Company: CMRE-PC
Filing Date: 2025-02-20
Form Type: 20-F
Source: 0001140361-25-005199
Chunk: 179

Company: Costamare Inc.
Filing Date: 2025-02-20
Form: 20-F
Item: Item 7
Chunk 179
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Agency Agreements
 
Costamare Bulkers Inc. entered into separate Agency Agreements for the provision of chartering and/or cargo sourcing and/or research services with Local Agency A, Local Agency B and Local Agency C on November 14, 2022, and Local Agency D on November 20, 2023. On December 16, 2024, the Agency Agreements were most recently amended and restated such that each Local Agency can now provide its services to any dry bulk subsidiary of the Company, in addition to CBI. CBI may also charter out its vessels to Local Agency C. Local Agency A, Local Agency B and Local Agency D are controlled by our chairman and chief executive officer, Konstantinos Konstantakopoulos. Local Agency C is controlled by our chief financial officer, Gregory Zikos.
Term and Termination Rights
 
Under the agreements between Costamare Bulkers and each of the Agency Companies, Costamare Bulkers may terminate the agreement with the respective Agency Company, with immediate effect by notice, if such Agency Company (a) is subject to an insolvency event, (b) is a sanctioned person, (c) commits a material breach of the agreement that cannot be remedied or was not remedied in due time or (d) commits repeated breaches of the agreement so as to deprive Costamare Bulkers of the use or enjoyment of such Agency Companies’ services, or to cause business disruption or substantial inconvenience. In addition, Costamare Bulkers may also terminate the agreements in accordance with the force majeure clauses thereunder.
Fees
 
Under the agreements between Costamare Bulkers and each of the Agency Companies, Costamare Bulkers shall pay to each Agency Company, fees for the performance and provision of services by such Agency Company, calculated on the basis of (a) the cost base of the relevant Agency Company, plus (b) a mark up of 11% on the cost base of the relevant Agency Company, plus (c) any costs incurred by the relevant Agency Company (as paying agent only) on behalf of Costamare Bulkers in the performance and provision of such services.
 
In the year ended December 31, 2024, the Agency Companies received in aggregate a fee of $1.4 million provided in accordance with the respective Agency Agreements.
 
Tax Indemnity Deed
 
CBI also provides Local Agency C a tax indemnity in case of any tax disputes with local tax authorities relating to the characterization of