Document:

Exhibit 4.99

TERMINATION, RELEASE AND SHARE TRANSFER AGREEMENT

This TERMINATION, RELEASE AND SHARE TRANSFER AGREEMENT (this "Agreement"), dated as of August 13, 2015 is entered into among (i) DRYSHIPS INC. (the "Borrower"), (ii) ALLEY FINANCE CO. (the "Lender"), and (iii) for purposes of Section 3 hereof only, OCEAN RIG UDW INC. ("Ocean Rig").  Capitalized terms used but not defined herein shall have the meanings specified in the Loan Agreement (defined below).

Background

WHEREAS, the Borrower and the Lender are parties to the Amended and Restated Secured Exchangeable Promissory Note, dated as of June 4, 2015 (the "Loan Agreement"), pursuant to which the Lender has extended a loan to the Borrower in the amount of up to $80,000,000 (the "Loan").

WHEREAS, to secure the Borrower's obligations to the Lender in connection with the Loan (the "Obligations"), the Borrower granted the Lender a first priority security interest in, among other things, 20,555,556 Ocean Rig Shares (the "Pledged Shares") pursuant to the Pledge and Security Agreement, dated as of June 4, 2015, between the Borrower and the Lender.

WHEREAS, to perfect the Lender's security interest in the Pledged Shares, (i) the Pledged Shares were credited to the Borrower's securities account (No. PORT SB2557.1) (the "Securities Account") with Deutsche Bank Trust Company Americas (the "Securities Intermediary") and (ii) the Lender obtained control of the Securities Account and the Pledged Shares pursuant to the Account Control Agreement, dated as of June 10, 2015, among the Borrower, the Lender and the Securities Intermediary (the "Account Control Agreement").

WHEREAS, the Borrower wishes to repay the Loan in full by transferring ownership of 17,777,778 of the Pledged Shares (the "Repayment Shares") to the Lender, and the Lender wishes to accept repayment in such form subject to the terms and conditions set forth herein (such repayment, the "Dryships Repayment with Repayment Shares").

WHEREAS, the Borrower has requested that, after the Dryships Repayment with Repayment Shares, the Lender release its security interest in the remaining collateral pledged to secure the Loan, including the 2,777,778 Ocean Rig Shares that will remain credited to the Securities Account after such repayment.

WHEREAS, the Lender is a wholly-owned subsidiary of Ocean Rig, and the Lender wishes to transfer all of the Lender's interests in the Repayment Shares to Ocean Rig (the "Alley Transfer of Repayment Shares to Ocean Rig").

WHEREAS, to more efficiently effect the transfers of the Repayment Shares required to effect the Dryships Repayment with Repayment Shares and the Alley Transfer of

Repayment Shares to Ocean Rig, the parties wish to agree that a direct transfer of the Repayment Shares from the Borrower to Ocean Rig will satisfy the Dryships Repayment with Repayment Shares and the Alley Transfer of Repayment Shares to Ocean Rig.

NOW, THEREFORE, in consideration of these premises and for other good and valuable consideration, the receipt and sufficiency of which being hereby acknowledged, the parties hereto hereby agree as follows:

Agreements

1.  Termination and Release.  Upon the satisfaction of all of the Release Conditions (defined below), (a) the Loan shall be paid in full and all other indebtedness of the Borrower in connection with the Loan Agreement (the foregoing obligations, the "Obligations") shall be satisfied in full, (b) any lending commitments under the Loan Agreement shall be terminated, and the Lender shall have no further obligation to make any loans or any other obligations, duties or responsibilities in connection with the Loan Agreement and the other documents executed in connection therewith (the "Loan Documents"), (c) all of the security interests, mortgages, liens, pledges, charges and other encumbrances granted to the Lender to secure the Obligations shall be automatically released, (d) all guaranties supporting the Loan shall be automatically released, (e) the Loan Agreement and the other Loan Documents shall be terminated, canceled and of no further force or effect; provided that, the Borrower shall remain liable for any and all indemnification and other provisions of the Loan Agreement and the other Loan Documents that by their terms survive the repayment of the Loan, and (f) the Borrower, or any other party on behalf of the Borrower, shall be authorized to prepare and file termination statements and other instruments and documents evidencing the consummation of the payoff and releases contemplated hereby.  The "Release Conditions" are as follows:

 

		(a)	The Lender shall have received a copy of this Agreement duly executed and delivered by the Borrower and Ocean Rig;

		(b)	The transfers of the Repayment Shares specified in Section 3 hereof shall have occurred pursuant to such steps and documentation as the Lender may reasonably require, and such transfers shall be consistent with Section 12.4 of the Loan Agreement; and

		(c)	The Release Conditions set forth above shall have been satisfied by August 14, 2015.

2.  Lender Actions After Release.  After the satisfaction of the Release Conditions, the Lender hereby agrees as follows:

		(a)	to promptly deliver to the Securities Intermediary, at the expense of the Borrower, termination documents reasonably required by the Securities Intermediary to terminate the Account Control Agreement; and

		(b)	to deliver, from time to time, all further releases, termination statements, certificates, instruments and documents, each in form and substance reasonably satisfactory to the Borrower, and take any other actions, as may be reasonably requested by the Borrower to evidence the payoff and releases contemplated hereby, in each case at the expense of the Borrower.

3.  Transfers of Repayment Shares.  The parties hereto hereby agree that, upon the transfer of the Repayment Shares from the Borrower (or from the Securities Intermediary on behalf of the Borrower) to Ocean Rig and the accompanying re-registration by American Stock Transfer & Trust Company, LLC, as transfer agent for Ocean Rig, of ownership of the Repayment Shares from the name of the Borrower (or from the name of the Securities Intermediary on behalf of the Borrower) to the name of Ocean Rig, the (i) Dryships Repayment with Repayment Shares and (ii) Alley Transfer of Repayment Shares to Ocean Rig, will be deemed to have occurred.

4.  Miscellaneous.  This agreement shall be governed by and construed in accordance with the law of the State of New York, regardless of the conflicts of law provisions thereof.  This agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and assigns, and shall not be modified or assigned without the written consent of all parties.  This agreement may be executed in any number of counterparts, each of which when executed and delivered shall constitute an original, but all the counterparts shall together constitute but one and the same instrument.

[Signature page follows]

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed as of the date first written above.

	
BORROWER

	 	 
	 	 	 
	
DRYSHIPS INC.

	 	 
	 	 	 
	
By:

	
/s/ Ziad Nakhlem                                             

	 	 	 
	 	
Name: Ziad Nakhlem

	 	 	 
	 	
Title: CFO

	 	 	 
	 	 	 
	 	 	 
	
LENDER

	 	 
	 	 	 
	
ALLEY FINANCE CO.

	 	 
	 	 	 
	
By:

	
/s/ Geoffroy Gunet                                         

	 	 	 
	 	
Name: Geoffroy Gunet

	 	 	 
	 	
Title: Attorney-in-fact

	 	 	 
	 	 	 
	 	 	 
	
ACKNOWLEDGED AND AGREED (for purposes of Section 3 hereof)

	 	 	 
	
OCEAN RIG UDW INC.

	 	 
	 	 	 
	
By:

	
/s/ Elpiniki Fotiou                                        

	 	 	 
	 	
Name: Elpiniki Fotiou

	 	 	 
	 	
Title: Vice President of Finance and Accounting

	 	 	 
	 	 	 

 

[Signature page to Termination and Release Agreement]Exhibit 4.100

 

 

SHARE PURCHASE AGREEMENT

This Share Purchase Agreement ("Agreement"), dated 9th day of September 2015, is made by and among ALIVIA INVESTMENTS INC. of Marshall Islands (the "Buyer"), whose performance is hereby guaranteed by TMS Bulkers Ltd. (the "Buyers' Guarantor") on one part and DRYSHIPS INC., a corporation organized under the laws of the Republic of the Marshall Islands (the "Seller 1"), and OCEANFREIGHT INC., a corporation organized under the laws of the Republic of the Marshall Islands (the "Seller 2"), (The Seller 1 and the Seller 2 are hereinafter collectively called the "Seller")

RECITALS

WHEREAS, the Seller 1 directly owns shares constituting all of the issued and outstanding capital stock of:

	A.	CRETAN SHAREHOLDERS INC., a corporation organized under the laws of the Republic of the Marshall Islands (the "Shareholder 1");

	B.	CHLOE SHAREHOLDERS LIMITED, a corporation organized under the laws of the Republic of the Marshall Islands (the "Shareholder 2");

	C.	TEAM-UP SHAREHOLDINGS LIMITED, a corporation organized under the laws of the Republic of the Marshall Islands (the "Shareholder 3");

	D.	PERGAMOS SHAREHOLDERS LIMITED, a corporation organized under the laws of the Republic of the Marshall Islands (the "Shareholder 4");

WHEREAS, the Seller 2 directly owns shares constituting all of the issued and outstanding capital stock of:

 

	A.	OCEANPOWER SHAREHOLDERS INC., a corporation organized under the laws of the Republic of the Marshall Islands (the "Shareholder 5");

	B.	OCEANFIRE SHAREHOLDERS INC., a corporation organized under the laws of the Republic of the Marshall Islands (the "Shareholder 6");

	C.	OCEANRUNNER SHAREHOLDERS LIMITED, a corporation organized under the laws of the Republic of the Marshall Islands (the "Shareholder 7");

	D.	OCEANWAVE SHAREHOLDERS LIMITED, a corporation organized under the laws of the Republic of the Marshall Islands (the "Shareholder 8");

	E.	OCEANTRADE SHAREHOLDINGS LIMITED, a corporation organized under the laws of the Republic of the Marshall Islands (the "Shareholder 9");

	F.	OCEANENERGY SHAREHOLDINGS LIMITED, a corporation organized under the laws of the Republic of the Marshall Islands (the "Shareholder 10");

WHEREAS, the Shareholder 1 through its wholly owned subsidiary CRETAN TRADERS INC. (the "Owner 1") indirectly owns a bulk carrier under the name m/v "FLECHA", registered under Malta flag, IMO Number 9284570 (the "Vessel 1");

WHEREAS, the Shareholder 2 through its wholly owned subsidiary CHLOE OWNING COMPANY LIMITED (the "Owner 2") indirectly owns a bulk carrier under the name m/v "RAIATEA", registered under Marshall Islands flag, IMO Number 9580376 (the "Vessel 2");

WHEREAS, the Shareholder 3 through its wholly owned subsidiary TEAM-UP OWNING COMPANY LIMITED (the "Owner 3") indirectly owns a bulk carrier under the

name m/v "SALDANHA", registered under Malta flag, IMO Number 9268992 (the "Vessel 3");

WHEREAS, the Shareholder 4 through its wholly owned subsidiary PERGAMOS OWNING COMPANY LIMITED (the "Owner 4") indirectly owns a bulk carrier under the name m/v "WOOLLOMOOLOO", registered under Malta flag, IMO Number 9584499 (the "Vessel 4");

WHEREAS, the Shareholder 5 through its wholly owned subsidiary OCEANPOWER OWNERS INC. (the "Owner 5") indirectly owns a bulk carrier under the name m/v "MONTECHRISTO", registered under Malta flag, IMO Number 9325025 (the "Vessel 5");

WHEREAS, the Shareholder 6 through its wholly owned subsidiary OCEANFIRE OWNERS INC. (the "Owner 6") indirectly owns a bulk carrier under the name m/v "COHIBA", registered under Malta flag, IMO Number 9308869 (the "Vessel 6");

WHEREAS, the Shareholder 7 through its wholly owned subsidiary OCEANRUNNER OWNERS LIMITED (the "Owner 7") indirectly owns a bulk carrier under the name m/v "ROBUSTO", registered under Malta flag, IMO Number 9386512 (the "Vessel 7");

WHEREAS, the Shareholder 8 through its wholly owned subsidiary OCEANWAVE OWNERS LIMITED (the "Owner 8") indirectly owns a bulk carrier under the name m/v "PARTAGAS", registered under Malta flag, IMO Number 9272345 (the "Vessel 8");

WHEREAS, the Shareholder 9 through its wholly owned subsidiary OCEANTRADE OWNERS LIMITED (the "Owner 9") indirectly owns a bulk carrier under the name m/v "TOPEKA", registered under Malta flag, IMO Number 9211585 (the "Vessel 9");

WHEREAS, the Shareholder 10 through its wholly owned subsidiary OCEANENERGY OWNERS LIMITED (the "Owner 10") indirectly owns a bulk carrier under the name m/v "HELENA", registered under Marshall Islands flag, IMO Number 9185736 (the "Vessel 10");

(Shareholder 1, Shareholder 2, Shareholder 3, Shareholder 4, Shareholder 5, Shareholder 6, Shareholder 7, Shareholder 8, Shareholder 9, Shareholder 10 hereinafter collectively called the "Shareholder")

(Owner 1, Owner 2, Owner 3, Owner 4, Owner 5, Owner 6, Owner 7, Owner 8, Owner 9 and Owner 10 hereinafter collectively called the "Owner")

WHEREAS, the Seller wishes to sell and Buyer wishes to buy, all of the issued outstanding capital stock of the Shareholder (the "Shares"), on the terms and conditions contained herein;

NOW, THEREFORE, in consideration of the premises and the respective representations, warranties, covenants and agreements stated herein, the parties agree as follows:

ARTICLE I

DEFINITIONS

Capitalized terms used in this Agreement have the meanings specified in (a) the preamble, (b) the recitals, (c) this Article I or (d) elsewhere in this Agreement, as the case may be:

Claim means any claim, demand, assessment, judgment, order, decree, action, cause of action, litigation, suit, investigation or other Proceeding.

Debt means a loan agreement dated 29th October 2014 as amended and supplemented from time to time and made between (1) the Entities listed in Schedule 1 thereof as joint and several borrowers (2) Nordea Bank Finland Plc, London Branch as Arranger, Bookrunner and Agent and Nordea Bank AB, London Branch as security agent guaranteed by Seller 1 and the other entities referred in Schedule 1 thereof for an amount of up to a maximum of United States Dollars one hundred and seventy million ($170,000,000)

Laws means all statutes, treaties, codes, ordinances, decrees, rules, regulations, municipal bylaws, judicial or arbitral or administrative or ministerial or departmental or regulatory judgments, orders, decisions, rulings or awards, policies, certificates, codes, licenses, permits, approvals, guidelines, voluntary restraints, inspection reports, or any provisions of such laws, including general principles of common law and equity and the requirements of all Governmental Bodies, binding or affecting the Person referred to in the context in which such word is used; and "Law" means any one of them.

Lien means (whether the same is consensual or nonconsensual or arises by contract, operation of law, legal process or otherwise): (i) any mortgage, lien, security interest, pledge, attachment, levy or other charge or encumbrance of any kind thereupon or in respect thereof; or (ii) any other arrangement under which the same is transferred, sequestered or otherwise identified with the intention of subjecting the same to, or making the same available for, the payment or performance of any liability in priority to the payment of the ordinary, unsecured creditors, and which under applicable law has the foregoing effect, including any adverse Claim.

Orders means judgments, writs, decrees, compliance agreements, injunctions, rules, awards, settlement agreements or orders of any governmental body or arbitrator.

Person means any individual, firm, corporation, partnership, limited liability company, joint venture, association, trust, unincorporated organization, government or agency or subdivision thereof or any other entity.

Pledge of Shares means first priority share pledges of all the shares of the Shareholder in the Seller and the Owner in the Shareholder executed by the Seller and the Shareholder respectively in favor of Nordea Bank as per the relevant deeds of pledge dated 27th November 2014 and 18th August 2015 respectively (hereinafter collectively called the "Pledge of Shares").

Proceeding means an action, suit, litigation, claim, investigation, legal, administrative or arbitration proceeding.

ARTICLE II

 PURCHASE OF SHARES; CLOSING

Section 2.1                          Purchase of Shares.  Upon the terms and subject to the conditions of this Agreement, and on the basis of the representations and warranties hereinafter set forth, the Seller agrees to sell, transfer, convey, assign and deliver to the Buyer, and the Buyer agrees to acquire and buy from the Seller, the Shares.

Section 2.2                          Closing.  Within five (5) days from the fulfillment of the conditions set forth in Sections 6.1 and 6.2, the closing of the transactions contemplated hereby (the "Closing") shall be held at a place upon which Buyer and Seller shall agree. The date on which the Closing is held is referred to in this Agreement as the "Closing Date". The parties need not to be present at Closing, and documents may be delivered through counsel, and payment shall be by wire transfer to an account nominated by the Sellers.

Section 2.3                          Purchase Price.  The purchase price for the Shares that shall be paid by the Buyer to the Seller on or before the Closing Date shall consist of an amount United States Dollars One Hundred Eighty Million (US$ 180,000,000) less the outstanding balance under the Debt on the basis of zero working capital including cash. Any adjustment of the Purchase Price shall be mutually agreed by the Seller and the Buyer and the Purchase Price will be adjusted accordingly

ARTICLE III

 REPRESENTATIONS AND WARRANTIES OF SELLER

The Seller hereby represents and warrants to the Buyer on the date hereof and as of the Closing Date as follows:

Section 3.1                          Organization of the Seller.  The Seller is duly organized, validly existing and in good standing under the laws of its jurisdiction of incorporation and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now conducted.

Section 3.2                          Organization of the Shareholder and the Owner.  (a)  The Shareholder and the Owner are duly organized, validly existing and in good standing under the laws of their jurisdiction of incorporation and have all requisite corporate power and authority to own, lease and operate their properties and to carry on their business as now conducted. (b) The Seller has heretofore delivered to the Buyer complete and correct copies of the constitutional documents of the Shareholder and the Owner as currently in effect and the other corporate records. The corporate records are accurate in all material respects and all corporate proceedings and actions reflected therein have been conducted or taken in compliance with all applicable Laws and in compliance with the constitutional documents.

Section 3.3                          Authority of the Seller.  (a)  The Seller has full legal capacity, right, power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby; (b) the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by all requisite corporate action taken on the part of the Seller and no other corporate proceedings on the part of the Seller is necessary to authorize this Agreement or to consummate the transactions contemplated hereby; and (c) that this Agreement has been duly and validly executed and delivered by the Seller and constitutes a valid and binding obligation of the Seller, enforceable against it in accordance with its terms.

Section 3.4                          Capitalization.  (a)  Schedule 1 sets forth the amount of authorized capital stock and the amount of the issued and outstanding shares of capital stock of the Shareholder. The Shares constitute all of the issued and outstanding common shares of the Shareholder; all such common shares are duly authorized, validly issued, fully paid and non-assessable and are owned legally and beneficially by the Seller, as set forth on Schedule 1. Other than this Agreement and the restrictions set forth in the Pledge of Shares, there is no subscription, option, warrant, preemptive right, call right or other right, agreement or commitment of any nature relating to the voting, issuance, sale, delivery or transfer (including any right of conversion or exchange under any outstanding security or other instruments) by the Seller of the Shares, and there is no obligation on the part of the Seller to grant, extend or enter into any of the foregoing.

Section 3.5                          Ownership of Purchased Shares.  Subject to the restrictions set forth in the Pledge of Shares, the Seller owns the Shares free and clear of all Liens or other limitations affecting the Seller's ability to vote such shares or to transfer such shares to the Buyer.

ARTICLE IV

 REPRESENTATIONS AND WARRANTIES OF BUYER

Buyer represents and warrants to the Sellers as of the date hereof and as of the Closing Date as follows:

Section 4.1                          Organization.  Buyer is a corporation duly organized, validly existing and in good standing under the laws of the Republic the Marshall Islands and has all requisite corporate power and authority to own, lease and operate its properties and to carry on its business as now conducted.

Section 4.2                          Authority.  (a)  Buyer has the full legal capacity, right, power and authority to execute and deliver this Agreement and to consummate the transactions contemplated hereby; (b) the execution and delivery of this Agreement and the consummation of the transactions contemplated hereby have been duly and validly authorized by all requisite corporate action taken on the part of the Buyer and no other corporate proceedings on the part of the Buyer is necessary to authorize this Agreement or to consummate the transactions contemplated hereby; and (c) this Agreement has been duly and

validly executed and delivered by the Buyer and constitutes a valid and binding obligation of the Buyer, enforceable against the Buyer in accordance with its terms.

ARTICLE V

 COVENANTS

Section 5.1                          Conduct of Business Pending Closing. Buyer and Seller agree that between the date of the execution of this Agreement and the Closing Date, (i) the Seller shall conduct the business and maintain and preserve the assets of the Seller in the ordinary course of business; and (ii) the Buyer and the Seller shall use their reasonable efforts to cause all of the representations and warranties in Article III hereof to continue to be true and correct.

ARTICLE VI

 CONDITIONS TO CLOSING

Section 6.1                          Conditions to Obligations of Buyer. The obligations of the Buyer to consummate the transactions contemplated herein are subject to satisfaction of the following conditions:

(a)            Consents. All consents and approvals required in connection with the execution, delivery and performance of this Agreement shall have been obtained. In particular, the Seller shall obtain and provide evidence of:

(i)            The Consent of Nordea Bank to be obtained by 15th October 2015 to the sale of the Shares to the Buyer together with the assumption of the security interest created under the Pledge of Shares and the Debt by the Buyer.

(ii)            The release of the Pledge of Shares granted by the Seller and the Shareholder to Nordea Bank.

(b)            Compliance. The Seller shall have complied with its covenants and agreements contained herein, and the representations and warranties contained in Article III hereof shall be true and correct in all material respects (except those representations and warranties qualified by materiality shall be true and correct in all respects) on the date hereof and as of the Closing Date.

Section 6.2                          Conditions to Obligations of the Seller. The obligations of the Seller to consummate the transactions contemplated herein are subject to satisfaction of the following conditions:

	(a)	Purchase Price. Subject to the fulfillment of the conditions of Section 6.1, the Seller shall have advanced to the Buyer the Purchase Price under Section 2.3.

	(b)	Corporate records. The Seller shall have delivered to the Buyer all resolutions passed by the Board of Directors since the incorporation

	(c)	Compliance. Buyer shall have complied with its covenants and agreements contained herein, and the representations and warranties contained in Article IV hereof shall be true and correct in all material respects (except those representations and warranties qualified by materiality shall be true and correct in all respects) on the date hereof and as of the Closing Date.

	(d)	Consents. All consents and approvals required in connection with the execution, delivery and performance of this Agreement shall have been obtained.

ARTICLE VII

 TERMINATION

Section 7.1                          Grounds for Termination. This Agreement may be terminated at any time prior to the Closing Date:

	(a)	By the mutual written agreement of the Buyer and the Seller;

	(b)	By the Buyer if any of the conditions set forth in Section 6.1 hereof shall have become incapable of fulfillment and shall not have been waived by Buyer;

	(c)	By the Seller if any of the conditions set forth in Section 6.2 hereof shall have become incapable of fulfillment and shall not have been waived by the Seller;

	(d)	In the event that the consent of Nordea Bank as set forth in Sections 6.1 (a) fails to be obtained by 15th October 2015, then this Agreement shall become null and void, having no effect whatsoever. No party shall be liable to the other for any loss and/or damage.

ARTICLE VIII

 GENERAL PROVISIONS

Section 8.1                          Entire Agreement. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof. This Agreement may not

be modified, amended or terminated except by a written instrument specifically referring to this Agreement signed by all the parties hereto.

Section 8.2                          Execution of Further Documents. Each party agrees to execute all documents necessary to carry out the purpose of this Agreement and to cooperate with each other for the expeditious fulfilment of the terms of this Agreement.

Section 8.3                          Notices. All notices and other communications hereunder shall be in writing and shall be deemed to have been received only if and when (a) personally delivered, (b) on the fifth day after mailing, by mail, first class, postage prepaid or by certified mail return receipt requested, addressed in each case as follows (or to such other address as may be specified by like notice), (c) at the time receipt is acknowledged when delivered by private mail or courier service or (d) received by facsimile at the phone number listed below:

(a)            If to Buyer to:

c/o TMS Bulkers Ltd.

Athens licensed shipping office

11 Fragkolddisias Street

GR 151 25, Marousi, Athens, Greece

(b)            If to Seller to:

c/o Dryships Inc.

Athens licensed shipping office

109 Kifisias Avenue & Sina Street

GR 151 24, Marousi, Athens, Greece

Section 8.4                          Choice of Law; Resolution of Disputes. This Agreement shall be governed by and construed under the laws of England and Wales. All disputes, differences, controversies or claims arising out of or in connection with this Agreement shall be referred to arbitration in London, England in accordance with the rules of the London Maritime Arbitrators Association (LMAA).

Section 8.5                          Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have executed this Agreement on the date first above written.

	 	 	
For the Seller 1

	 

	 	 	
By:

	
/s/ Ziad Nakhleh

	 
	 	 	
Name:      Ziad Nakhleh

	 
	 	 	
Title:        Chief Financial Officer

	 

	 	 	
For the Seller 2

	 

	 	 	
By:

	
/s/ Ziad Nakhleh

	 
	 	 	
Name:      Ziad Nakhleh

	 
	 	 	
Title:        Attorney-in-fact

	 

	 	 	
For the Buyer

	 

	 	 	
By:

	
/s/ Charalampos Alivizatos

	 
	 	 	
Name:      Charalampos Alivizatos

	 
	 	 	
Title:        Attorney-in-fact

	 

	 	 	
For the Buyers' Guarantor

	 

	 	 	
By:

	
/s/ Charalampos Alivizatos

	 
	 	 	
Name:      Charalampos Alivizatos

	 
	 	 	
Title:        Attorney-in-fact

	 

Schedule 1

CAPITALIZATION

Shareholder 1:

CRETAN SHAREHOLDERS INC.

Total authorized share capital:

500 registered shares with par value $20.00 per share

Total issued and outstanding share capital:

500 common shares, par value $20.00 per share, registered in the name of DRYSHIPS

Shareholder 2:

CHLOE SHAREHOLDERS LIMITED

Total authorized share capital:

500 registered shares with par value $20.00 per share

Total issued and outstanding share capital:

500 common shares, par value $20.00 per share, registered in the name of DRYSHIPS

Shareholder 3:

TEAM-UP SHAREHOLDINGS LIMITED

Total authorized share capital:

500 registered shares with par value $20.00 per share

Total issued and outstanding share capital:

500 common shares, par value $20.00 per share, registered in the name of DRYSHIPS

Shareholder 4:

PERGAMOS SHAREHOLDERS LIMITED

Total authorized share capital:

500 registered shares with par value $20.00 per share

Total issued and outstanding share capital:

500 common shares, par value $20.00 per share, registered in the name of DRYSHIPS

Shareholder 5:

OCEANPOWER SHAREHOLDERS INC.

Total authorized share capital:

500 registered shares with par value $20.00 per share

Total issued and outstanding share capital:

500 common shares, par value $20.00 per share, registered in the name of OCEANFREIGHT INC.

Shareholder 6:

OCEANFIRE SHAREHOLDERS INC

Total authorized share capital:

500 registered shares with par value $20.00 per share

Total issued and outstanding share capital:

500 common shares, par value $20.00 per share, registered in the name of OCEANFREIGHT INC.

Shareholder 7:

OCEANRLTNNER SHAREHOLDERS LIMITED

Total authorized share capital:

500 registered shares with par value $20.00 per share

Total issued and outstanding share capital:

500 common shares, par value $20.00 per share, registered in the name of OCEANFREIGHT INC.

Shareholder 8:

OCEANWAVE SHAREHOLDERS LIMITED

Total authorized share capital:

500 registered shares with par value $20.00 per share

Total issued and outstanding share capital:

500 common shares, par value $20.00 per share, registered in the name of OCEANFREIGHT INC.

Shareholder 9:

OCEANTRADE SHAREHOLDINGS LIMITED

Total authorized share capital:

500 registered shares with par value $20.00 per share

Total issued and outstanding share capital:

500 common shares, par value $20.00 per share, registered in the name of OCEANFREIGHT INC.

Shareholder 10:

OCEANENERGY SHAREHOLDINGS LIMITED

Total authorized share capital:

500 registered shares with par value $20.00 per share

Total issued and outstanding share capital:

500 common shares, par value $20.00 per share, registered in the name of OCEANFREIGHT INC.

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