Document:

Exhibit 10.9

________________, 2007

First Class Navigation Corporation

22 Ethnikis Antistaseos Street

152 32 Halandri

Athens, Greece

Dahlman Rose & Co., LLC

142 West 57th Street, 18th Floor

New York, New York 10019

Ladenburg Thalmann & Co. Inc.

153 East 53rd Street, 49th Floor

New York, NY 10022

Re: Initial Public Offering

Ladies and Gentlemen:

The undersigned agrees to serve as director of First Class Navigation Corporation, a Marshall Islands corporation (the “Company”), on the following terms and conditions (certain capitalized terms used herein are defined in Schedule 1 hereto):

1. The undersigned agrees to serve as a director of the Company in consideration of Seventy-Five Thousand United States Dollars (US$75,000) per annum (the “Fee”), payable pro rata from the date hereof until the Business Combination Date, but only if the Company completes a Business Combination. The undersigned agrees to forego payment of all or any portion of the Fee until the Company completes a Business Combination and agrees that no Fee will be paid if a Transaction Failure occurs.

2. If a Transaction Failure occurs, the undersigned shall take all reasonable actions within such person’s power to cause (i) the Trust Account to be liquidated and distributed to the holders of the IPO Shares as soon as reasonably practicable and, in any event, no later than the Termination Date, and (ii) the Company to dissolve and liquidate as soon as practicable. The undersigned hereby waives any and all right, title, interest or claim of any kind in or to any liquidating distributions by the Company and hereby further waives any claim the undersigned may have in the future as a result of, or arising out of, any contracts or agreements with the Company, including, without limitation, this and any other agreements relating to the payment of the Fee, and agrees not to seek recourse against the Trust Account for any reason whatsoever.

3. In order to minimize potential conflicts of interest which may arise from multiple affiliations, the undersigned agrees to present to the Company for its consideration, prior to the undersigned’s exploitation of that opportunity in any way or the presentation to any other person or entity, any suitable opportunity to acquire all or substantially all of the outstanding equity securities of, or otherwise acquire (through merger, capital stock exchange, asset acquisition, stock purchase or other business combination) one or more vessels or operating businesses in the shipping industry until the earlier of the consummation by the Company of a Business Combination, the distribution of the Trust Account or until such time as the undersigned ceases to be a director of the Company.

 

 

4. The undersigned agrees that, commencing on the Effective Date and extending until the earlier to occur of the consummation of a Business Combination by the Company or a liquidation of the Company, the undersigned shall not become affiliated as an officer, director or stockholder of a blank check or blind pool company (other than the Company) operating in or intending to acquire a business in the shipping industry.

5. The undersigned hereby agrees to not propose, or vote in favor of, an amendment to the Company’s Articles of Incorporation to extend the period of time in which the Company must consummate a Business Combination prior to its liquidation. Should such a proposal be put before shareholders other than through actions by the undersigned, the undersigned hereby agrees to vote against such proposal. This paragraph may not be modified or amended under any circumstances.

6. The undersigned acknowledges and agrees that the Company will not consummate any Business Combination which involves a company that is affiliated with any of the Insiders or their affiliates, unless the Company obtains an opinion from an independent investment banking firm that is a member of the National Association of Securities Dealers, Inc. that the business combination is fair to the Company’s shareholders from a financial perspective and the Company’s disinterested independent directors negotiate with such affiliated company on behalf of the Company and take such other steps in connection with any such proposal as they deem advisable, including retention of independent advisors.

7. Neither the undersigned, any member of the Immediate Family of the undersigned, nor any Affiliate of the undersigned will be entitled to receive and will not accept any compensation for services rendered to the Company prior to, or in connection with, the consummation of the Business Combination. Notwithstanding the foregoing, the undersigned shall be entitled to reimbursement from the Company for his reasonable out-of-pocket expenses incurred in connection with seeking and consummating a Business Combination; provided, that such reimbursements have been approved by the Company’s audit committee (which shall be comprised solely of independent directors); provided, that such reimbursements are approved by the Company’s audit committee or, if the undersigned is a member of the Company’s audit committee, by a simple majority of the board of directors of the
Company, with the undersigned abstaining from such vote.

8. The undersigned agrees that none of the undersigned, any member of the Immediate Family of the undersigned, or any Affiliate of the undersigned will be entitled to receive or accept, and the undersigned, on behalf of the undersigned and the aforementioned parties, hereby waives any rights to, a finder’s fee or any other compensation in the event the undersigned, any member of the Immediate Family of the undersigned or any Affiliate of the undersigned originates a Business Combination.

9. The undersigned agrees to be the a member of the board of directors of the Company until the earlier of the Business Combination Date or the liquidation of the Company. The undersigned’s biographical information furnished to the Company and the Underwriters,

 

 

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included in the Registration Statement and attached hereto as Exhibit A is true and accurate in all respects, does not omit any material information with respect to the undersigned’s background and contains all of the information required to be disclosed pursuant to Section 401 of Regulation S-K, promulgated under the U.S. Securities Act of 1933, as amended. The undersigned’s questionnaire (a copy of which is attached hereto as Exhibit B) furnished to the Company and the Underwriters is true and accurate in all respects. The undersigned further represents and warrants to the Company and the Underwriters that:

	
                         
 	
                        (a)
 	
                        The undersigned is not subject to or a respondent in any legal action, injunction or cease-and-desist order for, or any order or stipulation to desist or refrain from, any act or practice relating to the offering of securities in any jurisdiction;
 

	
                         
 	
                        (b)
 	
                        The undersigned has never been convicted of or pleaded guilty to any crime (i) involving any fraud or (ii) relating to any financial transaction or handling of funds of another person, or (iii) pertaining to any dealings in any securities and such person is not currently a defendant in any such criminal proceeding; and
 

	
                         
 	
                        (c)
 	
                        The undersigned has never been suspended or expelled from membership in any securities or commodities exchange or association or had a securities or commodities license or registration denied, suspended or revoked.
 

10. The undersigned has full right and power, without violating any agreement by which the undersigned is bound, to enter into this letter agreement and to serve as a member of the board of directors and consents to be named as such in the Registration Statement.

11. The undersigned acknowledges and understands that, in proceeding with the IPO, the Underwriters and the Company will rely upon the agreements, representations and warranties set forth herein. Nothing contained herein shall be deemed to render the Underwriters a representative of, or a fiduciary with respect to, the Company, its shareholders, or any creditor or vendor of the Company with respect to the subject matter hereof.

12. This letter agreement shall be binding on the undersigned and such person’s respective successors, heirs, personal representatives and assigns. This letter agreement shall terminate on the earlier of (i) the Business Combination Date or (ii) the Termination Date; provided, however, that any such termination shall not relieve the undersigned from any liability arising out of any breach of any agreement or covenant hereunder occuring prior to the termination of this letter agreement.

13. The undersigned authorizes any employer, financial institution, or consumer credit reporting agency to release to the Underwriters and their legal representatives or agents (including any investigative search firm retained by the Underwriters) any information they may have about the undersigned’s background and finances (“Information”). Neither the Underwriters nor their agents shall be violating the undersigned’s right of privacy in any manner in requesting and obtaining the Information and the undersigned hereby releases them from liability for any damage whatsoever in that connection.

 

 

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14. This letter agreement shall be governed by and interpreted and construed in accordance with the laws of the State of New York. The undersigned hereby agrees that any action, proceeding or claim against the undersigned arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The undersigned hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. The Company hereby appoints, without power of revocation, Kramer Levin Naftalis & Frankel LLP, with an office at 1177 Avenue of the Americas, New York, New York, 10036, Attention of Christopher S. Auguste, as its agent to accept and acknowledge on its
behalf service of any and all process which may be served in any action, proceeding or counterclaim in any way relating to or arising out of this letter agreement.

15. No term or provision of this letter agreement may be amended, changed, waived, altered or modified except by written instrument executed and delivered by the party against whom such amendment, change, waiver, alteration or modification is to be enforced.

(The remainder of this page intentionally left blank. Signature pages to follow.)

 

 

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                        Name: Aristeidis Dalajas
 
	 	 	 	 
	
                          
 	
                         
 	
                         
 	
                          
 
	
                         
 	
                         
 	
                         
 	
                        Signature
 

 

 

	
                        ACCEPTED AND AGREED:
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                        DAHLMAN ROSE & CO., LLC
 	
                         
 	
                         
 	
                         
 
	
                        

                        By: 
 	
                          
 	
                         
 	
                         
 	
                          
 
	
                         
 	
                        Name:
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                        Title:
 	
                         
 	
                         
 	
                         
 

 

 

	
                        LADENBURG THALMANN & CO. INC.
 	
                         
 	
                         
 	
                         
 
	
                        

                        By: 
 	
                          
 	
                         
 	
                         
 	
                          
 
	
                         
 	
                        Name:
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                        Title:
 	
                         
 	
                         
 	
                         
 

 

 

	
                        ACCEPTED AND AGREED:
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                         
 	
                         
 
	
                        FIRST CLASS NAVIGATION CORPORATION
 	
                         
 	
                         
 	
                         
 
	
                        

                        By: 
 	
                          
 	
                         
 	
                         
 	
                          
 
	
                         
 	
                        Name: Dimitris J. Souravlas
 	
                         
 	
                         
 	
                         
 
	
                         
 	
                        Title: Chief Executive Officer
 	
                         
 	
                         
 	
                         
 

 

 

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SCHEDULE 1

SUPPLEMENTAL COMMON DEFINITIONS

Unless the context shall otherwise require, the following terms shall have the following respective meanings for all purposes, and the following definitions are equally applicable to both the singular and the plural forms of the terms defined.

“Affiliate” shall have the meaning set forth under Rule 144(a)(1) of the rules promulgated under the Securities Act of 1933, as amended.

“Business Combination” shall mean the acquisition by the Company, whether by merger, capital stock exchange, asset acquisition, stock purchase or other similar business combination, of one or more vessels or operating businesses in the shipping industry, having, collectively, a fair market value equal to at least 80% of the Company’s net assets at the time of such merger, capital stock exchange, asset acquisition, stock purchase or other similar business combination.

“Business Combination Date” shall mean the date upon which a Business Combination is consummated.

“Effective Date” shall mean the date upon which the Registration Statement is declared effective under the U.S. Securities Act of 1933, as amended, by the SEC.

“Immediate Family” shall mean, with respect to any person, such person’s spouse, lineal descendents, father, mother, brothers or sisters (including any such relatives by adoption or marriage).

“Insiders” shall mean all of the officers, directors and shareholders of the Company immediately prior to the Company’s IPO.

“IPO” shall mean the initial public offering of the Company’s units, each comprised of one share of the Company’s common stock, par value $.0001 per share, and one warrant exercisable for one share of common stock.

“IPO Shares” shall mean all shares of Common Stock issued by the Company in its IPO, whether or not such shares were issued to an Insider or otherwise.

“Prospectus” shall mean the final prospectus filed pursuant to Rule 424(b) under the U.S. Securities Act of 1933, as amended, and included in the Registration Statement.

“Public Shareholders” shall mean holders of common stock sold as part of the IPO.

“Registration Statement” shall mean the registration statement filed by the Company on Form F-1 with the SEC, and any amendment or supplement thereto, in connection with the Company’s IPO.

“SEC” shall mean the United States Securities and Exchange Commission.

 

 

“Termination Date” shall mean the later of (i) the date that is 60 calendar days immediately following the Transaction Failure Date and (ii) the liquidation of the Company.

“Transaction Failure” shall mean the failure to enter into a letter of intent, definitive agreement or agreement in principal with respect to a Business Combination within 24 months of the closing of the IPO.

“Transaction Failure Date” shall mean the 24-month anniversary of the closing of the IPO.

“Trust Account” shall mean that certain trust account established with Continental Stock Transfer & Trust Company, as trustee, and in which the Company deposited proceeds from the IPO and the concurrent private placement (described in the Prospectus) in the amount specified in the Investment Management Trust Agreement, dated as of the date hereof between the Company and Continental Stock Transfer & Trust Company.

“Underwriters” shall mean Dahlman Rose & Co., LLC and and Ladenburg Thalmann & Co. Inc.

 

 

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EXHIBIT A

BIOGRAPHY

Mr. Aristeidis Dalakas has been a member of our Board of Directors since November 15, 2007. He has 32 years of shipping experience, in which time he held senior engineering positions in various companies culminating with the Nippon Kaiji Kyokai (N.K.K) in 1986. Starting as a ship surveyor, Mr. Dalakas advanced steadily to become General Manager of the Piraeus Office, a post he presently holds with responsibility for their surveying of all type of vessels, including International Safety Management Audits and International Shipboard Security Audits. Mr. Dalakas is a graduate Naval Architect from Southampton Institute of Technology, holding also a Post Graduate Diploma in Naval Architecture from Sunderland University. He is Chartered Engineer, a
member of the Royal Institute of Naval Architects and member of the International Register of Certificated Architects (IRCA).

 

 

EXHIBIT B

COMPLETED QUESTIONNAIRESTOCK ESCROW AGREEMENT

THIS STOCK ESCROW AGREEMENT, dated as of [_], 2007 (the “Agreement”), by and among FIRST CLASS NAVIGATION CORPORATION, a Marshall Islands corporation (the “Company”), FIRST FLEET LTD., a Marshall Islands corporation (the “Initial Shareholder”), the undersigned parties listed under First Fleet Shareholders on the signature page hereto (collectively, the “First Fleet Shareholders”) and CONTINENTAL STOCK TRANSFER & TRUST
COMPANY, a New York corporation (the “Escrow Agent”).

WHEREAS, the Company has entered into an Underwriting Agreement, dated [_], 2007 (“Underwriting Agreement”), with Dahlman Rose & Co., LLC (“Dahlman”) acting as representative of the several underwriters (collectively, the “Underwriters”), pursuant to which, among other matters, the Underwriters have agreed to purchase up to 15,000,000 units (the “Units”) of the Company. Each Unit consists of one share of the Company’s
common stock, par value $0.0001 per share (the “Common Stock”), and one warrant, each warrant to purchase one share of Common Stock (the “Warrants”), all as more fully described in the Company’s final Prospectus, dated [_], 2007 (the “Prospectus”) comprising part of the Company’s Registration Statement on Form F-1 (File No. 333-[_]) under the U.S. Securities Act of 1933, as amended (the “Registration Statement”),
declared effective on [_], 2007 (the “Effective Date”);

WHEREAS, the Initial Shareholder had agreed to purchase, in a private placement that will occur immediately prior to the Effective Date (the “Private Placement”), 5,500,000 Warrants to purchase 5,500,000 shares of Common Stock;

WHEREAS, the Initial Shareholder has agreed to deposit their shares of Common Stock of the Company, as set forth opposite its name in Exhibit A attached hereto (collectively, the “Company Escrow Shares”), in escrow as hereinafter provided; and

WHEREAS, the First Fleet Shareholders own all of the outstanding shares of Common Stock of the Initial Shareholder and  have agreed to deposit their shares of the Initial Shareholder (“First Fleet Escrow Shares,” together with the Company Escrow Shares, the “Escrow Shares”), in escrow as hereinafter provided 

WHEREAS, the Company, the Initial Shareholder and the First Fleet Shareholders desire that the Escrow Agent accept the Escrow Shares and the First Fleet Escrow Shares, in escrow, to be held and disbursed as hereinafter provided.

NOW, THEREFORE, in consideration of the premises and the mutual covenants, representations and warranties contained herein and intending to be legally bound hereby, the parties hereto agree as follows:

1. Appointment of Escrow Agent. The Company, the Initial Shareholder and the First Fleet Shareholders hereby appoint the Escrow Agent to act in accordance with and subject to the terms of this Agreement, and the Escrow Agent hereby accepts such appointment and agrees to act in accordance with and subject to such terms.

2. Deposit of Escrow Shares. On or before the Effective Date, the Initial Shareholder and each of the First Fleet Shareholders shall deliver to the Escrow Agent 

 

 

certificates representing its or his respective Escrow Shares, to be held and disbursed subject to the terms and conditions of this Agreement. The Initial Shareholder and each of the First Fleet Shareholders acknowledge that the certificate representing its or his Escrow Shares is legended to reflect the deposit of such Escrow Shares under this Agreement.

3. Disbursement of the Escrow Shares. The Escrow Agent shall hold the Escrow Shares until the first anniversary of the consummation of a Business Combination (as such term is defined in the Registration Statement) by the Company (the “Escrow Period”), on which date it shall, upon written instructions from the Initial Shareholder and each of the First Fleet Shareholders, disburse the Initial Shareholder’s Company Escrow Shares to the Initial Shareholder and the First Fleet Sharholders’ First Fleet Escrow Shares; provided, however, that if the Escrow Agent is notified by the Company pursuant to Section 6.7 hereof that the Company is being liquidated at any time during the Escrow Period, then the Escrow
Agent shall promptly destroy the certificates representing the Company Escrow Shares. The Escrow Agent shall have no further duties hereunder after the disbursement or destruction of the Escrow Shares in accordance with this Section 3.

4. Rights of Initial Shareholder and the First Fleet Shareholders in Escrow Shares.

4.1 Voting Rights as a Shareholder. Subject to the terms of the Insider Letters described in Section 4.4 hereof, and except as herein provided, the Initial Shareholder and each of the First Fleet Shareholders shall retain all of their rights as shareholders of the Company and the Initial Shareholder, as the case may be, during the Escrow Period, including, without limitation, the right to vote their respective Escrow Shares.

4.2 Dividends and Other Distributions in Respect of the Escrow Shares. During the Escrow Period, all dividends payable in cash with respect to the Escrow Shares shall be paid to the Initial Shareholder and the First Fleet Shareholders, as the case may be, but all dividends payable in stock or other non-cash property (the “Non-Cash Dividends”) shall be delivered to the Escrow Agent to hold in accordance with the terms hereof. As used herein, the term “Escrow Shares” shall be deemed to include the Non-Cash Dividends distributed thereon, if any.

4.3 Restrictions on Transfer. During the Escrow Period, no sale, transfer or other disposition may be made of any or all of the Escrow Shares except, with respect to (x) the Initial Shareholder, to any entity controlled (within the meaning of Section 15 of the U.S. Securities Act of 1933, as amended) by the Initial Shareholder and, (y) with respect to each of the First Fleet Shareholders who is an individual, (i) to a member of such First Fleet Shareholder’s immediate family or to a trust, the beneficiary of which is a First Fleet Shareholder or a member of a First Fleet Shareholder’s immediate family, or (ii) by virtue of the laws of descent and distribution upon death of any First Fleet Shareholder; provided, however, that such permitted transfers may be implemented only upon the respective transferee’s written agreement to be bound by the terms and conditions of this Agreement and of the Insider Letters signed by the Initial Shareholder and each of the First Fleet Shareholders transferring the Escrow Shares. Even if transferred in accordance with this Section 4.3, the Escrow Shares will remain subject to this Agreement and may only be released from escrow in accordance with Section 3. During the Escrow Period, the Initial Shareholder and each of the First Fleet Shareholders shall not pledge 

 

 

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or grant a security interest in the Escrow Shares or grant a security interest in their rights under this Agreement.

4.4 Insider Letters. The Initial Shareholder and each of the First Fleet Shareholders have executed a letter agreement with Dahlman and the Company, dated as indicated on Exhibit A hereto, the form of which is filed as an exhibit to the Registration Statement (“Insider Letter”), respecting the rights and obligations of the Initial Shareholder and each First Fleet Shareholders in certain events, including, but not limited to, the liquidation of the Company.

5. Concerning the Escrow Agent.

5.1 Good Faith Reliance. The Escrow Agent shall not be liable for any action taken or omitted by it in good faith and in the exercise of its own best judgment, and may rely conclusively and shall be protected in acting upon any order, notice, demand, certificate, opinion or advice of counsel (including counsel chosen by the Escrow Agent), statement, instrument, report or other paper or document (not only as to its due execution and the validity and effectiveness of its provisions, but also as to the truth and acceptability of any information therein contained) which is believed by the Escrow Agent to be genuine and to be signed or presented by the proper person or persons. The Escrow Agent shall not be bound by any notice or demand, or any waiver, modification, termination or rescission of this
Agreement unless evidenced by a writing delivered to the Escrow Agent signed by the proper party or parties and, if the duties or rights of the Escrow Agent are affected, unless it shall have given its prior written consent thereto.

5.2 Indemnification. The Escrow Agent shall be indemnified and held harmless by the Company from and against any expenses, including counsel fees and disbursements, or loss suffered by the Escrow Agent in connection with any action, suit or other proceeding involving any claim which in any way, directly or indirectly, arises out of or relates to this Agreement, the services of the Escrow Agent hereunder, or the Escrow Shares held by it hereunder, other than expenses or losses arising from the gross negligence or willful misconduct of the Escrow Agent. The Escrow Agent hereby waives any right, interest or claim of any kind that it may have in or to any monies held in the trust account for the benefit of the holders of Units, the shares of Common Stock and the Warrants included in the Units and the
shares of Common Stock issuable upon exercise of the Warrants (collectively, the “Public Securities”), and agrees not to seek any payment of any indemnity of the Company under this Section 5.2 from any monies held in the trust account for the benefit of the holders of the Public Securities. Promptly after the receipt by the Escrow Agent of notice of any demand or claim or the commencement of any action, suit or proceeding, the Escrow Agent shall notify the other parties hereto in writing. In the event of the receipt of such notice, the Escrow Agent, in its sole discretion, may commence an action in the nature of interpleader in an appropriate court to determine ownership or disposition of the Escrow Shares or it may deposit the Escrow Shares with the clerk of any appropriate court or it may retain the Escrow Shares pending receipt of a final, non-appealable order of a court having jurisdiction
over all of the parties hereto directing to whom and under what circumstances the Escrow Shares are to be disbursed and delivered. The provisions of this Section 5.2 shall survive in the event the Escrow Agent resigns or is discharged pursuant to Sections 5.5 or 5.6 below.

 

 

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5.3 Compensation. The Escrow Agent shall be entitled to reasonable compensation from the Company for all services rendered by it hereunder. The Escrow Agent shall also be entitled to reimbursement from the Company for all expenses paid or incurred by it in the administration of its duties hereunder including, but not limited to, all legal counsel and agents’ fees and disbursements and all taxes or other governmental charges.

5.4 Further Assurances. From time to time, on and after the date hereof, the Company, the Initial Shareholder and each of the First Fleet Shareholders shall deliver, or cause to be delivered, to the Escrow Agent such further documents and instruments and shall do or cause to be done such further acts as the Escrow Agent shall reasonably request to carry out more effectively the provisions and purposes of this Agreement, to evidence compliance herewith or to assure itself that it is protected in acting hereunder.

5.5 Resignation. The Escrow Agent may resign at any time and be discharged from its duties as escrow agent hereunder by its giving the other parties hereto written notice and such resignation shall become effective as hereinafter provided. Such resignation shall become effective at such time that the Escrow Agent shall turn over to a successor escrow agent appointed by the Company, the Escrow Shares held hereunder. If no new escrow agent is so appointed within the sixty (60) day period following the giving of such notice of resignation, the Escrow Agent may deposit the Escrow Shares with any court it reasonably deems appropriate.

5.6 Discharge of Escrow Agent. The Escrow Agent shall resign and be discharged from its duties as escrow agent hereunder if so requested in writing at any time by the Company, the Initial Shareholder and each of the First Fleet Shareholders, jointly, provided, however, that such resignation shall become effective only upon acceptance of appointment by a successor escrow agent as provided in Section 5.5.

5.7 Liability. Notwithstanding anything herein to the contrary, the Escrow Agent shall not be relieved from liability hereunder for its own gross negligence or its own willful misconduct.

6. Miscellaneous.

6.1 Governing Law. This Agreement shall for all purposes be deemed to be made under and shall be construed in accordance with the laws of the State of New York. The Company hereby agrees that any action, proceeding or claim against it arising out of or relating in any way to this Agreement shall be brought and enforced in the courts of the State of New York or the United States District Court for the Southern District of New York, and irrevocably submits to such jurisdiction, which jurisdiction shall be exclusive. The Company hereby waives any objection to such exclusive jurisdiction and that such courts represent an inconvenient forum. Any such process or summons to be served upon the Company may be served by transmitting a copy thereof by registered or certified mail, return receipt requested,
postage prepaid, addressed to it at the address set forth in Section 6.6 hereof. Such mailing shall be deemed personal service and shall be legal and binding upon the Company in any action, proceeding or claim.

 

 

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6.2 Third Party Beneficiaries. The Initial Shareholder and each of the First Fleet Shareholders hereby acknowledge that the Underwriters are third party beneficiaries of this Agreement and this Agreement may not be modified or changed without the prior written consent of Dahlman.

6.3 Entire Agreement. This Agreement contains the entire agreement of the parties hereto with respect to the subject matter hereof and, except as expressly provided herein, may not be changed or modified except by an instrument in writing signed by the party to be charged.

6.4 Headings. The headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation thereof.

6.5 Binding Effect. This Agreement shall be binding upon and inure to the benefit of the respective parties hereto and their legal representatives, successors and assigns.

6.6 Notices. Any notice or other communication required or which may be given hereunder shall be in writing and either be delivered personally or be mailed, certified or registered mail, or by private national courier service, return receipt requested, postage prepaid, and shall be deemed given when so delivered personally or, if mailed, two (2) days after the date of mailing, as follows:

If to the Company, to:

First Class Navigation Corporation

c/o First Class Management S.A.

22 Ethnikis Antistaseos Street,

152 32 Halandri

Athens, Greece

Attn:  Chief Executive Officer

If to a Shareholder, to his or her address set forth in Exhibit A;

And if to the Escrow Agent, to:

Continental Stock Transfer & Trust Company

17 Battery Place

New York, New York 10004

Attn: ________________

A copy of any notice sent hereunder shall be sent to:

Kramer Levin Naftalis & Frankel LLP

1177Avenue of the Americas

New York, New York  10036

Attn:  Christopher S. Auguste

 

 

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and:

Dahlman Rose & Co., LLC

142West 57th Street, 18th Floor

New York, New York  10019

Attn: Greg Martin

and:

Morgan, Lewis & Bockius, LLP

101 Park Avenue

New York, New York  10178

Attn:  Howard A. Kenny

The parties may change the persons and addresses to which the notices or other communications are to be sent by giving written notice to any such change in the manner provided herein for giving notice.

6.7 Liquidation of Company. The Company shall give the Escrow Agent written notification of the liquidation and dissolution of the Company in the event that the Company fails to consummate a Business Combination within the time period(s) specified in the Prospectus.

6.8 Counterparts. This Agreement may be executed in several counterparts, each one of which may be delivered by facsimile transmission and each of which shall constitute an original, and together shall constitute but one instrument.

(Remainder of page intentionally left blank. Signature pages to follow.)

 

 

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IN WITNESS WHEREOF, the undersigned have executed this Agreement as of the date first written above.

 

	
                         
 	
                         
 	
                        FIRST CLASS NAVIGATION CORPORATION
 
	 	 	 	 
	
                          
 	
                         
 	
                        By: 
 	
                           
 
	
                         
 	
                         
 	
                         
 	
                        Dimitris J. Souravlas,
 
	
                         
 	
                         
 	
                         
 	
                        Chairman and Chief Executive Officer
 

 

 

	
                         
 	
                         
 	
                        INITIAL SHAREHOLDER:
 
	
                         
 	
                         
 	
                         
 
	
                         
 	
                         
 	
                        FIRST FLEET LTD.
 
	 	 	 	 
	
                          
 	
                         
 	
                        By: 
 	
                           
 
	
                         
 	
                         
 	
                         
 	
                        Name:
 
	
                         
 	
                         
 	
                         
 	
                        Title:
 

 

	
                         
 	
                         
 	
                         
 	
                        FIRST FLEET SHAREHOLDERS:
 
	 	 	 	 
	
                          
 	
                         
 	
                         
 	
                           
 
	
                         
 	
                         
 	
                         
 	
                        Dimitris J. Souravlas
 

 

	
                          
 	
                         
 	
                         
 	
                           
 
	
                         
 	
                         
 	
                         
 	
                        George Souravlas
 

 

	
                          
 	
                         
 	
                         
 	
                           
 
	
                         
 	
                         
 	
                         
 	
                        Alexandros Politis-Kalenteris
 

 

	
                         
 	
                         
 	
                        CONTINENTAL STOCK TRANSFER & TRUST COMPANY
 
	 	 	 	 
	
                          
 	
                         
 	
                        By: 
 	
                           
 
	
                         
 	
                         
 	
                         
 	
                        Name:
 
	
                         
 	
                         
 	
                         
 	
                        Title:
 

 

 

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EXHIBIT A

 

	
                        Name and Address of
 Initial Shareholder
 	
                         
 	
                        Number of
 Shares
 	
                         
 	
                        Stock
 Certificate
 Number
 	
                         
 	
                        Date of Insider
 Letter
 
	
                        First Fleet Ltd.
 c/o First Class Management S.A. 
 22 Ethnikis Antistaseos Street,
 152 32 Halandri
 Athens, Greece
 	
                         
 	
                        4,312,500
 	
                         
 	
                        1
 	
                         
 	
                        [______], 2007
 

 

	
                        Name and Address of
 First Fleet Shareholder
 	
                         
 	
                        Number of
 Shares
 	
                         
 	
                        Stock
 Certificate
 Number
 	
                         
 	
                        Date of Insider
 Letter
 
	
                        Dimitris Souravlas
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        George Souravlas
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        Alexandros Politis-Kalenteris
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 

 

 

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