Document:

csi10qx_3.htm

Exhibit 10.2

AMENDED AND RESTATED

 

EXECUTIVE EMPLOYMENT AGREEMENT

 

This Amended and Restated Executive Employment Agreement (this “Agreement”) is made as of April 29, 2009, by and between COPsync, Inc., a Delaware corporation (the “Company”), and J. Shane Rapp, an individual residing at 2010 FM 2673, Canyon Lake, Texas (“Employee”).

 

WHEREAS, PostInk Technology, LP, a Texas limited partnership (“PostInk”) and Employee are parties to that certain Executive Employment Agreement, dated as of January 1, 2008 (the “Original Agreement”).

 

WHEREAS, PostInk became a wholly owned subsidiary of the Employer effective as of April 28, 2008.

 

WHEREAS, this Agreement amends and restates the Original Agreement in its entirety.

 

WHEREAS, Employee currently serves as a director and the President of the Company, and the Company desires to continue to have access to the services of Employee, and Employee desires to continue to provide services to the Company, as an employee of the Company rather than as an employee of PostInk, in accordance with the terms and conditions
of this Agreement;

 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Company and Employee agree as follows:

 

1.           Employment.  Effective on the Effective Date (as defined in Section 2) and subject to the terms and conditions of this Agreement,
the Company agrees to employ Employee as the Company’s President, Secretary and Treasurer, and Employee agrees to perform the duties associated with that position diligently and to the reasonable satisfaction of the Company.  From the Effective Date until termination of this Agreement, Employee will devote Employee’s full business time, attention and energies to the business of the Company. The foregoing notwithstanding, the parties recognize and agree that Employee
may engage in passive personal investments, trade association or charitable activities, including serving as a board member or committee member to trade associations or charities, and other business activities, including those described on Exhibit A attached hereto, which do not conflict with the business and affairs of the Company or interfere with Employee's performance of his duties hereunder.  In that regard, Employee may serve on
the board of directors of up to three corporations of his choice, so long as service on any such board simultaneously with his service on the Company’s Board of Directors does not constitute a violation of federal statutory provisions, or related rules and regulations, pertaining to interlocking directorships and the meeting times of such boards of directors do not conflict with the meeting times of the Company’s Board of Directors.  Except as provided in the preceding sentence, Employee
may not serve on the board of directors of any entity other than the Company during the term of this Agreement without the approval of the Company’s Board of Directors in accordance with the Company’s policies and procedures regarding such service, which approval may not be unreasonably withheld.  Employee shall be permitted to retain any compensation received for speaking engagements, written compositions, and service on other boards of directors.  Employee’s principal place
of employment will be Canyon Lake, Texas; provided, however, that Employee will travel to the extent reasonably necessary for Employee to perform his duties as President of the Company.

 

 

 

1

 

 

2.           Term and Termination.  Employee will be employed under this Agreement for an initial term (the “Initial Term”), beginning on the date of this Agreement (the “Effective Date”)
and ending on December 31, 2015.  This Agreement will renew for successive one year periods after the completion of the Initial Term, unless either party gives prior written notice to the contrary to the other party no less than 30 days prior to the end of the Initial Term or renewal period, as the case may be.  This Agreement may be sooner terminated by either party in accordance with Section 3 of this Agreement.

 

3.           Termination Benefits.  If prior to the end of the Initial Term or any renewal period, as the case may be, (i) Employee is terminated by reason of his death, (ii) Employee terminates his employment
other than for Good Reason (as defined below), or (iii) the Company terminates Employee for Cause (as hereinafter defined), all future compensation to which Employee is otherwise entitled and all future benefits for which Employee is eligible will cease and terminate as of the date of termination.  Employee, or his estate in the case of Employee’s death, will be entitled to pro rata base salary through the date of such termination and will be entitled to any individual bonuses or individual incentive
compensation not yet paid but due under the Company’s plans, but will not be entitled to any other payments by or on behalf of the Company except for those which may be payable pursuant to the terms of the Company’s employee benefit plans.  If prior to the end of the Initial Term or any renewal period, as the case may be, (i) the Company terminates Employee other than for Cause, or (ii) Employee terminates his employment for Good Reason, then the Company will be obligated to pay Employee
in a lump sum, within sixty (60) days after such event, any accrued and unpaid vacation and an amount equal to the lesser of (a) 200% of Employee’s base salary in effect on the date of such termination for the remainder of the Initial Term or any renewal period, as the case may be, or (b) $1,500,000.  If prior to the end of the Initial Term or any renewal period, as the case may be, Employee suffers a Disability (as defined below), he shall be entitled to receive the full base salary and benefits
to which he otherwise would have been entitled were he not disabled, less any proceeds from insurance policies purchased by the Company relating to such Disability, so long as Employee suffers from the Disability, for the lesser of (i) the remainder of the Initial Term or renewal term, as the case may be, or (ii) two years.  As used in this Agreement (i) termination for “Cause” means any termination of Employee for (a) the commission of an act of fraud or embezzlement against the Company,
(b) the conviction of, or a plea of “guilty” or “no contest” to, a felony under the laws of the United States or any state, (c) consistent willful misconduct or gross negligence in performing Employee’s duties hereunder, (d) a material breach of any of the terms of this Agreement or any other agreement between the Company and Employee relating to Employee’s employment, if such breach causes material harm to the Company, after written notice of such breach and reasonable opportunity
to cure, if curable, or (e) a violation by Employee of any code of conduct or code of ethics that may be adopted by the Company, if such termination is imposed by the Company in a manner that is consistent with the provisions of such code of conduct or code of ethics; (ii) “Good Reason” means any of the following that occurs without Employee’s express prior written consent:  (a) an adverse change by the Company in Employee’s title, function, duties or responsibilities (including
reporting responsibilities), (b) Employee’s base salary is reduced by the Company, or there is a material reduction in the benefits that are in effect for Employee, without Employee’s consent, (c) relocation of Employee’s principal place of employment to a place located more than 50 miles from Canyon Lake, Texas, (d) a Change in Control (as defined below), or (d) other material breach of this Agreement by the Company after written notice of such breach and reasonable opportunity to cure; (iii)
“Disability” means the continuous and uninterrupted inability to perform the Employee’s duties on behalf of the Company, by reason of accident, illness, or disease; and (iv) a “Change in Control” means any of the following that occurs in a single transaction or series of related transactions:  (a) the direct or indirect sale or exchange by the stockholders of the Company of more than fifty percent (50%) of the voting stock of the Company (other than the sale or exchange
of such voting stock to (A) a trustee or other fiduciary holding stock under one or more employee benefit plans maintained by the Company, or (B) any entity that, immediately prior to such sale or exchange, is owned directly or indirectly by the stockholders of the Company in approximately the same proportion as their ownership of voting stock in the Company immediately prior to such sale or exchange); (b) a merger or consolidation in which the stockholders of the Company immediately before the transaction do
not retain, immediately after the transaction, direct or indirect beneficial ownership of more than fifty percent (50%) of the total combined voting power of the outstanding voting stock of the Company; (c) the sale, exchange, lease or transfer of all or substantially all of the assets of the Company (unless, following such transaction, such assets are owned by a company or other entity and the stockholders of the Company immediately before the transaction have direct or indirect beneficial ownership of more
than fifty percent (50%) of the total combined voting power of such company or entity) or (d) the complete liquidation or dissolution of the Company.

 

 

 

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Notwithstanding the foregoing provisions of this Section 3, in the event Termination Benefits under this Agreement are subject to Section 409A of the Internal Revenue Code of 1968, as amended (the “Code”), then, in lieu of the foregoing definition and to the extent necessary to comply with the requirements of Section 409A of
the Code, the definition of “Change in Control” for purposes of such Termination Benefits shall be the definition provided for under Section 409A of the Code and the regulations or other guidance issued thereunder.

 

4.           Compensation.  Beginning on the Effective Date and thereafter during the term of Employee’s employment, the Company will pay Employee a base salary of not less than $115,000 per year through
March 31, 2010, increasing to $130,000 after April 1, 2010, payable biweekly or semi-monthly in accordance with the payroll practices of the Company in effect from time to time.  Such base salary may not be reduced without Employee’s consent and will be subject to review and potential upward adjustment periodically, but at least on an annual basis after April 1, 2010, in accordance with the compensation policies of the Company in effect from time to time.  During the term of this Agreement,
Employee will also be eligible for discretionary incentive bonus payments and other incentives, including stock incentives, as may be determined by the Company’s Board of Directors, to be awarded in accordance with the compensation policies established by the Company from time to time.  All of Employee’s compensation under this Agreement will be subject to deduction and withholding authorized or required by applicable law.  Employee hereby acknowledges that he is giving up all
rights to receive the nonqualified stock option or shares of restricted stock described in the Original Agreement.

 

5.           Employee Benefits.  Beginning on the Effective Date and thereafter during the term of this Agreement, the Company will provide to Employee such fringe benefits, perquisites, vacation and other benefits
that the Company generally provides to its executive employees.  At a minimum, however, and regardless of whether other executive employees do not receive the following benefits, the Company shall provide to Employee, at Employee’s request, (i) a 100% match of Employee’s contributions to Employer’s 401(k) plan or similar personal retirement plan, to the extent allowed by law, and (ii) a term life insurance policy on the life of Employee in the face amount of $350,000 payable to the
beneficiary or beneficiaries designated by Employee; provided, however, that the Company’s obligation to purchase and maintain such insurance shall be contingent upon Employee’s insurability at no more than 150% of standard risk costs from a high quality insurance carrier (excluding special risk carriers).  The Company will reimburse Employee for reasonable out-of-pocket
business expenses incurred by Employee and documented in accordance with the policies of the Company in effect from time to time.  The Company agrees that if Employee is made a party, is threatened to be made a party to, or is a non-party witness in any action, suit or proceeding, whether civil, criminal, administrative or investigative (a “Proceeding”), by reason of the fact that Employee is or was a trustee, director, officer, fiduciary or employee of the Company or any affiliate of the
Company or is or was serving at the request of the Company or any affiliate as a trustee, director, officer, member, employee or agent of another corporation or a partnership, joint venture, trust or other enterprise, including, without limitation, service with respect to employee benefit plans, whether or not the basis of such Proceeding is alleged action in an official capacity as a trustee, director, officer, member, employee or agent while serving as a trustee, director, officer, member, employee or agent,
Employee shall be indemnified to the fullest extent authorized by Delaware law, as the same exists or may hereafter be amended, against all expenses incurred or suffered by Employee in connection therewith.  The Company will also enter into an indemnification agreement with Employee to the extent the Company enters into similar agreements with its other executive officers and directors.  If the Company maintains a directors’ and officers’ insurance policy, Employee shall be covered
to the same extent as other employees.

 

 

 

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6.           Section 409A of the Code.  In the event any compensation or benefits under this Agreement are subject to Section 409A of the Code, then the Company agrees to pay Employee a sum equivalent on an
after-tax basis to the total sum of money incurred by Employee in the form of taxes, penalties, attorney’s and/or accountant’s fees or other expenses related to such application of Section 409A.

7.           No Obligation to Third Party.  Employee represents and warrants that Employee is not under any obligation to any person or other third party and does not have any other interest that is inconsistent
or in conflict with this Agreement, or which would prevent, limit, or impair Employee’s performance of any of the covenants hereunder or Employee’s duties as an employee of the Company.

 

8.           Confidentiality.  In consideration of the benefits provided for in this Agreement, Employee agrees not to, at any time, either during his employment or thereafter, divulge, use, publish or in any
other manner reveal, directly or indirectly, to any person, firm, corporation or any other form of business organization or arrangement and keep in the strictest confidence any Confidential Information, except, (i) as may be necessary to the performance of Employee’s duties hereunder, (ii) with the Company’s express written consent, (iii) to the extent that any such information is in or becomes in the public domain other than as a result of Employee’s breach of any obligations hereunder, or
(iv) where required to be disclosed by court order, subpoena or other government process and in such event, Employee shall cooperate with the Company in attempting to keep such information confidential.  Upon the request of the Company, Employee agrees to promptly deliver to the Company the originals and all copies, in whatever medium, of all such Confidential Information.  “Confidential Information,” as used in this Agreement, shall mean any and all secret, proprietary and confidential
information concerning the business of the Company and its affiliates, including, without limitation, business and marketing plans, strategies, models, codes, client information (including client identity and contacts, client lists, client financial or personal information), business relationships (including persons, corporations or other entities performing services on behalf of or otherwise engaged in business transactions with the Company and its affiliates or their clients), accounts, financial data, know-how,
computer software and related documentation, trade secrets, processes, policies and/or personnel, and any other information, data or the like that is labeled confidential or is treated as confidential by the Company.

 

 

 

4

 

 

9.            Non-Solicitation.  Employee acknowledges that by virtue of Employee’s position as President of the Company, and Employee’s employment hereunder, he will have advantageous familiarity
with, and knowledge about, the Company and will be instrumental in establishing and maintaining the goodwill of the Company, which goodwill is the property of the Company.  Therefore, Employee agrees that during his employment and for a two (2) year period thereafter, Employee will not on behalf of himself or any other person or entity, solicit, take away, hire, employ or endeavor to employ any of the employees of the Company.

 

10.            Non-Disparagement.  Employee acknowledges and agrees that he will not defame or publicly criticize the services, business, integrity, veracity or personal or professional reputation of the
Company and its officers, directors, partners, executives or agents thereof in either a professional or personal manner at any time during or following his employment with the Company.  The Company agrees that its present and future officers, directors, partners, executives and agents will not defame or publicly criticize the services, business, integrity, veracity or personal or professional reputation of Employee in either a professional or personal manner at any time during or following his employment
with the Company.

 

11.           Non-Competition.  Ancillary to the otherwise enforceable agreements set forth in this Agreement, Employee agrees that during his employment with the Company and for a period of two years following
the termination of his employment, whether such termination occurs at the insistence of Employee or the Company for any reason, Employee may not compete directly or indirectly in any way with the business of Company anywhere in the Territory (defined below).  For purposes of this Agreement, “compete directly or indirectly in any way with the business of Company” means to become an employee, consultant, advisor, manager, member, director of or beneficially own more than five percent of any
individual, company or entity that competes with Company at the time of determination.  Employee agrees that the assertion or existence of any claim by Employee against the Company shall not be a defense to the enforcement of this Section by injunction or otherwise.  As used in this Agreement, “Territory” means the United States of America.

 

12.            Enforcement.  If Employee commits a breach, or threatens to commit a breach, of any of the provisions of Sections 8-11 of
this Agreement, the Company shall have the right and remedy to have the provisions specifically enforced by any court having jurisdiction, it being acknowledged and agreed by Employee that the services being rendered hereunder to the Company are of a special, unique and extraordinary character and that any such breach or threatened breach will cause irreparable injury to the Company and that money damages will not provide an adequate remedy to the Company.  Such right and remedy shall be in addition
to, and not in lieu of, any other rights and remedies available to the Company at law or in equity.  Accordingly, Employee consents to the issuance of an injunction, whether preliminary or permanent, consistent with the terms of this Agreement.  In addition, the Company shall have the right to cease making any payments or provide any benefits to Employee under this Agreement in the event he breaches or threatens to breach any of the provisions hereof.

 

 

 

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13.            Blue Pencil.  If, at any time, the provisions of Sections 8-11 shall be determined to be invalid or unenforceable under any
applicable law, by reason of being vague or unreasonable as to area, duration or scope of activity, this Agreement shall be considered divisible and shall become and be immediately amended to only such area, duration and scope of activity as shall be determined to be reasonable and enforceable by the court or other body having jurisdiction over the matter and Employee and the Company agree that this Agreement as so amended shall be valid and binding as though any invalid or unenforceable provision had not been
included herein.

 

EMPLOYEE ACKNOWLEDGES THAT HE HAS CAREFULLY READ SECTIONS 8-11 OF THIS AGREEMENT AND HAS HAD THE OPPORTUNITY TO REVIEW ITS PROVISIONS WITH ANY ADVISORS AS HE CONSIDERED NECESSARY AND THAT EMPLOYEE UNDERSTANDS THIS AGREEMENT’S CONTENTS AND SIGNIFIES SUCH UNDERSTANDING AND AGREEMENT BY SIGNING BELOW.

 

14.           Entire Agreement.  This Agreement constitutes the complete agreement of the parties with respect to the subject matter hereof and supersedes any prior written, or prior or contemporaneous oral,
understandings or agreements between the parties that relates in any way to the subject matter hereof.  This Agreement may be amended only in writing executed by the Company and Employee.

 

15.           Binding Effect.  This Agreement shall be binding upon and inure to the benefit of the respective heirs, executors, administrators, legal representatives and successors of the Company and Employee.

 

16.           Notice.  Any notice required or permitted under this Agreement must be in writing and will be deemed to have been given when delivered personally, by telecopy or by overnight courier service or
three days after being sent by mail, postage prepaid, to (a) if to the Company, to the Company’s principal place of business, or (b) if to Employee, to Employee’s residence or to Employee’s latest address then contained in the Company’s records (or to such changed address as such person may subsequently give notice of in accordance herewith).

 

17.           GOVERNING LAW.  THIS AGREEMENT WILL BE GOVERNED BY AND CONSTRUED AND INTERPRETED IN ACCORDANCE WITH THE SUBSTANTIVE LAWS OF THE
STATE OF TEXAS, WITHOUT GIVING EFFECT TO ANY CONFLICTS OF LAW, RULE OR PRINCIPLE THAT MIGHT REQUIRE THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION.

 

  

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IN WITNESS WHEREOF, the Company and Employee have executed and delivered this Agreement as of the date first above written.

 

	
COPSYNC, INC.

By:  /S/ RUSSELL D. CHANEY                                                                

Name:  Russell D. Chaney                                                                

Title:  CEO                                                                

/S/ J. SHANE RAPP                                                                 

J. Shane Rapp

	  

  

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Exhibit A

Employee shall have the right to continue activities associated with the following entities:

Pursuit Vehicles and More, LP

FindMyBody, LP

RSIV,LLC

Comal County Constable’s Office

  

8Unassociated Document

    

    Share
Transfer Agreement SCMP

    

    between

    

    Reederei
Hartmann GmbH & Co. KG

    Leer /
Germany

    

    (hereinafter
referred to as “Hartmann”)

    

    and

    

    Suresh
Capital Maritime Partners Germany GmbH

    Leer /
Germany

    

    (hereinafter
referred to as “SCMP”)

    

    WHEREAS

    

    
      	
              (A)

            	
              Hartmann
      and SCMP are the sole limited partners of the following limited
      partnerships:

            

    

    

    
      	
               
      

            	
              ATL
      Offshore GmbH and Co. MS “Juist” KG

            

    

    ATL
Offshore GmbH and Co. MS “Norderney” KG

    ATL
Offshore GmbH and Co. “Isle of Baltrum” KG

    ATL
Offshore GmbH and Co. “Isle of Langeoog” KG

    ATL
Offshore GmbH and Co. “Isle of Amrum” KG

    ATL
Offshore GmbH and Co. “Isle of Sylt” KG

    ATL
Offshore GmbH and Co. “Isle of Wangerooge” KG

    ATL
Offshore GmbH and Co. “Isle of Neuwerk” KG

    ATL
Offshore GmbH and Co. “Isle of Usedom” KG

    

    (hereinafter
together referred to as the “SPVs” and individually as “SPV” or as “SPV Juist”;
“SPV Norderney”, “SPV Baltrum”, SPV “Langeoog”, “SPV Amrum”, “SPV Sylt”, “SPV
Wangerooge”, “SPV Neuwerk” and “SPV Usedom”; and

    

    
      
        
          
            Share_Transfer_Agreement_SCMP

          

           

        

        
           

          
            

          

        

        
           

        

      

    

    

    2

    

    
      	
              (B)

            	
              the
      amount of liability coverage agreed in the partnership agreements for each
      of SPV Juist, SPV Norderney, SPV Baltrum, SPV Langeoog is € 12,000,000.00
      (Euros twelve million) (hereinafter referred to as the “Agreed Equity A”);
      and

            

    

    

    
      	
              (C)

            	
              the
      amount of liability coverage agreed in the partnership agreements for each
      of SPV Amrum, SPV Sylt, SPV Wangerooge and SPV Neuwerk is € 13,500,000.00
      (Euros thirteen million five hundred thousand) (hereinafter referred to as
      the “Agreed Equity B”); and

            

    

    

    
      	
              (D)

            	
              the
      amount of liability coverage agreed in the partnership agreement of SPV
      Usedom is € 38,000,000.00 (Euros thirty eight million) (hereinafter
      referred to as the “Agreed Equity C” and together with the Agreed Equity A
      and Agreed Equity B referred to as the “Agreed Equity”);
    and

            

    

    

    
      	
              (E)

            	
              Hartmann
      agreed to contribute a liability coverage as a limited partner in the
      amount of 25 % (twenty five per cent) of the Agreed Equity (hereinafter
      referred to as the “Hartmann Share”), i.e. € 3,000,000 in the case of
      Agreed Equity A, € 3,375,000 in the case of Agreed Equity B and €
      9,500,000 in the case of Agreed Equity C;
and

            

    

    

    
      	
              (F)

            	
              SCMP
      agreed to contribute a liability coverage as a limited partner in the
      amount of 75 % (seventy five per cent) of the Agreed Equity (hereinafter
      referred to as the “SCMP Share”); i.e € 9,000,000 in the case of Agreed
      Equity A, € 10,125,000 in the case of Agreed Equity B and € 28,500,000 in
      the case of Agreed Equity C; and

            

    

    

    
      	
              (G)

            	
              the
      SPVs are incorporated under the Laws of the Federal Republic of Germany
      having their registered office at Neue Straße 24, 26789 Leer, Germany and
      are represented by their personally liable partner ATL Offshore GmbH
      (hereinafter referred to as “ATL”);
and

            

    

    

    
      	
              (H)

            	
              ATL
      has negotiated and obtained one loan (hereinafter referred to as the
      “Loan”) for and on behalf of the SPVs and three further limited
      partnerships represented by ATL named ATL Offshore GmbH and Co. “Isle of
      Fehmarn” KG, ATL Offshore GmbH and Co. “Isle of Mellum” KG and ATL
      Offshore GmbH and Co. “Isle of Memmert” KG (hereinafter referred to as the
      “SCMP I-B SPVs”) from Norddeutsche Landesbank Girozentrale (hereinafter
      referred to as “NordLB”) under a Loan Agreement dated 19th
      December, 2008 (hereinafter referred to as the “Loan Agreement”) in order
      to finance the acquisition of in total twelve anchor handling tug supply
      vessels presently built by Fincantieri Shipyard, Italy (hereinafter
      referred to as the “Vessels” or individually as the “Vessel”) one for each
      SPV and each of the SCMP I-B SPVs ;
and

            

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    3

    

    
      	
              (H)

            	
              one
      condition under the Loan Agreement is that SCMP has paid € 37,950,000 as
      equity in total to the SPVs directly or indirectly through a trustee and
      the full amount of such equity is at the free and undisturbed disposal of
      the relevant SPV and payment of additional equity in the amount of €
      40,970,000 is secured by a guarantee acceptable to NordLB before drawdown
      of any tranche of the Loan; and

            

    

    

    
      	
              (I)

            	
              Hartmann
      agreed to provide a corporate guarantee in the amount of € 40,700,000.00
      (Euros forty million seven hundred thousand) (hereinafter referred to as
      the “Corporate Guarantee”) in favor of NordLB as security of the payment
      of the SCMP Share into each SPV’s bank account;
  and

            

    

    

    
      	
              (J)

            	
              the
      parties whish to agree in this Agreement the procedure upon which Hartmann
      may increase its limited share in the SPVs if the Corporate Guarantee is
      either partly or totally drawn.

            

    

    

    

     

    NOW
THEREFORE and in consideration of the foregoing recitations, the mutual
covenants hereinafter set forth and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, it is agreed as
follows:

    

    
      	
              1.

            	
              SCMP
      Share

            

    

    
      	
              1.1

            	
              SCMP
      undertakes to collect funds as equity for the SPVs from its customers.
      SCMP shall use these funds exclusively for the capitalization of the SPVs
      up to the amount of the SCMP Share. SCMP will provide Hartmann with a
      monthly written report about the status of the collected payments credited
      as SCMP Share.

            

    

    
 

    
      	
              1.2

            	
              Hartmann
      acknowledges that such funds are made available by SCMP as SCMP Share by
      means of loans granted to SCMP (hereinafter referred to the “SCMP Equity
      Loans”) against a cash collateral deposited with the respective bank
      granting the loans (hereinafter referred to as the “SCMP Equity Finance
      Bank”). In order to secure that the funds collected are solely used for
      the capitalization of the SPVs via the SCMP Equity Loans, the funds
      collected shall be credited to an escrow account of the lawyers Ahlers
      & Vogel in Hamburg (hereinafter referred to as the “Escrow Account”).
      Ahlers & Vogel is hereby irrevocably instructed to release amounts
      from the escrow account, provided sufficient cover is on the account,
      either

            

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    4

     

    
      
        	 	(a)
      upon receipt of a drawdown note under the SCMP Equity Loans identifying
      theamount to be remitted as cash collateral, the bank account to which the
      amount shallbe transferred and the acknowledgement of the SCMP Equity
      Finance Bank that upon receipt of the amount a corresponding amount under
      the SCMP Equity Loans is remitted to the individual SPV as SCMP Share,
      or
	
                 
      

              	
                (b)
      upon receipt of joint written instructions of SCMP and Hartmann including
      theamount and the bank account to which the funds shall be
      remitted.

              

      

    

    

    
      	
              1.3

            	
              Hartmann
      acknowledges SCMP has accrued interest on equity advanced to each SPV
      which is due and payable at delivery of each
  vessel.

            

    

    

    
      	
              1.4

            	
              ATL
      is responsible for conducting the business of each SPV according to the
      principles of a reasonable businessman which includes the calling in of
      the Agreed Equity when necessary for the operation of the
      SPVs.  The parties hereto confirm that if ATL deems it necessary
      to call in Agreed Equity for the operation of the SPVs then at the latest
      ninety days after delivery of the Vessel by the shipyard to SPV Juist and
      SPV Norderney and upon delivery of a Vessel by the shipyard to SPV
      Baltrum, SPV Langeoog, SPV Amrum, SPV Sylt, SPV Wangerooge, SPV Neuwerk,
      and SPV Usedom, the SCMP Share shall be paid into the bank account of the
      respective SPVs (hereinafter referred to as the “SCMP Equity Payment
      Date”).

            

    

    

     

    
 

    
      	
              2.

            	
              Corporate
      Guarantee fee

            

    

    
      	
               
      

            	
              SCMP
      shall pay Hartmann for the provision of the Corporate Guarantee a fee of
      two per cent (2,0 %) per annum of the average guaranteed amount in each
      month of a year. The average guaranteed amount is calculated as
      follows:

            

    

    
      	
               
      

            	
              the
      amount outstanding at the 1st
      day of the month plus the amount outstanding at the last day of that month
      divided by two.

            

    

    
      	
               
      

            	
              The
      fee is due for payment at the first day of the following
      month.

            

    

    
      	
               
      

            	
              Any
      costs and expenses incurred by Hartmann in connection with the provision
      of this Corporate Guarantee shall be borne by
  SCMP.

            

    

     

    
 

    
      	
              3.

            	
              Distribution
      of Profits or Dividends and Payment of
Interest

            

    

    
      	
              3.1

            	
              SCMP
      hereby accepts that although dividends may be declared and paid to SCMP as
      a limited partner of the SPVs, SCMP shall use such funds received
      exclusively to fund any remaining unfunded SCMP Share to achieve full
      share capitalization of the SPVs until payment of the SCMP Share in all
      SPVs is effected by payment of funds either by SCMP or by Hartmann
      according to this Agreement.

            

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    5

    

    
      	
               
      

            	
              SCMP
      hereby accepts that although accrued interest on equity paid in advance of
      delivery of the respective Vessel shall be paid to SCMP as a limited
      partner of the SPVs at delivery of a Vessel, SCMP shall use such funds
      received exclusively to repay outstanding loans related to the SPVs at the
      SCMP Equity Finance Bank.

            

    

    
 

    
      	
              3.2

            	
              Ten
      (10) calendar days prior to the SCMP Equity Payment Date, ATL will
      establish an account for all SPVs in which ATL will propose a distribution
      of dividends or other distributions of revenue or capital nature to the
      limited partners taking however into consideration a liquidity reserve for
      the SPVs covering the payment obligations of the SPVs under the Loan
      Agreement and for the operational expenses of the respective Vessel for a
      period that satisfies the covenants of the Loan Agreement or longer if
      deemed prudent by ATL in conducting the business of the SPVs as a
      reasonable businessman.  Hartmann and SCMP hereby agree in
      advance to the distribution assessed by ATL under the condition that the
      payment due to SCMP is effected to the next SPV whose Vessel is to be
      delivered and where the SCMP Share has not been fully funded. In case of
      an excess of such a distribution of dividends such excess shall be used in
      the same order and procedure for the remaining SPVs whose SCMP Share is
      not fully funded at that time.

            

    

    
 

    
      	
              4.

            	
              Transfer
      of Limited Shares

            

    

    
      	
              4.1

            	
              Should
      SCMP not have paid the SCMP Share until the SCMP Equity Payment Date as
      defined in Clause 1.4 hereof either by funds collected or by distribution
      of dividends as described in Clause 3 hereof or by distribution of accrued
      interest as described in Clause 1.3 hereof, the outstanding balance of the
      SCMP Share of the specific SPV whose Vessel is delivered is paid by
      Hartmann to the account of the specific SPV with NordLB up to the total
      maximum amount of the Corporate Guarantee at the first banking day
      following the SCMP Equity Payment Date. Corresponding to that payment SCMP
      hereby irrevocably assigns the SCMP Share in the specific SPV at their
      nominal value to Hartmann up to the amount actually paid by Hartmann
      (hereinafter referred to the “Transferred SCMP Shares”). Hartmann accepts
      this assignment.

            

    

    
 

    
      	
              4.2

            	
              In
      any event Hartmann shall not own more than fifty per cent (50 %) of the
      Agreed Equity in each SPV, i.e. € 6,000,000.00 (Euros six million) in the
      case of Agreed Equity A, € 6,750,000.00 (Euros six million seven hundred
      fifty thousand) in the case of Agreed Equity B and € 17,500,000.00 (Euros
      seventeen million five hundred thousand) in the case of Agreed Equity C
      (hereinafter together referred to as the “Share Threshold”). Accordingly
      Hartmann can only increase the Hartmann Share in each SPV by twenty five
      per cent (25 %) of the Agreed Equity by means of SCMP Shares (hereinafter
      referred to as the “Available Scope of
Shares”).

            

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    6

    

    
      	
              4.3

            	
              In
      case the amount outstanding of the SCMP Share in any SPV exceeds the Share
      Threshold, only shares up to the Available Scope of Shares in that SPV are
      transferred to Hartmann. For the payment in excess of the Share Threshold
      (hereinafter the “Excess Payment”), limited shares in all other SPVs are
      transferred to Hartmann at nominal value pari passu, provided
      the Share Threshold in these other SPVs is not
  exceeded.

            

    

    
 

    
      	
              4.4

            	
              In
      order to allocate the amount of limited shares which are transferred by
      SCMP to Hartmann at the SCMP Equity Payment Date, ATL shall establish an
      account at the SCMP Equity Payment Date in which for each
    SPV

            

    

    
      	
               

            	
              (a)
      the outstanding amount of the SCMP Share is
  ascertained,

            

    

    
      	
               

            	
              (b)
      the amount of Excess Payment is
recorded.

            

    

    
      	
               
      

            	
              Upon
      such account being established, the total amount of Excess Payment is
      allocated pari
      passu to the SPVs (hereinafter referred to as the “Excess Payment
      Share”) up to the Share Threshold. If the Excess Payment Share allocated
      to a SPV would exceed the Share Threshold of that SPV (hereinafter
      referred to as the “Second Excess Payment”), the Second Excess Payment
      shall be allocated to the SPVs remaining up to their Share Threshold
      (hereinafter referred to as the “Second Excess Payment Share”). This
      allocation procedure shall continue until Hartmann has received limited
      shares in the SPV at nominal value for its payment of the outstanding
      amount of the SCMP Share. The aforesaid procedure shall apply no matter
      whether a SPV took delivery of its respective Vessel or is waiting for
      delivery of its Vessel by Fincantieri
Shipyard.

            

    

    
      	
               
      

            	
              The
      status of capitalization of the SPVs with the Agreed Equity as of the date
      of this Agreement can be derived from the chart of equity payments
      attached hereto as Exhibit A.

            

    

    
 

    
      	
              4.5

            	
              SCMP
      warrants that until elapse of the SCMP Equity Payment Date the rights
      deriving from its participation as limited partner in the SPVs are not
      attached, pledged of in any other way encumbered or
    assigned.

            

    

    
 

    
      	
              4.6

            	
              Hartmann
      intends its direct entry of the Transferred SCMP Shares in the corporate
      register and undertakes to submit all necessary documents in relation
      thereto. SCMP hereby irrevocably declares its consent to the transfer
      according to this Agreement and irrevocably instructs Dr. Jan-Erik
      Pötschke in its capacity as lawyer of Ahlers & Vogel in Hamburg or any
      other lawyer of Ahlers & Vogel having power of representation, to make
      the necessary declarations to the corporate register under the existing
      notarized Commercial Register Power of Attorney forthwith in order to
      record the Transferred SCMP Shares in Hartmann’s name as ascertained by
      ATL according to this Agreement.

            

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    7

    

    
      	
              4.7

            	
              The
      parties hereto agree that the Transferred SCMP Shares and the thereto
      connected rights and obligations are transferred in rem at the date of
      entry into the records of the corporate register. The economical transfer
      of the Transferred SCMP Shares is effected with effect from the day on
      which payment is made by Hartmann to the SPV accounts with NordLB. From
      this day until the recording of Transferred SCMP Shares in the corporate
      register SCMP shall hold the Transferred SCMP Shares as trustee for and on
      behalf of Hartmann as trustor.

            

    

    
 

    
      	
              4.8

            	
              ATL
      hereby consents to the transfer of SCMP Shares to Hartmann according to
      this Agreement.

            

    

    

     

    
 

    
      	
              5.

            	
              Miscellaneous.

            

    

    
      	
              5.1

            	
              All
      changes of this Agreement have to be made in writing in such a form that
      written form on the same document is a condition of validity; this applies
      also to an agreement changing the written form
  requirement.

            

    

    
 

    
      	
              5.2

            	
              Should
      any of the provisions of this Agreement be or become invalid, the validity
      of the rest of the Agreement shall not be affected. The parties agree to
      substitute the invalid provision by a valid provision which covers the
      contents of the invalid provision in the best legal and economic
      way.

            

    

    
 

    
      	
              5.3

            	
              The
      costs and expenses of the required declarations to the corporate register
      are borne by the respective SPV. Any further costs and expenses of the
      parties shall be borne by SCMP.

            

    

    
 

    
      	
              5.4

            	
              This
      Agreement shall rank pari passu to other
      instruments granted in favour of Hartmann securing the outstanding
      indebtedness under the Corporate
Guarantee.

            

    

    
 

    
      	
              5.5

            	
              This
      Agreement is governed and construed in accordance with German law. All
      disputes arising out of or in connection with this Agreement or concerning
      its validity shall be finally settled by arbitration in accordance with
      the Arbitration Rules of the German Maritime Arbitration Association
      (GMAA-Arbitration) in Hamburg.

            

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

    

    8

     

    
      SIGNED
BY:

    

    
      
      

    

    
      	
              /S/                                                          
      

            	
              /S/                                                       
      

            
	
              Reederei
      Hartmann GmbH & Co. KG

              Name:
      Dr. Niels Hartmann

              Title:
      Managing Director

               

            	
              Suresh
      Capital Maritime Partners

              Germany
      GmbH

              Name:
      Siva Suresh

              Title:
      Managing Director

            
	
              /S/                                                              
      

            	
              /S/                                                         

            
	
              ATL
      Offshore GmbH for and on behalf

              of
      the SPVs

              Name:
      Dr. Niels Hartmann

              Title:
      Managing Director

            	
              Acknowledged
      by

              Ahlers
      & Vogel

              Dr.
      Jan-Erik Pötschke

              Schaarsteinwegsbrücke
      2; 20459 Hamburg

            

    

    

    
      
        
           

        

        
           

          
            

          

        

        
           

        

      

    

     

    ADDENDUM
NO. I

     

    to

    Share
Transfer Agreement SCMP

    signed
in February 2009

    between

    

    Reederei
Hartmann GmbH & Co. KG

    Leer
I Germany

    

    

    (hereinafter
referred to as "Hartmann")

    

    

    

    and

    

    

    Suresh
Capital Maritime Partners Germany GmbH

    Leer
I Germany

    

    

    (hereinafter
referred to as "SCMP")

    

    

    WHEREAS

    

    

    

    (A)
Hartmann and SCMP are the sole limited partners of the following limited
partnerships:

    ATL
Offshore GmbH and Co. MS "Juist" KG

    ATL
Offshore GmbH and Co. MS "Norderney" KG

    ATL
Offshore GmbH and Co. "Isle of Baltrum" KG

    ATL
Offshore GmbH and Co. "Isle of Langeoog" KG

    ATL
Offshore GmbH and Co. "Isle of Amrum" KG

    ATL
Offshore GmbH and Co. "Isle of Sylt" KG

    ATL
Offshore GmbH and Co. "Isle of Wangerooge" KG

    ATL
Offshore GmbH and Co. "Isle of Neuwerk" KG

    ATL shore
GmbH and Co. "Isle of Usedom" KG

    (hereinafter
together referred to as the "SPVs" and individually as "SPV" or as "SPV Juist";
"SPV Norderney", "SPV Baltrum", SPV "Langeoog", "SPV Amrum", "SPV Sylt", "SPV
Wangrooge", "SPV Neuwerk" and "SPV Usedom"; and

     

    
      	
              (B)

            	
              Hartmann
      agreed to assign a limited partner share in each SPV in the amount of EUR
      10,000 (in words: Euro ten thousand) to UOS United Offshore Support GmbH
      & Co. KG (hereinafter referred to as "UOS") and a further limited
      partner share in each SPV in the same amount to Hartmann Offshore GmbH
      (hereinafter referred to as "Hartmann Off­shore");
  and

            

    

     

    
      	
              (C)

            	
              Hartmann
      agreed to a purchase option in favor of each UOS and Hartmann Offshore by
      which a further part up to the amount of EUR 170,000 (in words Euro one
      hundred seventy thousand) of its limited partner share can be purchased
      after delivery of the respective vessel to each respective SPV;
      and

            

    

    

    
      
        
          
            Share_Transfer_Agreement_SCMP

          

           

        

        
           

          
            

          

        

        
           

        

      

    

     

    2

     

    
      	
              (D)

            	
              the
      parties whish to agree in this Addendum No.1 the amendments to the Share
      Transfer Agreement in view of the new limited partners UOS and Hartmann
      Offshore.

            

    

     

    NOW
THEREFORE and in consideration of the foregoing recitations, the mutual
covenants hereinafter set forth and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, it is agreed as
follows:

     

    
      	
              1.

            	
              The
      Hartmann liability coverage as a limited partner in each of the following
      SPVs is re­duced by in total € 20,000 (in
      words Euro twenty thousand).

            

    

     

    
      	
               
      

            	
              2.

            	
              The
      assignment of limited shares in the SPVs by SCMP to Hartmann agreed in
      Article 4 of the Share Transfer Agreement shall remain unaffected by the
      reduction of Hartmann's limited partner
share.

            

    

     

    
      	
               
      

            	
              3.

            	
              For
      the purpose of reaching the Share Threshold agreed in Article 4.2 of the
      Share Transfer Agreement all limited partner shares of UOS and Hartmann
      Offshore including those acquired late under the purchase option referred
      to in recital (C) above are consid­ered to be Hartmann limited partner
      shares.

            

    

     

    
      	
               
      

            	
              4.
      UOS and Hartmann hereby consent to the assignment of limited shares from
      SCMP to Hartmann as agreed in the Share Transfer Agreement and waive their
      right of pre­emption granted to them in the partnership agreement of
      each SPV.

            

    

     

    
      	
               
      

            	
              5.

            	
              UOS
      and Hartmann Offshore hereby acknowledge the contents of the Share
      Transfer Agreement and shall not undertake any action whatsoever which
      could affect the validity and enforcement of the Share Transfer
      Agreement.

            

    

     

    6.     
All other terms and conditions of the Share Transfer Agreement shall remain
unaffected.

     

     

     

    

    
      
        
          
            Addendum
No I Share Transfer Agreement 20090513

            

          

           

        

        
           

          
            

          

        

        
           

        

      

    

     

    3

       

      
        
          	
                  Place:
           Rapazzo                
      

                	
                  Date:   20     May
      2009

                

        

      

      

      

      

      

      
        
          
            
              
                	
                                  
      /s/

                      	 	
                                  
      /s/

                      
	
                        Reederei
      Hartmann GmbH & Co. KG

                        Name:
      Dr. Niels Hartmann

                        Title:
      Managing Director

                         

                      	 	
                        Suresh
      Capital Maritime Partners

                        Germany
      GmbH

                        Name:
      Siva Suresh

                        Title:
      Managing Director

                         

                      
	
                               
      /s/

                      	 	
                                 
      /s/

                      
	
                        ATL
      Offshore GmbH for and on behalf

                        of
      the SPVs

                        Name:
      Dr. Niels Hartmann

                        Title:
      Managing Director

                      	 	
                        UOS
      United Offshore Support

                        GmbH
      & Co. KG

                        Name:Peter
      Labouvie

                        Title:Managing
      Director

                      
	 
      	 	 
      
	
                                
      /s/

                      	 	
                                 
      /s/

                      
	
                        Hartmann
      Offshore GmbH

                        Name:Niels
      Roggemann

                        Title:Managing
      Director

                      	 	
                        Acknowledged
      by

                        Ahlers
      & Vogel

                        Dr.
      Jan-Erik Pötschke

                        Schaarsteinwegsbrücke
      2; 20459 Hamburg

                      
	 
      	 	 
      

              

            

          

        

      

      
        
          
            Addendum
No I Share Transfer Agreement 20090513

            

          

           

        

        
           

          
            

          

        

        
           

        

      

      ADDENDUM
NO. 2

      to

      Share
Transfer Agreement SCMP

      signed
in February 2009

      as
amended by Addendum No. I dated 20th May,
2009

      

      between

      

      Reederei
Hartmann GmbH & Co. KG

      Leer /
Germany

      (hereinafter
referred to as “Hartmann”)

      

      and

      

      Suresh
Capital Maritime Partners Germany GmbH

      Leer /
Germany

      (hereinafter
referred to as “SCMP”)

      

      and

      

      UOS
United Offshore Support GmbH & Co. KG

      Leer /
Germany

      (hereinafter
referred to as “UOS”)

      

      and

      

      Hartmann
Offshore GmbH

      Leer /
Germany

      (hereinafter
referred to as “Hartmann Offshore”)

      

      WHEREAS

      

      
        	
                (A)

              	
                SCMP
      requested to extend the period within which it had to remit its amount of
      liability coverage (hereinafter “SCMP Share”) in ATL Offshore GmbH &
      Co. MS “Juist” KG ( hereinafter “SPV Juist”) according to clause 1.4 of
      the Share Transfer Agreement from ninety (90) days to a longer period from
      delivery of the MV “UOS ATLANTIS”,
and

              

      

      
        
          
            Addendum
No.2 Share Transfer Agreement 20090608.doc

          

           

        

        
           

          
            

          

        

        
           

        

      

      2

      

      
        	
                (B)

              	
                Hartmann
      agreed not to exercise its option to effect payment of the outstanding
      SCMP Share in SPV “Juist” until the new SCMP Equity Payment Date for SPV
      Juist, and

              

      

      

      
        	
                (C)

              	
                the
      parties whish to agree in this Addendum No. 2 the amendments to the Share
      Transfer Agreement and the status of SCMP Share
  payments.

              

      

      

      

      

      NOW
THEREFORE and in consideration of the foregoing recitations, the mutual
covenants hereinafter set forth and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, it is agreed as
follows:

      

      

      
        	
                1.

              	
                All
      definitions used herein shall have the same meaning as in the original
      Share Transfer Agreement.

              

      

      

      
        	
                2.

              	
                The
      new SCMP Equity Payment Date for SPV Juist according  to clause
      1.4 of the Share Transfer Agreement is agreed to be Friday,14th August,
      2009.

              

      

      

      
        	
                3.

              	
                Hartmann
      shall not be entitled to exercise its rights described in clause 4 of the
      Share Transfer Agreement with regard to SPV Juist before the elapse of the
      date mentioned und clause 1 hereof.

              

      

      

      
        	
                4.

              	
                For
      the purpose of clarifying the status of capitalization of the SPVs with
      Agreed Equity in February 2009 when the Share Transfer Agreement was
      signed and at the date falling ninety (90) days after delivery of “UOS
      ATLANTIS” to SPV Juist, i.e. 28th
      May 2009 (the “Original SCMP Equity Payment Date SPV Juist”), two tables
      were prepared by ATL which are attached hereto as Exhibit A, contents of
      which is acknowledged by all parties
hereto.

              

      

      

      
        	
                5.

              	
                All
      other terms and conditions of the Share Transfer Agreement shall remain
      unaffected.

              

      

      
        
          
            Addendum
No.2 Share Transfer Agreement 20090608.doc

          

           

        

        
           

          
            

          

        

        
           

        

      

      3

      
 

      
        
          	
                  Place_______Leer__________________

                	
                  Date___18th__ June
      2009

                

        

      

      

      
        SIGNED
BY:

      

      
        
        

      

      
        
          
            
              
                	
                            
/s/

                      	 	
                            
  /s/

                      
	
                        Reederei
      Hartmann GmbH & Co. KG

                        Name:
      Dr. Niels Hartmann

                        Title:
      Managing Director

                         

                      	 	
                        Suresh
      Capital Maritime Partners

                        Germany
      GmbH

                        Name:
      Siva Suresh

                        Title:
      Managing Director

                         

                      
	
                            
/s/

                      	 	
                            
  /s/

                      
	
                        ATL
      Offshore GmbH for and on behalf

                        of
      the SPVs

                        Name:
      Dr. Niels Hartmann

                        Title:
      Managing Director

                      	 	
                        UOS
      United Offshore Support

                        GmbH
      & Co. KG

                        Name:Peter
      Labouvie

                        Title:Managing
      Director

                      
	 
      	 	 
      
	
                            
/s/

                      	 	
                            
  /s/

                      
	
                        Hartmann
      Offshore GmbH

                        Name:Niels
      Roggemann

                        Title:Managing
      Director

                      	 	
                        Acknowledged
      by

                        Ahlers
      & Vogel

                        Dr.
      Jan-Erik Pötschke

                        Schaarsteinwegsbrücke
      2; 20459 Hamburg

                      
	 
      	 	 
      

              

            

          

        

      

      

      

      
        
          
            Addendum
No.2 Share Transfer Agreement 20090608.doc

          

           

        

        
           

          
            

          

        

        
           

        

      

    ADDENDUM
NO. 3

    to

    Share
Transfer Agreement SCMP

    signed
in February 2009

    as
amended by Addendum No. I dated 20th May,
2009

    and
by Addendum No. 2 dated 18th June
2009

    

    between

    

    Reederei
Hartmann GmbH & Co. KG

    Leer /
Germany

    (hereinafter
referred to as “Hartmann”)

    

    and

    

    Suresh
Capital Maritime Partners Germany GmbH

    Leer /
Germany

    (hereinafter
referred to as “SCMP”)

    

    and

    

    UOS
United Offshore Support GmbH & Co. KG

    Leer /
Germany

    (hereinafter
referred to as “UOS”)

    

    and

    

    Hartmann
Offshore GmbH

    Leer /
Germany

    (hereinafter
referred to as “Hartmann Offshore”)

    WHEREAS

    

    
      	
              (A)

            	
              SCMP
      requested to extend the period within which it had to remit its amount of
      liability coverage (hereinafter “SCMP Share”) in ATL Offshore GmbH &
      Co. MS “Juist” KG (hereinafter “SPV Juist”) and ATL Offshore GmbH &
      Co. MS “Norderney” KG (hereinafter “SPV Norderney”) according to clause
      1.4 of the Share Transfer Agreement from ninety (90) days to a longer
      period from delivery of the MV “UOS ATLANTIS” and MV “UOS CHALLENGER”
      respectively, and

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2
 

    
      	
              (B)

            	
              Hartmann
      agreed not to exercise its option to effect payment of the outstanding
      SCMP Share in SPV “Juist” and in SPV “Norderney” until the new SCMP Equity
      Payment Date for SPV Juist and SPV Norderney,
  and

            

    

    

    
      	
              (C)

            	
              the
      parties whish to agree in this Addendum No. 3 the amendments to the Share
      Transfer Agreement and the status of SCMP Share
  payments.

            

    

    

    NOW
THEREFORE and in consideration of the foregoing recitations, the mutual
covenants hereinafter set forth and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, it is agreed as
follows:

    

    
      	
              1.

            	
              All
      definitions used herein shall have the same meaning as in the original
      Share Transfer Agreement.

            

    

    

    
      	
              2.

            	
              The
      new SCMP Equity Payment Date for SPV Juist and SPV Norderney
      according  to clause 1.4 of the Share Transfer Agreement is
      agreed to be Monday,31st August,
      2009.

            

    

    

    
      	
              3.

            	
              Hartmann
      shall not be entitled to exercise its rights described in clause 4 of the
      Share Transfer Agreement with regard to SPV Juist and/ or SPV Norderney
      before the elapse of the date mentioned und clause 2
    hereof.

            

    

    

    
      	
              4.

            	
              All
      other terms and conditions of the Share Transfer Agreement shall remain
      unaffected.

            

    

    

    
      	
              Place        
      Leer                     
      

            	
              Date   
      14    August
2009

            

    

    

    
      SIGNED
BY:

    

    
      	
              /s/

            	 
      	
              /s/

            
	
              Reederei
      Hartmann GmbH & Co. KG

              Name:
      Dr. Niels Hartmann

              Title:  
      Managing Director

            	 
      	
              Suresh
      Capital Maritime Partners

              Germany
      GmbH

              Name:
      Darrel W. Cain or Jason Morton

              Title:  
      Managing Director

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3

     

    
      	
              /s/

            	 
      	
              /s/

            
	
              ATL
      Offshore GmbH for and on behalf

              of
      the SPVs

              Name:
      Dr. Niels Hartmann

              Title:  
      Managing Director

            	 
      	
              UOS
      United Offshore Support

              GmbH
      & Co. KG

              Name:Peter
      Labouvie

              Title: 
      Managing Director

            
	 
      	 
      	 
      
	
              /s/

            	 
      	
              /s/

            
	
              Hartmann
      Offshore GmbH

              Name:Niels
      Roggemann

              Title: 
      Managing Director

            	 
      	
              Acknowledged
      by

              Ahlers
      & Vogel

              Dr.
      Jan-Erik Pötschke

              Schaarsteinwegsbrücke
      2; 20459 Hamburg

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ADDENDUM
NO. 4

    to

    Share
Transfer Agreement SCMP

    signed
in February 2009

    as
amended by Addendum No. I dated 20th May,
2009

    and
by Addendum No. 2 dated 18th June
2009

    and
by Addendum No. 3 dated 14th August
2009.

    

    between

     

    Reederei
Hartmann GmbH & Co. KG

    Leer /
Germany

    (hereinafter
referred to as “Hartmann”)

     

    and

     

    Suresh
Capital Maritime Partners Germany GmbH

    Leer /
Germany

    (hereinafter
referred to as “SCMP”)

    
    

     

    and

     

    UOS
United Offshore Support GmbH & Co. KG

    Leer /
Germany

    (hereinafter
referred to as “UOS”)

     

    and

     

    Hartmann
Offshore GmbH

    Leer /
Germany

    (hereinafter
referred to as “Hartmann Offshore”)

     

    WHEREAS

     

    
      	
              (A)

            	
              SCMP
      requested to extend the period within which it had to remit its amount of
      liability coverage (hereinafter “SCMP Share”) in ATL Offshore GmbH &
      Co. MS “Juist” KG (hereinafter “SPV Juist”) and ATL Offshore GmbH &
      Co. MS “Norderney” KG (hereinafter “SPV Norderney”) according to clause
      1.4 of the Share Transfer Agreement from ninety (90) days to a longer
      period from delivery of the MV “UOS ATLANTIS” and MV “UOS CHALLENGER”
      respectively, and

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    2

     

    
      	
              (B)

            	
              Hartmann
      agreed not to exercise its option to effect payment of the outstanding
      SCMP Share in SPV “Juist” and in SPV “Norderney” until the new SCMP Equity
      Payment Date for SPV Juist and SPV Norderney,
  and

            

    

     

    
      	
              (C)

            	
              the
      parties whish to agree in this Addendum No. 4 the amendments to the Share
      Transfer Agreement and the status of SCMP Share
  payments.

            

    

     

    NOW
THEREFORE and in consideration of the foregoing recitations, the mutual
covenants hereinafter set forth and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, it is agreed as
follows:

     

    
      	
              1.

            	
              All
      definitions used herein shall have the same meaning as in the original
      Share Transfer Agreement.

            

    

     

    
      	
              2.

            	
              The
      new SCMP Equity Payment Date for SPV Juist and SPV Norderney
      according  to clause 1.4 of the Share Transfer Agreement is
      agreed to be Monday, 14
      September 2009.

            

    

     

    
      	
              3.

            	
              Hartmann
      shall not be entitled to exercise its rights described in clause 4 of the
      Share Transfer Agreement with regard to SPV Juist and/ or SPV Norderney
      before the elapse of the date mentioned und clause 2
    hereof.

            

    

     

    
      	
              4.

            	
              All
      other terms and conditions of the Share Transfer Agreement shall remain
      unaffected.

            

    

     

    
      	
              Place          
      Leer              
      

            	
              Date   31  
       August 2009

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    3

     

    
      SIGNED
BY:

      
      

    

    
      
        
          
            
              
                
                  
                    	
                            /s/

                          	 
      	
                            /s/

                          
	
                            Reederei
      Hartmann GmbH & Co. KG

                            Name:
      Dr. Niels Hartmann

                            Title:  
      Managing Director

                          	 
      	
                            Suresh
      Capital Maritime Partners

                            Germany
      GmbH

                            Name:
      Darrell W. Cain or Jason Morton

                            Title:  
      Managing Director

                          
	 	 	 
	
                            /s/

                          	 
      	
                            /s/

                          
	
                            ATL
      Offshore GmbH for and on behalf

                            of
      the SPVs

                            Name:
      Dr. Niels Hartmann

                            Title:  
      Managing Director

                          	 
      	
                            UOS
      United Offshore Support

                            GmbH
      & Co. KG

                            Name:Peter
      Labouvie

                            Title: 
      Managing Director

                          
	 
      	 
      	 
      
	
                            /s/

                          	 
      	
                            /s/

                          
	
                            Hartmann
      Offshore GmbH

                            Name:Niels
      Roggemann

                            Title: 
      Managing Director

                          	 
      	
                            Acknowledged
      by

                            Ahlers
      & Vogel

                            Dr.
      Jan-Erik Pötschke

                            Schaarsteinwegsbrücke
      2; 20459
Hamburg

                          

                  

                

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ADDENDUM
NO. 5

    to

    Share
Transfer Agreement SCMP

    signed
in February 2009

    as
amended by Addendum No. I dated 20th May,
2009

    and
by Addendum No. 2 dated 18th June
2009

    and
by Addendum No. 3 dated 14th August
2009 

      and
by Addendum No. 4 dated 31st August
2009

    

    

    between

     

    Reederei
Hartmann GmbH & Co. KG

    Leer /
Germany

    (hereinafter
referred to as “Hartmann”)

     

    and

     

    Suresh
Capital Maritime Partners Germany GmbH

    Leer /
Germany

    (hereinafter
referred to as “SCMP”)

    
    

     

    and

    UOS
United Offshore Support GmbH & Co. KG

    Leer /
Germany

    (hereinafter
referred to as “UOS”)

     

    and

     

    Hartmann
Offshore GmbH

    Leer /
Germany

    (hereinafter
referred to as “Hartmann Offshore”)

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    2

     

    
    

    WHEREAS

     

    
      	
              (A)

            	
              SCMP
      requested to extend the period within which it had to remit its amount of
      liability coverage (hereinafter “SCMP Share”) in ATL Offshore GmbH &
      Co. MS “Juist” KG (hereinafter “SPV Juist”) and ATL Offshore GmbH &
      Co. MS “Norderney” KG (hereinafter “SPV Norderney”) according to clause
      1.4 of the Share Transfer Agreement from ninety (90) days to a longer
      period from delivery of the MV “UOS ATLANTIS” and MV “UOS CHALLENGER”
      respectively, and

            

    

     

    
      	
              (B)

            	
              Hartmann
      agreed not to exercise its option to effect payment of the outstanding
      SCMP Share in SPV “Juist” and in SPV “Norderney” until the new SCMP Equity
      Payment Date for SPV Juist and SPV Norderney,
  and

            

    

     

    
      	
              (C)

            	
              the
      parties whish to agree in this Addendum No. 4 the amendments to the Share
      Transfer Agreement and the status of SCMP Share
  payments.

            

    

     

    NOW
THEREFORE and in consideration of the foregoing recitations, the mutual
covenants hereinafter set forth and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, it is agreed as
follows:

     

    
      	
              1.

            	
              All
      definitions used herein shall have the same meaning as in the original
      Share Transfer Agreement.

            

    

     

    
      	
              2.

            	
              The
      new SCMP Equity Payment Date for SPV Juist and SPV Norderney
      according  to clause 1.4 of the Share Transfer Agreement is
      agreed to be Wednesday,
      30 September 2009.

            

    

     

    
      	
              3.

            	
              Hartmann
      shall not be entitled to exercise its rights described in clause 4 of the
      Share Transfer Agreement with regard to SPV Juist and/ or SPV Norderney
      before the elapse of the date mentioned und clause 2
    hereof.

            

    

     

    
      	
              4.

            	
              All
      other terms and conditions of the Share Transfer Agreement shall remain
      unaffected.

            

    

     

    
      	
              Place      
      Leer           

            	
              Date     
      29     September
2009

            

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    3

     

    
      SIGNED
BY:

      
      

      
      

    

    
      
        
          
            
              
                
                  
                    	
                            /s/

                          	 
      	
                            /s/

                          
	
                            Reederei
      Hartmann GmbH & Co. KG

                            Name:
      Dr. Niels Hartmann

                            Title:  
      Managing Director

                          	 
      	
                            Suresh
      Capital Maritime Partners

                            Germany
      GmbH

                            Name:
      Darrell W. Cain or Jason Morton

                            Title:  
      Managing Director

                          
	 	 	 
	
                            /s/

                          	 
      	
                            /s/

                          
	
                            ATL
      Offshore GmbH for and on behalf

                            of
      the SPVs

                            Name:
      Dr. Niels Hartmann

                            Title:  
      Managing Director

                          	 
      	
                            UOS
      United Offshore Support

                            GmbH
      & Co. KG

                            Name:Peter
      Labouvie

                            Title: 
      Managing Director

                          
	 
      	 
      	 
      
	
                            /s/

                          	 
      	
                            /s/

                          
	
                            Hartmann
      Offshore GmbH

                            Name:Niels
      Roggemann

                            Title: 
      Managing Director

                          	 
      	
                            Acknowledged
      by

                            Ahlers
      & Vogel

                            Dr.
      Jan-Erik Pötschke

                            Schaarsteinwegsbrücke
      2; 20459
Hamburg

                          

                  

                

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ADDENDUM
NO. 6

    to

    Share
Transfer Agreement SCMP

    signed
in February 2009

    as
amended by Addendum No. I dated 20th May,
2009

    and
by Addendum No. 2 dated 18th June
2009

    and
by Addendum No. 3 dated 14th August
2009 

      and
by Addendum No. 4 dated 31st August
2009 

        and
by Addendum No. 5 dated 29th
September 2009

      

    

    

    between

     

    Reederei
Hartmann GmbH & Co. KG

    Leer /
Germany

    (hereinafter
referred to as “Hartmann”)

     

    and

     

    Suresh
Capital Maritime Partners Germany GmbH

    Leer /
Germany

    (hereinafter
referred to as “SCMP”)

    
    

     

    and

     

    UOS
United Offshore Support GmbH & Co. KG

    Leer /
Germany

    (hereinafter
referred to as “UOS”)

     

    and

     

    Hartmann
Offshore GmbH

    Leer /
Germany

    (hereinafter
referred to as “Hartmann Offshore”)

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2

    
       

      WHEREAS

       

      
        	
                (A)

              	
                SCMP
      requested to extend the period within which it had to remit its amount of
      liability coverage (hereinafter “SCMP Share”) in ATL Offshore GmbH &
      Co. MS “Juist” KG (hereinafter “SPV Juist”) and ATL Offshore GmbH &
      Co. MS “Norderney” KG (hereinafter “SPV Norderney”) according to clause
      1.4 of the Share Transfer Agreement from ninety (90) days to a longer
      period from delivery of the MV “UOS ATLANTIS” and MV “UOS CHALLENGER”
      respectively, and

              

      

    

     

    
      
        	
                (B)

              	
                SCMP
      requested to extend the period within which it had to remit its amount of
      SCMP Share in ATL Offshore GmbH & Co. “Isle of Baltrum” KG
      (hereinafter “SPV Baltrum”) according to clause 1.4 of the Share Transfer
      Agreement from the delivery date of “UOS COLUMBIA” 6 October 2009,
      and

              

      

    

    
      

      
        	
                (C)

              	
                Hartmann
      agreed not to exercise its option to effect payment of the outstanding
      SCMP Share in “SPV Juist”, in “SPV Norderney” and in “SPV Baltum” until
      the new SCMP Equity Payment Date for “SPV Juist”, “SPV Norderney” and “SPV
      Baltrum”, and

              

      

      

      
        	
                (D)

              	
                the
      parties wish to agree in this Addendum No. 6 the amendments to the Share
      Transfer Agreement and the status of SCMP Share
  payments.

              

      

      

      NOW
THEREFORE and in consideration of the foregoing recitations, the mutual
covenants hereinafter set forth and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, it is agreed as
follows:

      

      
        	
                1.

              	
                All
      definitions used herein shall have the same meaning as in the original
      Share Transfer Agreement.

              

      

      

      
        	
                2.

              	
                The
      new SCMP Equity Payment Date for “SPV Juist” and “SPV Norderney” according
      to clause 1.4 of the Share Transfer Agreement is agreed to be Friday, 16 October
      2009.

              

      

      

      
        	
                3.

              	
                The
      new SCMP Equity Payment Date for “SPV Baltrum” according to clause 1.4 of
      the Share Transfer Agreement is agreed to be Tuesday, 6 October
      2009.

              

      

      

      
        	
                4.

              	
                Hartmann
      shall not be entitled to exercise its rights described in clause 4 of the
      Share Transfer Agreement with regard to “SPV Juist” and/or “SPV Norderney”
      and/or “SPV Baltrum” before the elapse of the date mentioned und clause 2
      and 3 hereof.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      3

        

      
        	
                5.

              	
                All
      other terms and conditions of the Share Transfer Agreement shall remain
      unaffected.

              

      

      

      
        	
                Place:
      Leer

              	
                  Date:
      30 September 2009

              

      

    

     

    
      SIGNED
BY:

      
      

      
      

    

    
      
        
          
            
              
                
                  
                    	
                            /s/

                          	 
      	
                            /s/

                          
	
                            Reederei
      Hartmann GmbH & Co. KG

                            Name:
      Dr. Niels Hartmann

                            Title:  
      Managing Director

                          	 
      	
                            Suresh
      Capital Maritime Partners

                            Germany
      GmbH

                            Name:
      Darrell W. Cain or Jason Morton

                            Title:  
      Managing Director

                          
	 	 	 
	
                            /s/

                          	 
      	
                            /s/

                          
	
                            ATL
      Offshore GmbH for and on behalf

                            of
      the SPVs

                            Name:
      Dr. Niels Hartmann

                            Title:  
      Managing Director

                          	 
      	
                            UOS
      United Offshore Support

                            GmbH
      & Co. KG

                            Name:Peter
      Labouvie

                            Title: 
      Managing Director

                          
	 
      	 
      	 
      
	
                            /s/

                          	 
      	
                            /s/

                          
	
                            Hartmann
      Offshore GmbH

                            Name:Niels
      Roggemann

                            Title: 
      Managing Director

                          	 
      	
                            Acknowledged
      by

                            Ahlers
      & Vogel

                            Dr.
      Jan-Erik Pötschke

                            Schaarsteinwegsbrücke
      2; 20459
Hamburg

                          

                  

                

              

            

          

        

      

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    ADDENDUM
NO. 7

    to

    Share
Transfer Agreement SCMP

    signed
in February 2009

    as
amended by Addendum No. I dated 20th May,
2009

    and
by Addendum No. 2 dated 18th June
2009

    and
by Addendum No. 3 dated 14th August
2009 

      and
by Addendum No. 4 dated 31st August
2009 

        and
by Addendum No. 5 dated 29th
September 2009 

          and
by Addendum No. 6 dated 30th
September 2009

        

      

    

    

    between

     

    Reederei
Hartmann GmbH & Co. KG

    Leer /
Germany

    (hereinafter
referred to as “Hartmann”)

     

    and

     

    Suresh
Capital Maritime Partners Germany GmbH

    Leer /
Germany

    (hereinafter
referred to as “SCMP”)

    
    

     

    and

     

    UOS
United Offshore Support GmbH & Co. KG

    Leer /
Germany

    (hereinafter
referred to as “UOS”)

     

    and

     

    Hartmann
Offshore GmbH

    Leer /
Germany

    (hereinafter
referred to as “Hartmann Offshore”)

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    2

    
       

      WHEREAS

       

      
        	
                (A)

              	
                SCMP
      requested to extend the period within which it had to remit its amount of
      liability coverage (hereinafter “SCMP Share”) in ATL Offshore GmbH &
      Co. MS “Juist” KG (hereinafter “SPV Juist”) and ATL Offshore GmbH &
      Co. MS “Norderney” KG (hereinafter “SPV Norderney”) according to clause
      1.4 of the Share Transfer Agreement from ninety (90) days to a longer
      period from delivery of the MV “UOS ATLANTIS” and MV “UOS CHALLENGER”
      respectively, and

              

      

    

     

    
      
        	
                (B)

              	
                SCMP
      requested to extend the period within which it had to remit its amount of
      SCMP Share in ATL Offshore GmbH & Co. “Isle of Baltrum” KG
      (hereinafter “SPV Baltrum”) according to clause 1.4 of the Share Transfer
      Agreement from the delivery date of “UOS COLUMBIA” 27
      November 2009, and

              

      

    

    
      

      
        	
                (C)

              	
                Hartmann
      agreed not to exercise its option to effect payment of the outstanding
      SCMP Share in “SPV Juist”, in “SPV Norderney” and in “SPV Baltum” until
      the new SCMP Equity Payment Date for “SPV Juist”, “SPV Norderney” and “SPV
      Baltrum”, and

              

      

      

      
        	
                (D)

              	
                the
      parties wish to agree in this Addendum No. 7 the amendments to the
      Share Transfer Agreement and the status of SCMP Share
      payments.

              

      

      

      NOW
THEREFORE and in consideration of the foregoing recitations, the mutual
covenants hereinafter set forth and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, it is agreed as
follows:

      

      
        	
                1.

              	
                All
      definitions used herein shall have the same meaning as in the original
      Share Transfer Agreement.

              

      

      

      
        	
                2.

              	
                The
      new SCMP Equity Payment Date for “SPV Juist” and “SPV Norderney” according
      to clause 1.4 of the Share Transfer Agreement is agreed to be Friday,
      27 November 2009.

              

      

      

      
        	
                3.

              	
                The
      new SCMP Equity Payment Date for “SPV Baltrum” according to clause 1.4 of
      the Share Transfer Agreement is agreed to be Friday, 27 November
      2009.

              

      

      

      
        	
                4.

              	
                Hartmann
      shall not be entitled to exercise its rights described in clause 4 of the
      Share Transfer Agreement with regard to “SPV Juist” and/or “SPV Norderney”
      and/or “SPV Baltrum” before the elapse of the date mentioned und clause 2
      and 3 hereof.

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      3

       

      
      

      
        	
                5.

              	
                All
      other terms and conditions of the Share Transfer Agreement shall remain
      unaffected.

              

      

      

      
        	
                Place:
      Leer

              	
                  Date:
      2
      November 2009

              

      

    

     

    
      SIGNED
BY:

         

      
      

      
      

    

    
      
        
          
            
              
                
                  
                    	
                            /s/

                          	 
      	
                            /s/

                          
	
                            Reederei
      Hartmann GmbH & Co. KG

                            Name:
      Dr. Niels Hartmann

                            Title:  
      Managing Director

                          	 
      	
                            Suresh
      Capital Maritime Partners

                            Germany
      GmbH

                            Name:
      Darrell W. Cain or Jason Morton

                            Title:  
      Managing Director

                          
	 	 	 
	
                            /s/

                          	 
      	
                            /s/

                          
	
                            ATL
      Offshore GmbH for and on behalf

                            of
      the SPVs

                            Name:
      Dr. Niels Hartmann

                            Title:  
      Managing Director

                          	 
      	
                            UOS
      United Offshore Support

                            GmbH
      & Co. KG

                            Name:Peter
      Labouvie

                            Title: 
      Managing Director

                          
	 
      	 
      	 
      
	
                            /s/

                          	 
      	
                            /s/

                          
	
                            Hartmann
      Offshore GmbH

                            Name:Niels
      Roggemann

                            Title: 
      Managing Director

                          	 
      	
                            Acknowledged
      by

                            Ahlers
      & Vogel

                            Dr.
      Jan-Erik Pötschke

                            Schaarsteinwegsbrücke
      2; 20459
Hamburg

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