Exhibit 10.1

 

Execution Version

 

AMENDMENT NO. 1 TO WARRANT AGREEMENT

 

This Amendment no. 1 to WARRANT AGREEMENT (this “Amendment”), dated as of July
2, 2014, is entered into by and among Eagle Bulk Shipping Inc. (the “Company”)
and the Warrant Holders signatory hereto (the “Consenting Warrant Holders”).
Capitalized terms used but not otherwise defined herein shall have the meaning
ascribed to them in the Warrant Agreement or the Warrants (as each is defined
below).

 

RECITALS

 

WHEREAS, the Company and certain lenders under the Credit Agreement entered into
that certain Waiver and Forbearance Agreement, dated as of March 19, 2014 (as
amended to date and as may be further amended, the “Waiver and Forbearance
Agreement”) (such lenders, the “Forbearing Lenders”);

 

WHEREAS, certain of the Forbearing Lenders are Holders of Warrants, and such
Forbearing Lenders, together with all other Consenting Warrant Holders,
constitute, as of the date hereof, the “Majority Holders,” as that term is
defined in the Warrant Agreement;

 

WHEREAS, the Waiver and Forbearance Agreement provides for the amendment of the
Warrant Agreement upon the terms and subject to the conditions described
therein; and

 

WHEREAS, the Company and the Majority Holders desire to amend the Warrants and
the Warrant Agreement in the manner described below.

 

NOW THEREFORE, in consideration of the mutual agreements herein contained and
other good and valuable consideration, including pursuant to the Waiver and
Forbearance Agreement which, for the avoidance of doubt, includes the forfeiture
by the Forbearing Lenders party thereto of the Forbearance Fee described
therein, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto, intending to be legally bound hereby, agree as follows:

 

AGREEMENT

 

Section 1.     Amendment of the Warrants. The Warrants held by lenders under the
Credit Agreement (the “Lenders”, and such Warrants held by Lenders, the “Lender
Warrants”) shall be amended in the manner described below and such amendments
shall be reflected in an amendment to the applicable Warrant Certificate in
substantially the form attached hereto as Exhibit A (each such amendment, a
(“Warrant Amendment”):

 

 

(a)

With respect to Lender Warrants issued in respect of Exercise Commencement Date
B:

 

 

i.

the first sentence of the third full paragraph of the Warrant Certificate shall
be amended to delete “the Exercise Trigger Price and” therefrom; and

 

 
 

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ii.

the first sentence of the fourth full paragraph of the Warrant Certificate shall
be amended to read “This Warrant Certificate shall be exercisable, at the
election of the holder, at any time on or after the Effective Date and on or
prior to the Expiration Date either as an entirety or in part from time to
time.”

 

(b)

With respect to Lender Warrants issued in respect of Exercise Commencement Date
C:

 

 

i.

the first sentence of the third full paragraph of the Warrant Certificate shall
be amended to delete “the Exercise Trigger Price and” therefrom; and

 

 

ii.

the first sentence of the fourth full paragraph of the Warrant Certificate shall
be amended to read “This Warrant Certificate shall be exercisable, at the
election of the holder, at any time on or after the Effective Date and on or
prior to the Expiration Date either as an entirety or in part from time to
time.”

 

The Company shall promptly deliver a Warrant Amendment with respect to any
Warrant Certificate that is a Lender Warrant upon receipt of written request
from the Holder of such Warrant Certificate together with such Warrant
Certificate and any other documentation reasonably requested by the Company to
evidence the ownership of such Warrant Certificate.

 

Section 2.     Amendment of the Warrant Agreement. The Warrant Agreement shall
be amended in the manner described below with respect to the Lender Warrants:

 

 

(a)

The following defined terms are hereby deleted in their entirety in the Warrant
Agreement, wherever they appear in the Warrant Agreement: “Exercise Trigger
Price B,” “Exercise Trigger Price C,” “Exercise Trigger Prices,” and
“Substantial Distribution of Assets”.

 

 

(b)

The following language is inserted as Section 7(g) of the Warrant Agreement:

 

“(g)      Prohibition on Transfers

 

Notwithstanding any other provision herein to the contrary, for so long as the
Waiver and Forbearance Agreement, dated as of March 19, 2014, between the
Company and the other parties thereto (such parties, the “Forbearing Lenders”),
as the same may be amended or modified from time to time, or any successor
agreement thereto, is in effect, no Holder of Warrants or Warrant Shares shall
trade or otherwise transfer, directly or indirectly, to any other Person any
Warrants or Warrant Shares, except in connection with a transfer of such
Holder’s loans under the Credit Agreement to such Person.”

 

 
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(c)

Section 8(a)(ii) is hereby deleted in its entirety and replaced with the
following:

 

“in the case of a Warrant issued in respect of Exercise Commencement Date B (as
denoted on Schedule 1), at any time on or after the Effective Date; or”

 

 

(d)

Section 8(a)(iii) is hereby deleted in its entirety and replaced with the
following:

 

“in the case of a Warrant issued in respect of Exercise Commencement Date C (as
denoted on Schedule 1), at any time on or after the Effective Date,”

 

 

(e)

Section 13(b)(i)(B) is hereby amended by replacing “; and” at the end of the
section with “.”.

 

 

(f)

Section 13(b)(ii) is hereby deleted in its entirety.

 

 

(g)

Section 13(d)(i)(B) is hereby amended by replacing “;” at the end of the section
with “.”.

 

 

(h)

Section 13(d)(ii) is hereby deleted in its entirety, and the last paragraph of
Section 13(d) is hereby deleted in its entirety and replaced with the following:

 

“In the event that any issuance of the type described in this Clause 13(d) is
declared but not purchased in full, the number of Warrant Shares shall again be
adjusted to be the number of Warrant Shares that would then be in effect if such
issuance had been made only with respect to the number of shares of Common Stock
actually purchased.”

 

Section 3.     Effectiveness; Incorporation into the Warrant Agreement. The
Amendment shall be effective only upon execution and delivery of this instrument
by the Company and Warrant Holders constituting the Majority Holders, and shall
only be effective with respect to the Lenders and the Lender Warrants. Subject
to the foregoing, this Amendment is hereby incorporated into and deemed a part
of the Warrant Agreement and all references to “this Agreement” in the Warrant
Agreement shall include this Amendment. The Company and the Majority Holders (on
behalf of themselves and on behalf of all Holders of Warrants) acknowledge and
agree that the amendments contemplated by Section 2 are not deemed an event
requiring an adjustment for purposes of Section 13 of the Warrant Agreement.
Except as expressly provided by this Amendment, the terms and conditions of the
Warrant Agreement and the Warrants shall remain in full force and effect and
hereby are ratified and confirmed in all respects.

 

 
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Section 4.     Governing Law. This Amendment shall be governed by and construed
in accordance with the laws of the State of New York (without giving effect to
the conflict of laws provisions thereof) and for all purposes shall be construed
in accordance with the laws of such State.

 

Section 5.     Counterparts. This Agreement may be executed in any number of
counterparts (including by facsimile or portable document format (PDF)
signatures) and each of such counterparts shall for all purposes be deemed to be
an original, and such counterparts shall together constitute but one and the
same instrument.

 

Section 6.     Descriptive Headings. The headings contained in this Amendment
are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Amendment.

 

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

 
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If you are in agreement with the foregoing, please sign the form of acceptance
on the enclosed counterpart of this Amendment to Warrant Agreement and return
such counterpart to the undersigned.

 

 

 

Very truly yours,

 

EAGLE BULK SHIPPING INC.

 

 

 

 

 

 

By:

/s/ Adir Katzav

 

 

Name:  

Adir Katzav

 

 

Title:

Chief Financial Officer 

 

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

  

 

 

 

 

Big River Group Fund SPC Limited – Bond Segregated Portfolio

By: Brigade Capital Management, LLC as Investment Manager

 

By: /s/ Aaron Daniels
Name: Aaron Daniels
Title: Associate General Counsel

 

 

 

 

Warrant Holder Name

Big River Group Fund SPC Limited – Bond Segregated Portfolio

Name in Which Warrant Certificates are Registered

Big River Group Fund SPC Limited – Bond Segregated Portfolio

Warrant Certificate Number; Number of Warrants

W-B-1-28; 526.27

W-C-1-28; 526.27

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

Birch Capital Fund SPC Limited – Bond Segregated Portfolio

By: Brigade Capital Management, LLC as Investment Manager

 

By: /s/ Aaron Daniels
Name: Aaron Daniels
Title: Associate General Counsel

 

 

 

 

Warrant Holder Name

Birch Capital Fund SPC Limited – Bond Segregated Portfolio

Name in Which Warrant Certificates are Registered

Birch Capital Fund SPC Limited – Bond Segregated Portfolio

Warrant Certificate Number; Number of Warrants

W-B-1-29; 406.86

W-C-1-29; 406.86

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

Brigade Credit Fund II, LTD

By: Brigade Capital Management, LLC as Investment Manager

 

By: /s/ Aaron Daniels
Name: Aaron Daniels
Title: Associate General Counsel

 

 

 

 

Warrant Holder Name

Brigade Credit Fund II, LTD

Name in Which Warrant Certificates are Registered

Brigade Credit Fund II, LTD

Warrant Certificate Number; Number of Warrants

W-B-1-30; 6,757.50

W-C-1-30; 6,757.50

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

Brigade Distressed Value Master Fund, Ltd

By: Brigade Capital Management, LLC as Investment Manager

 

By: /s/ Aaron Daniels
Name: Aaron Daniels
Title: Associate General Counsel

 

 

 

 

Warrant Holder Name

Brigade Distressed Value Master Fund, Ltd.

Name in Which Warrant Certificates are Registered

Brigade Distressed Value Master Fund, Ltd.

Warrant Certificate Number; Number of Warrants

W-B-1-32; 1,101.19

W-C-1-32; 1,101.19

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

Brigade Leveraged Capital Structures Fund, LTD

By: Brigade Capital Management, LLC as Investment Manager

 

By: /s/ Aaron Daniels
Name: Aaron Daniels
Title: Associate General Counsel

 

 

 

 

Warrant Holder Name

Brigade Leveraged Capital Structures Fund, Ltd.

Name in Which Warrant Certificates are Registered

Brigade Leveraged Capital Structures Fund, Ltd.

Warrant Certificate Number; Number of Warrants

W-B-1-32; 24,924.93

W-C-1-32; 24,924.93

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

Brigade Opportunistic Credit Fund – ICL LP

By: Brigade Capital Management, LLC as Investment Manager

 

By: /s/ Aaron Daniels
Name: Aaron Daniels
Title: Associate General Counsel

 

 

 

 

Warrant Holder Name

Brigade Opportunistic Credit Fund – ICL LP

Name in Which Warrant Certificates are Registered

Brigade Opportunistic Credit Fund – ICL LP

Warrant Certificate Number; Number of Warrants

W-B-1-34; 897.75

W-C-1-34; 897.75

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

Brigade Opportunistic Credit Fund 16 LLC

By: Brigade Capital Management, LLC as Investment Manager

 

By: /s/ Aaron Daniels
Name: Aaron Daniels
Title: Associate General Counsel

 

 

 

 

Warrant Holder Name

Brigade Opportunistic Credit Fund 16 LLC

Name in Which Warrant Certificates are Registered

Brigade Opportunistic Credit Fund 16 LLC

Warrant Certificate Number; Number of Warrants

W-B-1-33; 451.09

W-C-1-33; 451.09

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

Brigade Opportunistic Credit LBG Fund Ltd

By: Brigade Capital Management, LLC as Investment Manager

By: /s/ Aaron Daniels
Name: Aaron Daniels
Title: Associate General Counsel

 

 

 

 

Warrant Holder Name

Brigade Opportunistic Credit LBG Fund Ltd

Name in Which Warrant Certificates are Registered

Brigade Opportunistic Credit LBG Fund Ltd

Warrant Certificate Number; Number of Warrants

W-B-1-35; 1,990.10

W-C-1-35; 1,990.10

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

Citigroup Pension Plan

By: Brigade Capital Management, LLC as Investment Manager

 

By: /s/ Aaron Daniels
Name: Aaron Daniels
Title: Associate General Counsel

 

 

 

 

Warrant Holder Name

Citigroup Pension Plan

Name in Which Warrant Certificates are Registered

Citigroup Pension Plan

Warrant Certificate Number; Number of Warrants

W-B-1-36; 190.16

W-C-1-36; 190.16

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

FedEx Corporation Employees’ Pension Trust

By: Brigade Capital Management, LLC as Investment Manager

 

By: /s/ Aaron Daniels
Name: Aaron Daniels
Title: Associate General Counsel

 

 

 

 

Warrant Holder Name

FedEx Corporation Employees’ Pension Trust

Name in Which Warrant Certificates are Registered

FedEx Corporation Employees’ Pension Trust

Warrant Certificate Number; Number of Warrants

W-B-1-37; 791.62

W-C-1-37; 791.62

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

FirstEnergy System Master Retirement Trust

By: Brigade Capital Management, LLC as Investment Manager

 

By: /s/ Aaron Daniels
Name: Aaron Daniels
Title: Associate General Counsel

 

 

 

 

Warrant Holder Name

FirstEnergy Corp. System Master Retirement Trust

Name in Which Warrant Certificates are Registered

FirstEnergy Corp. System Master Retirement Trust

Warrant Certificate Number; Number of Warrants

W-B-1-38; 605.87

W-C-1-38; 605.87

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

Future Directions Credit Opportunities Fund

By: Brigade Capital Management, LLC as Investment Manager

 

By: /s/ Aaron Daniels
Name: Aaron Daniels
Title: Associate General Counsel

 

 

 

 

Warrant Holder Name

Future Directions Credit Opportunities Fund/Brigade

Name in Which Warrant Certificates are Registered

Future Directions Credit Opportunities Fund/Brigade

Warrant Certificate Number; Number of Warrants

W-B-1-39; 371.48

W-C-1-39; 371.48

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

Los Angeles County Employees Retirement

Association

By: Brigade Capital Management, LLC as Investment Manager

 

By: /s/ Aaron Daniels
Name: Aaron Daniels
Title: Associate General Counsel

 

 

 

 

Warrant Holder Name

Los Angeles County Employees Retirement Association/Brigade

Name in Which Warrant Certificates are Registered

Los Angeles County Employees Retirement Association/Brigade

Warrant Certificate Number; Number of Warrants

W-B-1-40; 1,118.88

W-C-1-40; 1,118.88

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

OCA Brigade Credit Fund II LLC

By: Brigade Capital Management, LLC as Investment Manager

 

By: /s/ Aaron Daniels
Name: Aaron Daniels
Title: Associate General Counsel

 

 

 

 

Warrant Holder Name

OCA Brigade Credit Fund II LLC

Name in Which Warrant Certificates are Registered

OCA Brigade Credit Fund II LLC

Warrant Certificate Number; Number of Warrants

W-B-1-41; 1,052.54

W-C-1-41; 1,052.54

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

Russell Investment Company Russell Multi-Strategy Alternative Fund

By: Brigade Capital Management, LLC as Investment Manager

 

By: /s/ Aaron Daniels
Name: Aaron Daniels
Title: Associate General Counsel

 

 

 

 

Warrant Holder Name

Russell Investment Company Russell Multi-Strategy Alternative Fund

Name in Which Warrant Certificates are Registered

Russell Investment Company Russell Multi-Strategy Alternative Fund

Warrant Certificate Number; Number of Warrants

W-B-1-42; 375.91

W-C-1-42; 375.91

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

Tasman Fund LP

By: Brigade Capital Management, LLC as Investment Manager

 

By: /s/ Aaron Daniels
Name: Aaron Daniels
Title: Associate General Counsel

 

 

 

 

Warrant Holder Name

Tasman Fund LP

Name in Which Warrant Certificates are Registered

Tasman Fund LP

Warrant Certificate Number; Number of Warrants

W-B-1-43; 1,446.14

W-C-1-43; 1,446.14

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

Texas Absolute Credit Opportunities Strategy LP

By: Brigade Capital Management, LLC as Investment Manager

 

By: /s/ Aaron Daniels
Name: Aaron Daniels
Title: Associate General Counsel

 

 

 

 

Warrant Holder Name

Texas Absolute Credit Opportunities Strategy LP

Name in Which Warrant Certificates are Registered

Texas Absolute Credit Opportunities Strategy LP

Warrant Certificate Number; Number of Warrants

W-B-1-44; 163.63

W-C-1-44; 163.63

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

The Coca-Cola Company Master Retirement Trust

By: Brigade Capital Management, LLC as Investment Manager

 

By: /s/ Aaron Daniels
Name: Aaron Daniels
Title: Associate General Counsel

 

 

 

 

Warrant Holder Name

The Coca-Cola Company Master Retirement Trust

Name in Which Warrant Certificates are Registered

The Coca-Cola Company Master Retirement Trust

Warrant Certificate Number; Number of Warrants

W-B-1-45; 1,052.54

W-C-1-45; 1,052.54

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

By: /s/ Jonathan M. Kaplan
Name: Jonathan M. Kaplan
Title: Authorized Signatory

 

 

 

 

Warrant Holder Name

AAI Canyon Fund plc, solely with respect to Canyon Reflection Fund

Name in Which Warrant Certificates are Registered

AAI Canyon Fund plc, solely with respect to Canyon Reflection Fund

Warrant Certificate Number; Number of Warrants

[W-B-1-13]; 2,322.00

[W-C-1-13]; 2,322.00

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

By: /s/ Jonathan M. Kaplan
Name: Jonathan M. Kaplan
Title: Authorized Signatory

 

 

 

 

Warrant Holder Name

Canyon Balanced Master Fund, Ltd.

Name in Which Warrant Certificates are Registered

Canyon Balanced Master Fund, Ltd.

Warrant Certificate Number; Number of Warrants

[W-B-1-14]; 6,310.50

[W-C-1-14]; 6,310.50

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

By: /s/ Jonathan M. Kaplan
Name: Jonathan M. Kaplan
Title: Authorized Signatory

 

 

 

 

Warrant Holder Name

Canyon-Blue Credit Investment Fund L.P.

Name in Which Warrant Certificates are Registered

Canyon-Blue Credit Investment Fund L.P.

Warrant Certificate Number; Number of Warrants

[W-B-1-15]; 526.50

[W-C-1-15]; 526.50

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

By: /s/ Jonathan M. Kaplan
Name: Jonathan M. Kaplan
Title: Authorized Signatory

 

 

 

 

Warrant Holder Name

Canyon Distressed Opportunity Master Fund, L.P.

Name in Which Warrant Certificates are Registered

Canyon Distressed Opportunity Master Fund, L.P.

Warrant Certificate Number; Number of Warrants

[W-B-1-16]; 4,648.00

[W-C-1-16]; 4,648.00

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

By: /s/ Jonathan M. Kaplan
Name: Jonathan M. Kaplan
Title: Authorized Signatory

 

 

 

 

Warrant Holder Name

Canyon-GRF Master Fund II LP

Name in Which Warrant Certificates are Registered

Canyon-GRF Master Fund II, LP

Warrant Certificate Number; Number of Warrants

[W-B-1-17]; 1,999.00

[W-C-1-17]; 1,999.00

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

By: /s/ Jonathan M. Kaplan
Name: Jonathan M. Kaplan
Title: Authorized Signatory

 

 

 

 

Warrant Holder Name

Canyon Value Realization MAC 18 Ltd

Name in Which Warrant Certificates are Registered

Canyon Value Realization MAC 18 Ltd

Warrant Certificate Number; Number of Warrants

[W-B-1-18]; 928.50

[W-C-1-18]; 928.50

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

By: /s/ Jonathan M. Kaplan
Name: Jonathan M. Kaplan
Title: Authorized Signatory

 

 

 

 

Warrant Holder Name

Canyon-TCDRS Fund, LLC

Name in Which Warrant Certificates are Registered

Canyon-TCDRS Fund, LLC

Warrant Certificate Number; Number of Warrants

[W-B-1-19]; 1,273.50

[W-C-1-19]; 1,273.50

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

By: /s/ Jonathan M. Kaplan
Name: Jonathan M. Kaplan
Title: Authorized Signatory

 

 

 

 

Warrant Holder Name

Canyon Value Realization Fund, L.P.

Name in Which Warrant Certificates are Registered

Canyon Value Realization Fund, L.P.

Warrant Certificate Number; Number of Warrants

[W-B-1-20]; 8,181.50

[W-C-1-20]; 8,181.50

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

By: /s/ Jonathan M. Kaplan
Name: Jonathan M. Kaplan
Title: Authorized Signatory

 

 

 

 

Warrant Holder Name

Citi Canyon Ltd

Name in Which Warrant Certificates are Registered

Citi Canyon Ltd

Warrant Certificate Number; Number of Warrants

[W-B-1-21]; 181.50

[W-C-1-21]; 181.50

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

By: /s/ Jonathan M. Kaplan
Name: Jonathan M. Kaplan
Title: Authorized Signatory

 

 

 

 

Warrant Holder Name

PERMAL Canyon Fund Ltd

Name in Which Warrant Certificates are Registered

PERMAL Canyon Fund Ltd

Warrant Certificate Number; Number of Warrants

[W-B-1-22]; 606.00

[W-C-1-22]; 606.00

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

By: /s/ Jonathan M. Kaplan
Name: Jonathan M. Kaplan
Title: Authorized Signatory

 

 

 

 

Warrant Holder Name

The Canyon Value Realization Master Fund, L.P.

Name in Which Warrant Certificates are Registered

The Canyon Value Realization Master Fund, L.P.

Warrant Certificate Number; Number of Warrants

[W-B-1-23]; 17,247.50

[W-C-1-23]; 17,247.50

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

By: /s/ Dennis Lafferty
Name: Dennis Lafferty
Title: Managing Director

 

 

 

 

Warrant Holder Name

 

Name in Which Warrant Certificates are Registered

Goldman, Sachs & Co

Warrant Certificate Number; Number of Warrants

WA3; 60,950

WB3; 60,950

WC3; 60,950

  

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

Midtown Acquisitions L.P.

By: Midtown Acquisitions GP LLC, its general partner

 

By: /s/ Conor Bastable
Name: Conor Bastable
Title: Manager

 

 

 

 

Warrant Holder Name

Midtown Acquisitions L.P.

Name in Which Warrant Certificates are Registered

Midtown Acquisitions L.P.

Warrant Certificate Number; Number of Warrants

W-B-1-8; 119,402.72 warrants

W-B-4.2.3; 1,582.06 warrants

W-C-1-8; 119,402.72 warrants

W-C-4.2.3; 1,582.07 warrants

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is here by accepted by the undersigned on and as of the date hereof.

 

 

Oaktree Value Opportunities Fund, L.P.

 

By: Oaktree Value Opportunities Fund GP, L.P.

Its: General Partner

 

By: Oaktree Value Opportunities Fund GP Ltd.

Its: General Partner

 

By: Oaktree Capital Management, L.P.

Its: Director

 

 

By:     /s/ Robert O’Leary

Name: Robert O’Leary

Title:     Managing Director

 

 

By:      /s/ Mahesh Balakrishnan

Name: Mahesh Balakrishnan

Title:     Senior Vice-President

 

 

 

Name in Which Warrant Certificates are Registered

Oaktree Value Opportunities Fund, L.P.

Warrant Certificate Number; Number of Warrants

w-b-1-2; 60,759.08

w-c-1-2; 60,759.08

w-c-6.2; 4,565.24

w-b-6.2; 4,565.23

w-a-6.2; 4,565.23

W-A-7.2; 1,304.66

W-C-7.2; 1,304.67

W-B-7.2; 1,304.67

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is here by accepted by the undersigned on and as of the date hereof.

 

 

Oaktree Opportunities Fund VIIIb Delaware, L.P.

 

By: Oaktree Fund GP, LLC

Its: General Partner

 

By: Oaktree Fund GP I, L.P.

Its: Managing Member

 

 

By:      /s/ Robert O’Leary

Name:     Robert O’Leary

Title:     Authorized Signatory

 

 

By     /s/ Mahesh Balakrishnan

Name:     Mahesh Balakrishnan

Title:     Authorized Signatory

 

 

 

Name in Which Warrant Certificates are Registered

Oaktree Opportunities Fund VIIIb Delaware, L.P.

Warrant Certificate Number; Number of Warrants

W-B-1-3; 69,421.34

W-C-1-3; 69,421.34

W-A-7.1; 7,825.66

W-B-7.1; 7,825.67

W-C-7.1; 7,825.67

W-C-6.1; 27,385.54

W-B-6.1; 27,385.54

W-A-6.1; 27,385.54

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is here by accepted by the undersigned on and as of the date hereof.

 

 

 

Oaktree Huntington Investment Fund, L.P.

 

By: Oaktree Huntington Investment Fund GP, L.P.

Its: General Partner

 

By: Oaktree Huntington Investment Fund GP Ltd.

Its: General Partner

 

By: Oaktree Capital Management, L.P.

Its: Director

 

 

By:     /s/ Robert O’Leary

Name: Robert O’Leary

Title:     Managing Director

 

 

By:      /s/ Mahesh Balakrishnan

Name: Mahesh Balakrishnan

Title:     Senior Vice-President

 

 

Name in Which Warrant Certificates are Registered

Oaktree Huntington Investment Fund, L.P.

Warrant Certificate Number; Number of Warrants

w-a-6.3; 846.97

w-b-6.3; 846.98

w-c-6.3; 846.98

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is here by accepted by the undersigned on and as of the date hereof.

 

 

Oaktree Opps 9 HoldCo Ltd.

Oaktree Opps IX (Parallel 2) HoldCo Ltd.

Oaktree VOF (Cayman) 1 CTB Ltd.

Oaktree Huntington (Cayman) 5 CTB Ltd.

Oaktree Opps VIII (Cayman) 3 CTB Ltd.

Oaktree Opps IX Parallel (Cayman) 1 CTB Ltd.

Oaktree Opps IX (Cayman) 1 CTB Ltd.

Oaktree Opps IX Parallel 2 (Cayman) 1 CTB Ltd.

 

By: Oaktree Capital Management, L.P.

Their: Director

 

 

 

By:     /s/ Robert O’Leary

Name: Robert O’Leary

Title:     Managing Director

 

 

By:      /s/ Mahesh Balakrishnan

Name: Mahesh Balakrishnan

Title:     Senior Vice-President

 

Name in Which Warrant Certificates are Registered

Oaktree Opportunities Fund IX Delaware, L.P.

Warrant Certificate Number; Number of Warrants

w-c-1-4; 224,858.43

w-b-1-4; 224,858.43

 

Name in Which Warrant Certificates are Registered

Oaktree Opportunities Fund IX (Parallel 2), L.P.

Warrant Certificate Number; Number of Warrants

w-c-1-5; 2,065.00

w-b-1-5; 2,065.00

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

Onex Debt Opportunity Fund, Ltd.

By: Onex Credit Partners, LLC, its investment manager

 

By: /s/ Kevin Connors
Name: Kevin Connors 
Title: Portfolio Manger

 

 

 

 

Warrant Holder Name

Onex Debt Opportunity Fund, Ltd.

Name in Which Warrant Certificates are Registered

Onex Debt Opportunity Fund, Ltd.

Warrant Certificate Number; Number of Warrants

W-A-4.3 – 7,251.00

W-B-4.3-7,251.00

W-C-4.3-7,251.00

W-B-1-47; 5,130.00

W-C-1-47; 5,130.00

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

OCP Investment Trust

By: Onex Credit Partners, LLC, its manager

 

By: /s/ Kevin Connors
Name: Kevin Connors
Title: Portfolio Manger

 

 

 

 

Warrant Holder Name

OCP Investment Trust

Name in Which Warrant Certificates are Registered

OCP Investment Trust

Warrant Certificate Number; Number of Warrants

W-A-4.3 - 6,177.00

W-B-4.3- 6,177.00

W-C-4.3- 6,177.00

W-B-1-48: 3,714.50

W-C-1-48: 3,714.50

 

 
 [Signature Page to Amendment 1 to Warrant Agreement] 

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The foregoing Amendment to the Warrant Agreement with Eagle Bulk Shipping Inc.
is hereby accepted by the undersigned on and as of the date thereof.

 

 

 

 

 

By: /s/ William Kelly
Name: William Kelly
Title: COO of Panning Capital Management LP, as investment manager of Panning
Master Fund, LP

 

 

 

 

Warrant Holder Name

Panning Master Fund, LP

Name in Which Warrant Certificates are Registered

Panning Master Fund, LP

Warrant Certificate Number; Number of Warrants

W-A-4.1; 17,903.07

W-B-4.1; 17,903.07

W-C-4.1; 17,903.07

W-B-1-1; 17,689.80

W-C-1-1; 17,689.80

 

 
 [Signature Page to Amendment 1 to Warrant Agreement]

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EXHIBIT A

 

FORM OF AMENDMENT TO WARRANT CERTIFICATE

 

THIS AMENDMENT AND THE WARRANTS REPRESENTED BY THIS WARRANT CERTIFICATE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE “SECURITIES
ACT”) AND MAY NOT BE SOLD OR TRANSFERRED EXCEPT IN COMPLIANCE WITH THE
SECURITIES ACT, ANY APPLICABLE STATE SECURITIES LAWS AND THE RULES AND
REGULATIONS PROMULGATED THEREUNDER.

 

THIS AMENDMENT AND THE WARRANTS REPRESENTED BY THIS CERTIFICATE HAVE BEEN ISSUED
PURSUANT TO AND ARE SUBJECT TO A WARRANT AGREEMENT, AS AMENDED BY THAT CERTAIN
AMENDMENT NO. 1 TO WARRANT AGREEMENT (THE “WARRANT AGREEMENT”), WHICH SETS FORTH
THE RIGHTS AND OBLIGATIONS OF THE COMPANY AND THE HOLDER OF THESE WARRANTS. THE
WARRANT AGREEMENT CONTAINS PROHIBITIONS ON THE TRANSFER OF THESE WARRANTS AND
THE RIGHTS RELATED THERETO. BY ACCEPTING ANY INTEREST IN THESE WARRANTS, ANY
TRANSFER RECIPIENT SHALL BE DEEMED TO AGREE TO AND SHALL BECOME BOUND BY ALL OF
THE PROVISIONS OF THE WARRANT AGREEMENT. A COPY OF THE WARRANT AGREEMENT AND
AMENDMENT NO. 1 TO WARRANT AGREEMENT ARE ON FILE AT THE COMPANY'S PRINCIPAL
OFFICE.

 

 

 

AMENDMENT TO WARRANT CERTIFICATE

 

EAGLE BULK SHIPPING INC.

 

 

 

Amendment to Warrant Certificate No. _____________

 

Date: _________________

 

This Amendment (this “Amendment”) to Warrant Certificate No. [__] is issued
pursuant to Amendment No. 1 to the Warrant Agreement dated as of June [ ], 2014,
by and among the Company and the Warrant Holders party thereto. All capitalized
terms herein, unless otherwise defined herein, shall have the meanings ascribed
to them in the Warrant or the Warrant Agreement.

 

1.     Amendments.      The Warrant is hereby amended as follows:

 

1.1.     The first sentence of the third full paragraph of the Warrant
Certificate shall be amended to delete “the Exercise Trigger Price and”
therefrom.

 

 
[Form of Amendment to Warrant Certificate] 

--------------------------------------------------------------------------------

 

 

 

1.2.     The first sentence of the fourth full paragraph of the Warrant
Certificate shall be amended to read “This Warrant Certificate shall be
exercisable, at the election of the holder, at any time on or after the
Effective Date and on or prior to the Expiration Date either as an entirety or
in part from time to time.”

 

2.     Incorporation into the Warrant; Issuance of Amended and Restated Warrant.

 

2.1.     This Amendment is hereby incorporated into and deemed a part of the
Warrant and all references to “Warrant” in the Warrant or this Amendment shall
include this Amendment. Except as expressly provided by this Amendment, the
terms and conditions of the Warrant shall remain in full force and effect and
hereby are ratified and confirmed in all respects.

 

2.2.     The Warrant Holder may deliver the Warrant, together with this
Amendment, to the Company and, upon receipt thereof, the Company will issue an
Amended and Restated Warrant to such Warrant Holder.

 

3.     Governing Law. This Amendment shall be governed by and construed in
accordance with the laws of the State of New York (without giving effect to the
conflict of laws provisions thereof) and for all purposes shall be construed in
accordance with the laws of such State.

 

[Remainder of Page Intentionally Left Blank; Signature Page Follows]

 

 
 

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IN WITNESS WHEREOF, the Company has executed this Amendment to Warrant
Certificate as of the date first written above.

 

 

EAGLE BULK SHIPPING INC.

 

 

 

 

 

 

 

 

 

 

By:

 

 

 

Name:  

 

 

Title: