Common use of Stock Bonus Clause in Contracts

Stock Bonus. If the Company achieves the Pro-forma Goals on or before the first anniversary of the Effective Date, the Company shall cause its parent company, Ocean Ventures Inc. ("OCV"), to issue to the Executive One Hundred Twelve Thousand Five Hundred (112,500) common shares in the capital of OCV (the "Bonus Shares"). The right to receive the Bonus Shares shall vest on the one-year anniversary of the Effective Date only if (a) the Executive is then still employed by the Company, and (b) the Company has then achieved the Pro-forma Goals. The Bonus Shares will be subject to such restrictions on resale as are required by law and the certificates evidencing them will bear the following legend: NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 ACT (THE "1933 ACT"), OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT.

Stock Bonus. If the Company achieves the Pro-forma Goals on or before the first anniversary of the Effective DateDecember 31, 2003, the Company shall cause its parent company, Ocean Ventures Inc. ("OCV"), to issue to the Executive One Hundred Twelve Thousand Five Hundred (112,500) common shares in the capital of OCV (the "Bonus Shares"). The right to receive the Bonus Shares shall vest on the one-year anniversary of the Effective Date December 31, 2003 but it shall vest only if (a) the Executive is then still employed by the Company, and (b) the Company has then achieved the Pro-forma Goals. If either of the events described in the preceding sentence does not occur, the right to receive the Bonus Shares shall be cancelled on December 31, 2003 and shall thereafter be of no further force or effect. The Bonus Shares will be subject to such restrictions on resale as are required by law and the certificates evidencing them will bear the following legend: NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 ACT (THE "1933 ACT"), OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT.