Document:

Specimen Insider Warrant Certificate

 EXHIBIT 4.4 
  

					
		  	[FORM OF INSIDER WARRANT CERTIFICATE]	 	2,000,000 WARRANTS
	NUMBER	  		 

 THESE WARRANTS AND THE SHARES OF CAPITAL STOCK ISSUED UPON ANY EXERCISE HEREOF HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED BY ANY PERSON, INCLUDING A PLEDGEE, UNLESS (1) EITHER (A) A REGISTRATION WITH
RESPECT TO THERETO SHALL BE EFFECTIVE UNDER THE SECURITIES ACT, OR (B) THE COMPANY SHALL HAVE RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT AN EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT IS AVAILABLE, AND
(2) THERE SHALL HAVE BEEN COMPLIANCE WITH ALL APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS. 
 THESE WARRANTS ARE SUBJECT TO THE
TERMS AND RESTRICTIONS OF THE INSIDER WARRANT AND INSIDER UNIT PURCHASE AGREEMENT BY AND BETWEEN THE COMPANY AND EXCEL MARITIME CARRIERS LTD. , A COPY OF WHICH IS AVAILABLE FOR INSPECTION AT THE OFFICES OF THE COMPANY. 
  

					
	[SYMBOL]	  	 THESE WARRANTS WILL BE VOID IF NOT EXERCISED PRIOR TO
 5:00 P.M. NEW YORK CITY TIME,                     , 2012
 OR UPON EARLIER REDEMPTION
	 	

 OCEANAUT, INC. 
 WARRANTS 
 THIS CERTIFIES THAT, for value received, EXCEL MARITIME CARRIERS LTD. is the registered holder of a
2,000,000 warrants expiring at 5:00 p.m., New York City Time,                     , 2012, or upon earlier redemption (each, a
“Warrant”), to purchase one fully paid and non-assessable share of common stock, par value $.0001 per share (each, a “Share”), of Oceanaut, Inc., a Marshall Islands corporation (the “Company”), for
each Warrant evidenced by this Warrant Certificate. Each Warrant entitles the holder thereof to purchase from the Company, commencing on the consummation by the Company of an acquisition through merger, capital stock exchange, asset acquisition,
stock purchase or other business combination transaction, or a combination of any of the foregoing, of one or more vessels or operating businesses in the shipping industry that is its initial business combination and which meets the size, timing and
other criteria outlined in the Company’s registration statement on Form F-1 initially filed with the Securities and Exchange Commission on
                     , 2007 (File
No. 333-                    ), as amended (“Business Combination”), such number of Shares of the Company at the price of
$6.00 per share, upon surrender of this Warrant Certificate accompanied by the annexed duly executed subscription form and payment of the Warrant Price (such payment to be made by check made payable to the Warrant Agent at the office or agency of
the Warrant Agent, Continental Stock Transfer & Trust Company, but only subject to the conditions set forth herein, in (1) the Warrant Agreement between the Company and Continental Stock Transfer & Trust Company (the
“Warrant Agreement”) and (2) the Insider Warrant and Insider Unit Purchase Agreement dated                     , 2007,
between the Company and Excel Maritime Carriers Ltd. 
 The Warrant Agreement provides that, upon the occurrence of certain events, the Warrant Price and the
number of Warrant Shares purchasable hereunder, set forth on the face hereof, may, subject to certain conditions, be adjusted. The term Warrant Price as used in this Warrant Certificate refers to the price per Share at which Shares may be purchased
at the time the Warrant is exercised. 

 No fraction of a Share will be issued upon any exercise of a Warrant. If the holder of a Warrant would be entitled to
receive a fraction of a Share upon any exercise of a Warrant, the Company shall, upon such exercise, round up or down to the nearest whole number the number of Shares to be issued to such holder. 
 Upon any exercise of these Warrants for less than the total number of full Shares provided for herein, there shall be issued to the registered holder or its assignee a
new Warrant Certificate covering the number of Shares for which these Warrants has not been exercised. 
 Upon due presentment for registration of transfer
of the Warrant Certificate at the office or agency of the Warrant Agent, a new Warrant Certificate or Warrant Certificates of like tenor and evidencing in the aggregate a like number of Warrants shall be issued to the transferee in exchange for this
Warrant Certificate, subject to the limitations provided in the Warrant Agreement, without charge, except for any applicable tax or other governmental charge. 
 The Company and the Warrant Agent may deem and treat the registered holder as the absolute owner of this Warrant Certificate (notwithstanding any notation of ownership or other writing hereon made by anyone), for the purpose of any exercise
or conversion hereof, of any distribution to the registered holder, and for all other purposes, and neither the Company nor the Warrant Agent shall be affected by any notice to the contrary. 
 These Warrants, together with the Shares underlying these Warrants, are and will be entitled to registration rights under a registration rights agreement to be signed
between the Holder and the Company. 
 This Warrant Certificate does not entitle the holder to any of the rights of a stockholder of the Company. 

In the event the Warrants subject to this Warrant Certificate are no longer held by the holder or an entity that is controlled by the holder, the Company reserves the
right to redeem all (but not part) of the then outstanding Warrants, with a notice of redemption in writing to the holders of record of the Warrants then outstanding, giving 30 days’ notice of such redemption at any time after such Warrants
become exercisable if the last sale price of the Shares has been at least $11.50 per share on each of 20 trading days within a 30 trading day period ending on the third business day prior to the date on which notice of such redemption is given. The
redemption price of the Warrants is to be $.01 per Warrant. Any Warrant either not exercised or tendered back to the Company by the end of the date specified in the notice of redemption shall be canceled on the books of the Company and have no
further value except for the $.01 redemption price. 
  

							
	By	 		 	Oceanaut, Inc.	 	
				
		 	  	 	 CORPORATE
 THE REPUBLIC OF
 THE MARSHALL ISLANDS
	 	  
		 	Chief Executive Officer	 	 SEAL
 2006
	 	Secretary
		 	COUNTERSIGNED	 		 	
			
		 	 CONTINENTAL STOCK TRANSFER & TRUST COMPANY,
 as Warrant Agent
	 	
				
		 	  	 		 	
		 	Authorized Officer	 		 	

 SUBSCRIPTION FORM 
 To Be Executed by the Registered Holder in Order to Exercise Warrants 
 The undersigned registered holder
hereby irrevocably elects (check one): 
  ̈    (A) to exercise                              Warrants represented by
this Warrant Certificate and to purchase                      fully paid and nonassessable shares of the Common Stock and herewith makes
payment of $            , representing the full purchase price for such shares at the price per share provided for in such Warrant; or 
  ̈    (B) convert
                             Warrants into that number of shares of fully paid and nonassessable
shares of Common Stock, determined as of                              (the Conversion Date, as defined
in that certain Warrant Agreement entered into by and between the Company and Continental Stock Transfer and Trust Company), 
 and 
 requests that Certificates for such shares shall be issued in the name of: 
 (PLEASE TYPE OR PRINT NAME AND ADDRESS) 
 (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER) 
 and be delivered to 
 (PLEASE PRINT OR TYPE NAME AND ADDRESS)

 and, if such number of Warrants shall not be all the Warrants evidenced by this Warrant Certificate, that a new Warrant Certificate for the balance of
such Warrants be registered in the name of, and delivered to, the Registered Holder at the address stated below: 
  

					
			
	Dated:
                            	 		 	  
		 		 	(SIGNATURE)
			
		 		 	  
		 		 	(ADDRESS)
			
		 		 	  
		 		 	(TAX IDENTIFICATION NUMBER)

 ASSIGNMENT 
 To Be Executed by the Registered Holder in Order to Assign Warrants 
 For Value Received,
                                     hereby sells, assigns,
and transfers unto 
 (PLEASE TYPE OR PRINT NAME AND ADDRESS) 
 (SOCIAL SECURITY OR TAX IDENTIFICATION NUMBER) 
 and be delivered to 
 (PLEASE PRINT OR TYPE NAME AND ADDRESS) 
                                      of the Warrants
represented by this Warrant Certificate, and hereby irrevocably constitutes and appoints
                                       
  as attorney to transfer this Warrant Certificate on the books of the Company, with full power of substitution in the premises. 
  

					
			
	Dated:
                            	 		 	  
		 		 	(SIGNATURE)

 THE SIGNATURE TO THE ASSIGNMENT OF THE SUBSCRIPTION FORM MUST CORRESPOND TO THE NAME WRITTEN UPON THE FACE OF THIS
WARRANT CERTIFICATE IN EVERY PARTICULAR, WITHOUT ALTERATION OR ENLARGEMENT OR ANY CHANGE WHATSOEVER, AND MUST BE GUARANTEED BY A COMMERCIAL BANK OR TRUST COMPANY OR A MEMBER FIRM OF THE AMERICAN STOCK EXCHANGE, NEW YORK STOCK EXCHANGE, PACIFIC STOCK
EXCHANGE OR CHICAGO STOCK EXCHANGE.Specimen Insider Unit Certificate

 EXHIBIT 4.5 
 NUMBER 
 1,125,000 
 UNITS 
 THESE UNITS AND THE SHARES OF COMMON STOCK AND WARRANTS INCLUDED IN THESE UNITS AND THE SHARES OF CAPITAL
STOCK ISSUED UPON ANY EXERCISE OF THE WARRANTS HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES ACT”), OR ANY APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED BY ANY
PERSON, INCLUDING A PLEDGEE, UNLESS (1) EITHER (A) A REGISTRATION WITH RESPECT TO THERETO SHALL BE EFFECTIVE UNDER THE SECURITIES ACT, OR (B) THE COMPANY SHALL HAVE RECEIVED AN OPINION OF COUNSEL SATISFACTORY TO THE COMPANY THAT AN
EXEMPTION FROM REGISTRATION UNDER THE SECURITIES ACT IS AVAILABLE, AND (2) THERE SHALL HAVE BEEN COMPLIANCE WITH ALL APPLICABLE STATE SECURITIES OR “BLUE SKY” LAWS. 
 THESE UNITS ARE SUBJECT TO THE TERMS AND RESTRICTIONS OF THE INSIDER UNIT AND INSIDER WARRANT PURCHASE AGREEMENT BY AND BETWEEN THE COMPANY AND EXCEL MARITIME CARRIERS LTD. , A COPY OF WHICH IS AVAILABLE FOR
INSPECTION AT THE OFFICES OF THE COMPANY. 
  

					
	 SEE REVERSE FOR
 CERTAIN
 DEFINITIONS
	  	OCEANAUT, INC.	  	

 UNITS 
 CONSISTING OF ONE SHARE OF COMMON STOCK AND 
 ONE WARRANT TO PURCHASE ONE SHARE OF COMMON STOCK

 THIS CERTIFIES THAT EXCEL MARITIME CARRIERS LTD. is the owner of One Million One Hundred Twenty Five Thousand (1,125,000) Units. Each Unit
(“Unit”) consists of one (1) share of common stock, par value $.0001 per share (“Common Stock”), of Oceanaut, Inc., a Marshall Islands corporation (the “Company”), and one warrant (the
“Warrant”). Each Warrant entitles the holder to purchase one (1) share of Common Stock for $6.00 per share (subject to adjustment). Each Warrant will become exercisable on the later of (i)
                    , 2008 or (ii) the earlier of the Company’s completion of a merger, capital stock exchange, asset
acquisition, stock purchase or other similar business combination or the distribution of funds held by that certain trust account for the benefit of the Company’s public shareholders, and will expire unless exercised before 5:00 p.m., New York
City Time, on                     , 2012, or earlier upon redemption (the “Expiration Date”). The Common Stock
and Warrants comprising the Units represented by this certificate are not separately transferable prior to                     , 2007,
subject to earlier separation in the discretion of Citigroup Global Markets Inc. The terms of the Warrants are governed by (1) a Warrant Agreement, dated as of
                    , 2007, between the Company and Continental Stock Transfer & Trust Company, as Warrant Agent, and are
subject to the terms and provisions contained therein, and (2) an Insider Unit and Insider Warrant Purchase Agreement, dated as of
                    , 2007, between the Company and Excel Maritime Carriers Ltd., all of which terms and provisions the holder of this
certificate consents to by acceptance hereof. Copies of the Warrant Agreement are on file at the office of the Warrant Agent at 17 Battery Place, New York, New York 10004, and are available to any Warrant holder on written request and without
cost. 
 These Units and the securities included in, and underlying, the securities included in the Units are and will be entitled to registration rights
under a registration rights agreement dated                     , 2007 between the Company and Excel Maritime Carriers Ltd. 
 This certificate is not valid unless countersigned by the Transfer Agent and Registrar of the Company. 
 Witness the facsimile seal of the Company and the facsimile signature of its duly authorized officers. 
  

							
	 By
	  		  	Oceanaut, Inc.	  	
				
		  		  	CORPORATE	  	
		  	  	  	THE REPUBLIC OF THE MARSHALL ISLANDS	  	  
		  	Chairman of the Board	  	SEAL	  	Secretary
		  		  	2006	  	

 Oceanaut, Inc. 
 The Company will furnish without charge to each stockholder who so requests, a statement of the powers, designations, preferences and relative, participating, optional or other special rights of each class of stock or
series thereof of the Company and the qualifications, limitations, or restrictions of such preferences and/or rights. 
 The following abbreviations, when
used in the inscription on the face of this certificate, shall be construed as though they were written out in full according to applicable laws or regulations: 
  

											
	 TEN COM –
	  	as tenants in common	    	UNIF GIFT MIN ACT -	  		  	Custodian  	  	
	 TEN ENT –
	  	as tenants by the entireties	    		  	(Cust)	  		  	(Minor)
	 JT TEN –
	  	as joint tenants with right of survivorship	    	under Uniform Gifts to Minors Act	  	
		  	and not as tenants in common	    		  	  	  	  	  	
		  		    		  	(State)	  	

 Additional Abbreviations may also be used though not in the above list. 
 For value received,
                                         hereby
sell, assign and transfer unto 
 PLEASE INSERT SOCIAL SECURITY OR OTHER 
 IDENTIFYING NUMBER OF ASSIGNEE 
 (PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS, INCLUDING ZIP CODE, OF
ASSIGNEE) 
                                       
                                        
                                        
                                        
       Units represented by the within Certificate, and do hereby irrevocably constitute and appoint
                                        
                                        
                          Attorney to transfer the said Units on the books of the within named Company will full power of
substitution in the premises. 
 Dated
                         
  

					
	  	  	 
		  	Notice:	  	The signature to this assignment must correspond with the name as written upon the face of the certificate in every particular, without alteration or enlargement or any change
whatever.

  

	
	Signature(s) Guaranteed:
	
	   
	THE SIGNATURE(S) SHOULD BE GUARANTEED BY AN ELIGIBLE GUARANTOR INSTITUTION (BANKS, STOCKBROKERS, SAVINGS AND LOAN ASSOCIATIONS AND CREDIT UNIONS WITH MEMBERSHIP IN AN APPROVED SIGNATURE
GUARANTEE MEDALLION PROGRAM, PURSUANT TO S.E.C. RULE 17Ad-15).

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