Document:

Exhibit 4.40

Deed of Release and Termination

This Deed is made on August 29, 2017 and is made between MOUNTAIN INVESTMENTS INC. of Marshall Islands ("Mountain") and DRYSHIPS INC. of Marshall Islands ("DryShips").

Reference is made to the Deed of Participation dated May 23, 2017 pursuant to which certain participation rights described therein were granted by DryShips to Mountain.

NOW THIS DEED HEREBY WITNESSES as follows:

In connection with a private placement of DryShips shares to certain entities affiliated with the Company's Chairman and Chief Executive Officer, Mr. George Economou, including Mountain, with a closing date as of the date hereof (the "Private Placement") and upon receipt by Mountain of 14,545,454 common shares of Dryships in the Private Placement, the Deed of Participation shall be considered terminated by mutual consent and all obligations, duties and liabilities of each of Mountain and DryShips to the other under the Deed of Participation and applicable laws, whether accrued or not, would be irrevocably, unconditionally, totally and completely discharged and released. Further, Mountain and Dryships waive any and all present losses, liabilities, claims or other causes of action (including costs of suit and attorney fees and expenses) of any nature whatsoever, contingent or otherwise, which either Mountain or Dryships may have up to and as of the date of such receipt against the other party and/or its subsidiaries, affiliates, shareholders, directors, officers, employees, advisors or any other representatives (as applicable) in connection with the Deed of Participation including but not limited to any claims in connection with any breach of the Deed of Participation.

This Deed may be executed in two or more counterparts, all of which when taken together shall be considered one and the same agreement and shall become effective when counterparts have been signed by each party and delivered to the other parties, it being understood that the parties need not sign the same counterpart. In the event that any signature is delivered by facsimile transmission, such signature shall create a valid and binding obligation of the party executing (or on whose behalf such signature is executed) with the same force and effect as if such facsimile signature page were an original thereof.

This Deed and any disputes or claims arising out of or in connection with its subject matter or formation (including non-contractual disputes or claims) are governed by and construed in accordance with the law of England.

IN WITNESS whereof this Deed has been duly executed and delivered as a deed on the day and year first above written.

	
SIGNED and DELIVERED

	
)

	 	 
	
as a DEED

	
)

	 	 
	
by  Dimitrios Dreliozis

	
)

	
/s/ Dimitrios Dreliozis

	 
	 	
)

	 	 
	
for and on behalf of

	
)

	 	 
	
DRYSHIPS INC.

	
)

	 	 
	 		 	 
	
in the presence of:

	 	 	 
	 	 	 	 
	
/s/ Evgenia Th. Voulika

	 	 	 
	
Witness

	 	 	 
	
Name: Evgenia Th. Voulika

	 	 	 
	
           Attorney-at-Law

	 	 	 
	
Address: 52 Ag. Konstantinou Street – 151 24 

                Marousi 

               Athens, Greece

               Tel.: + 30 210 6140580

	 	 	 
	 	 	 	 
	 	 	 	 
	
SIGNED and DELIVERED

	
)

	 	 
	
as a DEED

	
)

	 	 
	
by  Dr. Adriano Cefai

	
)

	
/s/ Dr. Adriano Cefai

	 
	
Director of Mare Services Limited

	
)

	
DIRECTOR

	 
	 	
)

	
MARE SERVICES LTD.

	 
	
for and on behalf of

	
)

	
5/1 MERCHANTS STREET

	 
	
MOUNTAIN INVESTMENTS INC.

	
)

	
VALETTA 1171

	 
	 	 	 	 
	
in the presence of:

	 	 	 
	 	 	 	 
	
/s/ John Mayl

	 	 	 
	
Witness

	 	 	 
	
Name: John Mayl

	 	 	 
	 	 	 	 
	
Address: 5/1 Merchants Street, Valetta, VLT 1171

 

	 	 	 
	 	 	 	 
	 	 	 	 

SK 23113 0002 7847085Exhibit 4.41

 

PREFERRED STOCK EXCHANGE AGREEMENT

 

This Preferred Stock Exchange Agreement (this "Agreement") is made as of August 29, 2017 by and between DRYSHIPS INC., a Marshall Islands corporation (the "Company"), and SIFNOS SHAREHOLDERS INC., a Marshall Islands corporation (the "Seller").

 

WHEREAS, on August 11, 2017, the Company and the Seller, together with other parties affiliated with the Company's Chairman and Chief Executive Officer, Mr. George Economou (the "Other Transaction Parties"), entered into a binding term sheet (the "Term Sheet") pursuant to which the Seller agreed to cancel all remaining outstanding Series D Preferred Shares, par value $0.01 per share, of the Company (the "Preferred Shares") that Seller currently holds in exchange for such number of common shares, par value $0.01 per share, of the Company (the "Common Shares") as is contemplated in the Term Sheet.

 

NOW THEREFORE, in consideration of the following mutual agreements and covenants, the parties hereto hereby agree as follows:

 

1.          Exchange of the Preferred Shares. Subject to the terms and conditions of this Agreement, on the Exchange Date (as defined below), the Company shall issue such number of Common Shares to the Seller or its designee as is contemplated in the Term Sheet in exchange (the "Exchange") for all Preferred Shares currently held by the Seller. The Exchange shall occur at the principal office of the Company simultaneously with the execution of this Agreement by the parties or on such other date as the Company and the Seller shall agree (the "Exchange Date"). On the Exchange Date, (i) the Seller shall deliver to the Company (or its designee) all Preferred Shares it currently holds and (ii) the Company shall reflect the Exchange in its respective books and records.

 

2.          Termination of Rights. The Seller agrees that upon the Exchange and in accordance with Section 1 hereof, the Company shall become (i) the legal and beneficial owner of the Preferred Shares being exchanged and (ii) entitled to any rights and interest therein or related thereto, and that the Seller shall immediately cease to be a stockholder of the Company with respect to the Preferred Shares.

 

3.          Miscellaneous.

 

(a)          Governing Law. This Agreement and all acts and transactions pursuant hereto and the rights and obligations of the parties hereto shall be governed, construed and interpreted in accordance with the laws of the State of New York.

 

(b)          Entire Agreement; Enforcement of Rights. This Agreement sets forth the entire agreement and understanding of the parties relating to the subject matter herein and merges all prior discussions between them. No modification of or amendment to this Agreement, nor any waiver of any rights under this Agreement, shall be effective unless in writing signed by the parties to this Agreement. The failure by either party to enforce any rights under this Agreement shall not be construed as a waiver of any rights of such party.

 

 

(c)          Severability.  If one or more provisions of this Agreement are held to be unenforceable under applicable law, the parties agree to renegotiate such provision in good faith. In the event that the parties cannot reach a mutually agreeable and enforceable replacement for such provision, then (i) such provision shall be excluded from this Agreement, (ii) the balance of the Agreement shall be interpreted as if such provision were so excluded and (iii) the balance of the Agreement shall be enforceable in accordance with its terms.

 

(d)          Construction. This Agreement is the result of negotiations between and has been reviewed by each of the parties hereto and their respective counsel, if any; accordingly, this Agreement shall be deemed to be the product of all of the parties hereto, and no ambiguity shall be construed in favor of or against any one of the parties hereto.

 

(e)          Counterparts. This Agreement may be executed in two or more counterparts, each of which shall be deemed an original and all of which together shall constitute one instrument.

 

[Signature Page Follows]

 

2

 

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be duly executed and delivered by their respective officers thereunto duly authorized as of the date first written above.

 

	 	
COMPANY:

	 	 	  
	 	 	
DRYSHIPS INC.

	 	 	 	 
	 	 	
By:

	
/s/ Dimitris Dreliozis

	 	 	 	
Name: Dimitris Dreliozis

Title:   Vice President of Finance

	 	 	 	 
	 	 	 	 
	 	
SELLER:

	 	 	  
	 	 	
SIFNOS SHAREHOLDERS INC.

	 	 	 	 
	 	 	
By:

	 /s/ Dr. Adriano Cefai
	 	 	 	
Name: Dr. Adriano Cefai

Title:   Director of Mare Services Limited, Sole Director

Mare Services Ltd.

5/1 Merchants Street

Valletta, 1171

3Exhibit 4.60

 

SHARE PURCHASE AGREEMENT

This Share Purchase Agreement ("Agreement"), dated as of 3rd day of April 2017, is made by and between LPG INVESTMENTS INC. of Marshall Islands (the "Buyer"), whose performance is hereby guaranteed by Dryships Inc. and VLGC Gamma Shareholding Ltd, a corporation organized under the laws of the Republic of the Marshall Islands (the "Seller") whose performance is hereby guaranteed by TMS Cardiff Gas Ltd.

RECITALS

WHEREAS, the Seller directly owns shares, constituting all of the issued and outstanding capital stock of VLGC Gamma Owning Ltd, a corporation organized under the laws of the Republic of Marshall Islands (the "Owner");

WHEREAS, the Owner has entered into a shipbuilding contract dated 10th September 2015 with Hyundai Samho Heavy Industries Co. Ltd. as Builder (the "Shipbuilding Contract") to construct one high specification very large Gas Carrier with hull number S883 (the "Vessel") which is going to be employed on a long term charter party with Clearlake Shipping Pte Ltd (the "Charter Party").

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

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

ARTICLE I

 DEFINITIONS

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

Banking Day means a day other than Saturday, Sunday or other day on which commercial banks located in London, Piraeus and New York City are authorized or required by applicable law to close.

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

Laws means all statutes, treaties, codes, ordinances, decrees, rules, regulations, municipal bylaws, judicial or arbitral or administrative or ministerial or departmental or regulatory judgments, orders, decisions, rulings or awards, policies, certificates, codes, licenses, permits, approvals, guidelines, voluntary restraints, inspection reports, or any provisions of such laws, including general principles of common law and equity and the requirements of all 

Governmental Bodies, binding or affecting the Person referred to in the context in which such word is used; and "Law" means any one of them.

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

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

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

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

ARTICLE II

 PURCHASE OF SHARES; CLOSING

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

Section 2.2          Closing. Against receipt of the Purchase Price for the Shares or upon such other date as may be agreed in writing by the parties hereto (the "Closing Date"), the transfer of the Shares shall take place and the Seller shall deliver to the Buyer original share certificates representing all the Shares of the Seller to the order of the Buyer.

Section 2.3

Purchase Price. The purchase price for the Shares that shall be paid by the Buyer to the Seller shall consist of an amount United States Dollars Twenty Three Millions Three Hundred Fifty Thousand Three Hundred Thirty Four (US$ 23,350,334). Any adjustment of the Purchase Price shall be mutually agreed by the Seller and the Buyer and the Purchase Price will be adjusted accordingly.

ARTICLE III

 REPRESENTATIONS AND WARRANTIES OF SELLER

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

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

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

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

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

Section 3.5          Ownership of Purchased Shares. The Seller owns the Shares free and clear of all Liens or other limitations affecting the Seller's ability to vote such shares or to transfer such shares to the Buyer.

ARTICLE IV

 REPRESENTATIONS AND WARRANTIES OF BUYER

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

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

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

ARTICLE V

 COVENANTS

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

ARTICLE VI

 CONDITIONS TO CLOSING

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

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

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

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

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

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

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

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

ARTICLE VII

 TERMINATION

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

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

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

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

(d)          In the event that the Closing is not affected by 18th April 2017, then this Agreement shall become null and void, having no effect whatsoever. No party shall be liable to the other for any loss and/or damage.

ARTICLE VIII

 GENERAL PROVISIONS

Section 8.1          Entire Agreement. This Agreement constitutes the entire agreement of the parties with respect to the subject matter hereof. This Agreement may not be modified, amended or terminated except by a written instrument specifically referring to this Agreement signed by all the parties hereto.

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

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

(a)          If to Buyer to:

c/o Dryships Inc.

Athens licensed shipping office

109 Kifissias Avenue and Sina street

 GR 151 24, Marousi, Athens, Greece

(b)          If to Seller to:

c/o TMS Cardiff Gas Ltd.

Athens licensed shipping office

80 Kifisias Avenue

 GR 151 25, Marousi, Athens, Greece

Section 8.4           Counter guarantee(s) Dryships Inc. undertakes to provide its counter guarantee within 90 days or any other date mutually agreed in relation to the guarantee provided under the Shipbuilding Contract and/or the Charter Party of the Vessel.

Section 8.5          Choice of Law; Resolution of Disputes. This Agreement shall be governed by and construed under the laws of England and Wales. All disputes, differences, controversies or claims arising out of or in connection with this Agreement shall be referred to arbitration in London, England in accordance with the rules of the London Maritime Arbitrators Association (LMAA).

Section 8.6 Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original and all of which together shall be deemed to be one and the same instrument.

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

	 	 	 
	 	
For the Buyer

	 	 	 
	 	
By:

	
/s/ Dimitrios Dreliozis

	 	
Name:

	
Dimitrios Dreliozis

	 	
Title:

	
Attorney-in-fact

	 	 	 
	 	 	 
	 	
For the Seller

	 	 	 
	 	
By:

	
/s/ Georgios Kourelis

	 	
Name:

	
Georgios Kourelis

	 	
Title:

	
Attorney-in-fact

	 	 	 
	 	 	 
	 	
For the Seller's guarantor

	 	 	 
	 	
By:

	
/s/ Georgios Kourelis

	 	
Name:

	
Georgios Kourelis

	 	
Title:

	
Attorney-in-fact

	 	 	 
	 	 	 
	 	
For the Buyer's guarantor

	 	 	 
	 	 	 
	 	
By:

	
/s/ Dimitrios Dreliozis

	 	
Name:

	
Dimitrios Dreliozis

	 	
Title:

	
Vice President - Finance

Schedule 1

CAPITALIZATION

VLGC GAMMA OWNING LID

Total authorized share capital:

500 registered shares with par value $20.00 per share 

Total issued and outstanding share capital:

500 common shares, par value $20.00 per share, registered in the name of VLGC GAMMA SHAREHOLDING LTD

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