Document:

[FINANS BANKEN LOGO]

The Riverfront Development Corporation
c/o The Holt Group, Inc.
P.O. Box 8698
Philadelphia, PA 19101

Att.: Leo A. Holt/John A. Evans

Telefax: +1 856 742 9401 / +1 856 742 3291

                            BSH                             Oslo, April 3, 2000

                 RE.: INCREASE OF THE LOAN FACILITY - ACL SHARES

We refer to our discussions regarding a short term increase of the present loan
facility, our revised offer dated February 29, 2000 as accepted by you and
subsequent discussions regarding the utilisation of the funds. We understand
that your intentions have altered somewhat in that you now wish to exercise
options on a total of 1.975.000 shares of ACL in stead of acquiring additional
shares.

In view of this change of circumstances, Finansbanken ASA will consent to an
increase in the facility from NOK 80.000.000,- to NOK 205.000.000,- on the
following terms and conditions. Please note that the terms and conditions
presented herein shall substitute the conditions of our revised offer dated
February 29, 2000.

Borrower:           The Riverfront Development Corporation

Lender:             Finansbanken ASA

Loan Amount:        NOK 205.000.000,- or the equivalent in USD at the current
                    USD/NOK exchange rate applicable at any time, i.e. and
                    increase from the current facility by NOK 125.000.000,- (the
                    "Additional Amount").

Facility Type:      Revolving Credit

Tranches:           A maximum of 10 tranches may be outstanding at any time.

Currencies:         The tranches under the Revolving Credit may be drawn in NOK
                    and/or USD.

Purpose:            The increase may only be used to exercise options for
                    1.975.000 shares in ACL.

Availability/
Drawdown:           The facility will be available for drawdown upon 2 days
                    prior notice as soon as the offer has been accepted, and
                    the necessary documentation has been signed and approved.
                    Repaid amounts under the Facility may be redrawn.

<PAGE>

Repayment:          The commitment to be reduced to NOK 145.000.000 no later
                    than June 30, 2000, and the remaining shall be repaid in
                    full not later than December 30, 2000.

Interest Rate:      NOK NIDR / USD LIBOR + 2,25% p.a. for 1, 3 or 6 months
                    interest periods at your option or longer periods if
                    available on the current NOK 80.000.000,-.

                    NOK NIDR / USD LIBOR + 2,50% p.a. for 1, 3 or 6 months
                    interest periods at your option or longer periods if
                    available shall apply to all drawings on the Additional
                    Amount.

                    Interest shall be payable every third month if interest
                    period with longer duration are selected.

Commitment
commission:         1.00% p.a. of the undrawn amount of the Revolving Credit
                    Amount from acceptance of this offer, payable quarterly in
                    arrears.

Arrangements fee:   1,00% of the Additional Amount, payable upon acceptance of
                    this offer.

Security:           1.   A first priority pledge in 2.192.800 shares and any
                         additional shares acquired under this facility,
                         including 1.975.000 shares acquired under the options,
                         in Atlantic Container Line AB registered on VPS-account
                         no. 09680 000 4580 and owned by the Borrower.

                    2.   An unconditional and irrevocable on demand guarantee
                         for the full amount of the loan plus accrued interest
                         from The Holt Group, Inc.

                    3.   A first priority assignment in any dividends received
                         on the shares in Atlantic Container Line AB

Other conditions:   1.   Cross default to any other obligations of the Borrower
                         and the Guarantor.

                    2.   The outstanding loan shall never exceed 60% of the
                         market value of the pledged shares. The market value to
                         be defined as price quoted on the Oslo Stock Exchange
                         as long as there is a functioning market otherwise the
                         market value shall be decided by Finansbanken ASA.

                         If the outstanding loan exceeds 60% of the market value
                         of the shares, the loan shall be repaid or additional
                         security (acceptable to the Lender) given within 3 days
                         from such notice is given, so that the ratio of
                         outstanding loan to market value of the securities does
                         not exceed 55%.

                         When the Additional Amount is repaid, the loan
                         outstanding shall never exceed 50% of the market value
                         of the pledged shares.

                    3.   The Borrower shall have all its bank accounts with
                         Finansbanken ASA. This includes the securities account
                         (VPS account) which holds the ACL shares.

                    4.   No further debt or other commitments to be obtained by
                         the Borrower without the prior written consent from the
                         Lender.

                                                                     Page 2 of 3
<PAGE>

                    5.   No dividends or other distributions to be paid to the
                         owners without the prior written consent of the Lender.

                    6.   All corporate documents to be approved by the Lender
                         before drawdown.

                    7.   The documentation to be governed by Norwegian Law and
                         the venue to the Oslo City Court.

                    8.   All expenses (incl. legal fees) to be paid by the
                         Borrower.

                    9.   The Borrower will at all times be owned directly or
                         indirectly by Thomas Holt.

Documentation:      An addendum to the present loan documentation to be prepared
                    by the lawfirm of Wikborg, Rein & Co.

We hope you will find our offer acceptable and look forward to possible
acceptance no later than 14 days from today.

                                Yours sincerely
                             p.p. Finansbanken ASA

   /s/ Steinar ter Jung                             /s/ Bjorn S. Havsgard
---------------------------                      ---------------------------
       Steinar ter Jung                                 Bjorn S. Havsgard
  Deputy Managing Director                                  Manager

The above offer is accepted:

                        4-3-00                                      4-3-00
--------------- on ----------------         ---------------- on ---------------

/s/ Thomas J. Holt                          /s/ Thomas J. Holt
--------------------------------------      -----------------------------------
The Riverfront Development Corporation      The Holt Group, Inc. (as guarantor)

                                                                     Page 3 of 3<PAGE>

Mr. D. H. Evans
7 The Cathedral Green
Llandaff
CARDIFF
CF5 2EB

Dear Darran

RE: WEB2U LIMITED ("THE COMPANY")

I am writing further to my letter of the 6th August last which made a
provisional offer of employment to you as an Operations Director for a
probationary period of 3 months. As we have recently discussed, the Company now
considers the probationary period to have been completed in a satisfactory
manner and wishes to move to the longer-term position anticipated by the letter
of the 6th August. The terms of engagement on an ongoing basis will be as set
out in the letter of the 6th August last, save that the salary package will be
increased to (pound)75,000 per annum together with a car allowance in the sum of
(pound)5000 per annum payable monthly in arrear. For purposes of clarification,
your duties of Chief Executive Officer will be in relation to the parent company
MSU Corporation together with the UK subsidiary WEB2U Limited. You will be
appointed as a member of the Board of both organisations.

In view of the proposal that has been made to other directors who have been
invited to join the Board of MSU Corporation, you will be entitled to have all
of your share options vest in you in the event of a takeover of the Company. As
there has been no takeover of the Company or an IPO during the probationary
period the proposed grant of 50,000 options referred to in paragraph 3 of page 2
of the 6th August letter will now lapse.

To enable matters to progress I would be most grateful if you would confirm
acceptance of the revised terms and also execute the Form 288a that has been
forwarded to you for filing with Companies House. We have arranged for Gerry
Adler to deal with all necessary formalities regarding your appointment in the
United States. In the meantime, if you have any queries, then please do not
hesitate to contact me.

Regards,

/s/ W. D. Snowdon

Yours sincerely,

W. D. Snowdon
Company Secretary MSU Corporation/Web2u Limited

<PAGE>

D. H. Evans Esq.
7 The Cathedral Green
Llandaff
Cardiff
CF5 2EB

BY FAX: 01222 563681

Dear Darran,

Re: Our clients: Web2u Limited (formerly MSU (UK) Limited)

Following our recent meetings and discussions I am writing to you in my capacity
as a Director and Company Secretary of the above Company to offer you a position
with the Company on the terms which are set out below:

Please note that it will be a condition of continued employment that you are
able to provide references that are satisfactory to the Company and you supply
Certificates to prove that your qualifications are as stated in your CV. You
will be further obliged to indicate that other than in relation to approved
projects you are free from any obligations owed to any third parties which might
prevent you from properly performing the duties of your position.

It is anticipated that you will commence work on Wednesday 11th August 1999.
Your engagement during the first three months of employment will be probationary
both ways. During this period, the Company will assess you and you can assess
the suitability of the Company. Both you and the Company shall have the right
for any reason to terminate the employment during this period on one months
notice, or in case of the Company, on months salary in lieu of notice, at any
time during or at the end of this probationary period.

During the probationary period your engagement will be described as that of
Consultant. You will be required to carry out the de facto obligations of an
Operations Director. You will be reporting directly to the Board and will be
expected to attend the Board meetings in an ex officio capacity. You will not be
entitled during this period to any vote at the Board meetings nor to describe
yourself as a Director of the Company.

During the probationary period you will be paid at the rate of (pound)5,000.00
per month gross, which will be subject to deduction of PAYE and National
Insurance in the normal way and paid monthly in arrears.

The Company will reimburse you vouched hotel expenses up to (pound)300.00 per
week or will be responsible for the provision of suitable alternative
accommodation at its own cost. You will be entitled to be reimbursed all
reasonable expenses incurred in the course of your employment.

<PAGE>

You have indicated that during the probationary period, you have existing
holiday commitments during the first part of October. The Company will honour
this commitment and this period will not be included in the calculation of the
three-month probationary period.

During the probationary period the Company will discuss the possibility of a car
scheme or cash alternative being implemented as part of your full package.

As an additional incentive the Company will offer you 1,000 share options at
current market value at the date of this letter. The closing price of the stock
on the 5th August 1999 was $3.38. Those options will be capable of exercise at
any time during three years from the date of this letter at the exercise price.
In the event of a take over of the Company on an IPO taking place during the
probationary period you will be entitled to receive a grant of 50,000 options at
the price stated above. The options will not carry any registration rights.

Assuming a satisfactory completion of the three-month probationary period (from
both parties point of view), you will be offered terms of employment with the
Company on the basis as set out below:

1. It is anticipated that you will fulfil the duties of a Chief Executive
   Officer of the organisation.

2. The full salary package will be (pound)60,000.00 per annum together with a
   discretionary bonus in cash or additional options, which will be decided by
   the Compensation Committee after the end of each financial year.

3. You will be granted 300,000 share options at the share price at the date of
   this letter (as stated above). To fully qualify for these share options to be
   vested in you, you will be required to complete a period of one-year
   (including the probationary period) for each 100,000 options to vest in you.
   In the event of a take over of the Company or an IPO takes place in the UK or
   Europe prior to any anniversary date, that year's tranche of 100,000 shares
   will vest in you at that earlier date. The further tranches will otherwise
   depend upon your completing each successive year of employment and whilst the
   options will vest in you at the end of each year, any options which have not
   been exercised prior to termination of your employment will lapse.

4. You will be eligible at the end of a six month period (including the
   probationary period) to join the Company pension scheme. Private medical
   expenses cover (when implemented by the Company) will be made available to
   you together with life assurance cover, full details of which will be
   provided to you during the probationary period.

5. After the end of your probationary period your entitlement to give and
   receive notice of the termination of your employment will be not less than
   three months from either you or the Company.

6. Your place of work will initially be Milton Keynes.

<PAGE>

7. You will be required to enter into a trust and confidence agreement as a
   condition of taking up this position. This will be provided to you during the
   course of the next few days.

If you have any queries regarding the above then please do not hesitate to
contact me. Please indicate your acceptance of this offer by signing, dating and
returning to me a copy of this letter.

Yours sincerely,

/s/ W. D. Snowdon

W.D. Snowdon
Director/Secretary
Web2u Limited

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