Document:

Form of Insider Unit and Insider Warrant Purchase Agreement

 EXHIBIT 10.8 
 INSIDER UNIT AND INSIDER WARRANT PURCHASE AGREEMENT 
 THIS INSIDER UNIT AND INSIDER WARRANT PURCHASE
AGREEMENT (this “Agreement”) made as of this [        ] day of [                ], 2007, between
Oceanaut, Inc., a Marshall Islands corporation (the “Company”), and Excel Maritime Carriers Ltd. (the “Purchaser”). 
 WHEREAS, the Company desires to sell, and the Purchaser desires to acquire, in a private placement (the “Placement”) to occur immediately prior to the initial public offering of the Company’s
Securities (“IPO”), an aggregate of 1,125,000 units (the “Insider Units”), each unit consisting of one share of common stock of the Company (the “Common Stock”) and one warrant to purchase one share
of Common Stock, and 2,000,000 warrants to purchase 2,000,000 shares of Common Stock (the “Insider Warrants”), which Insider Units and Insider Warrants are substantially similar to the units and the warrant included in the units to
be sold in the IPO as set forth in the registration statement on Form F-1, Registration No. 333-[            ] (the “Registration Statement”) filed with the
U.S. Securities and Exchange Commission (the “SEC”), except as otherwise noted below (the Insider Units and Insider Warrants are referred to herein collectively as the “Insider Securities”); and 
 WHEREAS, the Insider Securities are subject to the terms and conditions of that certain Registration Rights Agreement entered into by and between the
parties on the date hereof. 
 NOW, THEREFORE, for and in consideration of the premises and the mutual covenants hereinafter set forth, the
parties hereto do hereby agree as follows: 
 1. Purchase of Insider Securities. The Purchaser hereby agrees, severally and not
jointly, directly or through its nominees, to purchase 1,125,000 Insider Units at a purchase price of $8.00 per Insider Unit and 2,000,000 Insider Warrants at a purchase price of $1.00 per Insider Warrant, for an aggregate purchase price of
$11,000,000 (the “Purchase Price”). 
 2. Closing. The closing of the purchase and sale of the Insider
Securities (the “Closing”) will take place at such time and place as the parties may agree (the “Closing Date”), but in no event later than the date on which the SEC declares the Registration Statement effective
(the “Effective Date”). Immediately prior to the closing of the IPO, the Company shall deposit the Purchase Price into the trust account described in the Registration Statement (the “Trust Account”) in accordance
with the Investment Management Trust Agreement entered into by and between the Company and Continental Stock Transfer and Trust Company, as trustee. The certificates for the Common Stock and warrants comprising the Insider Securities shall be
delivered to the Purchaser promptly after the closing of the IPO. The Purchaser acknowledges that the certificates representing its Insider Securities will be legended to reflect that such securities are subject to the terms and conditions of this
Agreement. 
 3. Voting of Shares. The Purchaser hereby agrees to vote all of the shares of Common Stock acquired by the Purchaser
pursuant to this Agreement, in the IPO or in the aftermarket in favor of any Business Combination that the Company negotiates and presents for approval to the Company’s shareholders. As used herein, a “Business Combination”
shall mean an acquisition of, through a merger, capital stock exchange, stock purchase, asset acquisition, or other similar business combination, one or more vessels or operating businesses in the shipping industry. 
 4. Waiver of Liquidation Distributions. The Purchaser hereby waives any and all right, title, interest or claim of any kind in or to any
liquidating distributions by the Company in the event of a 

 
liquidation of the Company upon the Company’s failure to timely complete a Business Combination with respect to the shares of Common Stock included in
500,000 of the Insider Units. For purposes of clarity, shares of Common Stock included in the other 625,000 Insider Units and any purchased in the IPO or the aftermarket by the Purchaser shall be eligible to receive any liquidating distributions by
the Company. 
 5. Lock-Up Agreement. The Purchaser shall not sell, dispose of, transfer, make any short sale of, grant any option for
the purchase of, or enter into any hedging or similar transaction with the same economic effect as a sale, any units, Common Stock, warrants or other securities of the Company held by the Purchaser, including the Insider Securities (the
“Restricted Securities”) until such time as the Company consummates a Business Combination, except that the Purchaser may transfer any or all of the Insider Securities to an entity which it controls (within the meaning of
Section 15 of the Securities Act of 1933. as amended (the “Securities Act”). The Purchaser agrees to execute and deliver such other agreements as may be reasonably requested by the Company and/or Citigroup Global Markets Inc.
(the “Representative”), as representative of the underwriters of the IPO, which are consistent with the foregoing or which are necessary to give further effect thereto. In order to enforce the foregoing covenant, the Company may
impose stop-transfer instructions with respect to the Purchaser’s Restricted Securities until the end of such period. The Representative is an intended third party beneficiaries of this Section 5 and shall have the right, power and
authority to enforce the provisions hereof as though it were a party hereto. 
 6. Representations and Warranties of The Purchaser.
The Purchaser hereby represents and warrants to the Company that: 
 6.1 The Purchaser is an “accredited investor”
as that term is defined in Rule 501 of Regulation D promulgated under the Securities Act. 
 6.2 The Insider Securities are
being acquired for the Purchaser’s own account, for investment purposes only and not with a view to, or for resale in connection with, any distribution or public offering thereof within the meaning of the Securities Act. 
 6.3 The Purchaser has the full right, power and authority to enter into this Agreement, and this Agreement is a valid and legally binding
obligation of the Purchaser, enforceable against the Purchaser in accordance with its terms. 
 6.4 The Purchaser understands
that the Insider Securities are being offered and sold to it in reliance on specific exemptions from the registration requirements of United States federal and state securities laws and that the Company is relying upon the truth and accuracy of, and
the Purchaser’s compliance with, the representations, warranties and agreements of the Purchaser set forth herein in order to determine the availability of such exemptions and the eligibility of the Purchaser to acquire such Insider Securities.

 6.5 The Purchaser initiated discussions with the Company relating to the purchase and sale of the Insider Securities
contemplated by this Agreement on an unsolicited basis prior to the date of this Agreement. The Purchaser did not initiate such discussions, nor did the Purchaser decide to enter into this Agreement as a result of any general solicitation or general
advertising within the meaning of Rule 502(c) under the Securities Act. 
 6.6 The Purchaser has been furnished with all
materials relating to the business, finances and operations of the Company and materials relating to the offer and sale of the Insider Securities which have been requested by Purchaser. The Purchaser has been afforded the opportunity to ask
questions of the executive officers and directors of the Company. The Purchaser understands that its 

  

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investment in the Insider Securities involves a high degree of risk. The Purchaser has sought such accounting, legal and tax advice as the Purchaser has
considered necessary to make an informed investment decision with respect to the Purchaser’s acquisition of the Insider Securities. 
 6.7 The Purchaser understands that no United States federal or state agency or any other government or governmental agency has passed on or made any recommendation or endorsement of the Insider Securities or the
fairness or suitability of the investment in the Insider Securities nor have such authorities passed upon or endorsed the merits of the offering of the Insider Securities. 
 6.8 The Purchaser understands that: (a) the Insider Securities have not been and are not being registered under the Securities Act or
any state securities laws, and may not be offered for sale, sold, assigned or transferred unless (A) subsequently registered thereunder or (B) sold in reliance on an exemption therefrom; and (b) except as specifically set forth in the
Registration Rights Agreement, neither the Company nor any other person is under any obligation to register such securities under the Securities Act or any state securities laws or to comply with the terms and conditions of any exemption thereunder.

 In addition, the Purchaser understands that the SEC has taken the position that promoters or affiliates of a blank check company and their
transferees, both before and after a business combination, would act as “underwriters” under the Securities Act when reselling the securities of a blank check company. Based on that position, Rule 144 would not be available for resale
transactions despite technical compliance with the requirements of Rule 144, and such securities can be resold only through a registered offering. 
 6.9 The Purchaser has such knowledge and expertise in financial and business matters, knows of the high degree of risk associated with investments generally and particularly investments in the securities of companies
in the development stage such as the Company, is capable of evaluating the merits and risks of an investment in the Insider Securities and is able to bear the economic risk of an investment in the Insider Securities in the amount contemplated
hereunder. The Purchaser has adequate means of providing for its current financial needs and contingencies and will have no current or anticipated future needs for liquidity which would be jeopardized by the investment in the Insider Securities. The
Purchaser can afford a complete loss of its investment in the Insider Securities. 
 6.10 Without in any way limiting the
representations set forth above, the Purchaser agrees not to make any disposition of all or any portion of the Insider Securities unless and until: 
 (a) 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; or 
 (b)(i) 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 (ii) if reasonably requested by the Company, the Purchaser shall have furnished the Company with an opinion of counsel, reasonably satisfactory to the Company, that such
disposition will not require registration of such Securities under the Securities Act. 
 7. Waiver of Claims; Indemnification. The
Purchaser hereby waives any and all rights to assert any present or future claims, including any right of rescission, against the Company with respect to its purchase of the Insider Securities, and the Purchaser agrees to indemnify and hold the
Company harmless from all losses, damages or expenses that relate to claims or proceedings brought against the Company by the Purchaser of the Insider Securities or its transferees, assigns or any subsequent holders of the Insider Securities.

  

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 8. Notices. All notices or communications hereunder shall be in writing, addressed as follows:

 To the Company: 
 Oceanaut,
Inc. 
 17th Km National Road Athens-Lamia & Finikos Street 
 145-64 Nea Kifisia 
 Athens, Greece 
 Attention: Chief Executive
Officer 
 with copies to: 
 Kenneth R. Koch, Esq. 
 Mintz Levin Cohn Ferris Glovsky & Popeo, P.C. 
 666 Third Avenue 
 New York, New York 10017

 If to Excel: 
 Excel Maritime
Carriers Ltd. 
 17th Km National Road Athens-Lamia & Finikos Street 
 145-64 Nea Kifisia 
 Athens, Greece 
 Attention: General Counsel

 with copies to: 
 [                                      
  ]. 
 Any such notice or communication shall be delivered by hand or by courier or sent certified or registered mail, return
receipt requested, postage prepaid, addressed as above (or to such other address as such party may designate in a notice delivered as described above), and the third business day after the actual date of mailing shall constitute the time at which
notice was given. 
 9. Counterparts; Facsimile. This Agreement may be executed in any number of counterparts, each of which when so
executed shall be deemed to be an original and all of which taken together shall constitute one and the same instrument. This Agreement or any counterpart may be executed via facsimile transmission, and any such executed facsimile copy shall be
treated as an original. 
 10. Governing Law. This Agreement shall for all purposes be deemed to be made under and shall be construed
in accordance with the laws of the State of New York. Each of the parties hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State
of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. Each of the parties hereby waives any objection to such exclusive
jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid,
addressed to it at the address set forth in Section 8 hereof. Such 

  

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mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim. 
 (Remainder of page intentionally left blank. Signature pages to follow.) 
  

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 IN WITNESS WHEREOF, the undersigned have executed this Insider Unit and Insider Warrant Purchase
Agreement as of the date first written above. 
  

									
	OCEANAUT, INC.	 		 	EXCEL MARITIME CARRIERS LTD.
					
	By:	 	  	 		 	By:	 	  
		 	Christopher Georgakis	 		 		 	Christopher Georgakis
		 	Chief Executive Officer and President	 		 		 	Chief Executive Officer and PresidentRight of First Refusal Agreement between the Registrant and Excel Maritime

 EXHIBIT 10.9 
 RIGHT OF FIRST REFUSAL AND 
 CORPORATE OPPORTUNITIES AGREEMENT 
 THIS RIGHT OF FIRST REFUSAL AND CORPORATE OPPORTUNITIES AGREEMENT (this “Agreement”) is made as of October 18, 2006 by and between
Oceanaut, Inc., a Marshall Islands corporation (the “Company”), and Excel Maritime Carriers Ltd., a Liberian corporation (“Excel”) in connection with the Company’s proposed public offering of Units in the
United States pursuant to a registration statement, on Form F-1, filed by the Company with the Securities and Exchange Commission (as amended, the “Registration Statement”). 
 RECITALS 
 WHEREAS, Excel is a significant shareholder in the Company and the
Company and Excel share certain officers and directors; and 
 WHEREAS, because each of the Company and Excel will be seeking business
opportunities in the shipping industry, the parties have made this Agreement to clarify the business opportunities for which each party shall have the right of first refusal. 
 NOW, THEREFORE, in consideration of the mutual covenants and agreements set forth herein, and for other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 1. Right of First Refusal. For the term
specified in Section 2 of this Agreement, each party agrees to grant to such other party (i) in its certificate of incorporation or equivalent document or (ii) by action of its board of directors, a right of first refusal to
any corporate opportunities belonging to it that concern a Business Combination (as defined herein) as follows: 
 (a) Excel
shall have a right of first refusal for corporate opportunities in the dry bulk sector of the shipping industry as described in the Registration Statement; and 
 (b) The Company shall have a right of first refusal with respect to corporate opportunities in all other sectors of the shipping industry
as described in the Registration Statement. 
 Decisions by the Company to release Excel to pursue any corporate opportunity outside of the dry bulk sector
will be made by a majority of the Company’s independent directors. Decisions by Excel to release the Company to pursue a corporate opportunity in the dry bulk sector will be made by a majority of Excel’s independent directors. 

As used herein, the term “Business Combination” (as described more fully in the Registration Statement) shall mean any acquisition,
through a merger, capital stock exchange, asset acquisition, stock purchase or other similar business combination, one or more vessels or operating businesses in the shipping industry. 
 Any party whose directors, officers or employees become aware of a corporate opportunity which is subject to this Agreement (such party, the
“Grantor”) shall provide written notice of the business opportunity to the party to whom it has the duty to grant the right of first refusal (the “Grantee”) within 5 (five) business days of its identification of the
corporate opportunity. Any right of first refusal granted 

  

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shall expire ninety (90) days from the date of the written notice, provided that, during such ninety (90)-day period, the Grantee has failed to
commence discussions with any third party regarding a Business Combination. 
 2. Term. This Agreement shall become effective
on its execution and shall remain in effect for a period to expire upon the earlier of (i) the consummation by the Company of a Business Combination or (ii) the Company’s liquidation, each in the circumstances and in the manner
described in the Registration Statement. 
 3. Notices. All notices or communications hereunder shall be in writing, addressed
as follows: 
 To the Company: 
 Oceanaut, Inc. 
 17th Km National Road Athens-Lamia & Finikos Street 
 145-64 Nea Kifisia 
 Athens, Greece 
 Attention: Chief Executive Officer 
 with copies to: 
 Kenneth R. Koch, Esq. 
 Mintz Levin Cohn
Ferris Glovsky & Popeo, P.C. 
 666 Third Avenue 
 New York, New York 10017 
 If to Excel: 
 Excel Maritime Carriers Ltd. 
 17th Km National Road Athens-Lamia & Finikos Street 
 145-64 Nea Kifisia 
 Athens, Greece

 Attention: General Counsel 
 with copies to: 
 [                                      
  ] 
 Any such notice or communication shall be delivered by hand or by courier or sent certified or registered mail, return
receipt requested, postage prepaid, addressed as above (or to such other address as such party may designate in a notice delivered as described above), and the third business day after the actual date of mailing shall constitute the time at which
notice was given. 
 4. Severability. If any provision of this Agreement shall be declared to be invalid or unenforceable, in
whole or in part, such invalidity or unenforceability shall not affect the remaining provisions hereof which shall remain in full force and effect. 
 5. Assignment. Neither this Agreement nor any rights or obligations hereunder shall be assignable or otherwise subject to hypothecation by either party hereto. 
  

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 6. Amendment. This Agreement may only be amended by written agreement of the parties
hereto. 
 7. Survival. The respective rights and obligations of the parties hereunder shall survive any termination of this
Agreement to the extent necessary to the intended preservation of such rights and obligations. The provisions of this Section 7 are in addition to the survivorship provisions of any other section of this Agreement. 
 8. Governing Law. This Agreement shall be construed, interpreted, and governed in accordance with the laws of the State of New York,
without reference to rules relating to conflicts of law. 
 9. Effect on Prior Agreements. This Agreement contains the entire
understanding between the parties hereto and supersedes in all respects any prior or other agreement or understanding concerning the subject matter hereof between the Company and Excel. 
 10. Counterparts. This Agreement may be executed in two or more counterparts, each of which will be deemed an original, but all of which,
taken together, shall be deemed one document 
 11. Mutual Waiver of Jury Trial. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX
FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE
APPLYING SUCH APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST BENEFITS OF THE JUDICIAL SYSTEM, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT, OR PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS
AGREEMENT OR ANY DOCUMENTS RELATED HERETO. 
 12. Waiver. Each party acknowledges and permanently and irrevocably waives any
and all claims against the other parties hereto in respect of any business opportunities not received by it pursuant to the terms of this Agreement. 
 (Remainder of page intentionally left blank. Signature pages to follow.) 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Right of First Refusal and Corporate
Opportunities Agreement as of the date first specified above. 
  

									
	OCEANAUT, INC.	 		 	EXCEL MARITIME CARRIERS LTD.
					
	By:	 	/s/    Christopher Georgakis	 		 	By:	 	/s/    George Agadakis
	Name:	 	Christopher Georgakis	 		 	Name:	 	George Agadakis
	Title:	 	Chief Executive Officer and President	 		 	Title:	 	Chief Operating Officer

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