Document:

Form of Warrant Agreement between Continental Stock Transfer & Trust Company

 EXHIBIT 4.6 
 WARRANT AGREEMENT 
 This Warrant Agreement made as of
[                    ], 2007, between Oceanaut, Inc., a Marshall Islands corporation with offices at 17th Km National Road Athens-Lamia & Finikos Street, 145 64 Nea Kifisia, Athens, Greece (the “Company”), and Continental Stock
Transfer & Trust Company, a New York corporation, with offices at 17 Battery Place, New York, New York 10004 (the “Warrant Agent”). 
 WHEREAS, the Company is engaged in a public offering (the “Public Offering”) of units (the “Units”) and, in connection therewith, has determined to issue and deliver up to 21,562,000
warrants (the “Public Warrants”) to the public investors, each of such Public Warrants evidencing the right of the holder thereof to purchase one share of the Company’s common stock, par value $.0001 per share (the
“Common Stock”), for $6.00, subject to adjustment as described herein; 
 WHEREAS, the Company has filed with the U.S.
Securities and Exchange Commission a Registration Statement, No. 333-[            ] on Form F-1 (the “Registration Statement”) for the registration, under the
U.S. Securities Act of 1933, as amended (the “Act”) of, among other securities, the Public Warrants and the Common Stock issuable upon exercise of the Public Warrants; 
 WHEREAS, the Company is issuing 1,125,000 Units and, in connection therewith, 1,125,000 warrants and 2,000,000 warrants in a private placement no less
than one business day prior to the Public Offering (the “Insider Warrants” and, with the Public Warrants, the “Warrants”) which will have terms identical to those of the Public Warrants, except as otherwise noted
below; 
 WHEREAS, the Company desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to so act, in
connection with the issuance, registration, transfer, exchange, redemption and exercise of the Warrants; 
 WHEREAS, the Company desires to
provide for the form and provisions of the Warrants, the terms upon which they shall be issued and exercised, and the respective rights, limitation of rights, and immunities of the Company, the Warrant Agent, and the holders of the Warrants; and

 WHEREAS, all acts and things have been done and performed which are necessary to make the Warrants, when executed on behalf of the Company
and countersigned by or on behalf of the Warrant Agent, as provided herein, the valid, binding and legal obligations of the Company, and to authorize the execution and delivery of this Agreement. 
 NOW, THEREFORE, in consideration of the mutual agreements herein contained, the parties hereto agree as follows: 
 1. Appointment of Warrant Agent. The Company hereby appoints the Warrant Agent to act as agent for the Company for the Warrants, and the Warrant
Agent hereby accepts such appointment and agrees to perform the same in accordance with the terms and conditions set forth in this Agreement. 
 2. Warrants. 
 2.1 Form of Warrant. Each Warrant shall be issued in registered form only, shall be in
substantially in the form of Exhibit A hereto, the provisions of which are incorporated herein, and shall be signed by, or bear the facsimile signature of, the Chairman of the Board or President and Treasurer, 

  

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Secretary or Assistant Secretary of the Company, and shall bear a facsimile of the Company’s seal. In the event the person whose facsimile signature has
been placed upon any Warrant shall have ceased to serve in the capacity in which such person signed the Warrant before such Warrant is issued, it may be issued with the same effect as if he or she had not ceased to be such at the date of issuance.

 2.2 Issuance of Certificates. As soon as practicable after the exercise of any Warrant and the clearance of funds in
payment of the Warrant Price, the Company shall issue to the registered holder of such Warrant a certificate or certificates for the number of full shares of Common Stock to which he, she or it is entitled, registered in such name or names as may be
directed by him, her or it, and if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised. Notwithstanding the foregoing, the Company shall not
be obligated to deliver any securities pursuant to the exercise of a Public Warrant and shall have no obligation to settle the Warrant exercise unless a registration statement under the Act with respect to the Common Stock is effective, subject to
the Company’s satisfying its obligations under Section 7.4. In the event that a registration statement with respect to the Common Stock underlying a Public Warrant is not effective under the Act, the holder of such Public Warrant shall not
be entitled to exercise such Warrant and such Warrant may have no value and expire worthless. In no event will the Company “net cash settle” the Warrant. The shares of Common Stock issuable upon exercise of Insiders’ Warrants shall be
unregistered shares. 
 2.3 Effect of Countersignature. Unless and until countersigned by the Warrant Agent pursuant to
this Agreement, a Warrant shall be invalid and of no effect and may not be exercised by the holder thereof. 
 2.4
Registration. 
 2.4.1 Warrant Register. The Warrant Agent shall maintain books (“Warrant
Register”), for the registration of original issuance and the registration of transfer of the Warrants. Upon the initial issuance of the Warrants, the Warrant Agent shall issue and register the Warrants in the names of the respective
holders thereof in such denominations and otherwise in accordance with instructions delivered to the Warrant Agent by the Company. 
 2.4.2 Registered Holder. Prior to due presentment for registration of transfer of any Warrant, the Company and the Warrant Agent may deem and treat the person in whose name such Warrant shall be registered upon the Warrant Register
(“registered holder”), as the absolute owner of such Warrant and of each Warrant represented thereby (notwithstanding any notation of ownership or other writing on the Warrant Certificate made by anyone other than the Company or the
Warrant Agent), for the purpose of any exercise thereof, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 
 2.5 Detachability of Public Warrants. The securities comprising the Units will not be separately transferable until (i) five
(5) business days after the earlier of the expiration of the over-allotment option (as such term is used in the underwriting agreement entered into by and between the Company and the underwriters) and the exercise in full of such over-allotment
option by the underwriters and (ii) the Company files with the U.S. Securities and Exchange Commission a Current Report on Form 6-K which includes an audited balance sheet reflecting the receipt by the Company of the gross proceeds of the
Public Offering, including the proceeds received by the Company from the exercise of the underwriters’ over-allotment option, if the over-allotment option is exercised prior to the filing of the Form 6-K. 
  

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 2.6 Insider Warrants. The Insider Warrants shall have the same terms and be in the
same form as the Public Warrants, except that the Insider Warrants are (i) subject to the registration requirements set forth in the Insider Unit and Insider Warrant Purchase Agreement to be entered into by and between the Company and Excel
Maritime Carriers Ltd. (“Excel”) immediately prior to the Public Offering; (ii) not transferable or salable, except to an entity controlled by Excel, until after the consummation of the Company’s Business Combination (as
defined below); (iii) non-redeemable, so long as such Insider Warrant has not been sold or transferred by Excel to a party other than to an entity controlled by Excel; and (iv) in addition to and without limiting the rights of the holder
under the terms of the Insider Warrant, the holder shall have the right to convert the Insider Warrant or any portion thereof (the “Conversion Right”) into shares of Common Stock at any time or from time to time during the term of
the Insider Warrant. Upon exercise of the Conversion Right with respect to a particular number of shares subject to the Insider Warrant (the “Converted Warrant Shares”), the Company shall deliver to the holder (without payment by
the holder of any purchase price or any cash or other consideration) that number of shares of fully paid and nonassessable Common Stock equal to the quotient obtained by dividing (X) the value of the Insider Warrant (or the specified portion
thereof) on the Conversion Date (as defined below), which value shall be determined by subtracting (A) the aggregate purchase price of the Converted Warrant Shares immediately prior to the exercise of the Conversion Right from (B) the
aggregate fair market value of the Converted Warrant Shares issuable upon exercise of the Insider Warrant (or the specified portion thereof) on the Conversion Date by (Y) the fair market value of one share of Common Stock on the Conversion
Date. 
 Expressed as a formula, such conversion shall be computed as follows: 
  

					
	 X
	  	=	  	B-A
		  		  	  Y
	 where:
	  		  	X = the number of shares of Common Stock that may be issued to holder
		  		  	Y = the fair market value (FMV) of one share of Common Stock
		  		  	A = the aggregate “Warrant Price” (Converted Warrant Shares x purchase price)
		  		  	B = the aggregate FMV (i.e., FMV x Converted Warrant Shares)

 The “Conversion Date” shall be the date on which the Company receives the Insider
Warrant for conversion or on such other date as may be instructed in writing by the Company. For purposes of this Section 2.6(iv), “fair market value” of a share of Common Stock as of a particular date shall be determined using the
average reported last sale price of the Common Stock for the ten (10) trading days ending on the third business day prior to the Conversion Date. 
 3. Terms and Exercise of Warrants. 
 3.1 Warrant Price. Each Public Warrant
shall, when countersigned by the Warrant Agent, entitle the registered holder thereof, subject to the provisions of such Public Warrant and of this Warrant Agreement, to purchase from the Company the number of shares of Common Stock stated therein,
at the price of $6.00 per whole share, subject to the adjustments provided in Section 4 hereof and in the last sentence of this Section 3.1. The term “Warrant Price” as used in this Warrant Agreement refers to the price
per share at which Common Stock may be purchased at the time a Warrant is exercised. The Company, in its sole discretion, may lower the Warrant Price at any time prior to the Expiration Date. 
  

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 3.2 Duration of Warrants. A Warrant may be exercised only during the period
(“Exercise Period”) commencing on the later of the consummation by the Company of a merger, capital stock exchange, asset acquisition, stock purchase or other similar business combination as described more fully in the
Company’s Registration Statement (“Business Combination”) or [                    ], 2008, and terminating at 5:00 p.m.,
New York City time, on the earlier to occur of (i) [                    ], 2012 (“Expiration Date”), or (ii) the
date fixed for redemption of the Warrants as provided in Section 6 of this Agreement. Except with respect to the right to receive the Redemption Price (as set forth in Section 6 hereunder), each Warrant not exercised on or before the
Expiration Date shall become void, and all rights thereunder and all rights in respect thereof under this Agreement shall cease at the close of business on the Expiration Date. The Company, in its sole discretion, may extend the duration of the
Warrants by delaying the Expiration Date. 
 3.3 Exercise of Warrants. 
 3.3.1 Payment. Subject to the provisions of the Warrant and this Warrant Agreement, a Warrant, when countersigned by the Warrant
Agent, may be exercised by the registered holder thereof by (i) surrendering it, at the office of the Warrant Agent, or at the office of its successor as Warrant Agent, in the Borough of Manhattan, City and State of New York, with the
subscription form, as set forth in the Warrant, duly executed, and (ii) paying in full, in lawful money of the United States, in cash, good certified check or good bank draft payable to the order of the Company (or as otherwise agreed to by the
Company), the Warrant Price for each full share of Common Stock as to which the Warrant is exercised and any and all applicable taxes due in connection with the exercise of the Warrant, the exchange of the Warrant for the Common Stock, and the
issuance of the Common Stock. 
 3.3.2 Issuance of Certificates. As soon as practicable after the exercise of any
Warrant and the clearance of the funds in payment of the Warrant Price, the Company shall issue to the registered holder of such Warrant a certificate or certificates for the number of full shares of Common Stock to which he, she or it is entitled,
registered in such name or names as may be directed by him, her or it, and, if such Warrant shall not have been exercised in full, a new countersigned Warrant for the number of shares as to which such Warrant shall not have been exercised.
Notwithstanding the foregoing, the Company shall not be obligated to deliver any securities pursuant to the exercise of a Warrant unless (i) a registration statement under the Act with respect to the Common Stock issuable upon exercise is
effective, or (ii) in the opinion of counsel to the Company, the exercise of the Warrants is exempt from the registration requirements of the Act and such securities are qualified for sale or exempt from qualification under applicable
securities laws of the states or other jurisdictions in which the registered holders reside. Warrants may not be exercised by, or securities issued to, any registered holder in any state in which such exercise or issuance would be unlawful.

 3.3.3 Valid Issuance. All shares of Common Stock issued upon the proper exercise of a Warrant in conformity with
this Agreement shall be validly issued, fully paid and nonassessable. 
 3.3.4 Date of Issuance. Each person in whose
name any such certificate for shares of Common Stock is issued shall for all purposes be deemed to have become the holder of record of such shares on the date on which the Warrant was surrendered and payment of the Warrant Price was made,
irrespective of the date of delivery of such certificate, except that, if the date of such surrender and payment is a date when the stock transfer books of the Company are closed, such person shall be deemed to have become the holder of such shares
at the close of business on the next succeeding date on which the stock transfer books are open. 
  

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 4. Adjustments. 
 4.1 Stock Dividends - Split-Ups. If, after the date hereof, and subject to the provisions of Section 4.6 below, the number of
outstanding shares of Common Stock is increased by a stock dividend payable in shares of Common Stock, or by a split-up of shares of Common Stock, or other similar event, then, on the effective date of such stock dividend, split-up or similar event,
the number of shares of Common Stock issuable on exercise of each Warrant shall be increased in proportion to such increase in outstanding shares of Common Stock. 
 4.2 Aggregation of Shares. If, after the date hereof, and subject to the provisions of Section 4.6, the number of outstanding
shares of Common Stock is decreased by a consolidation, combination, reverse stock split or reclassification of shares of Common Stock or other similar event, then, on the effective date of such consolidation, combination, reverse stock split,
reclassification or similar event, the number of shares of Common Stock issuable on exercise of each Warrant shall be decreased in proportion to such decrease in outstanding shares of Common Stock. 
 4.3 Adjustments in Exercise Price. Whenever the number of shares of Common Stock purchasable upon the exercise of the Warrants is
adjusted, as provided in Sections 4.1 and 4.2 above, the Warrant Price shall be adjusted (to the nearest cent) by multiplying such Warrant Price immediately prior to such adjustment by a fraction (x) the numerator of which shall be the number
of shares of Common Stock purchasable upon the exercise of the Warrants immediately prior to such adjustment, and (y) the denominator of which shall be the number of shares of Common Stock so purchasable immediately thereafter. 
 4.4 Replacement of Securities upon Reorganization, etc. In case of any reclassification or reorganization of the outstanding shares
of Common Stock (other than a change covered by Sections 4.1 or 4.2 hereof or that solely affects the par value of such shares of Common Stock), or in the case of any merger or consolidation of the Company with or into another corporation (other
than a consolidation or merger in which the Company is the continuing corporation and that does not result in any reclassification or reorganization of the outstanding shares of Common Stock), or in the case of any sale or conveyance to another
corporation or entity of the assets or other property of the Company as an entirety or substantially as an entirety in connection with which the Company is dissolved, the Warrant holders shall thereafter have the right to purchase and receive, upon
the basis and upon the terms and conditions specified in the Warrants and in lieu of the shares of Common Stock of the Company immediately theretofore purchasable and receivable upon the exercise of the rights represented thereby, the kind and
amount of shares of stock or other securities or property (including cash) receivable upon such reclassification, reorganization, merger or consolidation, or upon a dissolution following any such sale or transfer, that the Warrant holder would have
received if such Warrant holder had exercised his, her or its Warrant(s) immediately prior to such event; and if any reclassification also results in a change in shares of Common Stock covered by Sections 4.1 or 4.2, then such adjustment shall be
made pursuant to Sections 4.1, 4.2, 4.3 and this Section 4.4. The provisions of this Section 4.4 shall similarly apply to successive reclassifications, reorganizations, mergers or consolidations, sales or other transfers. 
 4.5 Notices of Changes in Warrant. Upon every adjustment of the Warrant Price or the number of shares issuable upon exercise of a
Warrant, the Company shall give written notice thereof to the Warrant Agent, which notice shall state the Warrant Price resulting from such adjustment and the increase or decrease, if any, in the number of shares purchasable at such price upon the
exercise of a Warrant, setting forth in reasonable detail the method of calculation and the facts upon which such calculation is based. Upon the occurrence of any event specified in Sections 4.1, 4.2, 4.3 or 4.4, then, in any such event, the Company
shall give written notice to the Warrant holder, at the last address set forth 

  

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for such holder in the Warrant Register, of the record date or the effective date of the event. Failure to give such notice, or any defect therein, shall not
affect the legality or validity of such event. 
 4.6 No Fractional Shares. Notwithstanding any provision contained in
this Warrant Agreement to the contrary, the Company shall not issue fractional shares upon exercise of Warrants. If, by reason of any adjustment made pursuant to this Section 4, the holder of any Warrant would be entitled, upon the exercise of
such Warrant, to receive a fractional interest in a share, the Company shall, upon such exercise, round up to the nearest whole number the number of the shares of Common Stock to be issued to the Warrant holder. 
 4.7 Form of Warrant. The form of Warrant need not be changed because of any adjustment pursuant to this Section 4, and
Warrants issued after such adjustment may state the same Warrant Price and the same number of shares as is stated in the Warrants initially issued pursuant to this Agreement. However, the Company may at any time in its sole discretion make any
change in the form of Warrant that the Company may deem appropriate and that does not affect the substance thereof, and any Warrant thereafter issued or countersigned, whether in exchange or substitution for an outstanding Warrant or otherwise, may
be in the form as so changed. 
 5. Transfer and Exchange of Warrants. 
 5.1 Registration of Transfer; Transfer Restrictions. 
 (a) The Warrant Agent shall register the transfer, from time to time, of any outstanding Warrant upon the Warrant Register, upon surrender
of such Warrant for transfer, properly endorsed with signatures properly guaranteed and accompanied by appropriate instructions for transfer. Upon any such transfer, a new Warrant representing an equal aggregate number of Warrants shall be issued
and the old Warrant shall be cancelled by the Warrant Agent. The Warrants so cancelled shall be delivered by the Warrant Agent to the Company from time to time upon request. 
 (b) The Insider Warrants may not be sold or transferred prior to the date upon which the Company completes a Business Combination except
for transfers to Excel or an entity controlled by Excel. The holders of the Insider Warrants agree that they shall give five (5) days’ prior written notice of transfer to the Company and that, prior to any proposed transfer of the Insider
Warrants, if such transfer is not made pursuant to an effective registration statement under the Act, such Warrant holders shall deliver to the Company: 
 (1) an opinion of counsel reasonably acceptable to the Warrant Agent and the Company that such Insider Warrants may be transferred without registration under the Act; 
 (2) customary representations, warranties and covenants regarding the transferee and the investment, which representations, warranties
and covenants shall be reasonably satisfactory to the Company, signed by the proposed transferee; 
 (3) an agreement by such
transferee to the impression of the restrictive investment legend set forth on such Insider Warrants; and 
 (4) an agreement
by such transferee to be bound by the provisions of this Agreement, including, without limitation, the transfer restrictions set forth in this Section 5. 
 5.2 Procedure for Surrender of Warrants. Warrants may be surrendered to the Warrant Agent, together with a written request for
exchange or transfer, and, thereupon, the Warrant 

  

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Agent shall issue in exchange therefor one or more new Warrants as requested by the registered holder of the Warrants so surrendered, representing an equal
aggregate number of Warrants; provided, however, that in the event that a Warrant surrendered for transfer bears a restrictive legend, the Warrant Agent shall not cancel such Warrant and issue new Warrants in exchange therefor until the Warrant
Agent has received an opinion of counsel for the Company stating that such transfer may be made and indicating whether the new Warrants must also bear a restrictive legend. 
 5.3 Fractional Warrants. The Warrant Agent shall not be required to effect any registration of transfer or exchange which will
result in the issuance of a warrant certificate for a fraction of a warrant. 
 5.4 Service Charges. No service charge
shall be made for any exchange or registration of transfer of Warrants. 
 5.5 Warrant Execution and Countersignature.
The Warrant Agent is hereby authorized to countersign and to deliver, in accordance with the terms of this Agreement, the Warrants required to be issued pursuant to the provisions of this Section 5, and the Company, whenever required by the
Warrant Agent, will supply the Warrant Agent with Warrants duly executed on behalf of the Company for such purpose. 
 6. Redemption.

 6.1 Redemption. Subject to Section 6.4 hereof, all but not less than all of the outstanding Public Warrants
(and Insider Warrants that have been sold or transferred by Excel to a party other than an entity controlled by Excel) may be redeemed, at the option of the Company, at any time after they become exercisable and prior to their expiration, at the
office of the Warrant Agent, upon the notice referred to in Section 6.2, at the price of $.01 per Warrant (“Redemption Price”), provided that the last sales price of the Common Stock has been equal to or greater than $11.50 per
share, on each of twenty (20) trading days within any thirty (30) trading day period ending on the third business day prior to the date on which notice of redemption is given. Notwithstanding anything to the contrary contained herein, the
Company shall not call the Warrants for redemption unless there is an effective registration statement under the Act relating to the shares of common Stock issuable upon exercise of the Warrants and a current prospectus is available. The provisions
of this Section 6.1 may not be modified, amended or deleted without the prior written consent of Citigroup Global Markets Inc. (the “Underwriter”) and the majority of the holders of the Public Warrants (and Insider Warrants
that have been sold or transferred by Excel to a party other than an entity controlled by Excel) then outstanding. 
 6.2
Date Fixed for, and Notice of, Redemption. In the event the Company shall elect to redeem all of the Public Warrants (and Insider Warrants that have been sold or transferred by Excel to a party other than an entity controlled by Excel), the
Company shall fix a date for the redemption. Notice of redemption shall be mailed by first class mail, postage prepaid, by the Company not less than thirty (30) days prior to the date fixed for redemption to the registered holders of the Public
Warrants (and Insider Warrants that have been sold or transferred by Excel to a party other than an entity controlled by Excel) to be redeemed at their last addresses as they shall appear on the Warrant Register. Any notice mailed in the manner
herein provided shall be conclusively presumed to have been duly given whether or not the registered holder received such notice. 
 6.3 Exercise After Notice of Redemption. The Public Warrants (and Insider Warrants that have been sold or transferred by Excel to a party other than an entity controlled by Excel) may be exercised in accordance with Section 3 of
this Warrant Agreement at any time after notice of redemption shall have been given by the Company pursuant to Section 6.2 hereof and prior to the time 

  

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and date fixed for redemption. On and after the redemption date, the record holder of the Public Warrants (and Insider Warrants that have been sold or
transferred by Excel to a party other than an entity controlled by Excel) shall have no further rights except to receive, upon surrender of the Public Warrants (and Insider Warrants that have been sold or transferred by Excel to a party other than
an entity controlled by Excel), the Redemption Price. 
 6.4 Outstanding Warrants Only. The Company understands that
the redemption rights provided for by this Section 6 apply only to outstanding Public Warrants (and Insider Warrants that have been sold or transferred by Excel to a party other than an entity controlled by Excel). To the extent a person holds
rights to purchase Public Warrants (or Insider Warrants that have been sold or transferred by Excel to a party other than an entity controlled by Excel), such purchase rights shall not be extinguished by redemption. However, once such purchase
rights are exercised, the Company may redeem the Public Warrants (or Insider Warrants that have been sold or transferred by Excel to a party other than an entity controlled by Excel) issued upon such exercise, provided that the criteria for
redemption is met. The provisions of this Section 6.4 may not be modified, amended or deleted without the prior written consent of the Underwriter and the majority of the holders of the Public Warrants (and Insider Warrants that have been sold
or transferred by Excel to a party other than an entity controlled by Excel) then outstanding. 
 7. Other Provisions Relating to Rights
of Holders of Warrants. 
 7.1 No Rights as Shareholder. A Warrant does not entitle the registered holder thereof
to any of the rights of a shareholder of the Company, including, without limitation, the right to receive dividends, or other distributions, exercise any preemptive rights to vote or to consent or to receive notice as shareholders in respect of the
meetings of shareholders or the election of directors of the Company or any other matter. 
 7.2 Lost, Stolen, Mutilated,
or Destroyed Warrants. If any Warrant is lost, stolen, mutilated, or destroyed, the Company and the Warrant Agent may on such terms as to indemnity or otherwise as they may in their discretion impose (which shall, in the case of a mutilated
Warrant, include the surrender thereof), issue a new Warrant of like denomination, tenor, and date as the Warrant so lost, stolen, mutilated, or destroyed. Any such new Warrant shall constitute a substitute contractual obligation of the Company,
whether or not the allegedly lost, stolen, mutilated, or destroyed Warrant shall be at any time enforceable by anyone. 
 7.3
Reservation of Common Stock. The Company shall at all times reserve and keep available a number of its authorized but unissued shares of Common Stock that will be sufficient to permit the exercise in full of all outstanding Warrants issued
pursuant to this Warrant Agreement. 
 7.4 Registration of Common Stock. The Company agrees that prior to the
commencement of the Exercise Period, it shall file with the Securities and Exchange Commission a post-effective amendment to the Registration Statement, or a new registration statement, for the registration, under the Act, of, and it shall take such
action as is necessary to qualify for sale, in those states in which the Public Warrants were initially offered by the Company, the Common Stock issuable upon exercise of the Public Warrants. In either case, the Company will use its best efforts to
cause the same to become effective and to maintain the effectiveness of such registration statement until the expiration of the Public Warrants in accordance with the provisions of this Warrant Agreement. The provisions of this Section 7.4 may
not be modified, amended or deleted without the prior written consent of the Underwriter and the majority of the holders of the Public Warrants then outstanding. 
  

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 8. Concerning the Warrant Agent and Other Matters. 
 8.1 Payment of Taxes. The Company will from time to time promptly pay all taxes and charges that may be imposed upon the Company or
the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares. 
 8.2 Resignation, Consolidation, or Merger of Warrant Agent. 
 8.2.1 Appointment of Successor Warrant Agent. The Warrant Agent, or any successor to it hereafter appointed, may resign its duties
and be discharged from all further duties and liabilities hereunder after giving sixty (60) days’ notice in writing to the Company. If the office of the Warrant Agent becomes vacant by resignation or incapacity to act or otherwise, the
Company shall appoint in writing a successor Warrant Agent in place of the Warrant Agent. If the Company shall fail to make such appointment within a period of thirty (30) days after it has been notified in writing of such resignation or
incapacity by the Warrant Agent or by the holder of the Warrant (who shall, with such notice, submit his Warrant for inspection by the Company), then the holder of any Warrant may apply to the Supreme Court of the State of New York for the County of
New York for the appointment of a successor Warrant Agent. Any successor Warrant Agent, whether appointed by the Company or by such court, shall be a corporation organized and existing under the laws of the State of New York, in good standing and
having its principal office in the Borough of Manhattan, City and State of New York, and authorized under such laws to exercise corporate trust powers and subject to supervision or examination by federal or state authority. After appointment, any
successor Warrant Agent shall be vested with all the authority, powers, rights, immunities, duties, and obligations of its predecessor Warrant Agent with like effect as if originally named as Warrant Agent hereunder, without any further act or deed;
but if for any reason it becomes necessary or appropriate, the predecessor Warrant Agent shall execute and deliver, at the expense of the Company, an instrument transferring to such successor Warrant Agent all the authority, powers, and rights of
such predecessor Warrant Agent hereunder; and upon request of any successor Warrant Agent the Company shall make, execute, acknowledge, and deliver any and all instruments in writing for more fully and effectually vesting in and confirming to such
successor Warrant Agent all such authority, powers, rights, immunities, duties, and obligations. 
 8.2.2 Notice of
Successor Warrant Agent. In the event a successor Warrant Agent shall be appointed, the Company shall give notice thereof to the predecessor Warrant Agent and the transfer agent for the Common Stock not later than the effective date of any such
appointment. 
 8.2.3 Merger or Consolidation of Warrant Agent. Any corporation into which the Warrant Agent may be
merged or with which it may be consolidated or any corporation resulting from any merger or consolidation to which the Warrant Agent shall be a party shall be the successor Warrant Agent under this Warrant Agreement without any further act.

 8.3 Fees and Expenses of Warrant Agent. 
 8.3.1 Remuneration. The Company agrees to pay the Warrant Agent reasonable remuneration for its services as such Warrant Agent
hereunder as set forth on Exhibit A hereto and will reimburse the Warrant Agent upon demand for all expenditures that the Warrant Agent may reasonably incur in the execution of its duties hereunder. 
 8.3.2 Further Assurances. The Company agrees to perform, execute, acknowledge, and deliver or cause to be performed, executed,
acknowledged, and delivered all such 

  

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further and other acts, instruments, and assurances as may reasonably be required by the Warrant Agent for the carrying out or performing of the provisions
of this Warrant Agreement. 
 8.4 Liability of Warrant Agent. 
 8.4.1 Reliance on Company Statement. Whenever in the performance of its duties under this Warrant Agreement, the Warrant Agent
shall deem it necessary or desirable that any fact or matter be proved or established by the Company prior to taking or suffering any action hereunder, such fact or matter (unless other evidence in respect thereof be herein specifically prescribed)
may be deemed to be conclusively proved and established by a statement signed by the President or Chairman of the Board of the Company and delivered to the Warrant Agent. The Warrant Agent may rely upon such statement for any action taken or
suffered in good faith by it pursuant to the provisions of this Warrant Agreement. 
 8.4.2 Indemnity. The Warrant
Agent shall be liable hereunder only for its own negligence, willful misconduct or bad faith. The Company agrees to indemnify the Warrant Agent and save it harmless against any and all liabilities, including judgments, costs and reasonable counsel
fees, for anything done or omitted by the Warrant Agent in the execution of this Warrant Agreement except as a result of the Warrant Agent’s negligence, willful misconduct, or bad faith. 
 8.4.3 Exclusions. The Warrant Agent shall have no responsibility with respect to the validity of this Warrant Agreement or with
respect to the validity or execution of any Warrant (except its countersignature thereof); nor shall it be responsible for any breach by the Company of any covenant or condition contained in this Warrant Agreement or in any Warrant; nor shall it be
responsible to make any adjustments required under the provisions of Section 4 hereof or responsible for the manner, method, or amount of any such adjustment or the ascertaining of the existence of facts that would require any such adjustment;
nor shall it by any act hereunder be deemed to make any representation or warranty as to the authorization or reservation of any shares of Common Stock to be issued pursuant to this Warrant Agreement or any Warrant or as to whether any shares of
Common Stock will when issued be valid and fully paid and nonassessable. 
 8.5 Acceptance of Agency. The Warrant Agent
hereby accepts the agency established by this Warrant Agreement and agrees to perform the same upon the terms and conditions herein set forth and among other things, shall account promptly to the Company with respect to Warrants exercised and
concurrently account for, and pay to the Company, all moneys received by the Warrant Agent for the purchase of shares of the Company’s Common Stock through the exercise of Warrants. 
 9. Miscellaneous Provisions. 
 9.1 Successors. All the covenants and provisions of this Warrant Agreement by or for the benefit of the Company or the Warrant Agent shall bind and inure to the benefit of their respective successors and assigns. 
  

 10 

 9.2 Notices. Any notice, statement or demand authorized by this Warrant Agreement
to be given or made by the Warrant Agent or by the holder of any Warrant to or on the Company shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five
(5) days after deposit of such notice, postage prepaid, addressed (until another address is filed in writing by the Company with the Warrant Agent), as follows: 
 Oceanaut, Inc. 
 17th Km National Road Athens-Lamia & Finikos Street 
 145 64 Nea Kifisia 
 Athens, Greece 
 Attn: Chief Executive Officer 
 Any notice, statement or demand authorized by this Warrant Agreement to be given or made by
the holder of any Warrant or by the Company to or on the Warrant Agent shall be sufficiently given when so delivered if by hand or overnight delivery or if sent by certified mail or private courier service within five (5) days after deposit of
such notice, postage prepaid, addressed (until another address is filed in writing by the Warrant Agent with the Company), as follows: 
 Continental Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Compliance
Department 
 with a copy, in each case, to: 
 Cleary Gottlieb Steen & Hamilton LLP 
 One Liberty Plaza 
 New York, New York 10006 
 Attn: Raymond B.
Check, Esq. 
 and 
 Mintz, Levin,
Cohn, Ferris, Glovsky and Popeo, P.C. 
 666 Third Avenue 
 New York, New York 10017 
 Attn: Kenneth R. Koch, Esq. 
 and 
 Citigroup Global Markets Inc.

 390 Greenwich Street 
 New
York, New York 10013 
 Attn: David Spivak 
 9.3 Applicable Law. The validity, interpretation, and performance of this Warrant Agreement and of the Warrants shall be governed in all respects by the laws of the State of New York, without giving effect to
conflict of laws. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Warrant Agreement shall be brought and enforced in the courts of the State of New York or the United States
District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an
inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in
Section 9.2 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. 
  

 11 

 9.4 Persons Having Rights under this Warrant Agreement. Nothing in this Warrant
Agreement expressed and nothing that may be implied from any of the provisions hereof is intended, or shall be construed, to confer upon, or give to, any person or corporation other than the parties hereto and the registered holders of the Warrants
and, for the purposes of Sections 3.3.5, 6.1, 6.4, 7.4 and 9.2 hereof, the Underwriter, any right, remedy, or claim under or by reason of this Warrant Agreement or of any covenant, condition, stipulation, promise, or agreement hereof. The
Underwriter shall be deemed to be a third-party beneficiary of this Warrant Agreement with respect to Sections 3.3.5, 6.1, 6.4, 7.4 and 9.2 hereof. All covenants, conditions, stipulations, promises, and agreements contained in this Warrant Agreement
shall be for the sole and exclusive benefit of the parties hereto (and the Underwriter with respect to the Sections 3.3.5, 6.1, 6.4, 7.4 and 9.2 hereof) and their successors and assigns and of the registered holders of the Warrants. 
 9.5 Examination of the Warrant Agreement. A copy of this Warrant Agreement shall be available at all reasonable times at the office
of the Warrant Agent in the Borough of Manhattan, City and State of New York, for inspection by the registered holder of any Warrant. The Warrant Agent may require any such holder to submit his Warrant for inspection by it. 
 9.6 Counterparts. This Warrant Agreement may be executed in any number of counterparts and each of such counterparts shall for all
purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. 
 9.7 Effect of Headings. The Section headings herein are for convenience only and are not part of this Warrant Agreement and shall not affect the interpretation thereof. 
 9.8 Amendments. This Warrant Agreement may be amended by the parties hereto without the consent of any registered holder for the
purpose of curing any ambiguity, or of curing, correcting or supplementing any defective provision contained herein or adding or changing any other provisions with respect to matters or questions arising under this Warrant Agreement as the parties
may deem necessary or desirable and that the parties deem shall not adversely affect the interest of the registered holders. All other modifications or amendments, including any amendment that (i) changes the Warrants so as to reduce the number
of shares purchasable upon exercise of the Warrants or so as to increase the exercise price (other than as provided by Section 4.3), (ii) shortens the period of time during which the Warrants may be exercised, (iii) otherwise
adversely affects the exercise rights of the holders in any material respect, or (iv) reduces the number of unexercised Warrants the consent of the holders of which is required for amendment of this Agreement or the Warrants, shall
require the written consent of each of the Underwriter and the majority of the holders of the Warrants then outstanding. Notwithstanding the foregoing, the Company may lower the Warrant Price or extend the duration of the Exercise Period in
accordance with Sections 3.1 and 3.2, respectively, without such consent. 
 9.9 Severability. This Warrant Agreement
shall be deemed severable, and the invalidity or unenforceability of any term or provision hereof shall not affect the validity or enforceability of this Warrant Agreement or of any other term or provision hereof. Furthermore, in lieu of any such
invalid or unenforceable term or provision, the parties hereto intend that there shall be added as a part of this Warrant Agreement a provision as similar in terms to such invalid or unenforceable provision as may be possible and be valid and
enforceable. 
 (Remainder of page intentionally left blank. Signature pages to follow.) 
  

 12 

 IN WITNESS WHEREOF, this Warrant Agreement has been duly executed by the parties hereto as of the day and
year first above written. 
  

									
	 Attest
	 		 	OCEANAUT, INC.
					
	  	 	  	 		 	By:	 	  
		 		 		 		 	 Name: Christopher Georgakis
 Title: Chief Executive
Officer and President

			
	 Attest
	 		 	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
					
	  	 	  	 		 	By:	 	  
		 		 		 		 	 Name: Steven G. Nelson
 Title:
Chairman

  

 13 

 EXHIBIT A 
 WARRANT AGENT FEESForm of Founding Warrant

 EXHIBIT 4.7 
 THIS WARRANT AND THE SHARES OF CAPITAL STOCK ISSUED UPON ANY EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT
BE SOLD OR OTHERWISE TRANSFERRED BY ANY PERSON, INCLUDING A PLEDGEE, UNLESS (1) EITHER (A) A REGISTRATION WITH RESPECT TO THERETO SHALL BE EFFECTIVE UNDER THE SECURITIES ACT, OR (B) THE COMPANY SHALL HAVE RECEIVED AN OPINION OF
COUNSEL SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT IS AVAILABLE, AND (2) THERE SHALL HAVE BEEN COMPLIANCE WITH ALL APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS. 
  

			
	 No. CS -____________
	  	For the Purchase
of ________ shares
of Common Stock

 WARRANT TO PURCHASE 
 COMMON STOCK 
 OF  
 OCEANAUT, INC. 
 (A Marshall Islands Corporation) 
 Oceanaut, Inc., a Marshall Islands corporation (the “Company”), for value received, hereby certifies that
___________________________________ (the “Holder”), is entitled, subject to the terms set forth below, to purchase from the Company, at any time or from time to time at or before the earlier of 5:00 p.m. Eastern Standard Time on May
___, 2012 (the “Expiration Date”), the termination of this Warrant as provided in Section 8 hereof or the redemption of this Warrant as provided in Section 9 hereof, ___________ shares of Common Stock, par value $.0001 per
share, of the Company (the “Common Stock”), at a purchase price per share equal to Seven Dollars ($7.00) per share (the “Base Price”), as adjusted upon the occurrence of certain events as set forth in Section 3
of this Warrant. The shares of stock issuable upon exercise of this Warrant, and the purchase price per share, are hereinafter referred to as the “Warrant Stock” and the “Purchase Price,” respectively. 

1. Exercise. 
 1.1
Manner of Exercise; Payment in Cash. This Warrant may be exercised by the Holder, in whole or in part: 
 (a)
commencing 90 days following the closing of the Company’s first business combination (the “Initial Business Combination”) if, and only if, the last sales price of the Company’s common stock exceeds $11.00 per share for any
20 trading days within a 30 trading day period beginning after such initial business combination; and 
 (b) by surrendering
this Warrant, with the purchase form appended hereto as Exhibit A duly executed by the Holder, at the principal office of the Company, or at such other place as the Company may designate, accompanied by payment in full of the Purchase Price
payable in respect of the number of shares of Warrant Stock purchased upon such 

 
exercise. Payment of the Purchase Price shall be in cash or by certified or official bank check payable to the order of the Company. 
 1.2 Effectiveness. Each exercise of this Warrant shall be deemed to have been effected immediately prior to the close of business
on the day on which this Warrant shall have been surrendered to the Company as provided in Section 1.1 above. At such time, the person or persons in whose name or names any certificates for Warrant Stock shall be issuable upon such exercise as
provided in Section 1.3 below shall be deemed to have become the holder or holders of record of the Warrant Stock represented by such certificates. 
 1.3. Delivery of Certificates. As soon as practicable after the exercise of this Warrant in full or in part, and in any event within ten (10) business days thereafter, the Company at its sole expense will
cause to be issued in the name of, and delivered to, the Holder, or, subject to the terms and conditions hereof, as such Holder (upon payment by such Holder of any applicable transfer taxes) may direct: 
 (a) A certificate or certificates for the number of full shares of Warrant Stock to which such Holder shall be entitled upon such exercise
plus, in lieu of any fractional share to which such Holder would otherwise be entitled, cash in an amount determined pursuant to Section 2 hereof, and 
 (b) In case such exercise is in part only, a new warrant or warrants (dated the date hereof) of like tenor, calling in the aggregate on the face or faces thereof for the number of shares of Warrant Stock (without
giving effect to any adjustment therein) equal to the number of such shares called for on the face of this Warrant minus the number of such shares purchased by the Holder upon such exercise as provided in Section 1.1 above. 
 1.4 Right to Convert Warrant into Stock: Net Issuance. 
 (a) Right to Convert. Subject to Section 8, in addition to and without limiting the rights of the holder under the terms of
this Warrant, the holder shall have the right to convert this Warrant or any portion thereof (the “Conversion Right”) into shares of Common Stock as provided in this Section 1.4 at any time or from time to time during the term
of this Warrant. Upon exercise of the Conversion Right with respect to a particular number of shares subject to this Warrant (the “Converted Warrant Shares”), the Company shall deliver to the holder (without payment by the holder of any
Purchase Price or any cash or other consideration) that number of shares of fully paid and nonassessable Common Stock equal to the quotient obtained by dividing (X) the value of this Warrant (or the specified portion hereof) on the Conversion
Date (as defined in subsection (b) hereof), which value shall be determined by subtracting (A) the aggregate Purchase Price of the Converted Warrant Shares immediately prior to the exercise of the Conversion Right from (B) the
aggregate fair market value of the Converted Warrant Shares issuable upon exercise of this Warrant (or the specified portion hereof) on the Conversion Date (as herein defined) by (Y) the fair market value of one share of Common Stock on the
Conversion Date (as herein defined). 
 Expressed as a formula, such conversion shall be computed as follows: 
  

					
	 X
	  	 =
	  	 B-A

		  		  	   Y

			
	 where:
	  		  	 X = the number of shares of Common Stock that may be issued to holder

  

 -2- 

					
			
		  		  	 Y = the fair market value (FMV) of one share of Common Stock

			
		  		  	 A = the aggregate Warrant Price (Converted Warrant Shares x Purchase Price)

			
		  		  	 B = the aggregate FMV (i.e., FMV x Converted Warrant Shares)

 No fractional shares shall be issuable upon exercise of the Conversion Right, and, if the number of
shares to be issued determined in accordance with the foregoing formula is other than a whole number, the Company shall pay to the holder an amount in cash equal to the fair market value of the resulting fractional share of the Conversation Date (as
herein defined). 
 (b) Method of Exercise. The Conversion Right may be exercised by the holder by the surrender of
this Warrant at the principal office of the Company together with the Subscription Form in the form attached hereto duly completed and executed and indicating the number of shares subject to this Warrant which are being surrendered (referred to in
Section 1.4(a) hereof as the Converted Warrant Shares) in exercise of the Conversion Right. Such conversion shall be effective upon receipt by the Company of this Warrant together with the aforesaid written statement, or on such later date as
is specified therein (the “Conversion Date”), and, at the election of the holder hereof, may be made contingent upon the occurrence of any of the events specified in Section 8. Certificates for the shares issuable upon exercise
of the Conversion Right and, if applicable, a new Warrant evidencing the balance of the shares remaining subject to this Warrant, shall be issued as of the Conversion Date and shall be delivered to the holder within thirty (30) days following
the Conversion Date. 
 (c) Determination of Fair Market Value. For purposes of this Section 1.4(c), “fair
market value” of a share of Common Stock as of a particular date (the “Determination Date”) shall mean: 
 (i) If the Conversion Right is exercised in connection with and contingent upon a public offering, and if the Company’s Registration Statement relating to such public offering (“Registration Statement”) has been
declared effective by the SEC, then the initial “Price to Public” specified in the final prospectus with respect to such offering. 
 (ii) If the Conversion Right is not exercised in connection with and contingent upon a public offering, then as follows: 
  

	 	(1)	If traded on a securities exchange, the fair market value of the Common Stock shall be deemed to be the average of the closing prices of the Common Stock on such exchange over the
five-day period ending one business day prior to the Determination Date or, if less, such number of days as the Common Stock has been traded on such exchange; 

  

	 	(2)	If traded over-the-counter, the fair market value of the Common Stock shall be deemed to be the average of the closing bid prices of the Common Stock over the five-day period ending
one business day prior to the Determination Date or, if less, such number of days as the Common Stock has been traded over-the-counter; and 

  

	 	(3)	If there is no public market for the Common Stock, then fair market value shall be determined in good faith by the Board of Directors of the Company. 

  

 -3- 

 2. Fractional Shares. The Company shall not be required upon the exercise of this Warrant to issue
any fractional shares, but shall make an adjustment therefor in cash on the basis of the fair market value of the Warrant Stock reasonably determined by the Board of Directors of the Company. 
 3. Certain Adjustments. 
 3.1 Changes in Common Stock. If the Company shall (i) combine the outstanding shares of Common Stock into a lesser number of shares, (ii) subdivide the outstanding shares of Common Stock into a greater number of shares, or
(iii) issue additional shares of Common Stock as a dividend or other distribution with respect to the Common Stock, the number of shares of Warrant Stock shall be equal to the number of shares which the Holder would have been entitled to
receive after the happening of any of the events described above if such shares had been issued immediately prior to the happening of such event, such adjustment to become effective concurrently with the effectiveness of such event. The Purchase
Price in effect immediately prior to any such combination of Common Stock shall, upon the effectiveness of such combination, be proportionately increased. The Purchase Price in effect immediately prior to any such subdivision of Common Stock or at
the record date of such dividend shall upon the effectiveness of such subdivision or immediately after the record date of such dividend be proportionately reduced. 
 3.2 Reorganizations and Reclassifications. If there shall occur any capital reorganization or reclassification of the Common Stock
(other than a change in par value or a subdivision or combination as provided for in Section 3.1), then, as part of any such reorganization or reclassification, lawful provision shall be made so that the Holder shall have the right thereafter
to receive upon the exercise hereof the kind and amount of shares of stock or other securities or property which such Holder would have been entitled to receive if, immediately prior to any such reorganization or reclassification, such Holder had
held the number of shares of Common Stock which were then purchasable upon the exercise of this Warrant. In any such case, appropriate adjustment (as reasonably determined by the Board of Directors of the Company) shall be made in the application of
the provisions set forth herein with respect to the rights and interests thereafter of the Holder such that the provisions set forth in this Section 3 (including provisions with respect to adjustment of the Purchase Price) shall thereafter be
applicable, as nearly as is reasonably practicable, in relation to any shares of stock or other securities or property thereafter deliverable upon the exercise of this Warrant. 
 3.3 Merger, Consolidation or Sale of Assets. Subject to the provisions of Section 8, if there shall be a merger or
consolidation of the Company with or into another corporation (other than a merger or reorganization involving only a change in the state of incorporation of the Company or the acquisition by the Company of other businesses where the Company
survives as a going concern), or the sale of all or substantially all of the Company’s capital stock or assets to any other person, then as a part of such transaction, provision shall be made so that the Holder shall thereafter be entitled to
receive the number of shares of stock or other securities or property of the Company, or of the successor corporation resulting from the merger, consolidation or sale, to which the Holder would have been entitled if the Holder had exercised its
rights pursuant to the Warrant immediately prior thereto. In any such case, appropriate adjustment shall be made in the application of the provisions of this Section 3 to the end that the provisions of this Section 3 shall be applicable
after that event in as nearly equivalent a manner as may be practicable. 
 3.4 Certificate of Adjustment. When any
adjustment is required to be made in the Purchase Price, the Company shall promptly mail to the Holder a certificate setting forth the Purchase Price after such adjustment and setting forth a brief statement of the facts requiring such 

  

 -4- 

 
adjustment. Delivery of such certificate shall be deemed to be a final and binding determination with respect to such adjustment unless challenged by the
Holder within ten (10) days of receipt thereof. Such certificate shall also set forth the kind and amount of stock or other securities or property into which this Warrant shall be exercisable following the occurrence of any of the events
specified in this Section 3. 
 4. Compliance with Securities Act. 
 4.1 Unregistered Securities. The Holder acknowledges that this Warrant and the Warrant Stock have not been registered under the
Securities Act of 1933, as amended, and the rules and regulations thereunder, or any successor legislation (the “Securities Act”), and agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this
Warrant or any Warrant Stock in the absence of (i) an effective registration statement under the Securities Act covering this Warrant or such Warrant Stock and registration or qualification of this Warrant or such Warrant Stock under any
applicable “blue sky” or state securities law then in effect, or (ii) an opinion of counsel, satisfactory to the Company, that such registration and qualification are not required. The Company may delay issuance of the Warrant Stock
until completion of any action or obtaining of any consent, which the Company deems necessary under any applicable law (including without limitation state securities or “blue sky” laws). 
 4.2 Investment Letter. Without limiting the generality of Section 4.1, unless the offer and sale of any shares of Warrant
Stock shall have been effectively registered under the Securities Act, the Company shall be under no obligation to issue the Warrant Stock unless and until the Holder shall have executed an investment letter in form and substance satisfactory to the
Company, including a warranty at the time of such exercise that the Holder is acquiring such shares for its own account, for investment and not with a view to, or for sale in connection with, the distribution of any such shares. 
 4.3 Legend. Certificates delivered to the Holder pursuant to Section 1.3 shall bear the following legend or a legend in
substantially similar form: 
 “THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE BEEN TAKEN FOR INVESTMENT AND THEY MAY NOT BE SOLD OR
OTHERWISE TRANSFERRED BY ANY PERSON, INCLUDING A PLEDGEE, IN THE ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SHARES UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR AN OPINION OF COUNSEL, SATISFACTORY TO THE COMPANY, THAT AN EXEMPTION
FROM REGISTRATION IS THEN AVAILABLE.” 
 5. Reservation of Stock. The Company will at all times reserve and keep available,
solely for issuance and delivery upon the exercise of this Warrant, such shares of Warrant Stock and other stock, securities and property, as from time to time shall be issuable upon the exercise of this Warrant. The Company covenants that all
shares of Warrant Stock so issuable will, when issued, be duly and validly issued and fully paid and nonassessable. 
 6. RESERVED.

 7. Replacement of Warrants. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement (with surety if reasonably required) in an amount reasonably satisfactory 

  

 -5- 

 
to the Company, or (in the case of mutilation) upon surrender and cancellation of this Warrant, the Company will issue, in lieu thereof, a new Warrant of
like tenor. 
 8. Termination Upon Certain Events. If, subsequent to the Initial Business Combination, there shall be a merger or
consolidation of the Company with or into another corporation (other than a merger or reorganization involving only a change in the state of incorporation of the Company or the acquisition by the Company of other businesses where the Company
survives as a going concern), or the sale of all or substantially all of the Company’s capital stock or assets to any other person, or the liquidation or dissolution of the Company, then as a part of such transaction, at the Company’s
option, either: 
 (a) provision shall be made so that the Holder shall thereafter be entitled to receive the number of shares
of stock or other securities or property of the Company, or of the successor corporation resulting from the merger, consolidation or sale, to which the Holder would have been entitled if the Holder had exercised its rights pursuant to the Warrant
immediately prior thereto (and, in such case, appropriate adjustment shall be made in the application of the provisions of this Section 8(a) to the end that the provisions of this Section 3 shall be applicable after that event in as nearly
equivalent a manner as may be practicable); or 
 (b) this Warrant shall terminate on the effective date of such merger,
consolidation or sale (the “Termination Date”) and become null and void, provided, that if this Warrant shall not have otherwise terminated or expired, (1) the Company shall have given the Holder written notice of such
Termination Date at least twenty (20) business days prior to the occurrence thereof and (2) the Holder shall have the right until 5:00 p.m., Eastern Standard Time, on the day immediately prior to the Termination Date to exercise its rights
hereunder to the extent not previously exercised. 
 9. Transferability. The Warrant shall not be assigned, pledged or hypothecated in
any way and shall not be subject to execution, attachment or similar process until such time as the Company completes its first business combination. The foregoing transfer restriction shall not apply to (a) transfers resulting from the death
of any of the Holder, (b) transfers by operation of law, (c) any transfer for estate planning purposes to persons immediately related to the transferor by blood, marriage or adoption, or (d) any trust solely for the benefit of such
transferor and/or the persons described in the preceding clause; provided, however, that with respect to each of the transfers described in clauses (a), (b), (c) and (d) of this sentence, prior to such transfer, each
permitted transferee or the trustee or legal guardian for each permitted transferee agrees in writing to be bound by the terms of this Warrant. Any attempted transfer, assignment, pledge, hypothecation or other disposition of this Warrant or of any
rights granted hereunder contrary to the provisions of this Section 9, or the levy of any attachment or similar process upon the Warrant or such rights, shall be null and void. 
 10. Redemption. The Warrant shall be non-redeemable so long as the Holder holds such Warrant following its issuance by the Company to such Holder.
In the event the Warrant is transferred by the Holder, then the Warrant may be redeemed in whole, and not in part, at a price of $.01 per Warrant, upon a minimum of 30 days’ prior written notice of redemption; an if, and only if, the last sales
price of the Company’s Common Stock equals or exceeds $11.50 per share for any twenty (20) trading days within a 30 trading day period ending three (3) business days before the Company sends the notice of redemption. 
 11. Registration Rights. This Warrant, together with the shares of Common Stock underlying this Warrant, are and will be entitled to registration
rights under a registration rights agreement to be signed between the Holder and the Company. 
  

 -6- 

 11. No Rights as Shareholder. Until the exercise of this Warrant, the Holder shall not have or
exercise any rights by virtue hereof as a shareholder of the Company. 
 12. Notices. All notices,
requests and other communications hereunder shall be in writing, shall be (i) delivered by hand, (ii) made by telex, telecopy or facsimile transmission, (iii) sent by overnight courier, or (iv) sent by registered mail, postage
prepaid, return receipt requested. In the case of notices from the Company to the Holder, they shall be sent to the address furnished to the Company in writing by the last Holder who shall have furnished an address to the Company in writing. All
notices from the Holder to the Company shall be delivered to the Company at its offices at 17th Km National Road
Athens-Lamia & Finikos Street, 145 64 Nea Kifisia, Athens, Greece, or such other address as the Company shall so notify the Holder. All notices, requests and other communications hereunder shall be deemed to have been given (i) by
hand, at the time of the delivery thereof to the receiving party at the address of such party described above, (ii) if made by telex, telecopy or facsimile transmission, at the time that receipt thereof has been acknowledged by electronic
confirmation or otherwise, (iii) if sent by overnight courier, on the next business day following the day such notices is delivered to the courier service, or (iv) if sent by registered mail, on the fifth business day following the day
such mailing is made. 
 13. Waivers and Modifications. Any term or provision of this Warrant may be waived only by written document
executed by the party entitled to the benefits of such terms or provisions. The terms and provisions of this Warrant may be modified or amended only by written agreement executed by the parties hereto. 
 14. Headings. The headings in this Warrant are for convenience of reference only and shall in no way modify or affect the meaning or construction
of any of the terms or provisions of this Warrant. 
 15. Governing Law. This Warrant will be governed by and construed in accordance
with and governed by the laws of the Republic of the Marshall Islands, without giving effect to the conflict of law principles thereof. 
  

			
	OCEANAUT, INC.
		
	By:	 	  
	Name:	 	Christopher Georgakis
	Title:	 	Chief Executive Officer and President

  

 -7- 

 EXHIBIT A 
 PURCHASE FORM 
  

	To:	OCEANAUT, INC. 

 The undersigned pursuant to the
provisions set forth in the attached Warrant (No. WCS-____), hereby irrevocably elects to (check one): 
  

	 	 ̈	(A) purchase ___ shares of the Common Stock, par value $___ per share, of Oceanaut, Inc. (the “Common Stock”), covered by such Warrant and herewith makes payment of
$_____, representing the full purchase price for such shares at the price per share provided for in such Warrant; or 

  

	 	 ̈	(B) convert ___ Converted Warrant Shares into that number of shares of fully paid and nonassessable shares of Common Stock, determined pursuant to the provisions of Section 1.4 of
the Warrant. 

 The Common Stock for which the Warrant may be exercised or converted shall be known herein as the “Warrant Stock.”

 The undersigned is aware that the Warrant Stock has not been and will not be registered under the Securities Act of 1933, as amended (the
“Securities Act”) or any state securities laws. The undersigned understands that reliance by the Company on exemptions under the Securities Act is predicated in part upon the truth and accuracy of the statements of the undersigned
in this Purchase Form. 
 The undersigned represents and warrants that (1) it has been furnished with all information which it deems
necessary to evaluate the merits and risks of the purchase of the Warrant Stock, (2) it has had the opportunity to ask questions concerning the Warrant Stock and the Company and all questions posed have been answered to its satisfaction,
(3) it has been given the opportunity to obtain any additional information it deems necessary to verify the accuracy of any information obtained concerning the Warrant Stock and the Company and (4) it has such knowledge and experience in
financial and business matters that it is able to evaluate the merits and risks of purchasing the Warrant Stock and to make an informed investment decision relating thereto. 
 The undersigned hereby represents and warrant that it is purchasing the Warrant Stock for its own account for investment and not with a view to the sale
or distribution of all or any part of the Warrant Stock. 
 The undersigned understands that because the Warrant Stock has not been
registered under the Securities Act, it must continue to bear the economic risk of the investment for an indefinite period of time and the Warrant Stock cannot be sold unless it is subsequently registered under applicable federal and state
securities laws or an exemption from such registration is available. 
 The undersigned agrees that it will in no event sell or distribute or
otherwise dispose of all or any part of the Warrant Stock unless (1) there is an effective registration statement under the Securities Act and applicable state securities laws covering any such transaction involving the Warrant Stock, or
(2) the Company receives an opinion satisfactory to the Company of the undersigned’s legal counsel stating that such transaction is exempt from registration. The undersigned consents to the placing of a legend on its certificate for the
Warrant Stock stating that the Warrant Stock has not been registered and setting forth 

 
the restriction on transfer contemplated hereby and to the placing of a stop transfer order on the books of the Company and with any transfer agents against
the Warrant Stock until the Warrant Stock may be legally resold or distributed without restriction. 
 The undersigned has considered the
federal and state income tax implications of the exercise of the Warrant and the purchase and subsequent sale of the Warrant Stock. 
  

			
	
	   
		
	Dated:	 	  

  

 -2-

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