Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 180

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 7
Chunk 180
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 the hire or freight revenue earned by Local Agency C on its charters as pass through payments.
Neptune Management Agreement
 
On March 15, 2023, our chairman and chief executive officer acquired 51% of the issued and outstanding capital of Neptune Manager which provides to Neptune administrative, strategic, accounting and tax as well as insurance arrangements and vessel related services in respect of vessels being financed or to be financed by Neptune. See “Item 4. Information on the Company—A. History and Development of the Company”.
Term and Termination Rights
 
Under the Neptune Management Agreement entered into between the Neptune Manager and Neptune:
 

(a)   The Neptune Manager may terminate the Neptune Management Agreement with immediate effect by notice if:
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(i)   any moneys payable by Neptune under the Neptune Management Agreement have not been received by the Neptune Manager within a certain time period from relevant request by the Neptune Manager;
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(ii)   the Manager is required by Neptune to take any action that contravenes applicable law or is unduly hazardous or improper or hazardous to any crew member of any vessel financed or other person; or
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(iii)   an insolvency event of Neptune occurs.
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(b)   Neptune may terminate the Neptune Management Agreement with immediate effect by notice if a material breach by the Neptune Manager occurs in the performance of its obligations under the said agreement and such breach (if
                                                                                             curable) is not cured within a certain period.                                                                                       
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Fees
 
In the year ended December 31, 2024, the Neptune Manager received 1.5% of the aggregate amount of all invested amount made through such year plus 0.8% of the aggregate amount of all undrawn commitments. In the year ended December 31, 2024, Neptune Manager charged an amount of $3.3 million in management fees.
NML Debt Financing
 
As of February 12, 2025, NML has committed to provide financing to a joint venture and related entities, subject to final documentation, in an amount up to $180 million in the form of sale and leaseback transactions. Our chairman and chief executive officer Konstantinos Konstantakopoulos and a member of his family hold equity interests of approximately 17% each in the joint venture.
Restrictive Covenant Agreements
 
On July 1, 2021, the restrictive covenant agreement we had entered into with Konstantinos Konstantakopoulos was amended and