Document:

Exhibit 4.25

 

ADDENDUM NO.3 

TO

		(1)	SHIPBUILDING CONTRACT NO.:
2013NYZ353GR FOR CONSTRUCTION OF ONE 82,000DWT BULK CARRIER (HULL
NO.YZJ2013-1144) (the “1144 Contract”)

		(2)	SHIPBUILDING CONTRACT NO.: 2013NYZ354GR FOR CONSTRUCTION OF ONE 82,000DWT BULK CARRIER (HULL
NO.YZJ2013-1145) (the “1145 Contract”); and

		(3)	SHIPBUILDING CONTRACT NO.: 2013NYZ351GR FOR CONSTRUCTION OF ONE 82,000DWT BULK CARRIER (HULL
NO.YZJ2013-1142) (the “1142 Contract”)

 

THIS ADDENDUM NO. 3 is made on 21st
March 2016.

 

BETWEEN:

 

		(1)	DOLPHIN SUNRISE LIMITED, a company organized and existing under the Laws of the Republic
of Marshall Islands with a registered office at, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter
called the “1144 Buyer”);

 

		(2)	NAUTILUS INVESTMENT LIMITED, a company organized and existing under the Laws of the Republic
of Marshall Islands with a registered office at, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter
called the “1145 Buyer”);

 

		(3)	OCEANUS INVESTMENTS LIMITED, a company organized and existing under the Laws of the Republic
of Marshall Islands with a registered office at, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960 (hereinafter
called the “1142 Buyer”);

 

(The three Buyers
above shall be collectively referred to as the “Buyers”)

 

		(4)	JIANGSU TIANCHEN MARINE IMPORT & EXPORT CO., LTD., a company organized and existing
under the Laws of the People’s Republic of China with a registered office at Room 602, No. 260 Furong Road, Jiangyin City,
Jiangsu Province, the People’s Republic of China (hereinafter called “JSTC”);

 

		(5)	JIANGSU NEWYANGZI SHIPBUILDING CO., LTD., a company organized and existing under the laws
of China with a registered office at 1# Lianyi Road, Jiangyin-Jingjiang Industrial Zone, Jingjiang City, Jiangsu Province, 214532,
The People’s Republic of China (hereinafter called “JNSC”); and

 

		(6)	JIANGSU YANGZIJIANG SHIPBUILDING CO., LTD., a corporation organized and existing under the
laws of People’s Republic of China with a registered office at 38 Shiyugang Road, Jiangyin City, Jiangsu Province, the People’s
Republic of China (Jiangsu Yangzijiang Shipbuilding Co., Ltd. and together with JSTC and JNSC hereinafter
collectively called the “Seller”).

 

    	 	1 / 8	 

     

    

 

The Buyers and the
Seller shall be referred to hereinafter as the Parties and each a Party.

 

WHEREAS:

 

		(A)	Each of the Buyers and the Seller entered into a shipbuilding contract dated 26 February 2014 as
amended by an Addendum No.1 dated 11 April 2014 and an Addendum No.2 dated 29 May 2015 (the “Contract” or collectively
the “Contracts”) with respect to the construction of one (1) 82,000 Metric Tons Deadweight Bulk Carrier with
Hull No. YZJ2013-1144, Hull No. YZJ2013-1145 and Hull No. YZJ2013-1142 respectively under each Contract (each as the “Vessel”
or collectively the “Vessels”); and

 

		(B)	BANK OF COMMUNICATIONS WUXI BRANCH of the People’s Republic of China as refund guarantor
has respectively issued the refund guarantees No. LGB6600201400024, No. LGB6600201400025, and No. LGB6600201400023, all dated 17
March 2014 in respect of the first instalment payable by each of the Buyers to the Seller under the respective Contract;

 

		(C)	Each of the Buyers has paid to the Seller the first instalment of the Contract Price amounting
to US$9,165,000.00 (United States Dollars Nine Million One Hundred and Sixty Five Thousand only);

 

		(D)	At the request of the Buyers, the Parties have agreed to postpone the Delivery Date (as such term
is defined in the Contracts) as set out in the respective Addendum No.2 to each of the Contracts; and

 

		(D)	Now again at the request of the Buyers, the Parties have
agreed to amend and supplement each of the Contracts to provide, among others and subject to the fulfilment of the terms herein,
a further postponement of the Delivery Date (as such term is defined in the Contract but subject to this Addendum No.3) conditions
of which are stipulated hereunder.

 

NOW THEREFORE IT IS HEREBY AGREED AS
FOLLOWS: 

 

		1.	Section 1 (Time and Place) of Article VII of the 1144 Contract (as amended by Addendum No.2)
shall be replaced by the following:

 

“The VESSEL shall be
delivered safely afloat by the SELLER to the BUYER in the BUILDER’s Shipyard, in accordance with the Specifications and with
all Classification and Statutory Certificates on or before 30 September 2016 Beijing Time, unless otherwise mutually agreed.”

 

		2.	Section 1 (Time and Place) of Article VII of the 1145 Contract (as amended by Addendum No.2)
shall be replaced by the following:

 

“The VESSEL shall be
delivered safely afloat by the SELLER to the BUYER in the BUILDER’s Shipyard, in accordance with the Specifications and with
all Classification and Statutory Certificates on or before 31 October 2016 Beijing Time, unless otherwise mutually agreed.”

 

    	 	2 / 8	 

     

    

 

		3.	Section 1 (Time and Place) of Article VII of the 1142 Contract (as amended by Addendum No.2)
shall be replaced by the following:

 

“The VESSEL shall be
delivered safely afloat by the SELLER to the BUYER in the BUILDER’s Shipyard, in accordance with the Specifications and with
all Classification and Statutory Certificates on or before 30 November 2016 Beijing Time, unless otherwise mutually agreed.”

 

		4.	Section 2 (When and how effected) of Article VII of each of the Contracts (as amended by
Addendum No.2) shall be replaced by the following:

 

“The Buyer shall give
the Seller fifteen (15) days’ prior written notice of the intended date for taking delivery of the Vessel (the “Scheduled
Date of Delivery”).

 

The Seller shall, within three
(3) Beijing working days following receipt of the Buyer’s fifteen (15) days’ prior written notice as aforesaid, send
to the Buyer a written demand for the 2nd instalment together with any adjustment.

 

Provided that the BUYER shall
have fulfilled all of their respective obligations as stipulated in this Contract, delivery of the VESSEL shall be duly made hereunder
by SELLER, and such delivery shall be evidenced by a Protocol of Delivery and Acceptance signed by the parties hereto, acknowledging
delivery of the VESSEL by the SELLER and acceptance thereof by the BUYER.”

 

For the avoidance of doubt, the
last sentence of paragraph (b) of Article II. 3 (Terms of Payment) of each of the Contracts, i.e. “The SELLER shall
send to the BUYER a telefax or email demand for this installment ten (10) New York banking days prior to the scheduled date of
delivery of the VESSEL.”, shall be deleted.

 

		5.	The Parties hereby acknowledge and agree that all the Vessels have been completed in accordance
with the Contracts, as amended from time to time, and the Specifications entered by and between the Parties as evidenced by the
Completion Protocols dated 26 June 2015, 27 August 2015 and 10 December 2015 for the Vessels respectively. The Buyers hereby expressly
waive all rights they may have to raise any new issues or disputes concerning the conditions of the Vessels.

 

		6.	Paragraph 1.4 of each Addendum No.2 of the Contracts shall be amended as follows: -

 

		6.1	Under paragraph 1.4 of the Addendum No.2 in respect of the 1144 Contract, the quoted sub-paragraph
7(ii) of Article VI of the 1144 Contract shall be replaced by the following:

 

“(ii)The BUYER
shall have the right to inspect the VESSEL at all times by providing the SELLER with 3 days’ prior notice in order to verify
her proper maintenance by the SELLER and her sound condition (including her cosmetic condition and painting scheme) . In the event
that, during such inspection by the BUYER, any defects or damages of any kind whatsoever relating to the construction of the Vessel
are discovered (including but not limited to any coating scheme damages), the SELLER shall have an obligation to repair such defects
or damages upon request by the Buyer and at no cost to the Buyer prior to the VESSEL’S actual delivery. In the event that
the duration of such repairs may fall beyond 30 September 2016, the repairs shall not affect the 1144 Buyer’s obligation
to take delivery of the Vessel on or before 30 September 2016 Beijing time provided that the Seller undertakes to continue repairing
such defects to the satisfaction of the BUYER after the actual delivery as soon as practically possible.”

 

    	 	3 / 8	 

     

    

 

		6.2	Under paragraph 1.4 of the Addendum No.2 in respect of the 1145 Contract, the quoted sub-paragraph
7(ii) of Article VI of the 1145 Contract shall be replaced by the following:

 

“(ii)The BUYER
shall have the right to inspect the VESSEL at all times by providing the SELLER with 3 days’ prior notice in order to verify
her proper maintenance by the SELLER and her sound condition (including her cosmetic condition and painting scheme) . In the event
that, during such inspection by the BUYER, any defects or damages of any kind whatsoever relating to the construction of the Vessel
are discovered (including but not limited to any coating scheme damages), the SELLER shall have an obligation to repair such defects
or damages upon request by the Buyer and at no cost to the Buyer prior to the VESSEL’S actual delivery. In the event that
the duration of such repairs may fall beyond 31 October 2016, the repairs shall not affect the 1145 Buyer’s obligation to
take delivery of the Vessel on or before 31 October 2016 Beijing time provided that the Seller undertakes to continue repairing
such defects to the satisfaction of the BUYER after the actual delivery as soon as practically possible.”

 

		6.3	Under paragraph 1.4 of the Addendum No.2 in respect of the 1142 Contract, the quoted sub-paragraph
7(ii) of Article VI of the 1142 Contract shall be replaced by the following:

 

“(ii)The BUYER
shall have the right to inspect the VESSEL at all times by providing the SELLER with 3 days’ prior notice in order to verify
her proper maintenance by the SELLER and her sound condition (including her cosmetic condition and painting scheme) . In the event
that, during such inspection by the BUYER, any defects or damages of any kind whatsoever relating to the construction of the Vessel
are discovered (including but not limited to any coating scheme damages), the SELLER shall have an obligation to repair such defects
or damages upon request by the Buyer and at no cost to the Buyer prior to the VESSEL’S actual delivery. In the event that
the duration of such repairs may fall beyond 30 November 2016, the repairs shall not affect the 1142 Buyer’s obligation to
take delivery of the Vessel on or before 30 November 2016 Beijing time provided that the Seller undertakes to continue repairing
such defects to the satisfaction of the BUYER after the actual delivery as soon as practically possible.”

 

		6.4	Under paragraph 1.4 of the Addendum No.2 in respect of each of the Contracts, paragraph 7(v) shall
be replaced by the following:

 

“The SELLER undertakes
to dry-dock the VESSEL so as to thoroughly clean her hull and propeller prior to her actual delivery and without additional charge
to BUYER.”

 

    	 	4 / 8	 

     

    

 

		6.5	Under para 1.4 of the Addendum
                                         No.2 in respect of each of the Contracts, the paragraph immediately following 7.(v) as
                                         amended by this Addendum shall be replaced by the following: -

 

“During the period between
the date when the BUYER has given notice to the SELLER in accordance with Section 2 (When and how effected) of Article VII of
the Contract (as amended by Clause 4 of this Addendum No.3) of its intention to take delivery of the VESSEL and the date that
the VESSEL is actually delivered to and accepted by the BUYER:

...”

 

		7.	Notwithstanding any contrary provisions under each of the Contracts,
in the event that under any of the Contracts, the 1144 Buyer, the 1145 Buyer and/or the 1142 Buyer (as the case may be), for whatever
reason, fail to: -

 

		(a)	give the Seller fifteen (15) days’ prior written notice of the intended date for taking delivery
of the Vessel by 15 September 2016 Beijing Time (in the case of the 1144 Contract), 16 October 2016 Beijing Time (in the case of
the 1145 Contract) or 15 November 2016 Beijing Time (in the case of the 1142 Contract); or

 

		(b)	make an irrevocable cash deposit covering the 2nd instalment together any adjustment
at least two (2) New York banking days prior to the Scheduled Date of Delivery of the Vessel in accordance with Article II.4.(b)
under any of the Contracts; or

 

		(c)	take delivery of the Vessel in accordance with Article VII of the relevant Contract by 1800 hours
Beijing Time on 30 September 2016 (in the case of the 1144 Contract), 31 October 2016 (in the case of the 1145 Contract) or 30
November 2016 (in the case of the 1142 Contract);

 

the Seller shall have the right
and absolute discretion to cancel any or all of the three Contracts (or any Contracts remaining in existence at the time) by sending
to the relevant Buyer(s) a notice of cancellation in accordance with Article XVII (as amended herein) under the relevant Contract
with immediate effect to terminate any or all of the Contracts.

 

		8.	The Seller shall have the right to cancel any or all of the three Contracts (or any Contracts remaining
in existence at the time) by sending to the relevant Buyer(s) a notice of cancellation in accordance with Article XVII (as amended
herein) under the relevant Contract with immediate effect to terminate any or all of the Contracts in the event that any of the
following event occurs:

 

		(a)	any of the Buyers or any of its parent or affiliated or associated companies passes directors’
or shareholders’ resolutions in relation to or files for, whether voluntarily or involuntarily, (i) any administration, protection,
restructuring, reorganisation or any other similar proceedings under any insolvency or bankruptcy laws, (ii) bankruptcy, liquidation,
winding-up or dissolution, or (iii) any other proceedings of similar nature of (i) or (ii) (including an assignment for the benefit
of creditors) in any jurisdiction;

 

    	 	5 / 8	 

     

    

 

		(b)	a petition or an application is made by any party or a court order or any other form of adjudication
is made against any of the Buyers or any of their parent or affiliated or associated companies for (i) any administration, protection,
restructuring, reorganisation or any other similar proceedings under any insolvency or bankruptcy laws, (ii) bankruptcy, liquidation,
winding-up or dissolution, or (iii) any other proceedings of similar nature of (i) or (ii) (including an assignment for the benefit
of creditors) of any of the Buyers or any of their parent or affiliated or associated companies in any jurisdiction;

 

		(c)	an encumbrancer takes possession of, or a receiver, trustee, administrator or liquidator or any
other similar officer is appointed for or in respect of any of the Buyers or the whole or part of the assets of any of the Buyers;

 

		(d)	any of the Buyers is dissolved, liquidated or wound up; or

 

		9.	In the event of any of the abovementioned cancellation by the Seller for reasons given under Clauses
7 and/or 8 above, the Seller shall have the following remedies (without prejudice to any rights the Seller would have had under
the Contracts in the event of Buyer’s default or any rights the Seller would have had according to law):

 

		5.1	All of the Buyer’s Supplied Items shall forthwith become the sole property of the Seller,
and the Vessel and all its equipment and machinery shall be at the sole disposal of the Seller for sale or otherwise;

 

		5.2	The Seller shall be entitled to retain any instalment(s) of the Contract Price paid by the Buyer
to the Seller under the respective cancelled Contract; and

 

		5.3	The Seller is entitled to sell the Vessel in accordance with Article XI.5 of the Contract.

 

		10.	In Article XVII (Notice) of each of the Contracts, the paragraphs from “Any notices and communications
sent by JSTC or the BUILDER alone to the BUYER shall be deemed...” to the end of Article XVII shall be replaced by the
following:

 

“Any notices and communications
sent by JSTC, JNSC or JIANGSU YANGZIJIANG SHIPBUILDING CO., LTD. alone to the BUYER shall be deemed as having being sent by the
SELLER.

 

Any notices and communications
sent by the BUYER to JSTC, JNSC or JIANGSU YANGZIJIANG SHIPBUILDING CO., LTD. alone shall be deemed as having been sent also to
the SELLER and any notices and communications sent by the BUYER to the SELLER shall be deemed as having been sent also to JSTC,
JNSC and JIANGSU YANGZIJIANG SHIPBUILDING CO., LTD.

 

    	 	6 / 8	 

     

    

 

Any change of address shall
be communicated in writing by any of the means set out in this Article by the party making such change to the other party and in
the event of failure to give such notice of change, communications addressed to the party at their last known address shall be
deemed sufficient.

 

Any and all notices, requests,
demands, instructions, advice and/or communications in writing in connection with this Contract shall be given by email, fax, courier
or personal delivery and shall be deemed to be given at, and shall become effective from, the time when the same is delivered to
the address of the party to be served, provided, however, that courier shall be deemed to be delivered three (3) days after the
date of dispatch, fax or email shall be deemed to be delivered upon dispatch, personal delivery shall be deemed to be delivered
at the time of delivery or leaving a copy of the notices, requests, demands, instructions, advice and/or communications at the
addresses set out in this Article if the party to whom such delivery is made is unable or unwilling to accept the same.

 

Any and all notices, communications,
Specifications and drawings in connection with this Contract shall be written in the English language and each party hereto shall
have no obligation to translate them into any other language.”

 

		11.	This ADDENDUM NO.3 constitutes an integral part of each Contract. All other terms and conditions
of the Contract, save those altered and changed by this ADDENDUM NO.3, shall remain unchanged and in full force and effect. In
case of any conflict between the Contract and this ADDENDUM NO.3, this ADDENDUM NO. 3 shall prevail.

 

		12.	Unless otherwise specified in this ADDENDUM NO.3 or unless the context otherwise requires, all
words and expressions defined in the Contract shall have the same meaning when used in this ADDENDUM NO.3.

 

		13.	Save as amended or supplemented by this ADDENDUM NO.3, all other terms and conditions contained
in the Contract shall remain in full force and effect and shall not be amended.

 

		14.	This ADDENDUM NO.3 and any non-contractual obligations connected with it shall be governed by and
construed in accordance with the laws of England. Any dispute arising out of or in connection with this ADDENDUM NO.3 between the
parties hereto shall be resolved in accordance with Article XIII of the Contract.

 

		15.	No term of this ADDENDUM NO.3 is enforceable under the Contracts (Rights of Third Parties) Act
1999 by a person who is not a party to this ADDENDUM NO.3.

 

		16.	This ADDENDUM NO.3 shall become effective upon signing by the Parties hereto.

 

    	 	7 / 8	 

     

    

 

	For and on behalf of:	 	For and on behalf of:
	DOLPHIN SUNRISE LIMITED	 	JIANGSU TIANCHEN MARINE
    IMPORT &

    EXPORT CO., LTD.
	 	 	 	 	 
	By:	 	 	By:	 
	 	 	 	 	 
	For and on behalf of:	 	For and on behalf of:
	NAUTILUS INVESTMENT LIMITED	 	JIANGSU YANGZIJIANG
		 	SHIPBUILDING CO., LTD.
	 	 	 	 	 
	By:	 	 	By:	 
	 	 	 	 	 
	For and on behalf of:	 	For and on behalf of:
	 	 	 
	OCEANUS INVESTMENTS LIMITED	 	JIANGSU NEWYANGZI
		 	SHIPBUILDING CO., LTD
	 	 	 	 	 
	By:	 	 	By:	 

 

    	 	8 / 8Exhibit 4.26

 

AMENDED
AND RESTATED ACCOUNTING AGREEMENT

 

This Amended and Restated
Accounting Agreement (the Agreement") is made as of the 18th May 2015, by and between Paragon Shipping
Inc., a Marshall Islands corporation (the "Company" or "Paragon”), and Allseas Marine S.A., a Liberian
corporation ("Allseas").

 

WITNESSETH:

 

WHEREAS, the Company
and Allseas previously entered into an Accounting Agreement dated February 19, 2008 as renewed or amended from time to time (the
“Original Accounting Agreement”), and each of the Company and Allseas acknowledges and agrees that the provisions of
the Accounting Agreement are hereby superseded and replaced by the provisions hereof; and

 

WHEREAS, the Company
is engaged directly and/or through its subsidiaries (collectively the “Paragon Group”) primarily in the ownership,
operation, management and chartering of bulk carriers (the “Paragon Group Business”); and

 

WHEREAS, the Company
has requested Allseas, and Allseas has agreed, to act as accountant for the Paragon Group; and

 

NOW, THEREFORE,
the parties hereby agree that the Company shall procure that Allseas shall remain the accountant of the Company at all times and
in consideration of the mutual covenants and agreements set forth herein, the parties agree as follows:

 

1.          Duration. This Agreement shall
come into effect commencing as of the day hereof and shall remain in full force and effect unless terminated in accordance with
the provisions of this Agreement.

 

2.          Services.

 

Allseas shall provide to Paragon Group
the following services, which are enumerated herein below:

 

-          Preparation of the Paragon Group’s
quarterly financial statements;

 

-          If and when required, to have the
quarterly financial statements reviewed and to have the annual financial statements audited by Paragon’s appointed independent
auditor;

 

-          Provision of financial data as required
for press releases, quarterly and ad-hoc;

 

-          Monitoring of US GAAP developments
and SEC rules and pronouncements to assess any impact on Paragon’s financial statements and accounting policies;

 

-          Coordination and liaison with Paragon’s
auditing and legal firms in connection with the preparation of quarterly management and annual audited financial statements;

 

-          Auditing of various accounting policies
on an ad-hoc basis;

 

-          Assisting with the preparation and
filing of the Paragon Group’s annual report (Form 20F) with the SEC;

 

     

     

    

 

-          General assistance with Paragon’s
financial reporting requirements as and when required;

 

		3.	Fees.

 

In consideration of its services hereunder,
Allseas will be paid as follows:

 

A)          In consideration of the financial
accounting services provided hereunder, a Financial Accounting Service Fee of € 250.000 (Two Hundred and Fifty Thousand Euros)
per annum, paid quarterly in arrears on the last business day of each quarter, commencing with the first payment on the June
30, 2015; and

 

B)          In consideration of the financial
reporting services provided hereunder, a Financial Reporting Fee of US$ 30,000 (Thirty Thousand US Dollars) per Vessel per annum,
paid quarterly in arrears on the last business day of each quarter, commencing with the first payment on the June 30, 2015;

 

The Financial Accounting Service and Financial
Reporting Fee’s adjustment shall be always subject to approval of the Company’s Board of Directors and Compensation
Committee thereof;

 

		4.	Termination. 

 

		a)	Without Cause or Without Good Reason. This Agreement may be terminated by either party at
any time upon sixty (60) days’ prior written notice.

 

		b)	For Cause. The Company may terminate Allseas’ engagement under this Agreement for
“Cause” (as defined herein) by giving to Allseas a thirty (30) days prior written notice of termination. In such event,
Allseas shall not be entitled to any further payments of any kind. For purposes of this Agreement, “Cause” shall include
(i) a material breach of the terms of this Agreement; (ii) dishonesty, willful misconduct or fraud in connection with the performance
of its duties, or in any way related to the Company’s business; or (iii) a violation of applicable policies, practices and
standards of behavior of the Company.

 

		c)	For Good Reason. Allseas may terminate its engagement voluntarily for Good Reason (as defined
herein) by giving to the Company thirty (30) days’ prior written notice. For purposes of this Agreement, “Good Reason”
shall mean the following: (i) the Company fails to pay Allseas any fee due and payable hereunder within ten (10) days after Allseas
provides written notice to the Company of such failure to pay; or (ii) a breach by the Company of any material provision of this
Agreement, in any case without Allseas’ written consent.

 

		d)	Due to Change in Control. Each of the Company and Allseas will have the option to terminate
this Agreement within six (6) months following a change in control by giving thirty (30) days’ prior written notice of termination
to the other party. A change in control shall mean the occurrence of any of the following (the “Change in Control”):

 

		i.	the sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation),
in one or a series of related transactions, of all or substantially all of the Company’s assets, other than a disposition
to Box Ships Inc. or any of its affiliates;

 

    	 	 	2 | Page

     

    

 

		ii.	the adoption by the Company’s board of directors
of a plan of liquidation or dissolution of the Company;

		iii.	the consummation of any transaction (including, without
limitation, any merger or consolidation) the result of which is that any “person” (as such term is used in Section
13(d)(3) of the U.S. Securities Exchange Act of 1934), other than Box Ships Inc. or any of its affiliates, becomes the beneficial
owner, directly or indirectly, of a majority of the Company’s voting shares, measured by voting power rather than number
of shares;

		iv.	if, at any time, the Company becomes insolvent, admits
in writing its inability to pay its debts as they become due, is adjudged bankrupt or declares its bankruptcy or makes an assignment
for the benefit of creditors, a proposal or similar action under the bankruptcy, insolvency or other similar laws of any applicable
jurisdiction or commences or consents to proceedings relating to it under any reorganization, arrangement, readjustment of debt,
dissolution or liquidation law or statute of any jurisdiction;

		v.	the Company consolidates with, or merges with or into,
any person (other than Box Ships Inc. or any of its affiliates), or any such person consolidates with, or merges with or into,
the Company, in any such event pursuant to a transaction in which outstanding shares of the Company’s common stock are converted
into or exchanged for cash, securities or other property, or receives a payment of cash, securities or other property, other than
any such transaction where any shares of the Company’s common stock outstanding immediately prior to such transaction is
converted into or exchanged for voting stock of the surviving or transferee person constituting a majority of the outstanding
voting power of such surviving or transferee person immediately after giving effect to such issuance; and

		vi.	the first day on which a majority of the members of the
Company’s board of directors are not continuing directors of the Company. The term “continuing directors” means,
as of any date of determination, any member of the Company’s board of directors who was:

 

		a)	a member of the board of directors of the Company on the date hereof; or

		b)	nominated for election or elected to the Company’s board of directors with the approval of
a majority of the directors then in office who were either directors on the date hereof or whose nomination or election was previously
so approved.

 

		5.	Payment Upon Termination.

 

In the event that this Agreement is terminated
a) by the Company without Cause pursuant to Section 4(a) hereof or b) for Good Reason by Allseas pursuant to Section 4(c) hereof
or c) by either party following the occurrence of a Change in Control pursuant to Section 4(d) hereof, Allseas shall be entitled
to receive its fee payable pursuant to Section 3 of this Agreement through the Termination Date, as defined below. In addition
to payment of its fee, Allseas will be entitled to receive, on the date of such termination a compensation equal to three (3) years
annual Financial Accounting Services Fee and Financial Reporting Fee then applicable.

Allseas’ right to receive the payments
provided in this Clause 5 is expressly conditioned on its compliance with all of its obligations to the Company under this Agreement.

 

    	 	 	3 | Page

     

    

 

		6.	Termination Date. For purposes of this Agreement, “Termination Date” shall mean:

		i.	if this Agreement is terminated without cause and/or without
good reason, the effective date of the Termination Agreement;

		ii.	if this Agreement is terminated by the Company for Cause,
thirty (30) days after termination notice is given;

		iii.	if this Agreement is terminated by Allseas for Good Reason,
thirty (30) days after termination notice is given unless the Company has cured the grounds for such termination within the applicable
cure period;

		iv.	if this Agreement is terminated due to a Change in Control,
not later than six (6) months from the date of the Change in Control;

 

		7.	Representations by Allseas. 

 

Allseas represents and warrants the following:

 

		a)	Capacity; Authority; Validity. Allseas has all necessary capacity, power and authority to
enter into this Agreement and to perform all the obligations to be performed by Allseas’ hereunder; this Agreement and the
consummation by Allseas of the transactions contemplated hereby has been duly and validly authorized by all necessary action of
Allseas; this Agreement has been duly executed and delivered by Allseas; and assuming the due execution and delivery of this Agreement
by the Company, this Agreement constitutes the legal, valid and binding obligation of the Company enforceable against Allseas in
accordance with its terms.

 

		b)	No Violation of Law or Agreement. Neither the execution and delivery of this Agreement by
Allseas, nor the consummation of the transactions contemplated hereby by Allseas, will violate any judgment, order, writ, decree,
law, rule or regulation or agreement applicable to Allseas. Allseas is not in breach of any agreement requiring the preservation
of the confidentiality of any information, client lists, trade secrets or other confidential information or any agreement not to
compete or interfere with any prior employer, and that neither the execution of this Agreement nor the performance by Allseas of
its obligations hereunder will conflict with, result in a breach of, or constitute a default under, any agreement to which Allseas
is a party or to which Allseas may be subject.

 

		8.	Confidentiality.

 

Except as directed in writing, Allseas
will not disclose or use at any time, either during the period of this Agreement or thereafter, any Confidential Information (as
defined below) of which it is or becomes aware, except to the extent required by applicable law. Allseas will take all appropriate
steps to safeguard any Confidential Information, as defined herein, and to protect it against disclosure, misuse, espionage, loss
and theft. As used in this Agreement, the term “Confidential Information” means information relating to the Company’s
vessels that is not generally known to the public or that is used or developed by the Company including, without limitation, all
products and services, fees, costs and pricing structures, financial and trading information, accounting and business methods,
analyses, reports, data bases, computer software (including operating systems, applications and program listings), manuals and
documentation, customers and clients and customer and client lists, account files, travel agents and travel agent lists, charter
contracts, salesmen and salesmen lists, technology and trade secrets and all similar and related information in whatever form relating
to the business of the Company, provided however, that Allseas may disclose or use Confidential Information at the direction of
the Company.

 

    	 	 	4 | Page

     

    

 

		9.	Injunctive Relief.

 

Allseas agrees that if it breaches or attempts
to breach or violate any of the provisions of this Agreement, the Company will be irreparably harmed and monetary damages will
not provide an adequate remedy. Accordingly, it is agreed that the Company may apply for and shall be entitled to temporary, preliminary
and permanent injunctive relief (without the necessity of posting a bond or other security) in order to prevent breach of this
Agreement or to specifically enforce the provisions hereof, and Allseas hereby consents to the granting of such relief, without
having to prove the inadequacy of the available remedies at law or actual damages. It is understood that any such injunctive remedy
shall not be exclusive or waive any rights to seek other remedies at law or in equity. The parties further agree that the covenants
and undertakings covered by this Agreement are reasonable in light of the facts as they exist on the date of this Agreement. However,
if at any time, a court or panel of arbitrators having jurisdiction over this Agreement shall determine that any of the subject
matter or duration is unreasonable in any respect, it shall be reduced, and not terminated, as such court or panel of arbitrators
determines may be reasonable.

 

		10.	Assignments.

 

This Agreement and Allseas rights and obligations
hereunder, may not be assigned by Allseas; any purported assignment in violation hereof shall be null and void. This Agreement,
and the Company’s rights and obligations hereunder, may not be assigned by the Company it being understood that the Company’s
rights extend to the Paragon group; provided, however, that in the event of any sale, transfer or other disposition of all or substantially
all of the Paragon group’s assets and business, whether by merger, consolidation or otherwise, the Paragon group shall assign
this Agreement and its rights hereunder to the successor to its assets and business.

 

		11.	Entire Agreement.

 

This Agreement constitutes the entire and
only agreement between the parties in relation to its subject matter and replaces and extinguishes all prior agreements, undertakings,
arrangements, understandings or statements of any nature made by the parties or any of them whether oral or written with respect
to such subject matter.

 

		12.	Notices.

 

Every notice, request, demand or other
communication under this Agreement shall:

 

		a)	be in writing delivered personally, by courier or served through a process server;

		b)	be deemed to have been when delivered personally or through courier or served at the address below;
and

		c)	be sent:

		i.	If to the Company, to:

PARAGON SHIPPING
INC.

15 Karamanli
Ave.,

Voula 16673,

Athens,
Greece

 

    	 	 	5 | Page

     

    

 

		ii.	If to Allseas, to:

ALLSEAS MARINE
S.A..

15 Karamanli
Ave.

Voula 16673,

Athens, Greece

 

or to such other person or address,
as is notified by the relevant party to the other parties to this Agreement and such notification shall not become effective until
notice of such change is actually received by the other parties. Until such change of person or address is notified, any notification
to the above addresses are agreed to be validly effected for the purposes of this Agreement.

 

		13.	Amendments to this Agreement.

 

No modification, alteration or waiver of
any of the provisions of this Agreement shall be effective unless in writing and signed on behalf of each of the parties. No delay
or omission by the Company in exercising any right or power vested in it under this Agreement shall impair such right or power
or be construed as a waiver of, or acquiescence in, any default or breach by Allseas of any of its obligations under this Agreement.

If any one or more provisions of these
presents is, or at any time becomes, for any reason invalid, illegal, void, voidable or otherwise unenforceable under the laws
of any jurisdiction or pursuant to a decision or declaration of any court, such invalidity, illegality, voidability or non-enforceability
shall not affect the validity, voidability, legality or enforceability of any other provision or provisions of this Agreement or
the validity, voidability, legality or enforceability of this Agreement as a whole or the validity, voidability, legality or enforceability
of same under the laws of any other jurisdiction.

The headings in this Agreement do not form
part thereof.

 

		14.	Applicable Law.

 

This Agreement shall be governed by and
construed in accordance with English Law.

 

		15.	Arbitration. 

 

		a)	All disputes arising out of this Agreement shall be arbitrated in London in the following manner:

One arbitrator is to be appointed
by each of the parties hereto and a third arbitrator by the two so chosen. Their decision or that of any two of them shall be final
and for the purpose of enforcing any award, this Agreement may be made a rule of the court. The arbitrators shall be commercial
persons, conversant with shipping matters. Such arbitration is to be conducted in accordance with the rules of the London Maritime
Arbitrators Association terms current at the time when the arbitration proceeding are commenced and in accordance with the Arbitration
Act 1996 or any statutory modification or reenactment thereof.

		b)	In the event that either party state a dispute and designates an Arbitrator in writing, the other
party shall have twenty (20) days, excluding Saturdays, Sundays and legal holidays to designate its arbitrator, failing which the
decision of the appointed arbitrator shall apply and the appointed arbitrator can render an award thereunder in accordance with
this Clause.

		c)	Until such time as the arbitrators finally close the hearings, either party shall have the right
by written notice served on the arbitrators and on the other party to specify further disputes or differences under this Agreement
for hearing and determination.

 

    	 	 	6 | Page

     

    

 

		d)	The arbitrators may grant any relief, and render an award, which they or a majority of them deem
just and equitable and within the scope of the Agreement of the parties, including but not limited to the posting of security.
Awards pursuant to this Clause may include costs, including a reasonable allowance for attorney’s fees and judgments may
be entered upon any award made herein in any court having jurisdiction.

 

IN WITNESS WHEREOF the parties signed the
present document the day and year first above written.

 

For and on behalf of,

 

	PARAGON SHIPPING INC. 	 	ALLSEAS MARINE S.A.
	 	 	 
	 	 	 
	By: KATERINA STOUPA	 	By : GEORGE SKRIMIZEAS
	Title: Corporate Secretary	 	Title: President/Director

 

    	 	 	7 | Page

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