Document:

EX-10.30

 Exhibit 10.30 

SUPPLEMENTAL LETTER 
  

	To:	Hector Marine LLC and 

 Poseidon Containers Holdings LLC 

each of Trust Company Complex 

Ajeltake Road 
 Ajeltake Island

 Majuro 
 Marshall Islands
MH96960 
  

	From:	Deutsche Bank AG Filiale Deutschlandgeschäft 

 acting through its office at 

Adolphsplatz 7 
 D-20457 Hamburg

 Germany 
 4 February 2015

 Dear Sirs 
 Loan Agreement dated 28 February 2013
(as amended and supplemented by a supplemental letter dated 22 November 2013 and as the same may be amended and/or supplemented from time to time, the “Loan Agreement”) and made between (i) Hector Marine LLC as borrower (the
“Borrower”) and (ii) Deutsche Bank AG Filiale Deutschlandgeschäft as lender (the “Lender”) 
 We refer to the Loan
Agreement. Words and expressions defined in the Loan Agreement shall have the same meaning when used in this Letter and for the purposes of this Letter: 

Further to the Initial Charterer notifying the Borrower that the Initial Charter shall be novated by the Initial Charterer to Maersk Line A/S pursuant to a
novation agreement, the Borrower has requested that the Lender agrees to the replacement of the Initial Charterer by Maersk Line A/S (the “Change”). 
  

	1	Agreement. We hereby confirm our approval and consent to the Change from the date of this Letter in consideration of the sum of US$1 and other good and valuable consideration (the receipt and adequacy of which is
hereby acknowledged) and further confirm and agree that the Loan Agreement and the other Finance Documents shall be amended with effect on and from the date of this Letter as follows subject to the satisfaction of the conditions referred to in
paragraphs (a) to (e) below: 

  

	(a)	the Lender shall have received all of the following documents or evidence in form and substance satisfactory to it: 

  

	 	(i)	a duly executed original of this Letter duly executed by the parties to it and counter-signed by the Guarantor; 

  

	 	(ii)	a duly executed original of the assignment of the Initial Charter (as the same has been novated by the Initial Charterer to Maersk Line A/S (the “New Charter Assignment”); 

 

	 	(iii)	documents of the kind specified in paragraphs 2, 3 and 4 of Schedule 2, Part A to the Loan Agreement in relation to the Borrower in connection with the execution of this Letter and the New Charter Assignment updated
with appropriate modifications to refer to this Agreement; 

	(b)	certified copies of all documents (with a certified translation if an original is not in English) evidencing any other necessary action, approvals or consents with respect to this Letter and the New Charter Assignment
(including without limitation) all necessary governmental and other official approvals and consents in such pertinent jurisdictions as the Lender deems appropriate; 

 

	(c)	evidence that the process agent referred to in clause 29 of the Loan Agreement has accepted its appointment as agent for service of process named in this Letter and in the New Charter Assignment; 

 

	(d)	favourable legal opinions from lawyers appointed by the Lender on such matters concerning the laws of Marshall Islands and such other relevant jurisdiction as the Lender may require; and 

 

	(e)	any other document or evidence as the Lender may request in writing from the Borrower. 

  

	2	Amendments to the Loan Agreement and the Finance Documents. In consideration of the consent of the Lender contained in Clause 1 of this Letter, the Borrower hereby agrees with the Lender that the provisions of
the Loan Agreement shall be varied and/or amended and/or supplemented with effect on and from the date of this Letter. We further confirm that the Loan Agreement and the Finance Documents (as defined therein) shall be amended from the date of this
Letter as follows: 

  

	(a)	by deleting the definitions of “Initial Charter” and “Initial Charterer” in clause 1.1 of the Loan Agreement in their entirety and replacing them with the following: 

““Initial Charter” means the time charter in respect of the Ship dated 10 August 2012 (as amended and supplemented
from time to time) and originally made between the Borrower and A.P. Møller-Maersk AS of Esplanaden 50, 1098 Copenhagen K, Denmark as the same has been novated to the Initial Charterer pursuant to a novation agreement dated 29 January
2015; and 
 “Initial Charterer” means Maersk Line A/S of Esplanaden 50, 1098 Copenhagen K, Denmark;”; 

 

	(b)	the definitions of, and references throughout each of the Finance Documents to the Loan Agreement and any of the other Finance Documents shall be construed as if the same referred to in the Loan Agreement and the
Finance Documents as amended and supplemented by this Letter; 

  

	(c)	by construing throughout all references in the Loan Agreement to “this Agreement” and all references in the Finance Documents (other than the Loan Agreement) to the “Loan Agreement” as references to
the Loan Agreement as amended and supplemented by this Letter; 

  

	(d)	by construing throughout all references to the “Finance Documents” in the Loan Agreement and each of the other Finance Documents as amended and supplemented by this Letter; and 

 

	(e)	by construing references to each of the Finance Documents as being references to each such document as it is from time to time supplemented and/or amended. 

 

	3	Representations and Warranties. The Borrower hereby represents and warrants to the Lender that (a) the representations and warranties contained in Clause 9 of the Loan Agreement are true and correct on the
date of this Letter as if all references therein to “this Agreement” were references to the Loan Agreement as supplemented by this Letter; and (b) this Letter comprises the legal, valid and binding obligations of the Borrower
enforceable in accordance with its terms. 

  
 2 

	4	Re-affirmation of Loan Agreement. The Borrower and the Lender hereby agree that all the provisions of the Loan Agreement which have not been amended by this Letter shall be and are hereby re-affirmed and remain
in full force and effect. 

  

	5	Notices. Clause 27 (notices) of the Loan Agreement shall extend and apply to this Letter as if the same were (mutatis mutandis) herein expressly set forth. 

 

	6	Governing law. This Letter and any non-contractual obligations arising out of or in connection with it shall be governed by and construed in accordance with English law and Clause 29 (law and jurisdiction) of the
Loan Agreement shall extend and apply to this Letter as if the same were (mutatis mutandis) herein expressly set forth. 

 Please confirm your
agreement by signing the acknowledgement below. 
 Yours faithfully 

/s/ Erica Vivian Lacombe 

 

    Erica Vivian Lacombe 

for and on behalf of 
 DEUTSCHE
BANK AG FILIALE DEUTSCHLANDGESCHÄFT 
 We hereby acknowledge receipt of the above Letter and confirm our agreement to the terms hereof. 

					
			
	 /s/ Filanthi Katsafadou
				
	Filanthi Katsafadou				
			
	for and on behalf of				

 HECTOR MARINE LLC 

Date: 4 February 2015 

  
 3 

 We hereby confirm and acknowledge that we have read and understood the terms and conditions of the above Letter
and agree in all respects to the same and confirm that the Finance Documents to which we are a party shall remain in full force and effect and shall continue to stand as security for the obligations of the Borrower under the Loan Agreement (as
amended by this Letter) and the Master Agreement and the other Finance Documents. 

					
			
	 /s/ George Giouroukos
				
	George Giouroukos				
			
	for and on behalf of				

 POSEIDON CONTAINERS HOLDINGS LLC 

Date: 4 February 2015 

  
 4EX-10.32

 Exhibit 10.32 

FORM OF 
 MASTER
AGREEMENT 
 among 

Poseidon Containers Holdings Corp. 

and 
 Odyssia Containers
Holdings LLC 
 Triton Containers Holdings LLC 

Black Pearl Containers LLC 

and 
 George Giouroukos

 and 
 ConChart
Commercial Inc. 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE I DEFINITIONS
	  	 	1	  
			
	 Section 1.1
	 	Definitions	  	 	1	  
		
	 ARTICLE II RESTRICTED BUSINESSES
	  	 	4	  
			
	 Section 2.1
	 	Containership Restricted Businesses	  	 	4	  
			
	 Section 2.2
	 	Permitted Exceptions	  	 	4	  
			
	 Section 2.3
	 	Scope of Prohibition	  	 	4	  
		
	 ARTICLE III RIGHTS OF FIRST REFUSAL; PROCEDURES
	  	 	5	  
			
	 Section 3.1
	 	Rights of First Refusal	  	 	5	  
			
	 Section 3.2
	 	Procedures	  	 	5	  
			
	 Section 3.3
	 	Enforcement	  	 	6	  
		
	 ARTICLE IV RIGHTS OF FIRST OFFER
	  	 	6	  
			
	 Section 4.1
	 	Rights of First Offer	  	 	6	  
			
	 Section 4.2
	 	Procedures for Rights of First Offer	  	 	6	  
		
	 ARTICLE V OPTION TO PURCHASE OWNERSHIP INTERESTS IN ODYSSIA
	  	 	7	  
			
	 Section 5.1
	 	Option to Purchase Ownership Interests in Odyssia	  	 	7	  
			
	 Section 5.2
	 	Procedures	  	 	7	  
		
	 ARTICLE VI CONCHART CHARTERING OPPORTUNITIES
	  	 	8	  
			
	 Section 6.1
	 	Chartering Opportunities	  	 	8	  
			
	 Section 6.2
	 	Procedures for Right of First Refusal on Chartering Opportunities	  	 	8	  
		
	 ARTICLE VII MISCELLANEOUS
	  	 	8	  
			
	 Section 7.1
	 	Certain Covenants	  	 	9	  
			
	 Section 7.2
	 	Choice of Law	  	 	9	  
			
	 Section 7.3
	 	Notice	  	 	9	  
			
	 Section 7.4
	 	Entire Agreement	  	 	9	  
			
	 Section 7.5
	 	Termination	  	 	9	  
			
	 Section 7.6
	 	Waiver; Effect of Waiver or Consent	  	 	10	  
			
	 Section 7.7
	 	Amendment or Modification	  	 	10	  
			
	 Section 7.8
	 	Assignment	  	 	10	  
			
	 Section 7.9
	 	Counterparts	  	 	10	  
			
	 Section 7.10
	 	Severability	  	 	10	  
			
	 Section 7.11
	 	Gender, Parts, Articles and Sections	  	 	10	  
			
	 Section 7.12
	 	Further Assurances	  	 	10	  
			
	 Section 7.13
	 	Withholding or Granting of Consent	  	 	11	  
			
	 Section 7.14
	 	Laws and Regulations	  	 	11	  
			
	 Section 7.15
	 	Negotiation of Rights of the Parties	  	 	11	  

  
 i 

 MASTER AGREEMENT 

THIS MASTER AGREEMENT is effective as of             , 2015, among Poseidon
Containers Holdings Corp., a corporation organized under the laws of the Republic of the Marshall Islands (the “Company”), Odyssia Containers Holdings LLC, a limited liability company organized under the laws of the Republic
of the Marshall Islands (“Odyssia”), Triton Containers Holdings LLC, a limited liability company organized under the laws of the Republic of the Marshall Islands (“Triton”), Black Pearl Containers LLC,
a limited liability company organized under the laws of the Republic of the Marshall Islands (“Black Pearl”), George Giouroukos (“Giouroukos”) and ConChart Commercial, Inc., a corporation organized
under the laws of the Republic of the Marshall Islands. 
 R E C I T A L S 

WHEREAS, the Parties desire by their execution of this Agreement to: 

1.            evidence their understanding, as more fully set forth in Articles
II and III, with respect to (a) those business opportunities that the Giouroukos Group Members may not pursue during the term of this Agreement and (b) the procedures whereby such business opportunities are to be offered to the
Company. 
 2.            evidence their understanding, as more fully set forth
in Article III, with respect to the Company’s right of first refusal relating to containerships that the Restricted Parties own or might own. 

3.            evidence their understanding, as more fully set forth in Article
IV, with respect to the Company’s right of first offer relating to containerships that the Restricted Parties own or might own. 

4.            evidence their understanding, as more fully set forth in Article
V, with respect to the Company’s option to purchase the Odyssia Interests. 

5.            evidence their understanding, as more fully set forth in Article
VI, with respect to the right of first offer relating to certain time charter opportunities available to ConChart. 
 In consideration
of the premises and the covenants, conditions and agreements contained herein, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto hereby agree as follows: 

ARTICLE I 
 DEFINITIONS

 Section 1.1            Definitions. 

As used in this Agreement, the following terms shall have the respective meanings set forth below: 

“Acquiring Party” has the meaning given such term in Section 3.2. 

“Affiliate” means, with respect to any Person, any other Person that directly or indirectly through one or more
intermediaries Controls, is Controlled by or is under common Control with, the Person in question. 
 “Agreement”
means this Master Agreement, as it may be amended, modified, or supplemented from time to time in accordance with Section 7.7. 

“Black Pearl” has the meaning given such term in the Preamble. 

“Board” means the Board of Directors of the Company. 

  
 1 

 “Break-up Costs” means the aggregate amount of any and all additional
taxes and/or duties, flag administration, financing legal and other similar costs, fees and expenses to the Contributing Party that would be required to transfer, or result from the transfer of the containership acquired, directly or indirectly, by
the Contributing Party as part of a larger transaction to a Poseidon Group Member pursuant to Section 2.2(c) or 3.1. 

“Change of Control” means, with respect to any Person (the “Applicable Person”), any of the
following events: (a) any sale, lease, exchange or other transfer (in one transaction or a series of related transactions) of all or substantially all of the Applicable Person’s assets to any other Person, unless immediately following such
sale, lease, exchange or other transfer such assets are owned, directly or indirectly, by the Applicable Person; (b) the consolidation or merger of the Applicable Person with or into another person pursuant to a transaction in which the
outstanding Voting Securities of the Applicable Person are changed into or exchanged for cash, securities or other property, other than any such transaction where (i) the outstanding Voting Securities of the Applicable Person are changed into
or exchanged for Voting Securities of the surviving person or its parent and (ii) the holders of the Voting Securities of the Applicable Person immediately prior to such transaction own, directly or indirectly, not less than a majority of the
outstanding Voting Securities of the surviving person or its parent immediately after such transaction; and (c) a “person” or “group” (within the meaning of Sections 13(d) or 14(d)(2) of the Exchange Act), being or becoming
the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of more than     % of all of the then outstanding Voting Securities of the Applicable Person, except in a merger or
consolidation which would not constitute a Change of Control under clause (b) above. 
 “Charter Notice” has
the meaning given to such term in Section 6.2. 
 “Closing Date” means the date of the closing of the initial
public offering of the Company’s common shares. 
 “Common Control Entities” means (i) Odyssia,
(ii) Triton and (iii) the vessel-owning subsidiaries of Black Pearl and any Person Controlled, directly or indirectly, by such entities. 

“Common Control Containership” has the meaning set forth in Section 4.1(b). 

“Common Control Interests” has the meaning set forth in Section 4.1(b). 

“Company” has the meaning given such term in the Preamble. 

“Company Vessel” has the meaning given to such term in Section 6.1. 

“ConChart” means ConChart Commercial Inc. or any other commercial or chartering manager that is a Giouroukos
Controlled Entity. 
 “Conflicts Committee” means the Conflicts Committee of the Board, which is comprised entirely
of independent directors of the Company. 
 “Contributing Parties” means the Common Control Entities and Giouroukos
Group Members. 
 “Control” means the possession, direct or indirect, of the power to direct or cause the direction
of the management and policies of a Person, whether through ownership of Voting Securities, by contract or otherwise. 

“Exchange Act” means the Securities Exchange Act of 1934, as amended. 

“First Offer Negotiation Period” has the meaning given such term in Section 4.2(b). 

“Giouroukos” has the meaning given such term in the Preamble. 

“Giouroukos Containership” has the meaning given such term in Section 4.1(a). 

  
 2 

 “Giouroukos Controlled Entity” means any corporation, partnership, joint
venture, trust, limited liability company, unincorporated organization or any other entity Controlled by Giouroukos. 

“Giouroukos Group Members” means Giouroukos and the Giouroukos Controlled Entities. 

“Odyssia” has the meaning given such term in the Preamble. 

“Odyssia Interests” has the meaning given such term in Section 5.1. 

“Odyssia Purchase Price” has the meaning given such term in Section 5.1. 

“Odyssia Vessels” means the vessels owned by Odyssia, which for purposes of clarification includes one 4,249 TEU
secondhand containership, one 9,115 TEU new design newbuilding containership delivered in June 2015, and contracts for the construction of two additional new design newbuilding 9,115 TEU containerships with expected deliveries in August 2015. 

“Offer” has the meaning given such term in Section 3.2. 

“Offer Period” has the meaning given such term in Section 3.2(b)(i). 

“Offered Asset” has the meaning given such term in Section 3.2. 

“Offeree” has the meaning given such term in Section 3.2. 

“Other Vessel” has the meaning given to such term in Section 6.1. 

“Parties” means the parties to this Agreement and their respective successors and permitted assigns. 

“Person” means an individual, corporation, partnership, joint venture, trust, limited liability company,
unincorporated organization or any other entity. 
 “Poseidon Group Member” means the Company and any of its direct
or indirect subsidiaries. 
 “Potential Charter Opportunity” has the meaning given to such term in Section
6.2. 
 “Restricted Parties” means the Giouroukos Group Members and Common Control Entities. 

“Sale Assets” has the meaning given such term in Section 4.2(a). 

“Third Party Broker” shall mean a mutually-agreed-upon independent investment banking firm, broker, expert advisor or
other firm generally recognized in the shipping industry as qualified to perform the tasks for which such firm has been engaged. 

“Transfer” means any transfer, assignment, sale or other disposition of (a) any containership by any Restricted
Party or (b) any Common Control Interests by a Common Control Entity; provided, however, that such term shall not include (i) transfers, assignments, sales or other dispositions from a Common Control Entity to another Common
Control Entity or from any Giouroukos Group Member to another Giouroukos Group Member, (ii) transfers, assignments, sales or other dispositions, pursuant to the terms of any related charter or other agreement with a contractual counterparty
existing at the time of the closing of the Company’s initial public offering; (iii) transfers, assignments, sales or other dispositions pursuant to Article II of this Agreement; (iv) grants of security interests in or mortgages
or liens in such containership in favor of a bona fide third party lender; or (v) the foreclosure of any security interest, mortgage or lien in any such containership. 

“Transfer Notice” has the meaning given such term in Section 4.2(a). 

  
 3 

 “Transferring Party” has the meaning given such term in
Section 4.2(a). 
 “Triton” has the meaning given such term in the Preamble. 

“Voting Securities” means securities of any class of Person entitling the holders thereof to vote in the election of
members of the board of directors or other similar governing body of the Person. 
 ARTICLE II 

RESTRICTED BUSINESSES 

Section 2.1            Containership Restricted Businesses. Subject to
Section 7.5 and except as permitted by Section 2.2, each of the Giouroukos Group Members shall be prohibited from acquiring, owning or operating containerships. 

Section 2.2            Permitted Exceptions. Notwithstanding any provision
of Section 2.1 to the contrary, the restrictions in this Agreement shall not prevent any Giouroukos Group Member from: 

(a)            acquiring, owning, operating or chartering vessels, other than
containerships; 
 (b)            acquiring or owning one or more containerships
if such Giouroukos Group Member offers to sell such containership to the Company in accordance with the procedures set forth in Section 3.2 (and the Company does not exercise its right to purchase such containership in accordance with
the terms of this Agreement); 
 (c)            acquiring or owning one or more
containerships as part of the acquisition of a controlling interest in a business or package of assets that owns, operates or charters such containerships; provided, however; that if a majority of the value of the business or, as the
case may be, the package of assets acquired, is attributable to containerships, the Giouroukos Group Member must offer to sell such containership(s) to the Company for their fair market value plus any Break-up Costs in accordance with the procedures
set forth in Section 3.2; 
 (d)            acquiring a
non-controlling interest in any company, business or package of assets that owns, operates or charters containerships; 

(e)            providing vessel management services relating to containerships, or
other vessel types; 
 (f)            owning or operating any containership that
is owned or operated by, or that is under a contractual arrangement with, a Giouroukos Group Member as of the Closing Date and that is not included in the fleet of vessels to be contributed to the Company on the Closing Date; 

(g)            transferring to a Giouroukos Group Member title to a vessel that
such Giouroukos Group Member or any third party is entitled to acquire, own and operate under Section 2.1 of this Agreement, pursuant to or in connection with the termination of a financing arrangement, including by way of a sale and leaseback
or similar transaction, which is accounted for under United States generally accepted accounting principles as a financial lease; and 

(h)            acquiring, owning, operating or chartering any containership that
is subject to an offer to purchase by a Poseidon Group Member as described in paragraphs (b) and (c) above, in each case pending the offer of such containership to the Company and the Company’s determination whether to purchase the
containership and, if any Poseidon Group Member has determined to purchase such containership, pending the closing of such purchase. 

Section 2.3            Scope of Prohibition. If any Giouroukos Group Member
engages in the ownership or operation of containerships pursuant to any of the exceptions described in Section 2.2, then that Giouroukos Group Member may not subsequently expand that portion of its business other than pursuant to the
exceptions contained in such Section 2.2. For the avoidance of doubt, except as otherwise provided in this Agreement, each Party and its 

  
 4 

 
Affiliates shall be free to engage in any business activity whatsoever, including those that may be in direct competition with the Restricted Parties or the Poseidon Group Members. 

ARTICLE III 
 RIGHTS OF
FIRST REFUSAL; PROCEDURES 
 Section 3.1            Rights of First
Refusal. Each of the Restricted Parties hereby grants the Company a right of first refusal to acquire any containership after such Restricted Party enters into an agreement that sets forth the terms upon which it would acquire such
containership. 
 Section 3.2            Procedures. In the event that a
Restricted Party enters an agreement to acquire any containership in accordance with Section 2.2(b), Section 2.2(c) or Section 3.1, as applicable, then as soon as practicable or in any event not later than 30
calendar days after entering an agreement that sets forth the terms upon which it would acquire such containership, such Restricted Party (the “Acquiring Party”) shall notify the Company in writing and offer the Company (the
“Offeree”) the opportunity for any Poseidon Group Member to purchase such containership (the “Offered Asset”), in the case of an acquisition pursuant to Section 2.2(b) or
Section 3.1 on terms no less favorable than those offered to the Restricted Party, and in the case of an acquisition pursuant to Section 2.2(c), for its “fair market value,” determined in accordance with this
Section 3.2, plus, in each case, any applicable Break-up Costs (the “Offer”). The Offer shall set forth the Acquiring Party’s proposed terms relating to the purchase of the Offered Asset by the applicable
Poseidon Group Member, including any liabilities to be assumed by the applicable Poseidon Group Member as part of the Offer. As soon as practicable after the Offer is made, the Acquiring Party will deliver to the Offeree all information prepared by
or on behalf of or in the possession of such Acquiring Party relating to the Offered Asset and reasonably requested by the Offeree. The decision to purchase the applicable Offered Asset, the purchase price to be paid for the applicable Offered
Asset, and the other terms of the purchase shall be approved by the Conflicts Committee and recommended to the Board for approval. As soon as practicable, but in any event, within 7 calendar days after receipt of the Offer with respect to a single
vessel transaction, or a period of 14 calendar days with respect to a multi-vessel transaction, the Offeree shall notify the Acquiring Party in writing that either: 

(a)            The Board has elected not to cause the Poseidon Group Member to
purchase such Offered Asset, in which event the Acquiring Party and its Affiliates shall, subject to the other terms of this Agreement, be forever free to continue to own and operate such Offered Asset; or 

(b)            The Board has elected to cause the Poseidon Group Member to
purchase such Offered Asset. After receipt by the Acquiring Party of the Board’s election to cause the Poseidon Group Member to purchase the Offered Asset, the Board shall cause the Poseidon Group Member to purchase the Offered Asset on such
terms as soon as commercially practicable after such agreement has been reached. 
 In determining the “fair market value” of a
containership, the following procedures shall be followed: 

(i)            After the receipt of the Offer by the Offeree, the
Acquiring Party and the Offeree shall negotiate in good faith regarding the fair market value and any applicable Break-up Costs of the Offered Assets that are subject to the Offer and the other terms of the Offer on which the Offered Assets will be
sold to the applicable Poseidon Group Member. If the Acquiring Party and the Offeree agree on the fair market value (and any applicable Break-up Costs) of the Offered Assets that are subject to the Offer and the other terms of the Offer during the
30-day period (the “Offer Period”) after receipt by the Acquiring Party of the Board’s election to cause any Poseidon Group Member to purchase the Offered Assets, the Board shall cause any Poseidon Group Member to
purchase the Offered Assets on such terms as soon as commercially practicable after such agreement has been reached. 

(ii)            If the Acquiring Party and the Offeree are unable
to agree on the fair market value (and any applicable Break-up Costs) of the Offered Assets that are subject to the Offer or on any other terms of the Offer during the Offer Period, the Acquiring Party and the Offeree will engage a Third Party
Broker prior to the end of the Offer Period to determine the fair market value of the Offered Assets 

  
 5 

 
and/or the other terms on which the Acquiring Party and the Offeree are unable to agree (including, for the avoidance of doubt, any applicable Break-up Costs). In determining the fair market
value of the Offered Assets and other terms on which the Offered Assets are to be sold (including, for the avoidance of doubt, any applicable Break-up Costs), the Third Party Broker, as applicable, will have access to the proposed sale and purchase
values and terms for the Offer submitted by the Acquiring Party and the Offeree, respectively, and to all information prepared by or on behalf of the Acquiring Party relating to the Offered Assets and reasonably requested by such Third Party Broker.
Such Third Party Broker will determine the fair market value (and any applicable Break-up Costs) of the Offered Assets and/or the other terms on which the Acquiring Party and the Offeree are unable to agree within 30 calendar days of its engagement
and furnish the Acquiring Party and the Offeree its determination. The fees and expenses of the Third Party Broker, as applicable, will be divided equally between the Acquiring Party and the Offeree. Upon receipt of such determination, the Offeree
will have the option, but not the obligation: 

(A)            to cause a Poseidon Group Member to purchase the
Offered Assets for the fair market value (and any applicable Break-up Costs), and on the other terms determined by the Third Party Broker, as soon as commercially practicable after determinations have been made; or 

(B)            not to cause a Poseidon Group Member to purchase
such Offered Assets, in which event the Acquiring Party and its Affiliates shall, subject to the other terms of this Agreement, be forever free to continue to own and operate such Offered Assets. 

Section 3.3            Enforcement. 

Each Party agrees and acknowledges that the other Parties may not have an adequate remedy at law for the breach by any such Party of its
covenants and agreements set forth in this Article III, and that any breach by any such Party of its covenants and agreements set forth in this Article III could result in irreparable injury to such other Parties. Each Party further
agrees and acknowledges that any other Party may, in addition to the other remedies which may be available to such other Party, file a suit in equity to enjoin such Party from such breach, and consent to the issuance of injunctive relief to enforce
the provisions of Article III of this Agreement. 
 ARTICLE IV 

RIGHTS OF FIRST OFFER 

Section 4.1            Rights of First Offer. 

(a)            Giouroukos hereby grants the Company a right of
first offer on any proposed Transfer of any containership he, or any Giouroukos Controlled Entity, owns or acquires (a “Giouroukos Containership”). 

(b)            Each Common Control Entity hereby grants the
Company a right of first offer on (i) any proposed issuance of ownership interests in that Common Control Entities (with respect to each Common Control Entity, the “Common Control Interests”) other than any ownership interests in such
Common Control Entity to any existing shareholders thereof, and (ii) any proposed Transfer by any Common Control Entity of any containership owned or acquired by any such Common Control Entity (each, a “Common Control Containership”).

 (c)            The Parties acknowledge that all potential
Transfers of containerships pursuant to this Article IV are subject to obtaining any and all written consents of governmental authorities and other non-affiliated third parties and to the terms of all existing agreements in respect of such
containerships, as applicable. Each Party shall use its commercially reasonable best efforts to obtain such consents. 
 Section
4.2            Procedures for Rights of First Offer. 

  
 6 

 (a)             In the event that any
Giouroukos Group Member or Common Control Entity (each, a “Transferring Party”) proposes to Transfer any Giouroukos Containership, or Common Control Interests or Common Control Containership, respectively (the
“Sale Assets”), prior to engaging in any negotiation for such Transfer with any non-affiliated third party or otherwise offering to Transfer the Sale Assets to any non-affiliated third party, such Transferring Party shall
give the Company written notice setting forth all material terms and conditions (including, without limitation, the purchase price and a description of the Sale Asset(s) on which such Transferring Party desires to Transfer the Sale Assets) (the
“Transfer Notice”). 
 (b)             After delivery of the
Transfer Notice, and at the Company’s election (following approval by the Conflicts Committee), the parties then shall be obligated to negotiate in good faith for a 30-day period following the delivery by the Transferring Party of the Transfer
Notice (the “First Offer Negotiation Period”) to reach an agreement for the Transfer of such Sale Assets to the Company or any of its Affiliates on the terms and conditions set forth in the Transfer Notice. If no such
agreement has been reached between the Transferring Party and the Company during the First Offer Negotiation Period, the Transferring Party may Transfer the Sale Assets to a third party; provided that if the Transferring Party has not
Transferred or agreed in writing to Transfer such Sale Assets to a third party within 180 calendar days after the end of the First Offer Negotiation Period on terms generally no less favorable to the Transferring Party than those included in the
Transfer Notice, then the Transferring Party shall not thereafter Transfer any of the Sale Assets without first offering such assets to the Company in the manner provided above. 

ARTICLE V 
 OPTION TO
PURCHASE OWNERSHIP INTERESTS IN ODYSSIA 

Section 5.1            Option to Purchase Ownership Interests in
Odyssia 
 (a)             Odyssia hereby grants the Company the option to
purchase all of the ownership interests in Odyssia (the “Odyssia Interests”) at any time on or before October 31, 2015, for an aggregate purchase price of $320.0 million (the “Odyssia Purchase Price”), of which
$300,000,000 shall be payable in the form of assumed indebtedness related to the Odyssia Vessels, and up to $25,000,000 shall be payable by way of delivery of              common
shares of the Company, which for the avoidance of doubt shall be listed on the New York Stock Exchange. The purchase price was determined with the assistance of two Third Party Brokers, one of which was appointed by Odyssia and the other was
appointed by the Company. If the Company does not exercise its option to the purchase the Odyssia Interests as set forth in this Section 5.1(a), the Right of First Offer as set forth in Section 4.1 relating to Odyssia shall
continue to apply. 
 (b)             Odyssia and the Company agree that the
potential Transfer of the Odyssia Interests pursuant to this Article V is subject to obtaining any and all written consents of governmental authorities and other non-affiliated third parties and to the terms of all existing agreements in
respect of Odyssia, the Odyssia Interests and the Odyssia Vessels, as applicable. Each of Odyssia and the Company shall use their commercially reasonable best efforts to obtain such consents. 

Section 5.2            Procedures. 

(a)             If the Company decides to exercise its option to purchase the
Odyssia Interests for the Odyssia Purchase Price, it will provide written notice to Odyssia of such exercise, subject to the conditions contained in this Section 5.2. 

(b)             The Company’s decision to purchase the Odyssia Interests for
the Odyssia Purchase Price and the other terms of the purchase shall be approved by the Conflicts Committee. 

(c)             If the Company chooses to exercise its option to purchase the
Odyssia Interests under Section 5.1(a) for the Odyssia Purchase Price, the Company shall enter into a purchase and sale agreement with the holders of the Odyssia Interests and Odyssia for the purchase and sale of the Odyssia Interests pursuant
to which Odyssia shall be obligated to sell the Odyssia Interests to the Company and the Company shall be obligated to 

  
 7 

 
purchase the Odyssia Interests from Odyssia. The terms of the purchase and sale agreement will include the following: 

(i)            Details relating to the $300,000,000 of
indebtedness to be assumed and the              of common shares of the Company to be issued to the holders of the Odyssia Interests or in accordance with any of their instructions;

 (ii)            Odyssia will provide customary
representations and warranties with respect to title to Odyssia and its subsidiaries and any other such matters as the Company may approve, which approval will not be unreasonably withheld; 

(iii)            Odyssia will grant to the Company the right,
exercisable at the Company’s risk and expense, to make such surveys, tests and inspections of the vessels owned by Odyssia and its subsidiaries that the Company may deem desirable, so long as such surveys, tests or inspections do not damage
Odyssia’s vessels or interfere with the activities of Odyssia thereon and so long as the Company has furnished Odyssia with evidence that adequate liability insurance is in full force and effect; 

(iv)            the Company will have the right to terminate its
obligation to purchase the Odyssia Interests under this Article V and the related purchase and sale agreement if the results of any searches, surveys, tests or inspections conducted pursuant to paragraph (iv) above are, in the
reasonable opinion of the Company, unsatisfactory; and 
 (v)        neither of the
Company and Odyssia shall have any obligation to sell or buy the Odyssia Interests if any of the consents referred to in Section 5.1(b) above have not been obtained. 

ARTICLE VI 
 CONCHART
CHARTERING OPPORTUNITIES 
 Section 6.1            Chartering
Opportunities. The parties acknowledge and agree that during the term of this Agreement, depending on a number of facts and circumstances that may exist at any given time when a containership owned by the Company (a “Company
Vessel”) and a vessel owned by a Giouroukos Controlled Entity, Common Control Entity or unaffiliated third party (an “Other Vessel”) are both available for charter, ConChart, in its capacity as commercial
manager, may have a conflict of interest in pursuing charter opportunities for a Company Vessel and an Other Vessel.  
 Section
6.2            Procedures for Right of First Refusal on Chartering Opportunities. Except as set forth in this Article VI, ConChart shall grant the Company a right of first
refusal to accept for a Company Vessel any potential charter opportunity which ConChart believes in good faith would be suitable for both a Company Vessel and an Other Vessel (each a “Potential Charter Opportunity”) before
pursuing such Potential Charter Opportunity for an Other Vessel by delivering a notice of the Potential Charter Opportunity (the “Charter Notice”) to the Company setting forth the material terms of the Potential Charter
Opportunity (for purposes of clarity, excluding renewals and extensions of existing charters). In determining suitability of a Potential Charter Opportunity, ConChart shall take into consideration certain factors, such as the availability,
suitability and positioning of the relevant vessel and the potential charterer’s demands for the vessel’s specifications and costs. Upon receipt of a Charter Notice, the Company shall have two business days to consider the Potential
Charter Opportunity and to accept or reject such opportunity. In the event that the Company does not elect to accept the Potential Charter Opportunity within two business days, ConChart shall be free to pursue such opportunity for an Other Vessel
for a period of      calendar days on the same terms and conditions as set forth in the Charter Notice. 

ARTICLE VII 

MISCELLANEOUS 
  

  
 8 

Section 7.1            Certain Covenants. (a) Giouroukos hereby
agrees and covenants to use commercially reasonable best efforts to cause the Giouroukos Controlled Entities to comply with the provisions of this Agreement and (b) Odyssia, Triton and Black Pearl hereby agree and covenant to use commercially
reasonable best efforts to cause each of their respective Controlled entities to comply with the provisions of this Agreement. 

Section 7.2            Choice of Law. 

This Agreement shall be subject to and governed by the laws of the State of New York, without giving effect to any choice of law or conflict
of law provision or rule (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction other than the State of new York. 

Section 7.3            Notice. 

All notices, requests or consents provided for or permitted to be given pursuant to this Agreement must be in writing and must be given by
depositing the same in the mail, addressed to the Person to be notified, postpaid and registered or certified with return receipt requested or by delivering such notice in person or by prepaid private-courier, telecopier, facsimile or email to such
party. Notice given by personal delivery or mail shall be effective upon actual receipt. Couriered notices shall be deemed delivered on the date the courier represents that delivery will occur. Notice given by telecopier, facsimile or email shall be
effective upon actual receipt if received during the recipient’s normal business hours, or at the beginning of the recipient’s next business day after receipt if not received during the recipient’s normal business hours. All notices
to be sent to a party pursuant to this Agreement shall be sent to or made at the address set forth below such party’s signature to this Agreement, or at such other address as such party may stipulate to the other parties in the manner provided
in this Section 7.3. 
 Section 7.4            Entire
Agreement. 
 This Agreement constitutes the entire agreement of the parties relating to the matters contained herein, superseding all
prior contracts or agreements, whether oral or written, relating to the matters contained herein. 

Section 7.5            Termination. 

Upon a Change of Control of the Company, the provisions of Articles II, III, IV, and VI of this Agreement (but not less than all of such
Articles) shall terminate immediately. Upon a Change of Control of a Contributing Party, the provisions of Articles II, III, IV, and VI of this Agreement applicable to such Party (but not less than all of such Articles) shall terminate at the date
of the Change of Control of such Party. Upon a Change of Control of ConChart, the provisions of Article VI of this Agreement applicable to ConChart (but not less than all of such Articles) shall terminate at the date of the Change of Control of
ConChart. In addition, at such time that Giouroukos ceases to serve as chief executive officer and director of the Company, the provisions of Articles II, III, IV, and VI (but no less than all of such Articles) and Section 7.1 of this Article
VII of this Agreement applicable to a Giouroukos Group Member and/or ConChart shall terminate immediately. 

  
 9 

Section 7.6            Waiver; Effect of Waiver or Consent. 

Any party hereto may (a) extend the time for the performance of any obligation or other act of any other party hereto or (b) waive
compliance with any agreement or condition contained herein. Except as otherwise specifically provided herein, any such extension or waiver shall be valid only if set forth in a written instrument duly executed by the party or parties to be bound
thereby; provided, however, that the Company may not, without the prior approval of the Conflicts Committee, agree to any extension or waiver of this Agreement that, in the reasonable discretion of the Board, will materially adversely
affect the shareholders of the Company. No waiver or consent, express or implied, by any party of or to any breach or default by any Person in the performance by such Person of its obligations hereunder shall be deemed or construed to be a waiver or
consent of or to any other breach or default in the performance by such Person of the same or any other obligations of such Person hereunder. Failure on the part of a party to complain of any act of any Person or to declare any Person in default,
irrespective of how long such failure continues, shall not constitute a waiver by such party of its rights hereunder until the applicable statute of limitations period has run. 

Section 7.7            Amendment or Modification. 

This Agreement may be amended or modified from time to time only by the written agreement of all the parties hereto; provided, however, that
the Company may not, without the prior approval of the Conflicts Committee, agree to any amendment or modification of this Agreement that, in the reasonable discretion of the Board, will materially adversely affect the shareholders of the Company.

 Section 7.8            Assignment. 

No party shall have the right to assign its rights or obligations under this Agreement without the consent of the other parties hereto. 

Section 7.9            Counterparts. 

This Agreement may be executed in any number of counterparts with the same effect as if all signatory parties had signed the same document.
All counterparts shall be construed together and shall constitute one and the same instrument. 

Section 7.10            Severability. 

If any provision of this Agreement or the application thereof to any Person or circumstance shall be held invalid or unenforceable to any
extent, the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be affected thereby and shall be enforced to the greatest extent permitted by law 

Section 7.11            Gender, Parts, Articles and Sections. 

Whenever the context requires, the gender of all words used in this Agreement shall include the masculine, feminine and neuter, and the number
of all words shall include the singular and plural. All references to Article numbers and Section numbers refer to Articles and Sections of this Agreement. 

Section 7.12            Further Assurances. 

In connection with this Agreement and all transactions contemplated by this Agreement, each signatory party hereto agrees to execute and
deliver such additional documents and instruments and to perform such additional acts as may be necessary or appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such transactions.

  
 10 

Section 7.13            Withholding or Granting of Consent. 

Each party may, with respect to any consent or approval that it is entitled to grant pursuant to this Agreement, grant or withhold such
consent or approval in its sole and uncontrolled discretion, with or without cause, and subject to such conditions as it shall deem appropriate. 

Section 7.14            Laws and Regulations. 

Notwithstanding any provision of this Agreement to the contrary, no party to this Agreement shall be required to take any act, or fail to take
any act, under this Agreement if the effect thereof would be to cause such party to be in violation of any applicable law, statute, rule or regulation. 

Section 7.15            Negotiation of Rights of the Parties. 

The provisions of this Agreement are enforceable solely by the parties to this Agreement, and no shareholder, member, assignee or other Person
of the Parties shall have the right, separate and apart from the Parties, as applicable, to enforce any provision of this Agreement or to compel any party to this Agreement to comply with the terms of this Agreement. 

  
 11 

 IN WITNESS WHEREOF, the Parties have executed this Agreement on, and effective as of, the Closing
Date. 
  

					
	POSEIDON CONTAINERS HOLDINGS CORP.
		
	By:		 
			Name:		 
			Title:		 
	
	 Address for Notice:

		
			 
			 
			Telephone: (       )      -        
			Fax: (       )      -        
			Attention:		 

  

					
	ODYSSIA CONTAINERS HOLDINGS LLC
		
	By:		 
			Name:		 
			Title:		 
	
	 Address for Notice:

		
			 
			 
			Telephone: (       )      -        
			Fax: (       )      -        
			Attention:		 

  

					
	TRITON CONTAINERS HOLDINGS LLC
		
	By:		 
			Name:		 
			Title:		 
	
	 Address for Notice:

		
			 
			 
			Telephone: (       )      -        
			Fax: (       )      -        
			Attention:		 

 (Signature Page to Master Agreement) 

 
					
	 BLACK PEARL CONTAINERS LLC

on behalf of itself and each of its vessel-owning subsidiaries

		
	By:		 
			Name:		 
			Title:		 
	
	 Address for Notice:

		
			 
			 
			Telephone: (       )      -        
			Fax: (       )      -        
			Attention:		 

  

					
	GEORGE GIOUROUKOS
		
	By:		 
			Name:		 
			Title:		 
	
	 Address for Notice:

		
			 
			 
			Telephone: (       )      -        
			Fax: (       )      -        
			Attention:		 

  

					
	CONCHART COMMERCIAL, INC.
		
	By:		 
			Name:		 
			Title:		 
	
	 Address for Notice:

		
			 
			 
			Telephone: (       )      -        
			Fax: (       )      -        
			Attention:		 

 (Signature Page to Master Agreement)

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