THIRD ADDENDUM TO ESCROW AGREEMENT
Reference is made to the Escrow Agreement as of May 5, 1998, as amended by the
Addendum to Escrow Agreement dated as of September 2, 1998, and as further
amended by the Second Addendum to Escrow Agreement dated as of September 28,
1998, between
A. Marine Shuttle Operations, Inc. (formerly Geoteck International, Inc.), a
Nevada corporation
B. 1. Spax Holding AS
2. Aasens Trykkerier AS
3. Xxxx Xxxxxxxxx
4. Xxxxxx Xxxxxx
5. Xxxxxx Xxxxxx
6. Xxxxx Xxxxxxx
7. Xxxxxx Xxxxxxxxx
8. Thyssen Stahlunion GmbH
9. Xxxx Xxxxx
10. Norsk SMB Invest 1 AS
11. Norsk SMB Invest 2 AS
12. Norsk SMB Invest 3 AS
13. Norsk SMB Invest 4 AS
14. Xxxxx Xxxxxx/Nordas Invest AS
15. Xxxxx Xxxxxxx Sogstad
16. Xxxx Staumo
17. Xxxx Xxxx
18. Xxxxx Xxxxxxxx-Xxxxxxxx
19. Xxxxx Xxxxx
20. AS Ineta
21. Concordia Capo
22. Concordia Xxxx
23. Concordia Star
24. Xxxxx Xxxxxxxxx
25. Xxxx Xxxxxxx-Xxxxxxxxx
00. Xxxxxx Xxxxxxxxx
00. Xxxxxx Xxxxxxxxx
00. Xxxxxxxxx Mek
29. Xxx Xxxxx-Xxxxxx
30. Jens Holtung
31. Johnco AS
32. Xxxx Xxxxx
33. Xxx Xxxxx
34. Karlander Invest AS
35. Xxxxx Xxxxxxx
36. Nistad Finans og Eiendom AS
37. Ole-Xxxxx Xxxxx
38. Xxxx Xxxx
39. Sigfred Lyngoy
40. Terje Rosjo
41. Trade Invest AS
42. Zaco AS, and
C. Glad Xxxx Xxxxx & Co.
(the "Escrow Agreement"). All capitalized terms used and not defined herein will
have the meanings assigned to such terms in the Escrow Agreement.
The Escrow Agreement is hereby amended in the following respects:
Section 3, paragraph 2 of the Escrow Agreement is hereby amended and
substituted in its entirety so that it shall now read as follows:
"MSO Inc. will cause the sale of the shares underlying the Regulation S
Certificates to be registered under the Securities Act of 1933, as amended,
without undue delay.
Section 4 of the Escrow Agreement is hereby deleted and substituted in its
entirety so that it now shall read as follows:
"Escrow Agent shall hold and disburse the OSAS Stock and the MSO Inc.
Stock and give notice in regard thereto as follows:
Promptly following receipt of notice from MSO Inc. that the
shares underlying the Regulation S Certificates are registered
under the Securities Act of 1933, as amended (accompanied by an
effective registration statement), Escrow Agent will
simultaneously (i) deliver the Regulation S Certificates to the
related OSAS Stockholders and (ii) deliver the OSAS Stock to MSO
Inc. Alternatively, Escrow Agent may deliver the Regulation S
Certificates to the Stock Transfer Agent for the MSO Inc. Stock
in exchange for new certificates which do not bear any Regulation
S legend (the "Registered Certificates") and thereafter deliver
the Registered Certificates to the OSAS Stockholders. The OSAS
Stockholders and MSO Inc. agree that the completion of the
financing in the amount of US$ 100,000,000 in net proceeds as
provided for in the Stock Exchange Agreements is no longer a
condition for the closing of the Stock Exchange Agreements.
With the exception of the foregoing modifications to the Escrow Agreement, the
terms of the Escrow Agreement remain unchanged and in full force and effect.
Executed as of November ___, 1998.
A. Marine Shuttle Operations, Inc.
By:
----------------
Name: Xxxxx Xxxx
Title: President
B. OSAS Stockholders
SPAX Holding AS
By:
----------------
Name:
Title:
Aasens Trykkerier AS
By:
----------------
Name:
Title:
----------------
Xxxx Xxxxxxxxx
----------------
Xxxxxx Xxxxxx
----------------
Xxxxxxx Xxxxxx
----------------
Xxxxx Xxxxxxx
----------------
Xxxxxx Xxxxxxxxx
Xxxxxxx Stahlunion GmbH
By:
----------------
Name:
Title:
----------------
Xxxx Xxxxx
Norsk SMB Invest 1 AS
By:
----------------
Name:
Title:
Norsk SMB Invest 2 AS
By:
----------------
Name:
Title:
Norsk SMB Invest 3 AS
By:
----------------
Name:
Title:
Norsk SMB Invest 4 AS
By:
----------------
Name:
Title:
EinarNistad/Nordas Invest AS
By:
----------------
Name:
Title:
------------------
Xxxxx Xxxxxxx Sogstad
----------------
Xxxx Staumo
----------------
Xxxx Xxxx
-----------------------
Xxxxx Xxxxxxxx-Xxxxxxxx
------------------
Xxxxx Xxxxx
------------------
AS Ineta
Concordia Capo
By:
----------------
Name:
Title:
Concordia Xxxx
By:
----------------
Name:
Title:
Concordia Star
By:
----------------
Name:
Title:
------------------
Xxxxx Xxxxxxxxx
-------------------
Xxxx Xxxxxxx-Johanssen
------------------
Gunnar Greibrokk
-----------------
Xxxxxx Xxxxxxxxx
-----------------
Xxxxxxxxx Mek
------------------
Xxx Xxxxx-Xxxxxx
------------------
Jens Holtung
-----------------
Johnco AS
-----------------
Xxxx Xxxxx
-----------------
Xxx Xxxxx
Xxxxxxxxx Invest AS
By:
----------------
Name:
Title:
-----------------
Xxxxx Xxxxxxx
Nistad Finans og Eiendom AS
By:
----------------
Name:
Title:
-----------------
Ole-Xxxxx Xxxxx
-----------------
Xxxx Xxxx
-----------------
Sigfred Lyngoy
-----------------
Terje Rosjo
Trade Invest AS
By:
----------------
Name:
Title:
Zaco AS
By:
----------------
Name:
Title:
C. Glad, Arno, Xxxxx & Co.
By:
----------------
Name: Cato Xxxxx
