Document:

EX-10.8

    OCEANAUT,
    INC.

 

    CERTIFICATE
    OF DESIGNATION OF

    MANDATORILY REDEEMABLE PREFERRED SHARES, SERIES A,

    SETTING FORTH THE POWERS, PREFERENCES, RIGHTS,
    QUALIFICATIONS,

    LIMITATIONS AND RESTRICTIONS OF SUCH SERIES OF PREFERRED
    STOCK

 

    Section 1.  Designation,
    Number and Rank.  

 

    (a) The shares of such series shall be designated as
    Mandatorily Redeemable Preferred Shares, Series A (the
    “Series A Preferred Shares”) of Oceanaut,
    Inc., a Marshall Islands corporation (the
    “Corporation”). The number of shares initially
    constituting the Series A Preferred Shares shall be 6,200.

 

    (b) Except as provided in Section 1(c) below, the
    Series A Preferred Shares shall, with respect to dividend
    rights and rights upon Liquidation (as defined below), rank
    senior to the Common Shares, and to all classes and series of
    stock of the Corporation whether now or hereafter authorized,
    issued or outstanding (collectively, the “Junior
    Securities”). All Series A Preferred Shares shall
    be of equal rank with each other with respect to the right to
    receive dividends and other distributions of the Corporation and
    rights upon Liquidation up to the amount of the Liquidation
    Preference (as defined below) thereon.

 

    (c) Upon the written consent of at least a majority of the
    issued and outstanding Series A Preferred Shares, the
    Series A Preferred Shares shall, with respect to dividend
    rights and rights on Liquidation, rank junior to all classes and
    series of stock of the Corporation now or hereafter authorized,
    issued or outstanding which by their terms expressly provide
    that they are senior to the Series A Preferred Shares with
    respect to dividend rights and rights on Liquidation
    (collectively, the “Senior Securities”).

 

    (d) Capitalized terms used herein and not otherwise defined
    shall have the meanings set forth in Section 13 below.

 

    Section 2.  Dividends
    and Distributions.  

 

    (a) Holders of Series A Preferred Shares shall be
    entitled to receive, out of funds that are legally available
    under the Business Corporations Act of the Marshall Islands (the
    “BCA”), cash dividends equal to Three Month
    LIBOR (as defined below) plus 2.25% of the Original Issue Price
    (as defined below) per annum on each outstanding share of
    Series A Preferred Stock, prorated for the first year.
    Dividends shall be paid quarterly on the last day of each fiscal
    quarter or at such other times as the Corporation’s Board
    of Directors shall choose. The “Original Issue
    Price” of the Series A Preferred Shares shall be
    $10,000 per share (as adjusted for any stock split, combination
    or similar event or transaction directly affecting the
    Series A Preferred Shares but not by any accrued
    dividends). Such dividends shall accrue from the Original Issue
    Date of the relevant shares of Series A Preferred Shares
    and shall cease to accrue on the date immediately preceding a
    date of redemption as contemplated by Sections 7, 8, 9 or
    10 hereof.

 

    (b) The holders of Series A Preferred Shares shall not
    be entitled to receive any dividends or other distributions for
    the Series A Preferred Shares except as provided herein.

 

    Section 3.  Voting
    Rights.

 

    Except as required under Section 89 of the BCA and any
    other applicable sections, or successor sections thereto, the
    holders of the Series A Preferred Shares shall have no
    voting rights.

 

    Section 4.  Conversion.

 

    Except as provided in Section 7, the Series A
    Preferred Shares are not convertible into or exchangeable for
    any other property or securities of the Corporation; provided,
    however, that this provision shall not affect any rights as
    specifically provided under the BCA.

    

    1

 

    Section 5.  Reacquired
    Shares.

 

    Any Series A Preferred Shares converted, exchanged,
    purchased or otherwise acquired by the Corporation in any manner
    whatsoever shall be retired and canceled promptly after the
    acquisition thereof. All such Series A Preferred Shares
    shall upon their cancellation become authorized but unissued
    shares of preferred stock, par value $0.0001 per share, of the
    Corporation and, upon the filing of an appropriate Certificate
    of Designation with the Registrar of Corporations of the
    Republic of the Marshall Islands, may be reissued as part of
    another series of preferred stock, par value $0.0001 per share,
    of the Corporation subject to the conditions or restrictions on
    issuance set forth therein, but in any event may not be reissued
    as Series A Preferred Shares unless all of the
    Series A Preferred Shares shall have already been
    converted, exchanged, purchased or otherwise acquired by the
    Corporation.

 

    Section 6.  Liquidation.  

 

    (a) Priority Payment.  Upon the
    occurrence of an event of Liquidation and following any payment
    required to be made to any Senior Securities, the holders of
    Series A Preferred Shares shall be paid in cash for each
    Series A Preferred Share held thereby, out of, but only to
    the extent of, the assets of the Corporation legally available
    under the BCA for distribution to its stockholders, an amount
    equal to $10,000 (as adjusted for stock splits, stock dividends,
    combinations or other recapitalizations of the Series A
    Preferred Shares) plus all accrued but unpaid dividends, if any
    (the “Liquidation Preference”), before any
    payment or distribution is made to any Common Shares or Junior
    Securities. If the assets of the Corporation available for
    distribution to the holders of Series A Preferred Shares
    shall be insufficient to permit payment in full to such holders
    of the sums which such holders are entitled to receive in such
    case, then all of the assets available for distribution to
    holders of shares of Series A Preferred Shares shall be
    distributed among and paid to such holders ratably in proportion
    to the amounts that would be payable to such holders if such
    assets were sufficient to permit payment in full.

 

    (b) Notice.  Upon the occurrence of
    an event of Liquidation, written notice shall be delivered to
    each holder of Series A Preferred Shares informing such
    holder of such event and including a statement as to the payment
    or payments payable as a result of such an event, and the place
    where such payment or payments shall be payable, shall be
    delivered in accordance with Section 12 hereof.

 

    Section 7.  Mandatory
    Redemption by the Corporation.  

 

    (a) The Corporation shall, in accordance with
    Section 7(b) below after a Mandatory Redemption Event,
    be required to redeem all of the Series A Preferred Shares.
    On the date of redemption (each, a “Mandatory
    Redemption Date”), each holder of Series A
    Preferred Shares to be redeemed shall surrender certificates
    representing such holder’s ownership of Series A
    Preferred Shares, or deliver a Lost Stock Agreement (as defined
    below), to be redeemed to the Corporation as provided in this
    Section 7. On the Mandatory Redemption Date, the
    Corporation shall redeem, before redeeming any Junior
    Securities, the Series A Preferred Shares. Each
    Series A Preferred Share shall be redeemed pursuant to this
    Section 7 for an amount in cash equal its respective
    Original Issue Price, plus any accrued but unpaid dividends,
    provided that if the Corporation and the holder of the
    Series A Preferred Shares mutually agree in writing, the
    Corporation may, subject to Section 7(d), redeem all or
    part of the Series A Preferred Shares, as the parties
    mutually agree, for a number of its fully paid, non-assessable
    Common Shares determined by dividing the amount which would
    otherwise be paid in cash by the Fair Market Value of the Common
    Shares (as defined below) determined as of the third Business
    Day prior to the Mandatory Redemption Date (the amount to
    be paid, whether in cash, Common Shares or a combination
    thereof, shall be referred to herein as the “Mandatory
    Redemption Price”).

 

    (b) Redemption Procedure.

 

    (1) No less than three Business Days prior to the Mandatory
    Redemption Date, the Corporation shall provide written
    notice to the holders, which notice shall be given in accordance
    with Section 12. Such notice shall state the number of
    shares to be redeemed and the Mandatory Redemption Date,
    which date shall be within 20 calendar days of the date of such
    notice. Such notice shall also indicate whether the redemption
    shall be made in cash or in whole or in part in Common Shares
    pursuant to Section 7(a) above. Payment for such redeemed
    shares shall be made by the Corporation on the Mandatory
    Redemption Date.

    

    2

 

    (2) From and after the close of business on the Mandatory
    Redemption Date, and provided that the Mandatory
    Redemption Price for the Series A Preferred Shares has
    been received by the relevant holder, each Series A
    Preferred Share redeemed in accordance with this Section 7
    shall no longer be deemed outstanding and all rights with
    respect to any such share shall forthwith cease following such
    redemption, except only the right of the holder thereof to
    receive, upon presentation in accordance with the requirements
    of this Section 7 below of the certificate or certificates,
    or Lost Stock Agreement, representing shares redeemed pursuant
    to this Section 7, the applicable Mandatory
    Redemption Price for such share, without interest thereon.
    Notwithstanding anything to the contrary herein, the Corporation
    shall not be required to make any payment in respect of
    Series A Preferred Shares redeemed pursuant to this
    Section 7 until actual delivery to the Corporation or its
    agents of the certificates representing the shares redeemed
    hereby, or a Lost Stock Agreement, such delivery to be conducted
    in accordance with the requirements of paragraph (c) of
    this Section 7.

 

    (3) All Series A Preferred Shares redeemed pursuant to
    this Section 7 shall be cancelled.

 

    (c) The Corporation shall not be obligated to pay the
    Mandatory Redemption Price unless the certificates
    evidencing the Series A Preferred Shares to be redeemed are
    either delivered to the Corporation or its transfer agent as
    provided below, or the holder notifies the Corporation or its
    transfer agent that such certificates have been lost, stolen or
    destroyed and executes an agreement satisfactory to the
    Corporation to indemnify the Corporation and its representatives
    and agents from any loss incurred by such persons or entities in
    connection with such certificates (a “Lost Stock
    Agreement”). On the Mandatory Redemption Date,
    each holder of Series A Preferred Shares to be redeemed
    shall surrender the certificates representing the amount of such
    holder’s Series A Preferred Shares to be redeemed, or
    deliver a Lost Stock Agreement, at the principal offices of the
    Corporation or any transfer agent for the Series A
    Preferred Shares in accordance herewith. Thereupon, there shall
    be delivered to the relevant holder promptly at a bank account
    previously designated in writing by the holder, and in the
    holder’s name as shown on such surrendered certificate or
    certificates or the Lost Stock Agreement, an amount of cash
    representing the Mandatory Redemption Price for which the
    Series A Preferred Shares surrendered were redeemed.

 

    (d) It shall be a condition to the Corporation’s right
    shares to issue any Common Shares pursuant to Section 7(a)
    above or Section 8(a) below, that such Common Shares be
    registered for resale under the Securities Act of 1933.

 

    Section 8.  Mandatory
    Redemption by the Corporation Upon Warrant Trigger
    Event.  

 

    (a) The Corporation shall, in accordance with
    Section 8(b) below, after a Warrant Trigger Event, be
    required to redeem, out of funds legally available under the BCA
    therefor with respect to such Warrant Trigger Event, the
    Series A Preferred Shares in accordance with this
    Section 8. On the date of redemption (each, a
    “Warrant Trigger Mandatory
    Redemption Date”), each holder of Series A
    Preferred Shares to be redeemed shall surrender certificates
    representing such holder’s ownership of Series A
    Preferred Shares, or deliver a Lost Stock Agreement (as defined
    below), to be redeemed to the Corporation as provided in this
    Section 8. On the Warrant Trigger Mandatory
    Redemption Date, the Corporation shall redeem, senior to
    any Junior Securities, the Series A Preferred Shares to be
    redeemed to the extent of the funds of the Corporation legally
    available under the BCA therefor with respect to such Warrant
    Trigger Event. Each Series A Preferred Share to be redeemed
    pursuant to this Section 8 shall be redeemed pursuant to
    this Section 8 for an amount in cash equal its respective
    Original Issue Price, plus any accrued but unpaid dividends (the
    “Warrant Trigger Mandatory
    Redemption Price”) in accordance with the
    following sentence, provided that if the Corporation and the
    holder of the Series A Preferred Shares mutually agree in
    writing, the Corporation may, subject to Section 7(d),
    redeem all or part of the Series A Preferred Shares, as the
    parties mutually agree, for a number of its fully paid,
    non-assessable Common Shares determined by dividing the amount
    which would otherwise be paid in cash by the Fair Market Value
    of the Common Shares (as defined below) determined as of the
    third Business Day prior to the Warrant Trigger Mandatory
    Redemption Date. The cash proceeds to the Corporation from
    the Warrant Trigger Event shall be used to redeem Series A
    Preferred Shares in proportion to the amounts that would be
    payable to such holders if such proceeds were sufficient to
    permit redemption in full; provided that the number of
    Series A Preferred Shares redeemed on a Warrant Trigger
    Mandatory Redemption Date pursuant to this Section 8
    with respect to each holder of Series A Preferred Shares
    shall be the product of (x) the percentage of the total
    number of issued and outstanding Series A Preferred Shares
    held by such holder and (y) the total number of
    Series A Preferred Shares capable of redemption on such
    Warrant Trigger Mandatory

    

    3

 

    Redemption Date based on the proceeds received by the
    Corporation from the Warrant Trigger Event, which product shall
    be rounded down to the nearest whole Series A Preferred
    Share; and further provided that any proceeds to the Corporation
    from the relevant Warrant Trigger Event not distributed on such
    Warrant Trigger Mandatory Redemption Date shall be held by
    the Corporation in escrow and shall be used solely as available
    funds for the redemption of the Series A Preferred Shares
    on the next succeeding Warrant Trigger Mandatory
    Redemption Date, or, if applicable, other date of
    redemption for such shares.

 

    (b) Redemption Procedure.

 

    (1) Upon the occurrence of a Warrant Trigger Event, the
    Corporation shall provide written notice to the holders, which
    notice shall be given in accordance with Section 12. Such
    notice shall state the number of shares to be redeemed and the
    Warrant Trigger Mandatory Redemption Date, which date shall
    be within 20 calendar days of the date of such notice. Payment
    for such redeemed shares shall be made by the Corporation within
    two Business Days following the Warrant Trigger Mandatory
    Redemption Date.

 

    (2) From and after the close of business on the Warrant
    Trigger Mandatory Redemption Date, and provided that the
    Warrant Trigger Mandatory Redemption Price for the
    Series A Preferred Shares has been received by the relevant
    holder, each Series A Preferred Share redeemed in
    accordance with this Section 8 shall no longer be deemed
    outstanding and all rights with respect to any such share shall
    forthwith cease following such redemption, except only the right
    of the holder thereof to receive, upon presentation in
    accordance with the requirements of this Section 8 below of
    the certificate or certificates, or Lost Stock Agreement,
    representing shares redeemed pursuant to this Section 8,
    the applicable Warrant Trigger Mandatory Redemption Price
    for such share, without interest thereon. Notwithstanding
    anything to the contrary herein, the Corporation shall not be
    required to make any payment in respect of Series A
    Preferred Shares redeemed pursuant to this Section 8 until
    actual delivery to the Corporation or its agents of the
    certificates representing the shares redeemed hereby, or a Lost
    Stock Agreement, such delivery to be conducted in accordance
    with the requirements of paragraph (c) of this
    Section 8.

 

    (3) All Series A Preferred Shares redeemed pursuant to
    this Section 8 shall be cancelled.

 

    (c) The Corporation shall not be obligated to pay the
    Warrant Trigger Mandatory Redemption Price unless the
    certificates evidencing the Series A Preferred Shares to be
    redeemed are either delivered to the Corporation or its transfer
    agent as provided below, or the holder notifies the Corporation
    or its transfer agent that such certificates have been lost,
    stolen or destroyed and executes an agreement satisfactory to
    the Corporation to indemnify the Corporation and its
    representatives and agents from any loss incurred by such
    persons or entities in connection with such certificates (a
    “Lost Stock Agreement”). On the Warrant Trigger
    Mandatory Redemption Date, each holder of Series A
    Preferred Shares to be redeemed shall surrender the certificates
    representing the amount of such holder’s Series A
    Preferred Shares to be redeemed, or deliver a Lost Stock
    Agreement, at the principal offices of the Corporation or any
    transfer agent for the Series A Preferred Shares in
    accordance herewith. If fewer than all of the Series A
    Preferred Shares evidenced by a certificate are being redeemed
    pursuant to this Section, a new certificate for the number of
    Series A Preferred Shares represented by such original
    certificate but not so redeemed shall be executed by the
    Corporation and delivered to the holder at the address specified
    on the books of the Corporation or as otherwise specified by
    such holder. Thereupon, there shall be delivered to the relevant
    holder promptly at a bank account previously designated in
    writing by the holder, and in the holder’s name as shown on
    such surrendered certificate or certificates or the Lost Stock
    Agreement, an amount of cash representing the Warrant Trigger
    Mandatory Redemption Price for which the Series A
    Preferred Shares surrendered were redeemed.

 

    Section 9.  Optional
    Redemption Right by the Corporation.  

 

    (a) The Corporation shall, at any time (and from time to
    time), be entitled at its option to redeem, out of funds legally
    available under the BCA therefor, all or any portion of the
    Series A Preferred Shares in accordance with this
    paragraph. On the date of redemption (each, an “Optional
    Redemption Date”), each holder of Series A
    Preferred Shares to be redeemed shall surrender certificates
    representing such holder’s ownership of Series A
    Preferred Shares, or deliver a Lost Stock Agreement, to be
    redeemed to the Corporation as provided in this Section 9.
    On the Optional Redemption Date, the Corporation shall
    redeem the Series A Preferred Shares to be redeemed to the
    extent of the funds of the Corporation legally available under
    the BCA therefor. Each Series A Preferred Share shall be

    

    4

 

    redeemed pursuant to this paragraph for an amount in cash equal
    its respective Original Issue Price, plus any accrued but unpaid
    dividends (the “Optional
    Redemption Price”).

 

    (b) Redemption Procedure.

 

    (1) The Corporation may, but shall not be obligated to,
    elect to redeem all or any portion of the Series A
    Preferred Shares by providing written notice to the holders,
    which notice shall be given in accordance with Section 12.
    Such notice shall state the number of shares to be redeemed and
    the Optional Redemption Date, which date shall be within 20
    calendar days of the date of such notice. The Corporation shall
    be entitled to utilize any method reasonably chosen by the Board
    of Directors thereof in order to determine which Series A
    Preferred Shares to redeem. Payment for such redeemed shares
    shall be made by the Corporation within two Business Days
    following the Optional Redemption Date.

 

    (2) From and after the close of business on the Optional
    Redemption Date, and provided that the Optional
    Redemption Price for such Series A Preferred Shares
    has been received by the relevant holder, the Series A
    Preferred Shares redeemed in accordance with this Section 9
    shall no longer be deemed outstanding and all rights with
    respect to any such share shall forthwith cease following such
    redemption, except only the right of the holder thereof to
    receive, upon presentation in accordance with the requirements
    of this Section 9 below of the certificate or certificates,
    or delivery of a Lost Stock Agreement, representing shares
    redeemed pursuant to this Section 9, the applicable
    Optional Redemption Price for such share, without interest
    thereon. Notwithstanding anything to the contrary herein, the
    Corporation shall not be required to make any payment in respect
    of Series A Preferred Shares redeemed pursuant to this
    Section 8 until actual delivery to the Corporation or its
    agents of the certificates representing the shares redeemed
    hereby, such delivery to be conducted in accordance with the
    requirements of paragraph (c) of this Section 8.

 

    (3) All Series A Preferred Shares redeemed pursuant to
    this paragraph (b)(3) shall be cancelled.

 

    (c) Presentation.  The Corporation
    shall not be obligated to pay the Optional Redemption Price
    unless the certificates evidencing the Series A Preferred
    Shares to be redeemed are either delivered to the Corporation or
    its transfer agent as provided below, or the holder notifies the
    Corporation or its transfer agent that such certificates have
    been lost, stolen or destroyed and executes a Lost Stock
    Agreement. On the Optional Redemption Date, each holder of
    Series A Preferred Shares to be redeemed shall surrender
    the certificates representing all of such holder’s
    Series A Preferred Shares at the principal offices of the
    Corporation or any transfer agent for the Series A
    Preferred Shares in accordance herewith. Thereupon, there shall
    be delivered to the relevant holder promptly at a bank account
    previously designated in writing by the holder, and in the
    holder’s name as shown on such surrendered certificate or
    certificates, or the Lost Stock Agreement, an amount of cash
    representing the Optional Redemption Price for which the
    Series A Preferred Shares surrendered were redeemed.

 

    Section 10.  Mandatory
    Redemption by the Corporation Upon a Change of
    Control.  

 

    (a) Upon the occurrence of a Change in Control, the
    Corporation shall redeem all of the Series A Preferred
    Shares in accordance with this Section 10. On the date of
    redemption (each, a “COC
    Redemption Date”), each holder of Series A
    Preferred Shares to be redeemed shall surrender certificates
    representing such holder’s ownership of Series A
    Preferred Shares to be redeemed to the Corporation as provided
    in this Section 10. On the COC Redemption Date, the
    Corporation shall redeem the Series A Preferred Shares.
    Each Series A Preferred Share shall be redeemed pursuant to
    this paragraph for an amount in cash equal its respective
    Original Issue Price, plus any accrued but unpaid dividends (the
    “COC Redemption Price”).

 

    (b) Redemption Procedure.

 

    (1) The Corporation shall redeem all or any portion of the
    Series A Preferred Shares by providing written notice to
    the holders, which notice shall be mailed in accordance with
    Section 12. Such notice shall state the number of shares to
    be redeemed and the COC Redemption Date, which date shall
    be within 20 calendar days of the date of such notice. The
    Corporation shall be entitled to utilize any method chosen by
    the Board of Directors thereof in order to determine which
    Series A Preferred Shares to redeem. Payment for such
    redeemed shares shall be made by the Corporation within two
    Business Days following the COC Redemption Date.

    

    5

 

    (2) From and after the close of business on the COC
    Redemption Date, and provided that the COC
    Redemption Price for such Series A Preferred Shares
    has been received by the relevant holder, each Series A
    Preferred Share redeemed in accordance with this Section 10
    shall no longer be deemed outstanding and all rights with
    respect to any such share shall forthwith cease following such
    redemption, except only the right of the holder thereof to
    receive, upon presentation in accordance with the requirements
    of this Section 10 below of the certificate or
    certificates, or delivery of a Lost Stock Agreement,
    representing shares redeemed pursuant to this Section 10,
    the applicable COC Redemption Price for such share, without
    interest thereon. Notwithstanding anything to the contrary
    herein, the Corporation shall not be required to make any
    payment in respect of Series A Preferred Shares redeemed
    pursuant to this Section 10 until actual delivery to the
    Corporation or its agents of the certificates, or a Lost Stock
    Agreement, representing the shares redeemed hereby, such
    delivery to be conducted in accordance with the requirements of
    paragraph (c) of this Section 10.

 

    (3) All Series A Preferred Shares redeemed pursuant to
    this paragraph (b)(3) shall be cancelled.

 

    (c) The Corporation shall not be obligated to pay the COC
    Redemption Price unless the certificates, or the Lost Stock
    Agreement, evidencing the Series A Preferred Shares to be
    redeemed are either delivered to the Corporation or its transfer
    agent as provided below. On the COC Redemption Date, each
    holder of Series A Preferred Shares to be redeemed shall
    surrender the certificates, or a Lost Stock Agreement,
    representing all of such holder’s Series A Preferred
    Shares at the principal offices of the Corporation or any
    transfer agent for the Series A Preferred Shares in
    accordance herewith. Thereupon, there shall be delivered to the
    relevant holder promptly at a bank account previously designated
    in writing by the holder, and in the holder’s name as shown
    on such surrendered certificate or certificates or the Lost
    Stock Agreement, an amount of cash representing the COC
    Redemption Price for which the Series A Preferred
    Shares surrendered were redeemed.

 

    Section 11.  Miscellaneous.  

 

    (a) Certain Remedies.  Any
    registered holder of Series A Preferred Shares shall be
    entitled to an injunction or injunctions to prevent breaches of
    the provisions of this Certificate of Designation and to enforce
    specifically the terms and provisions of this Certificate of
    Designation in any court, tribunal or governmental agency having
    jurisdiction, this being in addition to any other remedy to
    which such holder may be entitled at law or in equity.
    Notwithstanding the foregoing, the observance of any term of the
    Certificate of Incorporation
    and/or this
    Certificate of Designations which benefits only the holders of
    the Series A Preferred Shares may be waived by holders of
    at least a majority of all issued and outstanding Series A
    Preferred Shares (either generally or in a particular instance
    and either retroactively or prospectively).

 

    (b) Books and Accounts.  The
    Corporation will keep a proper record and account of any funds
    held in escrow pursuant to this Certificate of Designation,
    separate from all other records and accounts of the Corporation,
    in which complete and correct entries shall be made of all
    transactions relating to such funds. Such record and account of
    the funds held in escrow shall be subject to the inspection of
    the holders of Series A Preferred Shares upon written
    request. The Corporation hereby undertakes to provide a record
    and account of the funds held in escrow to the holders of
    Series A Preferred Shares at least once per month.

 

    Section 12.  Notices.

 

    Any notice or other communication required or permitted to be
    given under this certificate shall be in writing and shall be
    mailed by certified mail, return receipt requested or by Federal
    Express, Express Mail or similar overnight delivery or courier
    service or delivered in-person against receipt to the party to
    whom it is to be given, in the case of the holders of the
    Series A Preferred Shares, at the address of each such
    holder set forth in the stock transfer ledger of the
    Corporation, or, in the case of the Corporation, at the
    principal offices of the Corporation. Any notice permitted by
    this Section 12 shall be deemed given at the time of
    receipt thereof.

 

    Section 13.  Definitions.

 

    For the purposes of this Certificate of Designation of
    Series A Preferred Shares, the following terms shall have
    the meanings indicated:

 

    “Business Day” shall mean any day that
    is a London Banking Day and on which the banks in Greece are not
    closed and is not a Saturday or Sunday and is not a United
    States federal holiday, a Greek national holiday, or a day

    

    6

 

    on which banking institutions generally are authorized or
    obligated by law or regulation to close in New York, London or
    Greece.

 

    “Certain Mandatory
    Redemption Event” and “Certain
    Mandatory Redemption Date” shall have their
    respective meanings from Section 8.

 

    “Change of Control” means the occurrence
    of any of the following:

 

    (A) the sale, lease, transfer, conveyance or other
    disposition (other than by way of merger or consolidation), in
    one or a series of related transactions, of all or substantially
    all of the Corporation’s assets, properties or business;

 

    (B) the adoption by the Board of Directors of a plan of
    Liquidation of the Corporation;

 

    (C) the consummation of any transaction, or a series of
    related transactions (including, without limitation, any merger
    or consolidation) the result of which is that any
    “person” (as such term is used in
    Section 13(d)(3) of the Securities Exchange Act of
    1934) other than Excel Maritime Carriers, Ltd.
    (“Excel”) becomes the beneficial owner, directly or
    indirectly, of more than 3,684,375 (as adjusted for stock
    splits, stock dividends or similar events) of the
    Corporation’s shares of any class or series entitled to
    vote generally in the election of directors, measured by voting
    power rather than number of shares, and such number of shares
    held exceeds the voting power of Excel;

 

    (D) if, at any time, the Corporation becomes insolvent,
    admits in writing its inability to pay its debts as they become
    due, commits an act of bankruptcy, is adjudged or declared
    bankrupt or makes an assignment for the benefit of creditors, a
    proposal or similar action under the bankruptcy, insolvency or
    other similar laws of the Marshall Islands or any applicable
    jurisdiction or commences or consents to proceedings relating to
    it under any reorganization, arrangement, readjustment of debt,
    dissolution or liquidation law or statute of any jurisdiction;

 

    (E) a change in directors after which a majority of the
    members of the Board of Directors are not, as of any date of
    determination, (1) the members of the Board of Directors
    immediately after the completion of the Corporation’s
    initial business combination (the “Business
    Combination”); or (2) members who have been
    nominated for election or elected to the Board of Directors with
    the approval of a majority of the directors then in office who
    were either directors immediately after the completion of the
    Business Combination or whose nomination or election was
    previously so approved;

 

    (F) the consolidation of the Corporation with, or the
    merger or consolidation of the Corporation with or into, any
    “person,” or the consolidation of any
    “person” with, or the merger or consolidation of any
    “person” with or into, the Corporation, in any such
    event pursuant to a transaction in which any of the outstanding
    Common Shares are converted into or exchanged for cash,
    securities or other property or receive a payment of cash,
    securities or other property, other than any such transaction
    where the Corporation’s voting stock outstanding
    immediately prior to such transaction is converted into or
    exchanged for voting stock of the surviving or transferee
    “person” constituting at least a majority of the
    outstanding shares of such voting stock of such surviving or
    transferee “person” immediately after giving effect to
    such issuance.

 

    “Common Shares” shall mean the common
    shares of the Corporation, par value $0.0001 per share.

 

    “Fair Market Value” shall mean

 

    (i) if the Common Shares of the Corporation are then traded
    on a national securities exchange, then the fair market value
    shall be deemed to be the average of the closing prices of the
    securities on such exchange or system over the thirty
    (30) day calendar period ending on the third Business Day
    prior to the Mandatory Redemption Date; and

 

    (ii) if (i) above does not apply but the Common Shares
    of the Corporation are actively traded over-the-counter, then
    the fair market value shall be deemed to be the average of the
    closing bid prices over the thirty (30) calendar day period
    ending on the third Business Day prior to the Mandatory
    Redemption Date; and

    

    7

 

    (iii) if there is no active public market for the Common
    Shares of the Corporation as described in clauses (i) or
    (ii) above, then the fair market value shall be the fair
    market value thereof, as determined in good faith by the Board.

 

    “LIBOR Determination Date” means the
    first London Banking Day of the relevant interest period.

 

    “Liquidation” shall mean the voluntary
    or involuntary liquidation of the Corporation under applicable
    bankruptcy or reorganization legislation, the dissolution or
    winding up of the Corporation.

 

    “London Banking Day” means any day on
    which commercial banks are open for general business (including
    dealings in deposits in U.S. dollars) in London.

 

    “Original Issue Date” shall mean
    September [  ], 2008.

 

    “Mandatory Redemption Event” shall
    mean the occurrence of the date that is the third anniversary of
    the Original Issue Date.

 

    “Person” shall mean any individual,
    corporation, partnership, unincorporated association or other
    entity.

 

    “Three Month LIBOR” shall mean the rate
    (expressed as a percentage per annum) for deposits in
    U.S. dollars for a three-month period commencing on the
    first day of the relevant interest period that appears on
    Reuters Page LIBOR01 as of 11:00 a.m., London time, on
    the LIBOR Determination Date for that interest period. If such
    rate does not appear on Reuters Page LIBOR01, Three-Month
    LIBOR will be determined on the basis of the rates at which
    deposits in U.S. dollars for a three-month period
    commencing on the first day of that interest period and in a
    principal amount of not less than $1,000,000 are offered to
    prime banks in the London interbank market by four major banks
    in the London interbank market selected by the Corporation, at
    approximately 11:00 a.m., London time, on the LIBOR
    Determination Date for that interest period. The Corporation
    will request the principal London office of each of these banks
    to provide a quotation of such bank’s rate. If at least two
    such quotations are provided, Three-Month LIBOR with respect to
    that interest period will be the arithmetic mean (rounded upward
    if necessary to the nearest whole multiple of 0.00001%) of such
    quotations. If fewer than two quotations are provided,
    Three-Month LIBOR with respect to that interest period will be
    the arithmetic mean (rounded upward if necessary to the nearest
    whole multiple of 0.00001%) of the rates quoted by three major
    banks in New York City selected by the Corporation, at
    approximately 11:00 a.m., New York City time, on the first
    day of that interest period for loans in U.S. dollars to
    leading European banks for a three-month period commencing on
    the first day of that interest period and in a principal amount
    of not less than $1,000,000. However, if fewer than three banks
    selected by the Corporation to provide quotations are quoting as
    described above, Three Month LIBOR for that interest period will
    be the same as Three-Month LIBOR as determined for the previous
    interest period. The establishment of Three Month LIBOR for each
    interest period by the Corporation will (in the absence of
    manifest error) be final and binding.

 

    “Warrant Trigger Event” shall mean the
    last Business Day of any month in which, since the
    Corporation’s last redemption under Section 8 hereof,
    the Corporation has received at least $15,000,000 in cash
    proceeds (which shall otherwise be kept by the Corporation in
    escrow) from the exercising of any warrants issued at any time
    existing now or hereinafter issued by the Corporation.

    

    8

 

    IN WITNESS WHEREOF, Oceanaut, Inc. has caused this Certificate
    to be duly executed by the undersigned in its corporate name on
    this 5th day of September, 2008.

 

    OCEANAUT, INC.

 

			
	 	    By: 
	
    /s/ Gabriel Panayotides

    Name:     Gabriel Panayotides

			
	 	    Title: 
	
    Chief Executive Officer

    

    9EX-10.9

    COMMERCIAL
    MANAGEMENT AGREEMENT

 

    THIS AGREEMENT is made on this
    5th
    day of September 2008.

 

    BETWEEN:

 

    (1) OCEANAUT INC. (the “Company”) a
    company incorporated in Marshall Islands whose registered office
    is at Trust Company Complex, Ajeltake Island, P.O.Box 1405,
    Majuro, Marshall Islands, MH 96960 , for its own behalf and as
    agent for and on behalf of the Shipowning Subsidiaries;

 

    (2) Excel Maritime Carriers Ltd. (the “Commercial
    Manager”) a company incorporated in Liberia whose
    registered address is at 80 Broad Street Monrovia, Liberia;

 

    WHEREAS

 

    The Company wishes to appoint the Commercial Manager to provide
    all necessary commercial management services to the Company and
    its various shipowning subsidiaries from time to time (the
    “Shipowning Subsidiaries” and together with the
    Company the “Group” and any of them a
    “member of the Group”), seeking and negotiating
    employment for the Group’s vessels and the conclusion of
    charterparties or other contracts relating to the employment of
    all the vessels owned by the Shipowning Subsidiaries of the
    Company from time to time (the “Vessels” and
    each a “Vessel”) . For the purpose of this
    agreement “Subsidiary” means any company the share
    capital of which is from time to time directly or indirectly
    owned by more than 51% by the Company.

 

    NOW THEREFORE IT IS HEREBY AGREED:

 

			
	 	    1.  
	
    Appointment and Services

 

    1.1 In consideration of the payment of the fees hereinafter
    described, the Company as principal and as agent for and on
    behalf of the Shipowning Subsidiaries hereby appoints the
    Commercial Manager exclusively to provide commercial management
    services (the “Services”) to the Group, which
    shall include the following functions:

 

    (a) providing chartering services in accordance with the
    Company’s instructions which include, but are not limited
    to, seeking and negotiating employment for the Vessels and
    subject to the Company’s approval the conclusion (including
    the execution thereof) of charter parties or other contracts
    relating to the employment of the Vessels, provided that the
    Commercial Manager is authorised to conclude employment for the
    Vessels of up to five (5) months duration on commercially
    reasonable terms.

 

    1.2 Subject to the terms and conditions herein provided,
    during the period of this Agreement, the Commercial Manager
    shall carry out the Services as agents for and on behalf of the
    Company and the Shipowning Subsidiaries. The Commercial Manager
    shall have authority to take such actions as it may from time to
    time in its absolute discretion consider to be necessary to
    enable it to perform the Services.

 

    1.3 The Commercial Manager in the performance of the
    Services shall be entitled to have regard to its overall
    responsibilities in relation to all vessels as may from time to
    time be entrusted to its management and in particular, but
    without prejudice to the generality of the foregoing, the
    Commercial Manager shall be entitled to allocate available
    resources and services in such manner as in the prevailing
    circumstances the Commercial Manager in its absolute discretion
    consider to be fair and reasonable.

 

    1.4 The Company shall procure forthwith that each
    Shipowning Subsidiary (including such entities as may become
    subsidiaries of the Company from time to time) shall evidence
    its agreement to be bound by the terms and conditions of this
    Agreement by executing a deed of accession to this Agreement in
    the form of Schedule 1.

 

			
	 	    2.  
	
    Duration

 

    Subject to the Shareholder Approval being obtained by the
    Company, this Agreement shall be effective as of the signing of
    this Agreement and shall continue for an initial period of three
    (3) years and shall be automatically extended for
    successive one year periods, unless three (3) months
    written notice by either party is given prior to the
    commencement of the next period.

 

			
	 	    3.  
	
    Fees

    

    1

 

 

    3.1 For services performed hereunder by the Commercial
    Manager, the Company shall pay, or procure that the relevant
    Shipowning Subsidiary pays, to the Commercial Manager a
    commission fee of one and a quarter percent (1.25%) calculated
    on the collected gross hire/ freight/ demurrage payable when the
    relevant hire/ freight/ demurrage are collected.

 

    3.2 The management fee under Clause 3.1 shall be paid
    to the Commercial Manager within three (3) business days
    upon collection by the Company
    and/or its
    Technical Manager.

 

    3.3 Payment shall be made to the Commercial Manager’s
    bank account as follows:

 

    Name of
    Account:  [          ]

    Name of
    Bank:     [          ]

    Bank Sort
    Code:    [          ]

    SWIFT
    Account:    [          ]

 

    or to such other account as the Commercial Manager may nominate
    by notice in writing to the Company from time to time.

 

    3.4 The Company shall provide the Commercial Manager, if so
    requested, with reasonable access to all documents relating to
    the calculation and collection of the earnings of the Vessels.

 

			
	 	    4.  
	
    Insurances

 

    4.1 The Company shall procure that, throughout the period of
    this Agreement,

 

    (a) at no expense to the Commercial Manager, the Vessels
    are insured for not less than their sound market value or
    entered for their full gross tonnage, as the case may be for:

 

    (i) usual hull and machinery marine risks (including crew
    negligence) and excess liabilities;

 

    (ii) protection and indemnity risks (including pollution
    risks and crew insurances); and

 

    (iii) war risks (including protection and indemnity and
    crew risks),

 

    in accordance with the best practice of prudent owners of ships
    of a similar type to the Vessels, with first class insurance
    companies, underwriters or associations (the “Shipowning
    Subsidiaries’ Insurances”);

 

    (b) all premiums and calls on the Shipowning
    Subsidiaries’ Insurances are paid promptly by their due
    date;

 

    (c) the Shipowning Subsidiaries’ Insurances name the
    Commercial Manager and, subject to underwriters’ agreement,
    any third party designated by the Commercial Manager as a joint
    assured, with full cover, with the Company procuring on behalf
    of the relevant Shipowning Subsidiary cover in respect of each
    of the insurances specified in sub-clause 6.1, if
    reasonably obtainable, on terms such that neither the Commercial
    Manager nor any such third party shall be under any liability in
    respect of premiums or calls arising in connection with the
    Shipowning Subsidiaries’ Insurances;

 

    (d) written evidence is provided, to the reasonable
    satisfaction of the Commercial Manager, of compliance with the
    obligations under Clause 4 within a reasonable time from
    the commencement of this Agreement, and of each renewal date
    and, if specifically requested, of each payment date of the
    Shipowning Subsidiaries’ Insurances.

 

			
	 	    5.  
	
    Expenses Paid on Behalf of the Company and/or any Shipowning
    Subsidiary

 

    5.1 Any expenses incurred by the Commercial Manager under
    the terms of this Agreement on behalf of a member of the Group
    shall be paid to the Commercial Manager by the Company against
    supporting vouchers.

 

    5.2 Notwithstanding anything contained herein to the
    contrary, the Commercial Manager shall in no circumstances be
    required to use or commit its own funds to finance the provision
    of the Services.

    

    2

 

			
	 	    6.  
	
    Commercial Manager’s Right to Sub-Contract

 

    6.1 The Commercial Manager shall not have the right to
    sub-contract any part of its obligations hereunder, provided
    that, in the event of such a sub-contract the Manager shall
    remain fully liable for the due performance of their obligations
    under this Agreement.

 

			
	 	    7.  
	
    Responsibilities

 

    7.1 “Force Majeure Event” —
    Neither any member of the Group nor the Manager shall be under
    any liability for any failure to perform any of their
    obligations hereunder by reason of any cause whatsoever of any
    nature or kind beyond their reasonable control. Force majeure
    will only relieve a party from any obligation to the extent that
    the event actually prevents performance of the obligation and
    has not been caused by that party’s default. The party
    claiming force majeure must notify the other party of the
    commencement and the end of the force majeure events, and take
    all reasonable steps to mitigate the effects thereof.

 

    7.2 The Commercial Manager, without prejudice to
    Clause 7.1, shall be under no liability whatsoever to any
    member of the Group for any loss, damage, delay or expense of
    whatsoever nature, whether direct or indirect, (including but
    not limited to loss of profit arising out of or in connection
    with detention of or delay to a Vessel) and howsoever arising in
    the course of performance of the Services UNLESS the same is
    proven to have resulted solely from the gross negligence or
    wilful default of the Commercial Manager or its employees, or
    agents or sub-contractors employed by it, in which case the
    Commercial Manager’s liability for all incidents or series
    of incidents arising in any calendar year shall never exceed a
    total of ten (10) times the actual annual management fee
    paid in that year hereunder.

 

    7.3 (Indemnity)  Except to the extent and
    solely for the amount therein set out that the Manager would be
    liable under Clause 7.2, the members of the Group hereby
    undertake to keep the Commercial Manager and its employees,
    agents and sub-contractors indemnified and to hold them harmless
    against all actions, proceedings, claims, demands or liabilities
    whatsoever or howsoever arising which may be brought against
    them or incurred or suffered by them or any of them arising out
    of or in connection with the performance of the Agreement, and
    against and in respect of all costs, losses, damages and
    expenses (including legal costs and expenses on a full indemnity
    basis) which the Commercial Manager may suffer or incur (either
    directly or indirectly) in the course of the performance of this
    Agreement, except where such costs, losses, damages and expenses
    have been occasioned by the Commercial Manager’s own gross
    negligence or wilful default.

 

    7.4 (“Himalaya Clause”)  It is
    hereby expressly agreed that no employee or agent of the
    Commercial Manager (including every sub- contractor from time to
    time employed by the Commercial Manager) shall in any
    circumstances whatsoever be under any liability whatsoever to
    any member of the Group for any loss, damage or delay of
    whatsoever kind arising or resulting directly or indirectly from
    any act, neglect or default on his part while acting in the
    course of or in connection with his employment and, without
    prejudice to the generality of the foregoing provisions in this
    Clause 7, every exemption, limitation, condition and
    liberty herein contained and every right, exemption from
    liability, defence and immunity of whatsoever nature applicable
    to the Commercial Manager or to which the Commercial Manager is
    entitled hereunder shall also be available and shall extend to
    protect every such employee or agent of the Commercial Manager
    acting as aforesaid and each such employee and agent shall have
    the right under the Contracts (Rights of Third Parties) Act 1999
    to enforce and to enjoy the benefit of this Clause 7.

 

			
	 	    8.  
	
    Duration of the Agreement and Termination

 

    8.1 This Agreement shall come into effect on the day and
    year referred in Clause 2 and shall continue until it is
    terminated:

 

    (a) by the either party in accordance with Clause 2;

 

    (b) by the Commercial Manager forthwith on the giving of
    written notice to the Company if:

 

    (i) any moneys payable by any member of the Group under
    this Agreement shall not have been received in the Commercial
    Manager’s nominated account within ten (10) calendar
    days of receipt by the Company of the Commercial Manager’s
    written request; or

    

    3

 

    (ii) any Vessel is repossessed by a secured creditor.

 

    (c) by either the Company or the Commercial Manager at any
    time on the giving of notice if the other is in breach of any
    material term of this Agreement and that breach is not remedied,
    within 10 Business Days of the terminating party giving notice
    to the party in breach, to the satisfaction of the terminating
    party (acting reasonably).

 

    8.2 This Agreement shall be deemed to be terminated

 

    (a) in relation to a Vessel (and the Shipowning Subsidiary
    which is the owner of that Vessel) in the case of the sale of
    that Vessel or if that Vessel becomes a total loss or is
    declared as a constructive or compromised or arranged total loss
    or is requisitioned. The Vessel shall not be deemed to be lost
    unless either she has become an actual total loss or agreement
    has been reached with her underwriters in respect of her
    constructive, compromised or arranged total loss or if such
    agreement with her underwriters is not reached it is adjudged by
    a competent tribunal that a constructive loss of the Vessel has
    occurred;

 

    (b) in the event of an order being made or resolution
    passed for the winding up, dissolution, liquidation or
    bankruptcy of either party (otherwise than for the purpose of
    reconstruction or amalgamation) or if a receiver is appointed,
    or if it suspends payment, ceases to carry on business or makes
    any special arrangement or composition with its creditors.

 

			
	 	    9.  
	
    Limitation of Liability

 

    9.1 The Commercial Manager shall not be liable for any
    indirect or consequential losses for any reason whatsoever.

 

			
	 	    10.  
	
    Payment Netting and Set Off

 

    All amounts due under this Agreement shall be paid in full
    without any deduction or withholding other than as required by
    law. All amounts referred to in this Agreement are expressed
    exclusive of any value added tax in any applicable jurisdiction.
    No member of the Group shall be entitled to assert any credit,
    set-off or counterclaim against the Commercial Manager in order
    to justify withholding payment of any such amount in whole or in
    part.

 

			
	 	    11.  
	
    Notices

 

    All notices, requests, consents and other communications under
    this Agreement shall be in writing and shall be deemed delivered
    (a) upon delivery when delivered personally, (b) upon
    receipt if by facsimile transmission (with confirmation of
    receipt thereof), or (c) one business day after being sent
    via a reputable nationwide overnight courier service
    guaranteeing next business day delivery, in each case to the
    intended recipient as set forth below:

 

    If to Oceanaut Inc.:

 

    Oceanaut Inc

    17th
    Km National Road Athens — Lamia & Finikos
    street

    145 64 Nea Kifisia

    Athens, Greece

    Facsimile: +30 210 62 09 528

    Attention: Chief Executive Officer

 

    If to Excel Maritime Carriers Ltd.:

 

    Par La Ville Place

    14 Par La Ville Road

    HM 2257 Hamilton

    Bermuda

    Attention: Deborah Paterson

 

    Any party may change the address to which notices, requests,
    consents or other communications hereunder are to be delivered
    by giving the other parties notice in the manner set forth in
    this clause.

    

    4

 

			
	 	    12.  
	
    Governing Law and Dispute Resolution

 

    This Agreement shall be governed by and construed in accordance
    with English law and any dispute arising out of or in connection
    with this Agreement shall be referred to arbitration in London
    in accordance with the Arbitration Act 1996, or any statutory
    modification or re-enactment thereof save to the extent
    necessary to give effect to the provisions of this Clause. The
    Arbitration shall be conducted in accordance with the London
    Maritime Arbitrators Association (LMAA) terms current at the
    time when the arbitration proceedings are commenced. The
    reference shall be to three arbitrators. Each party to appoint
    one arbitrator and the two so appointed to appoint the third who
    shall act as chairman of the Tribunal. On the receipt by one
    party of the nomination in writing of the other party’s
    arbitrator, that party shall appoint their arbitrator within
    fourteen days, failing which the single arbitrator shall act as
    sole arbitrator and any decision of the sole arbitrator shall be
    binding in both parties. The two arbitrators so appointed shall
    appoint the third arbitrator within fourteen days.

    

    5

 

    IN WITNESS WHEREOF, the parties hereinabove have caused this
    Agreement to be signed in duplicate by their respective and duly
    authorized representatives as of the date first written
    hereinabove.

 

    OCEANAUT INC.

 

			
	 	    By: 
	
    /s/ Gabriel Panayotides

    

    Name:     Gabriel Panayotides

			
	 	    Title: 
	
    President, Chief Executive Officer and Director

 

			
	 	    By: 
	
    /s/ Stamatis Molaris

    

    Name:     Stamatis Molaris

			
	 	    Title: 
	
    President, Chief Executive Officer and Director

    

    6

 

    Schedule 1

    

 

    Deed of
    Accession

 

    [          ]
    200[  ]
    

 

    From:  [          ]

 

    To:     [          ]

 

    Dear Sirs,

 

			
	 	    Re:  
	
    Commercial Management Agreement of even
    [          ] and
    made between ] (1) Oceanaut Inc. (the “Company”)
    and
    (2)[          ]
    (the “Manager”)

 

    We refer to the Commercial Management Agreement (the
    “Agreement”). We are a Shipowning Subsidiary as
    defined in the Agreement and are to become owners of the vessel
    “[          ]”
    (the “Vessel”).

 

    We hereby confirm that:

 

    (a) the Company has entered into the Agreement as our
    agent, for and on our behalf; and

 

    (b) we are bound to observe the terms and conditions of the
    Agreement as if we were a named signatory therein.

 

    We confirm that we are the Company’s principal in respect
    of the Agreement as it relates to the Vessel and ourselves. We
    hereby confirm that the Company has full authority on our behalf
    (i) to execute the Agreement and any agreement or addendum
    supplemental thereto, (ii) to give to the Manager any
    instructions required of us under the Agreement, (iii) to
    exercise any of our rights under the Agreement and (iv) to
    act in accordance with the terms contained in the Agreement,
    both on our behalf and on all matters relating to us, which are
    the subject of the Agreement and as they relate to the Vessel.
    We hereby confirm that we will be bound by any actions taken by
    the Company under the Agreement on our behalf and we hereby
    confirm and ratify any such actions taken by the Company.

 

    The terms and provisions of this letter shall be governed by and
    construed in accordance with English law, and this letter is
    being executed as a deed on the date first above written.

 

    Yours faithfully,

              

 

    For and on behalf of

    [          ]

    In the presence of:

              

    

    7

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