Document:

exv10w3

Exhibit 10.3

AMENDMENT TO BUYBACK AGREEMENT

AND ASSUMPTION AGREEMENT

     This AMENDMENT TO BUYBACK AGREEMENT AND ASSUMPTION AGREEMENT (this “Amendment”), dated
as of April 8, 2010, is made by and among Navios Maritime Acquisition Corporation, a Marshall
Islands corporation (“Navios Acquisition”), Amadeus Maritime S.A., a Panama corporation
(“Amadeus”), J.P. Morgan Securities Inc. (“JPMorgan”), Deutsche Bank Securities
Inc. (“Deutsche Bank”, and together with Navios Acquisition, Amadeus and JPMorgan, the
“Original Parties”) and Navios Maritime Holdings Inc., a Marshall Islands corporation
(“Navios Maritime”), and amends the Buyback Agreement (the “Agreement”) entered
into among the Original Parties on June 25, 2008. Capitalized terms used and not otherwise defined
in this Amendment shall have the meanings given them in the Agreement.

WITNESSETH:

     WHEREAS, the Agreement provides that the terms thereof may be amended only pursuant to a
written instrument executed by the Original Parties; and

     WHEREAS, the Parties desire to amend the Agreement and have Navios Maritime assume the
obligations of Amadeus under the Agreement;

     NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration,
the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

     1. Assumption of Obligations. Navios Maritime hereby agrees, to assume, perform,
fulfill, pay, discharge when due and satisfy all of the obligations of Amadeus under the Agreement,
and to be bound by the Agreement as if it were Amadeus, until the completion of the obligations set
forth in such Agreement.

     2. Amendment. The Agreement is hereby amended by deleting the second paragraph in its
entirety and replacing it with the following paragraph:

     “Navios Maritime agrees to purchase, either in open market purchases or privately negotiated
transactions, up to $45,000,000 of shares of Common Stock (the “Aftermarket Shares”) during the
period commencing two business days after the Company files a preliminary proxy statement relating
to its Business Combination (as defined in the Company’s Amended and Restated Articles of
Incorporation in effect on the date hereof (the “Articles of Incorporation”)) and ending on the
date for the shareholder meeting at which such Business Combination is to be approved.”

     3. Full Force and Effect. Except as modified by this Amendment, all other terms and
conditions in the Agreement shall remain in full force and effect.

     4. Effect. Unless the context otherwise requires, the Agreement, as amended, and this
Amendment shall be read together and shall have effect as if the provisions of the Agreement, as
amended, and this Amendment were contained in one agreement. After the effective date of this
Amendment, all references in the Agreement to “this Agreement,” “hereto,” “hereof,” “hereunder” or
words of like import referring to the Agreement shall mean the Agreement, as amended, as further
modified by this Amendment.

 

 

     5. Counterparts. This Amendment may be executed in separate counterparts, all of
which taken together shall constitute a single instrument.

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

2

 

     IN WITNESS WHEREOF, the parties hereto have executed this Amendment effective as of the day
and year first above written.

	 	 	 	 	 

	ACCEPTED AND AGREED:	 	 
	 
	 	 	 	 
	NAVIOS MARITIME HOLDINGS INC.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Angeliki Frangou	 	 
	 

	 	 	 	 
	Name:

	 	Angeliki Frangou	 	 
	Title:

	 	Chief Executive Officer	 	 
	 
	 	 	 	 
	ACCEPTED AND AGREED:	 	 
	 
	 	 	 	 
	AMADEUS MARITIME S.A.	 	 
	 
	 	 	 	 
	By:

	 	/s/ Angeliki Frangou	 	 
	 

	 	 	 	 
	Name:

	 	Angeliki Frangou	 	 
	Title:

	 	Attorney-in-Fact	 	 
	 
	 	 	 	 
	ACCEPTED AND AGREED:	 	 
	 
	 	 	 	 
	NAVIOS MARITIME ACQUISITION CORPORATION	 	 
	 
	 	 	 	 
	By:

	 	/s/ Angeliki Frangou	 	 
	 

	 	 	 	 
	Name:

	 	Angeliki Frangou	 	 
	Title:

	 	Chief Executive Officer	 	 
	 
	 	 	 	 
	ACCEPTED AND AGREED:	 	 
	 
	 	 	 	 
	DEUTSCHE BANK SECURITIES INC.	 	 
	 
	 	 	 	 
	By:
	 	/s/ Craig Feuhrer	 	 
	 

	 	 	 	 
	Name:
	 	Craig Feuhrer	 	 
	Title:
	 	Managing Director 	 	 
	 
	 	 	 	 
	ACCEPTED AND AGREED:	 	 
	 
	 	 	 	 
	J.P. MORGAN SECURITIES INC.	 	 
	 
	 	 	 	 
	By:
	 	/s/ Nurten Goksu Yolac	 	 
	 

	 	 	 	 
	Name:
	 	Nurten Goksu Yolac	 	 
	Title:
	 	Executive Director	 	 

[Signature Page — Amendment to Buyback Agreement and Assumption Agreement]

 

 

ACCEPTED AND AGREED:

DEUTSCHE BANK SECURITIES INC.

	 	 	 	 	 

	By: 

Name:

	 	/s/ Andrew Dubuque
 

Andrew Dubuque
	 	 
	Title:

	 	Director	 	 

[Signature Page — Amendment to Buyback Agreement and Assumption Agreement]ex101.htm

Exhibit 10.1

 

 

Purchase Agreement

 

for Machineries and Equipments

 

[Unofficial Translation]

This Purchase Agreement (the “Agreement”) is executed on April 9, 2010, in Xushui County, Baoding City, Hebei Province, by and between Henan Qinyang First Paper Machine Limited (hereinafter referred to as “Party A”) and Hebei Baoding Orient Paper Milling Company Limited (hereinafter referred to as “Party B”). After friendly negotiation, both Parties agree on that Party B hereby purchase a series of Paper Machineries and Equipments (hereinafter referred to as “Equipments”) from Party A, and all terms and conditions as follows:

Item I, Product Name, Modal, Quantity, Amount, and Delivery Time and Quantity

 

	
Product Name

and

Modal

	
 

Trade Name

	
 

Measurement Unit

	
 

Quantity

	
5600# Long Mesh and

Multi-cylinder Paper Machine

	
“Qinyiji”

“沁一机”

 

	
By Set

	
One

	
5600# Winder Machine

	
“Qinyiji”

“沁一机”

 

	
By Set

	
One

(With 10 pieces of Winding Roll)

	
5600# Sizing Machine

	
“Qinyiji”

“沁一机”

 

	
By Set

	
One

	
5600# Rewinder Machine

	  	
By Set

 

	
One

	
Quantitative On-line

Moisture Analyzer

 

	  	
By Suit

	
One

	
Total purchase price: RMB190 Million Yuan

Total purchase price includes all expenses which will generate from Party A’s

installation, debugging and after-sales service.

 

	
Other provisions:

1. Party A shall submit basic structure of Equipments to Party B within 20 days after effectiveness of this Agreement;

Party A shall complete basic installation of these Equipments within 3 months after

effectiveness of this Agreement;

Party A shall complete all installation of these Equipments and delivery to Party B within 6 months.

 

2. Party A shall manufacture these Equipments according to structure and technical modulus which have been agreed by both Parties.

 

 

 

 

  

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Item II, Quality Assurance Provisions

 

Party A hereby ensure that provided Equipments should be comply with relevant national standards for paper-making equipment, Party A also ensure that Equipments are original packed, qualified, brand-new products, and have never been used. The quality, specifications and performance of these Equipments are fully comply with requirements in this Agreement; Party A hereby guarantee that Equipments have good performance from the delivery time to its whole working life.

 

Party A hereby promises that repair period for complete appliance of the Equipments is for one year after installation, and repair period for Sizing components is for half one year after installation.

Item III, Place and Method for Delivery

 

Place of Delivery: Party A shall delivery the Equipments to the facility of Party B and bear all shipping expenses.

Method of Delivery: After delivery the Equipments to Party B, Party A should dispatch their technical specialists for installation and debugging. Completing delivery shall be deemed as after putting Equipments into use and after Party B’s acceptance, the acceptance date shall be the delivery date. Any damage or loss risks to Equipments shall be transferred to Party B from Party A after delivery date.

Item IV, Packaging Standard and Packaging Recycling

Packaging materials will not return to Party A.

Item V, Acceptance Method and Standard

 

After installation of all Equipments in this Agreement by Party A, Party B shall send technical specialist to check and accept such Equipments according to Exhibit 1 (5600/1200# stacked mesh and Multi-cylinder Paper Machine technical modulus), Exhibit 2 (Full installation structure) and Exhibit 3 (Cast Iron Dryer Technical Standards QB2551-2008 for Paper Production). Qualified acceptance shall be considered as delivery completing.

Item VI, Supply of Mandatory Spare Parts, Accessories and Tools

 

Party A should provide hydraulic pump and tools which will be used in disassemble roller and mesh system.

Item VII, Payment Methods

 

Payment Methods is subject to Exhibit 4 after negotiation between both parties.

 

 

 

  

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Item VIII, Deposit Provisions

 

Deposit of 20% of total purchase price ( equal to RMB38 Million Yuan) which was paid by Party B to Party A according to Letter of Intent for Purchase Machineries and Equipments signed on March 15, 2010 shall be considered as deposit for this Agreement.

Item IX, Default Liabilities

 

	
1.  

	
If Party A is unable to deliver any Equipments stated in Item I, Party A shall reimburse Party B with 50% of purchase price for these un-delivered Equipments as penalty; If adverse material effect is suffered from these un-delivered Equipments, Party A shall reimburse Party B with 50% of total purchase price of all Equipments as penalty; If actual damages made to Party B exceed reimbursement to Party B, then Party A shall reimburse actual damages to Party B.

 

	
2.   

	
In the case any Equipments delivered by Party A is inconsistent with its specifications stated in Item I, the purchase price for such Equipments shall be priced according to its actual quality upon acceptance by Party B. However, if Party B is unable to use such Equipments, Party A shall be responsible for replacement or repair, and bear all expensed occurred from repair, replacement or return of Equipments. If Party A is unable to repair or replace such Equipments, Party B will consider such actions as un-delivery and subject to liabilities stated above.

 

	
3.

	
 Party A shall reimburse penalty for any late delivery to Party B and bear all other damages made to Party B due to such late delivery. Penalty shall be 30% of total purchase price of all Equipments. Party A shall discuss any late delivery equipment before they can provide such Equipments with Party B. If Party B still agree to purchase these Equipments, then Party A shall deliver immediately according to ordered numbers; If Party B decide not to purchase such late delivery Equipments no longer, Party B shall notify Party A by 15 days in advance and terminate relevant terms in this Agreement.

 

	
4. 

	
Any late payment from Party B shall subject to relevant provisions in the regulation of deferred payment from People’s Bank of China, and Party B shall reimburse 30% of late payment to Party A as penalty.

Item X, Miscellaneous

 

Any default payments or damage losses which should be reimburse to each party according to this Agreement shall be effected within 10 days, otherwise, such reimburse shall be settled as late payment. However, any reimburse can not be settled by withholding any equipment or deducting any purchase price as an offset.

Item XI, Solution of Dispute

 

Any dispute raising from any party shall be negotiated and resolved timely and any unresolved dispute can be submitted to the court in Party B’s local region for jurisdiction.

Item XII, Installation Provisions

 

Party A shall send technical specialist to Party B’s facility and promise to complete all installation for trial production within 6 months after signing of this Agreement, otherwise, Party A shall subject to default liabilities.

Item XIII, Effectiveness

 

This Agreement is executed in two copies, and each of them held by Party A and Party B. All Exhibits to this Agreement are equally authentic. This Agreement shall take effect after signed and sealed by both parties.

Exhibits to this Agreement includes:

Exhibit 1: 5600/1200# stacked mesh and Multi-cylinder Paper Machine technical modulus

Exhibit 2: Full installation structure

Exhibit 3: Cast Iron Dryer Technical Standards QB2551-2008 for Paper Production

Exhibit 4: Payment Methods

 

 

[Signature Page]

 

 

 

 

 

  

3

  

 

 

Party A’s information:

 

Company Name: Henan Qinyang First Paper Machine Limited

 

(Seal)

 

/s/ Chunjian Zhang

 

Company Address: Industrial Area in Gecun, Qinyang City

 

Legal Representative: Gongwen Zhang

 

Authorized Representative: Chunjian Zhang

 

Telephone: 0319-5936384

 

Opening Bank: Agricultural Bank of China, Gecun Branch in Qinyang City

 

Account Number: 16314101040001056

 

Post Code: 454586

Party B’s information:

 

Company Name: Hebei Baoding Orient Paper Milling Company Limited

 

(Seal)

 

/s/ Zhenyong Liu

 

Company Address: Wuji Village, Xushui County, Baoding City, Hebei Province

 

Legal Representative: Zhenyong Liu

 

Telephone/Fax: 0312-8605508/8698212

 

Opening Bank: Industry and Commercial Bank of China, Xushui Sub-Branch

 

Account Number: 0409016009245030421

 

Post Code: 072550

  

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Exhibits 4:

Payment Methods

This Payment Methods is an integral part of the Purchase Agreement which is signed between Henan Qinyang First Paper Machine Limited (hereinafter referred to as “Party A”) and Hebei Baoding Orient Paper Milling Company Limited (hereinafter referred to as “Party B”) on April 9, 2010. For the 80% reminder payment of purchase price, both parties hereby agree with below payment schedule:

 

    First Batch: 10% of purchase price shall be paid to Party A after Basic Plat delivery;

   

    Second Batch: 20% of purchase price shall be paid to Party A after Mesh Components, Pressing Components and Fixture Components delivery;

 

    Third Batch: 10% of purchase price shall be paid to Party A after Drying Components and Fixture Components delivery;

 

    Fourth Batch: 10% of purchase price shall be paid to Party A after the first and second Cylinder Components delivery;

 

    Fifth Batch: No payment shall be paid to Party A after the third and fourth Cylinder Components delivery;

 

    Sixth Batch: No payment shall be paid to Party A after the fifth and sixth Cylinder Components delivery;

 

    Seventh Batch: 10% of purchase price shall be paid to Party A after Winder Machine, Rewinder Machine and Sizing Machine delivery;

 

    Eighth Batch: 15% of purchase price shall be paid to Party A after Drive Components delivery.

    The 5% reminder of purchase price as quality margin shall be paid off by Party B within 3 months after production.

Party A shall provide lawful VAT invoices to Party B. Each batch of delivery stated above shall be confirmed by Party B before effect payment.

[Signature Page]

  

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Party A’s information:

 

Company Name: Henan Qinyang First Paper Machine Limited

 

(Seal)

 

/s/ Chunjian Zhang

 

Company Address: Industrial Area in Gecun, Qinyang City

 

Legal Representative: Gongwen Zhang

 

Authorized Representative: Chunjian Zhang

 

Telephone: 0319-5936384

 

Opening Bank: Agricultural Bank of China, Gecun Branch in Qinyang City

 

Account Number: 16314101040001056

 

Post Code: 454586

Party B’s information:

 

Company Name: Hebei Baoding Orient Paper Milling Company Limited

 

(Seal)

 

/s/ Zhenyong Liu

 

Company Address: Wuji Village, Xushui County, Baoding City, Hebei Province

 

Legal Representative: Zhenyong Liu

 

Telephone/Fax: 0312-8605508/8698212

 

Opening Bank: Industry and Commercial Bank of China, Xushui Sub-Branch

 

Account Number: 0409016009245030421

 

Post Code: 072550

 

 

 

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