OCEANAUT, INC.
EXHIBIT 10.5
00xx Xx Xxxxxxxx Xxxx Xxxxxx-Xxxxx & Finikos Xxxxxx
000 00 Xxx Xxxxxxx
Xxxxxx, Xxxxxx
May 3, 2006
Excel Maritime Carriers Ltd.
00xx Xx Xxxxxxxx Xxxx
Xxxxxx-Xxxxx & Finikos Xxxxxx
000 00 Xxx Xxxxxxx
Xxxxxx, Xxxxxx
Ladies and Gentlemen:
This letter will confirm our agreement that, commencing on the effective date (“Effective Date”) of the registration statement for the initial public offering (“IPO”) of the securities of Oceanaut, Inc. (the “Company”), and continuing until the earlier of the consummation by the Company of a “Business Combination” or the Company’s liquidation (as described in the Company’s IPO prospectus) (the “Termination Date”), Excel Maritime Carriers Ltd. shall make available to the Company certain office and secretarial services as may be required by the Company from time to time, situated at 00xx Xx Xxxxxxxx Xxxx Xxxxxx-Xxxxx & Finikos Street, 000 00 Xxx Xxxxxxx, Xxxxxx, Xxxxxx. In exchange therefore, the Company shall pay Excel Maritime Carriers Ltd. the sum of $7,500 per month on the Effective Date and continuing monthly thereafter until the Termination Date.
| Very truly yours, | ||
| OCEANAUT, INC. | ||
| By: | /s/ Xxxxxxxxxxx Xxxxxxxxx | |
| Name: | Xxxxxxxxxxx Xxxxxxxxx | |
| Title: | Chief Executive Officer | |
| AGREED TO AND ACCEPTED BY: | ||
| EXCEL MARITIME CARRIERS LTD. | ||
| By: | /s/ Xxxxxxx Panayotides | |
| Name: Xxxxxxx Panayotides | ||
| Title: Chairman of the Board | ||
