Exhibit 10.1

 

FIRST AMENDMENT TO THE
PREFERRED STOCK PURCHASE AGREEMENT

 

THIS FIRST AMENDMENT TO THE PREFERRED STOCK PURCHASE AGREEMENT (this
“Amendment”) is entered into as of July 19, 2016 by and among Eagle Bulk
Shipping, Inc., a Republic of the Marshall Islands corporation (the “Company”),
and the parties listed on Schedule 1 (each a “Purchaser” and collectively the
“Purchasers”) of the Preferred Stock Purchase Agreement, dated as of May 26,
2016, by and among the Company and the Purchasers (the “Purchase Agreement”).
Initially capitalized terms used but not otherwise defined in this Amendment
shall have the meanings ascribed to such terms in the Purchase Agreement.

 

RECITALS

 

WHEREAS, the Company and the Purchasers entered into the Purchase Agreement on
May 26, 2016;

 

WHEREAS, pursuant to Section 8.4 of the Purchase Agreement, the Company and each
of the Purchasers desire to amend the Purchase Agreement as set forth herein.

 

NOW, THEREFORE, in consideration of the mutual covenants and undertakings
contained herein and for good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto hereby agree as
follows:

 

AGREEMENT

 

Section 1.     Amendment to Section 7.1 of the Purchase Agreement. Effective as
of the date hereof, Section 7.1 of the Purchase Agreement is hereby amended and
restated in its entirety to read as follows:

 

“Section 7.1     Termination. This Agreement may be terminated on a
Purchaser-by-Purchaser basis (i) by mutual consent between the Company and such
Purchaser evidenced in writing and (ii) by such Purchaser or the Company if the
Closing does not occur on or before September 1, 2016, provided that the party
seeking to terminate this Agreement pursuant to this Section 7.1 shall not have
breached in any material respects its representations, warranties or covenants
set forth in this Agreement.”

 

Section 2.     Confirmation and Effect. Except as set forth in Section 1 of this
Amendment, the provisions of the Purchase Agreement shall remain unchanged and
in full force and effect in accordance with its terms following the
effectiveness of this Amendment. Each reference in the Purchase Agreement to
“this Agreement”, “hereunder”, “hereof”, “herein”, or words of like import shall
mean and be a reference to the Purchase Agreement as amended hereby, and each
reference to the Purchase Agreement in any other document, instrument or
agreement executed and/or delivered in connection with the Purchase Agreement
shall mean and be a reference to the Purchase Agreement as amended hereby.

 

 

 
 

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Section 3.     Miscellaneous.

 

(A)

Complete Agreement. This Amendment and the Purchase Agreement (including all
Exhibits and Schedules attached thereto), together, constitute the entire
agreement of the Parties hereto with respect to the subject matter of this
Amendment and the Purchase Agreement and supersede all other prior negotiations,
agreements and understandings, whether written or oral, among the Parties hereto
with respect to the subject matter of this Amendment and the Purchase Agreement.

 

(B)

Counterparts. This Amendment may be executed in one or more counterparts, each
of which shall be deemed an original, but all of which together shall constitute
one and the same instrument. For purposes of this Amendment, facsimile and .pdf
signatures shall be deemed originals for all purposes.

 

[SIGNATURE PAGE FOLLOWS]

 

 

 
 

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IN WITNESS WHEREOF, the Parties have executed this Amendment, to be effective on
the date first above written.

 

 

 

EAGLE BULK SHIPPING INC.

 

 

 

 

 

 

 

 

 

 

By:

/s/ Adir Katzav

 

 

 

Name: Adir Katzav

 

 

 

Title: Chief Financial Officer

 

 

 

[Signature Page to Amendment] 
 

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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/ Mahesh Balakrishnan

 

 

 

Name: Mahesh Balakrishnan

 

 

 

Title: Managing Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ Kenneth Liang

 

 

 

Name: Kenneth Liang

 

 

 

Title: Managing Director

 

        Notice Information:   Oaktree Capital Management, L.P.      

333 South Grand Avenue, 28th Floor

Los Angeles, CA 90071

              Attn: Hyunjoo Quon

Phone: (213) 830-6298

Fax: (213) 830-6294

Email: hquon@oaktreecapital.com

 

 

 

[Signature Page to Amendment] 
 

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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/ Mahesh Balakrishnan

 

 

 

Name: Mahesh Balakrishnan

 

 

 

Title: Managing Director

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

By:

/s/ Kenneth Liang

 

 

 

Name: Kenneth Liang

 

 

 

Title: Managing Director

 

        Notice Information:     Oaktree Capital Management, L.P.      

333 South Grand Avenue, 28th Floor

Los Angeles, CA 90071

              Attn: Hyunjoo Quon

Phone: (213) 830-6298

Fax: (213) 830-6294

Email: hquon@oaktreecapital.com

 

 

 

[Signature Page to Amendment] 
 

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OAKTREE OPPORTUNITIES FUND VIIIB, L.P.

 

By: Oaktree Opportunities Fund VIIIb GP, L.P., its General Partner

 

By: Oaktree Opportunities Fund VIIIb GP Ltd., its General Partner

 

By: Oaktree Capital Management, L.P., its Director

 

 

 

 

 

 

 

 

 

 

By:

/s/ Mahesh Balakrishnan

 

 

 

Name: Mahesh Balakrishnan

 

 

 

Title: Managing Director

 

 

 

 

By:

/s/ Kenneth Liang

 

 

 

Name: Kenneth Liang

 

 

 

Title: Managing Director

 

        Notice Information:   Oaktree Capital Management, L.P.      

333 South Grand Avenue, 28th Floor

Los Angeles, CA 90071

              Attn: Hyunjoo Quon

Phone: (213) 830-6298

Fax: (213) 830-6294

Email: hquon@oaktreecapital.com

 

 

 

 [Signature Page to Amendment]
 

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OAKTREE OPPORTUNITIES FUND VIIIB (PARALLEL), L.P.

 

By: Oaktree Opportunities Fund VIIIb GP, L.P., its General Partner

 

By: Oaktree Opportunities Fund VIIIb GP Ltd., its General Partner

 

By: Oaktree Capital Management, L.P., its Director

 

 

 

 

 

 

 

 

 

 

By:

/s/ Mahesh Balakrishnan

 

 

 

Name: Mahesh Balakrishnan

 

 

 

Title: Managing Director

 

 

 

 

By:

/s/ Kenneth Liang

 

 

 

Name: Kenneth Liang

 

 

 

Title: Managing Director

 

        Notice Information:    Oaktree Capital Management, L.P.      

333 South Grand Avenue, 28th Floor

Los Angeles, CA 90071

              Attn: Hyunjoo Quon

Phone: (213) 830-6298

Fax: (213) 830-6294

Email: hquon@oaktreecapital.com

 

 

 

[Signature Page to Amendment] 
 

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OAKTREE OPPORTUNITIES IX, L.P.

 

By: Oaktree Opportunities Fund IX GP, L.P., its General Partner

 

By: Oaktree Opportunities Fund IX GP Ltd., its General Partner

 

By: Oaktree Capital Management, L.P., its Director

 

 

 

 

 

 

 

 

 

 

By:

/s/ Mahesh Balakrishnan

 

 

 

Name: Mahesh Balakrishnan

 

 

 

Title: Managing Director

 

 

 

 

By:

/s/ Kenneth Liang

 

 

 

Name: Kenneth Liang

 

 

 

Title: Managing Director

 

        Notice Information:   Oaktree Capital Management, L.P.      

333 South Grand Avenue, 28th Floor

Los Angeles, CA 90071

              Attn: Hyunjoo Quon

Phone: (213) 830-6298

Fax: (213) 830-6294

Email: hquon@oaktreecapital.com

 

 

 

[Signature Page to Amendment] 
 

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OAKTREE OPPORTUNITIES FUND IX (PARALLEL), L.P.

 

By: Oaktree Opportunities Fund IX GP, L.P., its General Partner

 

By: Oaktree Opportunities Fund IX GP Ltd., its General Partner

 

By: Oaktree Capital Management, L.P., its Director

 

 

 

 

 

 

 

 

 

 

By:

/s/ Mahesh Balakrishnan

 

 

 

Name: Mahesh Balakrishnan

 

 

 

Title: Managing Director

 

 

 

 

By:

/s/ Kenneth Liang

 

 

 

Name: Kenneth Liang

 

 

 

Title: Managing Director

 

        Notice Information:    Oaktree Capital Management, L.P.      

333 South Grand Avenue, 28th Floor

Los Angeles, CA 90071

              Attn: Hyunjoo Quon

Phone: (213) 830-6298

Fax: (213) 830-6294

Email: hquon@oaktreecapital.com

 

 

 

[Signature Page to Amendment] 
 

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OAKTREE OPPORTUNITIES FUND IX (PARALLEL 2), L.P.

 

By: Oaktree Opportunities Fund IX GP, L.P., its General Partner

 

By: Oaktree Opportunities Fund IX GP Ltd., its General Partner

 

By: Oaktree Capital Management, L.P., its Director

 

 

 

 

 

 

 

 

 

 

By:

/s/ Mahesh Balakrishnan

 

 

 

Name: Mahesh Balakrishnan

 

 

 

Title: Managing Director

 

   

 

 

 

 

 

By:

/s/ Kenneth Liang

 

 

 

Name: Kenneth Liang

 

 

 

Title: Managing Director

 

        Notice Information:   Oaktree Capital Management, L.P.      

333 South Grand Avenue, 28th Floor

Los Angeles, CA 90071

              Attn: Hyunjoo Quon

Phone: (213) 830-6298

Fax: (213) 830-6294

Email: hquon@oaktreecapital.com

 

 

 

[Signature Page to Amendment] 
 

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  NB DISTRESSED DEBT MASTER FUND LP        

 

By: Neuberger Berman Investment Advisers LLC, as Investment Manager

 

 

 

 

 

 

 

 

 

 

By:

/s/ Ravi Soni

 

 

 

Name: Ravi Soni

 

 

 

Title: Senior Vice President

 

        Notice Information:    NB Distressed Debt Master Fund LP      

c/o Neuberger Berman

190 S. La Salle St., Suite 2300

Chicago, IL 60603

              Attn: Bank Loan Team

Phone: (312) 325-7798

Fax: (214) 919-7320

Email: 12149197320@tls.ldsprod.com

             

with a copy to:

 

Email: FIBankLoanSettlements@nb.com

 

 

 

[Signature Page to Amendment] 
 

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  NB DISTRESSED DEBT INVESTMENT FUND LIMITED        

 

By: Neuberger Berman Investment Advisers LLC, as Investment Manager

 

 

 

 

 

 

 

 

 

 

By:

/s/ Ravi Soni

 

 

 

Name: Ravi Soni

 

 

 

Title: Senior Vice President

 

        Notice Information:   NB Distressed Debt Investment Fund Limited      

c/o Neuberger Berman

190 S. La Salle St., Suite 2300

Chicago, IL 60603

              Attn: Bank Loan Team

Phone: (312) 325-7798

Fax: (201) 719-2191

Email: 12017192191@tls.ldsprod.com

             

with a copy to:

 

Email: FIBankLoanSettlements@nb.com

 

 

 

[Signature Page to Amendment] 
 

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  GOLDENTREE 2004 TRUST        

 

By: GoldenTree Asset Management, LP, its Investment Advisor

 

 

 

 

 

 

 

 

 

 

By:

/s/ Karen Weber

 

 

 

Name: Karen Weber

 

 

 

Title: Director—Bank Debt

 

        Notice Information:   GoldenTree 2004 Trust      

300 Park Avenue, 21st Floor

New York, NY 10022

              Attn: Brian DaSilva

Phone: (212) 847-3548

Fax: (212) 847-3429

Email: GTAMNOTICES@goldentree.com

 

     

 

[Signature Page to Amendment] 
 

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  GT NM, L.P.        

 

By: GoldenTree Asset Management, LP

 

 

 

 

 

 

 

 

 

 

By:

/s/ Karen Weber

 

 

 

Name: Karen Weber

 

 

 

Title: Director—Bank Debt

 

        Notice Information:   GT NM, L.P.      

300 Park Avenue, 21st Floor

New York, NY 10022

              Attn: Brian DaSilva

Phone: (212) 847-3548

Fax: (212) 847-3429

Email: GTAMNOTICES@goldentree.com

 

 

 

[Signature Page to Amendment] 
 

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SAN BERNARDINO COUNTY EMPLOYEES' RETIREMENT ASSOCIATION

 

        By: GoldenTree Asset Management, LP  

 

 

 

 

 

 

 

 

 

By:

/s/ Karen Weber

 

 

 

Name: Karen Weber

 

 

 

Title: Director—Bank Debt

 

        Notice Information:   San Bernardino County Employees’ Retirement
Association      

300 Park Avenue, 21st Floor

New York, NY 10022

              Attn: Brian DaSilva

Phone: (212) 847-3548

Fax: (617) 310-5669

Email: GTAMNOTICES@goldentree.com

 

      

 

[Signature Page to Amendment] 
 

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LISA AND STEVEN TANANBAUM FAMILY FOUNDATION

 

 

 

 

 

 

 

 

 

 

By:

/s/ Steven Tananbaum

 

 

 

Name: Steven Tananbaum

 

 

 

Title: Authorized Signatory

 

                Notice Information:   Lisa and Steven Tananbaum Family
Foundation      

10 Loden Lane

Purchase, NY 10577

              Attn: Steven Tananbaum, Robin Statsky and Anastasia Athanasiou

Fax: (212) 847-3559

Email: stananbaum@goldentree.com

 

 

 

[Signature Page to Amendment] 
 

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GARY S. VOGEL

 

 

 

 

 

 

 

 

 

 

 

/s/ Gary S. Vogel

 

 

 

 

 

Notice Information:

 

c/o Eagle Bulk Shipping Inc.

 

   

300 First Stamford Place

Stamford, CT 06902

             

Phone: (303) 276-8100

Fax: (203) 276-8199

Email: gvogel@eagleships.com

 

 

 

[Signature Page to Amendment]

 

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PAUL LEAND

 

 

 

 

 

 

 

 

 

 

 

/s/ Paul Leand

 

 

 

 

 

Notice Information:

 

Paul Leand

 

    152 Stuyvesant Avenue       Rye, NY 10580               Phone: (917)
442-2300       Fax: (212) 208-4630       Email: pleand@amausa.com