Document:

Exhibit 4.1.1

 

ADDENDUM
NO.1

 

To the
Amended and Restated Management Agreement

dated September 18,
2006

 

This ADDENDUM NO.1 is
made on the 12th day of February 2009

 

BY AND BETWEEN:

 

(1)        DANAOS CORPORATION, a company organized
and existing under the laws of the Republic of the Marshall Islands
(hereinafter the “Owner”); and

 

(2)        DANAOS SHIPPING COMPANY LIMITED, a
company organized and existing under the laws of the Republic of Cyprus
(hereinafter the “Manager”)

 

(hereinafter to be
referred to as the “Addendum”).

 

WHEREAS:

 

(A)      The Owner has a number of wholly owned
subsidiaries indentified as of the date hereof in Schedule A hereto, as such
Schedule A may be amended from time to time (the “Shipowning Subsidiaries”),
each of which owns a vessel (the “Vessels’) and certain other direct and
indirect subsidiaries identified as of the date hereof in Schedule B hereto, as
such Schedule B may be amended from time to time (together with the Shipowning
Subsidiaries, the “Subsidiaries”).

 

(B)        The Owner and the Manager entered into an
amended and restated management agreement on September 18, 2006
(hereinafter the “2006 Management Agreement”), pursuant to which the Manager
has been representing the Group (as defined in the 2006 Management Agreement)
in its dealings with third parties and have been providing technical,
commercial, administrative and certain other services to the Group as specified
therein in connection with the management and administration of the business of
the Group.

 

(C)        The Owner and the Manager wish to amend
certain terms and conditions of the 2006 Management Agreement by way of
adopting this Addendum.

 

NOW, THEREFORE, THE
PARTIES HEREBY MUTUALLY AGREE AS FOLLOWS:

 

1.              Amendments to the 2006
Management Agreement

 

1.1         Section 11.1(a) shall be replaced by
the following:

 

“a Vessel
management fee of USD 575 per day per Vessel other than those described in 11.1(b)
below, payable monthly in arrears (pro-rated for the number of days that the
Owner (or any Subsidiary) owns or charters-in each Vessel during each month);”

 

1.2         Section 11.1(b) shall be replaced by the following:

 

“a Vessel
management fee of USD 290 per day per Vessel on a bareboat charter payable
monthly in arrears (pro-rated for the number of days that the Owner (or any
Subsidiary) owns or charters-in each Vessel during each month);”

 

1.3         Section 11.1(c) shall be replaced by
the following:

 

“a daily management fee
of USD 575 for providing the commercial, chartering and administrative
services, payable monthly in arrears (the fees in clauses (a) through (c) of
this Section 11.1 being collectively referred to herein as the “Management Fee”);”

 

1.4         Section 11.1(f) shall be replaced by
the following:

 

 

“a flat fee of USD
725,000 for the services by the Manager set forth in the form of Supervision
Agreement attached in Appendix II hereto with respect to each Newbuilding of
the Owner or any Subsidiary payable in four equal instalments on the key event
days in accordance with the applicable shipbuilding contract, namely steel
cutting, keel laying, launching and delivery to the Owner or Subsidiary, as
applicable.. In addition, the incremental portion of the flat fee as compared
to the Amended and Restated Management Agreement (dated September 18,
2006) should be equally apportioned to the remaining key events of the
Newbuilding not performed as of the date of Addendum No.1 dated 12th February 2009.”

 

1.5 Sub-paragraph (g)
shall be added to Section 11.1 reading as follows:

 

“The Management Fee does
not include any out of pocket expenses (e.g. travelling, accommodation or other
expenses of similar nature) of the Manager’s employees in relation to
drydockings or other visits to Vessels related to repair and maintenance. Such
costs will be paid and expensed by the Owner over and above the Management Fee”.

 

2. Applicable
Law and Arbitration:

 

2.1 This Addendum shall
be governed by, and construed in accordance with the laws of England and any
dispute as to any matter arising out of or in any way relating to this Addendum
shall be resolved by arbitration in accordance with Section 20 of the 2006
Management Agreement.

 

3.  Miscellaneous:

 

3.1 Effectiveness.         This Addendum shall become effective
upon signing by the parties hereto and shall constitute an integral part of the
2006 Management Agreement.

 

3.2 Definitions.  All capitalized terms in this Addendum shall
have the same meaning as ascribed to them in the 2006 Management Agreement.

 

3.3 Continuation.         The 2006 Management Agreement, as
amended herein, shall continue to have full force and effect and is hereby
ratified and confirmed in all respects. From and after the execution of this
Addendum all references in the 2006 Management Agreement to “this Agreement”
(or words or phrases of similar meaning) shall be deemed to be references to
the 2006 Management Agreement, as amended hereby.

 

3.4 Counterparts.  This Addendum may be executed and delivered
in counterparts each of which will be deemed an original.

 

IN WITNESS whereof the
undersigned have executed this Addendum as of the date first above written.

 

	
  SIGNED by Mr. Iraklis
  Prokopakis

  	
  )

  	
   

  
	
  Senior
  Vice-President/COO/Treasurer/Director

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
  /s/ Iraklis Prokopakis

  
	
  DANAOS CORPORATION

  	
  )

  	
   

  
	
  in the presence of:
  Mrs. Zoe Lappa-Papamattheou

  	
  )

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SIGNED by
  Mr. Efstathios Sfyris

  	
  )

  	
   

  
	
  Director

  	
  )

  	
   

  
	
  for and on behalf of

  	
  )

  	
  /s/ Efstathios Sfyris

  
	
  DANAOS SHIPPING COMPANY
  LIMITED

  	
  )

  	
   

  
	
  in the presence of:
  Mrs. Zoe Lappa-Papamattheou

  	
  )Exhibit 4.5.1

 

April 18, 2008

 

DANAOS CORPORATION

DIRECTORS SHARE PAYMENT PLAN

 

ARTICLE 1

 

NAME AND PURPOSE

 

Danaos Corporation (the “Company”)
hereby establishes the Danaos Corporation Directors Share Payment Plan (the “Plan”).
The purpose of the Plan is to provide a means for the payment of all or a
portion of compensation payable to directors of the Company in the form of
shares of the Company’s Common Stock, par value $.01 per share, (the “Common
Stock”).

 

ARTICLE 2

 

EFFECTIVE DATE

 

The Plan is effective as
of April 18, 2008 (the “Effective Date”).

 

ARTICLE 3

 

PARTICIPATION

 

Each member of the Board
of Directors of the Company (the “Board”) of the Company (each a “Director”)
may participate in the Plan.

 

ARTICLE 4

 

SHARE PAYMENT ELECTIONS

 

Pursuant to the terms of
the Plan, a Director may make an election to receive in shares of Common Stock
all or a portion of (i) the annual retainer fee (“Annual Retainer”)
payable in respect of the Director’s service on the Board, and (ii) any
Board meeting fees and committee meeting fees (“Meeting Fees”) payable in
respect of the Director’s attendance at such meetings (collectively, “Compensation”).
A Director’s share payment election may apply to one or both of the foregoing
categories of Compensation and may range from [10% to 100% of such
Compensation, in 10% gradations], as elected by the Director. Each initial
share payment election and each change to an existing share payment election
shall be made by the submission of a written election.  The election shall include the percentage of
the Compensation to be paid in Common Stock. 
Each initial share payment election and each change to an existing share
payment election shall be made by the submission of a written election as follows:

 

 

(a)                                  Prior to [December 31] of a year,
each Director may submit a written election which will be given effect with
respect to Compensation to be earned by the Director for all subsequent
calendar years.

 

(b)                                 Each Director initially elected or
appointed to the Board on or after the [December 31] of the previous
calendar year may submit a written election no later than thirty (30) calendar
days following the Director’s election or appointment, which election will be
given effect with respect to Compensation to be earned by the Director after
its submission.

 

(c)                                  At any time, a Director may submit a new
written election superseding an existing election, in which case such new
election will be given effect with respect to Compensation to be earned by the
Director for all subsequent calendar years (until further superseded).  Any changes to the form of distribution must
be consistent with the provisions of Article 7.

 

ARTICLE 5

 

BENEFICIARY DESIGNATION

 

Each Director may, at any
time, designate one or more beneficiaries to receive amounts credited to the
Director’s Share Payment Accounts in the event of the Director’s death. A
Director may make an initial beneficiary designation, or change an existing
beneficiary designation, by submitting such a designation in writing to the
Secretary of the Company. Upon acceptance by the Secretary of the Company of a
Director’s beneficiary designation, any beneficiary designation previously
filed shall automatically be canceled.

 

ARTICLE 6

 

MAINTENANCE OF SHARE PAYMENT ACCOUNT

 

(a)                                On the last
business day of each calendar quarter, rights to receive a number of shares of
Common Stock, determined in accordance with the next sentence, shall be
credited to each Director’s Share Payment Account.  The number of rights to receive shares of
Common Stock, if any, to be credited each calendar quarter shall be equal to
the Applicable Portion of the dollar amount of (i) one-fourth of such
Director’s Annual Retainer, and (ii) all such Director’s Meeting Fees
earned during such calendar quarter, divided by the closing price of a share of
Common Stock on the New York Stock Exchange for the trading day prior to such
last business day.

 

(b)                               The rights
which are credited to the Directors Share Payment Accounts shall be equitably
adjusted by the Board of Directors to reflect any share split, share dividend,
share combination, recapitalization, conversion or other event affecting the
Common Stock.

 

 

ARTICLE 7

 

METHOD OF DISTRIBUTION OF SHARE PAYMENTS

 

No distribution of share
payments may be made except as provided in this Article 7.

 

(a)                                Within ten (10) trading days following December 31
of each year, the Company will deliver to each Director a number of shares of
Common Stock represented by the rights credited to his or her Share Payment
Account during the preceding calendar year pursuant to Article 6.

 

(b)                               (i) Notwithstanding the foregoing,
at the written request of a Director, the Compensation Committee of the Board
(in its role as administrator of this Plan), may in its sole discretion,
accelerate the payment of shares of Common Stock represented by rights which
have been credited to the Director’s Share Payment Account, upon a showing of
good cause or necessity.

 

(ii) In the event of a Director’s death or
incapacity either before or after the Director’s cessation from service on the
Board, all shares of Common Stock represented by rights which are then credited
to the Director’s Cash Share Payment Account, shall be distributed to the
Director’s personal representative, guardian, executor or designated
Beneficiaries, if practicable, within thirty (30) days after the end of the
month in which such death occurred or, in the case of incapacity, the end of
the month in which request for such payment is made.

 

(c)                                Prior to the delivery of shares of Common
Stock pursuant hereto, such shares shall not be deemed to be outstanding and
accordingly may not be voted nor shall dividends be payable in respect thereof.

 

(d)                               Distributions shall be subject to
applicable law.

 

ARTICLE 8

 

UNFUNDED STATUS OF THE PLAN

 

A Director shall not have
any interest in any shares of Common Stock represented by rights which are
credited to his or her Share Payment Account until such shares are distributed
in accordance with the Plan.  Until so
distributed, all such shares of Common Stock shall remain the sole property of
the Company, available for its use for whatever purposes are desired. With
respect to share payments, prior to the issuing of shares of Common Stock, a
Director is merely a general creditor of the Company and the obligation of the
Company hereunder is purely contractual and shall not be funded or secured in
any way.

 

3

 

ARTICLE 9

 

NON-ALIENABILITY AND NON-TRANSFERABILITY

 

The rights of a Director
to the shares of Common Stock represented by rights which are credited to his
or her Share Payment Account shall not be assigned, transferred, pledged or
encumbered or be subject in any manner to alienation or anticipation. ADirector
may not borrow against such rights and such rights shall not be subject in any
manner to anticipation, alienation, sale, transfer, assignment, pledge,
encumbrance, change, garnishment, execution or levy of any kind, whether
voluntary or involuntary, prior to distribution of the related shares of Common
Stock.

 

ARTICLE 10

 

ADMINISTRATION

 

The Plan is intended to
be self-effectuating and does not require the exercise of discretion by the
Company.  The Compensation Committee of
the Board shall act as the Plan administrator for purposes of resolving any ambiguities,
claims or disputes arising with respect to the Plan or any share payments under
the Plan.  As such, the Compensation
Committee is authorized to make any rulings and determinations that it deems to
be appropriate and consistent with the terms and intent of the Plan and all such
rulings and determinations shall be final and binding upon all parties for all
purposes.  Any member of the Compensation
Committee making a claim or request to the Compensation Committee with respect
to his or her rights or interests under the Plan shall excuse himself or
herself from the Compensation Committee’s determination with respect to such
claim or request.

 

ARTICLE 11

 

AMENDMENT AND TERMINATION

 

The Plan, at any time,
may be amended, modified or terminated by the Board. No amendment, modification
or termination, without the consent of a Director, shall adversely affect such
Director’s rights credited to his or her Share Payment Account.

 

ARTICLE 12

 

NOTICES

 

All notices and forms to
be submitted to the Company hereunder shall be delivered to the attention of
the Secretary of the Company.

 

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