0001047469-05-022114 Sample Contracts

Contract
Agreement • August 29th, 2005 • Cavan Maritime LTD • Deep sea foreign transportation of freight • New York
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Contract
Asset Purchase Agreement • August 29th, 2005 • Cavan Maritime LTD • Deep sea foreign transportation of freight • New York

ASSET PURCHASE AGREEMENT (this “Agreement”) dated as of August 16, 2005, among Cavan Maritime Limited, a Marshall Islands corporation (“Acquiror”), Vanguard Ultramax LLC, a Marshall Islands limited liability company (“Vanguard”), Colas Orchid Ltd., a Bahamian company (“Colas”), and Clipper Bulk Shipping Ltd., a Bahamian company (“Clipper Bulk” and together with Vanguard and Colas, the “Transferors”).

CAVAN MARITIME LIMITED INVESTOR RIGHTS AGREEMENT
Investor Rights Agreement • August 29th, 2005 • Cavan Maritime LTD • Deep sea foreign transportation of freight • New York

THIS INVESTOR RIGHTS AGREEMENT (the “Agreement”) is entered into as of [ ], 2005, between, Cavan Maritime Limited, a Marshall Islands corporation (the “Company”) and VOC Invest, Ltd., a Bahamian company (“Investor”).

COMMERCIAL MANAGEMENT AGREEMENT CAVAN MARITIME LIMITED - AND - VOC BULK SHIPPING USA, INC.
Commercial Management Agreement • August 29th, 2005 • Cavan Maritime LTD • Deep sea foreign transportation of freight • New York
STOCK OPTION AGREEMENT PURSUANT TO THE CAVAN MARITIME LIMITED 2005 EQUITY INCENTIVE PLAN
Stock Option Agreement • August 29th, 2005 • Cavan Maritime LTD • Deep sea foreign transportation of freight • Delaware

AGREEMENT, made as of the day of , 2005, by and between Cavan Maritime Limited, a Marshall Islands corporation (the “Company”), and (the “Optionee”).

ADMINISTRATIVE SERVICES AGREEMENT
Administrative Services Agreement • August 29th, 2005 • Cavan Maritime LTD • Deep sea foreign transportation of freight • New York

AGREEMENT dated as of , 2005 between CAVAN MARITIME LIMITED, a corporation incorporated under the laws of the Republic of the Marshall Islands (hereinafter referred to as the “Company” and collectively with its subsidiaries and affiliates as the “Company Group”), and WEXFORD CAPITAL LLC, a Connecticut limited liability company (hereinafter referred to as “Wexford”).

STOCK OPTION AGREEMENT PURSUANT TO THE CAVAN MARITIME LIMITED 2005 EQUITY INCENTIVE PLAN
Stock Option Agreement • August 29th, 2005 • Cavan Maritime LTD • Deep sea foreign transportation of freight • Delaware

AGREEMENT, made as of the day of , 2005, by and between Cavan Maritime Limited, a Marshall Islands corporation (the “Company”), and (the “Optionee”).

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