIKE WITH RESPECT TO, OR ANY OTHER MATTER
CONCERNING, THE EQUIPMENT AND EXPRESSLY DISCLAIMS ANY SUCH WARRANTIES OR ANY
OTHER WARRANTIES IMPLIED BY LAW. LESSEE HEREBY WAIVES ANY CLAIM IT MIGHT HAVE
AGAINST LESSOR FOR ANY LOSS, DAMAGE OR EXPENSE CAUSED

<PAGE>

BY THE EQUIPMENT OR BY ANY DEFECT THEREIN, OR BY THE USE OR MAINTENANCE OF, OR
SERVICING OR ADJUSTMENT TO, THE EQUIPMENT AND, AS TO LESSOR, LEASES THE
EQUIPMENT AS-IS AND WITH ALL FAULTS AND WITHOUT WARRANTY OF ANY KIND. LESSOR
WILL NOT BE LIABLE FOR ANY LOSS OR INTERRUPTION OF OR DAMAGE TO LESSEE'S
BUSINESS ON ACCOUNT OF ANY MECHANICAL FAILURE OR DELAY IN CONNECTION WITH THE
FURNISHING OR USE OF THE EQUIPMENT. Lessee acknowledges that Lessor is not a
dealer or manufacturer of equipment of any kind and is not the seller of the
Equipment, and that each unit of Equipment is of a type, size, design and
capacity selected solely by Lessee. Lessee also acknowledges that Lessor
supplies the Equipment without any obligation to install, test, erect, service
or maintain the Equipment. If the Equipment is not properly installed, does not
operate as represented or warranted by the manufacturer or seller thereof, or is
unsatisfactory for any reason, Lessee shall make any claim on account thereof
solely against the manufacturer or seller and no such occurrence shall relieve
Lessee of any of its obligations under this Lease. The only warranty applicable
to any Equipment is the manufacturer's warranty, if any (in the case of new
Equipment), and Lessor makes no warranty to Lessee beyond that contained in the
manufacturer's warranty, if any. Lessee acknowledges receipt of the
manufacturer's warranty with respect to any new Equipment. So long as Lessee is
not in default under this Lease, Lessor assigns to Lessee any manufacturer's,
seller's or other warranty, whether express or implied, on the Equipment and any
claim that Lessor may have as owner of the Equipment against the manufacturer or
supplier or any other person. All claims or actions on any warranty shall be
made or prosecuted by Lessee, at its sole expense, and Lessor shall have no
obligation whatsoever to make any claim on such warranty. Any recovery in cash
or cash equivalents under such warranty shall be made payable jointly to Lessee
and Lessor. At Lessor's option, all cash proceeds or cash equivalents from such
warranty recovery may be used to repair or replace the Equipment. Lessee shall
continue to pay rent to Lessor as specified in this Lease, notwithstanding any
claim for breach of warranty.

9. INSPECTION AND ACCEPTANCE BY LESSEE. Upon delivery of the Equipment, Lessee
shall promptly make all necessary inspections and tests of the Equipment in
order to determine whether the Equipment conforms to specifications and is in
good condition and repair. Lessee shall promptly notify Lessor in writing of any
defect or other objection to the type or condition of the Equipment. If Lessee
fails to notify Lessor in writing of any defect in or objection to the Equipment
within ten (10) days after delivery of the Equipment to Lessee, it shall
conclusively be established, as between Lessor and Lessee, that Lessee has fully
inspected the Equipment and that Lessee is satisfied with and has accepted the
Equipment as in good condition and repair for all purposes of this Lease. If
Lessee determines that the Equipment is in good condition and repair before the
expiration of ten (10) days after the Equipment is delivered, and in all events
prior to placing the Equipment in service, Lessee shall execute and deliver to
Lessor a certificate of acceptance in a form satisfactory to Lessor. Lessee's
acceptance of any Equipment with knowledge of a nonconformity cannot be revoked
because of such nonconformity.

10. LOCATION AND RIGHT OF INSPECTION. The Equipment shall be delivered to and,
with the exception of motor vehicles, at all times be located at the address of
Lessee shown on this Lease, or at such other place as shall be mutually agreed
upon in writing between Lessor and Lessee. Any motor vehicles included in
Equipment are leased principally for use in the United States, and will not be
used outside of the United States and Canada. Lessor shall at any and all times
during business hours have the right to enter into and upon the premises where
the Equipment is located for the purpose of inspecting the Equipment or
observing its use. Lessee shall not move any equipment other than motor vehicles
from the location to which said Equipment is delivered except with the prior
written consent of Lessor. Lessee shall promptly advise Lessor of any
circumstances with respect to location of the Equipment which may in any manner
affect Lessor's title thereto.

11. USE. The Equipment shall be kept by Lessee in its possession and control.
Lessee shall use the Equipment with due care, and shall comply with all laws,
ordinances or regulations applicable to the use, operation or maintenance of the
Equipment and the requirements of any insurer. Lessee shall put the Equipment
only to the use contemplated by the manufacturer. Lessee shall use any motor
vehicles included in the Equipment only in the course of Lessee's own business,
and shall permit any such vehicles to be operated only by Lessee's agents or
employees or members of Lessee's immediate family who, in each case, are legally
licensed to operate such vehicles. No driver of any motor vehicle included in
the Equipment shall have the authority to act on behalf of Lessor without prior
written authorization from Lessor. If Lessor as owner of any motor vehicle
included in the Equipment receives a notice of a parking or traffic violation
which involves the payment of a fine or penalty, Lessor may (but is not required
to) pay the fine or penalty. If Lessor does so, Lessee will immediately repay
Lessor the amount of fine or penalty and an additional $10 handling and
administrative fee. If any Equipment is confiscated by any public authority, or
if Lessor suffers any damage because of Lessee's use of the Equipment for an
illegal purpose, Lessee shall pay to Lessor the amount of any such damage and,
in the case of confiscation, the Stipulated Loss Value determined in accordance
with the relevant Schedule(s) and Lessor may, at its option, terminate this
Lease.

12. INDEMNITY. Lessee shall hold Lessor harmless from, and pay to Lessor the
amount of, any fines, penalties or other amounts for which Lessor is held liable
as a result of, and any legal expenses Lessor has arising out of, the use,
condition, ownership or operation of any items of Equipment, including any
claims made under the strict liability doctrine, and as a result of any lien,
encumbrance or claim made on the Equipment by anyone, including Lessee's
employees and agents. Lessee shall indemnify Lessor against and hold Lessor
harmless from, any and all claims, actions, damages (including reasonable
attorneys' fees), obligations, liabilities and liens (including any of the
foregoing arising or imposed without Lessee's fault or negligence, or in
connection with latent or other defects, or any claim for patent, trademark or
copyright infringement or under the doctrine of "strict liability"), imposed or
incurred by or asserted against Lessor or its successors or assigns, arising out
of the manufacture, purchase, lease, possession, operation, condition,

<PAGE>

return or use of the Equipment by operation of law or by Lessee's failure to
comply with the terms of this Lease. Upon written notice by Lessor of the
assertion of any claim hereby indemnified against, Lessee shall assume full
responsibility for the defense thereof. This section shall survive termination
of this Lease.

13. ALTERATIONS, REPAIRS AND MAINTENANCE. Lessee will, at its expense, keep and
maintain the Equipment in good working order, supply and install all replacement
parts and accessories when required to maintain the Equipment in good working
order, which parts and accessories shall be and become the sole property of
Lessor, and furnish all gasoline, oil, repairs, parts, tires, tubes, batteries,
accessories, service, maintenance and all other items of a similar nature
necessary for the operation of the Equipment. Lessee shall not, without the
prior written consent of Lessor, make any alterations, modifications, additions,
subtractions or improvements to, or mark the Equipment, but if so authorized by
Lessor, any such alterations, modifications, additions or improvements shall
become the property of Lessor and shall be deemed to be a part of the Equipment.
Lessee shall pay all costs required to repair all damage to, or alter, the
Equipment or any accessories, or to make the Equipment conform to any federal,
state or municipal requirements. Lessee shall follow any maintenance program
required or recommended by the manufacturer of the Equipment to make sure that
its warranty remains valid.

14. LICENSING, REGISTRATION AND TAXES. If the Equipment or use of the Equipment
requires licensing by or registration with any governmental authority, Lessee
shall, at its expense, obtain and maintain such license or registration
continuously during the term of this Lease. As additional rent, Lessee shall pay
when due all federal, state or local license and registration fees, assessments,
sales, use, heavy vehicle use, property and other taxes (excluding any tax
measured by Lessor's net income), together with any penalties or interest
applicable thereto, now or hereafter imposed by any governmental authority upon
any item of the Equipment or the rent payable hereunder or by reason of the use,
operation or maintenance of the Equipment. Lessee shall pay all such fees or
taxes whether they are payable by or assessed to Lessor or Lessee but, if under
law or custom such payments shall be made only by Lessor, Lessee shall promptly
notify Lessor and shall reimburse Lessor, upon demand, for all payments thereof
made by Lessor. If by law any such registration, license fee or tax is billed to
Lessor, Lessee, at its expense, will do any and all things required to be done
by Lessor in connection with the licensing or registration procedure and the
levy or assessment of any tax, including the billing or payment thereof. Upon
request, Lessee shall provide Lessor with proof of payment of any such fee or
tax.

15. PURCHASE. Upon the payment of the total number of rent payments specified in
any Schedule under this Lease, Lessee shall (a) Cure any default under this
lease, (b) If there is a dollar amount specified on the "Purchase Option" line
on the Schedule, have the option, upon not less than sixty (60) days prior
written irrevocable notice, to purchase all of the equipment described in that
Schedule for the amount specified, plus applicable sales tax, (c) If the words
"Fair Market Value" appear on the "Purchase Option" line on the Schedule, have
the option, upon not less than sixty (60) days prior written irrevocable notice,
to purchase all of the equipment described in that Schedule for the Fair Market
Value, as defined below, plus applicable sales tax, and (d) If there is a dollar
amount specified on the "Purchase Agreement" line on the Schedule, be required
(and Lessee hereby irrevocably agrees) to purchase all of the Equipment
described in that Schedule for the amount specified, plus applicable sales tax.
Any purchase of any Equipment pursuant to the preceding sentence shall be "as
is, where is", with all faults and without any warranty whatsoever (and Lessor
shall convey the Equipment to Lessee by Bill of Sale containing a disclaimer of
warranties similar to Section 8 above). For purposes of this Lease, "Fair Market
Value" means the Fair Market Value of the Equipment to as determined either (i)
by written agreement of Lessor and Lessee, (ii) at Lessee's expense, by a
professional appraiser acceptable to Lessor , or (iii) if the Fair Market Value
cannot be determined by either of the preceding methods, as determined by Lessor
in a commercially reasonable manner. Lessor may require payment of the Purchase
Option or Purchase Agreement amount at any time not more than thirty (30) days
prior to the expiration of the lease term with respect to the relevant schedule.

16. INSURANCE. Lessee, at its expense, shall procure, maintain and pay for (a)
with respect to any Equipment other than motor vehicles, insurance against the
loss or theft of or damage to the Equipment, for the "Stipulated Loss Value"
determined in accordance with the relevant Schedule(s), naming Lessor and its
assigns as loss payee, (b) comprehensive general liability insurance providing
coverage for bodily injury and property damage with combined single limits of at
least $1 million not subject to an annual aggregate, naming Lessor and its
assigns as an additional insured, and endorsed to act as primary insurance with
respect to Lessor, (c) in the case of motor vehicles included in the Equipment,
comprehensive and collision damage coverage for the actual cash value of the
motor vehicle(s) and with a deductible not greater than the insurance deductible
specified in the Schedule, naming Lessor and its assigns as loss payee, (d) in
the case of motor vehicles included in the Equipment, motor vehicle liability
insurance covering bodily injury or property damage arising out of the
ownership, maintenance or use of the vehicle with combined single limits of at
least $1 million and naming Lessor and its assigns as additional insured, and
endorsed to act as primary insurance with respect to Lessor, and (e) any other
insurance required by Lessor or any governmental authority. All such insurance
shall be in form and amount, and provided by an insurer, satisfactory to Lessor.
Lessee shall deliver the policies of insurance or duplicates thereof or
certificates of insurance to Lessor at the time the lease is signed or prior to
the delivery of the Equipment and thereafter thirty (30) days prior to each
policy renewal. Each insurer shall agree by endorsement upon the policy or
policies issued by it or by independent instrument furnished to Lessor that the
insurer will provide thirty (30) days prior written notice to Lessor of any
cancellations or non-renewal of the policy or any material change in policy
conditions. Lessee shall comply with all restrictions (including any
geographical limitations) contained in any insurance policies. All insurance
policies shall provide that the insurance shall not be invalidated as to Lessor
by any act, omission or neglect of Lessee. Lessee shall notify Lessor
immediately in writing of any accident involving the Equipment regardless of the

<PAGE>

amount of damage, and shall cooperate fully with Lessor and all insurance
companies in the investigation, prosecution and defense of claims. The proceeds
of any insurance, at the option of Lessor, shall be applied (aa) toward the
replacement, restoration or repair of the Equipment, or (bb) toward payment of
the obligations of Lessee under this Lease. Lessee hereby appoints Lessor as
Lessee's attorney-in-fact to make claim for, receive payment of, and execute and
endorse all documents, checks or drafts for loss or damage under any such
insurance or pay said fees, assessments, charges and taxes, as the case may be.
In that event Lessee shall reimburse Lessor for the cost thereof upon demand,
and failure to repay the same shall constitute an Event of Default under this
Lease.

17. LOSS AND DAMAGE. Lessee hereby assumes and shall bear the entire risk of
loss, theft, damage or destruction of all or any item of the Equipment from any
cause whatsoever; and no loss, theft, damage or destruction of all or any item
of the Equipment shall relieve Lessee of its obligation to pay rent or of any
other obligation under this Lease, which shall continue in full force and
effect, notwithstanding such loss, theft, damage or destruction. This risk of
loss shall pass to Lessee on the earlier of (i) delivery of the Equipment to a
carrier for shipment to Lessee; (ii) tender of the Equipment to Lessee; or (iii)
acknowledgment by a bailee who holds the Equipment of Lessee's right to
possession of the Equipment. In the event of damage to any item of Equipment,
Lessee shall immediately place the same in good repair (ordinary wear and tear
excepted). If Lessor determines that any item of Equipment is lost, stolen,
destroyed or damaged beyond repair, Lessee, at the option of Lessor, will (a)
replace the same with similar equipment in good repair, or (b) pay Lessor in
cash all of the following: (aa) all amounts then owed by Lessee to Lessor under
this Lease, and (bb) the Stipulated Loss Value of said item of Equipment,
determined as of that date in accordance with the Schedule(s), less any proceeds
of insurance thereon received by Lessor. Upon Lessor's receipt of such payment,
Lessee shall be entitled to whatever interest Lessor may have in said item of
Equipment, in its then condition and location, without warranties, express or
implied, and this Lease shall be terminated with respect to such item.

18. DEFAULTS. The occurrence of any one or more of the following events shall
constitute an Event of Default under this Lease:

     (a) Lessee shall fail to make any rent or other payment when due; or
     (b) Lessee shall fail to perform or observe any other covenant, condition
or agreement to be performed or observed by it under this Lease and such failure
shall continue for a period of ten (10) days after written notice thereof is
delivered to Lessee by Lessor; or
     (c) Any representation or warranty made by Lessee in this Lease or in any
document or certificate furnished to Lessor in connection with or pursuant to
this Lease (including but not limited to financial statements) shall have been
false in any material respect when made or furnished; or
     (d) Lessee shall become insolvent or bankrupt or make an assignment for the
benefit of creditors or consent to the appointment of a trustee or receiver, or
a trustee or receiver shall be appointed for Lessee or for a substantial part of
its property without its consent and shall not be dismissed for a period of
thirty (30) days, or bankruptcy, reorganization or insolvency proceedings shall
be instituted by or against Lessee and, if instituted against Lessee shall no be
dismissed for a period of thirty (30) days, or Lessee dies, is dissolved,
terminates its existence or its business is discontinued; or
     (e) Lessee attempts to remove, sell, transfer, encumber, part with
possession of or sublet all or any item of the Equipment; or
     (f) Lessee is liquidated or dissolved, or commences any acts relative
thereto, or, without the prior written consent of Lessor, (i) Lessee sells or
otherwise disposes of all or substantially all of the assets of Lessee, (ii)
Lessee merges or consolidates with any other person, or (iii) if Lessee is a
corporation. ownership, control, or power to vote fifty percent(50%) or more of
the outstanding shares of any class of voting securities of Lessee is
transferred by the current holders, in one or more transactions: or
     (g) Any indebtedness of Lessee (including but not limited to indebtedness
to Lessor or any of its affiliates) is not paid when due, or Lessee defaults
under any bond, debenture, note or other evidence of indebtedness of Lessee or
under any indenture or other instrument under which any such evidence of
indebtedness has been issued or by which it is governed and payment of such
indebtedness is accelerated.

19. REMEDIES. Upon the occurrence and during the continuation of any Event of
Default, Lessor shall have all the rights and remedies provided by applicable
law and by this Lease. In addition to the rights and remedies provided by
applicable law, Lessor may, at its option, declare this Lease to be in default.
Upon declaring this Lease to by in default, Lessor, at its sole discretion, may
exercise any one or more of the following remedies:

     (a) terminate this Lease; or
     (b) declare immediately due and payable, without notice or demand to
Lessee, the sum of (i) the accrued and unpaid rent payments for the period
ending on the date of default; (ii) the present value of any and all rent
payments for the period from the date of default throughout the scheduled
expiration of this lease; (iii) any purchase agreement amount specified on the
Purchase Agreement line on the relevant Schedule(s); (iv) if and only if Lessee
has previously exercised an option to purchase pursuant to Section 15 hereof,
any purchase option amount specified on the Purchase Option line on the relevant
Schedule(s); and (v) any other sums then payable under the Lease; or
     (c) cause Lessee, upon written demand of Lessor and at Lessee's expense, to
return promptly any or all items of Equipment to Lessor in accordance with all
of the terms of Section 22 hereof, or Lessor, at its option, may take possession
of any or all items of Equipment without demand or notice where the same may be
located without any court order or process of law and remove the same without
liability for injuries suffered through or loss caused by such repossession, and
such repossession shall not constitute termination of this Lease unless Lessor
expressly terminates this Lease in writing, and Lessee waives any and all rights
to notice and

<PAGE>

judicial hearing with respect to the repossession or attachment of the Equipment
by Lessor in the event of default under this Lease by Lessee; or
     (d) sell or lease any or all items of Equipment at public or private sale
or lease at such time(s) as Lessor may determine and, if notice thereof is
required by law, any notice in writing of such sale or lease by Lessor to Lessee
not less than ten (10) days prior to the date thereof shall constitute
reasonable notice thereof to Lessee; or otherwise dispose of, hold, use,
operate, or keep idle such Equipment, all as Lessor, at its sole discretion, may
determine and all free and clear of any rights of Lessee and without any duty to
account to Lessee for such action or inaction or for any proceeds with respect
thereto; or
     (e) exercise any other right or remedy which may be available to Lessor
under the Uniform Commercial Code or any other applicable law or proceed by
appropriate court action to enforce the terms of this Lease, to recover
possession of the Equipment, to recover damages for the breach of this Lease or
to rescind this Lease as to any or all Equipment. Lessor may elect, whether
before or after recovering possession of the Equipment, by written notice to
Lessee, to cause Lessee to pay Lessor as liquidated damages for loss of a
bargain and not as a penalty, and in lieu of all other sums due to Lessor for
the remaining term of this Lease (except any indemnification obligation under
Section 12, which shall survive the payment of the Stipulated Loss Value) on the
date specified in such notice, an amount equal to the rent payment or payments
and other payments under the Lease that are due and payable as of the date of
the written notice, plus a sum equal to the Stipulated Loss Value of the
Equipment, determined as of the date of the written notice in accordance with
the Schedule(s), reduced by any net proceeds of the disposition of the Equipment
which were previously received by the Lessor. In the event Lessor collects the
liquidated damages specified in the preceding sentence and has not previously
sold or re-leased the Equipment, Lessor shall appoint Lessee as Lessor's agent
to dispose of the Equipment at the best price obtainable on an "as is, where is"
basis and Lessee shall be entitled to the proceeds of such sale of the Equipment
to the extent they do not exceed the Stipulated Loss Value and shall pay any
excess to Lessor. Lessee shall pay Lessor all costs and expenses, including
attorneys' fees, incurred by Lessor in exercising any of its rights or remedies
under this Lease or in enforcing any of the terms or conditions of this Lease.
Lessee shall continue to be liable for all indemnities under this Lease and for
all legal fees and other costs and expenses resulting from an event of Default
or the exercise of Lessor's remedies, including placing any Equipment in the
condition required by Section 22 of this Lease, notwithstanding Lessor's
exercise of any right or remedy under this Lease. Except as expressly provided
above, no remedy is exclusive, but each shall be cumulative and in addition to
any other remedy referred to above or otherwise available to Lessor at law or in
equity. The repossession or subsequent sale or lease by Lessor of any item of
Equipment shall not bar an action for a deficiency as herein provided and the
bringing of any action or the entry of judgment against Lessee shall not bar
Lessor's right to repossess any or all items of Equipment. No express or implied
waiver by Lessor of any default shall constitute a waiver of any other default
by Lessee or a waiver of any of Lessor's rights. To the extent permitted by
applicable law, Lessee hereby waives any rights now or hereafter conferred by
statute or otherwise which may require Lessor to sell, lease or otherwise use
any Equipment in mitigation of Lessor's damages as set forth in this Section 19
or may otherwise limit or modify any of Lessor's rights or remedies under this
Section 19.

LESSEE AGREES THAT ANY ACTION BY LESSEE OR LESSOR CONCERNING THE LEASE SHALL BE
VENUED IN THE COURTS OF THE STATE OF MINNESOTA, AND LESSEE HEREBY SUBMITS TO THE
PERSONAL JURISDICTION OF THE COURTS OF MINNESOTA. BOTH FEDERAL AND STATE, IN ANY
ACTION WITH RESPECT TO THIS LEASE AND AGREES THAT ANY STATE COURT ACTION SHALL
BE VENUED IN THE DISTRICT COURT OF HENNEPIN COUNTY, MINNESOTA. LESSOR AND LESSEE
EACH IRREVOCABLY WAIVE THE RIGHT TO A TRIAL BY JURY IN ANY LEGAL PROCEEDING
ARISING OUT OF OR RELATING TO THIS LEASE OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

20. ASSIGNMENT. Lessee shall not assign, pledge or hypothecate this Lease in
whole or in part, nor any interest in this Lease, nor shall Lessee sublet or
lend any item of the Equipment, nor pledge, mortgage or otherwise encumber the
Equipment or permit it to be encumbered, without the prior written consent of
Lessor. Lessee's interest herein may not be assigned or transferred by operation
of the law. Consent to any of the foregoing acts shall not be deemed to be
consent to any subsequent similar act. Lessor may assign this Lease or mortgage
the Equipment or both in whole or in part, without notice to Lessee. If Lessee
is given notice of such assignment, it shall acknowledge receipt of that notice
in writing. Each assignee or mortgagee from Lessor shall have all of the rights,
but none of the obligations, of Lessor under this Lease. Lessee shall not assert
against any assignee and/or mortgagee any defense, counterclaim or offset that
Lessee may have against Lessor. Upon receipt from Lessor of written notice of
assignment, Lessee will pay to the assignee any portion of the rent assigned to
the assignee. Lessee's obligation to pay rent to the assignee shall be absolute
and unconditional and shall not be subject to any defense or offset and said
obligations shall continue until Lessee receives a written notice from the
assignee that all indebtedness secured by such assignment has been paid in full.
Notwithstanding any assignment, Lessor warrants that Lessee shall quietly enjoy
use of the Equipment, subject to the terms and conditions of this Lease. Subject
to this Section 20, this Lease inures to the benefit of and is binding upon the
heirs, legatees, personal representatives, successors and assigns of Lessor and
Lessee.

21.OWNERSHIP. The Equipment is and shall at all times remain the sole and
exclusive property of Lessor. Lessee shall have no right, title or interest
therein or thereto except as expressly set forth in this Lease. Lessee has no
right, title or interest in the property except as Lessee. The Equipment shall
remain personal property regardless of whether it becomes affixed or attached to
real property, or permanently rests upon any real property or any improvement
thereon. Lessee shall not attach the Equipment to any personal or real property
so as to cause the property to become an accession or fixture thereto or take
any action which would confer upon any person having an interest in such real or
personal property an interest in the Equipment. Lessee agrees to execute all
such agreements and other documents, and to obtain the execution thereof, in
recordable form, by all parties having an interest in any real property to

<PAGE>

which any of the Equipment is affixed, as Lessor may, from time to time,
reasonably request with respect to the identity of the Equipment as personal
property, and Lessee further consents to the recordation of all such agreements
and documents. Lessee shall affix to the Equipment and maintain thereon such
labels, plates or decals as may be provided by Lessor, or conspicuously mark the
Equipment with such language as Lessor may reasonably request, to the effect
that such Equipment is owned by Lessor. Lessor is hereby authorized at Lessee's
expense to cause this Lease or any financing statement in respect thereto,
showing the interest of Lessor in the Equipment. to be filed or recorded with
any governmental office deemed appropriate by Lessor. A carbon, photographic or
other reproduction of this Lease or any financing statement filed pursuant to
this Lease may be filed by Lessor as a financing statement. Lessee shall execute
all documents requested by Lessor to effect any filing.

22. SURRENDER. Upon expiration of this Lease with respect to each unit of
Equipment, Lessee shall (unless Lessee shall have exercised an option, or have
been required, to purchase such unit of Equipment and shall have paid all
amounts payable pursuant to Section 15 with respect thereto) return each unit of
Equipment to Lessor free of all advertising or insignia placed thereon by
Lessee, and in good condition, repair and working order (ordinary wear and tear
resulting from the proper use of the Equipment excepted). Absence or
malfunctioning of a catalytic converter or other pollution control equipment
with respect to any motor vehicle included in the Equipment shall not be
considered ordinary wear and tear. Lessee shall return the Equipment, in
accordance with Lessor's instructions, either (a) by delivering the Equipment at
Lessee's sole cost and expense, to any location selected by Lessor, within the
county to which the Equipment was moved with Lessor's consent, to the nearest
office of Lessor, or the location identified on the relevant Schedule for return
of the Equipment (whichever of the foregoing is selected by Lessor at its sole
discretion); or (b) by loading the Equipment on board any carrier designated by
Lessor and shipping the same, freight collect, to a destination selected by
Lessor. If Lessee fails to return a unit of Equipment to Lessor at the
expiration of this Lease, Lessee shall pay rent at the rate stated on the
Schedule until the Equipment is returned to Lessor. This provision shall not be
construed to be right of renewal, or to authorize Lessee to retain the Equipment
after the expiration of the Lease.

23. NO OFFSET; IRREVOCABLE AND INDEPENDENT PROMISES. Upon Lessee's acceptance of
any Equipment, Lessee's promises to pay rent and perform all other obligations
with respect to such Equipment shall become irrevocable and independent, and
shall not be subject to cancellation, termination, modification, repudiation,
excuse or substitution without the consent of Lessor or any assignee. Lessee
hereby waives any and all existing and future claims and offsets against any
rent or other payments due hereunder, and agrees to pay the rent and other
amounts due hereunder regardless of any offset or claim which may be asserted by
Lessee or on its behalf against Lessor or any other person. This is a net lease
and rent due under this Lease shall not be subject to abatement for any reason
whatsoever. Lessee hereby further acknowledges that the manufacturer or vendor
of the Equipment and their agents and employees were at no time and are not now
the agents or under the supervision of Lessor, and that Lessor was not and is
not the agent of the manufacturer or vendor.

24. WAIVERS. No waiver of Lessee's obligations, conditions or covenants shall be
deemed to take place unless the waiver is in writing and signed by Lessor.
Failure to exercise any remedy which Lessor may have under this Lease or any
acquiescence in the default of Lessee by Lessor shall not constitute a waiver of
any obligation of Lessee, including the obligation as to which Lessee is in
default; and Lessor shall be entitled to pursue any remedy available to it under
this Lease until Lessee has rendered complete performance of all obligations
under this Lease.

25. FINANCIAL AND OTHER REPORTS. During the term of this Lease, Lessee shall
furnish Lessor with annual financial statements within one hundred twenty (120)
days after the end of Lessee's fiscal year, and Lessee shall provide Lessor such
other financial information as Lessor may from time to time request, including,
without limitation, any reports filed with federal or state regulatory agencies.
Lessee hereby warrants and represents that all financial statements previously
delivered or to be delivered to Lessor by or on behalf of Lessee, and any
statements and data submitted in writing to Lessor in connection with this
Lease, are or will be true and correct and did or will fairly present the
financial condition of Lessee for the periods involved.

26. MASTER LEASE. In the event Lessor shall hereafter lease to Lessee additional
Equipment, the Equipment shall be described on a Schedule executed by the
parties which shall refer to this Lease. Each Schedule shall, in addition to
describing the Equipment to be leased thereunder, set forth the term of the
Lease with respect to that Equipment, the amount of rent, the manner of payment
of the rent, the number of rent payments, the commencement of the rent payments,
the amount of any security deposit and the stipulated loss value with respect to
that Equipment, whether Lessee has the option, or shall be required, to purchase
the Equipment and at what price, and may include other provisions. Each such
Schedule when executed by the parties shall be deemed to be a part of this
Lease, and all of the provisions of this Lease, except such provisions as may be
explicitly amended by a Schedule, shall govern such Schedule(s), it being
understood and agreed that this Lease shall be the Master Lease.

27. CROSS DEFAULT. Lessee hereby agrees that any default by Lessee in the
payment of rent or performance of any other term or condition of any lease
between Lessor and Lessee, or under any Schedule, whether previously or
hereafter entered into, shall at the option of Lessor constitute an Event of
Default in all Leases or Schedules, including this Lease between Lessor and
Lessee, and that thereupon the provisions of Section 19 above shall be
applicable.

28. NOTICES. All notices required or permitted under this Lease shall be
sufficient if delivered personally or mailed to the party receiving the notice
at the address set forth below that party's signature, or at such other address
as either party may designate in

<PAGE>

writing delivered to the other party from time to time. Any such notice shall be
effective upon delivery or forty-eight (48) hours after it has been deposited in
the United States mail, duly addressed and postage prepaid.

29. MISCELLANEOUS. LESSEE ACKNOWLEDGES, AND AGREES THAT THIS LEASE IS INTENDED
AS A "FINANCE LEASE" AS DETERMINED IN MINN. STAT. SECTION 336.2A-103(l)(G), AND
THAT LESSOR IS ENTITLED TO ALL BENEFITS, PRIVILEGES AND PROTECTIONS OF A LESSOR
UNDER A FINANCE LEASE. This Lease contains the entire agreement between the
parties and embodies any oral representations, negotiations or agreement made in
connection herewith. If more than one party executes this Lease as Lessee, all
obligations to be performed by Lessee shall be the joint and several liability
of all such parties. Wherever the context permits, Lessee's representations,
warranties and covenants under this Lease shall survive the delivery and return
of the Equipment. Any provision of this Lease which may be determined by
competent authority to be prohibited or unenforceable in any jurisdiction shall,
as to such jurisdiction, be ineffective, to the extent of such prohibition or
unenforceability, without invalidating the remaining provisions of this Lease,
and any such prohibition or unenforceability in any jurisdiction shall not
invalidate or render unenforceable such provisions in any other jurisdiction. To
the extent permitted by applicable law, Lessee hereby waives any provision of
law which renders any provision of this Lease prohibited or unenforceable in any
respect. No term or provision of this Lease may be changed, waived, discharged
or terminated orally, but only by an instrument in writing signed by the party
against which the enforcement of the change, waiver, discharge or termination is
sought. To the extent that payments hereunder do constitute interest, the
parties agree that any interest to be paid the Lessor shall in no contingency
exceed the maximum amount permissible under applicable law. If under any
circumstances whatsoever, interest would otherwise be payable to Lessor at a
rate in excess of that permitted under applicable law, then the interest payable
to Lessor shall be reduced to the maximum amount permitted under applicable law,
and if under any circumstance Lessor shall ever receive anything of value deemed
interest by applicable law which would exceed interest at the highest lawful
rate, any amount equal to any excessive interest shall be applied to the
reduction of the principal amount of the obligation owing to Lessor and not to
the payment of interest, or if such excessive interest exceeds the unpaid
principal amount of such obligation, such excess shall be refunded to the
Lessee. All interest paid or agreed to be paid to Lessor shall, to the extent
permitted by applicable law, be amortized, prorated, allocated and spread
throughout the full period until payment in full of the principal amount of the
obligations owing to the Lessor so that the rate of interest thereon for such
full period shall not exceed the maximum amount permitted by applicable law.
Nothing herein contained shall give or convey to Lessee any right, title or
interest in and to any Equipment leased hereunder except as Lessee.
NOTWITHSTANDING THE PRECEDING SENTENCE, LESSEE ACKNOWLEDGES THAT FOR INCOME TAX
PURPOSES ONLY, LESSOR IS TREATING LESSEE AS OWNER OF THE EQUIPMENT AND THAT
LESSEE HAS NEITHER SOUGHT NOR RECEIVED TAX ADVICE FROM LESSOR AS TO THE
AVAILABILITY TO LESSEE OF ANY TAX BENEFITS WITH RESPECT TO THE EQUIPMENT. In the
event this lease is construed by a court as a security agreement rather than as
a lease (which is hereby declared contrary to the intent of the parties), Lessee
hereby grants Lessor a first priority security interest in the Equipment free
and clear of any other liens, encumbrances or security interests and agrees to
execute any financing statements, fixture filings or other instruments necessary
or expedient for filing, recording or perfecting the interest and title of
Lessor and any assignee of Lessor at the request of Lessor, and all costs
incurred in connection therewith (including, without limitation, filing fees and
taxes) shall be paid by Lessee. The captions in this Lease are for convenience
of reference only and shall not define or limit any of the terms or provisions
hereof. As used in this Lease, the term "Lease' shall include all exhibits and
schedules related to this Lease. The neuter includes the masculine or feminine,
the singular includes the plural. and the word "Lessor" includes all assignees
of Lessor. THIS LEASE SHALL IN ALL RESPECTS BE GOVERNED BY, AND CONSTRUED IN
ACCORDANCE WITH, THE INTERNAL LAWS (BUT NOT THE LAW OF CONFLICTS) OF THE STATE
OF MINNESOTA, INCLUDING ALL MATTERS OF CONSTRUCTION, VALIDITY AND PERFORMANCE.
Time is of the essence hereof. Lessee's obligations hereunder shall survive the
expiration or earlier termination thereof. This Lease shall not become effective
or binding until executed by Lessor at its place of business in Eden Prairie,
Minnesota. Lessee shall promptly notify Lessor of any changes in Lessee's
address. Lessee warrants and agrees that the Equipment is leased and will be
used for business purposes only and that the Equipment will not be used for
personal, family or household purposes.

IN WITNESS WHEREOF, Lessor and Lessee have executed this Lease the 15th day of
May, 2000.

ACI TELECENTRICS, INC., LESSEE            LEASE FINANCE GROUP, INC., LESSOR

By: /s/ Russell Jackson                   By: /s/ Kathleen Hanson
    -------------------                       -------------------
Title: CFO                                Title: Vice President-Operations
       ---                                       -------------------------

Address:  Suite 300                       Address:  Suite 203
          3100 West Lake Street                     7700 Equitable Drive
          Minneapolis, MN 55416                     Eden Prairie. MN 55344

<PAGE>

                           SCHEDULE TO LEASE AGREEMENT

LESSOR:       LEASE FINANCE GROUP, INC.                      LEASE NO.      3300
        -----------------------------------------                     ----------
LESSEE:       ACI TELECENTRICS, INC.                         SCHEDULE NO.    1
        -----------------------------------------                        -------

--------------------------------------------------------------------------------
                                    EQUIPMENT

--------------------------------------------------------------------------------

            Office Furniture and Equipment, per attached Schedule "A"

--------------------------------------------------------------------------------
                                       375 de Courcelette St.
Location of Equipment (if other than   Sherbrooke, Quebec
Lessee's address on the Lease):        Canada  J1H3X4         County:
                               -------------------------------       -----------

INITIAL LEASE TERM         RENT PAYMENT                RENT PAYMENT DUE DATE

60 Months                  $3,718.87 per month,        The___tenth _X_ twentieth
60 Payments                 (plus applicable taxes)        day of each month

PAYMENT APPLIES TO:                 STIPULATED LOSS VALUE:
1st Payment          $7,437.74             YEAR        YEAR        YEAR
Taxes ____%          $________       $180,220 1  $109,545 4  $_______ 7
Administrative Fee   $   50.00       $162,551 2  $ 75,975 5  $_______ 8
Other                $    0.00       $137,815 3  $_______ 6  $_______ 9
Security Deposit     $    0.00
Total                $7,487.74
Amount Received      $    0.00      CHECK APPLICABLE LINE
Amount Due           $7,487.74      _____ Purchase Option     $_____
                                    __X__ Purchase Agreement  $ 1.00

Other Terms: "1st Payment" refers to the first and sixtieth lease payments, to
--------------------------------------------------------------------------------
              be due at lease inception.
--------------------------------------------------------------------------------

--------------------------------------------------------------------------------
Rent Payments shall commence upon Lessee's acceptance of the Equipment and shall
be made on each Rent Payment Due Date thereafter until the total number of
Payments has been made. Lessor herebv leases to Lessee and Lessee hereby leases
from Lessor the Equipment described above on the terms and conditions set forth
above and pursuant to and subject to all terms and conditions of the Lease
Agreement between Lessor and Lessee dated May 15, 2000.

ACCEPTED                                     DATED AS OF     June 20, 2000
                                                        ------------------

LEASE FINANCE GROUP, INC. (LESSOR)           ACI TELECENTRICS, INC. (LESSEE)

By: /s/ Kathleen Hanson                      By: /s/ Russell Jackson
    -------------------------------              -------------------------------
 Title: Vice President-Operations             Title: CFO
        ---------------------------                  ---------------------------
By:                                          By: /s/ Gary B. Cohen
    -------------------------------              -------------------------------
 Title:                                       Title: President
        ---------------------------                  ---------------------------

<PAGE>

                                  SCHEDULE "A"

                                 EQUIPMENT LIST

LESSEE:           ACI TELECENTRICS, INC.

LEASE NO:         3300-1

QUANTITY  EQUIPMENT DESCRIPTION                     VENDOR
--------  ---------------------                     ------

          Office Furniture with Obsisian Fabric,
          Charcoal Trim, to include:                William J. Office
125         36X48 Panel                             Furniture & Interiors
143         48X48 Panel                             5666 Lincoln Dr.
 21         Power Pole                              Ste. 201
125         36" Power Pole                          Edina, MN  55436
  7         48" Power Pole
 11         Ceiling Harness
 11         Floor Harness
 20         Outlet #1, Box of  6
 20         Outlet #2, Box of 6
114         Special Top with Grommet
  2         Corner Top with Grommet
  3         Worksurface with Grommet, 48x24
  1         Box/Box/File Pedestal, 24"
  1         File/File Pedestal, 24"
245         Left Cantilever
125         Right Cantilever
125         Low Back Task Chair, Adjustable "T"
            Arm, Forest

          Norstar Compact Telephone System,
          to include                                Bell Canada
  1         Compact ICS with 1 CMS Line Card        C.P. 8713
  1         CICS 4.0 Software Standard              succ. Centre-Ville
  9         M7208 Set (Remanufactured)              Montreal (Quebec)
  1         Teledapt 2 Pair Wire Telephone Jack     H3C 4L6
  2         CMS Line Card
  1         Meridian 8003 Telephone
 10         3 Pr D-ISW 6 Pin DVO Jact-FT4
  1         4 Pair D-ISW - 8 Pin DVO Jack
  4         Teledapt 2 Pair Wire Telephone Jack
  1         Meridian Telephone M7324

  1       Magnet 4T HiFi VCR                        Sears
  1       27" Stereo Television                     Sherbrooke (Quebec)

  1       Sanyo Multimedia Projector, Prox-III      Audiovisuel Collins
          SVGA, s/n G9X01240                        1488, Rue McManamy
                                                    Sherbrooke, (Quebec)

  1       Wood's Refrigerator                       Service de l'Estrie
  2       Microwave Ovens                           3151, boul. Portland
                                                    Sherbrooke, (Quebec)

<PAGE>

  1       Credenza                                  Exit Excellence Courtier Inc
  2       Credenza                                  375 Courcelette Ste. 500
  1       Conference Table                          Sherbrooke, PQ
  8       Rolling Chairs
  4       Chairs

ACI TELECENTRICS, INC.,  LESSEE

By: /s/ Russ Jackson
    ------------------------------

Title:    CFO
       ---------------------------

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