Document:

ex_193807.htm

Exhibit 10.3

 

CERTAIN INFORMATION OF THIS DOCUMENT HAS BEEN REDACTED BECAUSE IT IS BOTH (I) NOT MATERIAL AND (II) WOULD LIKELY CAUSE COMPETITIVE HARM IF PUBLICLY DISCLOSED. INFORMATION THAT WAS OMITTED HAS BEEN NOTED IN THIS DOCUMENT WITH A PLACEHOLDER IDENTIFIED BY THE MARK “[***].”

 

FIRST AMENDMENT TO THE FIXED PRICE TURNKEY AGREEMENT FOR THE ENGINEERING, PROCUREMENT AND CONSTRUCTION OF TRAIN 3 OF THE RIO GRANDE NATURAL GAS LIQUEFACTION FACILITY

 

THIS FIRST AMENDMENT TO THE FIXED PRICE TURNKEY AGREEMENT FOR THE ENGINEERING, PROCUREMENT AND CONSTRUCTION OF TRAIN 3 OF THE RIO

GRANDE NATURAL GAS LIQUEFACTION FACILITY (this “Amendment”) is made and executed as of the 22nd day of April, 2020 (the “Amendment Effective Date”), by and between Rio Grande LNG, LLC, a Texas limited liability company (“Owner”) and Bechtel, Oil, Gas and Chemicals, Inc. a corporation organized under the laws of Delaware (“Contractor”).

 

RECITALS

 

WHEREAS, Owner and Contractor entered into that certain Fixed Price Turnkey Agreement for the Engineering, Procurement and Construction of Train 3 of the Rio Grande Natural Gas Liquefaction Facility dated May 24, 2019 (the “Agreement”) (capitalized terms defined therein having the same meaning when used herein).

 

 

WHEREAS, Owner and Contractor wish to amend the Agreement on the terms set forth

herein.

 

 

AMENDMENT

 

NOW, THEREFORE, in consideration of the mutual covenants herein contained and for other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereby agree as follows:

 

1.     Key Personnel Date. In Section 2.2A of the Agreement “April 22, 2020” shall be deleted and replaced with “July 31, 2020”.

 

2.     Definition of Second NTP Deadline. In the first sentence of Section 5.2D.1 of the Agreement, “April 22, 2020” shall be deleted and replaced with “July 31, 2020”.

 

3.     Definition of Final NTP Deadline. In the first sentence of Section 5.2D.3 of the Agreement, “April 22, 2021” shall be deleted and replaced with “July 31, 2021”.

 

 

	 	
			4.

				
			Schedule C-5.

			

 

a. [***].

 

b. [***].

 

 

 

 

	 	
			5.

				
			Attachment F – Key Personnel.

			

 

a.     Attachment F to the Agreement shall be deleted and replaced with Attachment A to this Amendment

 

6.     Governing Law. This Amendment shall be governed by, and construed in accordance with, the laws of the state of Texas (without giving effect to the principles thereof relating to conflicts of law).

 

7.     Counterparts. This Amendment may be signed in any number of counterparts and each counterpart (when combined with all other counterparts) shall represent a fully executed original as if one copy had been signed by each of the Parties. Facsimile signatures shall be deemed as effective as original signatures.

 

8.     No Other Amendment. Except as expressly amended hereby, the terms and provisions of the Agreement remain in full force and effect and are ratified and confirmed by Owner and Contractor in all respects as of the Amendment Effective Date.

 

9.     Miscellaneous Provisions. The terms of this Amendment are hereby incorporated by reference into the Agreement. This Amendment shall be binding upon and shall inure to the benefit of the Parties and their respective successors and assigns. The recitals set forth in the recitals above are incorporated herein by this reference. Captions and headings throughout this Amendment are for convenience and reference only and the words contained therein shall in no way be held to define or add to the interpretation, construction, or meaning of any provision.

 

[Signature Page Follows]

 

2

 

 

 

IN WITNESS WHEREOF, Owner and Contractor have caused this Amendment to be executed by their duly authorized representatives as of the Amendment Effective Date.

 

Owner:

 

RIO GRANDE LNG, LLC

 

By: /s/ Ivan van der Walt                         

Name: Ivan van der Walt

Title: SVP Engineering and Construction

 

 

Contractor:

 

BECHTEL OIL, GAS AND CHEMICALS, INC.

 

 

By: /s/ Steven Smith                         

Name: Steven Smith

Title: Project Manager, Rio Grande LNG

 

 

 

 

Attachment A

 

ATTACHMENT F

 

 

KEY PERSONNEL AND CONTRACTOR’S ORGANIZATION

 

The persons named in the table below, in accordance with Section 2.2A of the Agreement, are designated by Contractor and approved by Owner as Key Personnel. Key Personnel shall be assigned full time to the Work for the entire duration of the Project unless otherwise specified in this Attachment F. Without limiting the requirements of the Agreement, before any Key Personnel are assigned to the Project, the full names and 1-2 page résumés of nominated Key Personnel shall be provided to and approved by Owner.

 

[***].

 

Replacements of any Key Personnel during the Project shall be in accordance with Section 2.2A of the EPC Agreement.

 

 

	
			 

			NAME

				
			 

			POSITION

				
			MOBILIZATION

			DATE (no later than referenced milestone)

				
			DEMOBILIZATION

			DATE (no earlier than referenced milestone)

			
	
			[***].

				
			[***].

				
			[***].

				
			Train 1 Substantial Completion

			
	
			[***].

				
			[***].

				
			[***].

				
			Train 2 Substantial Completion

			
	
			[***].

				
			[***].

				
			[***].

				
			Train 2 Substantial Completion

			
	
			[***].

				
			[***].

				
			[***].

				
			Train 2 Substantial Completion

			
	
			[***].

				
			[***].

				
			[***].

				
			Final Completion

			
	
			[***].

				
			[***].

				
			[***].

				
			Final Completion

			
	
			[***].

				
			[***].

				
			[***].

				
			Train 1 Substantial Completion

			
	
			[***].

				
			[***].

				
			[***].

				
			Train 2 Engineering substantially complete

			
	
			[***].

				
			[***].

				
			[***].

				
			Final CompletionEX-4.1

 Exhibit 4.1 

SEVENTH AMENDMENT TO THE MANAGEMENT AGREEMENT 

This SEVENTH AMENDMENT TO THE MANAGEMENT AGREEMENT (this “Amendment”), dated as of December 13, 2019 is made by and
between Navios Maritime Acquisition Corporation, a Marshall Islands corporation (“NMAC”) and Navios Tankers Management Inc., a Marshall Islands corporation (“Tankers Management”, and together with NMAC, the
“Parties”) and amends the Management Agreement (including all amendments thereto, the “Agreement”) entered into between NMAC and Navios Shipmanagement Inc. (“Shipmanagement”) on May 28, 2010 as such
Agreement was assigned to Tankers Management via an assignment agreement among the Parties and Shipmanagement dated September 10, 2010 and subsequently amended. Capitalized terms used and not otherwise defined in this Amendment shall have the
meanings given them in the Agreement. 
 W I T N E S S E T H: 

WHEREAS, the Parties desire to amend the Agreement. 

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

	 	1.	 The first paragraph of Schedule “B” shall be amended and restated in its entirety as follows:

 “In consideration for the provision of the Services listed in Schedule “A” by the Manager to
Navios Acquisition, Navios Acquisition shall pay the Manager: 
  

	 	1.	 Until December 31, 2019 a fixed daily fee of US$7,150 per owned LR1 product tanker vessel, $6,500 per
owned MR1, MR2 product tanker vessel and chemical tanker vessel, and $9,500 per VLCC tanker vessel, payable on the last day of each month. 

  

	 	2.	 Commencing January 1, 2020, 

 

	 	a.	 a fixed daily fee of US$7,225 per owned LR1 product tanker vessel, $6,825 per owned MR1, MR2 product tanker
vessel and chemical tanker vessel, and $9,650 per VLCC tanker vessel, payable on the last day of each month for two years (months one to twenty-four) (the “Fixed Daily Fee”); unless the parties agree otherwise, for each 12 month period
after such two years, a 3% increase of the Fixed Daily Fee per Owned Vessel. Navios Acquisition’s payment to the Manager for dry-docking expenses shall be at-cost
for all vessels. 

  

	 	b.	 a technical and commercial management daily fee of $50 per Vessel (the “Management Fee”)

  

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

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

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

			
	By:	 	/s/ Leonidas Korres
	Name: Leonidas Korres
	.Title: Chief Financial Officer

 NAVIOS TANKERS MANAGEMENT INC. 
  

			
	By:	 	/s/ Efstratios Desypris
	Name: Efstratios Desypris
	Title: President/Director

 [Signature Page—Amendment to Management Agreement]EX-4.2

 Exhibit 4.2 

EIGHT AMENDMENT TO THE MANAGEMENT AGREEMENT 

This EIGHT AMENDMENT TO THE MANAGEMENT AGREEMENT (this “Amendment”), dated as of June 26, 2020 is made by and between
Navios Maritime Acquisition Corporation, a Marshall Islands corporation (“NMAC”) and Navios Tankers Management Inc., a Marshall Islands corporation (“Tankers Management”, and together with NMAC, the
“Parties”) and amends the Management Agreement (including all amendments thereto, the “Agreement”) entered into between NMAC and Navios Shipmanagement Inc. (“Shipmanagement”) on May 28, 2010 as such
Agreement was assigned to Tankers Management via an assignment agreement among the Parties and Shipmanagement dated September 10, 2010 and subsequently amended. Capitalized terms used and not otherwise defined in this Amendment shall have the
meanings given them in the Agreement. 
 W I T N E S S E T H: 

WHEREAS, the Parties desire to amend the Agreement. 

NOW, THEREFORE, in consideration of the foregoing and other good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the Parties hereby agree as follows: 
 1. The first paragraph of Schedule “B” shall be amended as follows: 

Add: “US$5,250 per day for container vessels of 1,500TEU up to 1,999TEU and US$6,100 per day for container vessels of 2,000 TEU up to
3,450 TEU” before “payable on the last day” 
 Counterparts. This Amendment may be executed in separate counterparts, all of which
taken together shall constitute a single instrument. 
 [Remainder of page intentionally left blank. Signature page to follow.] 

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

			
	By:	 	/s/ Leonidas Korres
	Name: Leonidas Korres
	Title: Chief Financial Officer

 NAVIOS TANKERS MANAGEMENT INC. 
  

			
	By:	 	/s/ Efstratios Desypris
	Name: Efstratios Desypris
	Title: President/Director

 [Signature Page—Amendment to Management Agreement]

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