Exhibit 2.4
ESCROW AGREEMENT
This Escrow Agreement (this "Agreement") is made on May 5, 1998, between
A. Geoteck International Inc., a Nevada corporation ("MSO Inc."),
and
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 Xxxxxxx
16. Xxxx Xxxxxx
17. Xxxx Xxxx
18. Xxxxx Xxxxxxxx-Xxxxxxxx
19. Xxxxx Xxxxx
20. AS Ineta
21. Concordia Capo
22. Concordia Foss
23. Concordia Star
24. Xxxxx Xxxxxxxxx
25. Erik Xxxxxxx-Xxxxxxxxx
00. Xxxxxx Xxxxxxxxx
00. Xxxxxx Xxxxxxxxx
00. Hannestad Mek
29. Xxx Xxxxx-Xxxxxx
30. Xxxx Xxxxxxx
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. Xxxxxxx Xxxxxx
40. Xxxxx Xxxxx
41. Trade Invest AS
42. Zaco AS
(individually, a "OSAS Stockholder" and collectively, the OSAS "Stockholders")
and
C. Glad Xxxx Xxxxx & Co. (the "Escrow Agent").
BACKGROUND
The OSAS Stockholders are the holders of 68,26% of the issued and outstanding
capital stock of Offshore Shuttle AS, a Norwegian corporation ("OSAS"), i. e.
3,291,738 shares (the "OSAS Stock") of the issued and outstanding capital stock
consisting of 4,822,000 shares of voting common stock, par value 0.1 NOK of
OSAS.
The OSAS Stockholders have sold and MSO Inc. has purchased the OSAS Stock by
several Stock Exchange Agreements dated February 19, 1998 and March/April 1998
(the "Stock Exchange Agreements").
At the Closing of the Stock Exchange Agreements upon transfer of OSAS Stock to
MSO Inc., MSO Inc. will cause 4,937,607 shares of common stock, par value U$
0.001 of MSO Inc. (the "MSO Inc. Stock") to be issued and delivered to OSAS
Stockholders.
The OSAS Stockholders and MSO Inc. intend to establish an escrow arrangement
through which the OSAS Stockholders will deliver the OSAS Stock to MSO Inc. and
MSO Inc. will deliver the MSO Inc. Stock to the OSAS Stockholders.
In consideration of the mutual representations, warranties, covenants and
agreements contained in this Agreement, the parties agree as follows:
STATEMENT OF TERMS
1. APPOINTMENT OF ESCROW AGENT
The OSAS Stockholders and MSO Inc. hereby appoint Glad Xxxx Xxxxx & Co. as
Escrow Agent, and Escrow Agent agrees to such appointment, all pursuant to
the terms of this Agreement.
2. DELIVERY OF OSAS STOCK TO ESCROW AGENT
The OSAS Stockholders have already delivered the OSAS Stock to a client
account of the Escrow Agent as shown in the Norwegian Share Registry (VPS)
as attached in Exhibit 1. Upon Execution of this Agreement by the parties,
Escrow Agent shall transfer the OSAS Stock to a client account of the
Escrow Agent for the benefit of MSO Inc. Escrow Agent thereafter will hold,
administer, and disburse the OSAS Stock in accordance with the terms and
conditions of this Agreement.
3. DELIVERY OF MSO INC. STOCK BY MSO INC.
Upon execution of this Agreement MSO Inc. will cause the Stock Transfer
Agent of MSO Inc. to issue share certificates pursuant to Regulation S of
the Securities Act of 1933, as amended, in the name of each OSAS
Stockholder and in the amount of MSO Inc. shares as shown next to its name
at the end of this Agreement (the "Regulation S Certificates") and to
deliver the Regulation S Certificates to the Escrow Agent.
Prior to or on September 30, 1998, MSO Inc. will cause the shares
underlying the Regulation S Certificates to be registered under the
Securities Act of 1933, as amended.
Escrow Agent will hold, administer, and disburse the MSO Inc. Stock and the
Regulation S Certificates, in accordance with the terms and conditions of
this Agreement.
4. DELIVERY OF SHARES
Escrow Agent shall hold and disburse the OSAS Stock and the MSO Inc. Stock
and give notice in regard thereto as follows:
a) Promptly following receipt of notice from MSO Inc. that MSO Inc.
has raised funds in the gross amount of not less than US$
105,000,000 (accompanied by evidence of the funds received
reasonably satisfactory to Escrow Agent), 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 gross proceeds of not
less than US$ 105,000,000 constitutes an acceptable change from the
US$ 100,000,000 of net proceeds provided for in the Stock Exchange
Agreements.
b) If by the close of business (Oslo time) on September 30, 1998, 6:00
o'clock p.m., Escrow Agent has not received the notice specified in
lit. a) above, then Escrow Agent shall return to each OSAS
Stockholder the OSAS Stock deposited by such OSAS Stockholder and
return to MSO Inc. the Regulation S Certificates deposited by MSO
Inc.
5. VOTING RIGHTS OF OSAS STOCK AND MSO INC. STOCK
Upon execution of this Agreement MSO Inc. is entitled to vote the OSAS
Stock and vice versa the OSAS Stockholders are entitled to vote the MSO
Inc. Stock. Additionally, upon execution of this Agreement the Escrow Agent
is entitled to vote the OSAS Stock as instructed by MSO Inc. and vice versa
the Escrow Agent is entitled to vote the MSO Inc. Stock as instructed by
the OSAS Shareholders.
6. RIGHTS AND DUTIES OF ESCROW AGENT
6.1 Escrow Agent will not be liable for any actions taken or omitted upon the
advice of counsel or upon a reasonable interpretation of any instructions
or documents provided to it by MSO Inc. or the OSAS Stockholders that it
reasonably believes to be genuine or duly authorized. Escrow Agent may
decline to act if it is in doubt as to its duties under this Agreement and
will not be liable for such failure to act.
6.2 If Escrow Agent shall incur any liability, damage or expense arising out of
or resulting from any claim that Escrow Agent has improperly distributed
any of the OSAS or MSO Inc. Stock under this Agreement, other than as a
result of Escrow Agent's gross negligence or willful misconduct, MSO Inc.
and OSAS Stockholders will indemnify and hold Escrow Agent harmless
therefrom. If Escrow Agent deems it necessary to seek counsel for any
matter concerning its duties hereunder, MSO Inc. and OSAS Stockholders will
reimburse Escrow Agent
for such actual and reasonable costs. Escrow Agent is not responsible for
the genuineness of any signature and may rely conclusively upon, and shall
be protected in acting upon, any list, advice, judicial order or decree,
certificate, notice, request, consent, statement, instruction or other
instrument believed by it in good faith to be genuine or to be signed or
presented by the proper party, or duly authorized or properly made.
6.3 Escrow Agent is not responsible for any of the agreements referenced in
this Agreement except for the performance of its duties as expressly set
forth in this Agreement. Escrow Agent's duties and obligations under this
Agreement will be governed solely by the provisions of this Agreement, and
Escrow Agent will not have any duties other than the duties expressly
imposed in this Agreement and will not be required to take any action other
than in accordance with the terms of this Agreement.
6.4 Escrow Agent will not be bound by any notice of, or demand with respect to
any waiver, modification, amendment, termination, cancellation, rescission
or other action under or with respect to this Agreement, unless duly
executed by the MSO Inc. and OSAS Stockholders and, if Escrow Agent's
rights or duties are affected thereby, unless Escrow Agent has given its
prior written consent thereto.
6.5 In the event of any controversy or dispute under this Agreement, or with
respect to any question as to the construction of this Agreement, of any
action to be taken by Escrow Agent under this Agreement, Escrow Agent will
incur no liability for any actions taken or omitted in good faith in
accordance with the advice and the opinion of its counsel or its own
reasonable judgment. In the event of any controversy or dispute under this
Agreement, or with respect to any question as to the construction of this
Agreement, of any action to be taken by Escrow Agent under this Agreement,
Escrow Agent may request written instructions by MSO Inc. and OSAS
Stockholders or may commence an interpleader action or seek any other
appropriate relief from a court of competent jurisdiction. The parties
hereto consent to jurisdiction and venue in such court.
6.6 Escrow Agent's liability under this Agreement will be limited in all
respects solely to gross negligence or willful misconduct on its part.
7. TERMINATION
This Agreement will terminate upon the Escrow Agent's release of all of the
OSAS Stock and MSO Inc. Stock to the appropriate parties pursuant to this
Agreement.
8. GOVERNING LAW
This Agreement shall be governed by and construed in accordance with the
laws of the Kingdom of Norway.
9. ENFORCEMENT
Each party to this Agreement (i) submits to personal jurisdiction in the
Kingdom of Norway for the enforcement of this Agreement or in connection
with this Agreement, and (ii) waives any and all rights under the laws of
any state to object to jurisdiction within the Kingdom of Norway for the
purposes of litigation to enforce this Agreement or in connection with this
Agreement.
10. ARBITRATION
Except as otherwise provided herein, any dispute arising under this
Agreement will be submitted to a single arbitrator selected by the
Norwegian Bar Association in accordance with Chapter 32 of the Norwegian
Civil Procedure.
11. ASSIGNMENT
This Agreement may not be assigned by either party without the prior
written consent of the other party.
12. BENEFITS; NO THIRD PARTY BENEFICIARIES
This Agreement is specifically for the benefit of the parties hereto. None
of the provision of this Agreement is or shall be construed as for the
benefit of or enforceable by any person not a party to this Agreement.
13. NOTICE; DELIVERIES
Any notice required to be given hereunder shall be in writing and except
when notice by facsimile is specifically authorized herein, each notice or
other item to be delivered hereunder shall be either hand delivered or sent
by Federal Express, DHL or other recognized courier service that provides
receipt of delivery, to the party to whom it is to be delivered at the
addresses set forth below for the parties to this Agreement. Notice
authorized herein to be given by facsimile shall be given to the "FAX"
numbers provided below and the electronic confirmation of the sender shall
be evidence of receipt.
If to OSAS Stockholders: Venture Invest AS
Attention: Mr. Xxx Xxxxxxxx
Xxxxxxxx 0, X-0000 Xxxx, Xxxxxx
Tel: 00-00-000000
Fax: 00-00-000000
If to MSO Inc.: Geoteck International, Inc.
Attention: Mr. Xxxxx Xxxxx
0000 Xxxx Xxxxxxxx Xxxxxx, Xxxxx 0000
Xxxxxxxxx, X. X. X0X 0X0
Tel: 000-000-0000
Fax: 000-000-0000
With a copy to: Breslow & Walker
Attention Mr. Xxxxxx Xxxxxxx, Esq.
000 Xxxxx Xxxxxx
Xxx Xxxx, XX 00000
Tel: 000-000-0000
Fax: 000-000-0000
If to Escrow Agent: Glad, Arno, Meyer & Co.
Attention: Mr. Xxxx Xxxxx
Fritjof Xxxxxxxxxxx 0, X-0000 Xxxx, Xxxxxx
Tel: 00-00-000000
Fax: 00-00-000000
14. ENTIRE AGREEMENT
This Agreement and the Exhibits attached hereto constitute the entire
Agreement among the parties hereto relating to the escrow arrangements
described herein and supersedes all prior arrangements and understandings,
both written and oral, expressed or implied, with respect thereto. In
particular, the Escrow Agreement between OSAS Stockholders and the Escrow
Agent dated February 1998 is expressly superseded and terminated by this
Agreement.
15. COUNTERPARTS
This agreement may be executed in one or more counterparts each of which
shall be deemed to be an original. In order for this Agreement to be
effective, it shall not be necessary for all counterparts to be signed by
each party hereto, provided that at least one counterpart of this Agreement
is signed by each of the parties hereto.
16. FAX EXECUTION
This Agreement may be executed by delivery of a signed signature page by
fax and such fax execution will be effective in all respect, but has to be
followed by an exchange of copies by one of the methods provided for notice
under this Agreement.
Executed on May 5, 1998.
A. Geoteck International, Inc.
By:
----------------------
Name:
Title:
----------------------------- ---------------------- ---------------------------
B. OSAS STOCKHOLDERS SHARES SHARES OF
OF OSAS STOCK MSO INC. STOCK
----------------------------- ---------------------- ---------------------------
SPAX Holding AS
By: 365,000 547,500
----------------------
Name:
Title:
----------------------------- ---------------------- ---------------------------
Aasens Trykkerier AS
By: 58,400 87,600
----------------------
Name:
Title:
----------------------------- ---------------------- ---------------------------
------------------------- 149,000 223,500
Xxxx Xxxxxxxxx
----------------------------- ---------------------- ---------------------------
------------------------- 52,600 78,900
Xxxxxx Xxxxxx
----------------------------- ---------------------- ---------------------------
------------------------- 221,666 332,499
Xxxxxxx Xxxxxx
----------------------------- ---------------------- ---------------------------
------------------------- 216,666 324,999
Xxxxx Xxxxxxx
----------------------------- ---------------------- ---------------------------
------------------------- 221,666 332,499
Xxxxxx Xxxxxxxxx
----------------------------- ---------------------- ---------------------------
----------------------------- ---------------------- ---------------------------
Thyssen Stahlunion GmbH
By: 222,000 333,000
----------------------
Name:
Title:
----------------------------- ---------------------- ---------------------------
------------------------- 127,000 190,500
Xxxx Xxxxx
----------------------------- ---------------------- ---------------------------
Norsk SMB Invest 1 AS
By: 226,000 339,000
----------------------
Name:
Title:
----------------------------- ---------------------- ---------------------------
Norsk SMB Invest 2 AS
By: 332,000 498,000
----------------------
Name:
Title:
----------------------------- ---------------------- ---------------------------
Norsk SMB Invest 3 AS
By: 124,440 186,660
----------------------
Name:
Title:
----------------------------- ---------------------- ---------------------------
----------------------------- ---------------------- ---------------------------
Norsk SMB Invest 4 AS
By: 79,800 119,700
----------------------
Name:
Title:
----------------------------- ---------------------- ---------------------------
EinarNistad/Nordas Invest AS
By: 124,440 186,660
----------------------
Name:
Title:
----------------------------- ---------------------- ---------------------------
------------------------- 12,000 18,000
Xxxxx Xxxxxxx Xxxxxxx
----------------------------- ---------------------- ---------------------------
------------------------- 37,720 56,580
Xxxx Xxxxxx
----------------------------- ---------------------- ---------------------------
------------------------- 46,760 70,140
Xxxx Xxxx
----------------------------- ---------------------- ---------------------------
------------------------- 6,760 10,140
Xxxxx Xxxxxxxx-Xxxxxxxx
----------------------------- ---------------------- ---------------------------
------------------------- 25,800 38,700
Xxxxx Xxxxx
----------------------------- ---------------------- ---------------------------
------------------------- 1,000 1,500
AS Ineta
----------------------------- ---------------------- ---------------------------
----------------------------- ---------------------- ---------------------------
Concordia Capo
By: 3,000 4,500
----------------------
Name:
Title:
----------------------------- ---------------------- ---------------------------
Concordia Foss
By: 3,000 4,500
----------------------
Name:
Title:
----------------------------- ---------------------- ---------------------------
Concordia Star
By: 3,000 4,500
----------------------
Name:
Title:
----------------------------- ---------------------- ---------------------------
------------------------- 43,400 65,100
Xxxxx Xxxxxxxxx
----------------------------- ---------------------- ---------------------------
------------------------- 9,800 14,700
Erik Kristen-Johanssen
----------------------------- ---------------------- ---------------------------
------------------------- 23,000 34,500
Xxxxxx Xxxxxxxxx
----------------------------- ---------------------- ---------------------------
------------------------- 15,000 22,500
Xxxxxx Xxxxxxxxx
----------------------------- ---------------------- ---------------------------
----------------------------- ---------------------- ---------------------------
------------------------- 4,000 6,000
Hannestad Mek
----------------------------- ---------------------- ---------------------------
------------------------- 35,540 53,310
Xxx Xxxxx-Xxxxxx
----------------------------- ---------------------- ---------------------------
------------------------- 60,000 90,000
Xxxx Xxxxxxx
----------------------------- ---------------------- ---------------------------
------------------------- 20,000 30,000
Johnco AS
----------------------------- ---------------------- ---------------------------
------------------------- 26,760 40,140
Xxxx Xxxxx
----------------------------- ---------------------- ---------------------------
------------------------- 7,500 11,250
Xxx Xxxxx
----------------------------- ---------------------- ---------------------------
Karlander Invest AS
By: 24,000 36,000
----------------------
Name:
Title:
----------------------------- ---------------------- ---------------------------
------------------------- 17,800 26,700
Xxxxx Xxxxxxx
----------------------------- ---------------------- ---------------------------
----------------------------- ---------------------- ---------------------------
Nistad Finans og Eiendom AS
By: 138,100 207,150
----------------------
Name:
Title:
----------------------------- ---------------------- ---------------------------
------------------------- 28,200 42,300
Ole-Xxxxx Xxxxx
----------------------------- ---------------------- ---------------------------
------------------------- 27,860 41,790
Xxxx Xxxx
----------------------------- ---------------------- ---------------------------
------------------------- 64,100 96,150
Xxxxxxx Xxxxxx
----------------------------- ---------------------- ---------------------------
------------------------- 15,000 22,500
Xxxxx Xxxxx
----------------------------- ---------------------- ---------------------------
Trade Invest AS
By: 20,000 30,000
----------------------
Name:
Title:
----------------------------- ---------------------- ---------------------------
----------------------------- ---------------------- ---------------------------
Zaco AS
By: 9,600 14,400
----------------------
Name:
Title:
----------------------------- ---------------------- ---------------------------
C. Glad, Arno, Meyer & Co.
By:
---------------------------
Name: Xxxx Xxxxx