Document:

d1131640_ex10-10.htm

EXHIBIT 10.10

SHARE PURCHASE AGREEMENT

by and between

MARITIME CAPITAL SHIPPING

(HOLDINGS) LIMITED,

as Seller

and

SEANERGY MARITIME HOLDINGS CORP.,

as Buyer

 

 

 

 

 

 

 

 

 

 

 

 

  

 

  

SHARE PURCHASE AGREEMENT

 

This SHARE PURCHASE AGREEMENT (this "Agreement") is entered into as of this 3rd day of September, 2010 by and between Maritime Capital Shipping (Holdings) Limited, a corporation organized under the laws of the British Virgin Islands (the "Seller"), and Seanergy Maritime Holdings Corp., a corporation organized under the laws of the Republic of the Marshall Islands (the "Buyer"). The Seller and the Buyer are sometimes referred to herein individually as a "Party" and collectively as the "Parties".

 

WITNESSETH:

 

WHEREAS, the Seller owns Forty Nine  Per Cent (49%) of all the issued share capital, i.e. 489,894,581 shares of par value US$0.0005 (the "Sale Shares") of Maritime Capital Shipping Limited, a corporation organized under the laws of Bermuda (the "Company"); and;

 

WHEREAS, the Seller desires to sell the Sale Shares and the Buyer desires to purchase the Sale Shares of the Company.

 

NOW, THEREFORE, in consideration of the mutual representations, warranties, covenants and agreements contained herein and for other good and valuable consideration, the sufficiency of which is hereby acknowledged, the Parties agree as follows:

 

ARTICLE I

 

DEFINITION

 

Defined Terms:  As used in this Agreement, the following terms shall have the meaning set out below:

 

"Action" means any action, suit, investigation, proceeding, condemnation or audit by or before any court or other governmental or regulatory authority or any arbitration proceeding.

 

"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 such Person.

 

"Agreement" has the meaning set out in the initial paragraph of this Agreement.

 

"Business Day" means any day other than Saturday and Sunday, or a legal holiday on which banks are closed in Bermuda, Greece, in New York, New York, USA and Hong Kong.

 

"Closing Date" or "Closing" has the meaning set out in Section 3.1.

 

"Company" has the meaning set out in the recitals.

 

  

1

  

 

"Information" means any existing information and data connected with the past, present and future activities of the Company.

 

"Investors" mean the entities listed in Appendix 2.

 

"Liens" means any lien, security interest, charge, claim, mortgage, deed of trust, option, warrant, purchase right, lease or other encumbrance.

 

"Buyer's Lender" means Marfin Egnatia Bank Societe Anonyme.

 

 "Buyer's Share(s)" mean the share(s) of the Buyer which are trading on the NASDAQ Global Market.

 

"Material Adverse Effect" means a material adverse effect on the business, assets, liabilities or financial condition of the specified Person.

 

"Party" and "Parties" have the meaning set out in the initial paragraph of this Agreement.

 

"Person" means any individual, firm, partnership, corporation, limited liability company, joint venture, trust, unincorporated organization, governmental authority or instrumentality, or other entity or organization.

 

"Purchase Price" means the purchase price as defined in Section 2.2.

 

"Sale Shares" means 49% of all the issued shares of the Company, as set out in Section 4.3.

 

"Seller" has the meaning set out in the initial paragraph of this Agreement.

 

"Share Price" means USD1,05 per share, which is the agreed price per share of the Buyer's Shares, which are trading on the NASDAQ Global Market.

 

"Tax" means all income, gross receipts, profits, franchise, sales, use, occupation, property, capital, wealth, environmental, license, employment, severance, production, excise, stamp, transfer, workers' compensation, social security, value added, withholding, payroll, disability or similar taxes, motor vehicle registration fees, customs or import duties, and all other taxes or all other governmental fees, duties, imposts, assessments or charges of any nature whatsoever and however denominated, imposed by any country or political subdivision thereof, together with any interest, additions, or penalties with respect thereto.

 

ARTICLE II

 

PURCHASE AND SALE OF SHARES

 

Section 2.1

 

Purchase and Sale   On the terms set out in this Agreement the Seller hereby sells to the Buyer and the Buyer hereby purchases from the Seller all rights, title and interest in and to the Sale Shares.

 

  

2

  

 

Section 2.2

 

Purchase Price   As consideration for the Sale Shares, the Buyer shall:

 

(a) pay to the Seller the amount of United States Dollars three million (USD$3,000,000) to an account designated in writing by the Seller to the Buyer at least two (2) Business Days prior to the Closing Date; and

 

(b) issue to the Investors, as nominees for the Seller, 24,761,905 Buyer's Shares, which are equal to United States Dollars twenty six million (USD 26,000,000) issued at the Share Price (as defined in this Agreement).

 

Section 2.3

 

The Seller has obtained all necessary approvals with respect entering into this Agreement and the transaction contemplated hereby.

 

Section 2.4

 

The Purchase Price shall be paid in accordance with Section 2.2 by the Buyer to the Seller on the Closing Date.

 

Section 2.5

 

The Buyer's obligation to purchase the Sale Shares is conditional upon:

 

	
  

	
(a)

	
The Seller's representations and warranties as set forth in Article 4 remaining true and accurate and not misleading in any material respect at Closing as if repeated at Closing and at all times between the date of this Agreement and Closing Date.

 

	
  

	
(b)

	
All consents and approvals given by any third parties, which are necessary to effect the transaction contemplated in this Agreement, and of which the Buyer has been advised by the Seller, being granted and there being no statute, regulation or decision which would prohibit, restrict or materially delay the sale and purchase of the Sale Shares after Closing.

 

	
  

	
(c)

	
The satisfactory fulfillment by the Seller of its obligation to deliver to the Buyer the documents specified in Section 3.2.

 

	
  

	
(d)

	
Approval of the purchase of the Sale Shares by the Buyer being granted by the Bermuda Monetary Authority.

 

	
  

	
(e)

	
A consent to the purchase of the Sale Shares pursuant to this Agreement having been received from the Buyer's Lender under the relevant facility agreement of the Buyer.

 

	
  

	
(f)

	
Final Buyer's Board of Directors approval.

 

Section 2.6

 

The Buyer may waive at its sole discretion all or any of the above-listed conditions at any time, by notifying it in writing to the Seller.

 

  

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Section 2.7

 

In the event where any of the conditions set forth in Section 2.5 shall not have been fulfilled or waived prior to Closing Date, then the Buyer may terminate this Agreement, provided that the Buyer shall have demonstrated to the Seller that the Buyer used its reasonable commercial endeavours to procure fulfillment of the conditions under Section 2.5(d), (e) and (f).

 

ARTICLE III

 

CLOSING

 

Section 3.1

 

The closing of the transaction contemplated by this Agreement (the "Closing") shall occur on or before September 15, 2010 during normal business hours or such later date mutually agreed to by the Parties or as may be determined in accordance with this Agreement (the "Closing Date").

 

Section 3.2

 

At Closing Date, the Seller shall have delivered to the Buyer the following:

 

	
(a)

	
Original Sale Shares Certificate(s) of the Company issued in the name of Seller, such certificate(s) to be marked as "Cancelled" at the time of the Closing;

 

	
(b)

	
Duly executed but un-dated (in order to be duly dated at the time of the Closing):

 

	
  

	
-

	
Instrument of transfer in the form attached hereto as "Appendix 1";

 

	
  

	
-

	
Draft Register of Members of the Company, with respect to the transfer of the Sale Shares in favour and in the name of Buyer as a new shareholder of the Company (100% shareholding) with a certified true copy of the Register of Members to be delivered as soon as possible after the closing;

 

Collectively, the "Documents", all of which will be delivered to the Buyer as provided by this Agreement on the Closing Date.

 

Section 3.3

 

At the Closing Date, the Investors, as nominees of the Seller, and the Buyer shall enter into and execute a registration rights agreement with respect to the Buyers' Shares to be issued to the Investors in the form attached hereto as "Appendix 3".

 

Section 3.4

 

The Parties hereby agree that if the Closing does not occur by the Closing Date due to Seller's failure to properly perform any of its material obligations under this Agreement, the Buyer may, at its own discretion, elect to do any of the following:

 

  

4

  

 

	
(a)

	
Defer the Closing to a date not later than 15 (Fifteen) days after the date when the Closing should have occurred, which new date shall be the Closing Date for the purposes of this Agreement; or

 

	
(b)

	
Unilaterally terminate this Agreement without any further liability on its part.

 

Section 3.5

 

The Parties hereby agree that if the Closing does not occur by the Closing Date due to Buyer's failure to perform its obligations under this Agreement, Seller may, at its own discretion, elect to do any of the following:

 

	
(a)

	
Defer the Closing to a date not further than 15 (Fifteen) days after the date when the Closing should have occurred, which new date shall be the Closing Date for the purposes of this Agreement; or

 

	
(b)

	
Unilaterally terminate this Agreement without any further liability on its part.

 

ARTICLE IV

REPRESENTATIONS AND WARRANTIES OF SELLER

 

On the date and by the time of the Closing, the Seller represents and warrants to the Buyer that (other than has been previously disclosed to the Buyer):

 

Section 4.1

 

Organization   The Seller is organized, validly existing and in good standing under the laws of the country of its incorporation, and that this Agreement and all other agreements herein contemplated to be executed in connection herewith by the Seller have been (or upon execution will have been) duly executed and delivered by Seller and constitute (or upon execution will constitute) legal, valid and binding obligations of Seller.

 

Section 4.2

 

The Seller has all requisite corporate power and authority to execute and deliver this Agreement and to perform its obligations hereunder. The execution, delivery, and performance of this Agreement and the transaction contemplated hereby have been duly and validly authorized by all requisite corporate action on the part of the Seller and represent valid and binding obligations of Seller.

 

Section 4.3

 

The Sale Shares consist of 489,894,581 shares of par value US$0.0005 each, represented by Share Certificates No. 157 and 159 representing all issued and outstanding shares registered in the name of Seller. The Sale Shares are free and clear of any Lien, charge, option, right of pre-emption or other encumbrance or third party right whatsoever.

 

Section 4.4

 

The Seller is the sole legal and beneficial owner of the Sale Shares.

 

  

5

  

 

Section 4.5

 

Enforceability   This Agreement has been duly and validly executed and delivered by the Seller and (assuming the due authorization, execution and delivery hereof by Buyer) constitutes a valid and binding agreement of the Seller enforceable against it in accordance with its terms, subject to:

 

	
(a)

	
Applicable bankruptcy, insolvency, reorganization, moratorium, and other similar laws of general application from time to time in effect that affect creditors' rights generally,

 

	
(b)

	
General principles of equity,

 

	
(c)

	
The power of a court to deny enforcement of remedies generally based upon public policy.

 

 

Section 4.6

 

No Violation or Breach   Neither the execution and delivery of this Agreement nor the consummation of the transaction and performance of the terms and conditions hereof by Seller will:

 

	
(a)

	
Result in a violation or breach of or default under any provision of the organizational documents of Seller or any agreement, indenture or other instrument under which Seller is bound, or

 

	
(b)

	
So far as the Seller is aware, violate any law applicable to Seller.

 

Section 4.7

 

Consent and Approvals   So far as the Seller is aware, no consent, approval, authorization or permit of, or filing with or notification to, any Person is required for or in connection with the execution and delivery of this Agreement by the Seller for or in connection with the consummation of the transactions and performance of the terms and conditions contemplated hereby by the Seller.

 

Section 4.8

 

Brokerage Fees and Commissions   The Seller has not incurred any obligation or entered into any agreement for any investment banking, brokerage, or finder's fee or commission in respect of the transactions contemplated by this Agreement for which Buyer or the Company will incur any liability.

 

Section 4.9

 

Bankruptcy   There are no bankruptcy, reorganization, or arrangement proceedings pending against, being contemplated by, or, to the knowledge of the Seller, threatened against Seller.

 

  

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Section 4.10

 

Actions   There are no actions, claims, suits, investigations or proceedings to which the Seller is a party pending or, to the knowledge of the Seller, threatened in any court or before or by any governmental department, commission, agency or other instrumentality (excluding any rulemaking, investigation or similar proceeding of general applicability and any appeal or petition for review relating thereto), or before any arbitrator, that may, individually or in the aggregate, have a Material Adverse Effect or which seeks to prohibit, restrict or delay consummation of the transactions contemplated hereby.  Seller is not in default with respect to any judgment, order, writ, injunction, decree or award applicable to it of any court or other governmental instrumentality or arbitrator having jurisdiction over it.  Seller has all permits, certificates, licenses, approvals, and other authorizations that are required in connection with the operation of its businesses, all such permits, certificates, licenses, approvals and other authorizations are in full force and effect and there is no basis for any breach thereof to be threatened.  Seller is exercising reasonable efforts, to the extent customary in its businesses, to comply with all statutes, rules and regulations applicable to it of governmental authorities having jurisdiction over it, and is not in violation of or in default with respect to any statute, or any rule or regulation applicable to it of any governmental authority having jurisdiction over it, which violation or default individually or in the aggregate may have a Material Adverse Effect.

 

Section 4.11

 

The Seller has not engaged in any acts or transactions, in violation of or inconsistent with the anti-bribery, anti-terrorism, economic sanction or anti-money laundering legislation or regulation measure or regulatory procedures of any government.

 

Section 4.12

 

The Seller is not prohibited by any order, writ, injunction or decree of any body of competent jurisdiction from consummating the transactions contemplated by this Agreement and no such action or proceeding is pending or, to the best of their knowledge and belief, threatened against the Seller which questions the validity of this Agreement, any of the transactions contemplated hereby or any action which has been taken by any of the parties in connection herewith or in connection with any of the transactions contemplated hereby.

 

Section 4.13

 

The Seller has the full right, power and authority to enter into this Agreement and to transfer, convey and sell to the Buyer the Sale Shares and upon consummation of the purchase contemplated hereby, Buyer will acquire from Seller good and marketable title to the Sale Shares, free and clear of all covenants, conditions, restrictions, voting trust arrangements, liens, charges, encumbrances, options and adverse claims or rights whatsoever.

 

In case any restriction whatsoever exists with respect to the sale of the Sale Shares by the Seller to the Buyer, the Seller will obtain all necessary consents/agreements with respect to selling the Sale Shares to the Buyer in the manner contemplated hereby.

 

  

7

  

 

Section 4.14

 

Limitation   The Seller has not made and the Buyer has not relied upon any representations and/or warranties other than those expressly set out in this Agreement.

 

ARTICLE V

 

REPRESENTATIONS AND WARRANTIES OF BUYER

 

The Buyer represents and warrants to the Seller that:

 

Section 5.1

 

Organization of Buyer   The Buyer is a company, duly organized under the laws of Republic of the Marshall Islands. The Company is an entity duly formed, in good standing and validly existing under the laws of the Marshall Islands.

 

Section 5.2

 

Authority   It has all requisite power and authority to execute and deliver this Agreement and to perform its obligations hereunder, however the transaction contemplated hereby is subject to the final approval of the Buyers' Board of Directors.

 

Section 5.3

 

Enforceability   This Agreement has been duly and validly executed and delivered by the Buyer and (assuming the due authorization, execution and delivery hereof by Seller) constitutes a valid and binding agreement of Buyer enforceable against it in accordance with its terms, subject to

 

	
(a)

	
Applicable bankruptcy, insolvency, reorganization, moratorium, and other similar laws of general application from time to time in effect that affect creditors' rights generally,

 

	
(b)

	
General principles of equity,

 

	
(c)

	
The power of a court to deny enforcement of remedies generally based upon public policy.

 

Section 5.4

 

No Violation   Neither the execution and delivery of this Agreement nor the consummation of the transaction and performance of the terms and conditions hereof by Buyer will

 

	
(a)

	
Result in a violation or breach of or default under any provision of any agreement, indenture or other instrument under which Buyer is bound,

 

	
(b)

	
Violate any law applicable to Buyer.

 

  

8

  

 

Section 5.5

 

Brokerage Fees and Commissions   Buyer has not incurred any obligation or entered into any agreement for any investment banking, brokerage, or finder's fee or commission in respect of the transactions contemplated by this Agreement for which Seller or the Company shall incur any liability.

 

Section 5.6

 

Bankruptcy   There are no bankruptcy, reorganization, or arrangement proceedings pending against, being contemplated by, or, to the knowledge of the Buyer, threatened against the Buyer.

 

Section 5.7

 

The Buyer has not engaged in any acts or transactions, in violation of or inconsistent with the anti-bribery, anti-terrorism, economic sanction or anti-money laundering legislation or regulation measure or regulatory procedures of any government.

 

Section 5.8

 

Limitation   The Buyer has not made and the Seller has not relied upon any representations and/or warranties other than those expressly set out in this Agreement.

 

Section 5.9

Consent and Approvals   The Buyer requires no consent, approval, authorization or permit from any Person, other than any filings that the Buyer is required to do by the US Securities and Exchange Commission ("SEC"), the Nasdaq Stock Market and any other applicable regulatory authority including any press releases with respect to the Agreement and any other agreement that may be entered into with the Seller for the sale of the Sale Shares of the Company, and is not required to make any filing with or notification to, any Person, as a result of its execution and delivery of, and performance of its obligations under this Agreement, except as described herein.

 

ARTICLE VI

 

TAXES

 

Section 6.1

 

Taxes   The Buyer and the Seller shall cooperate in good faith to supply the other and to supply the appropriate taxing authorities, as necessary, with all relevant tax accounting worksheets, reports, forms, statements, communications and all other information that may be required in order to comply with the relevant Tax jurisdictions of the Seller or the Buyer.

 

  

9

  

 

ARTICLE VII

 

MISCELLANEOUS

 

Section 7.1

 

Confidentiality   Neither Party shall disclose to any third Parties information that it has relating to the businesses, properties, financial condition, results of operations or prospects of the Company, except (i) to the extent such information is publicly available or is obtainable from independent sources who did not receive the information from the other Party, (ii) as requested or required by any law or statutory body, the rules of the SEC or any applicable stock exchange (including but not limited to the Nasdaq Global Market), any applicable accounting standards, ordered by any court, regulation, court order, judicial process or arbitral award (including by oral questions, interrogatories, requests for information or other documents in legal proceedings, subpoena, civil investigative demand or any other similar legal process), or (iii) as authorized in writing by the other Party.

 

Section 7.2

 

Arbitration   Any dispute (a "Dispute") arising out of or in connection with this Agreement (including a dispute regarding the existence, validity or termination of this Agreement or the consequences of its nullity) shall be referred to and finally resolved by arbitration under the Arbitration Rules (the "Rules") of the London Court of International Arbitration ("LCIA"). The tribunal shall consist of three arbitrators, one to be appointed by the Seller, one to be appointed by the Buyer and the third to be appointed by the two arbitrators so appointed. If the arbitrators appointed by the parties cannot agree on the identity of the third arbitrator within 14 days, the third arbitrator shall be appointed by the President for the time being of the LCIA. The language of the arbitration shall be English and the seat of the arbitration shall be in London.

 

Section 7.3

 

Fees and Expenses   All fees and expenses, including fees and expenses of counsel, financial advisors and accountants, incurred in connection with this Agreement, the negotiation hereof and the transactions contemplated hereby shall be paid by the Party incurring such fees or expenses.

Section 7.4

 

Amendments   This Agreement may not be modified or amended except by an instrument or instruments in writing mutually agreed between the Seller and the Buyer.

 

Section 7.5

 

Counterparts   This Agreement may be executed in one or more counterparts, all of which shall be one and the same agreement and shall become effective when one or more counterparts have been signed by each Party and delivered to the other Party.

 

  

10

  

 

Section 7.6

 

Rights of Third Parties   Nothing in this Agreement, whether express or implied is intended to confer any rights or remedies under or by reason of this Agreement on any Person other than the Parties hereto, their respective successors and permitted assigns, nor is anything in this Agreement intended to relieve or discharge the obligation or liability of any third party to any Party to this Agreement, nor shall any provision herein give any third party any right of subrogation or action over or against any Party to this Agreement.

 

Section 7.7

 

Entire Agreement   This Agreement contains the entire agreement between the Parties with respect to the subject matter hereof and there are no agreements, representations, or warranties between the Parties other than those set out or referred to herein.

 

Section 7.8

 

Notices   Any notices or other communications required or permitted under this Agreement shall be sufficiently given if personally delivered or sent by commercial overnight delivery or facsimile or e-mail, addressed as follows:

 

Seller:

 

Maritime Capital Shipping (Holdings) Limited

c/o 11 Poseidonos Street

16673 Elliniko, Athens Greece

For the Attention of Mr. Evan Breibart

E-mail: eblegal@attglobal.net

Fax: +30 210 8985430

Buyer:

 

Seanergy Maritime Holdings Corp.

c/o 1-3 Patriarchou Grigoriou Street,

16674 Glyfada, Athens Greece

For the attention of Mr. Dale Ploughman

E-mail: dpp@seanergymaritime.com.gr

Fax: + 30 210 96 38 450

or to such other address as shall be furnished in writing by either Party.  If personally delivered, such communication shall be deemed delivered upon actual receipt; if delivered by facsimile or e-mail as described above, such communication shall be deemed delivered the next Business Day after transmission (and sender shall bear the burden of proof of delivery); if sent by overnight courier as described above, such communication shall be deemed delivered as of the date of delivery indicated on the receipt issued by the relevant courier service.

 

  

11

  

 

Section 7.9

 

Further Assurances   At any time and from time to time after the date hereof, each Party, without further consideration, shall execute such additional documents as may be reasonably requested by the other Party to carry out the purposes and intent of this Agreement and to fulfill its obligations hereunder.

 

Section 7.10

 

Governing Law   This Agreement shall be governed by and construed in accordance with the laws of England without giving effect to its conflicts of law principles.

 

Section 7.11

 

Successors and Assigns   The rights and obligations of either Party shall not be assigned or delegated by such Party without the written consent of the other Party, which may be withheld in that Party's sole discretion.  Any assignment or obligation in violation of this Section 7.11 shall be void and of no effect.  This Agreement shall be binding upon and inure to the benefit of the Parties and their successors and permitted assigns.

 

Section 7.12

 

Severability   If any term or other provision of this Agreement is invalid, illegal, or incapable of being enforced by any law or public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect.  Upon such determination that any term or other provision of this Agreement is invalid, illegal, or incapable of being enforced, the Parties shall negotiate in good faith to modify this Agreement so as to effect the original intent of the Parties as closely as possible in a mutually acceptable manner to the end that the economic effects of the transaction contemplated hereby are preserved to the extent possible.

 

Section 7.13

 

Waivers   Either Party may, only by an instrument in writing, waive compliance by the other Party with any term or provision of this Agreement on the part of such other Party to be performed or complied with.  The waiver by a Party of a breach of any term or provision of this Agreement shall not be construed as a waiver of any subsequent breach.

 

Section 7.14

 

Meanings of Pronouns, Singular and Plural Words   All pronouns used in this Agreement shall be deemed to refer to the masculine, feminine, neuter, singular and plural, as the identity of the person to which or to whom reference is made may require. Unless the context in which it is used shall clearly indicate to the contrary, words used in the singular shall include the plural, and words used in the plural shall include the singular.

 

Section 7.15

 

Headings   The headings in this Agreement are inserted for convenience only and shall not constitute a part hereof.

 

  

12

  

 

Section 7.16

 

Publicity   Any public announcement by either Party relating to the transaction contemplated by this Agreement will be subject to the prior written approval of the other Party (such approval not be unreasonably withheld), except as such may be required by law or statutory body, the rules of the SEC or any applicable stock exchange (including but not limited to Nasdaq Global Market) and any applicable accounting standards.

 

Section 7.17

 

Not to be Construed Against Drafter   The Parties acknowledge that they have had an adequate opportunity to review each and every provision contained in this Agreement and to submit the same to legal counsel for review and comment. Based on said review and consultation, the Parties agree with each and every term contained in this agreement.  Based on the foregoing, the Parties agree that the rule of construction that a contract be construed against the drafter, if any, will not be applied in the interpretation and construction of this Agreement.

 

 

  

13

  

 

IN WITNESS WHEREOF, the Parties have caused this Agreement to be executed as of the date hereof.

 

	
SELLER:

	  	
BUYER:

	  	  	  
	
MARITIME CAPITAL SHIPPING

	  	
SEANERGY MARITIME

	
(HOLDINGS) LIMITED

	  	
HOLDINGS CORP.

	  	  	  
	  	  	  
	
By:

	  	  	
By: :

	  
	
Name:

	  	  	
Name:

	
Christina Anagnostara

	
Title:

	  	  	
Title:

	
Director / Attorney in fact

	  	  	  	  	  
	  	  	  	  	  

 

  

14

  

 

 APPENDIX 1

 

INSTRUMENT OF TRANSFER

MARITIME CAPITAL SHIPPING LIMITED

	
I/We, (hereinafter "the said Transferor")

	
Maritime Capital Shipping (Holdings) Limited

	
in consideration of the sum of

	
(a) payment of USD$3,000,000 in cash to the Transferor; and

(b) the issuance by the Transferee to nominees of the Transferor of 24,761,905 shares (equal in value to USD$26,000,000) in the capital of the Transferee.

	
paid to me/us by (name)

	
Seanergy Maritime Holdings Corp.

	
(hereinafter "the said Transferee")

	  

	
do hereby transfer to the said Transferee the

	
489,894,581

	
share(s)

	
numbered

	  

standing in my/our name in the register of:-

MARITIME CAPITAL SHIPPING LIMITED

The Transferor hereby transfers to the Transferee the shares described above free of all liens, charges and encumbrances and together with all rights now or hereafter attaching thereto, but subject to the Memorandum of Association and Bye-Laws of the Company.

Duly signed this                                                                day of                                     2010

	
Witness to the signature(s) of the Transferor -

	
)

)

)

	
For and on behalf of

MARITIME CAPITAL SHIPPING (HOLDINGS) LIMITED

 

	
Witness's name and address:

 

 

	
)

)

)

)

)

	

 

..........................................................

                   Authorized Signature(s)

__________________________________________________

Maritime Capital Shipping (Holdings) Limited

	
Witness to the signature(s) of the Transferee -

	
)

)

)

	
For and on behalf

SEANERGY MARITIME HOLDINGS CORP.

	
Witness's name and address:

 

	
)

)

)

)

)

	
 

................................................

             Authorized Signature(s)

__________________________________________________

Seanergy Maritime Holdings Corp.

  

15

  

APPENDIX 2

	

Name and Address of Investor

 

	
 

United Capital Investments Corp.

 

c/o 11 Poseidonos Avenue

16777 Elliniko

Athens, Greece

 

	
 

Atrion Shipholding S.A.

 

c/o 11 Poseidonos Avenue

16777 Elliniko

Athens, Greece

 

	
 

Plaza Shipholding Corp.

 

c/o 11 Poseidonos Avenue

16777 Elliniko

Athens, Greece

 

	
 

Comet Shipholding Inc.

 

c/o 11 Poseidonos Avenue

16777 Elliniko

Athens, Greece

  

16

  

APPENDIX 3

Form of Registration Rights Agreement

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SK 26979 0001 1131640

  

17ex101.htm

    Exhibit
10.1

     

     

    

    FEDERAL
DEPOSIT INSURANCE CORPORATION

     

    WASHINGTON,
D.C.

     

    WASHINGTON
DEPARTMENT OF FINANCIAL INSTITUTIONS

     

    OLYMPIA,
WASHINGTON

     

    
       

      
        	 	 	 
	
                 

                In the
      Matter of

                 

                FIRST SAVINGS BANK NORTHWEST 

                RENTON, WASHINGTON

                 

                (INSURED STATE NONMEMBER BANK)

                 

              	
                )

                )

                )

                )

                )

                )

                )

                )

              	  

                
                  CONSENT
      ORDER

                   

                  FDIC-10-524b

                

              

      

    

    

    The
Federal Deposit Insurance Corporation ("FDIC") is the appropriate Federal
banking agency for First Savings Bank Northwest, Renton, Washington ("Bank")
under Section 3(q) of the Federal Deposit Insurance Act ("FDI Act"), 12 U.S.C. §
1813(q)(3). The Washington Department of Financial Institutions ("WDFI") is the
appropriate State banking agency for the Bank under Title 32 of the Revised Code
of Washington ("RCW").

    The Bank,
by and through its duly elected and acting Board of Directors ("Board"), has
executed a Stipulation to the Issuance of a Consent Order ("Stipulation"), dated
September 22, 2010,
that is accepted by the FDIC and the WDFI. With the Stipulation, the Bank has
consented, without admitting or denying any charges of unsafe or unsound banking
practices relating to, among other things, the Bank's asset quality, earnings
and, management, to the issuance of this Consent Order ("Order") by the FDIC and
the WDFI pursuant to Section 8(b)(1) of the FDI Act, and RCW Anno. §
32.04.250.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

     

    
      	-2- 

    

     

     

    Having
determined that the requirements for issuance of an order under Section 8(b) of
the FDI Act, 12 U.S.C. § 1818(b), and RCW have been satisfied, the FDIC and the
WDFI hereby order that:

    1.    The Bank
shall have and retain qualified management.

           (a)    Each member of
management shall have qualifications and experience commensurate
with his or her duties and responsibilities at the Bank. Management shall
include the following: (i) a chief executive officer with proven ability in
managing a bank of comparable size and risk profile; (ii) a chief financial
officer with proven ability in all aspects of financial management; and (iii) a
senior lending officer with significant lending, collection, and loan
supervision experience and experience in upgrading a low quality loan portfolio.
Each member of management shall be provided appropriate written authority from
the Board to implement the provisions of this Order.

                                 
(b)    The
qualifications of management shall be assessed on its ability to:

                                                  
(i)      
comply
with the requirements of this Order;

                                                  
(ii)  operate the Bank in a safe and
sound manner;

                                                  
(iii)    
comply
with applicable laws and regulations; and

                                                 
(iv)     restore
all aspects of the Bank to a safe and sound condition, including asset quality,
capital adequacy, earnings, management effectiveness, liquidity, and sensitivity
to market risk.

                                  (c)    During the
life of this Order, the Bank shall notify the Regional Director of the
FDIC's San Francisco Regional Office ("Regional Director") and the Director of
Banks of the Washington Department of Financial Institutions ("Director of
Banks") in writing when it proposes to add or replace any individual on the
Board, or employ any individual to serve as a

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	-3- 

    

     

    senior
executive officer, or change the responsibilities of any existing senior
executive officer to include the responsibilities of another senior executive
officer position. The term "senior executive officer" shall have the same
meaning ascribed to it in Part 303 of the FDIC's Rules and Regulations, 12
C.F.R. § 303.101. The notification shall include a completed Interagency
Biographical and Financial Report and Interagency Change in Director or Senior
Executive Officer and must be received at least 30 days before the addition,
employment or change of responsibilities is intended to become effective. The
Regional Director and the Director of Banks shall have the power under the
authority of this Order to disapprove the addition, employment or change of
responsibilities of any proposed officer or director.

            (d)    The requirement to
submit information and the prior disapproval provisions
of this paragraph are based upon the authority of 12 U.S.C. § 1818(b) and do not
require the Regional Director and the Director of Banks to complete their review
and act on any such information or authority within 30 days, or any other
timeframe. The Bank shall not add, employ or change the responsibilities of any
proposed director or senior executive officer until such time as the Regional
Director and the Director of Banks have completed their review.

        2.            Within
30 days from the effective date of this Order, the Board shall increase its
participation
in the affairs of the Bank, assuming full responsibility for the approval of
sound policies and objectives and for the supervision of all of the Bank's
activities, consistent with the role and expertise commonly expected for
directors of banks of comparable size. This participation shall include meetings
to be held no less frequently than monthly at which, at a minimum, the following
areas shall be reviewed and approved: reports of income and expenses; new,
overdue, renewal, insider, charged-off, and recovered loans; investment
activity; liquidity and funds managements activities; operating policies; and
individual committee actions. The

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	-4- 

    

    

     

    Board
minutes shall document these reviews and approvals, including the names of any
dissenting directors.

    3.  Within 90
days from the effective date of this Order, the Board shall obtain an
independent study of the management and personnel structure of the Bank to
determine whether the Bank is staffed by qualified individuals commensurate with
its size and risk profile to ensure the safe and profitable operation of the
Bank. Such study shall include, at a minimum, a review of the duties,
responsibilities, qualifications, and remuneration of the Bank's officers, an
evaluation of management resources, and recommendations regarding management and
staffing in the context of the Bank's strategic plan. A copy of the study shall
be submitted to the Regional Director and the Director of Banks. The Board shall
adopt a plan to implement the recommendations of the study. The plan policy and
its implementation shall be satisfactory to the Regional Director and the
Director of Banks as determined at subsequent examinations and/or
visitations.

    4.  (a)            Within
30 days from the effective date of this Order, the Bank shall increase
and thereafter maintain its Tier 1 capital in such an amount to ensure that the
Bank's leverage ratio equals or exceeds 10 percent.

             (b)   Within 30
days from the effective date of this Order, the Bank shall maintain its total
risk-based capital ratio in such an amount as to equal or exceed 12
percent.

            
(c)   Within 60
days from the effective date of this Order, the Bank shall develop and adopt a
plan to meet and maintain the capital requirements of this Order and to comply
with the FDIC's Statement of Policy on Risk-Based Capital contained in Appendix
A to Part 325 of the FDIC's Rules and Regulations, 12 C.F.R. Part 325, Appendix
A. Such plan and

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
       

      
        	-5- 

      

       

    

     

    its
implementation shall be in a form and manner acceptable to the Regional Director
and the Director of Banks as determined at subsequent examinations and/or
visitations.

    (d)  The level
of capital to be maintained during the life of this Order shall be in addition
to a fully funded allowance for loan and lease losses, the adequacy of which
shall be satisfactory to the Regional Director and the Director of Banks as
determined at subsequent examinations and/or visitations. Any increase in Tier 1
capital necessary to meet the requirements of this paragraph may not be
accomplished through a deduction from the Bank's allowance for loan and lease
losses.

    (e)  If all or
part of the increase in capital required by this Order is accomplished by the
sale of new securities, the Board shall adopt and implement a plan for the sale
of such additional securities, including the voting of any shares owned or
proxies held or controlled by them in favor of the plan. Should the
implementation of the plan involve a public distribution of the Bank's
securities (including a distribution limited only to the Bank's existing
shareholders), the Bank shall prepare offering materials fully describing the
securities being offered, including an accurate description of the financial
condition of the Bank and the circumstances giving rise to the offering, and any
other material disclosures necessary to comply with the Federal securities laws.
Prior to the implementation of the plan and, in any event, not less than 20 days
prior to the dissemination of such materials, the plan and any materials used in
the sale of the securities shall be submitted to the FDIC, Registration,
Disclosure and Securities Unit, 550 17th St.
N.W., Washington, D.C. 20429, for review. Any changes requested by the FDIC
shall be made prior to dissemination. If the increase in capital is provided by
the sale of noncumulative perpetual preferred stock, then all terms and
conditions of the issue, including but

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
       

      
        	-6- 

      

       

    

     

    not
limited to those terms and conditions relative to interest rate and
convertibility factor, shall be presented to the Regional Director and the
Director of Banks for prior approval.

                          
   
(f)  In
complying with the provisions of this paragraph, the Bank shall provide to any
subscriber and/or purchaser of the Bank's securities, a written notice of any
planned or existing development or other changes which are materially different
from the information reflected in any offering materials used in connection with
the sale of Bank securities. The written notice required by this paragraph shall
be furnished within 10 days from the date such material development or change
was planned or occurred, whichever is earlier, and shall be furnished to every
subscriber and/or purchaser of the Bank's securities who received or was
tendered the information contained in the Bank's original offering
materials.

                               
(g)  For the
purposes of this Order, the terms "leverage ratio", "Tier 1 capital" and "total
risk-based capital ratio" shall have, the meanings ascribed to them in Part 325
of the FDIC's Rules and Regulations, 12 C.F.R. §§ 325.2(m), 325.2(v), 325.2(y),
and Appendix A.

    5.  The Bank
shall not pay cash dividends or any other form of payment or distribution
representing a reduction of Bank capital without the prior written approval of
the FDIC. All requests for prior approval shall be received by the FDIC at least
thirty (30) days prior to the earlier of the proposed declaration or
distribution date.

    6.  (a)         Within
30 days from the effective date of this Order, the Bank shall eliminate
from its books, by charge-off or collection, all assets classified "Loss" and
one-half of the assets classified "Doubtful" in the ROE that have not been
previously collected or charged off. Elimination of these assets through
proceeds of other loans made by the Bank is not considered collection for the
purpose of this paragraph.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
       

      
        	-7- 

      

       

    

    (b)  Within
180 days from the effective date of this Order, the Bank shall have reduced the
assets classified "Substandard" in the ROE, that have not previously been
charged off to not more than 65 percent of the Bank's Tier 1 capital and ALLL as
of the ROE effective date of December 31, 2009.

    (c)  The
requirements of this paragraph are not to be construed as standards for future
operations and, in addition to the foregoing, the Bank shall eventually reduce
the total of all adversely classified assets. Reduction of these assets through
proceeds of other loans made by the Bank is not considered collection for the
purpose of this paragraph. As used in this paragraph the word "reduce"
means:

    (i)       
to
collect;

    (ii)      
to
charge-off; or

    (iii)  to
sufficiently improve the quality of assets adversely classified to warrant
removing any adverse classification, as determined by the FDIC and the
WDFI.

    7.            Within
60 days from the effective date of this Order, the Board shall review the
appropriateness
of the Bank's allowance for loan and lease losses ("ALLL") and revise or
establish a comprehensive policy for determining an appropriate level of the
ALLL, including documenting its analysis according to the standards set forth in
the July 25, 2001 Interagency Policy Statement on Allowance for Loan and Lease
Losses Methodologies and Documentation for Banks and Savings Associations. For
the purpose of this determination, an appropriate ALLL shall be determined after
the charge-off of all loans or other items classified "Loss." The policy shall
provide for a review of the ALLL at least once each calendar quarter. Said
review shall be completed in order that the findings of the Board with respect
to the ALLL are properly reported in the quarterly Reports of Condition and
Income. The review shall focus on the

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      
         

        
          	-8- 

        

      

    

     

    accounting
standards set forth in the Financial Accounting Standards Board Accounting
Standards Codification ("ASC") 450 (formerly known as FAS 5) and ASC 310-40
(formerly known as FAS 114), the results of the Bank's internal loan review,
loan and lease loss experience, trends of delinquent and non-accrual loans, an
estimate of potential loss exposure of significant credits, concentrations of
credit, and present and prospective economic conditions. A deficiency in the
ALLL shall be remedied in the calendar quarter it is discovered, prior to
submitting the Report of Condition, by a charge to current operating earnings.
The minutes of the Board meeting at which such review is undertaken shall
indicate the results of the review. The Bank's policy for determining the
adequacy of the Bank's ALLL and its implementation shall be satisfactory to the
Regional Director and the Director of Banks as determined at subsequent
examinations and/or visitations.

          8. 
          (a)    Beginning with the
effective date of this Order, the Bank shall not extend, directly
or indirectly, any additional credit to, or for the benefit of, any borrower who
has a loan or other extension of credit from the Bank that has been charged off
or classified, in whole or in part, "Loss" and is uncollected. This paragraph
shall not prohibit the Bank from renewing or extending the maturity of any
credit in accordance with the Financial Accounting Standards Board ("FASB")
Accounting Standards Codification 470-60 ("ASC 470-60"), formerly known as FASB
Statement Number 15 ("FAS 15").

                  (b)    Beginning
with the effective date of this Order, the Bank shall not extend, directly
or indirectly, any additional credit to, or for the benefit of, any borrower who
has a loan or other extension of credit from the Bank that has been classified,
in whole or part, "Doubtful" or Substandard" without the prior approval of a
majority of the Board or loan committee of the

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      
         

        
          	-9- 

        

      

    

     

    Bank. The
Board and loan committee shall not approve any extension of credit or additional
credit to such borrowers without first collecting in cash all past due
interest.

    9.  (a)     Within 90 days from
the effective date of this Order, the Bank shall develop
or revise, adopt, and implement written lending and collection policies and
practices to provide effective guidance and control over the Bank's lending
function, including an accurate and timely loan grading system. Such policies,
practices, and their implementation shall be satisfactory to the Regional
Director and the Director of Banks as determined at subsequent examinations
and/or visitations.

            
(b)      The
initial revisions to the Bank's loan policy and practices required by
this
paragraph shall, at a minimum, address all credit administration and
underwriting recommendations noted in the ROE, including prudent limits on and
adequate oversight of loans to one borrower or closely related
borrowers.

    10.  Within 60
days from the effective date of this Order, the Bank shall develop or revise,
adopt, and implement a written plan, approved by its Board and acceptable to the
Regional Director and the Director of Banks for systematically reducing the
amount of loans or other extensions of credit advanced, directly or indirectly,
to or for the benefit of, any borrowers in the "Commercial Real Estate"
Concentration. Such plan shall be in conformance with Appendix A of Part 365 of
the FDIC's Rules and Regulations, 12 C.F.R. Part 365, Appendix A; and Financial
Institution Letter (FIL)-104-2006, Commercial Real Estate Lending Joint
Guidance, dated December 12, 2006.

    11.  Within 60
days from the effective date of this Order, the Bank shall develop or revise,
adopt, and implement a written liquidity and funds management policy that
adequately addresses liquidity needs and appropriately reduces its reliance on
non-core funding sources.

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      
         

        
          	-10- 

        

      

    

     

    Such
policy and its implementation shall be satisfactory to the Regional Director and
the Director of Banks as determined at subsequent examinations and/or
visitations.

    12.           Within
60 days from the effective date of this Order, the Bank shall develop or
revise,
adopt, and implement a written three-year strategic plan. Such plan shall be
submitted to the Regional Director and the Director of Banks and shall include
specific goals for the dollar volume of total loans, total investment
securities, and total deposits as of year-end 2010, 2011, and 2012. For each
time frame, the plan will also specify:

    (a)  the
anticipated average maturity and average yield on loans and
securities;

    (b)  the
average maturity and average cost of deposits;

    (c)  the level
of earning assets as a percentage of total assets; and

    (d)  the ratio
of net interest income to average earning assets. 

    Such plan
and its implementation shall be satisfactory to the Regional Director and the
Director of Banks as determined at subsequent examinations and/or
visitations.

    13.         
During the life of this Order, the Bank shall comply with the provisions of
section
337.6 of the FDIC's Rules and Regulations, 12 C.F.R. § 337.6.

    14.           Within
60 days from the effective date of this Order, the Bank shall eliminate
and/or
correct all violations of law, as more fully set forth in the ROE. In addition,
the Bank shall take all necessary steps to ensure future compliance with all
applicable laws and regulations.

                      
15.    Within 30 days of the
end of the first quarter following the effective date of this Order,
and within 30 days of the end of each quarter thereafter, the Bank shall furnish
written progress reports to the Regional Director and the Director of Banks
detailing the form and manner of any actions taken to secure compliance with
this Order and the results thereof. Such

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    
      
         

        
          	-11- 

        

      

    

     

    reports
shall include a copy of the Bank's Reports of Condition and Income. Such reports
may be discontinued when the corrections required by this Order have been
accomplished and the Regional Director and the Director of Banks have released
the Bank in writing from making further reports.

     

         16.   Following the effective date of
this Order, the Bank shall provide a copy of the Order or
otherwise furnish a description of the Order to its shareholder(First Financial
Northwest, Inc.) in conjunction with the next board meeting of First Financial
Northwest, Inc. in which case such description shall fully describe the Order in
all material respects. The description and any accompanying communication,
statement, or notice shall be sent to the FDIC, Division of Supervision and
Consumer Protection, Accounting and Securities Disclosure Section, 550 17th
Street, N.W., Washington, D.C. 20429, at least 20 days prior to dissemination to
the shareholder. Any changes requested to be made by the FDIC shall be made
prior to dissemination of the description, communication, notice, or
statement.

              The
provisions of this Order shall not bar, estop, or otherwise prevent the FDIC,
the WDFI, or any other federal or state agency or department from taking any
other action against the Bank or any of the Bank's current or former
institution-affiliated parties, as that term is defined in Section 3(u) of the
FDI Act, 12 U.S.C. § 1813(u).

              This Order will become effective upon its issuance by
the FDIC and the WDFI.

                    
The provisions of this Order shall be binding upon the Bank, its
institution-affiliated parties, and any successors and assigns
thereof.

              The
provisions of this Order shall remain effective and enforceable except to the
extent that and until such time as any provision has been modified, terminated,
suspended, or set aside 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    
      	-12- 

    

    
      	 
      

    

    by the
FDIC and the WDFI.

     

    
      Issued
pursuant to delegated authority 

       

      Dated at
San Francisco, California, this 24th day of September,
2010

     

     

    
      
         

        
          	/s/ J.
      George
      Doerr                                                             
      	/s/Brad
      Williamson                                                    
      
	
                  J.
      George Doerr

                  Deputy
      Regional Director

                  Risk
      Management

                  Division
      of Supervision and Consumer Protection 

                  San
      Francisco Region

                  Federal
      Deposit Insurance Corporation

                	
                  Brad
      Williamson

                  Director of Banks

                  Washington Department of Financial 

                      
  Institutions

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