Document:

AGREEMENT

     

    THIS
AGREEMENT (this “Agreement”) is made
and entered into as of June 17, 2009 but shall be effective as of the Effective
Date (defined herein), by and among III to I Maritime Partners Cayman I, L.P.
(the “Partnership”), III to
I International Maritime Solutions Cayman, Inc. (the “General Partner”),
IMS Capital Partners, LLC (“IMS Capital
Partners”) and Kronos Shipping I, Ltd. (“Kronos”).

     

    Recitals

     

    WHEREAS, IMS Holdings and the Schulte
Group (“Schulte”) have
entered into that certain Memorandum of Agreement dated as of November 13, 2007
between III to I IMS Holdings LLC (“IMS Holdings”) and
Schulte, as amended by Addendum No. 1 dated as of July 6, 2008 (as amended,
supplemented, amended and restated, the “Original MOA”)
whereby IMS Holdings or its nominee agreed to place an order for one IMO II
Chemical/Product tanker (the “Tanker”) from Nantong
Mingde Heavy Industry Stock Co., Ltd. through Schulte;

     

    WHEREAS, Kronos, a wholly owned
subsidiary of the Partnership, has entered into that certain Memorandum of
Agreement dated as of April 25, 2009 between Kronos and Conway Shipping Co. Ltd.
(“Conway”), an
affiliate of Schulte, whereby the Original MOA was amended and restated in its
entirety and is attached hereto as Exhibit A (as
amended, the “MOA”);

     

    WHEREAS, IMS Capital Partners has paid
amounts totaling $4,138,946.23 to Conway (and any other third parties as
identified on Exhibit
A) pursuant to the Original MOA and in the amounts and times set forth as
on Exhibit B
(the “Amounts
Paid”);

     

    WHEREAS, in order to fund the Amounts
Paid, certain inter company loans were made and notes were issued by (i) IMS
Capital Partners in favor of IMS Holdings and (ii) IMS Holdings in favor of the
Partnership, as set forth in Exhibit C (the “Notes”);

     

    WHEREAS, the Partnership desires for
any and all rights and obligations in connection with the Original MOA, the MOA
and the Amounts Paid owned by IMS Capital Partners and IMS Holdings to be
transferred and assigned to its wholly owned subsidiary, Kronos (the “Transfer”);

     

    WHEREAS, as consideration for the
Transfer, each of IMS Holdings and IMS Capital Partners shall no longer have any
rights or obligations in connection with the Tanker or the MOA; and

     

    WHEREAS, in order to give effect to the
Transfer and as consideration, (i) the Partnership has agreed to assign those
certain Notes payable to it by IMS Holdings and the underlying amounts
receivable in connection therewith, totaling $4,138,946.23 including interest
accrued thereon, to IMS Capital Partners in exchange for IMS Capital Partner’s
consent to the execution of the MOA and the transfer of the rights thereby, and
any right to the return of any Amounts Paid to Kronos and (ii) Kronos will
accept transfer of said rights and credit the Partnership with additional paid
in capital in the amount of $4,138,946.23 (the “Contribution”).

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    Agreement

     

    In
consideration of the premises, mutual promises, representations, warranties,
covenants and conditions set forth in this Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledge, the parties hereto hereby agree as follows:

     

    ARTICLE
I

     

    CONTRIBUTION

     

    1.1           Transfer.  On
the terms and subject to the conditions of this Agreement, upon the Effective
Date the Transfer and Contribution shall be deemed to be
consummated.  Each party hereto acknowledges receipt of the
consideration set for in the Recitals above as to be received by such
party.

     

    1.2           Effects of
Transfer.  Immediately
upon the consummation of the Transfer and Contribution, legal title to the
Original MOA, the MOA, and all rights and obligations in connection therewith
and in connection with the Tanker shall be deemed to be transferred to and
assumed by Kronos, and IMS Holdings and IMS Capital Partners shall have no
further rights or obligations with respect to the Original MOA, the MOA or the
Tanker.

     

    ARTICLE
II

     

    REPRESENTATIONS AND
WARRANTIES

     

    As a
material inducement for each party to enter into this Agreement, each of the
parties below hereby severally represents and warrants that:

     

    2.1           Authorization. Such
party has full power and authority to enter into this Agreement and this
Agreement constitutes its valid and legally binding obligation, enforceable in
accordance with its terms.

     

    2.2           Rights in
MOA.  Each
of IMS Holdings and IMS Capital Partners represents that such entity is
transferring all of its rights in connection with the Original MOA and the MOA
to Kronos.

     

    ARTICLE
III

     

    MISCELLANEOUS

     

    3.1           Effective
Date.  This Agreement shall be effective as of April 25, 2009,
the date upon which the MOA was entered into (the “Effective
Date”).

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    3.2           Further
Actions.  Each of IMS Holdings and IMS Capital Partners hereby agrees
that each entity will do any and all acts requested by the Partnership or Kronos
in the future to give effect to the Transfer and the Contribution, including the
execution of any documents necessary to give such effect.

     

    3.3           Amendment and
Waiver.  This
Agreement may be amended and any provision of this Agreement may be waived only
if such amendment or waiver is set forth in writing and executed by each of the
Partnership, IMS Capital Partners and Kronos and acknowledged by IMS
Holdings.  No course of dealing between or among any persons having
any interest in this Agreement will be deemed effective to modify, amend or
discharge any part of this Agreement or any rights or obligations of any party
under or by reason of this Agreement.

     

    3.4           Binding Agreement;
Assignment.  The provisions of this Agreement shall inure to the
benefit of and be binding upon the Partnership, IMS Holdings, IMS Capital
Partners and Kronos and their respective successors and assigns, whether or not
any such person shall have become a party to this Agreement; provided, however,
that no party may assign its rights or delegate its duties hereunder without the
prior written consent of the other parties hereto.  Any purported
assignment in violation of this Section 3.4 shall be void and of no force or
effect.

     

    3.5           Severability.  Whenever
possible, each provision of this Agreement will be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this
Agreement is held to be prohibited by or invalid under applicable law, such
provision will be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of such provisions or the
remaining provisions of this Agreement.

     

    3.6           No Strict
Construction.  The
language used in this Agreement will be deemed to be the language chosen by the
parties hereto to express their mutual intent, and no rule of strict
construction will be applied against any person.

     

    3.7           Headings;
Interpretation.  The
headings used in this Agreement are for convenience of reference only and do not
constitute a part of this Agreement and will not be deemed to limit,
characterize or in any way affect any provision of this Agreement, and all
provisions of this Agreement will be enforced and construed as if no caption had
been used in this Agreement.  Whenever the term “including” is used in
this Agreement (whether or not that term is followed by the phrase “but not
limited to” or “without limitation” or words of similar effect) in connection
with a listing of one or more items or matters, that listing will be interpreted
to be illustrative only and will not be interpreted as a limitation on, or an
exclusive listing of, such items or matters.

     

    3.8           Entire
Agreement.  This
Agreement and the documents referred to herein contain the entire agreement
between the parties and supersede any prior understandings, agreements or
representations by or between the parties, written or oral, which may have
related to the subject matter hereof in any way.

     

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

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    3.10           Governing
Law.  THIS
AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF TEXAS, WITHOUT GIVING
EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE
LAWS OF THE STATE OF TEXAS OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE
APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE LAWS OF THE STATE OF
TEXAS.

     

    3.11           Parties in
Interest.  Nothing
in this Agreement, express or implied, is intended to confer on any person other
than the parties and their respective successors and assigns any rights or
remedies under or by virtue of this Agreement.

     

    [Signature
Pages Follow]

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

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

     

    
      
        
          
            
              	
                      EXECUTED
      AS A DEED BY

                    
	 
      
	
                      THE
      PARTNERSHIP:

                    
	 
      
	
                      III
      TO I MARITIME PARTNERS CAYMAN I, L.P.

                    
	 
      	 
      
	
                      By:

                    	
                      III
      to I International Maritime Solutions 

                      Cayman,
      Inc., its General Partner

                    
	 
      	 
      
	
                      By:

                    	
                      /s/

                    
	 
      	
                      Darrell
      W. Cain, Chief Executive
Officer

                    

            

          

        

      

    

    

    In the
presence of:

    

    
      
        
          	
                  /s/

                
	
                  Witness

                

        

      

    

    

    
      
        
          
            
              	
                      EXECUTED
      AS A DEED BY

                    
	 
      
	
                      THE GENERAL
      PARTNER:

                    
	 
      
	
                      III
      TO I INTERNATIONAL MARITIME SOLUTIONS CAYMAN, INC.

                    
	 
      
	
                      By:

                    	
                      /s/

                    
	 
      	
                      Darrell
      W. Cain, Chief Executive
Officer

                    

            

          

        

      

    

     

    In the
presence of:

    

    
      
        
          	
                  /s/

                
	
                  Witness

                

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              
                
                  	
                          EXECUTED
      AS A DEED BY:

                        
	 
      
	
                          KRONOS
      SHIPPING I, LTD.

                        
	 
      	 
      
	
                          By:

                        	
                          /s/

                        
	
                          Name:

                        	 
      
	
                          Title:

                        	 
      

                

              

            

          

        

      

    

     

    In the
presence of:

    

    
      
        
          	
                  /s/

                
	
                  Witness

                

        

      

    

    

    
      
        
          
            
              
                
                  	
                          EXECUTED
      AS A DEED BY:

                        
	 
      
	
                          IMS
      CAPITAL PARTNERS, LLC

                        
	 
      	 
      
	
                          By:

                        	
                          /s/

                        
	
                          Name:

                        	 
      
	
                          Title:

                        	 
      

                

              

            

          

        

      

    

    

    In the
presence of:

    

    
      
        
          	
                  /s/

                
	
                  Witness

                

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    

    
      
        
          
            
              
                
                  
                    	
                            ACKNOWLEDGMENT
      AND ACCEPTANCE

                          
	
                            EXECUTED
      AS A DEED BY:

                          
	 
      
	
                            III TO
      I IMS HOLDINGS LLC

                          
	 
      	 
      
	
                            By:

                          	
                            /s/

                          
	
                            Name:

                          	 
      
	
                            Title:

                          	 
      

                  

                

              

            

          

        

      

    

    

    In the
presence of:

    

    
      
        
          
            	
                    /s/

                  
	
                    Witness

                  

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
A

    

    Memorandum of
Agreement

    

    [SEE
FORM 10 EXHIBIT 10.8]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
B

    

    Amounts
Paid

     

    
      
        
          
            
              
                
                  
                    
                      
                        
                          
                            
                              
                                
                                  
                                    
                                      	
                                              Pavor

                                            	 	
                                              Date

                                            	 	
                                              Amount

                                            	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              12/14/2007

                                            	 	 	83,000.00	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              1/10/2008

                                            	 	 	3,000,000.00	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              6/27/2008

                                            	 	 	163,200.00	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              6/27/2008

                                            	 	 	81,600.00	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              7/11/2008

                                            	 	 	7,000.00	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              10/8/2008

                                            	 	 	30,000.00	 
	
                                              Tanker
      Costs

                                            	 	 
      	 	 	3,364,800.00	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              1/10/2008

                                            	 	 	109,678.17	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              4/30/2008

                                            	 	 	75,433.70	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              7/22/2008

                                            	 	 	76,515.21	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              10/22/2008

                                            	 	 	77,561.61	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              12/10/2008

                                            	 	 	52,501.65	 
	
                                              Tanker
      Costs - Interest

                                            	 	 
      	 	 	391,690.34	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              11/29/2007

                                            	 	 	10,000.00	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              4/29/2008

                                            	 	 	12,921.30	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              10/7/2008

                                            	 	 	3,845.67	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              10/20/2008

                                            	 	 	200.00	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              12/18/2008

                                            	 	 	2,336.25	 
	
                                              Legal

                                            	 	 
      	 	 	29,303.22	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              2/26/2008

                                            	 	 	600.00	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              12/14/2007

                                            	 	 	20.00	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              10/20/2008

                                            	 	 	20.00	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              10/29/2008

                                            	 	 	200.00	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              7/22/2008

                                            	 	 	5,000.00	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              3/6/2008

                                            	 	 	10,000.00	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              2/19/2008

                                            	 	 	2,711.29	 
	
                                              IMS
      Capital Partners

                                            	 	
                                              11/14/2008

                                            	 	 	503.00	 
	
                                              Miscellaneous

                                            	 	 
      	 	 	19,054.29	 
	
                                              IMS
      Capital Partners

                                            	 	 
      	 	 	334,098.38	 
	
                                              Interest
      on intercompany loan

                                            	 	 
      	 	 	334,098.38	 
	
                                              Total:

                                            	 	 
      	 	$	4,138,946.23	 

                                    

                                  

                                

                              

                            

                          

                        

                      

                    

                  

                

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
C

    

    Schedule of Notes and
Advances

    

    
      
        
          
            
              
                
                  
                    	
                            Maker

                          	 	
                            Payee

                          	 	
                            Date

                          	 	
                            Amount Paid

                          	 
	 
      	 	 
      	 	 
      	 	 	 
	
                            IMS
      Holdings

                          	 	
                            The
      Partnership

                          	 	
                            11/29/2007

                          	 	$	100,000.00	 
	
                            IMS
      Holdings

                          	 	
                            The
      Partnership

                          	 	
                            1/10/2008

                          	 	$	3,200,000.00	 
	
                            IMS
      Holdings

                          	 	
                            The
      Partnership

                          	 	
                            4/29/2008

                          	 	$	75,000.00	 
	
                            IMS
      Holdings

                          	 	
                            The
      Partnership

                          	 	
                            6/27/2008

                          	 	$	350,000.00	 
	
                            IMS
      Holdings

                          	 	
                            The
      Partnership

                          	 	
                            7/30/2008

                          	 	$	100,000.00	 
	
                            IMS
      Holdings

                          	 	
                            The
      Partnership

                          	 	
                            10/7/2008

                          	 	$	90,000.00	 
	
                            IMS
      Holdings

                          	 	
                            The
      Partnership

                          	 	
                            11/7/2008

                          	 	$	10,000.00	 
	
                            IMS
      Holdings

                          	 	
                            The
      Partnership

                          	 	
                            12/10/2008

                          	 	$	60,000.00	 
	
                            IMS
      Holdings

                          	 	
                            The
      Partnership

                          	 	
                            12/12/2008

                          	 	$	10,000.00	 
	 
      	 	 
      	 	 
      	 	$	3,995,000.00	 
	 
      	 	 
      	 	 
      	 	 	 	 
	
                            IMS
      Capital Partners

                          	 	
                            IMS
      Holdings

                          	 	
                            11/29/2007

                          	 	$	100,000.00	 
	
                            IMS
      Capital Partners

                          	 	
                            IMS
      Holdings

                          	 	
                            1/10/2008

                          	 	$	3,200,000.00	 
	
                            IMS
      Capital Partners

                          	 	
                            IMS
      Holdings

                          	 	
                            4/29/2008

                          	 	$	75,000.00	 
	
                            IMS
      Capital Partners

                          	 	
                            IMS
      Holdings

                          	 	
                            6/27/2008

                          	 	$	350,000.00	 
	
                            IMS
      Capital Partners

                          	 	
                            IMS
      Holdings

                          	 	
                            7/30/2008

                          	 	$	100,000.00	 
	
                            IMS
      Capital Partners

                          	 	
                            IMS
      Holdings

                          	 	
                            10/7/2008

                          	 	$	90,000.00	 
	
                            IMS
      Capital Partners

                          	 	
                            IMS
      Holdings

                          	 	
                            11/7/2008

                          	 	$	10,000.00	 
	
                            IMS
      Capital Partners

                          	 	
                            IMS
      Holdings

                          	 	
                            12/10/2008

                          	 	$	60,000.00	 
	
                            IMS
      Capital Partners

                          	 	
                            IMS
      Holdings

                          	 	
                            12/12/2008

                          	 	$	10,000.00	 
	 
      	 	 
      	 	 
      	 	$	3,995,000.00NOTE
CANCELLATION AGREEMENT

     

    THIS NOTE
CANCELLATION AGREEMENT (this “Agreement”) is made
and entered into as of June 17, 2009, but effective as of the Effective Date (as
defined herein), by and among III to I IMS Holdings LLC (“IMS Holdings”) and
IMS Capital Partners, LLC (“IMS Capital
Partners”).

     

     

    Recitals

     

    WHEREAS, certain inter company loans
were made and notes were issued by (i) IMS Holdings (the “Holdings Notes”) in
favor of III to I Maritime Partners Cayman I, L.P. (the “Partnership”) and
(ii) IMS Capital Partners in favor of IMS Holdings, as set forth in Exhibit A (the “Capital Partners
Notes” and together with the Holdings Notes, the “Notes”) in connection
with the that certain Memorandum of Agreement dated as of April 25, 2009 between
Kronos Shipping I, Ltd. (“Kronos”) and Conway
Shipping Co. Ltd., an affiliate of Schulte, which is attached hereto as Exhibit B (as
amended, the “MOA”);

     

    WHEREAS, pursuant to that certain
Agreement, dated as of the date hereof, by and among the Partnership, III to I
International Maritime Solutions Cayman, Inc. (the “General Partner”),
IMS Capital Partners and Kronos, and acknowledged by IMS Holdings, the
Partnership assigned the Holdings Notes and the underlying amounts receivable in
connection therewith, in principal amounts totaling $3,995,000, to IMS Capital
Partners in exchange for the transfer by IMS Capital Partners and IMS Holdings
of all of their rights and interests in the IMO II Chemical/Product tanker and
the MOA to Kronos (the “MOA Transfer
Agreement”);

     

    WHEREAS, as the result of the MOA and
MOA Transfer Agreement being effective, the Holdings Notes are now held by IMS
Capital Partners, and such obligations are directly offset by the Capital
Partners Notes held by IMS Holdings, as evidenced by Exhibit C (the “Offsetting Note
Obligations”); and

     

    WHEREAS, to give effect to the
Offsetting Note Obligations, both IMS Holdings and IMS Capital Partners desire
to cancel each of the Notes and recognize that the cancellation of all of the
Notes will provide mutual consideration for both IMS Holdings and IMS Capital
Partners (the “Cancellation
Transaction”).

     

    Agreement

     

    In
consideration of the premises, mutual promises, representations, warranties,
covenants and conditions set forth in this Agreement, and for other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledge, the parties hereto hereby agree as follows:

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    ARTICLE
I

     

    CANCELLATION OF
NOTES

     

    1.1           Cancellation.  On
the terms and subject to the conditions of this Agreement, immediately upon the
execution of this Agreement by all parties signatory hereto, the Cancellation
Transaction shall be deemed to be consummated.  Each party hereto
acknowledges receipt of the consideration set for in the Recitals above as to be
received by such party.  Immediately thereafter, each holder of a Note
shall mark such Note as cancelled and shall surrender the Note(s) to the maker
or subsequent assignee of such Note.

     

    1.2           Effects of
Cancellation.  Immediately
upon the consummation of the Note Cancellation Transaction, all of the Notes
(including all principal and interest thereon) shall be deemed repaid in full
and shall no longer have any legal effect.

     

    ARTICLE
II

     

    REPRESENTATIONS AND
WARRANTIES

     

    As a
material inducement for each party to enter into this Agreement, each of the
parties below hereby severally represents and warrants that:

     

    2.1           Authorization. Such
party has full power and authority to enter into this Agreement and this
Agreement constitutes its valid and legally binding obligation, enforceable in
accordance with its terms.

     

    2.2           Rights in
Notes.  Each
of IMS Holdings and IMS Capital Partners represents that such entity is
terminating all of its rights in connection with the Notes.

     

    ARTICLE
III

     

    MISCELLANEOUS

     

    3.1           Effective
Date.  This Agreement shall be effective immediately after the
MOA Transfer Agreement becomes effective on April 25, 2009, the date upon which
the MOA was entered into (the “Effective
Date”).

     

    3.2           Further
Actions.  Each of IMS Holdings and IMS Capital Partners hereby agrees
that each entity will do any and all acts requested by the Partnership or Kronos
in the future to give effect to the Note Cancellation Transaction, including the
execution of any documents necessary to give such effect.

     

    3.3           Amendment and
Waiver.  This
Agreement may be amended and any provision of this Agreement may be waived only
if such amendment or waiver is set forth in writing and executed by each of IMS
Holdings and IMS Capital Partners.  No course of dealing between or
among any persons having any interest in this Agreement will be deemed effective
to modify, amend or discharge any part of this Agreement or any rights or
obligations of any party under or by reason of this Agreement.

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    3.4           Binding Agreement;
Assignment.  The provisions of this Agreement shall inure to the
benefit of and be binding upon the Partnership, IMS Holdings and IMS Capital
Partners and their respective successors and assigns, whether or not any such
person shall have become a party to this Agreement; provided, however, that no
party may assign its rights or delegate its duties hereunder without the prior
written consent of the other parties hereto.  Any purported assignment
in violation of this Section 3.4 shall be void and of no force or
effect.

     

    3.5           Severability.  Whenever
possible, each provision of this Agreement will be interpreted in such manner as
to be effective and valid under applicable law, but if any provision of this
Agreement is held to be prohibited by or invalid under applicable law, such
provision will be ineffective only to the extent of such prohibition or
invalidity, without invalidating the remainder of such provisions or the
remaining provisions of this Agreement.

     

    3.6           No Strict
Construction.  The
language used in this Agreement will be deemed to be the language chosen by the
parties hereto to express their mutual intent, and no rule of strict
construction will be applied against any person.

     

    3.7           Headings;
Interpretation.  The
headings used in this Agreement are for convenience of reference only and do not
constitute a part of this Agreement and will not be deemed to limit,
characterize or in any way affect any provision of this Agreement, and all
provisions of this Agreement will be enforced and construed as if no caption had
been used in this Agreement.  Whenever the term “including” is used in
this Agreement (whether or not that term is followed by the phrase “but not
limited to” or “without limitation” or words of similar effect) in connection
with a listing of one or more items or matters, that listing will be interpreted
to be illustrative only and will not be interpreted as a limitation on, or an
exclusive listing of, such items or matters.

     

    3.8           Entire
Agreement.  This
Agreement and the documents referred to herein contain the entire agreement
between the parties and supersede any prior understandings, agreements or
representations by or between the parties, written or oral, which may have
related to the subject matter hereof in any way.

     

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

     

    3.10           Governing
Law.  THIS
AGREEMENT SHALL BE GOVERNED BY THE LAWS OF THE STATE OF TEXAS, WITHOUT GIVING
EFFECT TO ANY CHOICE OF LAW OR CONFLICT OF LAW PROVISION OR RULE (WHETHER OF THE
LAWS OF THE STATE OF TEXAS OR ANY OTHER JURISDICTION) THAT WOULD CAUSE THE
APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE LAWS OF THE STATE OF
TEXAS.

     

    3.11           Parties in
Interest.  Nothing
in this Agreement, express or implied, is intended to confer on any person other
than the parties and their respective successors and assigns any rights or
remedies under or by virtue of this Agreement.

     

    [Signature
Pages Follow]

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

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

    

    
      
        
          
            
              
                	
                        EXECUTED
      AS A DEED BY:

                      
	 
      
	
                        III TO
      I IMS HOLDINGS LLC

                      
	 
      
	
                        By:

                      	
                        /s/

                      
	
                        Name:

                      	 
      
	
                        Title:

                      	 
      

              

            

          

        

      

    

    

    In the
presence of:

    

    
      
        	
                /s/

              
	
                Witness

              

      

    

    

    
      EXECUTED
AS A DEED BY:

    

    

    
      
        
          
            
              
                	
                        IMS
      Capital Partners, LLC

                      
	 
      	 
      
	
                        By:

                      	
                        /s/

                      
	
                        Name:

                      	 
      
	
                        Title:

                      	 
      

              

            

          

        

      

    

    

    In the
presence of:

    

    
      
        	
                /s/

              
	
                Witness

              

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
A

    

    The Memorandum of
Agreement

    

    [SEE
FORM 10 EXHIBIT 10.8]

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    EXHIBIT
B

    

    Schedule of Notes and
Advances Prior to Execution of the MOA Transfer Agreement

    

    
      
        
          
            
              
                
                  
                    	
                            Maker

                          	 	
                            Payee

                          	 	
                            Date

                          	 	
                            Amount Paid

                          	 
	 
      	 	 
      	 	 
      	 	 	 
	
                            IMS
      Holdings

                          	 	
                            The
      Partnership

                          	 	
                            11/29/2007

                          	 	$	100,000.00	 
	
                            IMS
      Holdings

                          	 	
                            The
      Partnership

                          	 	
                            1/10/2008

                          	 	$	3,200,000.00	 
	
                            IMS
      Holdings

                          	 	
                            The
      Partnership

                          	 	
                            4/29/2008

                          	 	$	75,000.00	 
	
                            IMS
      Holdings

                          	 	
                            The
      Partnership

                          	 	
                            6/27/2008

                          	 	$	350,000.00	 
	
                            IMS
      Holdings

                          	 	
                            The
      Partnership

                          	 	
                            7/30/2008

                          	 	$	100,000.00	 
	
                            IMS
      Holdings

                          	 	
                            The
      Partnership

                          	 	
                            10/7/2008

                          	 	$	90,000.00	 
	
                            IMS
      Holdings

                          	 	
                            The
      Partnership

                          	 	
                            11/7/2008

                          	 	$	10,000.00	 
	
                            IMS
      Holdings

                          	 	
                            The
      Partnership

                          	 	
                            12/10/2008

                          	 	$	60,000.00	 
	
                            IMS
      Holdings

                          	 	
                            The
      Partnership

                          	 	
                            12/12/2008

                          	 	$	10,000.00	 
	 
      	 	 
      	 	 
      	 	$	3,995,000.00	 
	 
      	 	 
      	 	 
      	 	 	 	 
	
                            IMS
      Capital Partners

                          	 	
                            IMS
      Holdings

                          	 	
                            11/29/2007

                          	 	$	100,000.00	 
	
                            IMS
      Capital Partners

                          	 	
                            IMS
      Holdings

                          	 	
                            1/10/2008

                          	 	$	3,200,000.00	 
	
                            IMS
      Capital Partners

                          	 	
                            IMS
      Holdings

                          	 	
                            4/29/2008

                          	 	$	75,000.00	 
	
                            IMS
      Capital Partners

                          	 	
                            IMS
      Holdings

                          	 	
                            6/27/2008

                          	 	$	350,000.00	 
	
                            IMS
      Capital Partners

                          	 	
                            IMS
      Holdings

                          	 	
                            7/30/2008

                          	 	$	100,000.00	 
	
                            IMS
      Capital Partners

                          	 	
                            IMS
      Holdings

                          	 	
                            10/7/2008

                          	 	$	90,000.00	 
	
                            IMS
      Capital Partners

                          	 	
                            IMS
      Holdings

                          	 	
                            11/7/2008

                          	 	$	10,000.00	 
	
                            IMS
      Capital Partners

                          	 	
                            IMS
      Holdings

                          	 	
                            12/10/2008

                          	 	$	60,000.00	 
	
                            IMS
      Capital Partners

                          	 	
                            IMS
      Holdings

                          	 	
                            12/12/2008

                          	 	$	10,000.00	 
	 
      	 	 
      	 	 
      	 	$	3,995,000.00	 

                  

                

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    EXHIBIT
C

    

    Schedule of Notes and
Advances After the Execution of the MOA Transfer Agreement

    

    
      
        
          
            
              
                
                  	
                          Maker

                        	 	
                          Payee

                        	 	
                          Date

                        	 	
                          Amount Paid

                        	 
	 
      	 	 
      	 	 
      	 	 	 
	
                          IMS
      Holdings

                        	 	
                          IMS
      Capital Partners (assigned by the Partnership)

                        	 	
                          11/29/2007

                        	 	$	100,000.00	 
	
                          IMS
      Holdings

                        	 	
                          IMS
      Capital Partners (assigned by the Partnership)

                        	 	
                          1/10/2008

                        	 	$	3,200,000.00	 
	
                          IMS
      Holdings

                        	 	
                          IMS
      Capital Partners (assigned by the Partnership)

                        	 	
                          4/29/2008

                        	 	$	75,000.00	 
	
                          IMS
      Holdings

                        	 	
                          IMS
      Capital Partners (assigned by the Partnership)

                        	 	
                          6/27/2008

                        	 	$	350,000.00	 
	
                          IMS
      Holdings

                        	 	
                          IMS
      Capital Partners (assigned by the Partnership)

                        	 	
                          7/30/2008

                        	 	$	100,000.00	 
	
                          IMS
      Holdings

                        	 	
                          IMS
      Capital Partners (assigned by the Partnership)

                        	 	
                          10/7/2008

                        	 	$	90,000.00	 
	
                          IMS
      Holdings

                        	 	
                          IMS
      Capital Partners (assigned by the Partnership)

                        	 	
                          11/7/2008

                        	 	$	10,000.00	 
	
                          IMS
      Holdings

                        	 	
                          IMS
      Capital Partners (assigned by the Partnership)

                        	 	
                          12/10/2008

                        	 	$	60,000.00	 
	
                          IMS
      Holdings

                        	 	
                          IMS
      Capital Partners (assigned by the Partnership)

                        	 	
                          12/12/2008

                        	 	$	10,000.00	 
	 
      	 	 
      	 	 
      	 	$	3,995,000.00	 
	 
      	 	 
      	 	 
      	 	 	 	 
	
                          IMS
      Capital Partners

                        	 	
                          IMS
      Holdings

                        	 	
                          11/29/2007

                        	 	$	100,000.00	 
	
                          IMS
      Capital Partners

                        	 	
                          IMS
      Holdings

                        	 	
                          1/10/2008

                        	 	$	3,200,000.00	 
	
                          IMS
      Capital Partners

                        	 	
                          IMS
      Holdings

                        	 	
                          4/29/2008

                        	 	$	75,000.00	 
	
                          IMS
      Capital Partners

                        	 	
                          IMS
      Holdings

                        	 	
                          6/27/2008

                        	 	$	350,000.00	 
	
                          IMS
      Capital Partners

                        	 	
                          IMS
      Holdings

                        	 	
                          7/30/2008

                        	 	$	100,000.00	 
	
                          IMS
      Capital Partners

                        	 	
                          IMS
      Holdings

                        	 	
                          10/7/2008

                        	 	$	90,000.00	 
	
                          IMS
      Capital Partners

                        	 	
                          IMS
      Holdings

                        	 	
                          11/7/2008

                        	 	$	10,000.00	 
	
                          IMS
      Capital Partners

                        	 	
                          IMS
      Holdings

                        	 	
                          12/10/2008

                        	 	$	60,000.00	 
	
                          IMS
      Capital Partners

                        	 	
                          IMS
      Holdings

                        	 	
                          12/12/2008

                        	 	$	10,000.00	 
	 
      	 	 
      	 	 
      	 	$	3,995,000.00

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00160-of-00352.parquet"}]]