Document:

Unassociated Document

    Addendum
No. 8 to the

    Share
Transfer Agreement signed in February 2009

    

    between

    

    
      	
               
      

            	
              1.

            	
              Reederei
      Hartmann GmbH & Co. KG,

            

    

    with
registered office at Neue Strasse 24 – 26789 Leer, Germany,

    (hereinafter
referred to as “Hartmann”)

    

    And

    

    
      	
               
      

            	
              2.

            	
              Suresh
      Capital Maritime Partners German
GmbH

            

    

    with
registered office at Garrelsstraβe 14, 26789 Leer Germany,

    (hereinafter “SCMP”)

    

    WHEREAS

    

    
      	 	
              A.

            	
              Hartmann
      and SCMP entered into the Share Transfer Agreement signed in February 2009
      (as from time to time supplemented or amended the “Agreement”) to set out
      their mutual rights and liabilities in respect of a placement guarantee
      provided by Hartmann in respect of the share capital payable by SCMP for 9
      single purpose companies; and

            

    

    
      	 	
              B.

            	
              The
      Parties wish to alter said Agreement to reflect changes in the overall
      situation since occurred;

            

    

    

    THE
PARTIES NOW AGREE AS FOLLOWS

    

    
      	
              1.

            	
              In
      case the SCMP Share in ATL Offshore GmbH & Co. “Isle of Baltrum” KG
      has been assigned to and in favour of Hartmann pursuant to Clause 4.1 of
      the Agreement, Hartmann hereby re-assigns to and in favour of SCMP the
      Transferred SCMP Shares in ATL Offshore GmbH & Co. “Isle of Baltrum”
      KG with immediate effect.  SCMP hereby accepts such
      re-assignment.

            

    

     

     

    
      
        
        

      

      
        Page
1

        
          

        

      

      
        
        

      

    

     

     

    
      	
              2.

            	
              Cl.
      1.2 shall be deleted and replaced as
follows:

            

    

    

    
      	
               
      

            	
              “1.2

            	
              In
      order to secure that the funds collected by SCMP shall be used solely for
      the capitalization of the SPVs, such collected funds shall be credited to
      an escrow account of the lawyers Ahlers & Vogel in Hamburg,
      Germany.  Ahlers & Vogel are hereby irrevocably instructed
      to release amounts from the escrow account upon receipt of a written
      demand by ATL stating that a payment of Agreed Equity payment is due
      hereunder and nominating the SPV and the relevant bank account payment is
      to be made to.

            

    

     

    
      	
               
      

            	
              In
      case of there being only partial funds available at the time of a funding
      demand, Ahlers & Vogel are irrevocably instructed to make payment of
      all and any funds available at the payment date, informing both SCMP and
      Hartmann about the amount actually
paid.”

            

    

    

    
      	
              3.

            	
              Cl.
      3.1 shall be deleted and replaced as
follows:

            

    

    

    
      	
               
      

            	
              “3.1

            	
              SCMP
      hereby accept that any dividends that may be declared and be paid or
      become due to be paid to SCMP as a limited partner or any interest accrued
      in accordance with cl. 1.3 shall be used by SCMP as
    follows:

            

    

    

    
      	
               
      

            	
              3.1.1.

            	
              Dividends
      and/or interest paid or declared in respect of any SPVs for which Hartmann
      contributed equity in accordance with cl. 4 hereof and has entered into a
      loan agreement with SCMP in this respect shall be paid to Hartmann in
      repayment of such loan until such loan has been fully
    repaid;

            

    

    

    
      	 	
              3.1.2.

            	
              any
      other dividends and/or interest are to be paid exclusively to the escrow
      account until full share capitalization of the SCMP Share has been
      effected by payment of either SCMP or by Hartmann according to this
      Agreement.”

            

    

     

     

    
      
        
        

      

      
        Page
2

        
          

        

      

      
        
        

      

    

     

    
      	
              4.

            	
              Cl.
      3.2 shall be supplemented by the following
  provision:

            

    

    

    “However,
the parties acknowledge that there will be no distribution of dividends for any
of the SPVs at the SCMP Equity payment dates for SPV LANGEOOG, SPV AMRUM and SPV
WANGEROOGE and therefore waive the requirement to establish share distribution
accounts as set out above in respect of the relevant SCMP Equity Payment
Dates.”

    

    
      	
              5.

            	
              Cl.
      4 of the Agreement shall be deleted in its entirety and replaced as
      follows:

            

    

    

    
      	
               
      

            	
              “4.1

            	
              If
      and insofar as SCMP does not pay the SCMP Share on the SCMP Equity Payment
      date and Hartmann therefore makes a contribution to the equity under the
      terms and conditions of the Corporate Guarantee or otherwise, SCMP shall
      enter into a separate loan agreement for each Vessel with Hartmann
      regulating the repayment and securing of funds so provided by
      Hartmann.

            

    

    

    
      	
               
      

            	
              4.2

            	
              SCMP
      warrants that it will not until the earlier of (i) payment of it’s equity
      by itself or (ii) re-payment of the individual loans as set out in cl. 4.1
      above allow the rights deriving from its participation as limited partner
      in the SPVs to be attached pledged or in any way encumbered or
      assigned.”

            

    

    
      
         

      

      
        Page
3

        
          

        

      

      
         

      

    

    

    
      	
              6

            	
              All
      other terms and conditions of the Agreement to remain
      unchanged.  Words in Capitals in the Addendum shall have the
      same meaning as in Agreement unless otherwise defined
    herein.

            

    

    

    Leer,
this 10 day of February, 2010

    

    
      
        	
                /s/ Dr. Niels Hartmann

              	 
      	
                /s/ Jason Morton

              
	
                Reederei
      Hartmann GmbH & Co. KG

              	 
      	
                Suresh
      Capital Maritime Partners

              
	
                Name:
      Dr. Niels Hartmann

              	 
      	
                German
      GmbH

              
	
                Title:
      Managing Director

              	 
      	
                Name:  Jason
      Morton/Darrel Cain

              
	 
      	 
      	
                Title:  Managing
      Director

              
	 
      	 
      	 
      
	
                /s/ Dr. Niels Hartmann

              	 
      	
                /s/ Dr. Niels Roggemann

              
	
                UOS
      United Offshore Support GmbH

              	 
      	
                Hartmann
      Offshore GmbH & Co.

              
	
                &
      Co. KG

              	 
      	
                KG

              
	
                Name:
      Dr. Niels Hartmann

              	 
      	
                Name:  Niels
      Roggemann

              
	
                Title:
      Managing Director

              	 
      	
                Title:  Managing
      Director

              
	 
      	 
      	 
      
	
                /s/ Dr. Niels Hartmann

              	 
      	 
      
	
                ATL
      Offshore GmbH for and on

              	 
      	
                Acknowledged
      by

              
	
                behalf
      of the SPV’s

              	 
      	
                Ahlers
      & Vogel

              
	
                Name:
      Dr. Niels Hartmann

              	 
      	
                Dr.
      Jan Erik Potschke

              
	
                Title:
      Managing Director

              	 
      	 
      

      

    

     

    
      
         

      

      
        Page
4Unassociated Document

    Mutual
Indemnity Agreement

    

    This
Mutual Indemnity Agreement (this “Agreement”) is made and entered into as of the
20 day of May, 2009 by and among the following German ship owning companies
(each an “SPV”):

    

    
      	
              1.

            	
              ATL
      Offshore GmbH and Co. MS “Juist” KG

            

    

    

    
      	
              2.

            	
              ATL
      Offshore GmbH and Co. MS “Norderney”
KG

            

    

    

    
      	
              3.

            	
              ATL
      Offshore GmbH and Co. MS “Isle of Baltrum”
KG

            

    

    

    
      	
              4.

            	
              ATL
      Offshore GmbH and Co. MS “Isle of Langeoog”
KG

            

    

    

    
      	
              5.

            	
              ATL
      Offshore GmbH and Co. MS “Isle of Amrum”
KG

            

    

    

    
      	
              6.

            	
              ATL
      Offshore GmbH and Co. MS “Isle of Sylt”
KG

            

    

    

    
      	
              7.

            	
              ATL
      Offshore GmbH and Co. MS “Isle of Wangerooge”
KG

            

    

    

    
      	
              8.

            	
              ATL
      Offshore GmbH and Co. MS “Isle of Neuwerk”
KG

            

    

    

    
      	
              9.

            	
              ATL
      Offshore GmbH and Co. MS “Isle of Usedom”
KG

            

    

    

    
      	
              10.

            	
              ATL
      Offshore GmbH and Co. MS “Isle of Fehmarn ”
KG

            

    

    

    
      	
              11.

            	
              ATL
      Offshore GmbH and Co. MS “Isle of Memmert”
KG

            

    

    

    
      	
              12.

            	
              ATL
      Offshore GmbH and Co. MS “Isle of Mellum”
KG

            

    

    

    WITNESSETH
THAT:

    

    WHEREAS,
each SPV, incorporated and existing under the laws of the Federal Republic of
Germany having its registered office at Neue Str. 24, 26789 Leer, Germany, has
obtained a loan (herein the “Loan”) and collectively as jointly and severally
liable Borrowers from Norddeutsche Landesbank Girozentrale (the “Lender”)
documented by a Loan, Guarantee Facility and Credit Facility Agreement dated
December 19, 2008 (the “Loan Agreement”) and the Security Documents (as defined
in the Loan Agreement) (collectively the “Loan Documents”); and

    

    WHEREAS,
Suresh Capital Maritime Partners Germany GmbH holds 75% of the Kommanditkapital
(share capital) of SPVs numbered 1 through 9; and

    
      
         

      

      
        Page
1

        
          

        

      

      
         

      

    

    WHEREAS,
Suresh Capital Maritime Partners I-B Germany GmbH holds 75% of the
Kommanditkapital (share capital) of SPVs numbered 10 through 12 each;
and

    

    WHEREAS,
the SPVs numbered 1 through 9 above shall be defined as the “SCMP SPVs” and the
SPVs numbered 10 through 12 shall be defined as the “SCMP I-B SPVs”;
and

    

    WHERAS,
the SPVs desire to enter into this Agreement with respect to each of the Loan
Documents in order to set forth their rights to indemnification.

    

    NOW
THEREFORE, in consideration of the foregoing recitations, the mutual covenants
hereinafter set forth and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the SPVs agree as
follows:

    

    
      	
              1.

            	
              Mutual
      Indemnification.

            

    

    Notwithstanding
the joint and several nature of the Loan, for purposes of this agreement, (a)
the SCMP SPVs agree that they are obligated to remain in compliance with the
Loan Documents with respect to the portion of the Loan used to finance the
vessels owned by the SCMP SPVs and (b) the SCMP I-B SPVs agree that they are
obligated to remain in compliance with the Loan Documents with respect to the
portion of the Loan used to finance the vessels owned by the SCMP I-B
SPVs.  In consideration for the agreement in the preceding sentence,
the SCMP SPVs hereby agree, jointly and severally, to indemnify the SCMP I-B
SPVs for all loss, costs, liability, and expenses, including reasonable
attorneys’ fees suffered or incurred by the SCMP I-B SPVs, arising out of or
associated with (a) the breach or non-performance solely by the SCMP SPVs under
the Loan Documents or this Agreement or (b) payment or performance by the SCMP
I-B SPVs in order to avoid a breach by the SCMP SPVs under the Loan Documents or
this Agreement.  The SCMP I-B SPVs hereby agree, jointly and
severally, to indemnify the SCMP SPVs for all loss, costs, liability, and
expenses, including reasonable attorneys’ fees suffered or incurred by the SCMP
SPVs, arising out of or associated with (a) the breach or non-performance solely
by the SCMP I-B SPVs under the Loan Documents or this Agreement or (b) payment
or performance by the SCMP SPVs in order to avoid a breach by the SCMP I-B SPVs
under the Loan Documents or this Agreement.

    
      
         

      

      
        Page
2

        
          

        

      

      
         

      

    

    

    
      	
              2.

            	
              Payments.

            

    

    To the
extent the SCMP SPVs or the SCMP I-B SPVs, as the case may be, are required to
indemnify (the “Indemnifying Party”) the other parties hereto (the
“Indemnified Party”), the Indemnifying Party shall, within 5 days after receipt
of notice from the Indemnified Party, remit in good funds (or other compensation
to the extent the Indemnified Party has agreed in writing to accept compensation
other than cash) sufficient to compensate the Indemnified Party in
full.

    

    
      	
              3.

            	
              Interest.

            

    

    
      	
            	
              In
      the event any Indemnifying Party fails to pay any payment in full which is
      required under paragraph 1 and 2 above to an Indemnified Party on or
      before the due date (the “Indemnification Obligations”), then the
      Indemnification Obligations shall accrue interest automatically thereafter
      at the rate of fifteen percent (15%) per annum (or such lesser amount as
      is permitted by applicable law) until the Indemnification Obligations and
      accrued interest thereon are paid in full to the Indemnified Party. All
      payments to the Indemnified Party shall be applied first to any accrued
      interest and then to principal.

            

    

    

    
      	
              4.

            	
              Miscellaneous.

            

    

    
      	
               
      

            	
              All
      amendments, modifications, restatements or supplements to this Agreement
      must be made in writing and executed by the persons to be bound
      thereby.

            

    

    

    In the
event that this Agreement or any provision hereof shall be deemed invalid by
present or future law of any jurisdiction or by decision of any court, that
invalidity shall not affect the validity of this Agreement as a
whole.  In any case, the parties shall execute and deliver such other
and further agreements as may deem to be necessary to carry out the original
intent of the parties to this Agreement

     

    
      
        
           

        

        
          Page
3

          
            

          

        

        
           

        

      

    

    
 

    This
Agreement is governed and construed in accordance with German law. All disputes
arising out of or in connection with this Agreement or concerning its validity
shall be finally settled by arbitration in accordance with the Arbitration Rules
of the German Maritime Arbitration Association.

     

    SIGNED by
ATL Offshore GmbH, for and on behalf of

     

    ATL
Offshore GmbH and Co. MS “Juist” KG

    ATL
Offshore GmbH and Co. MS “Norderney” KG

    ATL
Offshore GmbH and Co. MS “Isle of Baltrum” KG

    ATL
Offshore GmbH and Co. MS “Isle of Langeoog” KG

    ATL
Offshore GmbH and Co. MS “Isle of Amrum” KG

    ATL
Offshore GmbH and Co. MS “Isle of Sylt” KG

    ATL
Offshore GmbH and Co. MS “Isle of Wangerooge” KG

    ATL
Offshore GmbH and Co. MS “Isle of Neuwerk” KG

    ATL
Offshore GmbH and Co. MS “Isle of Usedom” KG

    ATL
Offshore GmbH and Co. MS “Isle of Fehmarn ” KG

    ATL
Offshore GmbH and Co. MS “Isle of Memmert” KG

    ATL
Offshore GmbH and Co. MS “Isle of Mellum” KG

    

    
      
        	
                /s/ Dr. Niels Hartmann

              
	
                Name:
      Dr. Niels Hartmann

              
	
                Title:
      Managing Director of ATL Offshore
GmbH

              

      

    

    
      
         

      

      
        Page
4

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