Document:

exv4w5

 

Exhibit No. 4.5

SUBSCRIPTION AGREEMENT

Ocean West Holding, Inc.

15991 Redhill Avenue

Suite 110

Tustin, California 92780

Gentlemen:

          1. Subscription. The undersigned subscriber (the “Purchaser”) hereby
subscribes for and agrees to purchase Two Hundred and Fifty Thousand (250,000)
shares of senior preferred stock (the “Shares”) of Ocean West Holdings, Inc., a
Delaware corporation (the “Company”) for an aggregate purchase price of One
Million Five Hundred Thousand Dollars ($250,000.00) (the “Subscription Price”).

          2. Payment. The Purchaser hereby tenders the full amount of the
Subscription Price by delivery of a check payable to Ocean West Holding, Inc.
or by wire transfer to the Company’s designated account.

          3. Representations, Warranties and Covenants of Purchaser. The Purchaser
hereby acknowledges, represents and warrants to and agrees with the Company
that:

          (a) The Shares are not registered under the Securities Act of 1933 (the
“Securities Act”) or any state securities laws. The Subscriber understands
that the offering and sale of such Shares is intended to be exempt from
registration under the Securities Act by virtue of Section 4(2) of the
Securities Act and the provisions of Rule 506 of Regulation D promulgated
thereunder, based, in part, upon the representations, warranties and agreements
contained in this Subscription Agreement.

          (b) The Purchaser has received and reviewed all information the Purchaser
considers necessary or appropriate for deciding whether to purchase the Shares.
The Purchaser further represents that the Purchaser has had an opportunity to
ask questions and receive answers from the Company and its officers and
employees regarding the terms and conditions of purchase of the Shares and
regarding the business, financial affairs and other aspects of the Company and
has further had the opportunity to obtain any information (to the extent the
Company possesses or can acquire such information without unreasonable effort
or expense) which the Purchaser deems necessary to evaluate the investment and
to verify the accuracy of information otherwise provided to the Purchaser.

          (c) The Purchaser has such business or financial experience as to be
capable of evaluating the merits and risks of an investment in the Shares and
protecting the Purchaser’s own interests in connection with this investment.

          (d) Since the offer and sale of the Shares have not been registered under
the Securities Act in reliance upon Section 4(2) of the Securities Act and Rule
506 of Regulation D promulgated thereunder, the Purchaser will offer or resell
the Shares only in compliance with the provisions of all applicable Federal and
state securities laws and regulations. The Purchaser will offer or resell such
Shares only if such Shares are registered under the Securities Act or an
exemption from such registration is available. Unless the Shares that are the
subject of such offer or sale are registered under the Securities Act or an
exemption from registration is available (in which latter case the Company
shall have received an opinion of counsel, in form and substance reasonably
satisfactory to the Company, to such effect), the Company shall not permit the
transfer of the Shares.

     The Purchaser understands and agrees that the Company may take such
reasonable steps as it deems appropriate to ensure compliance with the offer,
resale and other restrictions on transfer contained in this Subscription
Agreement (the “Agreement”) and in Regulation D, including instituting “stop
transfer” instructions with respect to the Shares and endorsing restrictive
legends on certificates representing such Shares. A legend substantially
similar to the one set forth below shall be placed on the certificates
representing the Shares:

“THE SHARES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN
REGISTERED UNDER THE SECURITIES ACT OF 1933 (THE “ACT”).
THE SHARES HAVE BEEN ACQUIRED FOR INVESTMENT AND MAY NOT
BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF AN
EFFECTIVE

 

 

REGISTRATION STATEMENT FOR THESE SHARES UNDER THE ACT OR
AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT
REGISTRATION IS NOT REQUIRED UNDER THE ACT”.

          (e) The Purchaser understands that the Shares are “restricted securities”
under the Federal securities laws in that such Shares will be acquired from the
Company in a transaction not involving a public offering, and that under such
laws and applicable regulations such Shares may be resold without registration
under the Act only in certain limited circumstances and that otherwise such
Shares must be held indefinitely. In this connection, the Purchaser represents
that the Purchaser understands the resale limitations imposed by the Securities
Act and is familiar with SEC Rule 144, as presently in effect, and the
conditions which must be met in order for that Rule to be available for resale
of “restricted securities,” including the requirement that the Shares must be
held for at least one year after purchase thereof from the Company prior to
resale (two years in the absence of publicly available information about the
Company) and the condition that there be available to the public current
information about the Company under certain circumstances.

          (f) Without in any way limiting the representations set forth above, the
Purchaser further agrees not to make any disposition of all or any portion of
the Shares purchased hereunder unless and until:

               (i) There is then in effect a registration statement under the Securities
Act covering such proposed disposition and such disposition is made in
accordance with such registration statement and any applicable requirements of
state securities laws; or

               (ii) The Purchaser shall have notified the Company of the proposed
disposition and shall have furnished the Company with a detailed statement of
the circumstances surrounding the proposed disposition, and if reasonably
requested by the Company the Purchaser shall have furnished the Company with a
written opinion of counsel, reasonably satisfactory to the Company, that such
disposition will not require registration of any securities under the
Securities Act or the consent of or a permit from appropriate authorities under
any applicable state securities law. The Purchaser understands that the
Company will not require opinions of counsel for transactions made pursuant to
SEC Rule 144, provided it is provided with all certificates and other
information it may reasonably request to permit it to determine that the
subject disposition is, in fact, exempt from the registration requirements of
the Securities Act pursuant to SEC Rule 144.

               (iii) In the case of any disposition of any of the Shares pursuant to SEC
Rule 144, in addition to the matters set forth in paragraph 3(f)(ii) above, the
Purchaser shall promptly forward to the Company a copy of any Form 144 filed
with the SEC with respect to such disposition and a letter from the executing
broker satisfactory to the Company evidencing compliance with SEC Rule 144. If
SEC Rule 144 is amended or if the SEC’s interpretations thereof in effect at
the time of any such disposition by the Purchaser have changed from its present
interpretations thereof, the Purchaser shall provide the Company with such
additional documents as it may reasonably require.

          (g) The Purchaser is acquiring the Shares for investment purposes and not
with a view towards the distribution of the Shares. The Purchaser does not
have any agreement, oral or written, with any person to sell, transfer, or
grant participation to such person or any third person with respect to such
Shares, and no other person has a direct or indirect beneficial interest in the
Shares being purchased hereunder.

          (h) The Purchaser has a sufficient net worth to sustain a loss of the
Purchaser’s entire investment in the Shares in the event such a loss should
occur. The Purchaser’s overall commitment to investments which are not readily
marketable is not excessive in view of the Purchaser’s net worth and financial
circumstances and the purchase of the Shares will not cause such commitment to
become excessive.

          (i) The Purchaser is an “accredited investor” as that term is defined in
Rule 501(a) of Regulation D under the Securities Act.

          (j) The execution and delivery of this Agreement and the purchase of the
Shares by the Purchaser pursuant to this Agreement will not violate any statute
or law, or any judgment, decree, order, regulation or rule of any court or
governmental authority by which the Purchaser is bound, or any agreement, oral
or written, to which the Purchaser is a party or by which the Purchaser is or
may be bound.

          (k) The Purchaser shall fully indemnify, protect, defend, and hold
harmless the Company, and its affiliates, officers, directors, stockholders,
agents, employees, attorneys, successors, and assigns from and against all
claims, actions, causes of action, damages, losses, costs, liabilities, and
expenses (including costs of investigation, defense, and attorneys’ fees)
whatsoever

 

 

which may result from a breach of the representations, warranties,
agreements and acknowledgments of the Purchaser contained in this Agreement or
from any misrepresentation or omission of a material fact in any other document
delivered in connection with this Agreement.

          (l) If a person is executing this Agreement in a representative or
fiduciary capacity on behalf of the Purchaser, such person has full power and
authority to execute and deliver this Agreement on behalf of the subscribing
corporation, partnership, trust or other entity which is the Purchaser, and
such corporation, partnership, trust or other entity has full right and power
to enter into and perform this Agreement.

          (m) The Purchaser shall promptly notify the Company if any of the
foregoing representations, warranties, covenants or acknowledgments becomes
untrue in any material respect prior to the issuance of the Shares to the
Purchaser.

          4. Survival. The representations and warranties contained in this
Agreement shall remain operative and in full force and effect regardless of any
investigation made by any party hereto, or acceptance of any of the Shares and
payment therefore.

          5. Miscellaneous.

          (a) This Agreement may be amended only by a writing executed by all
parties.

          (b) This Agreement is not transferable or assignable by the Purchaser.

          (c) This Agreement may be executed in several counterparts, each of which
shall be deemed an original but all of which together shall constitute one and
the same instrument.

          (d) This Agreement shall be governed by and construed in accordance with
the laws of the State of Nevada.

          (e) All notices or other communications given or made hereunder shall be
in writing and shall be validly given or made to another party if given by
personal delivery or facsimile or if deposited in the United States mail,
certified or registered, postage prepaid, return receipt requested. If such
notice or other communication is given by personal delivery or facsimile,
delivery shall be conclusively deemed made at the time of receipt. If such
notice or other communication is given by mail, such notice or other
communication shall be conclusively deemed given forty-eight (48) hours after
deposit thereof in the United States mail addressed to the party to whom such
notice or other communication is to be given at their respective address set
forth in this Agreement, which may be changed from time to time by notice
delivered in accordance with this paragraph.

 

 

IN WITNESS WHEREOF, the Purchaser has executed this Subscription Agreement
effective as of September 1, 2004.

	 
	/s/
Wayne K. Bailey CFO

	(Signature)

	 

	Wayne K. Bailey CFO,

	Consumer
Direct of America 

	(Printed Name)

	 

	Address: 6330 South Sandhill Road

	Las Vegas, NV 89120

	 
	Accepted:

	Ocean West Holding Corporation

	 

	By:
/s/ Marshall L. Stewart

	Title: President and CEO<PAGE>

                                                                    Exhibit 10.1

                              TORCH OFFSHORE, INC.
                              EMPLOYMENT AGREEMENT

THIS EMPLOYMENT AGREEMENT (this "Agreement") is effective as of October 28, 2004
(the "Effective Date"), and is entered into between Torch Offshore, Inc., a
Delaware corporation (the "Corporation"), and Vincent Lecarme, a person of the
full age of majority (the "Employee").

      1.    Employment and Duties.

      (a) The Corporation agrees to employ the Employee as Senior Vice President
- Operations, as of the effective date of this Agreement for the period set
forth in paragraph 1(c) below, unless employment is terminated sooner as
provided herein.

      (b) The Employee accepts employment and agrees to devote his full time and
attention to the performance of his duties as determined, from time to time, by
the Chief Executive Officer or the Board of Directors of the Corporation.

       (c) The Employee shall commence his duties as of October 28, 2004, and
shall continue to serve in the employ of the Corporation until October 28, 2005,
(the "Initial Term"), except as provided herein. Upon the expiration of the
Initial Term, this Agreement shall be automatically renewed for two (2)
successive one-year terms unless terminated at least sixty (60) days prior to
the end of the then current year term (each successive year is the "Renewal
Term).

      (d) The Corporation will sponsor and process at its cost the extension(s)
of the Employee's H1B visa that is required for the Employee's employment.

      2. Compensation. The Corporation shall pay to the Employee the following
amounts, subject to the terms and conditions set forth in this Agreement:

      (a) An annual salary of $210,000.00, and such amount shall be prorated and
paid in accordance with the Corporation's customary payroll practices.

      (b) Employee shall be eligible to participate in the Torch "Incentive
Bonus Plan" as determined by the Compensation Committee of the Corporation
commencing for the financial results of the fiscal year starting January 1, 2004
and ending December 31, 2004 and continuing as determined by the Compensation
Committee of the Board of Directors of the Corporation for future fiscal year
time periods.

      (c) If the Corporation terminates the employment of the Employee for any
reason other than Cause (as defined herein), then the Corporation shall pay to
the Employee severance payments of six month's of salary at his then current
rate, to be paid in accordance with the Company's standard payroll practices.

      Any amount(s) payable under this Agreement shall be subject to the
withholding of such income and employment taxes as may be required by law to be
withheld.

      3. Payment or Reimbursement of Expenses. Subject to compliance by the
Employee with such policies regarding expenses and expense reimbursements as may
be adopted, from time to time, by the Corporation, the Employee shall be paid or
reimbursed for reasonable expenses actually incurred in

                                       35
<PAGE>

connection with the performance of his duties hereunder and in the furtherance
of the business and affairs of the Corporation. Any such reimbursement shall be
made within a reasonable period after presentation by the Employee of an
itemized account of such expenses, accompanied by appropriate receipts
satisfactory to the Corporation. In no event shall any expense be paid or
reimbursed, unless properly accounted for to the extent necessary to
substantiate the Corporation's Federal income tax deduction under the applicable
provisions of the Internal Revenue Code of 1986, as amended (the "Code"), and
the regulations promulgated thereunder or any similar state or federal law or
regulation.

Relocation Expenses. The Employee shall be reimbursed for expenses incurred in
connection with the Employee's relocation to Houston, Texas. Such expenses
should be submitted to the Chief Financial Officer on an expense account form.
The Employee shall also be reimbursed for a maximum of 30 days of temporary
accommodation in Houston, Texas, until a permanent residence can be established.
However, in no event will the amount of reimbursement for relocation expenses
and temporary accommodations exceed $10,000 in aggregate.

      4.    Additional Benefits.

      (a) The Employee shall be eligible to participate in such qualified
employee benefit plans and other welfare or fringe benefits as may be maintained
by the Corporation for the benefit of employees, from time to time. Such
participation shall be determined in accordance with the terms and conditions of
each such separate plan or program.

      (b) The Employee expressly acknowledges and agrees that, notwithstanding
any provision of this Agreement to the contrary, the Employee shall not be
eligible to receive from the Corporation any form of severance pay or other form
of termination benefit, except as expressly provided herein (other than coverage
under COBRA or other form of legally mandated benefit available after the
termination of employment).

      (c) The Employee shall be entitled to 15 business days of paid vacation
each year and one return trip to permanent residence in Indonesia, in coach
class for himself and his wife, to be accrued and taken in accordance with the
Corporation's standard policies and practices.

      5.    Termination.

      (a) This Agreement and the Corporation's obligations hereunder shall
terminate as of the conclusion of the Initial Term, unless terminated earlier
pursuant to this paragraph 1 hereof or extended for successive one-year terms as
provided in paragraph 1(c) hereof.

      (b) Either party may terminate this Agreement by providing the other party
with thirty (30) days written notice.

      (c) If the Employee dies or becomes totally disabled (as determined by the
Board of Directors or the Chief Executive Officer of the Corporation), this
Agreement and the Employee's rights hereunder shall automatically terminate as
of the date of such death or disability.

      (d) The Corporation may terminate this Agreement and the Employee's rights
hereunder at any time for Cause, which shall mean (i) any willful breach of duty
by the Employee in the course of the performance of his duties hereunder or for
the habitual neglect by the Employee of such duties, each as determined by the
Board of Directors of the Corporation, which continues after written notice to
Employee; (ii) the conviction of any felony or plea of "no contest" to any
charge that he has committed any felony; (iii) arrest or formal charge with
having committed any felony which involves embezzlement, theft, bribery, or
other business-related crimes or any aggravated crime against a person; (iv)
arrest or

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<PAGE>

otherwise formal charge with a felony or any crime involving moral turpitude or
any other criminal activity or unethical conduct which, in the opinion of the
Board of Directors of the Corporation, would materially impair the Employee's
ability to perform his duties hereunder or would impair the business reputation
of the Corporation; (v) failure or refusal to comply with the policies,
standards and regulations of the Corporation after written notice to Employee;
or (vi) breach of the provisions of paragraph 7 hereof.

      7. Covenant Not to Compete. During the term of the Employee's employment
with the Corporation or for a period of six (6) months following any termination
of the Employee's employment with the Corporation, the Employee agrees that,
with respect to the parishes within the State of Louisiana, and the counties
within the States of Texas, Alabama, Florida, and Mississippi set forth on
Schedule A attached hereto, including the territorial waters of the United
States located offshore of such areas, (c) France, (d) Italy, (e) Athens, (f)
United Arab Emirates (h) West Africa including Nigeria and (g) Norway each of
which the Employee stipulates and agrees that the Corporation carries on or
intends to carry on a like business, the Employee shall not, directly or
indirectly, for his own benefit or to the detriment of the Corporation or its
affiliates:

      (a) Own, manage, operate, control, or participate in the ownership,
management, operation, or control of a business (however structured) that
carries on or engages in any manner (excluding stock in a publicly held
corporation), in the Pipelay and Subsea Construction Business. For this purpose,
the term "Pipelay and Subsea Construction Business" shall refer to the
installation, laying, and/or burying of transmission lines, trunk lines, and
flowlines, laying of all rigid, flexible, reeled, or coiled tubing and
installing, laying, and/or burying of control, power umbilicals and subsea
communication or power cables, and pipeline tie-ins, pipeline burial, riser
installation and survey, inspection, maintenance, and repair services in
connection with oil and gas pipelines;

      (b) Perform any services similar to the primary services he performed
while employed by the Corporation or any of its subsidiaries or affiliates for
any person, partnership, corporation, association, group, or other entity
engaged in the Pipelay and Subsea Construction Business (as defined above),
whether as an employee, independent contractor, or otherwise; or

      (c) Solicit customers or employees of the Corporation or any of its
subsidiaries or affiliates for any purpose or in any manner detrimental to the
Corporation or its business or operations.

                  The parties hereto agree that each of the foregoing
prohibitions is intended to constitute a separate restriction. Accordingly,
should any such prohibition be declared invalid or unenforceable, such
prohibition shall be deemed severable from and shall not affect the remainder
thereof. The parties further agree that the foregoing restrictions are
reasonable in both time and scope.

            Because of the difficulty of measuring economic loss to the
Corporation as a result of a breach of any of the foregoing prohibitions, and
because of the immediate and irreplaceable damage that could be caused to the
Corporation for which it would have no other adequate remedy, the Employee
agrees that the foregoing prohibitions may be enforced by the Corporation, in
the event of a breach by him, by injunctions, restraining orders, and orders of
specific performance issued by a court of competent jurisdiction. The Employee
further agrees to waive any requirement for the Corporation's securing or
posting of any bond in connection with such remedies.

      8.    Confidential Information.

      (a) The Employee agrees not to disclose, either while employed by the
Corporation or any of its subsidiaries or affiliates or at any time thereafter,
to any person not employed by the Corporation or not engaged by the Corporation
to render services to the Corporation, any confidential information of the

                                       37
<PAGE>

Corporation or its subsidiaries or affiliates learned by the Employee during the
course of his employment by the Corporation. This paragraph 8 shall not preclude
the Employee from the use or disclosure of information known generally to the
public or of information not considered confidential by persons engaged in the
business conducted by the Corporation for from disclosure required by law or
court order. The Employee further agrees that, upon the expiration or
termination of this Agreement for any reason, he will not take with him, without
the prior written consent of the Corporation, any document, magnetic or other
storage media, or any other books, records, files, or confidential or
proprietary information of the Corporation or any of its subsidiaries or
affiliates.

      (b) All written materials, records, and documents made by the Employee or
in the possession of the Employee during or after the term of this Agreement
concerning the business or affairs of the Corporation or any of its subsidiaries
or affiliates, or other items or property held by or for the Employee, but owned
or used by the Corporation or such subsidiary or affiliate, as the case may be,
and, upon the expiration or termination of the term of this Agreement or upon
the request of the Corporation or such subsidiary or affiliate, the Employee
shall promptly deliver all of such materials, records, documents, or other items
or property that are then in his possession.

      9. Notices. All notices, requests, demands, and other communications
provided for by this Agreement shall be in writing and shall be deemed to have
been duly given when delivered in person or mailed by United States certified
mail, return receipt required, postage prepaid, addressed as follows:

            If to the Employee:           If to the Corporation:

            Vincent Lecarme               Torch Offshore, Inc.
            ____________________          401 Whitney Avenue, Suite 400
            ____________________          Gretna, Louisiana 70056
            ____________________          Attention:  Lyle Stockstill, CEO

or to such other address as any party may have furnished to the other in writing
in accordance herewith, except that notices of change of address shall be
effective only upon receipt.

      10. Governing Law. The provisions of this Agreement shall be construed in
accordance with the substantive local law of the State of Louisiana, without
consideration of the conflicts of law provisions thereof.

      11. Successors. This Agreement shall be assignable by the Corporation,
with the prior written consent of the Employee. The Employee's obligation to
provide services hereunder, being personal to the Employee, may not be assigned
by the Employee.

      12. Remedies. Each party acknowledges that the other party will have no
adequate remedy at law if the first party violates certain of the terms of this
Agreement, and that the other party shall have the right, to the extent
permitted by applicable law, in addition to any other rights or remedies it may
have, to obtain from any court of competent jurisdiction, injunctive relief to
restrain any breach or threatened breach hereof or otherwise to specifically
enforce the provisions hereof.

      13. Waiver. No waiver of any obligation, right or remedy under this
Agreement shall be effective, unless such waiver is made in writing, specifying
the terms of this Agreement subject to waiver and executed by the party to be
charged with such waiver. A waiver by either party of any of his or its rights
or remedies hereunder on any occasion shall not be a bar to the exercise of the
same right or remedy on any subsequent occasion or of the exercise of any other
right or remedy at any time.

                                       38
<PAGE>

      14. Integration and Amendments. This Agreement constitutes the entire
agreement and understanding between the parties with respect to the subject
matter hereof and supersedes any prior agreement or understanding, whether
written or oral, relating to such subject matter. No modification or amendment
to this Agreement shall be effective or binding unless in writing, specifying
such modification or amendment, executed by both of the parties hereto.

      15. Headings. The headings contained in this Agreement are for reference
purposes only and shall not affect the construction or interpretation of this
Agreement.

      16. Severability. Should any section, provision, or portion of this
Agreement be declared invalid or unenforceable in any jurisdiction, then such
section, provision, or portion shall be deemed to be (a) severable from this
Agreement as to such jurisdiction (but not elsewhere) and shall not affect the
remainder hereof and (b) amended to the extent, and only to the extent,
necessary to permit such section, provision, or portion, as the case may be, to
be valid and enforceable in such jurisdiction (but not elsewhere).

      17. Survival of Certain Provisions. The rights and obligations of the
Employee under paragraph 7 hereof shall survive the expiration or termination of
this Agreement.

      THIS AGREEMENT was executed in multiple counterparts, each of which shall
be deemed an original, as of the dates set forth below, but to be effective as
of the Effective Date.

EMPLOYEE:                     TORCH OFFSHORE, INC.

/s/ Vincent Lecarme                 By: /s/ Lana J. Hingle Stockstill
-------------------                     -----------------------------
Vincent Lecarme

                                    Title: Chief Administrative Officer

Date: October 28, 2004                    Date: October 28, 2004

Schedule A - Counties and Parishes in which Competition is Prohibited

I.    Texas

      Jefferson               Chambers                      Harris
      Galveston               Brazoria
      Calhoun                 Aransas
      Nueces Cameron

II.   Louisiana

      Cameron                 Vermilion                     Lafayette
      Iberia                  St. Mary                      Orleans
      Terrebonne              Lafourche
      Jefferson               Plaquemines

III.  Mississippi

      Hancock                 Harrison
      Jackson

IV.   Alabama

      Mobile

V.    Florida

      Escambia                Santa Rosa
      Pinnellas               Hillsborough
      Manatee                 Brevard

                                       39

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