Document:

Exhibit 10.6

    
      
        

      

    

    EXHIBIT
      10.6

     

    EMPLOYMENT
      AGREEMENT

    

    This
      Employment Agreement (the "Agreement"), effective May 1, 2005, is by and between
      HOUSE
      OF BRUSSELS CHOCOLATES INC.,
      a
      Nevada corporation (the "Company") and ROBERT
      WESOLEK
      ("Employee").

    

    W
      I T N E S S E T H:

    

    WHEREAS,
      Company
      desires to employ Employee as provided herein; and

    

    WHEREAS,
      Employee desires to accept such employment.

    

    NOW,
      THEREFORE,
      for and
      in consideration of the mutual covenants and agreements contained herein, and
      for other good and valuable consideration, the receipt and sufficiency of which
      are hereby acknowledged, the parties hereto agree as follows:

    

    I.

    CONSIDERATION

    

    This
      Agreement is executed and delivered for good and valuable consideration, the
      receipt and sufficiency of which is hereby acknowledged. The special training
      and knowledge acquired or to be acquired by the Employee during employment
      are
      material factors relating to the employment of the Employee without which the
      employment relationship would not be commenced. The parties hereto acknowledge
      and agree that this Agreement is necessary to protect the Company's legitimate
      interests, including, but not limited to, its business goodwill, trade secrets
      and other confidential or proprietary information.

    

    II.

    TERM OF EMPLOYMENT

    

    Subject
      to the terms and conditions hereof, the term of employment of Employee will
      commence as of the effective date hereof (the "Commencement Date") and will
      end
      on April 30, 2008, unless earlier terminated by either party pursuant to the
      terms hereof. The term of this Agreement is referred to herein as the
      "Term."

    

    III.

    DUTIES OF EMPLOYEE

    

    3.1          
      Duties.
      The
      Employee is hereby employed as Chief Financial Officer of the Company. The
      Employee's responsibilities for such office shall include managing the
      day-to-day financial operations of the Company's business and its ongoing
      expansion efforts. Generally, in his capacity as Chief Financial Officer of
      the
      Company, the Employee will be primarily responsible for the general supervision,
      direction, and control of all of the financial affairs of the Company, subject
      to the control of the Board of Directors. Employee will faithfully and
      diligently perform the services and functions relating to such office or
      otherwise reasonably incident to such office, provided that all such services
      and functions will be reasonable and within Employee's area of expertise.
      Employee will, during the term of this Agreement (or any extension thereof),
      devote his full business time, attention and skills and best efforts to the
      promotion of the business of the Company.

    
      
         

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    3.2          
      Engaging in Other Employment.
      The
      Employee shall devote such productive time, ability, and attention to the
      business of the Company during the term of this Agreement as is required to
      fulfill his duties and responsibilities as set forth in Paragraph 3.1 above.
      During the period of employment, the Employee further agrees not to (i) solely
      or jointly with others undertake or join any planning for or organization of
      any
      business activity competitive with the business activities of the Company,
      or
      (ii) directly or indirectly, engage or participate in any other activities
      in
      conflict with the best interest of the Company. Notwithstanding anything herein
      contained to the contrary, the Employee shall be able to devote such time as
      he
      deems reasonably necessary to his own private investments and affairs, so long
      as the performance of the Employee hereunder is not impaired and the covenants
      contained herein are not violated. 

    

    IV.

    COMPENSATION
      TO EMPLOYEE

    

    4.1.          
      Annual
      Salary.
      During
      the Initial Term of this Agreement, the Employee shall be entitled to an annual
      salary of $195,000.00, less all payroll deductions and applicable taxes. The
      time of payment for each installment shall be consistent with the general
      business practices of the Company.

    

    4.2          
      Other
      Compensation.
      The
      Employee understands and agrees that any additional compensation to the Employee
      (whether a bonus or other form of additional compensation) shall rest in the
      sole discretion of the Board of Directors (or any Compensation Committee
      consisting of members of the Board of Directors) and shall be based upon the
      performance of the Company as well as participation in all benefit plans
      maintained by the Company for salaried employees. Employee shall be entitled
      to
      the following Other Compensation:

    

    
      	 	
              (a)

            	
              Bonus.
                Employee shall be paid a one-time bonus of $25,000.00 upon execution
                of
                this Agreement.

            

    

    

    
      	 	
              (b)

            	
              Performance
                Bonus.
                Employee will paid a performance bonus as
                follows:

            

    

    

    
      	 	
              (i)

            	
              In
                the event the Company’s annual gross revenues (as reflected in the
                Company’s Form 10-KSB as filed with the U.S. Securities and Exchange
                Commission for the fiscal year ended April 30, 2006, hereinafter
                referred
                to as the “Annual Report”) reach $22,000,000, and the Company’s net income
                (as reflected in the Company’s Annual Report, less any expenses related to
                the credit facility with Laurus Master Funds) reach $2,500,000, the
                Employee shall receive a performance bonus of $25,000.
                

            

    

    

    
      	 	
              (ii)

            	
              In
                the event the Company’s annual gross revenues (as reflected in the
                Company’s Annual Report) reach $30,000,000, and the Company’s net income
                (as reflected in the Company’s Annual Report, less any expenses related to
                the credit facility with Laurus Master Funds) reach $4,000,000, then
                the
                Board of Directors or Compensation Committee will grant a bonus of
                not
                less than $37,500 nor more than
                $50,000.

            

    

    
      
        Employment
          Agreement - Page  2

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    4.3          
      Fringe
      Benefits-Employee Benefits Plan.
      The
      Employee shall be entitled to participate on an equitable basis, as the Board
      of
      Directors may, in the exercise of its discretion deem appropriate, in any stock
      option plan and any additional year-end or other profit sharing or incentive
      or
      deferred compensation arrangements, whether provided for in stock, cash or
      otherwise, which the Company may distribute to or provide for officers and
      employees generally, or for a limited or selected group, as well as under any
      other plans, benefits, customs or practices now or hereinafter made available
      to
      other executives of the Company, including as examples only, group life
      insurance and medical insurance. The Company may terminate, amend or modify
      any
      or all such plans at any time and may choose not to adopt additional plans.
      The
      Employee's rights under any benefits plans now in force or later adopted by
      the
      Company shall be governed solely by their terms.

    

    4.4          
      Expense Account.
      The
      Employee is authorized to incur reasonable and necessary expenses directly
      associated with the promotion of the interests of the Company, and the
      performance of his assignments, including expenditures for entertainment and
      travel. The Company will reimburse the Employee from time to time for all such
      business expenses, upon the Employee's presenting to the Company such
      information and support as prescribed by Company policy. 

    

    4.5          
      Holidays
      and Vacations.
      The
      Employee shall be entitled to three (3) weeks of paid vacation for each year
      during the term hereof. Additionally, the Employee shall be entitled to such
      fully paid holidays as are normally taken by other full time employees of
      businesses similar to the Company, and such other holidays which may be
      particular to the Employee's religious preference. 

    

    V.

    TERMINATION OF EMPLOYMENT

    

    5.1          
      Termination
      by the Company for Cause.
      The
      Company may "for cause" terminate the employment of the Employee at any time
      without notice. "For cause" for the purpose of this Agreement is defined
      as:

    

    
      	 	
              (a)

            	
              The
                willful and continued failure to substantially perform his duties
                as set
                forth in this Agreement;

            

    

    

    
      	 	
              (b)

            	
              The
                breach by the Employee of any of the provisions of this Agreement
                or of
                the covenants contained in Article VI of this Agreement;
                or

            

    

    

    
      	 	
              (c)

            	
              If
                the Board of Directors in the exercise of its reasonable judgment
                determines that Employee has committed an act of acts constituting
                a
                felony or other crime involving moral turpitude, dishonesty or theft
                or
                fraud.

            

    

    

    5.2          
      Termination
      by the Company without Cause.
      The
      Company may terminate this Agreement without cause and will pay the Employee
      severance pay of $48,750 under this Paragraph 5.2 for termination without cause,
      which represents three (3) months salary.

    

    5.3          
      Voluntary
      Termination.
      The
      Employee may terminate his employment voluntarily by providing thirty (30)
      days
      written notice to the Company.

    
      
        Employment
          Agreement - Page  3

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    5.4          
      Obligations
      of the Company Upon Termination.
      Except
      with respect to the compensation discussed in Paragraph 5.2 above, in the event
      of the termination of employment by the Company or the Employee for any reason
      whatsoever, including resignation or voluntary termination by the Employee,
      the
      Employee shall only be entitled to the compensation earned by him including
      all
      compensation specified in Article IV herein, prior to the date of
      termination as provided for in this Agreement, computed pro rata up to and
      including the date of such termination of employment. Upon such payment to
      the
      Employee, the Company shall be relieved of further obligation as it relates
      to
      this Agreement; however, the Employee shall still be bound by the covenants
      and
      restrictions contained in Article VI below. Notwithstanding any of the
      foregoing, Employee shall not be entitled to receive any bonuses discussed
      in
      Paragraph 4.2 above.

    

    VI.

    RESTRICTIVE
      COVENANTS

    

    6.1          
      Definition.
      The
      Employee hereby acknowledges that during the course of his employment with
      the
      Company, he will have access to and will become familiar with various trade
      secrets and other proprietary and confidential information which are owned
      by
      the Company and which are used in the operation of the Company's business.
      "Trade secrets and other proprietary and confidential information" consist
      of,
      for example, and not intending to be all inclusive, (i) methods of doing
      business; (ii) financial information, consisting of financial cost, and sales
      data and other information; (iii) personnel information (iv) lists of customers
      and accounts, contracts, sales information, pricing list, vendor and supplier
      list of the Company; (v) other information of a confidential nature which must
      remain confidential for the continuing success of the Company; and (vi) such
      other information concerning the business of the Company and the Company's
      goodwill.

    

    6.2          
      Non-Disclosure
      and Confidentiality Covenants.
      The
      Employee acknowledges that the Company's trade secrets and other proprietary
      and
      confidential information, as they may exist from time to time, are valuable,
      special and unique assets of the Company's business. Additionally, Employee
      acknowledges that the business goodwill and business contacts of the Company
      are
      the sole property of the Company and are among the Company's most valuable
      business property. Therefore, in consideration of the mutual promises herein
      contained, and for other good and valuable consideration, the receipt and
      sufficiency of which is hereby acknowledged, and to protect the foregoing
      valuable property of the Company, the Employee expressly covenants and agrees
      as
      follows:

    

    Except
      as
      required in the course of his employment with the Company, the Employee will
      not, during and after the termination of his employment: 

    

    (1)          
      Disclose,
      directly or indirectly, the Company's trade secrets and other proprietary and
      confidential information, or any part thereof, to any person, firm, corporation,
      association or other entity for any reason or purpose whatsoever;
      or

    

    (2)          
      Directly
      or indirectly use the Company's trade secrets and other proprietary and
      confidential information, or any part thereof, for his own purpose or for his
      own benefit in any activity of any nature whatsoever.

    
      
        Employment
          Agreement - Page  4

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    6.3          
      Return
      of Company's Property.
      The
      Employee covenants and agrees that, upon the request of the Company or upon
      termination of employment, the Employee shall turn over to the Company all
      files, records, documents, drawings, presentations, specifications, equipment,
      disks or other computer media, data, computer printouts, records, written
      materials and similar items relating to the business of the Company, and any
      other property of the Company in his possession or under his control. In the
      event the Employee fails to return the Company's property when required or
      requested to do so, the Company may, in addition to any other remedy provided
      by
      law, withhold any amounts due the Employee until full compliance with this
      Paragraph 6.3.

    

    6.4          
      Covenant
      Not to Compete.
      So long
      as the Employee is employed by the Company and for a period of twelve (12)
      months after either (i) the voluntary termination of employment by Employee,
      (ii) the termination of the Employee by the Company for cause as set forth
      in
      Paragraph 5.1, or (iii) the expiration of the Term of this Agreement, the
      Employee specifically agrees that he will not, for himself, on behalf of, or
      in
      conjunction with any person, firm, corporation or entity, other than the Company
      (either as principal, employee, shareholder, member, director, partner,
      consultant, owner or part-owner of any corporation, partnership or any type
      of
      business entity) anywhere in any country in which the Company is doing business
      at the time of termination, directly or indirectly, own, manage, operate,
      control, be employed by, participate in, or be connected in any manner with
      the
      ownership, management, operation, or control of any business similar to the
      type
      of business conducted by the Company at the time of termination of the
      Employee's employment.

    

    6.5          
      Inducing
      Employees to Leave Company; Employment of Employees.
      Any
      attempt on the part of the Employee to induce others to leave the Company’s
      employ, or any effort by the Employee to interfere with the Company’s
      relationship with its other employees would be harmful and damaging to the
      Company. The Employee covenants and agrees that during the term of employment
      and for a period of twelve (12) months thereafter, the Employee will not in
      any
      way, directly or indirectly: (i) induce or attempt to induce any employee of
      the
      Company to quit employment with the Company; (ii) otherwise interfere with
      or
      disrupt the Company’s relationship with its employees; or (iii) solicit, entice
      or hire away any employee of the Company whose employment with the Company
      ceased less than one (1) year before the date of such hiring or
      engagement.

    

    6.6          
      Non-solicitation
      of Business.
      For a
      period of twelve (12) months from the date of termination of employment, the
      Employee will not divert or attempt to divert from the Company any business
      the
      Company has enjoyed or solicited from its customers during the twelve (12)
      months prior to termination of his employment.

    

    6.7          
      Employee's
      Acknowledgements and Agreements.
      The
      Employee acknowledges and agrees that:

    

    
      	 	
              (a)

            	
              Due
                to the nature of the Company's business, the foregoing covenants
                place no
                greater restraint upon the Employee than is reasonably necessary
                to
                protect the business and goodwill of the Company;
                

            

    

    

    
      	 	
              (b)

            	
              These
                covenants protect a legitimate interest of the Company and do not
                serve
                solely to limit the Company's future
                competition;

            

    

    
      
        Employment
          Agreement - Page  5

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    
      	 	
              (c)

            	
              This
                Agreement is not an invalid or unreasonable restraint of
                trade;

            

    

    

    
      	 	
              (d)

            	
              A
                breach of these covenants by the Employee would cause irreparable
                damage
                to the Company;

            

    

    

    
      	 	
              (e)

            	
              These
                covenants will not preclude the Employee from becoming gainfully
                employed
                following termination of employment with the Company;
                

            

    

    

    
      	 	
              (f)

            	
              These
                covenants are reasonable in scope and are reasonably necessary to
                protect
                the Company's business and goodwill and valuable and extensive trade
                which
                the Company has established through its own expense and
                effort;

            

    

    

    
      	 	
              (g)

            	
              The
                signing of this Agreement is necessary for the Employee's employment;
                and
                

            

    

    

    
      	 	
              (h)

            	
              He
                has carefully read and considered all provisions of this Agreement
                and
                that all of the restrictions set forth are fair and reasonable and
                are
                reasonably required for the protection of the interests of the
                Company.

            

    

    

    6.8          
      Remedies,
      Injunction.
      In the
      event of the Employee's actual or threatened breach of any provisions of this
      Agreement, the Employee agrees that the Company shall be entitled to a temporary
      restraining order, preliminary injunction and/or permanent injunction
      restraining and enjoining the Employee from violating the provisions herein.
      Nothing in this Agreement shall be construed to prohibit the Company from
      pursuing any other available remedies for such breach or threatened breach,
      including the recovery of damages from the Employee. The Employee further agrees
      that for the purpose of any such injunction proceeding, it shall be presumed
      that the Company's legal remedies would be inadequate and that the Company
      would
      suffer irreparable harm as a result of the Employee's violation of the
      provisions of this Agreement. In any proceeding brought by the Company to
      enforce the provisions of this Agreement, no other matter relating to the terms
      of any claim or cause of action of the Employee against the Company will be
      defense thereto.

    

    6.9          
      Severability.
      In the
      event that any of the provisions of this Agreement are held to be invalid or
      unenforceable in whole or in part, those provisions to the extent enforceable
      and all other provisions shall nevertheless continue to valid and enforceable
      as
      though the invalid or unenforceable parts had not been included in this
      Agreement. In the event that any provision relating to the time period or scope
      of a restriction shall be declared by a court of competent jurisdiction to
      exceed the maximum time period or scope such court deems reasonable and
      enforceable, then the time period or scope of the restriction deemed reasonable
      and enforceable by the court shall become and shall thereafter be the maximum
      time period or the applicable scope of the restriction. The Employee further
      agrees that such covenants and/or any portion thereof are severable, separate
      and independent, and should any specific restriction or the application thereof,
      to any person, firm, corporation, or situation be held to be invalid, that
      holding shall not affect the remainder of such provisions or
      covenants.

    
      
        Employment
          Agreement - Page  6

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    VII.

    GENERAL PROVISIONS

    

    7.1          
      Notices.
      Any
      notices to be given hereunder by either party to the other may be effected
      either by personal delivery in writing or by mail, registered or certified,
      postage prepaid with return receipt requested. Mailed notices shall be addressed
      to the parties at the addresses set forth below, but each party may change
      their
      address by written notice in accordance with this Paragraph 7.1. Notices
      delivered personally shall be deemed communicated as of actual receipt; mailed
      notices shall be deemed communicated as of three (3) days after mailing.

    

    
      	
              If
                to Company:

            	
              House
                of Brussels Chocolates Inc.

            
	 	
              One
                Riverway, Suite 1700

            
	 	
              Houston,
                Texas, 77056

            
	 	 
	
              If
                to Employee:

            	
              Robert
                Wesolek

            
	 	 
	 	 

    

    

    7.2          
      Law Governing Agreement
      and Venue.
      This
      Agreement shall be governed by and construed in accordance with the laws of
      the
      State of Nevada. Venue shall be in Harris County, Texas for any legal proceeding
      to enforce the terms, conditions or covenants contained herein.

    

    7.3          
      Attorneys' Fees and Costs.
      If any
      action at law or in equity is necessary to enforce or interpret the terms of
      this Agreement, the prevailing parties shall be entitled to reasonable
      attorney's fees, costs and necessary disbursements in addition to any other
      relief to which he may be entitled. 

    

    7.4          
      Contract Terms to be Exclusive.
      This
      Agreement contains the sole and entire agreement between the parties and shall
      supersede any and all other agreements between the parties with respect to
      the
      Employee's employment. The parties acknowledge and agree that neither of them
      has made any representation with respect to the subject matter of this Agreement
      or any other agreement executed between them or any representations inducing
      the
      execution and delivery hereof or any other agreement executed between them
      except such representations as are specifically set forth herein and each of
      the
      parties hereto acknowledges that he or it has relied on his or its own judgment
      in entering into the same. The parties hereto further acknowledge that any
      statements or representations that may have heretofore been made by either
      of
      them to the other are void and of no effect and that neither of them has relied
      thereon in connection with his or its dealings with the other. 

    

    7.5          
      Waiver or Modification Ineffective Unless in
      Writing.
      It is
      further agreed that no waiver or modification of this Agreement or of any
      covenant, condition, or limitation herein contained shall be valid unless in
      writing and duly executed by the party to be charged therewith and that no
      evidence of any waiver or modification shall be offered or received in evidence
      in any proceeding or litigation between the parties hereto arising out of or
      affecting this Agreement, or the rights or obligations of any party hereunder,
      unless such waiver or modification is in writing, duly executed as aforesaid,
      and the parties further agree that the provisions of this paragraph may not
      be
      waived as herein set forth. 

    
      
        Employment
          Agreement - Page  7

        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    7.6          
      Invalidity
      of Contract.
      Should
      any provision(s) of this Agreement be declared invalid or unenforceable by
      a
      court of competent jurisdiction, it shall be severed or modified and the
      remainder of this Agreement shall be enforced in total. Additionally, if the
      Employee claims that any provision or covenant contained herein is invalid
      or
      unenforceable, he nevertheless agrees to comply with such provision or covenant
      as written until a court of competent jurisdiction determines the enforceability
      or validity of such provision or covenant, or limits the scope thereof, and
      further agrees to be liable for any and all damages to the Company pending
      such
      determination by the court.

    

    7.7          
      Assignment.
      The
      rights and benefits of the Company under this Agreement shall inure to the
      benefit of and be binding upon the successors and assigns of the Company. The
      rights of the Employee hereunder are personal and nontransferable except that
      the rights and benefits hereof shall inure to the benefit of the heirs,
      executors and legal representatives of the Employee. 

    

    7.8          
      Gender.
      In all
      cases where a feminine or masculine pronoun is used it shall be deemed to
      include the other and as may be applicable to the instant matter.

    

    7.9          
      Counterparts. This
      Agreement may be executed in one or more counterparts, each of which will be
      deemed an original and all of which will constitute one and the same instrument,
      but only one of which need be produced. 

    

    7.10         Counterparts
      and Facsimiles.
      This
      Agreement may be executed in multiple counterparts and in any number of
      counterparts, each of which shall be deemed an original but all of which taken
      together shall constitute and be deemed to be one and the same instrument and
      each of which shall be considered and deemed an original for all purposes.
      This
      Agreement shall be effective with the facsimile signature of any of the parties
      set forth below and the facsimile signature shall be deemed as an original
      signature for all purposes and the Agreement shall be deemed as an original
      for
      all purposes.

    

    IN
      WITNESS WHEREOF,
      the
      parties hereto have duly executed this Agreement as of the day and year first
      above written.

    

    
      	 	
              COMPANY:

            	 
	 	 	 	 
	 	
              HOUSE
                OF BRUSSELS CHOCOLATES INC.

            	 
	 	 	 	 
	 	 	 	 
	 	
              By:

            	
              /s/
                Grant Petersen

            	 
	 	
               

            	
              
                By: 
                  Grant Petersen

              

            	 
	 	
               

            	
              
                Its: 
                  President and CEO

              

            	 
	 	 	 	 
	 	
              EMPLOYEE:

            	 
	 	 	 	 
	 	
              By:

            	
              /s/
                Robert Wesolek

            	 
	 	 	
              Robert
                Wesolek

            	 

    

     

    Employment
      Agreement - Page  8Exhibit 10.1

    
      
        

      

      
        	
                MEMORANDUM
                  OF AGREEMENT

                 

                
                  Dated:
                    Dated
                    as of 23rd
                    February 2005

                

              	
                 

              

      

       

      

      

      Bergesen
        d.y. Shipping A.S.
        hereinafter called the Sellers, have agreed to sell, and MC
        Ibis Shipping Limited hereinafter
        called the Buyers, have agreed to buy

      

      
        	
                Name:
                  LPG/C
                  BERGE KOBE 

              
	
                Classification
                  Society/Class: Det
                  Norske Veritas 

              
	 	 	 
	
                Built:

              	
                1987

              	
                By:
                  Hitachi
                  Zosen, Inoshima Works

              
	 	 	 
	
                Flag:

              	
                Norwegian
                  International

              	
                Place
                  of Registration: Stavanger

              
	 	 
	
                Call
                  Sign: LAVS5

              	
                Grt/Nrt:
                  47249
                  / 15957

              
	 	 
	
                Register
                  IMO Number: IMO
                  9519966

              

      

       

      hereinafter
        called the Vessel, on the following terms and conditions:

      

      Definitions

      

      "Banking
        days" are days on which banks are open both in the country of the currency
        stipulated for the Purchase Price in Clause
        1
        and in
        the place of closing stipulated in Clause
        8.

      

      "In
        writing" or "written" means a letter handed over from the Sellers to the
        Buyers
        or vice versa, a registered letter, telex, telefax or other modern form of
        written communication.

      

      "Classification
        Society" or "Class" means the Society referred to in line
        4.

      

      
        	
                1.

              	
                Purchase
                  Price US$ 32,260,000

              

      

       

      
        	
                2.

              	
                Deposit

              

      

      

      As
        security for the correct fulfilment of this Agreement the Buyers shall pay
        a
        deposit of 10 % (ten per cent) of the Purchase Price within 3 banking days
        from
        the date of all subjects lifted and this Agreement signed by both Sellers
        and
        Buyers by fax copy this Agreement.
        This
        deposit shall be placed with free of bank charges with DnB
        Nor Bank ASA, Oslo SWIFT address DNBNOKK, Account 5011 04 43436, with cover
        through IRVTUS3N and
        held
        by them in a joint account for the Sellers and the Buyers, to be released
        in
        accordance with joint written instructions of the Sellers and the Buyers.
        Interest, if any, to be credited to the Buyers. Any fee charged for holding
        the
        said deposit shall be borne equally by the Sellers and the Buyers.

      

      
        	
                3.

              	
                Payment

              

      

      

      The
        said
        Purchase Price shall be paid in full free of bank charges by SWIFT
        to
DnB
        NOR Bank ASA, Oslo SWIFT address: DNBANOKK, Account 7010 04 43412, with cover
        through IRVTUS3N
        on
        delivery of the Vessel, but not later than 3 banking days after the Vessel
        is in
        every respect physically ready for delivery in accordance with the terms
        and
        conditions of this Agreement and Notice of Readiness has been given in
        accordance with Clause
        5.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      
        	
                4.

              	
                Inspections

              

      

      
        	
                a)*

              	
                The
                  Buyers have inspected and accepted the Vessel's classification
                  records.
                  The Buyers have also inspected the Vessel at/in Fujairah
                  on
                  4-8th
                  February 2005
                  and have accepted the Vessel following this inspection and the
                  sale is
                  outright and definite, subject only to the terms and conditions
                  of this
                  Agreement.

              

      

      
        	
                b)*
                  

              	
                The
                  Buyers shall have the right to inspect the Vessel's classification
                  records
                  and declare whether same are accepted or not within
                  

              

      

      
        	 	
                The
                  Sellers shall provide for inspection of the Vessel
                  at/in 

              

      

      
        	 	
                The
                  Buyers shall undertake the inspection without undue delay to the
                  Vessel.
                  Should theBuyers cause undue delay they shall compensate the Sellers
                  for
                  the losses thereby incurred.The
                  Buyers shall inspect the Vessel without opening up and without
                  cost to the
                  Sellers. During the inspection, the Vessel's deck and engine log
                  books
                  shall be made available for examination by the Buyers. If the Vessel
                  is
                  accepted after such inspection, the sale shall become outright
                  and
                  definite, subject only to the terms and conditions of this Agreement,
                  provided the Sellers receive written notice of acceptance from
                  the Buyers
                  within 72 hours after completion of such inspection. 

              

      

      
        	 	
                Should
                  notice of acceptance of the Vessel's classification records and
                  of the
                  Vessel not be received by the Sellers as aforesaid, the deposit
                  together
                  with interest earned shall be released immediately to the Buyers,
                  whereafter this Agreement shall be null and
                  void.

              

      

      

      
        	
                *

              	
                4a)
                  and 4b) are alternatives; delete whichever is not applicable. In
                  the
                  absence of deletions, alternative 4a) to
                  apply.

              

      

      

      
        	
                5.

              	
                Notices,
                  time and place of delivery

              

      

      

      
        	
                a)

              	
                The
                  Sellers shall keep the Buyers well informed of the Vessel's itinerary
                  and
                  shall provide the Buyers with 20,
                  15, 10, 7,  5,
                  and 3 days approximate
                  notice
                  of delivery
                  the
                  estimated time of arrival at the intended
                  place of drydocking/underwater inspection/delivery.
                  When the Vessel is at the place of delivery and in every respect
                  physically ready for delivery in accordance with this Agreement,
                  the
                  Sellers shall give the Buyers 2
                  and 1 days definite notice before tendering actual a
                  written
                  Notice of Readiness for delivery.

              

      

      

      
        	
                b)

              	
                The
                  Vessel shall be delivered and taken over safely afloat at a safe
                  and
                  accessible berth or anchorage at/in Singapore,
                  Fujairah, N.W. Europe, Med, USEC, USG, Caribs., Argentina, or Brazil
                  in
                  the Sellers' option.

              

      

      

      Expected
        time of delivery: 15th
        March - 1st
        May 2005

      

      Date
        of
        cancelling (see Clauses
        5 c),
        6
b)
        (iii)
        and
14):
        1st
        May in Buyers’ Option.

      

      
        	
                c)

              	
                If
                  the Sellers anticipate that, notwithstanding the exercise of due
                  diligence
                  by them, the Vessel will not be ready for delivery by the cancelling
                  date
                  they may notify the Buyers in writing stating the date when they
                  anticipate that the Vessel will be ready for delivery and propose
                  a new
                  cancelling date. Upon receipt of such notification the Buyers shall
                  have
                  the option of either cancelling this Agreement in accordance with
                  Clause
                  14
                  within 7 running days of receipt of the notice or of accepting
                  the new
                  date as the new cancelling date. If the Buyers have not declared
                  their
                  option within 7 running days of receipt of the Sellers' notification
                  or if
                  the Buyers accept the new date, the date proposed in the Sellers'
                  notification shall be deemed to be the new cancelling date and
                  shall be
                  substituted for the cancelling date stipulated in line
                  61.

              

      

      

      If
        this
        Agreement is maintained with the new cancelling date all other terms and
        conditions hereof including those contained in Clauses 5
        a)
        and
5
        c)
        shall
        remain unaltered and in full force and effect. Cancellation or failure to
        cancel
        shall be entirely without prejudice to any claim for damages the Buyers may
        have
        under Clause
        14
        for the
        Vessel not being ready by the original cancelling date.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      d)
        Should
        the Vessel become an actual, constructive or compromised total loss before
        delivery the deposit together with interest earned shall be released immediately
        to the Buyers whereafter this Agreement shall be null and void.

      

      
        	
                6.

              	
                Drydocking/Divers
                  Inspection

              

      

      

      
        	
                a)**

              	
                The
                  Sellers shall place the Vessel in drydock at the port of delivery
                  for
                  inspection by the Classification Society of the Vessel's underwater
                  parts
                  below the deepest load line, the extent of the inspection being
                  in
                  accordance with the Classification Society's rules. If the rudder,
                  propeller, bottom or other underwater parts below the deepest load
                  line
                  are found broken, damaged or defective so as to affect the Vessel's
                  class,
                  such defects shall be made good at the Sellers' expense to the
                  satisfaction of the Classification Society without
                  condition/recommendation*.

              

      

      

      
        	
                b)**

              	
                (i)
                  The Vessel is to be delivered without drydocking. However, the
                  Buyers
                  shall have the right at their expense to arrange for an underwater
                  inspection by a diver approved by the Classification Society prior
                  to the
                  delivery of the Vessel. The Sellers shall at their cost make the
                  Vessel
                  available for such inspection. The extent of the inspection and
                  the
                  conditions under which it is performed shall be to the satisfaction
                  of the
                  Classification Society. If the conditions at the port of delivery
                  are
                  unsuitable for such inspection, the Sellers shall make the Vessel
                  available at a suitable alternative place near to the delivery
                  port.

              

      

      

      (ii)
        If
        the rudder, propeller, bottom or other underwater parts below the deepest
        load
        line are found broken, damaged or defective so as to affect the Vessel's
        class,
        then unless repairs can be carried out afloat to the satisfaction of the
        Classification Society, the Sellers shall arrange for the Vessel to be drydocked
        at their expense for inspection by the Classification Society of the Vessel's
        underwater parts below the deepest load line, the extent of the inspection
        being
        in accordance with the Classification Society's rules. If the rudder, propeller,
        bottom or other underwater parts below the deepest load line are found broken,
        damaged or defective so as to affect the Vessel's class, such defects shall
        be
        made good by the Sellers at their expense to the satisfaction of the
        Classification Society without condition/recommendation*. In such event the
        Sellers are to pay also for the cost of the underwater inspection and the
        Classification Society's attendance.

      

      (iii)
        If
        the Vessel is to be drydocked pursuant to Clause
        6 b)
        (ii)
        and no suitable dry-docking facilities are available at the port of delivery,
        the Sellers shall take the Vessel to a port where suitable drydocking facilities
        are available, whether within or outside the delivery range as per Clause
        5 b).
        Once
        drydocking has taken place the Sellers shall deliver the Vessel at a port
        within
        the delivery range as per Clause
        5 b)
        which
        shall, for the purpose of this Clause, become the new port of delivery. In
        such
        event the cancelling date provided for in Clause
        5 b)
        shall
        be extended by the additional time required for the drydocking and extra
        steaming, but limited to a maximum of 14 running days.

      

      
        	
                c)

              	
                If
                  the Vessel is drydocked pursuant to Clause 6
                  a)
                  or 6
                  b)
                  above

              

      

      

      (i)
        the
        Classification Society may require survey of the tailshaft system, the extent
        of
        the survey being to the satisfaction of the Classification surveyor. If such
        survey is not required by the Classification Society, the Buyers shall have
        the
        right to require the tailshaft to be drawn and surveyed by the Classification
        Society, the extent of the survey being in accordance with the Classification
        Society's rules for tailshaft survey and consistent with the current stage
        of
        the Vessel's survey cycle. The Buyers shall declare whether they require
        the
        tailshaft to be drawn and surveyed not later than by the completion of the
        inspection by the Classification Society. The drawing and refitting of the
        tailshaft shall be arranged by the Sellers. Should any parts of the tailshaft
        system be condemned or found defective so as to affect the Vessel's class,
        those
        parts shall be renewed or made good at the Sellers' expense to the satisfaction
        of the Classification Society without
        condition/recommendation*.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      (ii)
        the
        expenses relating to the survey of the tailshaft system shall be borne by
        the
        Buyers unless the Classification Society requires such survey to be carried
        out,
        in which case the Sellers shall pay these expenses. The Sellers shall also
        pay
        the expenses if the Buyers require the survey and parts of the system are
        condemned or found defective or broken so as to affect the Vessel's
        class*.

      

      (iii)
        the
        expenses in connection with putting the Vessel in and taking her out of drydock,
        including the drydock dues and the Classification Society's fees shall be
        paid
        by the Sellers if the Classification Society issues any
        condition/recommendation* as a result of the survey or if it requires survey
        of
        the tailshaft system. In all other cases the Buyers shall pay the aforesaid
        expenses, dues and fees.

      

      (iv)
        the
        Buyers' representative shall have the right to be present in the drydock,
        but
        without interfering with the work or decisions of the Classification
        surveyor.

      

      (v)
        the
        Buyers shall have the right to have the underwater parts of the Vessel cleaned
        and painted at their risk and expense without interfering with the Sellers'
        or
        the Classification surveyor's work, if any, and without affecting the Vessel's
        timely delivery. If, however, the Buyers' work in drydock is still in progress
        when the Sellers have completed the work which the Sellers are required to
        do,
        the additional docking time needed to complete the Buyers' work shall be
        for the
        Buyers' risk and expense. In the event that the Buyers' work requires such
        additional time, the Sellers may upon completion of the Sellers' work tender
        Notice of Readiness for delivery whilst the Vessel is still in drydock and
        the
        Buyers shall be obliged to take delivery in accordance with Clause
        3,
        whether
        the Vessel is in drydock or not and irrespective of Clause
        5 b).

      

      
        	
                *

              	
                Notes,
                  if any, in the surveyor's report which are accepted by the Classification
                  Society without condition/recommendation are not to be taken into
                  account.

              

      

      

      
        	
                **

              	
                6
                  a) and 6 b) are alternatives; delete whichever is not applicable.
                  In the
                  absence of deletions, alternative 6 a) to
                  apply.

              

      

      

      

      
        	
                7.

              	
                Spares/bunkers,
                  etc.

              

      

      

      The
        Sellers shall deliver the Vessel to the Buyers with everything belonging
        to her
        on board and on shore. All spare parts and spare equipment including spare
        tail-end shaft(s) and/or spare propeller(s)/propeller blade(s), if any,
        belonging to the Vessel at the time of inspection used or unused, whether
        on
        board or not shall become the Buyers' property, but
        spares on order are to be excluded.
        Forwarding charges, if any, shall be for the Buyers' account. The Sellers
        are
        not required to replace spare parts including spare tail-end shaft(s) and
        spare
        propeller(s)/propeller blade(s) which are taken out of spare and used as
        replacement prior to delivery, but the replaced items shall be the property
        of
        the Buyers. The radio installation and navigational equipment shall be included
        in the sale without extra payment if they are the property of the Sellers.
        Unused stores and provisions shall be included in the sale and be taken over
        by
        the Buyers without extra payment. The Sellers have the right to take ashore
        crockery, plates, cutlery, linen and other articles bearing the Sellers'
        flag or
        name, provided they replace same with similar unmarked items. Library, forms,
        etc., exclusively for use in the Sellers' vessel(s), shall be excluded without
        compensation. Captain's, Officers' and Crew's personal belongings including
        the
        slop chest are to be excluded from the sale, as well as the following additional
        items (including items on hire):

      

      The
        Sellers will remove all software systems, except for cargo loading system.
        All
        computers and printers to remain on board or be replaced by
        Sellers.

      

      All
        oxygen, acetylen, nitrogen, argon and Freon bottles from UNITOR, Cylinders
        for
        span gas and medical medical oxygen.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Leased
        V-Sat. fixed line system terminal with antenna.

      

      A
        trial unit Fleet Master 33 from Nera.

      

      Leased
        freestanding computer and software for CBT training.

      

      Leased
        calibration instruments Unitech (suitcase).

      

      The
        Buyers shall take over the remaining bunkers
        and
        unused
        lubricating oils in storage tanks and sealed drums and pay the current net
        market price (excluding barging expenses) at the port and date of delivery
        of
        the Vessel based
        on the FAMM price list delivered Rotterdam three days prior to the delivery
        date
        less a discount of 60%.

      Payment
        under this Clause shall be made at the same time and place and in the same
        currency as the Purchase Price. 

      

      
        	
                8.

              	
                Documentation

              

      

      

      The
        place
        of closing:    London

      

      In
        exchange for payment of the Purchase Price the Sellers shall furnish the
        Buyers
        with delivery Documents as
        per Addendum No. 1 which to be mutually agreed. Draft sales documents required
        by the Buyers will be supplied by Sellers minimum 15 says prior to expected
        delivery ,
        namely: 

      
        	
                a)

              	
                Legal
                  Bill of Sale in a form recordable in (the country in which the
                  Buyers
                  are to
                  register the Vessel), warranting that the Vessel is free from all
                  encumbrances, mortgages and
                  maritime liens or any other debts or claims whatsoever, duly notarially
                  attested and legalized
                  by the consul of such country or other competent
                  authority. 

              

      

      

      
        	
                b)

              	
                Current
                  Certificate of Ownership issued by the competent authorities of
                  the flag
                  state of the
                  Vessel.

              

      

      

      
        	
                c)

              	
                Confirmation
                  of Class issued within 72 hours prior to
                  delivery.

              

      

      

      
        	
                d)

              	
                Current
                  Certificate issued by the competent authorities stating that the
                  Vessel is
                  free from registered
                  encumbrances.

              

      

      

      
        	
                e)

              	
                Certificate
                  of Deletion of the Vessel from the Vessel's registry or other official
                  evidence of deletion
                  appropriate to the Vessel's registry at the time of delivery, or,
                  in the
                  event that the registry
                  does not as a matter of practice issue such documentation immediately,
                  a
                  written undertaking
                  by the Sellers to effect deletion from the Vessel's registry forthwith
                  and
                  furnish a Certificate
                  or other official evidence of deletion to the Buyers promptly and
                  latest
                  within 4 (four)
                  weeks after the Purchase Price has been paid and the Vessel has
                  been
                  delivered.

              

      

      

      
        	
                f)

              	
                Any
                  such additional documents as may reasonably be required by the
                  competent
                  authorities for the purpose of registering the Vessel, provided
                  the Buyers
                  notify the Sellers of any such documents as soon as possible after
                  the
                  date of this Agreement.

              

      

      

      At
        the
        time of delivery the Buyers and Sellers shall sign and deliver to each other
        a
        Protocol of Delivery and Acceptance confirming the date and time of delivery
        of
        the Vessel from the Sellers to the Buyers.

      

      At
        the
        time of delivery the Sellers shall hand to the Buyers the classification
        certificate(s) as well as all plans etc., as
        well as speed and consumption details for loaded and ballast conditions and
        port
        consumption, list of main and auxillary engine running hours, indicative
        inventory of minimum spare parts always on board (list not guaranteed), copies
        of annual condition survey of safety equipment by Unitor or other company.
        Sellers to leave on board a part of planned maintenance system which includes
        equipment register and job descriptions in excel format. which
        are on board the Vessel.
        Other
        certificates which are on board the Vessel shall also be
        handed
        over to the Buyers unless the Sellers are required to retain same, in which
        case
        the Buyers to have the right to take copies. Other technical documentation
        which
        may be in the Sellers' possession shall be promptly forwarded to the Buyers
        at
        their expense, if they so request. The Sellers may keep the Vessel's log
        books
        but the Buyers to have the right to take copies of same. All
        the above documentation will be supplied to the Buyers in the English language
        and if required any items not available in English language will be translated
        into English language at Sellers expense prior to presentation to the
        Buyers.

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      
        	
                9.

              	
                Encumbrances

              

      

      

      The
        Sellers warrant that the Vessel, at the time of delivery, is free from
all
        charters,
        encumbrances, mortgages and maritime liens or any other debts whatsoever.
        The
        Sellers hereby undertake to indemnify the Buyers against all consequences
        of
        claims made against the Vessel which have been incurred prior to the time
        of
        delivery.

      

      

      
        	
                10.

              	
                Taxes,
                  etc.

              

      

      

      Any
        taxes, fees and expenses in connection with the purchase and registration
        under
        the Buyers' flag shall be for the Buyers' account, whereas similar charges
        in
        connection with the closing of the Sellers' register shall be for the Sellers'
        account.

      

      

      
        	
                11.

              	
                Condition
                  on delivery

              

      

      

      The
        Vessel with everything belonging to her shall be at the Sellers' risk and
        expense until she is delivered to the Buyers, but subject to the terms and
        conditions of this Agreement she shall be delivered and taken over with
        cargo tanks under vapours or with cargo on board, in substantially the same
        conditions as
        she
        was at the time of inspection, fair wear and tear excepted. 

      However,
        the Vessel shall be delivered with her class maintained without
        condition/recommendation*, free of average damage affecting the Vessel's
        class,
        and with her classification certificates and national certificates, as well
        as
        all other certificates the Vessel had at the time of inspection, clean,
        valid
        and 

      Unextended
        for
        a minimum period of 6 - six - month from the time of delivery
without
        condition/recommendation* by Class or the relevant authorities at the time
        of
        delivery. Hull
        and Machinery continuous cycles are to be clean and up to date with no
        outstandings or extensions at the time of delivery.

      "Inspection"
        in this Clause 11, shall mean the Buyers' inspection according to Clause
        4 a) or
        4 b), if applicable, or the Buyers' inspection prior to the signing of this
        Agreement. If the Vessel is taken over without inspection, the date of this
        Agreement shall be the relevant date.

      

      *
        Notes,
        if any, in the surveyor's report which are accepted by the Classification
        Society without condition/recommendation are not to be taken into
        account.

      

      

      
        	
                12.

              	
                Name/markings

              

      

      

      Upon
        delivery the Buyers undertake to change the name of the
        Vessel
name
        and
        alter
        funnel
        markings are
        to remain. 

      

      

      
        	
                13.

              	
                Buyers'
                  default

              

      

      

      Should
        the deposit not be paid in accordance with Clause
        2,
        the
        Sellers have the right to cancel this Agreement,
        and they shall be entitled to claim compensation for their losses and for
        all
        expenses incurred
        together with interest.

      Should
        the Purchase Price not be paid in accordance with Clause
        3,
        the
        Sellers have the right to cancel the Agreement, in which case the deposit
        together with interest earned shall be released to the Sellers. If the deposit
        does not cover their loss, the Sellers shall be entitled to claim further
        compensation for their losses and for all expenses incurred together with
        interest.

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      
        	
                14.

              	
                Sellers'
                  default

              

      

      

      Should
        the Sellers fail to give Notice of Readiness in accordance with Clause
5
        a)
        or fail
        to be ready to validly complete a legal transfer by the date stipulated in
        line
        61
        the
        Buyers shall have the option of cancelling this Agreement provided always
        that
        the Sellers shall be granted a maximum of 3 banking days after Notice of
        Readiness has been given to make arrangements for the documentation set out
        in
Clause
        8.
        If
        after Notice of Readiness has been given but before the Buyers have taken
        delivery, the Vessel ceases to be physically ready for delivery and is not
        made
        physically ready again in every respect by the date stipulated in line
        61
        and new
        Notice of Readiness given, the Buyers shall retain their option to cancel.
        In
        the event that the Buyers elect to cancel this Agreement the deposit together
        with interest earned shall be released to them immediately.

      Should
        the Sellers fail to give Notice of Readiness by the date stipulated in
line
        61
        or fail
        to be ready to validly complete a legal transfer as aforesaid they shall
        make
        due compensation to the Buyers for their loss and for all expenses together
        with
        interest if their failure is due to proven negligence and whether or not
        the
        Buyers cancel this Agreement. 

      

      

      
        	
                15.

              	
                Buyers'
                  representatives

              

      

      

      After
        this Agreement has been signed by both parties and the deposit has been
        lodged
        and all subjects have been lifted,
        the
        Buyers have the right to place two representatives on board the Vessel at
        their
        sole risk and expense upon arrival
        at on or about 

      These
        representatives are on board for the purpose of familiarisation and in the
        capacity of observers only, and they shall not interfere in any respect with
        the
        operation of the Vessel. The Buyers' representatives shall sign the Sellers'
        letter of indemnity prior to their embarkation. 

      

      

      
        	
                16.

              	
                Arbitration

              

      

      

      
        	
                a)*

              	
                This
                  Agreement shall be governed by and construed in accordance with
                  English
                  law and any dispute arising out of this Agreement shall be referred
                  to
                  arbitration in London in accordance with the Arbitration Acts 1950
                  and
                  1979 or any statutory modification or re-enactment thereof for
                  the time
                  being in force, one arbitrator being appointed by each party. On
                  the
                  receipt by one party of the nomination in writing of the other
                  party's
                  arbitrator, that party shall appoint their arbitrator within fourteen
                  days, failing which the decision of the single arbitrator appointed
                  shall
                  apply. If two arbitrators properly appointed shall not agree they
                  shall
                  appoint an umpire whose decision shall be
                  final.

              

      

      

      
        	b)*  	
                
                  This
                    Agreement shall be governed by and construed in
                    accordance with Title 9 of the United States Code and the Law
                    of the State
                    of New York and should any dispute arise out of this
                    Agreement, the matter in dispute shall be referred to three persons
                    at New
                    York, one to be appointed by each of the parties
                    hereto, and the third by the two so chosen;
                    their decision or that of any two of them shall be
                    final, and for purpose of enforcing any award,
                    this Agreement may be made a rule of the
                    Court.  
The proceedings shall be
                  conducted in accordance with the rules of the Society of
                  Maritime Arbitrators, Inc. New
                  York. 

              

      

      

      
        	c)* 	
                
                  Any
                    dispute arising out of this Agreement shall be referred to
                    arbitrationat , subjectto
                    the procedures applicable there.
The
                  laws of shall govern this
                  Agreement.

              

      

      
        	
                *

              	
                16
                  a), 16 b) and 16 c) are alternatives; delete whichever is not applicable.
                  In the absence of deletions, alternative 16 a) to apply.
                  

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

      Clause
        17

      This
        Agreement is subject to Buyers and Sellers entering into the attached Time
        Charter of even date for the Vessel.

      

      

      Clause
        18

      Sellers
        to confirm in writing that the Vessel is not blacklisted by Arab Boycott
        League
        or any other organization. Sellers are also to confirm in writing that the
        Vessel is not subject to any restrictions and/or recommendations placed upon
        it
        by U.S. Coastguard / Australian / Canadian or any other port authority, or
        any
        other trading restriction other than what follows from Vessel’s
        certificates.

      

      

      

      

      
        	
                For
                  the Sellers

              	 	
                For
                  the Buyers

              
	 	 	 
	 	 	 
	 	 	 
	 	 	 
	
                Bergesen
                  d.y. Shipping AS

              	 	
                MC
                  Ibis Shipping Limited

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