Document:

Unassociated Document

    Exhibit
      10.17

    

    FORM
      OF
      ADVISORY AGREEMENT

    

    

    Cantor
      Fitzgerald & Co.

    110
      East
      59th Street

    New
      York,
      New York 10022

    

    

    January
      26, 2007

    

    

    Euroseas
      Ltd.

    Aethrion
      Center

    40
      Ag.
      Konstantinou Street

    151
      24
      Maroussi, Greece

    

    Attention:
      Aristides J. Pittas, Chief Executive Officer

    

    Gentlemen:

    

    This
      will
      confirm the terms under which Cantor Fitzgerald & Co. (“Cantor”) has been
      retained by Euroseas Ltd. (the “Company”).

     

    1.  Cantor
      has been engaged to advise the Company in connection with the proposed public
      offering of its common stock (the “Offering”). In connection with Cantor’s
      activities on the Company’s behalf, Cantor has familiarized itself with the
      business operations, properties, financial condition and prospects of the
      Company. Cantor’s services are expected to include customary advice and
      assistance to the Company with all aspects of preparation for a public
      offering.

     

    2. For
      its
      services hereunder, the Company shall pay Cantor an advisory fee of 0.5% of
      the
      gross proceeds of the Offering, including any proceeds from the exercise of
      any
      over-allotment option, subject to the receipt by the Company of the net proceeds
      of the Offering. The advisory fee shall be due and payable upon the receipt
      by
      the Company of the net proceeds of the Offering. Cantor may also act as an
      underwriter of the Offering and will receive compensation, reimbursement of
      expenses and indemnification in such capacity pursuant to, and set forth solely
      in, a separate Underwriting Agreement to be entered into by the Company, Cantor
      and the other underwriters. 

     

    3.  This
      Agreement does not constitute a commitment or undertaking on the part of Cantor
      to provide or underwrite any part of the Offering and does not constitute any
      representation, warranty or agreement that the Offering will be completed.
      In
      addition, the Company agrees that it will not hold Cantor liable or responsible
      in the event that the Offering is not completed for any reason whatsoever,
      including, but not limited to, an adverse change in the financial or security
      markets and/or a lack of interest by potential investors in the Offering.
      Notwithstanding anything to the contrary contained herein, this Agreement does
      not constitute a commitment or undertaking on the part of the Company to
      complete the Offering and the Company shall have the right to not proceed with
      the Offering at any time and for any reason.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4. The
      Company agrees to indemnify Cantor in connection with its services hereunder
      in
      accordance with the indemnification provisions (the "Indemnification
      Provisions") attached to this Agreement, which Indemnification Provisions are
      incorporated herein and made a part hereof and which shall survive any
      termination of this Agreement. 

     

    5. The
      validity and interpretation of this Agreement shall be governed by, and
      construed and enforced in accordance with, the laws of the State of New York.
      The Company irrevocably (a) submits to the jurisdiction of any court of the
      State of New York or the United States District Court for the Southern District
      of the State of New York for the purpose of any suit, action, or other
      proceeding arising out of this Agreement, or any of the agreements or
      transactions contemplated hereby (each, a “Proceeding”), (b) agrees that all
      claims in respect of any Proceeding may be heard and determined in any such
      court, (c) waives, to the fullest extent permitted by law, any immunity from
      jurisdiction of any such court or from any legal process therein, (d) agrees
      not
      to commence any Proceeding other than in such courts, and (e) waives, to the
      fullest extent permitted by law, any claim that such Proceeding is brought
      in an
      inconvenient forum. 
      The
      Company hereby irrevocably designates Seward & Kissel LLP, One Battery Park
      Plaza, New York, N.Y. 10004 (212) 574-1200 as agent upon whom process against
      the Company may be served in New York City.

     

    6.  The
      benefits of this Agreement shall inure to the parties hereto, their respective
      successors and permitted assigns and to the indemnified parties hereunder and
      their respective successors and permitted assigns and representatives, and
      the
      obligations and liabilities assumed in this Agreement by the parties hereto
      shall be binding upon their respective successors and permitted assigns. Neither
      party may assign this Agreement without the consent of the other.

     

    EACH
      OF
      THE COMPANY AND CANTOR (ON ITS OWN BEHALF AND, TO THE EXTENT PERMITTED BY LAW,
      ON BEHALF OF ITS RESPECTIVE EQUITY HOLDERS AND CREDITORS) HEREBY WAIVES ANY
      RIGHT IT MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY CLAIM BASED UPON, ARISING
      OUT OF OR IN CONNECTION WITH THIS AGREEMENT AND THE ASSIGNMENT CONTEMPLATED
      HEREBY. 

     

    8.  This
      Agreement embodies the entire agreement and understanding of the parties hereto
      and supersedes any and all prior agreements, arrangements and understanding
      relating to the matters provided for herein. No waiver or amendment hereto
      shall
      be binding or effective unless the same is set forth in writing signed by a
      duly
      authorized representative of each party. If it is found in a final judgement
      by
      a court of competent jurisdiction (not subject to further appeal) that any
      term
      or provision hereof is invalid or unenforceable, (a) the remaining terms and
      provisions hereof shall be unimpaired and shall remain in full force and effect
      and (b) the invalid or unenforceable provision or term shall be replaced by
      a
      term or provision that is valid and enforceable and that comes closest to
      expressing the intention of such invalid or unenforceable term or
      provision.

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

    9.  This
      Agreement does not create, and shall not be construed as creating rights
      enforceable by any person or entity not a party hereto, except those entitled
      thereto by virtue of the Indemnification Provisions hereof. The Company
      acknowledges and agrees that Cantor: (a) is being retained to assist the Company
      in connection with the Offering, (b) is not being retained to advise the Company
      as to the underlying business decision to consummate any transaction and (c)
      is
      acting as an independent contractor and is not and shall not be construed as
      a
      fiduciary for the Company. The Company also agrees that Cantor shall not have
      any liability (including without limitation, liability for any losses, claims,
      damages, obligations, penalties, judgments, awards, liabilities, costs, expenses
      or disbursements) in contract, tort or otherwise to the Company, or to any
      person claiming through the Company, in connection with the engagement of Cantor
      pursuant to this Agreement and the matters contemplated hereby, except to the
      extent any such liability is found in a final judgment by a court of competent
      jurisdiction (not subject to further appeal) to have resulted primarily and
      directly from the gross negligence or willful misconduct of Cantor.

     

    10.  Cantor
      is
      engaged in securities brokerage activities, as well as providing investment
      banking and financial services. In the course of its activities, Cantor or
      its
      affiliates may hold long or short positions, and may trade or otherwise effect
      transactions for its own account or the accounts of customers in debt or equity
      securities or senior loans of the Company.

     

    11.  The
      Company has all requisite corporate power and authority to enter into this
      Agreement. This Agreement has been duly and validly authorized by all necessary
      corporate action on the part of the Company and constitutes a legal, valid
      and
      binding agreement of the Company, enforceable in accordance with its terms.
      

     

    12.  For
      the
      convenience of the parties, any number of counterparts of this Agreement may
      be
      executed by the parties hereto. Each such counterpart shall be, and shall be
      deemed to be, an original instrument, but all such counterparts taken together
      shall constitute one and the same Agreement. Delivery of a signed counterpart
      of
      this Agreement by telecopier or facsimile transmission shall constitute valid
      and sufficient delivery thereof.

     

    If
      the
      foregoing correctly sets forth our Agreement, please sign the enclosed copy
      of
      this letter in the space provided and return it to us.

    
      	 	 	 
	 	Very
              truly
              yours,
	 	 
	 	Cantor Fitzgerald & Co.
	 
 	 
 	 
 
	 	By:  	 
	 	
              
Name:
Title:
	 	 

    

     

     

    Confirmed
      and agreed to

    as
      of the
      date first above written:

    

    Euroseas
      Ltd.

    

    

    By:________________________

    Name:
      Aristides J. Pittas

    Title:
      Chief Executive Officer

    

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

    INDEMNIFICATION
      PROVISIONS

    

    The
      Company agrees to indemnify and hold harmless Cantor, to the fullest extent
      permitted by law, from and against any and all losses, claims, damages,
      obligations, assessments, penalties, judgments, awards, and other liabilities
      (collectively, “Liabilities”), and will fully reimburse Cantor for any and all
      reasonable fees, costs, expenses and disbursements (collectively, “Expenses”),
      as and when incurred, of investigating, preparing or defending any claim,
      action, suit, proceeding or investigation in connection with any pending or
      threatened litigation or arbitration against Cantor (collectively, “Actions”)
      (including any and all reasonable legal and other reasonable Expenses in giving
      testimony or furnishing documents in response to a subpoena or otherwise),
      directly or indirectly, caused by, relating to, based upon, arising out of
      or in
      connection with (a) any act or omission by Cantor in connection with the
      Offering, or (b) any untrue statement or alleged untrue statement of a material
      fact contained in, or omissions or alleged omissions from, any filing with
      the
      U.S. Securities and Exchange Commission or any other governmental agency or
      similar statements or omissions in or from any information furnished by the
      Company to Cantor or any other person in connection with the Offering;
provided,
      however,
      such
      indemnity agreement shall not apply to any portion of any such Liability or
      Expense to the extent it is found in a final judgment by a court of competent
      jurisdiction (not subject to further appeal) to have resulted primarily and
      directly from the gross negligence or willful misconduct of Cantor, in which
      event the Company shall be reimbursed any amounts advanced by it hereunder.
      Notwithstanding anything to the contrary contained herein, the Company shall
      not
      be obligated hereunder to indemnify Cantor for any liability arising out of
      or
      based upon any untrue statement or alleged untrue statement of a material fact
      contained in, or omissions or alleged omissions from, any filing with the U.S.
      Securities and Exchange Commission or any other governmental agency, if such
      untrue statement or alleged untrue statement or omission or alleged omission
      is
      made in reliance upon and in conformity with written information furnished
      to
      the Company by Cantor in connection with the Offering.

     

    If
      any
      Action is commenced, as to which Cantor proposes to demand indemnification,
      it
      shall notify the Company with reasonable promptness; provided,
      however,
      that
      any failure by Cantor to notify the Company shall not relieve the Company from
      its obligations hereunder except to the extent that, such omission results
      in
      the forfeiture of substantive rights or defenses by the Company. Cantor shall
      have the right to retain counsel of its own choice to represent it. The Company
      shall be liable for any settlement of any claim against Cantor made with the
      Company’s written consent, which consent shall not be unreasonably withheld. The
      Company shall not, without the prior written consent of Cantor, settle or
      compromise any claim, or permit a default or consent to the entry of any
      judgment in any Action in respect of which indemnification may be sought
      hereunder, unless such settlement, compromise or consent includes an
      unconditional release of Cantor from all liability arising out of such
      Action.

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    In
      order
      to provide for just and equitable contribution, if a claim for indemnification
      pursuant to these Indemnification Provisions is made but it is found in a final
      judgment by a court of competent jurisdiction (not subject to further appeal)
      that such indemnification may not be enforced in such case, even though the
      express provisions hereof provide for indemnification in such case, then the
      Company, on the one hand, and Cantor, on the other hand, shall contribute to
      the
      Liabilities and Expenses to which the indemnified persons may be subject in
      accordance with the relative benefits received by the Company, on the one hand,
      and Cantor, on the other hand, and also the relative fault of the Company,
      on
      the one hand, and Cantor, on the other hand, in connection with the statements,
      acts or omissions which resulted in such Liabilities and Expenses and the
      relevant equitable considerations shall also be considered. No person found
      liable for a fraudulent misrepresentation shall be entitled to contribution
      from
      any person who is not also found liable for such fraudulent misrepresentation.
      

     

    Neither
      termination nor completion of the engagement of Cantor referred to above shall
      affect these Indemnification Provisions which shall remain operative and in
      full
      force and effect.Exhibit
      10.12

     

    (GAMETECH
      LOGO)

     

    April
      10,
      2006

     

    John
      McCafferty

     

    Dear
      John, 

     

    Congratulations
      and welcome to GameTech International, Inc. This correspondence serves as
      confirmation of our offer of employment to you as V.P. of Product Marketing.
      This position is an important one to our organization and we look forward to
      the
      contributions you will bring to GameTech and its Executive Team. We anticipate
      your start date to be May 17, 2006.

     

    As
      V.P.
      of Product Marketing your responsibilities will include Sales, Product Marketing
      and Product Management. We are prepared to offer you a salary of $200k per
      year,
      with the opportunity for a review after 90 days of employment. With this
      position, you will be able to participate in the Executive Team Bonus Plan.
      At
      the outset, we will offer a stock option grant of 125,000 shares, vesting at
      the
      end of a one year period. This stock option grant will be subject to board
      approval. 

     

    In
      addition to the above compensation package, we are prepared to offer you
      relocation assistance up to $30,000. Please refer to GameTech’s Relocation
      Policy for a complete list of approved expenses. After completing six months
      of
      employment your principal residence should be located in the Reno, NV area.
      

     

    Should
      your employment terminate with GameTech for “Cause”, or should you decide to
      terminate your employment, prior to completing one year of service, you will
      be
      responsible for reimbursing the company for all relocation expenses paid on
      your
      behalf. In the event that there is a change of control, all your stock options
      will vest immediately. “Cause” means any conduct that may jeopardize any license
      in any jurisdiction that the company does or seeks to do business; performance
      of work in a manner that is not professional, including dishonesty or
      insubordination; conviction for any felony; or other conduct injurious to the
      company or its reputation. "Change of control" means (i) the company merges
      with
      another entity, or (ii) that any “person” or “group” becomes the “beneficial
      owner” of more than fifty percent (50%) of the total voting power entitled to
      vote in the election of the Board of Directors, excluding any person or group
      that is the beneficial owner of more than five percent (5%) of the total voting
      power as of the date of this letter. “Person”, “group” and “beneficial owner”
are defined in Sections 13(d) and 14(d) and Rule 13(d) of the Securities
      Exchange Act of 1934.

     

    GameTech
      also offers a rich benefits package including Medical, Dental, Vision, 401K,
      Disability and Life insurance for you. You will be eligible for these benefits
      the first of the month following 30 days of employment. In addition, you will
      accrue a total of 3 weeks of Paid Time Off during your first year of employment.
      Many more benefits will be described in the Plan Package. 

     

    We
      do let
      all new employees know that we are an “at will” employer and either the employee
      or the employer may terminate the employment relationship at any time with
      or
      without prior notice.

     

    We
      are so
      pleased to have the opportunity to work with you and look forward to your
      participation with us. We wish you the best for success in your new position.
      Please sign in the space provided below as acceptance of this offer. A copy
      will
      be made for your own personal file.

     

    Kind
      Regards,

     

    

      
        	
                /s/
                  Kay O’Brien

              	 	
                /s/
                  John McCafferty

              	 	
                5/22/06

              
	
                
                  

                

                Kay
                  O’Brien

              	 	
                
                  

                

                John
                  McCafferty

              	 	
                
                  

                

                Date

              
	Director
                of Human
                Resources	 	 	 	 

      

    

     

    
      	
              cc:
                

            	
              Jay
                Meilstrup

            
	 	
              Scott
                Shackelton 

            
	 	
              Employee
                File

            

    

    

    KO:th

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