EX-10.4










	MEMORANDUM OF AGREEMENT.




	ships Adopted by The Baltic and International
Maritime Council(BlMCO) in 1956
Dated: Code-name
SALEFORM 1993




	[ Revised 1966, 1983 and





	GOLDIE NAVIGATION LTD — MARSHALL ISLANDS
hereinafter called the Sellers, have agreed to
sell, and




	SEANERGY MARITIME CORP. of Marshall Islands or Guaranteed nominee 1




	hereinafter called the Buyers, have agreed to buy 2




	Name: AFRICAN ZEBRA 3




	Classification Society/Class: Bureau Veritas 08041S 4
Built: 1985 By: CSBC TAIWAN 5




	Flag: BAHAMAS            Place of Registration: NASSAU 6




	Call Sign: C6UE7 Grt/Nrt: 23,207mt / 12,963 mt 7




	Register Number: 8000937 8




	hereinafter called the Vessel, on the following terms and conditions: 9




	Definitions 10




	“Banking days” are days on which banks are open both in the country of the currency 11




	stipulated for the Purchase Price in Clause 1 and in the place of closing stipulated in Clause 8.
12




	“In writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa,
13




	a registered letter, telex, telefax or other modern form of written communication. 14




	“Classification Society” or “Class” means the Society referred to in line 4. 15




	“Master Agreement” means a master agreement of even date herewith made by and among, inter alios,
the Seanergy and the Sellers.




	“Shareholder Approval” has the meaning set forth in the Master
Agreement. “Effective Date” means the date of issuance of the
Shareholder Approval.




	“Seanergy” means Seanergy Maritime Corporation of Marshall Islands, being the parent company of the
Company to be nominated as buyer of the Vessel and of the buying companies of the other Vessels
referred to in Clause 17.




	1. Purchase Price 16

USD 34,500,000 cash (Thirty four million five hundred United States Dollars) only.




	2. Deposit 17




	As security for the correct fulfillment of this Agreement the Buyers shall pay a deposit of 20% 18




	(twenty per cent} of the Purchase Price as per Clause 17 . witeifi-3-(three)) banking-days from the
-date of this Agreement by both parties. This deposit shall be placed with FBB — First Business
Bank, 62 INotara & Sotiros Dios Str, Piraeus, Greece. Phone: + 30 210 41 18 711, Fax : + 30
21041 32 058, 20




	and held by them in a joint account between Sellers and the Buyers ___:,




	to be released in accordance with joint written instructions of the Sellers and the Buyers, The
Buyers to produce all documents required for the opening of the joint account. Interest, if any, to
be credited to the 22





 









 










 









 










 












 









	underwater damage, if any, impose condition/recommendation of class. The decision of
class as to whether underwater damage, if any, imposes a condition and/or
recommendation of class shall be final and binding for both parties. Notice of
Readiness not to be tendered prior completion of the underwater inspection.




	If damage affecting class found, that does not necessitate immediate docking. Buyers and
Sellers authorised representatives to meet to try to agree a compensation amount for Buyers
taking over the vessel with such damages, it cannot agree, repair quotes to be obtained From
two reputable repair yards nearest to the delivery port, one yard to be chosen by each party,
with compensation amount to be the average of the two repair quotes.




	(iii) If the Vessel is to be drydocked pursuant to Clause 6 b) (ii) and no suitable dry-




	docking facilities are available at the port of delivery, the Sellers shall take the Vessel




	to a port where suitable drydocking facilities are available, whether within or outside
the delivery range as per Clause 5 b) Once drydocking has taken place the Sellers shall
deliver 11
the Vessel at a port within the delivery range as per Clause 5 b) which shall, for the




	purpose of this Clause, become the new port of delivery. In such event the cancelling date
provided for in Clause 5 b) shall be ectended by the additional time required tor the
drydocking and extra steaming, but limited to a maximum of 14 running days.




	C) if the Vessel is drydocked pursuant to Clause 6 a) or 6 b) above




	(i) the Classification Society may require survey of the taitshaft system, the
extent of the suruey being to the satisfaction of the Classification surveyor. If
Such survey is not required by the Classification Society, the Buyers shall have the
right to require the tailshaft 11 to be drawn and surveyed by by the
Classifaication Society, the extent of the survey being in accordance withe the
Classification accordance with the Classfication Society’s rules for taishaft survey
and consistent and with the current stage of the Vessel’s survey cycle. The Buyers
shall declare whether they require the \tailshaft to be drawn and surveyed not
later than by the completion of the




	inspection by the Classification Socitey the drawing and refitting of the tailshaft shall be
123

arranged by the Sellers. Should any parts of the tailshaft System be condemned or found 124




	defective so as to affect the Vessel’s class, those parts shall be renewed or made good at
condition/recommendation.* the sellers expense to the satisfaction of the Classification
Society without 128




	(ii) the expenses relating to the survey of the tailshaft system shall be bome by
the Buyers unless the Classification Society requires such survey to be earned out,
in which case the Sellers shall pay these enpenses. The Sellers shall also pay the
expenses 130 if the Buyers require the survey and parts of the system are
condemned or found defective or broken so to affect the Vessels class.*




	(iii) the expenses in connection with putting the Vessel in and taking her out
of 133 drydock, including the drydock dues and the Classification Society fees
shall be paid by 134 the seller if the Classifiation Socirty issues any
condition/recommendation*as a result of the survey or if it requires survey of
the tailshaft system. In all other cases the Buyers 136 shall pay the aforesaid
ecpenses, dues and fees. (iv) the Buyers representative shall have the right to
be present in the drydock. but without interfering with the work, or docisions
of the Classification surveyor




	(v) the Buyers shall have the right to have the underwater part of the Vesael 1*0




	cleaned and painted at their risk and expense without interfering with the Sellers ‘ or the
Classifaiction surveyor’s wort, if any, and wilhOulaneclitig The Vessel’s brie 142




	however the Buyers’ work in drydock is still In progress when the Seller have 143




	completed the work which the Sellers are required to do, tha additionall docking time 144




	needed to complete the Buyers work shall be far the buyers risk end: expense in the event 145




	that the Buyers’ worK requires such additional time. The Sellers may upon compeletion of
the 146 Sellenj- work lender Notice of Readiness for delivery whilst the Vessel is still In
drydock




	and The Buyera shall be obliged to take delivery in accordence with Clause 3. wheathe- 1 *6

the Vessel is  in drydock or not and irrespective of Clause 5 b).




	* Notes, if any. In the surveypr’s . report which are accepted by the Classification Society




	without condition/recommendation are not to be taken into account





 









 










 









 












	aepuprcents jg sjdn aE-DDsr;bla f!flfl*-ihf—diite flf 1h»? Agn9trr*nK—




	All the time cf dalivery tfie Buyers and 5allc*S Sllnir i*gn ar.rj tfeliuer to each other
a PfrfidflWl of Delivery and Acceptance- Donfirrping the date and I’TO 01 ^livery of the
Vessel ftomtto SoSda (0 Die Buy-ens




	Al the time oJ delivery We Seders shell hand to Iho BuyOn; l’-r dftss-ficetton Dertilicatei.Ej as xrtll as £1 £00
PlanE/dravfln^.’inainicbDnrjDrihB nSartivc b main injme pnd auidiErieaSOPEP^ublicaliCini as <?n board
dc., which are dh board ttie vshq! Ohr’ cftrlifir^»|^ which are on bDanl the Vesstl            Z01
thai: also
be handed nwr laihe Buyera unksi Bw £el|era ?re requJred In rEtain saint, m which cbs* the
Buyert to have rT« iiphl lo tube CO(ii«S A:: other lechnicel dDcumenUlmr &-.? plans Etc astnre which may iC I
ba in the 50ll(tfS’ poasesBion Ehaii be prampBy fomardcd 10 Ihe Buyers 0f tnelr experree il 1hey W
ftqu«l Tlve StUers may keeptrte Vessel1! Ing backs bul the Suyera 1o have tite nght b 1ak<
copie? of S3me 206




	9. Encumbrantas 207




	The Sellers vrarraTiL lhai tfh; Vessel. Bl 1he tme of ddwery, is Tr« from ft;\ cha*5e*5,
e^umbranc*!!.
nvortgageB andtor maritipss liftf-S Or any dher deb1& and/ar dairng wf^fllspeyer agamE-ttfie Vtssel
BndJartha IDE
Sellers The Se-ier& herafiy tindcdak* 1u Indemnify tm Buyers agar«t 4II eanseduenceE al d-r -ni
made 210
against ihe- Vas&al which hiut teen mcyrred prinr In ihe h’m* fff dell«ry and rcferenca 10- Oause
^.3 a-’ Ihe
Master Agnaarmnt




	10. Taxes, etc




	Anytatifrl. lots and enpefisea in cntinectinn with It* purtftwe and regiHtradDn una«r tht
Buyera’ flag ihal bftfar lh& Buyera’ account, whefea& sirflil&r Cfijrg^a In DornadiDfi
with 1ht dosing of the SallMS1 register shall be tar Bra Setters’ aK6unt




	11. ConditJonOndBfiV**V




	Tht Vtt«l *«1H ewerylhing bElonging to he* Shall be attfte SellareC risk and ^K^nse ^rrtit sha is
deliwerad to lh» Buyers, but subject to 1he tenra and oondlbqn& at Ihis Ajgreemcnl She shall be 2lB






 









 












	dedverad and La*jen ovor as Sh& rf#S Bt the Hme of inspection, fair wear and tsar en-Mptetl
f’.OY^Wva:. Ihfr VfcSs*! SflaH be defcven&l wfc, h& ene&efW-Class fuHy maintained wimflul
CCndltiPntteCiG*nrnen<JalN?n’. and free at average damage affecting lint VMSol’S Cla5S.*fid with her AH
ClaS3i1i«1i(Ki Certifies and her National and Inlernaliana! Ccrtfica^c. hj b* cl83fi. a& well es a\\ other
cernficateF; ihe Vesstf Had ad the time of inspection, ciean. v^’tf Sfld une-jrtended wtthsul condign/
recommendation dy Class or Ihe rE*eua.Td Audxirilcs at Chfl lime fll Denary
CSM rtgms to be clem and up ts !ha date al Hit hmtoF (he- Vfljsera delivery or do on board
without any nrian-iipM OF Outstanding i^h<M <^«MwnfreTMmmef^^
DuthP’-iUtjc at ipo timn fjf CtOliVMy
Coot catGs of Ufei alls. CQ2. FV« t Ftmguisheri e-1c to db Jaan and valid at thfl l^ne trf delrvery
•InspKUort” in this dSU*e 11. ahall mftEn ^he Buyers inspection according to Cbpuse 4 a) or A b>. If
appHcatle. or ire Buyers’ inspection poor (d 1he signing dl Ihie ^QflMjinfent If the Vessel \s taken over
without inspection Ihe date of irug Agreement shall be Urn ^ev?ml dace
Not*S. .’ a-iy. m ‘he aurveyor1? repnrta which are acceplefl by 1nc Classifita1iciH Society
WlttHUl MndHioniTewrmnendstior- are not (d bra taVen Into KKdunt. 22?




	12. NflmcfTnarKings




	Upon dtfrwtry the buyers undertaXa to change Ihe n4rn« C-1 ihe Weaael and alia* PunA*! n^SfKings.
13. Buyers’ default 232




	ShouH the deposh not tra paid In ic«tf3»ripewrtrt Cleuse 2 and 17. Ihe S^ftera have Ihe riph! 10 cancel 1tiit2a3
Agrsenent. and frfy s*i*l| t* e^ttJed tp cleim cnmpansation for their imeee and for afl fttpenses
incurtod together ivitfi irrtereet.
Should me Purdifi&e pi«b riot bt paid In (romance with Clausa 3. H>e Selle-a have 1ho Hsht to
cancel ihe Agresmanl. in */H»th ewe the depoEit togaBicr wnlh int&res: earned shalf be reltased ie tfw
Sellere. IT The depo&iL do** «*t cc^ef meir toss, the SellSH shaJI be entitled In claim fufil ie<
comp*rhialiori far 1heif Icsaes and For ii cKponse* Inciuirad IngalhBf rtHti Inlaneal. provided HOwemer            Z33




	tttlt S&leri will nol be e^titied lo rfaim any fompetiBalinn wnatsdtver rf Seanenj^ farls lo ctla-n
Ihe




	ShaneftQldef Appjowal.




	M. Ssllfrrs’ rialault 240




	Should ihe SeflerE fail to give N&lice of R&adineES in accordance yjltti Clause 5 a] or fa.l id be readyZ*t
lo validTy comptetie a Ifegil tfihifer by (he date stipulated in line 51 the Buyers .shall hsve2^2
lha option of Cancslling ma Aflreemeot pravidad al^an thai the Sallem shalt be granted a2d-
mpKimLrm of 3 banting days after Nolico of Rewlinees has bean given 1* make arranflamehti244
ferine documentation &et cut m ClauM &• K after Hctica of Rfl&rjinaai has been giver, but beHone
me Buyera haw taken delivery. 1ht Veaael ceases id ba physically feady Tor dalfveJy and is nol
made physically n&ady again jn every ncspect by Ihe dale stipulated in line 61 sncl new hiDt’-w tf
Re«Jlne« gl^ftrt. ine B^era aha;! relain fhwf wV*n !a cancel. In Hie *«enl ttipt the Buyers otetfJ48
to cancel ihia Agreerrenl Ihe dcpoSJl — ir paid to ihe jnircl accOu”! by Buyera — tngatfrflr with
interesl earned shall be rdcaSCd to 1he<n
immediately.
ShnuSd tha SB»ert lall 10 glwfl N«ice &f Readiness by me date stipulaled in line 61 ct Fail to be rWdy
id validty tdflflflUj 4 leg*) tranafer as aforesaid they ShSfl meke due compwiwHon Ifl the Buywr* lor
1heir Idas and. for ell expenses tojerhitf wflfi inleneat If iheir feilu^e it tf^ lo- prcyen
neg igence end: whether Drnoifr* Buyera caiatf Lnlt Agreement
1S. Buy«Tir repnttentalLvaa
Afltf-tHiti^raemgrt-ftBS-BQQfi signod by btflh pariiea-ane-the^O^ ^fiflBit t^eeeiv4adyKMttfi Btfyefs—35§
hStfe-ltTe-nqht to plaac iwd r^pfg&»H^l^flfl tm feord 1ho VoCMMtL pteirsgbrishand a<pen^a ^p^35J
nni^ni nt ................................................ ofl or aboul et She Fir:; cDriv»fnent pqfl^tacD. For V*rt(— ^esDcle :hjlmtfl  — 366
—




	tfl^*iwe^*d on me Qacing Dote dp dofinad In \f* ttuppte=wr^Ag->4y^nL. 1te ^ufsft-eh,-^
ha*e-the-ngH

to p^oe twe-feofeseffetiWEr^m-egg*d-4lia-^as3el-JHhc ir cd!q rigk Wl e-Mpe^se-en-
trw-flaHi Ooeaflaul obtainf.




	Gharohnldor jppfgvfl^^-ttfi-aucJiearter-g^alB dp doompj ptftftfinary. dp as to Dnwia-rcpG havc-a-m^wium
I-*.:-, w,.. < !;.ii-..inri/flti*in fMndd-ofltiaafri-
JhfisQ r&pfDEOnlutlrtUi arp on nogrd fcw-rTe-puf^e6e-of-tam*ligFiwfteri aHd-tfl-1r**3p«ttyo4—
oaservprD only, dnd IFnty ftftall fuel inteffefeHni nny mspcd w|h tJ>a maMMng-Bf-tHe-V^s^l^pe^aBoH-gf—
Kl» V«sal amfr’iM cre^fr 4x»mal-WBAing-pFa€ticer^>t* Buy*W feprLjcntatiws chali sq^ Ifte-ufrual .. ^ZSi




	$OJl«ft:-P-»txl.-l-Olu&4enfl* rfmrientnity prior 1n Liroir gmtofkafcon.






 









 












	16. hnbr.ia1.cn 262




	?)” ThFs Agreement -ahaH be governed by Arid wnstiUijfj in ^tcc^nc^ wll?i rriQllf.’-i ihw arv: 36?
anydispute aritng out of t^is Agterrer.1 snail be referred !o srbilranon in London before
three AiMralors m accordance win the Araitration Ad 1fl96 or any gtatu1oi> medificaliDn nr 26*




	nj.enactnenl Ihenwr Tor Ihs lime being in force and th* larm& o1 lh& Lo’tlDn MarrtrniE ArbilraEmn
ASSutibU’on lhc~ in force. onE arbitrator be.ng appainted by eacK pary. 2B?
On (he rectipt tv cr* party of pm nonvnaLon in writing of Ere alher party’s arbrtralor, EG?
that parr/ shaH appoint their arbitrator within fourteen days. 259




	Cf thpt P3J1/ toeft nol apfXMnl its own arbitrator wth^thB fourteen da^epcDrfigd. Ihc- pa rty 2H’
refenuv] 4 OutRile 10 arMratiOn m^v wifnout tha raquirwrigni of an^ fjrlhtr ^o^r r Dlrcc It the £B^
other paly, app&rl |U arbihabi as sole asbilralnr and EhaR adviSo Inc dlhc- par:y ac^rdingly 2B.?
The swart ijf the sole er&flralor s-^&il bt L -Jmg On toffi pwlips fl< if d hart rW«n gpfrtmtert 6^ 26£
agreement. The rv»o arhlrsbrs pyuperly eppOlnted thil ipOSint (he tfvind *n»rjfl(UM wha 9?iall ad 269




	as chairman of the Tribunal 27U
b}3 ........................................ Thm /VflrpDmDnt chaH be gerarrved tiy-ano-a&ft&tfucd in DQGDKJanDO wth Titln E) af rtiO —Wl
Un>1»J Etorrw Cwo j.nd tho Law ^4hg-5^te-af HQ*-yerfr-ard^twld-JHy-dttfJii46-ariWfrm-Of • —97?
IrtiB Agreement, thft imtl«<4*HfcGfit4**hSH 41B.fWfWH^4«-Ww*«-riWtOrte-St-PJfl* Vort. (m&4o—
rj-_- rp=:-jin?6-3 oy each cri the-parttes hsreto arKHhe-lhiKiby-thelwa—GfrGfiti&BFiT*wf ....................................... I’M
dooiiiiDn or that of any-hvQ of them BhaH-bc final. and^for-purpaGD of pnTaftifTff-Bny Jwfflf J. IHIt—^/t
^gmpnrpDnt may be made a rulrj of fro Caun.




	43TO-pf<jgggdmqB-cl-jll fao GDrtdvUKQd in a cdofdartip ^th r>* rufe* &1’ Itm-£jcn64y
<rf Marit4HKi SF?




	A^lfalor-i. Fnc Now Yor1<, .............................................................................................. #8
tpAfty-gH&liijLB a’.ti-q PUl HJF friE. Agi’Mmunl t.-.all b* iH*rtHfad tMFtlriFffUftH-fl^—
—r-Et^gct (»tho piooHiaJLH ei ap|ii.oabt* tr>e«?:- -—290
Thn Inwp of— —nhall yniom IhiD AgmamDnL —2*1
T$si 16 W *ntf J 6 Cj ifB jrf*rti^fivifrj. (Jsrfl(le w^ircnevtf tf no! applicable, in ihe absence of 293




	ofeisr>an5 aftemanne 16 a) to apply ^•H-




	AddJlllonal CUU*« from 17 to IB form *r> integral part Cl thl* Wenierandum at Agreement





 









 









	AapendFx to Memorandum gf ftnjwamaiti code name SMEFORM
19Q3-J3lfrCi 3 Haw BOPa — HI/V “AF RICAN ZEBRA”




	CLAUSE 17




	The ZD pet CfcpGSit Shell be mads on thu Inlltal losing Data as defied m Claube 2.4(b] 0? the
Master AgrMm&nt (*<*«#rj *&^ani>co31 hftretrf. The 20 pet dapasit aid Salflnce af 80 pet
together with ctfre pdyrnoKH If* JiitXJils arm nr Oun’ners. id M paid en day o-T delivery
9! Sellers’ nominated bank prOvded hnwBYSY that if ttw VeHel ie dElivEHarJ Oft the Inrbsl Cta&ing
Dale. Buyer? will not be required lo pay IMfe 20% dapflsit into- the pim account related to in
Clause 2 ano ITsy Will makn payment of IDDft ffl tne purctiasE pn« dif«cti/ to fre Selters. On
delivery of lha Vessel, in exchartge for paymern d? the pgrtliasE price af ITw V&aMl and
Extra paymeM For lubails afdlv Dunkflre, Sellers Will prnvido the Byyare with aflame!
delivery doajmants r«ason0tVy rwedsd fcy Bu/er& (d acquire tejal cwnEfBtnO arid TBgiBter
thft vCSSftl under her new (lag. Such documents to be mutually sarfrsd ana li&ifld m &n Addendum
t& ITie MemOF^ndum oT AflraeirwrH but shall Incfcifl*. wthcut limitation. 1he dSosinfl aehverias
bs requifftd by Clause Z.2 antf 2.4 fl( the Mssler AgfHftffl«rH as wen as oacri party’s
nc&pftd>ve officer cErttjftcate dsled the Inrtial Closing Dale setting forth names and
signalizes tf signalories lo WOA and olher related documents as well certityingi and aWaehlng
charter d&&Jments of suCtl pifty m eEfad y& of :hs oats of ms Initial CloSir^ Dale end duly
executed ghenetinldEir and clireclor reBSlurtmru approvng rh-p enlry into the WaELer Agnternent
refef red to Ih Clause 31 herwiF. INiS MOA. nltwr rslaled dacunrtPis and the tnjrtsadiam
ciWlemplSrted hereby and thereby. Siginirtg flf Uie Addendum Shall nal delay inning, of MoA and
bodging til 1he deposit




	CLAUSE 19




	Sflllera 10 confirm m mitihg on delivery thai to the best at wies fcnOVIrteclge (he v*SI6l




	U irot ilMWJslsd by art^ Arab coumnoB / naliflns Of any Dlhcr COljntrie? or
cKgafllZBlionE has not louched bolloni since hfrf last dry docking.




	CLAUSE 19




	All negrti*t»on and Hventual ss’e 10 be kept strictly pfi^atE srtd esnTideritigl betwear all
parties involv«d exwpl wtwro iBquinod by Statutory m U.S. SlSC* leled requifamentl.
Hawever should dsspita th* flfforta or an\ partiBE involved oeta: s of the tale tiewme hmawr ar
repoHed in the market neither IN) S*Me.ra not thB Buj/Ere have lf*e right to withdraw from the
Bale ttf fall 15 fulfill all their ob^alksrvs tinder this Agn^amsnt.




	Thu Memofandum cf Agreement iB drawn up ip two origmilt W*lh even inrUir and data. One
Ofl$mai ahall te relainad by the Sellers grd one original StiaU be reSainad by the Bjyer&.




	CLAUBEJa




	Vessel to bft Oflhverea free of sarga. targo fesiduBs and face of any dunnagfr, wtttl holds swept,
dean and dry on completion of last voyage, prior denary.






 









 












	CLAUSE Jl




	Seller warrant that on the date hereof and c*l (He 4. — of Vassal* dnlrvor? thr vps-sb!
shall bfi enlillMJ to tjada worldwide wrttiin InsMule Wsrra ntf L^ilS wit -ut restriction or
llmrtalion




	Seller also to confirm on deUery tha! vessel hat nr Iraded dunng the Last two (2; years in Cl£
Pacific Countries, but if Iratfed. lhen. a valid Pbytoaanitary Ci rrficsta !o &e presented




	CLAUSE 22




	Caroling dale !d ba siirty (50) days after Inicla: dosll | Date




	CLAUSE 23




	Sailer has gqrad and mg^wtpbte tflfe 1o, Is the eKC j^ve teojal and equriable owner gf. and has
the unresbncted power ana rigWto tall. assig-ancidelivei Iha Vessel.




	CLAUSE^




	Each party hereto Is an en^[y duly incorporated validly existing and in good Etandmg una«f 1*ie
law& of th6 Juristfjdlon of it& incorponalion. with 1he requisite power and authflrity In
Bntorinto 1hi& MOA and the transactionsi cjntemplilPd hereby E»^- paHy |ie.re:o is duly
quS’ified 10 conduct auai”.ciss arJ ib in good Staodi^ be a foreign corporation
or oftiar legal entity in nasti jurisdiction n w.ich thfr nituce of Ihe busimss canductad or
property owned ny it makes suoh queliFication necesEary. accept vvhcre the ‘a ^ure to- be &o
q-ja: fied or 11 ggod Standing. 84 the case may be could not individually or in the
aggregate, have- cu feasonably be e-vpect*d to rasJL Iri d Malerial Ad^rse Effect (as, defined in
the Master A^rtfrntnnl}.




	CLAUSE 26




	Eicti pirty hereto Has Ihc ractulstta wrporalft power ind authority toflnter inlo and to consum
mate tne transactions oontemplaled by thi& MOA and otherwise to Caffy flUt lt£ OblijatiOna here
under. The ekecul’on and delivery of ihis MOA and the consummation by it ot the trantactiD-s
corrl*m(itaL40 hereby havfr baen duly authorizod by ah nKSSsary Mf^ofate action other coqwrgte or
oLher action Or proceeding on tne par! of eith&r paity herein is neccE&ar^ to- authorize Ihis MOA
or the congummalion of the transactions cofTtemfHatefl Hereby This MOA fiss been duly executed by
each party na«td and. when dattvered. will can&lilute iy>e valid and birding obligation of each
such pflrtj. eofprceablE agamBt Bach Buch party In accordance wrlh its terms, except (\} as may be
limited by applicable bankruptcy, insolvency, rtargarvzation. morsloriuro. frsuduleni conveyance
a^d any pi^er laws rjf ganHral aflpfotion ffHcebng nnfereBmonl of cnsditora’ rights gensraty, of
(lil as limited by la/ffi relpting lo the availability of Specific performance, injuridive
ralief or other equrtabl* TDmodifrG




	CMIJS6 25




	The eK£culiqn delivEry and QErformance of this MQA by each party hereto and Um con&ufnnngtiCKi by
such party of the traniact-ons Mritemplalftd nerefiy (>o not and will not (i) conlict wilh or
widlalt any provision of its- respect.TM charter documents, (n) CoftfJid with, Ch’ ConslHule a
cfefputt l.or an event tfial wHti notce or lapse ol time <y coth v^ould beMme a oeFauirlj ynder.
m give- to Dlhftr* atiy tignis (rf t*rmifla(icin. amendma^it, atcslflration or
cajicfllladiOn {w:1h or ftilhOUl flffhoe, Iflpss of time or both} of, any contract :c which
sljc^i party .5 a pa.ly thereto- or by which any property or asset cf sucn parly ii bqyna
or stlefled, [ill) :esut In 3 violallon d any law, rule, statute & jagutatioji 10 which sutn parly
is SUt^Ct M (ivj rsstlll In arty violarlksn of any andflr-, ;uo<amanl, mjunchon. diecree or
c^har restn’dion of any governmental authority to which such party is subject, or by wtiich any
property or asse! of such OJrly is bound or a^ected; except Jn the case of eacfi of clauaea (i/)
and ^iiij, such aE coukj no!, irtdlvlduaVy or in [he aggregate, have or r&aionabty be expected to
resud in a Material Adverse Effect (ae defined -ti Ihe Master AgHamariL}.




	SJ.AUSE2T






 









 












	NiJI—cr parly Is required [n obtain arry consfinl. waivor, aijlhGrnBripn, or order Off. flive any
ndti« to. or make any <illng or registration wUh. any flnvemmentBl authority or other person Or
entlly in connexion win thd cjtKiitiDn (Jeluer)1 and perfDrmarrai by iUCh paHj- uJ Uii&
MOA. olherthan ITiDae 1t-.al huvfc tiEen ftladn ar oblBk-^ ^ turfi party prior to ihfr d#|e oMhfe
MQA.




	CLAUSE 2fl




	This AflraBfnefrl is o« of 111* “MOA’s ralEmHl 1C and defined in (1) Ihe Maste Agreement dated the
date he^aof 3J>d KCCUtftd and dElivereil conorrrcnlly hprewKh b^ the SElisrL, the Buyers, and
oilier? If (her? is any irtaraiEtengy belvrtitn LhE Lerm& 3fid «>nditions of 1hit Aigreemsnl
and the terms and COIvllLifjns nF sad fclwter AgraEment with neswcl tfi ihc safe and purchase of
int Vessel, thsn Ihe lerms and conditions of this Agreement ahnli ffevail.




	NotivihSlanding the abtve. 1hw OblinjIJDns of each parly UPtter in* MQA &M tul^act 10.




	(i) Seine^gy otilaining tfie Initial Closing / Shstneholder Apprawal            at tfef.ned in
fr* MaEter AgrBanfrntTr and




	> Ths saiisfadtion pr ^tUvcr of oacn cf the spphuble i^nntJilons »r forth in
Article VIM c-I fl* Uaater AgrtimerU ‘




	In «sc Ssanergv Fails lo ottlain ths Shareholder AppcovsH 1he Inrbal Closing as fleFmed m the Master
AjrenmoM does not take piat* 36 pro^dad in Ihe Mesler Agreeirent, tnis Mefliorandum of A^feemenl
vnair be au*cma:’cell> term;naiad, cancelled anc aF no further t&rce »no effect wUh&ut (etponsftHHj’ of
ar>y nf the parties. /




	Fortna Setartfl)