Document:

EX-10.6

    SUBORDINATION
    AGREEMENT

 

    This Subordination Agreement (this “Agreement”)
    is made as of September 5, 2008 by and between Excel
    Maritime Carriers Ltd., a Liberian corporation
    (“Excel”), and Oceanaut, Inc., a Marshall
    Islands corporation (“Oceanaut”).

 

    Recitals

 

    A. Oceanaut has agreed to acquire four dry bulk carriers
    (the “Vessel Acquisition”) for an aggregate
    purchase price of US$352,000,000, pursuant to the terms and
    conditions of four separate memoranda of agreement between
    Oceanaut and the several sellers, each dated as of
    August 20, 2008 (the “MOAs”).

 

    B. The Vessel Acquisition will take place over the course
    of several closings, the first of which is the initial closing
    (the “Initial Closing”), at which time title
    to, and delivery of, two vessels whose aggregate fair market
    value will equal at least 80% of Oceanaut’s net assets
    (excluding deferred underwriting discounts and commissions in
    the amount of $4,500,000), will be transferred and effectuated
    by the seller of each such vessel to Oceanaut’s nominated
    subsidiary in accordance with the terms and conditions of each
    MOA relating to each such vessel, such that the Company’s
    initial business combination (as defined in its prospectus with
    respect to its initial public offering) may be consummated.

 

    C. After consummation of the Initial Closing, Oceanaut
    intends to pay a quarterly dividend of at least US$0.28 per
    share, or US$1.12 per share per year, payable with respect to
    the fourth quarter of 2008 and quarterly thereafter, to the
    holders of Oceanaut’s common shares, par value $0.0001 per
    share (the “Common Shares”), subject to the
    discretion of Oceanaut’s Board of Directors.

 

    D. Excel and other parties entering into a similar
    agreement have agreed that the number of Common Shares set forth
    below their name on the signature page hereto (the
    “Subordinated Shares”) will become subordinated
    to the other Common Shares not owned by Excel with respect to
    the receipt of dividends pursuant to the terms and conditions
    set forth in this Agreement.

 

    NOW, THEREFORE, THE PARTIES AGREE AS FOLLOWS:

 

    1.  Payment of Dividends to Holders of Common
    Shares.

 

    (a) Definitions.  For the purpose
    of this Section 1, the following definitions shall be used.

 

    (i) Adjusted Operating
    Surplus.  “Adjusted Operating
    Surplus” means, with respect to any period, Operating
    Surplus generated with respect to such period (1) less any
    net reduction in cash reserves for Operating Expenditures or
    Maintenance Capital Expenditures with respect to such period to
    the extent such reduction does not relate to an Operating
    Expenditure or Maintenance Capital Expenditure made with respect
    to such period, (2) plus any net increase in cash reserves
    for Operating Expenditures or Maintenance Capital Expenditures
    with respect to such period. Adjusted Operating Surplus does not
    include the portion of Operating Surplus included in
    clause (A) of the definition of Operating Surplus herein.

 

    (ii) Base Dividend.  “Base
    Dividend” means US$0.28 per Common Share per calendar
    quarter, subject to any adjustments as set forth in
    subsection (f) below.

 

    (iii) Capital
    Expenditures.  “Capital
    Expenditures” includes every expenditure that is capital in
    nature, including expansion capital expenditures, replacement
    capital expenditures and Maintenance Capital Expenditures.

 

    (iv) Change of
    Control.  “Change of Control” means
    the occurrence of any of the following: (A) the sale,
    lease, transfer, conveyance or other disposition (other than by
    way of merger or consolidation), in one or a series of related
    transactions, of all or substantially all of Oceanaut’s
    assets, properties or business; (B) the adoption by the
    Board of Directors of a plan of liquidation or dissolution of
    Oceanaut; (C) the consummation of any transaction, or a
    series of related transactions (including, without limitation,
    any merger or consolidation) the result of which is that any
    “person” (as such term is used in
    Section 13(d)(3) of the Securities Exchange Act of
    1934) other than Excel, becomes the beneficial owner,
    directly or indirectly, of more than 3,684,375 (as adjusted for
    stock splits, stock dividends or similar events) of
    Oceanaut’s shares of any class or series entitled to vote
    generally in the election of directors, measured by voting power
    rather than number of shares, and such number of shares held
    exceeds the voting power of Excel; (D) if, at any time,
    Oceanaut becomes insolvent, admits in writing its inability to
    pay its debts as they become

    

    1

 

    due, commits an act of bankruptcy, is adjudged or declared
    bankrupt or makes an assignment for the benefit of creditors, a
    proposal or similar action under the bankruptcy, insolvency or
    other similar laws of the Marshall Islands or any applicable
    jurisdiction or commences or consents to proceedings relating to
    it under any reorganization, arrangement, readjustment of debt,
    dissolution or liquidation law or statute of any jurisdiction;
    (E) a change in directors after which a majority of the
    members of the Board of Directors are not Continuing Directors;
    (F) the consolidation of Oceanaut with, or the merger or
    consolidation of Oceanaut with or into, any “person,”
    or the consolidation of any “person” with, or the
    merger or consolidation of any “person” with or into,
    Oceanaut, in any such event pursuant to a transaction in which
    any of the outstanding Common Shares are converted into or
    exchanged for cash, securities or other property or receive a
    payment of cash, securities or other property, other than any
    such transaction where Oceanaut’s voting stock outstanding
    immediately prior to such transaction is converted into or
    exchanged for voting stock of the surviving or transferee
    “person” constituting a majority of the outstanding
    shares of such voting stock of such surviving or transferee
    “person” immediately after giving effect to such
    issuance.

 

    (v) Closing Price.  “Closing
    Price” for any day means the last sale price on such day,
    regular way, or in case no such sale takes place on such day,
    the average of the closing bid and asked prices on such day,
    regular way, as reported in the principal consolidated
    transaction reporting system with respect to securities listed
    on the principal National Securities Exchange on which the
    Common Shares are listed or, if the Common Shares are not listed
    on any National Securities Exchange, the last quoted price on
    such day or, if not so quoted, the average of the high bid and
    low asked prices on such day in the over-the-counter market then
    in use, or, if on any such day the Common Shares are not quoted
    by any such organization, the average of the closing bid and
    asked prices on such day as furnished by a professional market
    maker making a market in the Common Shares selected by the Board
    of Directors, or if on any such day no market maker is making a
    market in the Common Shares, the fair value of the Common Shares
    on such day as determined by the Board of Directors.

 

    (vi) Common Share
    Arrearages.  “Common Share
    Arrearages” means the amount by which the Base Dividend in
    any quarter during the Subordination Period exceeds the dividend
    from Operating Surplus actually paid per Common Share (other
    than the Subordinated Shares) issued and outstanding in such
    quarter, on or after the Post-Initial Closing Trading Date,
    cumulative for that quarter and all prior quarters during the
    Subordination Period, and reduced by any dividends from
    Operating Surplus on the Common Shares (other than the
    Subordinated Shares) paid to reduce the Common Share Arrearages
    pursuant to Section 1(d)(ii); provided that the unpaid
    Common Share Arrearages will not accrue interest and provided
    further that no Common Share Arrearages will accrue after the
    distribution of any proceeds from any voluntary or involuntary
    dissolution, liquidation or winding up of the affairs of
    Oceanaut. The Subordinated Shares will not accrue any arrearages
    during the Subordination Period.

 

    (vii) Continuing
    Directors.  “Continuing Directors”
    means, as of any date of determination, any member of the Board
    of Directors who (1) was a member of the Board of Directors
    immediately after the completion of the Initial Closing; or
    (2) was nominated for election or elected to the Board of
    Directors with the approval of a majority of the directors then
    in office who were either directors immediately after the
    completion of the Initial Closing or whose nomination or
    election was previously so approved.

 

    (viii) Contracted
    Fleet.  “Contracted Fleet” means the
    ACHILLES II, the IRIS II, the MEDI CEBU and the THREE STARS.

 

    (ix) Current Market
    Price.  “Current Market Price” means
    the average of the daily Closing Prices per Common Share for the
    five (5) consecutive Trading Days immediately prior to such
    date.

 

    (x) Interim Capital
    Transactions.  “Interim Capital
    Transactions” means the following transactions if they
    occur prior to the liquidation of Oceanaut: (1) borrowings
    other than working capital borrowings; (2) sales of equity
    and debt securities of Oceanaut; (3) capital contributions;
    (4) corporate reorganizations or restructurings;
    (5) the termination of interest rate swap agreements;
    (6) sales or other dispositions of vessels except to the
    extent the proceeds from such dispositions exceed the initial
    purchase price or contributed value of the vessel subject to the
    disposition, which excess amount shall be treated as Operating
    Surplus; and (7) sales or other dispositions of other
    assets other than in the normal course of business.

 

    (xi) Liquidating
    Dividends.  “Liquidating Dividends”
    are dividends or any other distributions to the Common Shares
    that are paid from any amount in excess of Operating Surplus.

    

    2

 

    (xii) Maintenance Capital
    Expenditures.  “Maintenance Capital
    Expenditures” means any cash capital expenditures incurred
    after the Initial Closing to maintain vessels and other assets,
    replacement of equipment on the vessels, repairs and similar
    expenditures, but excluding capital expenditures related to
    drydocking and capital expenditures for or related to the
    acquisition of additional vessels, and including capital
    expenditures for replacement of a vessel as a result of damage
    or loss prior to normal retirement, net of any insurance
    proceeds, warranty payments or similar property not treated as
    cash receipts for purposes of calculating Operating Surplus.

 

    (xiii) National Securities
    Exchange.  “National Securities
    Exchange” means an exchange registered with the United
    States Securities and Exchange Commission under
    Section 6(a) of the United States Securities Exchange Act
    of 1934, as amended, supplemented or restated from time to time,
    and any successor to such statute.

 

    (xiv) Operating
    Expenditures.  “Operating
    Expenditures” are all cash expenditures, after the Initial
    Closing, including but not limited to, operating expenses,
    interest payments and taxes, but excluding:

 

    (A) the repayment of borrowings;

 

    (B) the repurchase of debt and equity securities;

 

    (C) interest rate swap termination costs;

 

    (D) expenses and taxes related to Interim Capital
    Transactions;

 

    (E) Capital Expenditures;

 

    (F) expenses, costs and liabilities related to the Vessel
    Acquisition; and

 

    (G) payment of dividends.

 

    (xv) Operating Surplus.  For any
    period “Operating Surplus” is:

 

    (A) $20 million; plus

 

    (B) all of Oceanaut’s cash receipts (including the
    proportionate share of cash receipts of certain subsidiaries
    which are not wholly-owned) since the Initial Closing, excluding
    cash receipts from Interim Capital Transactions; plus

 

    (C) interest (after giving effect to interest rate swap
    agreements) paid on debt incurred and cash dividends paid on
    equity securities issued by Oceanaut, in each case, to finance
    all or any portion of the construction, replacement or
    improvement of a capital asset such as vessels (other than
    Oceanaut’s Contracted Fleet) during the period from such
    financing until the earlier to occur of the date the capital
    asset is put into service or the date that it is abandoned or
    disposed of; plus

 

    (D) interest (after giving effect to interest rate swap
    agreements) paid on debt incurred and cash dividends paid on
    equity securities issued by Oceanaut, in each case, to pay the
    construction period interest on debt incurred, or to pay
    construction period dividends on equity issued, to finance the
    construction projects described in (C) above; less

 

    (E) Operating Expenditures; less

 

    (F) a reserve for the estimated cost of future drydockings;
    less

 

    (G) the amount of cash reserves (including the
    proportionate share of cash reserves for certain subsidiaries
    which are not wholly-owned) established by the Board of
    Directors for future (1) Operating Expenditures and
    (2) Maintenance Capital Expenditures.

 

    The $20 million amount in (A) above may be increased
    by the Board of Directors only if the Board of Directors
    determines that such increase is necessary to allow it to pay
    all or part of the Base Dividend on the Common Shares. This
    $20 million amount cannot be increased in any period in
    which a dividend on the Subordinated Shares is paid or is
    otherwise payable from Operating Surplus.

 

    For purposes of calculating Operating Surplus, any dividends
    that are paid on the Preferred Shares will be treated as if they
    were interest payments and not dividends.

    

    3

 

    Notwithstanding the foregoing, the construction or application
    of this definition of Operating Surplus as outlined above may be
    adjusted in the case of any particular transaction or matter or
    type of transaction or matter if the Board of Directors, with
    the concurrence of Oceanaut’s audit committee, is of the
    opinion that such an adjustment is necessary or appropriate to
    further the overall purpose and intent of the definition of
    Operating Surplus, so long as such adjustment will not adversely
    affect the holders of Subordinated Shares.

 

    (xvi) Preferred
    Shares.  “Preferred Shares” means
    shares of Oceanaut’s preferred stock, par value $0.0001 per
    share.

 

    (xvii) Subordination
    Period.  “Subordination Period”
    means the period from the Initial Closing (the
    “Post-Initial Closing Trading Date”) and ending
    on the first to occur of the following:

 

    (A) the first day of any quarter ending after
    September 30, 2013 in respect of which the quarterly
    dividends paid by Oceanaut from Operating Surplus on all of the
    Common Shares, including the Subordinated Shares, at least
    equaled the Base Dividend for the immediately preceding
    four-quarter period (the “Four-Quarter
    Period”); and

 

    (B) the occurrence of a Change of Control, in which case
    the Subordination Period will be deemed to end immediately
    preceding such occurrence.

 

    Notwithstanding the foregoing, the Subordination Period will end
    on the first day after the quarter ending March 31, 2011 if
    the above test in (A) is met and the quarterly base
    dividend increases by 30% to US$0.365 on all Common Shares,
    including the Subordinated Shares.

 

    (xviii) Trading Day.  “Trading
    Day” means a day on which the principal National Securities
    Exchange on which the Common Shares are listed is open for the
    transaction of business or, if the Common Shares are not listed
    on any National Securities Exchange, a day on which banking
    institutions in New York City in the United States generally are
    open.

 

    (b) Payment of Dividends on Common Shares During the
    Subordination Period.  During the
    Subordination Period only, all dividends paid to shareholders
    will be treated as either a dividend from Operating Surplus or a
    Liquidating Dividend. The Board of Directors will treat all
    dividends as dividends from Operating Surplus until the sum of
    all dividends paid since the Initial Closing equals the amount
    of Operating Surplus as of the most recent date of
    determination. The Board of Directors will treat dividends paid
    from any amount in excess of Operating Surplus as Liquidating
    Dividends.

 

    (c) Authority to Pay
    Dividends.  The Board of Directors, in its
    sole discretion, may determine whether to declare and pay
    dividends to the shareholders at any time. Subject to the rights
    of any outstanding Preferred Shares, any dividends that are
    declared and paid by the Board of Directors with respect to the
    Common Shares must be declared and paid in accordance with the
    provisions of this Section 1. Dividends shall be paid in
    cash unless the Board of Directors has authorized a distribution
    in kind. The Board of Directors shall determine the fair market
    value of any dividend to be paid in kind. Any dividends to be
    paid in kind (other than in the nature of a stock split) shall
    then be declared and paid in accordance with the provisions of
    this Section 1 as if the fair market value were cash.

 

    (d) Dividends from Operating Surplus During
    Subordination Period.  Subject to the rights
    of any outstanding Preferred Shares, dividends from Operating
    Surplus, if any, for any quarter during the Subordination Period
    will be declared and paid in the following manner:

 

    (i) First, 100% of dividends to all of the Common Shares
    other than the Subordinated Shares, pro rata, until each such
    outstanding Common Share has been paid an amount equal to the
    Base Dividend for that quarter;

 

    (ii) Second, 100% of dividends in excess of those paid
    pursuant to clause (i) above to all of the Common Shares
    other than the Subordinated Shares, pro rata, until each such
    outstanding Common Share has been paid an amount equal to any
    Common Share Arrearages accrued and unpaid for any prior
    quarters during the Subordination Period;

 

    (iii) Third, 100% of dividends in excess of those paid
    pursuant to clauses (i) and (ii) above to all of the
    Subordinated Shares, pro rata, until each outstanding
    Subordinated Share has been paid an amount equal to the Base
    Dividend for that quarter;

 

    (iv) Fourth, 100% of dividends to all outstanding Common
    Shares, including the Subordinated Shares, pro rata; and

    

    4

 

    (v) Notwithstanding the above, the Subordinated Shares
    shall not be entitled to receive any dividends prior to those
    paid with respect to the second quarter of 2010.

 

    (e) Liquidating Dividends.  Subject
    to the rights of any outstanding Preferred Shares, Liquidating
    Dividends shall be paid, pro rata, to the Common Shares.

 

    (f) Adjustment of Base
    Dividend.  The Base Dividend is subject to
    downward adjustment in the case of payment of Liquidating
    Dividends. The Base Dividend will be reduced in the same
    proportion that the Liquidating Dividend had to the fair market
    value of the Common Shares prior to the payment of the dividend.
    If the Common Shares are publicly traded on a National
    Securities Exchange or market, the fair market value will be the
    Current Market Price before the ex-dividend date. If the shares
    are not publicly traded, the fair market value will be
    determined by the Board of Directors. In addition, Oceanaut may
    make a pro rata distribution of shares or may effect a
    subdivision or combination of shares and any amounts calculated
    on a per share basis (including, without limitation, the Base
    Dividend and any Common Share Arrearages) or stated as a number
    of shares shall be adjusted proportionately and appropriately as
    determined by the Board of Directors.

 

    2.  Rights of Subordination Shares After the
    Subordination Period.  After the end of the
    Subordination Period, the restrictions on the Subordinated
    Shares shall terminate and the rights and privileges of such
    shares shall be the same as those of the other Common Shares not
    owned by Excel.

 

    3.  Transfer of Subordinated
    Shares.  If Excel transfers or disposes of any
    Subordinated Shares during the Subordination Period, such shares
    held by the transferee shall remain Subordinated Shares subject
    to the terms and conditions of this Agreement.

 

    4.  Successors and
    Assigns.  This Agreement shall bind any
    successors or assigns of Excel and Oceanaut.

 

    5.  Counterparts.  This
    Agreement may be executed in one or more counterparts, each of
    which shall be deemed an original and all of which together
    shall constitute one instrument.

 

    6.  Governing Law; Consent to
    Jurisdiction.  This Agreement shall be
    governed by, and construed in accordance with, the internal laws
    of the Marshall Islands, without regard to principles of
    conflicts of law. THE PARTIES HERETO HERBY WAIVE ANY RIGHT TO A
    JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR ARISING
    OUT OF THIS AGREEMENT OR ANY TRANSACTION CONTEMPLATED HEREIN,
    INCLUDING CLAIMS BASED ON CONTRACT, TORT, BREACH OF DUTY AND ALL
    OTHER COMMON LAW OR STATUTORY BASES. The parties hereto submit
    to the exclusive jurisdiction of the state and federal courts
    located in the City of New York, State of New York. If the jury
    waiver set forth in this Section is not enforceable, then any
    dispute, controversy or claim arising out of or relating to this
    Agreement or any of the transactions contemplated herein will be
    finally settled by binding arbitration in New York, New York in
    accordance with the then-current Commercial Arbitration Rules of
    the American Arbitration Association by one arbitrator appointed
    in accordance with said rules. The arbitrator shall apply
    Marshall Islands law to the resolution of any dispute, without
    reference to rules of conflicts of law or rules of statutory
    arbitration. Judgment on the award rendered by the arbitrator
    may be entered in any court having jurisdiction thereof.
    Notwithstanding the foregoing, the parties may apply to any
    court of competent jurisdiction for preliminary or interim
    equitable relief, or to compel arbitration in accordance with
    this paragraph. The expenses of the arbitration, including the
    arbitrator’s fees and expert witness fees, incurred by the
    parties to the arbitration, may be awarded to the prevailing
    party, in the discretion of the arbitrator, or may be
    apportioned between the parties in any manner deemed appropriate
    by the arbitrator. Unless and until the arbitrator decides that
    one party is to pay for all (or a share) of such expenses, both
    parties shall share equally in the payment of the
    arbitrator’s fees as and when billed by the arbitrator.

 

    7.  Entire Agreement.  This
    Agreement represents the entire agreement with respect to the
    subject matter hereof, and supersedes all prior negotiations,
    agreements and commitments. This Agreement may be amended only
    by written instrument signed by each of Excel and Oceanaut.

    

    5

 

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

 

    EXCEL MARITIME CARRIERS LTD.

 

    By: /s/ Stamatis Molaris

    

 

    Title: President and Chief Executive Officer

 

    Number of Shares Subject to this Agreement:

 

 

    OCEANAUT, INC.

 

    By: /s/ Gabriel Panayotides

    

 

    Title: Chief Executive Officer

 

    

    6EX-10.7

Exhibit 10.7

SERIES A PREFERRED STOCK PURCHASE AGREEMENT

     THIS SERIES A PREFERRED STOCK PURCHASE AGREEMENT (this “Agreement”) is made and
entered into as of September 5, 2008, between Oceanaut, Inc, a corporation organized and existing
under the laws of the Marshall Islands (the “Company”) and Excel Maritime Carriers Ltd.
(the “Purchaser”).

     WHEREAS, the board of directors of the Company has determined that it is in the best interests
of the Company to raise up to $62,000,000 from Purchaser, of which (i) $15,000,000 shall be used to
finance the Vessel Acquisition (as defined herein) and (ii) up to $47,000,000 shall be used to fund
the balance of the aggregate purchase price for the Vessel Acquisition to the extent that funds in
the Company’s Trust Account are used to pay public shareholders that exercise their conversion
rights, by means of the issuance of up to 6,200 shares of the Company’s Mandatorily Redeemable
Preferred Shares, Series A, $0.0001 par value per share (the “Series A Preferred Stock”),
with a Stated Value of $10,000 per share, and an aggregate Stated Value of $62,000,000, all on the
terms and conditions more fully set forth in this Agreement; and

     WHEREAS, the Purchaser desires to invest in the Company, and the Company wishes to issue and
sell to the Purchaser shares in the Company, pursuant to the terms and conditions more fully set
forth in this Agreement;

     IN CONSIDERATION of the mutual covenants contained in this Agreement, the Company and each
Purchaser agree as follows:

ARTICLE I

CERTAIN DEFINITIONS

     1.1 Certain Definitions. As used in this Agreement, and unless the context requires a
different meaning, the following terms have the meanings indicated:

     “Affiliate” means, with respect to any Person, any Person that, directly or
indirectly, controls, is controlled by or is under common control with such Person. For the
purposes of this definition, “control” (including, with correlative meanings, the terms
“controlled by” and “under common control with”) shall mean the possession,
directly or indirectly, of the power to direct or cause the direction of the management and
policies of such Person, whether through the ownership of voting securities or by contract or
otherwise.

     “Agreement” shall have the meaning set forth in the introductory paragraph of this
Agreement.

     “Certificate of Designation” means the Certificate of Designation of Mandatorily
Redeemable Preferred Shares, Series A of the Company annexed as Exhibit A hereto.

 

 

     “Closing” shall have the meaning set forth in Section 2.2.

     “Closing Date” shall have the meaning set forth in Section 2.2, which date
shall be the same day upon which the initial closing of the Vessel Acquisition occurs, following
the satisfaction of each of the conditions applicable to the Closing as set forth in Section 2.2
hereof.

     “Common Stock” means shares now or hereafter authorized of the class of common stock,
$0.0001 par value, of the Company and stock of any other class into which such shares may hereafter
have been reclassified or changed.

     “Company” shall have the meaning set forth in the introductory paragraph.

     “Execution Date” means the date of this Agreement first written above.

     “Person” means an individual or a corporation, partnership, trust, incorporated or
unincorporated association, joint venture, limited liability company, joint stock company,
government (or an agency or political subdivision thereof) or other entity of any kind.

     “Purchase Price” shall have the meaning set forth in Section 2.1(b).

     “Purchaser” shall have the meaning set forth in the introductory paragraph.

     “Securities Act” means the Securities Act of 1933, as amended.

     “Series A Preferred Stock” shall have the meaning set forth in the recital.

     “Shares” shall have the meaning set forth in Section 2.1(a).

     “Stated Value” means the sum of $10,000 per Share or $62,000,000 for all of the
Shares.

     “Transaction Documents” means this Agreement and all exhibits and schedules hereto and
all other documents, instruments and writings required pursuant to this Agreement.

     “Trust Account” means the trust account established by the Company in connection with
the Company’s initial public offering.

     “Vessel Acquisition” means the acquisition of the four drybulk vessels pursuant to
Memorandum of Agreements between the Company and the sellers thereof, dated as of August 20, 2008.

ARTICLE II

PURCHASE AND SALE OF PREFERRED SHARES

     2.1 Purchase and Sale; Purchase Price.

2

 

          (a) Subject to the terms and conditions set forth herein, on the Closing Date, the Company
shall issue and sell and the Purchaser shall purchase that number of shares of the Company’s Series
A Preferred Stock (the “Shares”) equal to (i) $15,000,000 in Stated Value, plus the lesser
of (A) $47,000,000 in Stated Value or (B) the Stated Value equal to the amount paid from the
Company’s trust account to the Company’s public shareholders that exercised their conversion
rights. The Series A Preferred Stock shall have the respective rights, preferences and privileges
as set forth in the Certificate of Designation to be filed by the Company with the Registrar of
Corporations of the Republic of the Marshall Islands on or before the Execution Date.

          (b) The purchase price for each Share shall be $10,000 (the “Per Share
Consideration”). The Per Share Consideration multiplied by the number of Shares to be
purchased by the Purchaser is referred to as the “Purchase Price.”

     2.2 The Closing. The Closing of the purchase and sale of the Shares (the
“Closing”) shall take place simultaneously with the day upon which the initial closing of
the Vessel Acquisition occurs, following the satisfaction of each of the conditions applicable to
the Closing as set forth in Section 2.3 hereof (the “Closing Date”). At any time and from
time to time after the Closing, the Parties shall duly execute, acknowledge and deliver all such
further assignments, conveyances, instruments and documents, and shall take such other action
consistent with the terms of this Agreement to carry out the transactions contemplated by this
Agreement.

     2.3 Closing Conditions.

          (a) The obligations of each party at the Closing to consummate the transactions contemplated
at such Closing shall be subject to the fulfillment, or waiver by the parties, of each of the
following conditions:

               (i) from the date hereof to the Closing Date, trading in the Common Stock shall not have been
suspended by the Commission (except for any suspension of trading of limited duration agreed to by
the Company, which suspension shall be terminated prior to the Closing), and, at any time prior to
the Closing Date, trading in securities generally as reported by Bloomberg Financial Markets shall
not have been suspended or limited, or minimum prices shall not have been established on securities
whose trades are reported by such service, or on any Trading Market, nor shall a banking moratorium
have been declared either by the United States or New York State authorities; and

               (ii) on or prior to the Closing Date, the Vessel Acquisition shall have been approved by the
Company’s shareholders and less than 30% of the shares of Common Stock issued in the Company’s
initial public offering shall have exercised their conversion rights.

          (b) The obligations of the Purchaser at the Closing to consummate the transactions
contemplated at such closing shall be subject to the fulfillment, or waiver by the Purchaser, of
the conditions that all representations and warranties of the Company contained herein shall remain
true and correct in all material respects as of the Closing Date, as if made at and as of the
Closing Date, and the Company shall have performed all its covenants and agreements to be performed
on or prior to the Closing Date.

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          (c) The obligations of the Company at the Closing to consummate the transactions contemplated
at such closing shall be subject to the fulfillment, or waiver by the Company, of the conditions
that all representations and warranties of the Purchaser contained herein shall remain true and
correct in all material respects as of the Closing Date, as if made at and as of the Closing Date,
and the Purchaser shall have performed all of its covenants and agreements to be performed on or
prior to the Closing Date.

ARTICLE III

REPRESENTATIONS AND WARRANTIES

     3.1 Representations, Warranties and Agreements of the Company. The Company hereby
makes the following representations and warranties to the Purchaser, all of which shall survive the
Closing:

          (a) Organization and Qualification. The Company is a corporation, duly incorporated,
validly existing and in good standing under the laws of the Republic of the Marshall Islands, with
the requisite corporate power and authority to own and use its properties and assets and to carry
on its business as currently conducted.

          (b) Authorization, Enforcement. The Company has the requisite corporate power and
authority to enter into and to consummate the transactions contemplated hereby and by each other
Transaction Document and to otherwise to carry out its obligations hereunder and thereunder. The
execution and delivery of this Agreement and each of the other Transaction Documents by the Company
and the consummation by it of the transactions contemplated hereby and thereby has been duly
authorized by all necessary action on the part of the Company. Each of this Agreement and each of
the other Transaction Documents has been or will be duly executed by the Company and when delivered
in accordance with the terms hereof or thereof will constitute the valid and binding obligation of
the Company enforceable against the Company in accordance with its terms, except as such
enforceability may be limited by applicable bankruptcy, insolvency, reorganization, moratorium,
liquidation or similar laws relating to, or affecting generally the enforcement of, creditors’
rights and remedies or by other equitable principles of general application.

          (c) Issuance of Securities. The Shares have been duly and validly authorized for
issuance, offer and sale pursuant to this Agreement and, when issued and delivered as provided
hereunder against payment in accordance with the terms hereof, shall be valid and binding
obligations of the Company enforceable in accordance with their respective terms. When issued in
accordance with the terms hereof, the Shares will be duly authorized, validly issued, fully paid
and non-assessable.

     3.2 Representations and Warranties of the Purchaser. The Purchaser hereby represents
and warrants to the Company as follows:

          (a) Authority. The Purchaser has the requisite power and authority to enter into and
to consummate the transactions contemplated hereby and by the other Transaction Documents and
otherwise to carry out its obligations hereunder and thereunder. The acquisition

4

 

of the Shares to be purchased by the Purchaser hereunder has been duly authorized by all
necessary action on the part of the Purchaser. This Agreement has been duly executed and delivered
by the Purchaser and constitutes the valid and legally binding obligation of the Purchaser,
enforceable against it in accordance with its terms, except as such enforceability may be limited
by applicable bankruptcy, insolvency, reorganization, moratorium or similar laws relating to, or
affecting generally the enforcement of, creditors rights and remedies or by other general
principles of equity.

          (b) Investment Intent. The Purchaser is acquiring the Shares to be purchased by it
hereunder, and will acquire the Shares for its own account for investment purposes only and not
with a view to or for distributing or reselling such Shares, or any part thereof or interest
therein, without prejudice, however, to such Purchaser’s right, subject to the provisions of this
Agreement, at all times to sell or otherwise dispose of all or any part of such Shares in
compliance with applicable federal and state securities laws.

          (c) Experience of Purchaser. The Purchaser, either alone or together with its
representatives, has such knowledge, sophistication and experience in business and financial
matters so as to be capable of evaluating the merits and risks of an investment in the Shares to be
acquired by it hereunder, and has so evaluated the merits and risks of such investment.

          (d) Ability of Purchaser to Bear Risk of Investment. The Purchaser is able to bear
the economic risk of an investment in the Shares to be acquired by it hereunder and, at the present
time, is able to afford a complete loss of such investment.

          (e) Access to Information. The Purchaser acknowledges that it has been afforded (i)
the opportunity to ask such questions as it has deemed necessary of, and to receive answers from,
representatives of the Company concerning the terms and conditions of the Shares offered hereunder
and the merits and risks of investing in such securities; (ii) access to information about the
Company and the Company’s financial condition, results of operations, business, properties,
management and prospects sufficient to enable it to evaluate its investment in the Shares; and
(iii) the opportunity to obtain such additional information which the Company possesses or can
acquire without unreasonable effort or expense that is necessary to make an informed investment
decision with respect to the investment and to verify the accuracy and completeness of the
information that it has received about the Company.

          (f) Reliance. The Purchaser understands and acknowledges that (i) the Shares are
being offered and sold to it hereunder are being offered and sold without registration under the
Securities Act in a private placement that is exempt from the registration provisions of the
Securities Act under Section 4(2) of the Securities Act and (ii) the availability of such exemption
depends in part on, and that the Company will rely upon the accuracy and truthfulness of, the
foregoing representations and such Purchaser hereby consents to such reliance.

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ARTICLE IV

OTHER AGREEMENTS OF THE PARTIES

     4.1 Manner of Offering. The Shares are being issued pursuant to section 4(2) of the
Securities Act.

     4.2 Integration. The Company shall not and shall use its best efforts to ensure that
no Affiliate shall sell, offer for sale or solicit offers to buy or otherwise negotiate in respect
of any security (as defined in Section 2 of the Securities Act) that would be integrated with the
offer or sale of the Shares in a manner that would require the registration under the Securities
Act of the sale of the Shares to the Purchaser.

     4.3 Transfer.

          (a) Securities may only be disposed of in compliance with U.S. state and federal securities
laws. In connection with any transfer of the Shares other than pursuant to an effective
registration statement, to the Company, to an Affiliate of a Purchaser or in connection with a
pledge as contemplated in Section 4.3(b), the Company may require the transferor thereof to provide
to the Company an opinion of counsel, the form and substance of which opinion shall be reasonably
satisfactory to the Company, to the effect that such transfer does not require registration of such
transferred Shares under the Securities Act. As a condition of transfer, any such transferee shall
agree in writing to be bound by the terms of this Agreement.

          (b) Certificates evidencing the Shares will contain the following legend, until such time as
they are not required under Section 4.3(c):

	 	THESE SECURITIES HAVE NOT BEEN REGISTERED WITH THE SECURITIES AND EXCHANGE COMMISSION OR THE
SECURITIES COMMISSION OF ANY STATE IN RELIANCE UPON AN EXEMPTION FROM REGISTRATION UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), AND, ACCORDINGLY, MAY NOT BE OFFERED
OR SOLD EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE SECURITIES ACT OR
PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION
REQUIREMENTS OF THE SECURITIES ACT AND IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS AS
EVIDENCED BY A LEGAL OPINION OF COUNSEL TO THE TRANSFEROR TO SUCH EFFECT, THE SUBSTANCE OF WHICH
SHALL BE REASONABLY ACCEPTABLE TO THE COMPANY. THESE SECURITIES MAY BE PLEDGED IN CONNECTION
WITH A BONA FIDE MARGIN ACCOUNT SECURED BY SUCH SECURITIES.

          (c) Certificates evidencing the Shares shall not contain any legend (including the legend set
forth in Section 4.3(b)): (i) following a sale of such Shares pursuant to an effective registration
statement (including the Registration Statement) so long as the purchaser of the Shares is not an
Affiliate of the Company, or (ii) following a sale of such Shares pursuant to Rule 144, or (iii) if
such legend is not required under applicable requirements of the Securities Act (including judicial
interpretations and pronouncements issued by the Staff of the Commission).

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ARTICLE V

MISCELLANEOUS

     5.1 Entire Agreement. This Agreement, together with all of the Exhibits and Schedules
annexed hereto, and any other Transaction Document contains the entire understanding of the parties
with respect to the subject matter hereof and supersede all prior agreements and understandings,
oral or written, with respect to such matters.

     5.2 Amendments; Waivers. No provision of this Agreement may be waived or amended
except in a written instrument signed, in the case of an amendment, by both the Company and the
Purchaser, or, in the case of a waiver, by the party against whom enforcement of any such waiver is
sought. No waiver of any default with respect to any provision, condition or requirement of this
Agreement shall be deemed to be a continuing waiver in the future or a waiver of any other
provision, condition or requirement hereof, nor shall any delay or omission of either party to
exercise any right hereunder in any manner impair the exercise of any such right accruing to it
thereafter.

     5.3 Headings. The headings herein are for convenience only, do not constitute a part
of this Agreement and shall not be deemed to limit or affect any of the provisions hereof.

     5.4 Successors and Assigns. This Agreement shall be binding upon and inure to the
benefit of the parties and their respective successors and permitted assigns. The assignment by a
party of this Agreement or any rights hereunder shall not affect the obligations of such party
under this Agreement.

     5.5 No Third Party Beneficiaries. This Agreement is intended for the benefit of the
parties hereto and their respective permitted successors and assigns and is not for the benefit of,
nor may any provision hereof be enforced by, any other person.

     5.6 Governing Law. The parties hereto agree that the internal laws of the Republic of
the Marshall Islands shall govern this Agreement and the exhibits hereto.

     5.7 Counterpart Signatures. This Agreement may be executed in two or more
counterparts, all of which when taken together shall be considered one and the same agreement and
shall become effective when counterparts have been signed by each party and delivered to the other
party, it being understood that both parties need not sign the same counterpart. In the event that
any signature is delivered by facsimile transmission, such signature shall create a valid and
binding obligation of the party executing (or on whose behalf such signature is executed) the same
with the same force and effect as if such facsimile signature page were an original thereof.

     5.8 Severability. In case any one or more of the provisions of this Agreement shall
be invalid or unenforceable in any respect, the validity and enforceability of the remaining terms
and provisions of this Agreement shall not in any way be affected or impaired thereby and the
parties will attempt to agree upon a valid and enforceable provision which shall be a reasonable
substitute therefore, and upon so agreeing, shall incorporate such substitute provision in this
Agreement.

[ SIGNATURE PAGE FOLLOWS ]

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     IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed as of
the date first indicated above.

	 	 	 	 	 
	 	      Company:

      OCEANAUT, INC.

 	 
	 	By:  	/s/
Gabriel Panayotides 	 
	 	 	Name:  	Gabriel Panayotides 	 
	 	 	Title:  	Chief Executive Officer 	 
	 
	 	      Purchaser:

      EXCEL MARITIME CARRIERS LTD.

 	 
	 	By:  	/s/
Stamatis Molaris 	 
	 	 	Name:  	Stamatis Molaris 	 
	 	 	Title:  	President and Chief Executive Officer 	 
	 

 

 

EXHIBIT A

Certificate of Designation

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