Document:

Letter Agreement among the Registrant, Citigroup and Independent Directors

 EXHIBIT 10.3 
 [                                      
  ] 
 [Name of Independent Director] 
 c/o
Oceanaut, Inc. 
 17th Km National Road Athens-Lamia & Finikos Street 
 145 64 Nea Kifisia 
 Athens, Greece 
 Citigroup Global Markets Inc. 
 390 Greenwich Street 
 New York, NY 10013 
 Maxim Group LLC 
 405 Lexington Avenue 
 New York, New York 10174 
 Re: Initial Public Offering 
 Dear Sir: 
 The undersigned agrees to serve as a director of
Oceanaut, Inc., a Marshall Islands corporation (the “Company”), on the following terms and conditions (certain capitalized terms used herein are defined in Schedule 1 hereto): 
 1. The undersigned agrees to serve as a director of the Company in consideration of Seventy-Five Thousand United States Dollars (US$75,000) per annum
(the “Fee”), payable pro rata from the date hereof until the Business Combination Date, but only if the Company completes a Business Combination. The undersigned agrees to forego payment of all or any portion of the Fee until the
Company completes a Business Combination and agrees that no Fee will be paid if a Transaction Failure occurs. 
 2. If a Transaction Failure
occurs, the undersigned shall take all reasonable actions within such person’s power to cause (i) the Trust Account to be liquidated and distributed to the holders of the IPO Shares as soon as reasonably practicable and, in any event, no
later than the Termination Date, and (ii) the Company to dissolve and liquidate as soon as practicable. The undersigned hereby waives any and all right, title, interest or claim of any kind in or to any liquidating distributions by the Company
and hereby further waives any claim the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company, including, without limitation, this and any other agreements relating to the payment of the
Fee, and agrees not to seek recourse against the Trust Account for any reason whatsoever. 
 3. In order to minimize potential conflicts of
interest which may arise from multiple affiliations, the undersigned agrees to present to the Company for its consideration, prior to the undersigned’s exploitation of that opportunity in any way or the presentation to any other person or
entity, any suitable opportunity to acquire all or substantially all of the outstanding equity securities of, or otherwise acquire (through merger, capital stock exchange, asset acquisition, stock purchase or other business combination) vessels or
an operating business in the shipping industry until the earlier of the consummation by the Company of a Business Combination, the distribution of the Trust Account or until such time as the undersigned ceases to be a director of the Company;
provided, however, that the presentation of such opportunities to the Company shall, in each case, be subject to the terms of the 

 
Business Opportunity Right of First Refusal Agreement by and between the Company and Excel Maritime Carriers Ltd. dated June
[    ], 2006, and any other pre-existing fiduciary and/or contractual obligations the undersigned might have. 
 4. The undersigned agrees, that commencing on the Effective Date and extending until the earlier to occur of the closing of a Business Combination by the Company or a liquidation of the Company, the undersigned shall not become affiliated
as an officer, director or stockholder of a blank check or blind pool company (other than the Company) operating in or intending to acquire a business in the shipping industry. 
 5. The undersigned hereby agrees to not propose, or vote in favor of, an amendment to the Company’s Articles of Incorporation to extend the period
of time in which the Company must consummate a Business Combination prior to its liquidation. Should such a proposal be put before stockholders other than through actions by the undersigned, the undersigned hereby agrees to vote against such
proposal. This paragraph may not be modified or amended under any circumstances. 
 6. The undersigned acknowledges and agrees that the
Company will not consummate any Business Combination which involves a company which is affiliated with any of the Insiders or their affiliates, unless the Company obtains an opinion from an independent investment banking firm that is a member
of the National Association of Securities Dealers, Inc. that the business combination is fair to the Company’s shareholders from a financial perspective. In addition, the Company’s disinterested independent directors would negotiate with
such affiliated company on behalf of the Company and take such other steps in connection with any such proposal as they deem advisable, including retention of independent advisors. 
 7. Neither the undersigned, any member of the Immediate Family of the undersigned, nor any affiliate of the undersigned (“Affiliate”)
will be entitled to receive and will not accept any compensation for services rendered to the Company prior to, or in connection with, the consummation of the Business Combination. Not withstanding the foregoing, the undersigned shall be entitled to
reimbursement from the Company for his reasonable out-of-pocket expenses incurred in connection with seeking and consummating a Business Combination; provided, that such reimbursements have been approved by the Company’s audit committee (which
shall be comprised solely of independent directors); provided, that such reimbursements are approved by the Company’s audit committee or, if the undersigned is a member of the Company’s audit committee, by a simple majority of the board of
directors of the Company, with the undersigned abstaining from such vote. 
 8. The undersigned agrees that neither the undersigned, any
member of the Immediate Family of the undersigned, or any Affiliate of the undersigned will be entitled to receive or accept, and the undersigned, on behalf of the undersigned and the aforementioned parties, hereby waives any rights to, a
finder’s fee or any other compensation in the event the undersigned, any member of the Immediate Family of the undersigned or any Affiliate of the undersigned originates a Business Combination. 
 9. The undersigned agrees to be a member of the board of directors of the Company until the earlier of the Business Combination Date or the liquidation
of the Company. The undersigned’s biographical information furnished to the Company and the Underwriters and attached hereto as Exhibit A is true and accurate in all respects, does not omit any material information with respect to the
undersigned’s background and contains all of the information required to be disclosed pursuant to Section 401 of Regulation S-K, promulgated under the U.S. Securities Act of 1933, as amended. The undersigned’s questionnaire (a copy of
which is attached hereto as Exhibit B) furnished to the Company and the Underwriters is true and accurate in all respects. The undersigned further represents and warrants to the Company and the Underwriters that: 
 (a) The undersigned is not subject to or a respondent in any legal action, injunction or cease-and-desist order for, or any order or
stipulation to desist or refrain from, any act or practice relating to the offering of securities in any jurisdiction; 
  

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 (b) The undersigned has never been convicted of or pleaded guilty to any crime
(i) involving any fraud or (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and such person is not currently a defendant in any such criminal
proceeding; and 
 (c) The undersigned has never been suspended or expelled from membership in any securities or commodities
exchange or association or had a securities or commodities license or registration denied, suspended or revoked. 
 10. The undersigned has
full right and power, without violating any agreement by which the undersigned is bound, to enter into this letter agreement and to serve as a member of the board of directors of the Company. 
 11. The undersigned acknowledges and understands that, in proceeding with the IPO, the Underwriters and the Company will rely upon the agreements,
representations and warranties set forth herein. 
 12. This letter agreement shall be binding on the undersigned and such person’s
respective successors, heirs, personal representatives and assigns. This letter agreement shall terminate on the earlier of (i) the Business Combination Date or (ii) the Termination Date; provided, however, that any such termination shall
not relieve the undersigned from any liability arising out of any breach of any agreement or covenant hereunder occurring prior to the termination of this letter agreement. 
 13. The undersigned authorizes any employer, financial institution, or consumer credit reporting agency to release to the Underwriters and their legal
representatives or agents (including any investigative search firm retained by the Underwriters) any information they may have about the undersigned’s background and finances (“Information”). Neither the Underwriters nor their
agents shall be violating the undersigned’s right of privacy in any manner in requesting and obtaining the Information and the undersigned hereby releases them from liability for any damage whatsoever in that connection. 
 This letter agreement shall be governed by and interpreted and construed in accordance with the laws of the State of New York. The undersigned hereby
agrees that any action, proceeding or claim against the undersigned arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern
District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The undersigned hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. The Company
hereby appoints, without power of revocation, Mintz, Levin, Cohn, Ferris, Glovsky and Popeo, P.C., with an office at 666 Third Avenue, New York, New York 10017, Attention of Kenneth R. Koch, Esq., as its agent to accept and acknowledge on its behalf
service of any and all process which may be served in any action, proceeding or counterclaim in any way relating to or arising out of this letter agreement. 
 14. No term or provision of this letter agreement may be amended, changed, waived, altered or modified except by written instrument executed and delivered by the party against whom such amendment, change, waiver,
alteration or modification is to be enforced. 
 (The remainder of this page intentionally left blank. Signature pages to follow.)

  

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 Name: [NAME OF INDEPENDENT DIRECTOR] 
  

	
	
	
	   
	Signature

  

			
	 ACCEPTED AND AGREED:
  
 CITIGROUP GLOBAL MARKETS INC.

		
	By:	 	  

			
	 Name:
 Title:
	 	
	
	 ACCEPTED AND AGREED:
  
 MAXIM GROUP LLC

		
	By:	 	  

			
	 Name:
 Title:

	
	 ACCEPTED AND AGREED:
  
 OCEANAUT, INC.

		
	By:	 	  

			
	 Name: Christopher Georgakis
 Title: Chief Executive Officer and President:

 SCHEDULE 1 
 SUPPLEMENTAL COMMON DEFINITIONS 
 Unless the context shall otherwise require, the following terms
shall have the following respective meanings for all purposes, and the following definitions are equally applicable to both the singular and the plural forms of the terms defined. 
 “Business Combination” shall mean the acquisition by the Company, whether by merger, capital stock exchange, asset acquisition, stock
purchase or other similar business combination, of one or more vessels or operating businesses in the shipping industry, having, collectively, a fair market value equal to at least 80% of the Company’s net assets at the time of such merger,
capital stock exchange, asset acquisition, stock purchase or other similar business combination. 
 “Business Combination
Date” shall mean the date upon which a Business Combination is consummated. 
 “Effective Date” shall mean the date
upon which the Registration Statement is declared effective under the U.S. Securities Act of 1933, as amended, by the SEC. 
 “Immediate Family” shall mean, with respect to any person, such person’s spouse, lineal descendents, father, mother, brothers or sisters (including any such relatives by adoption or marriage). 
 “Insiders” shall mean all of the officers, directors and shareholders of the Company immediately prior to the Company’s IPO.

 “IPO” shall mean the initial public offering of the Company’s units, each comprised of one share of the
Company’s common stock, par value $.0001 per share, and one warrant exercisable for one share of common stock. 
 “IPO
Shares” shall mean all shares of common stock issued by the Company in its IPO, whether or not such shares were issued to an Insider or otherwise. 
 “Prospectus” shall mean the final prospectus filed pursuant to Rule 424(b) under the U.S. Securities Act of 1933, as amended, and included in the Registration Statement. 
 “Public Shareholders” shall mean holders of common stock sold as part of the IPO. 
 “Registration Statement” shall mean the registration statement filed by the Company on Form F-1 with the SEC, and any amendment or
supplement thereto, in connection with the Company’s IPO. 
 “SEC” shall mean the United Stated Securities and Exchange
Commission. 
 “Termination Date” shall mean the later of (i) the date that is 60 calendar days immediately following
the Transaction Failure Date and (ii) the liquidation of the Company. 
 “Transaction Failure” shall mean the failure
to enter into a letter of intent, definitive agreement or agreement in principal with respect to a Business Combination within 18 months of the consummation of the IPO (or 24 months after the consummation of the IPO, if a letter of intent, agreement
in principle or definitive agreement has been executed within 18 months after consummation of the IPO and the Business Combination relating thereto has not yet been consummated within such 18-month period). 

 “Trust Account” shall mean that certain trust account established with Continental Stock
Transfer & Trust Company, as trustee, and in which the Company deposited proceeds from the IPO and the concurrent private placement (described in the Prospectus) in the amount specified in the Investment Management Trust Agreement, dated as
of the date hereof between the Company and Continental Stock Transfer & Trust Company. 
 “Underwriters” shall mean
Citigroup Global Markets Inc. and Maxim Group LLC. 
  

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 EXHIBIT A 
 BIOGRAPHY 
 [biography from prospectus] 

 EXHIBIT B 
 COMPLETED QUESTIONNAIREForm of Stock Escrow Agreement

 EXHIBIT 10.4 
 STOCK ESCROW AGREEMENT 
 THIS STOCK ESCROW AGREEMENT, dated as of
[                ] , 2007 (the “Agreement”), by and among OCEANAUT, INC., a Marshall Islands corporation (the “Company”), the
undersigned parties listed under Initial Shareholders on the signature page hereto (collectively, the “Initial Shareholders”) and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, a New York corporation (the “Escrow
Agent”). 
 WHEREAS, the Company has entered into an Underwriting Agreement, dated
[                ], 2006 (“Underwriting Agreement”), with Citigroup Global Markets Inc. (“Citigroup”) acting as representative
of the several underwriters (collectively, the “Underwriters”), pursuant to which, among other matters, the Underwriters have agreed to purchase up to 21,562,500 units (the “Units”) of the Company. Each Unit
consists of one share of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), and one warrant, each warrant to purchase one share of Common Stock, all as more fully described in the Company’s final
Prospectus, dated [                ], 2007 (the “Prospectus”) comprising part of the Company’s Registration Statement on Form F-1 (File
No. 333-[            ]) under the U.S. Securities Act of 1933, as amended (the “Registration Statement”), declared effective on
[                ], 2007 (the “Effective Date”); 
 WHEREAS, one of the Initial Shareholders, Excel Maritime Carriers Ltd. (“Excel”), has agreed to purchase, in a private placement that will occur immediately prior to the Effective Date (the
“Private Placement”), 1,625,000 units (the “Insider Units”) and 2,000,000 warrants to purchase 2,000,000 shares of Common Stock; 
 WHEREAS, the Initial Shareholders have agreed to deposit their shares of Common Stock of the Company, as set forth opposite their respective names in Exhibit A attached hereto, which shares do not include the
Insider Units or any of the securities included in or underlying the Insider Units (collectively, the “Escrow Shares”) in escrow as hereinafter provided; and 
 WHEREAS, the Company and the Initial Shareholders desire that the Escrow Agent accept the Escrow Shares, in escrow, to be held and disbursed as
hereinafter provided. 
 NOW, THEREFORE, in consideration of the premises and the mutual covenants, representations and warranties contained
herein and intending to be legally bound hereby, the parties hereto agree as follows: 
 1. Appointment of Escrow Agent. The Company
and the Initial Shareholders hereby appoint the Escrow Agent to act in accordance with and subject to the terms of this Agreement, and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such terms.

 2. Deposit of Escrow Shares. On or before the Effective Date, each of the Initial Shareholders shall deliver to the Escrow Agent
certificates representing his or her respective Escrow Shares, to be held and disbursed subject to the terms and conditions of this Agreement. Each Initial Shareholder acknowledges that the certificate representing his or her Escrow Shares is
legended to reflect the deposit of such Escrow Shares under this Agreement. 
  

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 3. Disbursement of the Escrow Shares. The Escrow Agent shall hold the Escrow Shares until the
first anniversary of the consummation of a Business Combination (as such term is defined in the Registration Statement) by the Company (the “Escrow Period”), on which date it shall, upon written instructions from each Initial
Shareholder, disburse each of the Initial Shareholder’s Escrow Shares to such Initial Shareholder; provided, however, that if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated
at any time during the Escrow Period, then the Escrow Agent shall promptly destroy the certificates representing the Escrow Shares. The Escrow Agent shall have no further duties hereunder after the disbursement or destruction of the Escrow Shares in
accordance with this Section 3. 
 4. Rights of Initial Shareholders in Escrow Shares. 
 4.1 Voting Rights as a Shareholder. Subject to the terms of the Insider Letters described in Section 4.4 hereof, and except as herein
provided, the Initial Shareholders shall retain all of their rights as shareholders of the Company during the Escrow Period, including, without limitation, the right to vote their Escrow Shares. 
 4.2 Dividends and Other Distributions in Respect of the Escrow Shares. During the Escrow Period, all dividends payable in cash with respect to the
Escrow Shares shall be paid to the Initial Shareholders, but all dividends payable in stock or other non-cash property (the “Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As
used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed thereon, if any. 
 4.3
Restrictions on Transfer. During the Escrow Period, no sale, transfer or other disposition may be made of any or all of the Escrow Shares except, with respect to (x) an entity that is an Initial Shareholder, to any entity controlled
(within the meaning of Section 15 of the U.S. Securities Act of 1933, as amended) by such Initial Shareholder and, (y) with respect to an Initial Shareholder who is an individual, (i) to a member of an Initial Shareholder’s
immediate family or to a trust, the beneficiary of which is an Initial Shareholder or a member of an Initial Shareholder’s immediate family, or (ii) by virtue of the laws of descent and distribution upon death of any Initial Shareholder;
provided, however, that such permitted transfers may be implemented only upon the respective transferee’s written agreement to be bound by the terms and conditions of this Agreement and of the Insider Letter signed by the Initial
Shareholder transferring the Escrow Shares. Even if transferred in accordance with this Section 4.3, the Escrow Shares will remain subject to this Agreement and may only be released from escrow in accordance with Section 3. During the
Escrow Period, the Initial Shareholders shall not pledge or grant a security interest in the Escrow Shares or grant a security interest in their rights under this Agreement. 
 4.4 Insider Letters. Each of the Initial Shareholders has executed a letter agreement with Citigroup and the Company, dated as indicated on
Exhibit A hereto, the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the rights and obligations of such Initial Shareholder in certain events, including, but not limited to,
the liquidation of the Company. 
 5. Concerning the Escrow Agent. 
 5.1 Good Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own
best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or
document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Escrow Agent to be genuine and to be signed or
presented by the proper person or persons. The Escrow Agent 

  

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shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this Agreement unless evidenced by a writing delivered
to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto. 
 5.2 Indemnification. The Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses, including counsel fees
and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow
Agent hereunder, or the Escrow Shares held by it hereunder, other than expenses or losses arising from the gross negligence or willful misconduct of the Escrow Agent. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or
the commencement of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of
interpleader in an appropriate court to determine ownership or disposition of the Escrow Shares or it may deposit the Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares pending receipt of a final, non-appealable
order of a court having jurisdiction over all of the parties hereto directing to whom and under what circumstances the Escrow Shares are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow
Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below. 
 5.3 Compensation. The Escrow Agent shall be entitled to
reasonable compensation from the Company for all services rendered by it hereunder. The Escrow Agent shall also be entitled to reimbursement from the Company for all expenses paid or incurred by it in the administration of its duties hereunder
including, but not limited to, all legal counsel and agents’ fees and disbursements and all taxes or other governmental charges. 
 5.4
Further Assurances. From time to time, on and after the date hereof, the Company and the Initial Shareholders shall deliver, or cause to be delivered, to the Escrow Agent such further documents and instruments and shall do or cause to be done
such further acts as the Escrow Agent shall reasonably request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that it is protected in acting hereunder. 
 5.5 Resignation. The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other
parties hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective at such time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company, the
Escrow Shares held hereunder. If no new escrow agent is so appointed within the sixty (60) day period following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Shares with any court it reasonably deems
appropriate. 
 5.6 Discharge of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent
hereunder if so requested in writing at any time by the Company and a majority-in-interest of the Initial Shareholders, jointly, provided, however, that such resignation shall become effective only upon acceptance of appointment by a successor
escrow agent as provided in Section 5.5. 
 5.7 Liability. Notwithstanding anything herein to the contrary, the Escrow Agent
shall not be relieved from liability hereunder for its own gross negligence or its own willful misconduct. 
  

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 6. Miscellaneous. 
 6.1 Governing Law. This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance with the laws of the State of New York. The Company hereby agrees that any action,
proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably
submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the
Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested, postage prepaid, addressed to it at the address set forth in Section 6.6 hereof. Such mailing shall be deemed personal service and
shall be legal and binding upon the Company in any action, proceeding or claim. 
 6.2 Third Party Beneficiaries. Each of the Initial
Shareholders hereby acknowledges that the Underwriters are third party beneficiaries of this Agreement and this Agreement may not be modified or changed without the prior written consent of Citigroup. 
 6.3 Entire Agreement. This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and, except as
expressly provided herein, may not be changed or modified except by an instrument in writing signed by the party to be charged. 
 6.4
Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation thereof. 
 6.5 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives, successors and assigns. 
 6.6 Notices. Any notice or other communication required or which may be given hereunder shall be in writing and either be delivered personally or
be mailed, certified or registered mail, or by private national courier service, return receipt requested, postage prepaid, and shall be deemed given when so delivered personally or, if mailed, two (2) days after the date of mailing, as
follows: 
 If to the Company, to: 
 Oceanaut, Inc. 
 c/o Excel Maritime Carriers Ltd. 
 17th Km National Road Athens-Lamia & Finikos Street 
 145 64 Nea Kifisia 
 Athens, Greece 
 Attn: Chief Executive Officer

 If to a Shareholder, to his or her address set forth in Exhibit A; 
 And if to the Escrow Agent, to: 
 Continental
Stock Transfer & Trust Company 
 17 Battery Place 
 New York, New York 10004 
 Attn: Steven G. Nelson, Chief Executive Officer 
  

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 A copy of any notice sent hereunder shall be sent to: 
 Mintz, Levin, Cohn, Ferris, Glovsky & Popeo P.C. 
 666 Third Avenue, 25th Floor 
 New York, New York 10017 
 Attn: Kenneth R. Koch, Esq. 
 and:

 Citigroup Global Markets Inc. 
 390 Greenwich Street 
 New York, NY 10013 
 Attn: David Spivak, Managing Director 
 and: 
 Cleary Gottlieb Steen & Hamilton LLP 
 One Liberty Plaza 
 New York, New York 10006 
 Attn: Raymond B. Check, Esq. 
 The parties may change the persons and addresses to which the notices or
other communications are to be sent by giving written notice to any such change in the manner provided herein for giving notice. 
 6.7
Liquidation of Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company in the event that the Company fails to consummate a Business Combination within the time period(s)
specified in the Prospectus. 
 6.8 Counterparts. This Agreement may be executed in several counterparts, each one of which may be
delivered by facsimile transmission and each of which shall constitute an original, and together shall constitute but one instrument. 
 (Remainder of page intentionally left blank. Signature pages to follow.) 
  

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 IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written above.

  

			
	OCEANAUT, INC.
		
	By:	 	  
		 	Christopher Georgakis,
		 	Chief Executive Officer and President
	
	INITIAL SHAREHOLDERS:
	
	 Excel Maritime Carriers Ltd.

		
	By:	 	  
		 	Christopher Georgakis,
		 	Chief Executive Officer and President
	
	  
	 Gabriel Panayotides

	
	  
	 Christopher Georgakis

	
	  
	 Eleftherios Papatrifon

	
	  
	 George Agadakis

	
	  
	 Ismini Panayotides

	
	CONTINENTAL STOCK TRANSFER & TRUST COMPANY
		
	By:	 	  
		 	Steven G. Nelson
		 	Chief Executive Officer
	

 EXHIBIT A 
  

							
	 Name and Address of
 Initial Shareholder
	  	 Number
 of Shares
	  	 Stock
 Certificate
Number
	  	 Date of
 Insider Letter

	 Excel Maritime Carriers Ltd.
 17th Km National Road Athens-Lamia & Finikos Street
 145 64 Nea Kifisia
 Athens, Greece
	  	3,515,625	  	CS-1	  	[                ], 2007
	 Gabriel Panayotides
 17th Km National Road Athens-Lamia & Finikos Street
 145 64 Nea Kifisia
 Athens, Greece
	  	351,562	  	CS-2	  	[                ], 2007
	 Christopher Georgakis
 17th Km National Road Athens-Lamia & Finikos Street
 145 64 Nea Kifisia
 Athens, Greece
	  	234,375	  	CS-3	  	[                ], 2007
	 Eleftherios Papatrifon
 17th Km National Road Athens-Lamia & Finikos Street
 145 64 Nea Kifisia
 Athens, Greece
	  	234,375	  	CS-4	  	[                ], 2007
	 George Agadakis
 17th Km National Road Athens-Lamia & Finikos Street
 145 64 Nea Kifisia
 Athens, Greece
	  	234,375	  	CS-5	  	[                ], 2007
	 Ismini Panayotides
 17th Km National Road Athens-Lamia & Finikos Street
 145 64 Nea Kifisia
 Athens, Greece
	  	117,188	  	CS-6	  	[                ], 2007

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