Document:

Exhibit

Amendment No. 2
to
Shareholders Agreement dated January 10, 2013, as amended by Amendment No. 1 dated July 31, 2013
regarding Nordic Bulk Holding Company Ltd., Bermuda
between and among
ST Shipping and Transport Pte. Ltd.
Bulk Fleet Bermuda Holding Company Limited
and
ASO 2020 Maritime Nordic Bulk Holding Ltd., as assignee and successor in interest to
ASO 2020 Maritime, S.A.

As of December 15, 2015
This Amendment No. 2 to Shareholders Agreement dated January 10, 2013 (the "Agreement") is made as of December 15, 2015, by and between:
		
	(1)
	ST Shipping and Transport Pte. Ltd. of 1 Temasek Avenue, #34-01 Millenia Tower, Singapore 039192 ("STST");

		
	(2)
	Bulk Fleet Bermuda Holding Company Limited of Third Floor, Par La Ville Place, 14 Par La Ville Road, Hamilton, HM08, Bermuda ("BFB"); and

 
		
	(3)
	ASO 2020 Maritime Nordic Bulk Holding Ltd. of Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960, as assignee and successor in interest to ASO 2020 Maritime S.A. ("ASO 2020").

WHEREAS:
a.STST, BFB and ASO 2020 (collectively the “Shareholders”) are shareholders of Nordic Bulk Holding Company Ltd. (the “Company”);
b.The Shareholders are party to, inter alia, that certain Shareholders Agreement dated January 10, 2013, as amended by Amendment No. 1 dated July 31, 2013, entered into between, among others, the Shareholders (the “Shareholders Agreement”); 
c.The Shareholders desire to amend the Shareholders Agreement to conform to certain agreed changes; 
d.In accordance with, inter alia, the Shareholders Agreement, each of the Shareholders has made available certain loans to the Company on or about the following dates and in the stated amounts (the “Shareholder Loans”): 
•January 10, 2013     US$ 12,683,333.33
•March 18, 2013      US$   2,173,333.33
•June 18, 2013          US$   2,173,333.33
•May 28, 2014         US$   1,187,500.00
•August 6, 2014        US$   1,187,500.00
•October 3, 2014          US$     754,167.00
•October 30, 2014    US$   1,086,667.00
•December 15, 2014    US$   1,254,167.00
•January 8, 2015    US$   1,253,334.00
•September 8, 2015    US$   1,086,667.00 
•November 12, 2015   US$   1,086,667.00
e.The Shareholders desire to convert the Shareholder Loans into ordinary shares of the Company by discharging all of the Company’s obligations pursuant to the Shareholder Loans through the issuance of additional ordinary shares of the Company at par value, with the number of additional shares equal to the outstanding principal of such Shareholder Loans (the “Equity Conversion”).  Following the Equity Conversion the Shareholders’ Loans shall be terminated;
f.The Shareholders further desire to amend the Shareholders Agreement with respect to the foregoing.
NOW, THEREFORE, in exchange for the mutual premises and consideration set forth herein, the sufficiency and receipt of which is hereby acknowledged, the Parties, intending to be legally bound, hereby agree as follows:
		
	1.
	All references in the Shareholders Agreement to “Glencore International plc”, “Glencore Xstrata plc” and “Glencore Xstrata International plc” are deleted and replaced with “Glencore plc” due to a change of name.

		
	2.
	The Company shall cause the increase of its authorised shares by 90.000.000 ordinary shares of par value of one (1) US Dollar each.

The Company will issue to each shareholder (i.e. STST, BFB and ASO 2020) 25,926,669 shares issued at par value for one (1) US ($) each for a total consideration of $25,926,669 for each of the above named Shareholder. The balance of the authorised shares (i.e. 12,219,993 shares) will remain unissued until further agreement between all the parties hereto. 
In lieu of a cash payment to the Company each of the Shareholders agrees to set off an equivalent amount of the Shareholders Loans it has granted  to the Company which will be fully discharged against the delivery of a share certificate of 25,926,669 shares of one (1) US $ each issued at par to such shareholder.
		
	3.
	Clause 1.1 (Definitions) is amended as follows:

		
	a.
	Add “ASO Maritime means ASO 2020 Maritime Ltd., a company organized and existing under the laws of the Republic of the Marshall Islands whose registered office is at Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960”.

		
	b.
	Amend Existing DVB Loan by adding at the end of the definition “as same may be amended or refinanced from time to time, including the loan agreement entered into between Bulk Nordic Odin Ltd., Bulk Nordic Olympic Ltd., Bulk Nordic Odyssey Ltd., Bulk Nordic Orion Ltd., and Bulk Nordic Oshima Ltd., as joint and several borrowers, and DVB Bank SE as agent and security trustee, dated January 28, 2015, as amended and restated on September 25, 2015 in the principal amount of $91,500,000”.

		
	4.
	All references in Clauses 3.26 and 3.31 of the Shareholders Agreement to “ASO Holdings”, “Cartesian”, and “Cooper”, either separately or collectively, are deleted and replaced with “ASO Maritime”.  

		
	5.
	Clause 3.25 of the Shareholders Agreement is amended in its entirety to read as follows:

		
	“3.25
	Pursuant to the terms and conditions of the Shipbuilding Contracts, the relevant Subsidiaries of the Company will be required to pay Sumitomo Corporation cash deposits equal to 40% of the purchase price of the relevant Vessel at certain dates prior to the delivery of such Vessel.  In order to fund the payment of deposits due to Sumitomo Corporation by the Subsidiaries pursuant to the Shipbuilding Contracts, each Party hereby agrees to subscribe for additional ordinary shares in the Company with a par value equal to (i) the product of (x) its pro rata shareholding percentage as at the due date of a deposit multiplied by (y) the amount of such deposit, no later than one (1) week prior to the due date of each relevant deposit.  The Company shall on - lend the proceeds of such share subscriptions to the relevant Subsidiary. The first instalment under the Shipbuilding Contracts has been funded with additional Shareholder Loans in accordance with the Subscription Agreement.”

		
	6.
	Clause 3.26 of the Shareholders Agreement is amended in its entirety to read as follows:

		
	“3.26
	Pursuant to the terms and conditions of the Shipbuilding Contracts, the relevant Subsidiaries of the Company will be required to pay Sumitomo Corporation 60% of the purchase price of the relevant Vessel upon delivery of the Vessel.  In order to fund this final payment instalment, the Company and its Subsidiaries intend to borrow the required funds from third party financial institution/s pursuant to loan agreement/s containing terms and conditions acceptable to the Parties.  Glencore and Glencore plc on one hand, Bulk Partners (Bermuda) Ltd. on the other and ASO Maritime on the third hereby agree to guarantee the amounts due and owing to such third party financial institution/s on a several basis reflecting the pro rata shareholding percentages in the Company inter se of STST, BFB and ASO 2020, respectively.  For the avoidance of doubt, the obligation to guarantee includes, but is not limited to, the Existing DVB Loan and any other Financing Agreement as defined in Clause 3.31(b) herein.  To the extent that the required funds for the final payment instalment cannot be borrowed from third party financial institution/s on terms and conditions acceptable to the Parties, each of the Parties hereby agrees that it shall fund its pro rata share of the final instalment via a subscription for additional ordinary shares with a par value equal to its pro rata share of the final instalment until such time as third party borrowing is available on terms acceptable to all Parties.” .

		
	a.
	Clause 3.27 of the Shareholders Agreement is amended in its entirety to read as follows:

		
	“3.27
	Any further funding requirements of the Company and its Subsidiaries shall be shared by the Parties on a pro rata basis in accordance with each of the Parties' then outstanding percentage ownership of ordinary shares as at the date of such funding, provided that all Parties agree in accordance with Clause 5.1.(t) herein.  The Parties shall agree from time to time the amount and timing of any funding requirements of the Company, and such funding shall take the form of a subscription for additional ordinary shares to be issued by the Company, unless otherwise agreed in writing by all of the Parties. 

		
	b.
	Clause 3.28(b) of the Shareholders Agreement is amended in its entirety to read as follows:

		
	“3.28(b)
	additional funds are needed for the sole purpose of paying the operating expenses of the Vessels (including drydock expenses) as previously approved by the Parties in accordance with the Annual Budget

each Shareholder shall be required to, and shall, provide additional funds in the form of a subscription for additional ordinary shares in the Company to cure that default or shortfall, with the par value of such shares being equal to the product of (i) such amount required to cure such default or shortfall, and (ii) such Shareholder’s then outstanding shareholding percentage at the time such additional funds are required to be paid.” 
		
	c.
	Clause 3.29 of the Shareholders Agreement is deleted in its entirety.

		
	d.
	Clause 3.30 of the Shareholders Agreement is amended in its entirety to read as follows:

		
	“3.30
	To the extent a Party does not fund within the time set forth in the relevant notice the full amount of its pro rata share of any agreed funding amount as set forth in clauses 3.25, 3.26, 3.27 and 3.28, then each Party agrees that any such failure to fund shall constitute a substantial breach of such Party's obligations under this Agreement for purposes of clause 12.7 hereof.”

		
	e.
	In addition to the amendment set forth in Paragraph 3 hereof, Clause 3.31 of the Shareholders Agreement is amended as follows: delete the paragraph beginning “For the avoidance of doubt” and all text through the remainder of Clause 3.31 ending in “...Appendix 4 hereto”, and replace with:

“For the avoidance of doubt, the obligation to indemnify applies to any Guarantee Payments in respect of any Financing Agreement, regardless of whether the Indemnifying Party is a party to any such Financing Agreement or not”.    
		
	f.
	All other terms and conditions of the Shareholders Agreement shall remain un-amended and in full force and effect.

		
	g.
	This Agreement may be signed in counterparts, and all such counterparts taken together shall constitute one integrated agreement.

IN WITNESS WHEREOF this Amendment No. 2 to the Shareholders Agreement has been executed and delivered by a duly authorized representative of each of the Shareholders on the day and year first above written.
SHAREHOLDERS OF THE COMPANY:
ST SHIPPING AND TRANSPORT PTE. LTD.

/s/   Richard Dumpleton                     /s/  Anders Mogensen
Name: Richard Dumpleton        Name: Anders Mogensen
Title:  Director                Title:  Director

BULK FLEET BERMUDA HOLDING COMPANY LIMITED

/s/ Deborah L. Davis
Name:  Deborah L. Davis
Title:   Director

ASO 2020 MARITIME NORDIC BULK HOLDING LTD., as assignee and successor in interest to ASO 2020 MARITIME S.A. 
/s/ John Ionnidis            /s/ Michael Gialouris        
Name:  John Ionnidis        Name: Michael Gialouris
Title:  Director            Title:  Director

ACKNOWLEDGED AND AGREED:
BULK PARTNERS (BERMUDA) LIMITED

/s/ Arthur E. M. Jones                    
Name:  Arthur E. M. Jones
Title:  Director

NORDIC BULK CARRIERS A/S 

 Mads Boye Petersen        
Name:  Mads Boye Petersen
Title:  Managing Director

ASO HOLDINGS S.A.

/s/ John Ionnidis            /s/ Michael Gialouris        
Name:  John Ionnidis        Name: Michael Gialouris
Title:  Director            Title:  Director

COOPER INVESTMENT FUND LLC

/s/ Adam Murphy                    
Name: Adam Murphy
Title:

MARITIME ACQUISITION INVESTMENT LLC

/s/ Adam Murphy                    
Name: Adam Murphy
Title:

PANGAEA TWO LP

/s/ Peter Yu                    
Name:  Peter Yu
Title:  President of Pangaea Two Admin GP, LLC, the General Partner of Pangaea Two GP, LP, the General Partner of the signatory

PANGAEA TWO ACQUISITION HOLDINGS II, LIMITED

/s/ Paul Hong                    
Name:  Paul Hong
Title:  Vice President

GLENCORE INTERNATIONAL AG

  /s/ Kenneth Klassen        /s/ Tor Peterson        
Name: Kenneth Klassen        Name: Tor Peterson
Title:  Officer            Title:  Officer

GLENCORE PLC
/s/ John Burton                    
Name:  John Burton
Title:  Company Secretaryex10-1.htm

Exhibit 10.1

 

AMENDMENT NUMBER SIX TO AMENDED AND RESTATED BUSINESS FINANCING AGREEMENT

 

This AMENDMENT NUMBER SIX TO AMENDED AND RESTATED BUSINESS FINANCING AGREEMENT (this “Amendment”), dated as of March 18, 2016, is entered into by and among Western Alliance Bank, an Arizona corporation, as successor in interest to Bridge Bank, National Association (“Lender”), on the one hand, and Determine Inc., a Delaware corporation, f/k/a Selectica, Inc. (“Determine”), and Determine Sourcing, Inc., a Delaware corporation, f/k/a Selectica Sourcing Inc. (“Sourcing,” together with Determine, each a “Borrower,” and collectively “Borrowers”) on the other hand, with reference to the following facts:

 

A.     Borrowers and Lender previously entered into that certain Amended and Restated Business Financing Agreement, dated as of July 25, 2014, as amended by that certain Amendment Number One to Amended and Restated Business Financing Agreement and Waiver of Defaults, dated as of December 31, 2014, that certain Amendment Number Two to Amended and Restated Business Financing Agreement, dated as of March 11, 2015, that certain Amendment Number Three to Amended and Restated Business Financing Agreement, dated as of June 5, 2015, that certain Amendment Number Four to Amended and Restated Business Financing Agreement and Waiver of Defaults, dated as of November 13, 2015, and that certain Amendment Number Five to Amended and Restated Business Financing Agreement, dated as of February 3, 2016 (as so amended, the “Agreement”). 

 

B.     Borrowers and Lender desire to further amend the Agreement in accordance with the terms and conditions set forth herein.

 

NOW, THEREFORE, in consideration of the foregoing, the parties hereto hereby agree as follows:

 

1.     Defined Terms. All initially capitalized terms used but not defined herein shall have the respective meanings assigned to such terms in the Agreement.

 

2.     Amendment to Section 12.1.

 

(a)     The definition of Maturity Date set forth in Section 12.1 of the Agreement is hereby amended and restated in its entirety as follows:

 

“Maturity Date” means April 20, 2016 or such earlier date as Lender shall have declared the Obligations, other than Obligations with respect to the Cash-Secured Credit Limit II, immediately due and payable pursuant to Section 7.2. 

 

3.     Conditions Precedent to Effectiveness of Amendment. The effectiveness of this Amendment is subject to and contingent upon the fulfillment of each and every one of the following conditions to the satisfaction of Lender:

 

(a)     Lender shall have received this Amendment, duly executed by Borrowers;

 

(b)     No Event of Default or Default shall have occurred and be continuing; and

 

(c)     All of the representations and warranties set forth herein and in the Agreement shall be true, complete and accurate in all respects as of the date hereof (except for representations and warranties which are expressly stated to be true and correct as of the date of the Agreement).

 

4.     Representations and Warranties. In order to induce Lender to enter into this Amendment, each Borrower hereby represents and warrants to Lender that:

 

(a)     No Event of Default or Default is continuing;

 

 

1 

 

 

(b)     All of the representations and warranties set forth herein and in the Agreement are true, complete and accurate in all respects (except for representations and warranties which are expressly stated to be true and correct as of the date of the Agreement); and

 

(c)     This Amendment has been duly executed and delivered by Borrowers, and the Agreement continues to constitute the legal, valid and binding agreements and obligations of Borrowers, enforceable in accordance with its terms, except as enforceability may be limited by bankruptcy, insolvency, and similar laws and equitable principles affecting the enforcement of creditors’ rights generally.

 

5.     Counterparts; Telefacsimile Execution. This Amendment may be executed in any number of counterparts and by different parties on separate counterparts, each of which, when executed and delivered, shall be deemed to be an original, and all of which, when taken together, shall constitute but one and the same Amendment. Delivery of an executed counterpart of this Amendment by telefacsimile shall be equally as effective as delivery of a manually executed counterpart of this Amendment. Any party delivering an executed counterpart of this Amendment by telefacsimile also shall deliver a manually executed counterpart of this Amendment but the failure to deliver a manually executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment.

 

6.     Integration. The Agreement as amended by this Amendment constitutes the entire agreement and understanding between the parties hereto with respect to the subject matter hereof and thereof, and supersedes any and all prior agreements and understandings, oral or written, relating to the subject matter hereof and thereof.

 

7.     No Waiver. The execution of this Amendment and the acceptance of all other agreements and instruments related hereto shall not be deemed to be a waiver of any Default or Event of Default, whether or not known to Lender and whether or not existing on the date of this Amendment.

 

8.     Release.

 

(a)     Each Borrower hereby absolutely and unconditionally releases and forever discharges Lender, and any and all participants, parent corporations, subsidiary corporations, affiliated corporations, insurers, indemnitors, successors and assigns thereof, together with all of the present and former directors, officers, agents and employees of any of the foregoing, from any and all claims, demands or causes of action of any kind, nature or description, whether arising in law or equity or upon contract or tort or under any state or federal law or otherwise, which such Borrower has had, now has or has made claim to have against any such person for or by reason of any act, omission, matter, cause or thing whatsoever arising from the beginning of time to and including the date of this Amendment, whether such claims, demands and causes of action are matured or unmatured or known or unknown. Each Borrower certifies that it has read the following provisions of California Civil Code Section 1542:

 

A general release does not extend to claims which the creditor does not know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.

 

(b)     Each Borrower understands and acknowledges that the significance and consequence of this waiver of California Civil Code Section 1542 is that even if it should eventually suffer additional damages arising out of the facts referred to above, it will not be able to make any claim for those damages. Furthermore, each Borrower acknowledges that it intends these consequences even as to claims for damages that may exist as of the date of this release but which it does not know exist, and which, if known, would materially affect its decision to execute this Agreement, regardless of whether its lack of knowledge is the result of ignorance, oversight, error, negligence, or any other cause.

 

 

2 

 

 

9.     Reaffirmation of the Agreement. The Agreement as amended hereby remains in full force and effect.

 

 

[Remainder of page intentionally left blank. Signature pages follow.]

 

 

3 

 

 

IN WITNESS WHEREOF, the parties hereto have duly executed and delivered this Amendment as of the date first hereinabove written.          

 

	
 
	
DETERMINE INC.,
	
 

	
 
	
a Delaware corporation
	
 

	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By	/s/ John K. Nolan	 
	 	Name:	John K. Nolan	 
	 	Title:	Chief Financial Officer	 
	 	 	 	 
	 	DETERMINE SOURCING INC.,	 
	 	a Delaware corporation	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By	/s/ John K. Nolan	 
	 	Name:	John K. Nolan	 
	 	Title:	Chief Financial Officer	 

 

 

 

Amendment Number Six to Amended and Restated Business Financing Agreement

 

 

 

 

 

	 	WESTERN ALLIANCE BANK,	 
	 	an Arizona corporation	 
	 	 	 	 
	 	 	 	 
	 	 	 	 
	 	By	/s/ Josh Converse	 
	 	Name:	Josh Converse	 
	
 
	
Title:
	
AVP
	
 

 

 

 

Amendment Number Six to Amended and Restated Business Financing Agreement

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