Exhibit 10.12
ADDENDUM NO. 2
TO
AGREEMENT REGARDING INTELLECTUAL PROPERTY
by and between
Per Bull Haugsoen, Risalleen 53, 0776 Oslo,
and
Marine Shuttle Operations AS, Xxxxxxxxxxxx 00, 0000 Xxxxxxx (hereinafter
referred to as "MSO AS")
WHEREAS:
- Per Bull Haugsoen, Xxxxxx Xxxx and Offshore Shuttle AS entered
into an Agreement regarding Intellectual Property on 31 March
1998 ("the Agreement").
- Offshore Shuttle AS has thereafter merged with MSO AS.
- The Parties entered into an Addendum no. 1 to the Agreement on
31 March 2000.
- Article 6 of the Agreement provides that inter alia Per Bull
Haugsoen shall be involved in the further development of the
Offshore Shuttle Concept.
THE PARTIES HAVE AGREED:
1. Per Bull Haugsoen hereby waives all rights to be involved in
the further development of the Offshore Shuttle Concept as
provided in Article 6 of the Agreement.
2. The Parties agree that the time limit of 24 months in Article
3 last paragraph of Addendum no. 1 to Agreement regarding
Intellectual Property shall be amended to 48 months.
3. As consideration for the waiver given under Article 1 above
and the Addendum under Article 2 above. Per Bull Haugsoen
shall receive the following:
a) MSO AS shall pay to Per Bull Haugsoen NOK 400,000.- at the
date of signature of this Addendum no. 2, and NOK 200,000.- within 30 days after
this signature date, which in any case shall be no later than 20 May 2001.
b) If MSO AS or Marine Shuttle Operations Inc. ("MSO Inc.")
are able to arrange for additional financing of any of these companies for the
amount of USD 5,000,000.- or more, they shall pay to Per Bull Haugsoen NOK
800,000.- within 5 days subsequent to the financing amount having been received
by the relevant company.
c) MSO AS shall arrange that Per Bull Haugsoen shall receive
760,000 shares in MSO Inc. free of any liens or encumbrances.
Place date Place date
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Marine Shuttle Operations AS Per Bull Haugsoen
