Document:

Option Agreement, between Magnus Carriers Corporation

 Exhibit 10.4 
  
 This Agreement (the ‘Agreement’) is entered into this 28th day of December 2004 by and between: 
  

	 	(1)	INTERNATIONAL CONTAINER SHIPS K/S, Norway, as owners (‘Owners’); and 

  

	 	(2)	MAGNUS CARRIERS CORPORATION, Greece, or nominee as buyers (‘Buyers’). 

  
 WHEREAS: 
  

	 	(A)	On 21st December 2004, Owners took delivery of
the Cyprus flagged vessels ‘CMA CGM Makassar’ and ‘CMA CGM Seine’ (‘the Vessels’) from its previous owners (‘Sellers’) 

  

	 	(B)	Sellers were companies affiliated to the Buyers; 

  

	 	(C)	Buyers are the technical managers of the Vessels; 

  

	 	(D)	An affiliate of Buyers, to be organized in Bermuda and to be named Aries Maritime Transport Ltd. (together with its subsidiaries ‘Aries’), is currently planning to conduct
an initial public offering (the ‘IPO’) in the United States and to list on a United States securities market or stock exchange. 

  

	 	(E)	The Buyers agree that if the IPO has gross proceeds of at least USD140 million and closes no later that the 21st of June 2005 (a “Successful IPO”), then Aries wishes to purchase the Vessels. 

  

	 	(F)	To accommodate Buyers, Owners have decided to grant Buyers and Aries an option to purchase the Vessels during a period of 2 to 6 months after the Vessels were delivered from Sellers
to Owners, on the condition that Owners on such sale receive a certain minimum return on their investment in the Vessels; 

  
 NOW THEREFORE, in consideration of the mutual promises and other valuable consideration set out below and payment to the Owners by the Buyers of the sum of US$1 (receipt
of which is hereby acknowledged by the Owners) the parties have agreed as follows: 
  

	 	1.	Owners hereby grant to Buyers and Aries (together, ‘Optionees’), and Optionees accept, an option (or obligation as the case may be) to purchase en bloc the Vessels from
the Owners on the times and at the prices and terms and conditions of this Agreement. 

  

	 	2.	If Optionees wish to exercise their option to purchase the Vessels, they shall have an obligation to purchase both Vessels, and not only one. 

  

	3.	If a Successful IPO takes place, then Optionees shall have an obligation to purchase en bloc the Vessels from the Owners on the times and at the prices and terms and conditions of
this Agreement (save that if the IPO-notice (as hereinafter defined) is received later than the 7th of June 2005, then the delivery of the Vessels may be postponed until the date falling 14 days after the IPO notice is received by Owners).

  

	4.	Optionees shall have the option (or obligation as the case may be) to purchase the Vessels for delivery at any time between the 21st of February 2005 and 21st
of June 2005 (or such other date as follows from this Option Agreement), by giving Owners minimum 14 days notice and the en bloc price for the Vessels shall be determined by the time of delivery. Basis delivery on the 21st of February 2005, the en bloc price is USD 72,360,000 and for every day later delivery thereafter until the 21st of June 2005, the en bloc price shall be reduced by USD 12,900 (USD 6,450 per Vessel). The Vessels may be delivered
separately, in which case the prices will be calculated on a pro rata basis in accordance with this formula. 

  
 The purchase price shall be paid in full, free of bank charges on the relevant Delivery Date and the relevant Optionee shall take delivery on a strictly
as is, where is basis, and on such further terms of the Norwegian Saleform as annexed hereto in respect of each of the Vessels. 
  

	5.	If Optionees decide to exercise their option (or purchase the Vessels pursuant to Aries’ obligation in the event of a Successful IPO (as the case may be) they shall notify
Owners in writing thereof (the ‘Purchase Notice’), such Purchase Notice to be irrevocable and unconditional, no later than 14 days prior to the relevant Delivery Date. 

  

	6.	Optionees shall keep Owners informed of the IPO, and Aries shall notify Owners of the result of the IPO no later than 10 days after the IPO has been closed (the
‘IPO-notice’). 

  

	7.	This Agreement shall be governed by and construed in accordance with English law. Any dispute arising out of this Agreement shall be solved amicably between the parties. If such
amicable solution cannot be reached within 14 Banking days after the dispute arose, the dispute shall be referred to arbitration in London in accordance with the Arbitration Act of 1996 or any statutory modification or re-enactment thereof for the
time being in force, arbitration tribunal shall consist of three arbitrators. The parties shall appoint one arbitrator each within 14 days of the dispute being referred to arbitration. These two arbitrators shall jointly appoint a third arbitrator,
who shall be the chairman of the arbitration tribunal. The chairman shall be a QC familiar with maritime matters, the other two arbitrators shall be members of the LMAA. 

  
 Signed on the date first above written 
  

					
			
	 /s/ Oystein Eskeland
	 	 	 	 /s/ Gabriel Petridis

	International Container Ships KS	 	 	 	For and behalf of Magnus CarriersFirst Amendment

 EXHIBIT 10.1 
  
 FIRST AMENDMENT TO 
 AMENDED AND RESTATED OPERATING AGREEMENT 
  
 THIS FIRST AMENDMENT TO AMENDED AND RESTATED OPERATING AGREEMENT (this “Amendment”) is dated as of November 13, 2001 and entered into by and among the Members of BSST LLC, a Delaware limited liability company (the
“Company”), and is made with reference to that certain Amended and Restated Operating Agreement, dated as of May 30, 2001 (the “Operating Agreement”), by and among the Members. Capitalized terms used herein without
definition shall have the same meanings herein as set forth in the Operating Agreement. 
  
 RECITALS 
  
 WHEREAS, upon the achievement of the Milestone, pursuant to the Operating Agreement, the Initial Class A Member Options shall vest and the Class A Member shall receive certain anti-dilution protection provided by the Operating
Agreement; and 
  
 WHEREAS, the Members wish to amend the
time permitted for the achievement of the second objective of the Milestone by three months and recognize the accomplishment of the first objective of the Milestone. 
  
 NOW, THEREFORE, in consideration of the premises and the agreements, provisions and ocenatns herein contained, the
parties hereto agree as follows: 
  
 Section 1. AMENDMENT OF EXHIBIT B

  
 Exhibit B of the Operating Agreement is hereby deleted in
its entirety and replaced with the new Exhibit B attached hereto. 
  
 Section
2. REPRESENTATIONS AND WARRANTIES 
  
 In order to induce the
parties to enter into this Amendment, each party hereby represents and warrants to each other party that: 
  
 (a) such party has all requisite power and authority to enter into this Amendment and to carry out the transaction contemplated by, and
perform its obligations under, the Operating Agreement as amended by this Amendment (the “Amended Agreement”); 

 (b) the execution and delivery of this Amendment and the performance of the Amended
Agreement have been duly authorized by all necessary action on the part of such party; 
  
 (c) the execution and delivery by each party of this Amendment and the performance by each party of the Amended Agreement do not and will
not (i) violate any provision of any law or any governmental rule or regulation applicable to such party, the organizational documents, if any, of such party or any order, judgment or decree of any court or other agency of government binding on such
party, (ii) conflict with, result in a breach of or constitute (with due notice or lapse of time or both) a default under any contractual obligation of such party, (iii) result in or require the creation or imposition of any lien upon any of the
properties or assets of such party, or (iv) if applicable, require any approval of stockholders or members, other than consents that have been obtained, or any approval or consent of any person under any contractual obligation of such party;

  
 (d) the execution and delivery by each party
of this Amendment and the performance by such party of the Amended Agreement do not and will not require any registration with, consent or approval of, or notice to, or other action to, with or by, any federal, state or other governmental authority
or regulatory body; and 
  
 (e) this Amendment
and the Amended Agreement have been duly executed and delivered by such party and are the legally valid and binding obligations of such party, enforceable against such party in accordance with their respective terms, except as may be limited by
bankruptcy, insolvency, reorganization, moratorium or similar laws relating to or limiting creditors’ rights generally or by equitable principles relating to enforceability. 
  
 Section 3. MISCELLANEOUS 
  
 A. References to and Effect on the Operating Agreement. 
  

(i) Except as specifically amended by this Amendment, the Operating Agreement shall remain in full force and effect and is hereby
ratified and confirmed. 
  
 (ii) The execution,
delivery and performance of this Amendment shall not, except as expressly provided herein, constitute a waiver of any provision of, or operate as a waiver of any right, power or remedy under, the Operating Agreement by any Member. 
  
 B. Headings. Section and subsection headings in this Amendment are
included herein for convenience of reference only and shall not constitute a part of this Amendment for any other purpose or be given any substantive effect. 

 C. Applicable Law. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE
GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE INTERNAL LAWS OF THE STATE OF DELAWARE, WITHOUT REGARD TO CONFLICTS OF LAWS PRINCIPLES. 
  
 D. Effectiveness. This Amendment shall become effective upon the execution of counterparts hereof by the Class A
Member and a Majority in Interests of all Members and receipt by the Company of written telephonic notification of such execution and authorization of delivery thereof. 
  
 E. Counterparts. This Amendment may be executed in one or more counterparts and by different parties hereto in
separate counterparts, each of which when so executed and delivered shall be deemed an original, but all such counterparts together shall constitute but one and the same instrument; signature pages may be detached from multiple separate counterparts
and attached to a single counterpart so that all signature pages are physically attached to the same document. 
  
 [signature page to follow] 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and
delivered by their respective officers thereunto duly authorized as of the date first written above. 
  

			
	 AMERIGON INCORPORATED,
 as the Series A Preferred Member

		
	 By:
	 	 /s/ O. B. Marx III

	 Name:
	 	 Oscar B. Marx III

	 Title:
	 	 Chairman & CEO

	
	 DR. LON E. BELL,
 as the Class A Common Member

	
	 /s/ Lon E. Bell

 EXHIBIT B 
  

Milestones 
  
 Below are the broad milestones that, if achieved by January 2003 in the case of the first milestone and by April 2003 in the case of the second milestone, (1) demonstrate
significant advancement in thermoelectric technology and (2) represent an application with revenue potential that is a multiple of the initial $2,000,000 capital investment in BSST. 
  

	 	1.	Demonstrate a minimum of 30% improvement in Coefficient of Performance in cooling, when compared to best practice thermoelectric systems from Ferrotec, Marlow and Melcor (each
recognized as a leader in thermoelectrics) as of January 2001 (“Base Time”) 

  

	 	A.	The improvement shall have a demonstrated theoretical basis and exhibit mechanical differences when compared to Base Time devices that cause the performance change.

  

	 	B.	The improvement shall be demonstrated with both systems employing thermoelectric materials with the same Z (thermoelectric coefficient of performance) and at the same temperature
change, ambient temperature and cooling power output. 

  

	 	2.	Construct and demonstrate a breadboard power generator that when used in cogeneration cycle, has 30% greater thermodynamic efficiency than thermoelectric power generators as of Base
Time, and has 30% less waste heat flow to the cold side when used as a stand-alone device. 

  

	 	A.	Device shall produce 1000 watts power minimum from a heat source maintained at 475°C and a cold side maintained at 50°C, so as to approximate the operating conditions of a
heat source such as an automobile catalytic converter. 

  

	 	B.	The improvement shall be demonstrated with both systems employing thermoelectric materials with the same Z (thermoelectric coefficient of performance) and at the same temperature
change, ambient temperature and electrical power output. 

  
 The
Board of Directors shall determine if the milestones have been met, and may use experts in thermodynamics to independently verify the experimental results. As of July 1, 2001, the Board of Directors has determined that the first milestone has been
achieved by the Company.

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