Document:

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                                                                    EXHIBIT 4(o)

                    FORM OF TRANSFER AND ASSUMPTION AGREEMENT

     This Transfer and Assumption Agreement ("Agreement"), effective as of April
1, 2002, is entered into by and between Janus Capital Corporation, a Colorado
corporation ("JCC"), and Janus Capital Management LLC, a Delaware limited
liability company ("JCM").

     WHEREAS, JCC provides investment advisory services to certain investment
companies, including without limitation those investment companies that are
parties to the investment advisory agreements set forth on Exhibit A;

     WHEREAS, JCC provides administrative services to certain investment
companies and other clients, including without limitation those investment
companies and other clients that are parties to the administrative services
agreements set forth on Exhibit B;

     WHEREAS, JCC has entered into certain expense limitation and fee waiver
agreements, including without limitation those expense limitation and fee waiver
agreements set forth on Exhibit C;

     WHEREAS, JCC has entered into participation agreements with certain
clients, including without limitation those clients are parties to the
participation agreements set forth on Exhibit D;

     WHEREAS, effective April 1, 2002, JCC transferred its business activities
to JCM, which is a newly-formed, wholly-owned subsidiary of JCC; and

     WHEREAS, in connection with the transfer of JCC's business activities to
JCM, JCC and JCM desire to set forth their agreement with respect to the
transfer of all rights of JCC to JCM and the assumption by JCM of JCC's
obligations under such agreements and plans to which JCC is a party or under
which JCC has rights or obligations, as set forth in more detail below.

     NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

                                    ARTICLE I
                 TRANSFER AND ASSUMPTION OF INVESTMENT ADVISORY
                                   AGREEMENTS

     1.1 Subject to the terms and conditions herein stated, JCC hereby
transfers, conveys, delegates and delivers to JCM all of JCC's rights,
interests, duties, obligations, burdens, responsibilities and liabilities, of
every kind and nature whatsoever, whenever created or incurred, under all of the
investment advisory agreements with respect to proprietary, U.S. registered
mutual funds to which JCC is a party, including without limitation those
investment advisory agreements set forth on Exhibit A attached hereto and
incorporated herein by reference (the "Advisory Agreements").

     1.2 Subject to the terms and conditions herein stated, JCM hereby expressly
(i) undertakes, assumes and agrees to perform and/or satisfy each and every one
of JCC's

                                      -1-
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obligations, duties, burdens, responsibilities and liabilities under the
Advisory Agreements, (ii) agrees to be bound by all of the provisions of the
Advisory Agreements, to the same extent as if JCM had initially executed and
delivered such agreements, and (iii) agrees to indemnify JCC from and against
any liability, loss, or damage arising under the Advisory Agreements.

                                   ARTICLE II
                    TRANSFER AND ASSUMPTION OF ADMINISTRATIVE
                               SERVICES AGREEMENTS

     2.1 Subject to the terms and conditions herein stated, JCC hereby
transfers, conveys, delegates and delivers to JCM all of JCC's rights,
interests, duties, obligations, burdens, responsibilities and liabilities, of
every kind and nature whatsoever, whenever created or incurred, under all of the
administrative services agreements with respect to proprietary, U.S. registered
mutual funds to which JCC is a party, including without limitation those
administrative services agreements set forth on Exhibit B attached hereto and
incorporated herein by this reference (the "Administrative Agreements").

     2.2 Subject to the terms and conditions herein stated, JCM hereby expressly
(i) undertakes, assumes and agrees to perform and/or satisfy each and every one
of JCC's obligations, duties, burdens, responsibilities and liabilities under
the Administrative Agreements, (ii) agrees to be bound by all of the provisions
of the Administrative Agreements, to the same extent as if JCM had initially
executed and delivered such agreements, and (iii) agrees to indemnify JCC from
and against any liability, loss or damage arising under the Administrative
Agreements.

                                  ARTICLE III
                   TRANSFER AND ASSUMPTION OF FEE WAIVER AND
                         EXPENSE LIMITATION AGREEMENTS

     3.1 Subject to the terms and conditions herein stated, JCC hereby
transfers, conveys, delegates, and delivers to JCM all of JCC's rights,
interests, duties, obligations, burdens, responsibilities and liabilities, of
every kind and nature whatsoever, whenever created or incurred, under all of the
fee waiver and expense limitation agreements with respect to proprietary, U.S.
registered mutual funds to which JCC is a party, including without limitation
those fee waiver and expense limitation agreements set forth in Exhibit C
attached hereto and incorporated herein by reference (the "Fee Waiver
Agreements").

     3.2 Subject to the terms and conditions herein stated, JCM hereby expressly
(i) undertakes, assumes and agrees to perform and/or satisfy each and every one
of JCC's obligations, duties, burdens, responsibilities and liabilities under
the Fee Waiver Agreements, (ii) agrees to be bound by all of the provisions of
the Fee Waiver Agreements, to the same extent as if JCM had initially executed
and delivered such agreements, and (iii) agrees to indemnify JCC from and
against any liability, loss, or damage arising under the Fee Waiver Agreements.

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                                   ARTICLE IV
                           TRANSFER AND ASSUMPTION OF
                            PARTICIPATION AGREEMENTS

     4.1 Subject to the terms and conditions herein stated, JCC hereby
transfers, conveys, delegates and delivers to JCM all of JCC's rights,
interests, duties, obligations, burdens, responsibilities and liabilities, of
every kind and nature whatsoever, whenever created or incurred, under all of the
participation agreements with respect to proprietary, U.S. registered mutual
funds to which JCC is a party, including without limitation those participation
agreements set forth on Exhibit D attached hereto and incorporated herein by
reference (the "Participation Agreements").

     4.2 Subject to the terms and conditions herein stated, JCM hereby expressly
(i) undertakes, assumes and agrees to perform and/or satisfy each and every one
of JCC's obligations, duties, burdens, responsibilities and liabilities under
the Participation Agreements, (ii) agrees to be bound by all of the provisions
of the Participation Agreements, to the same extent as if JCM had initially
executed and delivered such agreements, and (iii) agrees to indemnify JCC from
and against any liability, loss, or damage arising under the Participation
Agreements.

                                    ARTICLE V
                               GENERAL PROVISIONS

     5.1 CONDITIONS TO THE TRANSFER AND ASSUMPTION. The transfer by JCC, and the
assumption by JCM, of the Advisory Agreements, the Administrative Services
Agreements, the Fee Waiver Agreements, and the Participation Agreements are
subject to obtaining such approval of the Board of Trustees of advised funds to
which such agreements relate, as may be required under the Investment Company
Act of 1940 or any other applicable law, rule, regulation or order, and to
obtaining such consents as may be required under the provisions of such
agreements.

     5.2 FURTHER ASSURANCES. JCC and JCM each shall take such action and execute
and deliver to the other party all such instruments and documents as such other
party may reasonably request to carry out the intent and purposes of this
Agreement and the transactions contemplated hereby. In particular, JCC and JCM
acknowledge the purpose of this Agreement is to: transfer to JCM all of JCC's
rights, interests, duties, obligations, burdens, responsibilities and
liabilities under the investment advisory agreements to which JCC is a party;
transfer to JCM all of JCC's rights, interests, duties, obligations, burdens,
responsibilities and liabilities under the administrative services agreements to
which JCC is a party; transfer to JCM all of JCC's rights, interests, duties,
obligations, burdens, responsibilities and liabilities under the fee waiver and
expense limitation agreements to which JCC is a party; transfer to JCM all of
JCC's rights, interests, duties, obligations, burdens, responsibilities and
liabilities under the participation agreements to which JCC is a party; and to
transfer to JCM, and for JCM to accept and assume, all of JCC's rights,
interests, duties, obligations, burdens, responsibilities and liabilities as
described in Section 1.2, 2.2, 3.2, and 4.2 herein. If any such agreement, or
right, interest, duty, obligation, burden, responsibility or liability is
inadvertently not included

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specifically in this Agreement, JCC and JCM agree to take the appropriate
actions needed to transfer any such agreement or right, interest, duty,
obligation, burden, responsibility or liability to JCM and for JCM to assume the
same. Nothing in the transactions contemplated by this Agreement shall be deemed
to be an "assignment" for purposes of the Investment Company Act of 1940, as
amended.

     5.3 GOVERNING LAW. The interpretation and construction of this Agreement,
and all matters relating thereto, shall be governed by the laws of the State of
Colorado, without regard to its principles of conflicts of law, except as to
matters governed by the Investment Advisers Act of 1940 or the Investment
Company Act of 1940, which shall be governed by said acts and the rules and
regulations promulgated thereunder.

     5.4 ASSIGNMENT AND AMENDMENT. This Agreement may not be transferred,
assigned, pledged or hypothecated by any party without the prior written consent
of the other party. This Agreement shall be binding upon and shall inure to the
benefit of the parties hereto and their respective successors and permitted
assigns. This Agreement may not be changed or modified except by a written
amendment hereto signed by all parties affected by such amendment.

     5.5 COUNTERPARTS. This Agreement may be executed in any number of
counterparts, each of which so executed shall be deemed an original and all of
which together shall constitute one and the same agreement.

     IN WITNESS WHEREOF, each of the parties have executed this Agreement as of
the day and year first set forth above.

JANUS CAPITAL CORPORATION              JANUS CAPITAL MANAGEMENT LLC

By:                                    By:
    -------------------------------        -----------------------------------
    Thomas A. Early, Vice President        Kelley Abbott Howes, Vice President

                                      -4-SETTLEMENT AGREEMENT AND MUTUAL GENERAL RELEASE
                         OF ALL CLAIMS KNOWN AND UNKNOWN

     This  Settlement  Agreement And Mutual General  Release Of All Claims Known
And Unknown (the  "Agreement") is entered into as of this ____ day of July 2002,
by and  between  John  Joslyn  ("Joslyn"),  Westgate  Entertainment  Corporation
("Westgate")  and  Weyland  & Chase  Engineering,  NV  ("W&C"),  on the one hand
(collectively,  the "Joslyn  Parties"),  and RMS Titanic,  Inc.  ("Titanic") and
Arnie  Geller  ("Geller"),  on  the  other  hand  (collectively,   the  "Titanic
Parties"), and is made with reference to the following facts:

     A. On April 30, 2001,  Westgate and W&C filed a lawsuit against the Titanic
Parties in the Superior  Court of the State of California  for the County of Los
Angeles entitled Westgate  Entertainment Corp., et al. v. RMS Titanic,  Inc., et
al., Case No. BC 249579 (the  "Lawsuit").  On or about May 30, 2001, the Titanic
Parties  removed the Lawsuit to the United States District Court for the Central
District of California, Case No. CV-01-04894 FMC (MANx).

     B. The Joslyn Parties and the Titanic Parties (collectively, the "Parties")
wish to resolve  their  disputes  and the  Lawsuit  and  hereby  enter into this
Agreement to effectuate  mutual general releases of all claims known and unknown
in exchange for the consideration set forth below.

     NOW,  THEREFORE,  in  consideration  of the mutual covenants and agreements
hereinafter set forth, the Parties agree as follows:

     1.  Settlement  Amount.  Titanic  shall pay  Westgate,  and Westgate  shall
accept,  the sum of THREE  HUNDRED  EIGHTY EIGHT  THOUSAND  DOLLARS  ($388,000),
payable as follows:

     a. Concurrently with the execution of this Agreement,  Titanic shall pay to
Westgate the sum of TWENTY FIVE THOUSAND DOLLARS ($25,000). The payment shall be
made to Westgate by wire transfer to the following bank,  unless another bank is
designated by Westgate in writing to Titanic:

                           City National Bank
                           400 North Roxbury Drive
                           Beverly Hills, California 90210
                           Account No. 001793187
                           ABA No. 122016066

     b. The balance of THREE HUNDRED  SIXTY THREE  THOUSAND  DOLLARS  ($363,000)
shall be paid by Titanic to Westgate as set forth in subparagraphs c. through f.

     c. The sum of NINETY NINE  THOUSAND  NINE  HUNDRED  NINETY NINE DOLLARS AND
NINETY  CENTS  ($99,999.90)  shall be paid by Titanic to Westgate in thirty nine

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(39) equal two week period  installments of TWO THOUSAND FIVE HUNDRED SIXTY FOUR
DOLLARS AND TEN CENTS  ($2,564.10)  commencing  on July 26, 2002 and  continuing
thereafter for thirty eight (38)  consecutive  two week periods on the Friday of
each second week of the two week  period.  Each  payment  shall be  deposited by
Titanic via ADT into  Westgate's  bank account  designated  in  subparagraph  a.
hereof, or to such other bank account Westgate designates in writing to Titanic.

     d. The sum of ONE  HUNDRED  THOUSAND  DOLLARS  ($100,000)  shall be paid by
Titanic to Westgate on December  29, 2003.  This  payment  shall be made by wire
transfer into Westgate's bank account  designated in subparagraph a. hereof,  or
to such other bank account Westgate designates in writing to Titanic.

     e. The sum of SIXTH SIX  THOUSAND  SIX HUNDRED  SIXTY SIX DOLLARS AND SIXTY
CENTS ($66,666.60) shall be paid by Titanic to Westgate in twenty six (26) equal
two week period installments of TWO THOUSAND FIVE HUNDRED SIXTY FOUR DOLLARS AND
TEN CENTS  ($2,564.10)  commencing on January 30, 2004 and continuing for twenty
five (25)  consecutive two week periods on the Friday of each second week of the
two week  period.  Each  payment  shall be  deposited  by  Titanic  via ADT into
Westgate's bank account  designated in subparagraph a. hereof,  or to such other
bank account Westgate designates in writing to Titanic.

     f. The sum of NINETY SIX THOUSAND  THREE  HUNDRED  THIRTY THREE DOLLARS AND
FIFTY  CENTS  ($96,333.50)  shall be paid by Titanic to  Westgate on January 31,
2005 by wire transfer into Westgate's bank account designated in subparagraph a.
hereof, or to such other bank account Westgate designates in writing to Titanic.

     g. Titanic  shall not withhold any sums from any of the above  payments for
any purported reason, including, without limitation, taxes.

     h. Titanic  shall  continue  making  payments to Westgate  pursuant to this
Agreement  provided  that  Westgate  does  not  materially  breach  any  of  the
provisions of paragraphs 6 and 8, below.

     i. Geller shall not be personally liable for any of the settlement sums set
forth above.

     2.  Stipulation for Entry of Judgment in the Event of Default.  The payment
of the sums set forth in  paragraph  1 of this  Agreement  shall be secured by a
Stipulation  for Entry of Judgment in the Event of Default in the form  attached
hereto as Exhibit A, which Titanic and its counsel shall sign upon the execution
of this Agreement.  In the event of an uncured default of the obligations to pay
the settlement sums pursuant to the terms of this Agreement,  and if none of the
Joslyn Parties have materially breached any of the provisions of paragraphs 6 or
8, the Joslyn Parties shall be entitled to enter judgment against Titanic in the
amount of $388,000,  less all  settlement  sums paid  pursuant to paragraph 1 of
this Agreement.  By way of example and not by way of limitation,  should Titanic
default  following  payment of the sum set forth in paragraph  1.a.,  the Joslyn
Parties  would be entitled to enter  judgment  against  Titanic in the amount of
$363,000,  and so on.  The  Stipulation  for Entry of  Judgment  in the Event of
Default  shall be held by counsel for the Joslyn  Parties and shall not be filed
with the Court  except  upon an uncured  default in the payment  obligations  by
Titanic, as defined in paragraph 3.

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     3. Default and Cure.  No judgment  shall be entered  against  Titanic until
such time as a written  notice of default has been  delivered  and ten (10) days
shall expire after delivery  without the default being cured.  Notice of default
shall be delivered by personal messenger or faxed to Daniel A. Martorella, Esq.,
Martorella & Associates,  701 B Street, Suite 300, San Diego,  California 92101,
telephone number (619) 544-7471 and facsimile number (619) 338-1197 and shall be
effective per delivery.  The Titanic  Parties may change the designee to receive
notice of default by informing the Joslyn Parties of such change in writing.

     4.  Waiver and Release of  Connecticut  Stipulations.  Except as  otherwise
provided  herein,  the Titanic  Parties and all persons and  entities  acting on
their behalf, for their benefit, at their direction, under their control or whom
they  represent,  and each  such  party,  person or  entity  (collectively,  the
"Titanic-Affiliated  Parties"),  hereby waive to the fullest  extent  allowed by
law, all provisions that apply or would apply,  but for this waiver,  to any and
all conduct or matters, past, present and future, of any kind whatsoever, by the
Joslyn  Parties and all persons and entities  acting on their behalf,  for their
benefit,  at their  direction,  under their control or whom they represent,  and
each  such  party,  person  or  entity  (collectively,   the  "Joslyn-Affiliated
Parties"), which provisions are set forth in:

     (1) The  Stipulated  Judgment  entered on or about December 10, 1996 in the
case  styled  Piaget v.  Tulloch,  United  States  District  Court,  District of
Connecticut Case No. 5:91CV0007  (WWE)/Westgate  Entertainment Corp. v. Tulloch,
et al., Case No. 3:96CV01768 (WWE) (the "Connecticut Litigation"), including any
and all addendums,  amendments  and/or  modifications  thereto (the  "Stipulated
Judgment"); and/or

     (2) The  Agreement  and  Stipulation  filed on or about  March  1999 in the
Connecticut  Litigation,  including  any and all  addendums,  amendments  and/or
modifications thereto (the "Agreement and Stipulation").

     a. Notwithstanding any contrary provision in the Stipulated Judgment and/or
Agreement and  Stipulation,  none of the  Titanic-Affiliated  Parties shall ever
attempt to enforce any  provision or provisions  of the  Stipulated  Judgment or
Agreement and Stipulation  against any of the  Joslyn-Affiliated  Parties at any
time for any reason in any manner whatsoever.

     b. The  Titanic-Affiliated  Parties do hereby  generally  and  specifically
release,  absolve and  discharge,  to the  fullest  extent  allowed by law,  the
Joslyn-Affiliated  Parties, and each of them, from all claims, causes of action,
costs, expenses, damages, losses, known and unknown, that the Titanic-Affiliated
Parties  ever had,  have,  or would at any time have had, but for this waiver or
release,  against the  Joslyn-Affiliated  Parties  arising  from the  Stipulated
Judgment or Agreement and Stipulation.

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     c.  Nothing  herein  shall  affect or diminish in any way any rights of the
Joslyn-Affiliated  Parties, or any of them, set forth in the Stipulated Judgment
or Agreement and Stipulation,  including, but not limited to, any and all rights
of the Joslyn-Affiliated Parties arising from the Licensing Agreement referenced
in the Stipulated Judgment at page 40, paragraph 12.

     5. Contempt Proceeding.  None of the Titanic Parties, or any of them, shall
ever attempt to enforce any  provision or  provisions of the July 11, 2002 Order
in the  Connecticut  Litigation  finding  Joslyn and  Westgate in contempt  (the
"Contempt  Order")  against any of the Joslyn Parties at any time for any reason
in any manner whatsoever.  In addition,  Titanic shall request that the Court in
the Connecticut  Litigation vacate the Contempt Order with respect to Joslyn and
Westgate,  in the following  manner:  on or before July 26, 2002,  Titanic shall
file with the Court in the  Connecticut  Litigation  a notice  that  states  the
following:  (1) Titanic, on the one hand, and Joslyn and Westgate,  on the other
hand, have entered into a written Settlement  Agreement in litigation pending in
the United States District Court for the Central District of California,  (2) as
part of the  settlement,  Titanic  agreed  to  request  that  the  Court  in the
Connecticut  Litigation  vacate the  Contempt  Order with  respect to Joslyn and
Westgate,  and (3) in accordance with the Settlement  Agreement,  Titanic waives
and agrees never to enforce any of its rights under the Contempt  Order  against
Joslyn and/or  Westgate.  Upon filing this notice,  Titanic shall mail a copy of
the notice to Westgate at its address,  859 Hollywood Way,  Suite 459,  Burbank,
California 91505. Upon receipt of any Court order addressing the notice, Titanic
shall mail a copy of such order to Westgate. Titanic shall defend, indemnify and
hold the Joslyn Parties, and each of them, harmless against any motion,  action,
proceeding,  Court  order or claim of any kind by any  person or entity  arising
from the Contempt Order.

     6. Restrictive Covenant. The Joslyn Parties,  jointly and severally,  shall
not,  for any  commercial  purpose,  engage  directly or  indirectly,  either as
principal, agent, proprietor, shareholder, director, officer or employee in, nor
participate in the ownership,  management, operation or control of, any business
to visit or participate in any act at the wreck site of RMS Titanic in the North
Atlantic Ocean,  including the recovery of artifacts and photography on or below
the surface at the area of the salvage operation of RMS Titanic.  This provision
does not apply to any non-commercial activities of the Joslyn Parties, or any of
them.

     7. Consent to Sale of Titanic Stock by Westgate.  The Titanic Parties shall
not oppose  any  lawful  effort by  Westgate  to sell its  66,728  shares of RMS
Titanic, Inc. stock,  evidenced by Westgate's stock certificate for those shares
dated May 22, 1998.

     8. Harris Civil and Criminal  Litigation.  Joslyn and Westgate  shall fully
cooperate, for a reasonable length of time:

     a. With the Titanic Parties in their  investigation of the facts underlying
the  lawsuit  entitled G.  Michael  Harris v. RMS  Titanic,  Inc.  (and  related
Counterclaim  and Third Party Claim),  Circuit Court,  Sixth Judicial Circuit of
Florida  Case  No.  00-06147-CI-11  (the  "Harris  Action"),  by  meeting,  upon
reasonable notice, with the Titanic Parties or any person(s)  designated by them
at a  location  of their  choosing  anywhere  in the  United  States to  discuss
Joslyn's recollection of the facts;

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<PAGE>

     b. With any government  official to prosecute G. Michael Harris  ("Harris")
in the State of Florida, including without limitation,  Detective Thomas Clayton
of the Pinellas County Sheriff's Department and any Florida state prosecutor, at
and before  trial,  if any. If Titanic  requests  that  Joslyn  attend any trial
against  Harris  pursuant  to  this  paragraph  8,  Titanic  shall  give  Joslyn
reasonable advance notice; and

     c. With the  Titanic  Parties  by  providing  testimony  in any  interview,
deposition or court proceeding (either criminal or civil) against Harris that is
truthful,   complete  and  to  Joslyn's  best   recollection,   subject  to  the
geographical limitations set forth in paragraph 8.a.

     d. The Titanic  Parties shall pay any and all reasonable  travel  expenses,
including reasonable hotel accommodations,  incurred by Joslyn in complying with
paragraph 8.

     9.  Stipulation for Dismissal.  Upon the execution of this Agreement by the
Parties,  counsel  for the Titanic  Parties  shall also sign a  Stipulation  and
[Proposed]  Order for  Dismissal  of Action and  Retention  of  Jurisdiction  to
Enforce  Settlement  Agreement (the  "Stipulation for  Dismissal"),  in the form
attached  hereto as Exhibit B, and return the signed  stipulation  to  Greenberg
Traurig,  LLP via  facsimile  on the same day.  Within one  business  day of the
receipt by Westgate of (1) the $25,000 payment  described in paragraph 1.a., (2)
the Stipulation for Dismissal signed by counsel for the Titanic Parties, and (3)
the  Stipulation for Entry of Judgment in the Event of Default signed by Titanic
and its counsel,  counsel for Westgate  and W&C shall sign the  Stipulation  for
Dismissal and file it with the Court.

     10.  Retention  of  Jurisdiction.  As  set  forth  in the  Stipulation  and
[Proposed]  Order for  Dismissal  of Action and  Retention  of  Jurisdiction  to
Enforce  Settlement  Agreement  attached  hereto  as  Exhibit  B, the  Honorable
Florence  Marie  Cooper  shall  retain  exclusive  jurisdiction  to enforce this
Agreement,  enter judgment  pursuant to the Stipulation for Entry of Judgment in
the Event of Default and hear and rule upon any motion to enforce the  Agreement
based on an alleged  violation  thereof.  In the event that Judge Cooper cannot,
for any  reason,  hear the matter,  or if she is no longer  sitting as an active
Judge  of  the  United  States  District  Court  for  the  Central  District  of
California, the matter shall be assigned to another United States District Judge
of the United  States  District  Court for the Central  District of  California,
sitting in Los Angeles, who shall retain exclusive  jurisdiction to enforce this
Agreement.

     11. Release by Joslyn Parties. Except for the obligations set forth in this
Agreement, the Joslyn Parties, and each of them, and any person or entity making
any claim by or through them,  do hereby  generally  and  specifically  release,
absolve and discharge the Titanic Parties, and each of them, and their officers,
directors,   attorneys,   successors  and/or  assigns  (the  "Defendant-Released
Parties") from all claims, causes of action, costs, expenses,  damages,  losses,
known and unknown,  that the Joslyn  Parties  have,  may have,  or ever have had
against the  Defendant-Released  Parties from the  beginning of time through the
date of this Agreement, including but not limited to, any such claims, causes of
action, costs, expenses,  damages and losses arising out of, during, or relating
to or that were or could have been  stated in the  Lawsuit,  provided,  however,
that nothing  herein should be construed as a release by the Joslyn Parties with
respect to G. Michael Harris.

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<PAGE>

     12. Waiver of California  Civil Code ss. 1542.  Except for the  obligations
set forth in this  Agreement,  this Agreement  shall be effective as a bar as to
each and every claim,  demand and cause of action which the Joslyn Parties have,
may  have,  or  ever  have  had  against  the  Defendant-Released   Parties.  In
furtherance of this intention, the Joslyn Parties hereby expressly waive any and
all rights or  benefits  conferred  by the  provisions  of  Section  1542 of the
California Civil Code which provides as follows:

          A general  release does not extend to claims  which the creditor  does
          not know or expect to exist in his favor at the time of executing  the
          release,  which  if known by him must  have  materially  affected  his
          settlement with the debtor.

The Joslyn Parties  acknowledge that they may hereafter discover claims or facts
in addition to or  different  from those which they now know or believe to exist
with  respect to the subject  matter of this  Agreement  and which,  if known or
suspected at the time of executing this Agreement,  may have materially affected
the settlement.  Nevertheless, the Joslyn Parties hereby waive any right, claims
or causes of action that might arise as a result of such different or additional
claims or facts.

     13. Release by Titanic  Parties.  Except for the  obligations  set forth in
this Agreement,  the Titanic Parties, and each of them, and any person or entity
making  any claim by or  through  them,  do hereby  generally  and  specifically
release,  absolve and discharge the Joslyn Parties,  and each of them, and their
officers,    directors,    attorneys,    successors    and/or    assigns    (the
"Plaintiff-Released   Parties")  from  all  claims,  causes  of  action,  costs,
expenses, damages, losses, known and unknown, that the Titanic Parties have, may
have, or ever have had against the Plaintiff-Released Parties from the beginning
of time through the date of this  Agreement,  including  but not limited to, any
such claims, causes of action, costs,  expenses,  damages and losses arising out
of,  during,  or  relating  to or that  were or could  have  been  stated in the
Lawsuit, provided, however, that nothing herein should be construed as a release
by the Titanic Parties with respect to G. Michael Harris.

     14. Waiver of California  Civil Code ss. 1542.  Except for the  obligations
set forth in this  Agreement,  this Agreement  shall be effective as a bar as to
each and every claim, demand and cause of action which the Titanic Parties have,
may  have,  or  ever  have  had  against  the  Plaintiff-Released   Parties.  In
furtherance of this intention,  the Titanic  Parties hereby  expressly waive any
and all rights or benefits  conferred by the  provisions  of Section 1542 of the
California Civil Code which provides as follows:

          A general  release does not extend to claims  which the creditor  does
          not know or expect to exist in his favor at the time of executing  the
          release,  which  if known by him must  have  materially  affected  his
          settlement with the debtor.

                                       6
<PAGE>

The Titanic Parties acknowledge that they may hereafter discover claims or facts
in addition to or  different  from those which they now know or believe to exist
with  respect to the subject  matter of this  Agreement  and which,  if known or
suspected at the time of executing this Agreement,  may have materially affected
the settlement. Nevertheless, the Titanic Parties hereby waive any right, claims
or causes of action that might arise as a result of such different or additional
claims or facts.

     15. Representations and Warranties. The Parties to this Agreement represent
and warrant to each other that no portion of any of the released matters, and no
portion of any recovery or  settlement  to which a party might be entitled,  has
been  or  will  be  assigned  or  transferred  to  any  other  person,  firm  or
corporation,  in any manner, including by way of subrogation or operation of law
or  otherwise,  except  that any party may assign  his or its rights  under this
Agreement with the consent of all other Parties. If any claim, action, demand or
suit should be made or  instituted  against any party or parties  because of any
unauthorized  assignment,  subrogation  or  transfer,  the party  from whom such
purported  assignment,  subrogation,  or  transfer  is alleged to have been made
shall indemnify and hold harmless the other party or parties against such claim,
action,   suit  or  demand,   including  necessary  expenses  of  investigation,
attorneys' fees and costs.

     16. Legal Fees. In the event that any legal action is required by any party
to this Agreement to enforce the terms of this Agreement,  the prevailing  party
in any such  proceeding  shall be  entitled  to recover  from the  other(s)  its
reasonable attorneys' fees and costs arising from the same.

     17. Acknowledgement. Each of the Parties has made such investigation of the
facts and the law pertaining to the matters  described in this Agreement as such
party  deems  necessary,  and none of the Parties has relied or does rely on any
promise  or  representation  made by any other  party  with  respect to any such
matters.  All  Parties  acknowledge  that  they  have  carefully  read and fully
understand  all of the provisions of this  Agreement,  that they have been given
the opportunity to discuss fully the contents of this Agreement with independent
counsel of their choice and have done so and that they are voluntarily  entering
into this Agreement.

     18.  Entire  Agreement.  This  Agreement  contains  all  of the  terms  and
conditions  agreed upon by the  Parties  regarding  the  subject  matter of this
Agreement,  and constitutes the entire agreement between the Parties.  Any prior
agreements, promises, negotiations or representations,  whether oral or written,
relating to the subject matter of this Agreement have no force or effect.

     19.  Authorization.  Each individual signing this Agreement on behalf of an
entity  represents and warrants that such  individual is duly authorized to sign
on behalf of such entity and that such individual signature is binding upon such
entity.

     20.   Governing  Law.  This  Agreement  shall  be  construed  and  governed
exclusively by the laws of the State of California, without giving effect to any
conflict of laws  provisions  that might render any provision of this  Agreement
unenforceable.

     21.  Severability.  If any  provision  of this  Agreement  is  deemed to be
illegal, invalid or unenforceable,  the legality, validity and enforceability of
all remaining provisions shall not be affected.

                                       7
<PAGE>

     22. Construction. This Agreement will be construed without giving effect to
the usual rule that ambiguities are construed against the drafting party.

     23. No  Admission.  Nothing  in this  Agreement  shall be  construed  as an
admission of liability,  fault, violation of any statute or damage by any party.
Each  party  denies  liability  to  the  other.  This  Agreement  constitutes  a
settlement of disputed claims.

     24.   Counterparts.   This  Agreement  may  be  executed  in  one  or  more
counterparts,  all of which  taken  together  shall  constitute  one  agreement.
Facsimile signatures shall be deemed to have the same binding effect as original
signatures,  but the Parties shall exchange  original  signatures  within thirty
(30) days of all Parties' signing of this Agreement and its exhibits.

     25.  Modification.  No modification of this Agreement shall be valid unless
in writing and signed by the party or parties  against whom the  modification is
enforced.

Dated: _______, 2002

                                          --------------------------------
                                          JOHN JOSLYN

Dated: _______, 2002                      WESTGATE ENTERTAINMENT CORPORATION

                                          By:________________________________
                                          JOHN JOSLYN
                                          Its President

Dated: _______, 2002                      WEYLAND & CHASE ENGINEERING, NV

                                          By:________________________________
                                          JOHN JOSLYN
                                          Its Authorized Representative

Dated: _______, 2002

                                          --------------------------------
                                          ARNIE GELLER

                                       8
<PAGE>

Dated: _______, 2002                      RMS TITANIC, INC.

                                          By:________________________________
                                          ARNIE GELLER
                                          Its President

APPROVED AS TO FORM:

Dated: _______, 2002                      GREENBERG TRAURIG, LLP

                                          By:________________________________
                                          MATTHEW S. STEINBERG
                                          Attorneys for John Joslyn, Westgate
                                          Entertainment Corporation and Weyland
                                          & Chase Engineering, NV

Dated: _______, 2002                      MARTORELLA & ASSOCIATES

                                          By:________________________________
                                          DANIEL A. MARTORELLA
                                          Attorneys for RMS Titanic, Inc.
                                          and Arnie Geller

                                       9

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