Document:

exv10w8

 

EXHIBIT 10.8

February 2, 2006

General Finance Corporation

206 S. Los Robles, Suite 217

Pasadena, CA 91101

Morgan Joseph & Co. Inc.

600 Fifth Avenue, 19th Floor

New York, New York 10020

Wedbush Morgan Securities

275 Madison Avenue, Suite 1203

New York, New York 10016

     Re:      Initial Public Offering

Gentlemen:

     Reference is made to that certain letter dated as of November 15, 2005 (the “Original Letter
Agreement”) whereby the undersigned officer and/or director of General Finance Corporation (the
“Company”) made certain representations to and agreements with Morgan Joseph & Co. Inc.
(“Morgan Joseph”) and Wedbush Morgan Securities (“Wedbush Morgan”) in connection
with the initial public offering of the securities of the Company (“IPO”). By this letter
agreement (the “Supplemental Agreement”), the undersigned hereby agrees to the following:

	 	1.	 	The undersigned shall not exercise his/her conversion rights set forth
in the Company’s Certificate of Incorporation, as amended, with respect to any
securities issued in the IPO, whether the undersigned purchases such securities in
the IPO or thereafter.

	 	2.	 	Capitalized terms used in this letter shall have the meanings ascribed
to them in the Original Letter Agreement.

	 	3.	 	Except as specifically set forth in this Supplemental Agreement, the
Original Letter Agreement remains in full force and effect.exv10wb

 

Exhibit 10(b)

February 3, 2006

Mr. Peter E. Murphy

1306 Wentworth Avenue

Pasadena, California 91106

Dear Peter:

As you know, we have agreed to amend the letter agreement between you and The Walt Disney Company
(“Employer”), dated as of April 17, 2005, regarding the terms of your employment by Employer (the
“Agreement”), to provide for your continued employment pursuant to the Agreement after April 1,
2006 on a full-time basis (rather than on a less than full-time basis) and at the same salary level
in effect under the Agreement prior to such date. Set forth below are amendments of various
specific provisions of the Agreement required in order to (i) effectuate the foregoing and (ii)
make a conforming change in Paragraph 8(c) thereof regarding the calculation of the payment
provided for therein. You and Employer agree that the amendments set forth herein shall become
effective immediately upon the execution hereof by you and Employer.

	1.	 	Paragraph 3(a) of Agreement

     (a) The second sentence of Paragraph 3(a) of the Agreement is hereby amended to read in its
entirety as follows:

“During the Term, you shall be employed on an exclusive full-time basis
(i.e. 40 hours per week) pursuant to which you shall devote all of
your business time to the performance of your duties hereunder.”

     (b) The third sentence of Paragraph 3(a) is hereby deleted.

	2.	 	Paragraph 4 of Agreement

     (a) The first sentence of Paragraph 4 of the Agreement is hereby amended to read in its
entirety as follows:

“During the Term, you shall receive a salary at a weekly rate of $18,269.23.”

 

 

     (b) The second sentence of Paragraph 4 of the Agreement is hereby deleted.

	3.	 	Paragraph 8(c) of Agreement

The last sentence of Paragraph 8(c) of the Agreement is hereby amended by deleting the
dollar amount “$9,615” set forth therein and substituting therefor the following dollar
amount: “$18,269.”

As amended hereby, the Agreement shall remain in full force and effect in accordance with its
terms.

If the foregoing accurately reflects our mutual agreement, please sign this letter (or a copy
thereof) below where indicated.

 

THE WALT DISNEY COMPANY

By: /s/ Robert A. Iger          

Dated: February 3, 2006          

 

Accepted and Agreed:

/s/ Peter E. Murphy          

Peter E. Murphy

Dated: February 3, 2006exv10w1

 

Exhibit 10.1

PURCHASE & SALE AGREEMENT 

OF SEA WRANGLER

     This purchase and sale agreement (“Agreement”) is made effective as of January 31, 2006 (the
“Effective Date”), by and between Louisiana Pipelaying I, L.L.C. (“Seller”) and Horizon Vessels,
Inc. (“Buyer”).

     WHEREAS, Seller has agreed to sell, and Buyer has agreed to buy, that certain marine
construction vessel, SEA WRANGLER, Vanuatu Official No. 1480, registered in the Republic of
Vanuatu, including engines, tackle, apparel, appurtenances, equipment, cranes, winches, reels,
machinery, spares, consumables, fuels, lube, cordage, hoses, stores tools and all other items
identified to or belonging to it whether on board or not, wherever located together with its
modular lay system and other equipment currently onshore, all of which is identified more
particularly on Exhibit “A” hereto (collectively, “Vessel”), on the terms and conditions set forth
herein below.

     NOW THEREFORE, the parties agree as follows:

     1. Purchase Price and Payment

     The purchase price for the Vessel is $23,000,000.00. A deposit of $2,000,000.00 (forfeitable
by Borrower as provided in Section 2 of this Agreement) shall be paid upon execution of this
Agreement. An additional $10,000,000.00 shall be paid in cash at closing with the balance of
$11,000,000.00 to be financed by General Electric Capital Corporation (“G.E. Capital”) at an
interest rate of LIBOR plus 350 basis points, pursuant to a loan agreement and collateral security
documents containing customary terms and conditions satisfactory to G.E. Capital and substantially
similar to those terms and conditions set forth in the Term Sheet attached as Exhibit “B” hereto.
This debt shall be fully amortized over three years and paid in quarterly installments of
$916,666.66 plus accrued interest. There shall be no penalty on Buyer in the event it elects to
prepay this indebtedness.

     2. Non-Refundable Deposit 

     Upon the execution of this Agreement by both parties, Buyer shall pay to Seller by wire
transfer a non-refundable deposit in the sum of $2,000,000.00 (“Deposit”) to Seller’s account at
Banker’s Trust / Deustche Bank; ABA # 021-001-033; Acct: CIF LIQ Acct; Acct # 50-270-797; Ref:
Louisiana Pipelaying / B. Mayberry. Said Deposit shall be applied against the Purchase Price at
closing. If Buyer terminates this Agreement for any reason with the sole exceptions of (i)
Seller’s inability to deliver clear and unencumbered title to the Vessel; or (ii) G.E. Capital does
not offer to provide the financing for the Vessel on the terms set forth in Section 1 above, Buyer
shall forfeit the Deposit to Seller as liquidated damages, and Buyer and Seller shall be relieved
of any further obligations under this Agreement.

     3. Closing Date

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The closing shall take place in New Orleans, Louisiana at a date and location to be mutually
agreed upon by the parties, on or before the 14th calendar day after the Effective Date
(“Closing Date”). If the parties fail to agree on a Closing Date and location, the closing
shall take place on February 27, 2006 at Seller’s counsel’s office, King, LeBlanc & Bland,
P.L.L.C., 201 St. Charles Avenue, 45th Floor, New Orleans, Louisiana 70170 at
10:00 A.M. (CST) on February 27, 2006.

     4. Delivery

     The Vessel shall be delivered to Buyer at its present location in Mobile, Alabama or, if
mutually agreed, at an alternate offshore location to be designated by the parties and the modular
lay system and any other equipment stored onshore at their present locations. Buyer shall be
responsible for picking up this equipment at its own expense and shall pay all storage costs
accruing after the Closing Date. Upon Closing, the Vessel shall be delivered to Buyer and all risk
of loss or damage to the Vessel shall immediately transfer to Buyer. Seller shall execute and
deliver to Buyer an original bill of sale for the Vessel together with a copy of a Republic of
Vanuatu Certificate of Ownership and Encumbrances evidencing Seller’s ownership of the Vessel and
that the Vessel is free and clear of liens and encumbrances.

     5. Title and Encumbrances 

     Seller warrants that it is the owner of the Vessel and that the Vessel, at the time of
delivery, shall be free and clear of all encumbrances and maritime liens or any other debts
whatsoever.

     6. Taxes

Any taxes imposed by any country, state or local authority on the sale of the Vessel shall
be borne by Buyer.

     7. Disclaimer of Warranties and Release of Claims 

	 	a)	 	EXCEPT FOR SELLER’S WARRANTY OF CLEAR AND UNENCUMBERED TITLE TO
THE VESSEL, SELLER MAKES NO WARRANTY OF ANY KIND WHATSOEVER WITH RESPECT TO THE
VESSEL. THE SALE WILL BE “AS IS, WHERE IS,” AND “WITH ALL FAULTS,” AND WITHOUT
ANY WARRANTY WHATSOEVER, EXPRESS OR IMPLIED, AS TO THE DESIGN, CONDITION,
MERCHANTABILITY OR SEAWORTHINESS OF, OR AS TO THE FITNESS OF THE VESSEL FOR ANY
PARTICULAR PURPOSE OR ANY PARTICULAR TRADE. BUYER SPECIFICALLY WAIVES ANY
IMPLIED WARRANTIES INCLUDING, BUT NOT LIMITED TO, ANY IMPLIED WARRANTY OF
MERCHANTABILITY, FITNESS OR SEAWORTHINESS OF THE VESSEL. BUYER FOREVER WAIVES
AND DISCHARGES SELLER FROM ANY CLAIM, LIABILITY, LOSS, EXPENSE OR CAUSE OF

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	 	 	 	ACTION RELATING TO THE CONDITION OR ANY DEFICIENCY OR DEFECT OF THE VESSEL,
INCLUDING, WITHOUT LIMITATION, ANY AND ALL CLAIMS (WHETHER BASED IN IMPLIED
WARRANTY, CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY OR ANY OTHER THEORY
OF RECOVERY) ARISING UNDER FEDERAL MARITIME LAW OR UNDER ANY LAWS OF ANY
STATE (INCLUDING ANY CLAIMS UNDER LOUISIANA’S LAW OF REDHIBITION), THE
UNITED STATES OF AMERICA OR THE REPUBLIC OF VANUATU. BUYER MAY NOT RELY
UPON ANY ORAL OR WRITTEN REPRESENTATIONS, EXCEPT SUCH WRITTEN
REPRESENTATIONS AS ARE MADE BY SELLER IN THIS AGREEMENT. WITHOUT LIMITING
THE FOREGOING, BUYER SPECIFICALLY DISCLAIMS THE EXISTENCE OF OR RELIANCE
UPON ANY ORAL OR WRITTEN REPRESENTATIONS CONCERNING THE VESSEL BY WHOMSOEVER
MADE.
	 
	 	b)	 	The provisions of subsection (a) above shall be incorporated by
Seller into and made a part of the bill of sale to be delivered to Buyer at
closing but, in all events and under every circumstance, the foregoing
disclaimer of warranties and release of claims shall be fully binding on Buyer
and its successors and assigns and shall survive this Agreement and passage of
title to Buyer, its successors and assigns.

     8. Representations of Seller

     Seller represents and warrants that:

	 	(a)	 	Seller is fully authorized to enter into this Agreement and
this Agreement constitutes the legal, valid and binding obligation of Seller;
and
	 
	 	(b)	 	At or prior to closing, Seller shall present to Buyer, a copy
of the certified resolutions of the members of Seller authorizing this
transaction on the terms set forth in this Agreement and authorizing the person
signing this Agreement on behalf of Seller to execute this Agreement.

     9. Representations of Buyer

     Buyer represents and warrants that:

	 	(a)	 	Buyer is fully authorized to enter into this Agreement and this
Agreement constitutes the legal, valid and binding obligation of Buyer;
	 
	 	(b)	 	At or prior to closing, Buyer shall present to Seller, a copy
of the certified resolutions of the Board of Directors of Buyer authorizing
this transaction

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	 		 	on the terms set forth in this Agreement and authorizing the person signing
this Agreement on behalf of Buyer to execute this Agreement.
	 
	 	(c)	 	Buyer shall immediately upon closing re-document the Vessel in
Buyer’s name and in accordance with the laws of the Republic of Vanuatu or such
other country of registry selected by Buyer.

     10. Confidentiality

     Seller and Buyer agree that until consummation of the sale on the Closing Date, this Agreement
shall be confidential and Buyer shall not disclose any of the financial terms of this Agreement or
the identification of the Vessel to any person or entity other than such persons or entities which
need to know of the Agreement in order to consummate the sale (by way of example, but not by
limitation, parties hired by Buyer such as marine surveyors, attorneys, and accountants). If Buyer
violates this provision, Seller may elect to terminate this Agreement and retain the Deposit. In
the event applicable regulatory requirements require the disclosure of this transaction by Buyer or
its parent company, Seller will waive this confidentiality provision or the parties will alter the
proposed transaction to avoid the necessity of disclosure at this time.

     11. Choice of Law

     The parties agree that this Agreement shall be governed, to the extent applicable, by federal
maritime law, and to the extent not in conflict with federal maritime law, the substantive laws of
the State of Connecticut, except its conflict of laws rules.

     12. Amendments 

No amendments to this Agreement shall be valid unless in writing and signed by both parties
hereto.

     13. Survivability 

The waivers, indemnities, representations and warranties set forth in this Agreement shall
survive the closing.

     14. Notices 

Any notices or other exchanges of information shall be directed to the following addresses.
Any notices or other exchange of information shall be directed to the following address via
certified or registered mail, return receipt requested, or to such other addresses as the
parties may notify each other from time to time:

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BUYER:

Horizon Offshore, Inc.

2500 City West Boulevard, Suite 2200

Houston, Texas 77042-3097

Attn: Mr. David Sharp

Telephone: (713) 361-2630

Telefax: (713) 261-2677

E-mail: dsharp@horizonoffshore.com

SELLER:

Louisiana Pipelaying I, L.L.C.

c/o General Electric Capital Corporation

401 Merritt 7, 2nd Floor

Norwalk, Connecticut 06851

Attn: Mr. Andrew Bella

Telephone: (203) 229-1829

Telefax: (203) 229-1992

E-mail: andrew.bella@ge.com

WITH COPY TO:

King, Leblanc and Bland, P.L.L.C.

c/o Henry King

201 St. Charles Ave., 45th Floor

New Orleans, Louisiana 70170

Telephone: (504) 582-3813

Telefax: (504) 582-1233

E-mail: hking@klb-law.com

     15. Commissions

Buyer and Seller represent and warrant that there is no brokerage commission due on the sale
of the Vessel to any brokers and shall defend, indemnify and hold one another harmless from
any claim for a commission based on the alleged or actual agreement of the other party.

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     16. Multiple Counterparts

This Agreement may be executed in multiple originals and multiple counterparts on different
dates and in different places, but which when taken together shall constitute one binding
and effective agreement.

     THUS DONE AND SIGNED on the dates set forth below in multiple counterpart originals, but
effective as of the Effective Date set forth above.

	 	 	 	 	 	 	 	 	 
	WITNESSES:	 	 	 	BUYER:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	HORIZON OFFSHORE, INC.
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Print Name:

	 	 	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Its:	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Print Name:

	 	 	 	 	 	Date:	 	 
	 

	 	 
	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	WITNESSES:

	 	 	 	 	 	SELLER:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	LOUISIANA PIPELAYING I, L.L.C.
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Print Name:

	 	 	 	 	 	By:	 	 
	 

	 	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	Name:	 	 
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	Its:	 	 
	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	Print Name:

	 	 	 	 	 	Date:	 	 
	 

	 	 
	 	 	 	 	 	 

Exhibits have been intentionally omitted, and will be made available to the Securities and
Exchange Commission upon request.

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