Document:

Exhibit 10.24

            

        Private & confidential

          

         

          

         

        
         

          

         

          

         

          

         

          

         

          

        Dated: 17 March, 2020

         

        ALPHA BANK A.E.

        (as Lender)

         

          

        - and -

         

        LEADER SHIPPING CO.

         (as borrower)

         

        	
                 

                

                FIFTH SUPPLEMENTAL AGREEMENT

                 

                

                in relation to a Loan Agreement originally dated 6th March, 2015

                for a loan facility of (initially) up to US$8,750,000

                 

                

              

         

          

          

          

          

          

          

          

          

          

          

          

          

          

          

          

        

        
          
            

        

        TABLE OF CONTENTS

         

        	
                CLAUSE

              	
                HEADINGS

              	
                PAGE

              
	 	 	 	 
	 	
                1.

              	
                DEFINITIONS

              	
                2

              
	 	 	 	 
	 	
                2.

              	
                BORROWER’S ACKNOWLEDGMENT OF INDEBTEDNESS

              	
                3

              
	 	 	 	 
	 	
                3.

              	
                REPRESENTATIONS AND WARRANTIES

              	
                3

              
	 	 	 	 
	 	
                4.

              	
                AGREEMENT OF THE LENDER

              	
                5

              
	 	 	 	 
	 	
                5.

              	
                CONDITIONS

              	
                5

              
	 	 	 	 
	 	
                6.

              	
                VARIATIONS TO THE PRINCIPAL AGREEMENT

              	
                6

              
	 	 	 	 
	 	
                7.

              	
                CONTINUANCE OF PRINCIPAL AGREEMENT AND SECURITY DOCUMENTS

              	
                12

              
	 	 	 	 
	 	
                8.

              	
                ENTIRE AGREEMENT AND AMENDMENT

              	
                12

              
	 	 	 	 
	 	
                9.

              	
                FEES AND EXPENSES

              	
                12

              
	 	 	 	 
	 	
                10.

              	
                MISCELLANEOUS

              	
                13

              
	 	 	 	 
	 	
                11.

              	
                LAW AND JURISDICTION

              	
                13

              

         

        
          
            

        

        
        THIS AGREEMENT (hereinafter called “this Agreement”) is made this 17th day of March, 2020;

         

        B E T W E E N

         

        
          
            	(1)	
                    ALPHA BANK A.E., a banking société anonyme incorporated in and pursuant to the laws of the Hellenic Republic with its head office at 40 Stadiou Street, Athens GR 102 52, Greece, acting, except as otherwise herein provided
                        through its office at 93 Akti Miaouli, Piraeus, Greece (hereinafter called the “Lender”, which expression shall include its successors and assigns); and

                  

          

        

         

        
          
            	(2)	
                    LEADER SHIPPING CO., a company duly incorporated and validly existing under the laws of the Republic of the Marshall Islands having its registered office at
                        Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH 96960 (hereinafter called the “Borrower”, which expression shall
                        include its successors);

                  

          

        

         

        IS SUPPLEMENTAL to a loan agreement dated 6th
            March, 2015 as amended and/or supplemented by (a) a first supplemental agreement dated 23rd December, 2015 (the “First Supplemental Agreement”), (b) a second supplemental agreement
            dated 28th July, 2016 (the “Second Supplemental Agreement”), (c) a third supplemental agreement dated 29th June, 2018 (the “Third Supplemental Agreement”) and
            (d) a fourth supplemental agreement dated 1st day of July, 2019 (the “Fourth

            Supplemental Agreement”) made between (i) the Lender, as lender and (ii) the Borrower, as borrower (the said loan agreement as amended and/or supplemented by the First
            Supplemental Agreement, the Second Supplemental Agreement, the Third Supplemental Agreement and the Fourth Supplemental Agreement is hereinafter called the “Principal Agreement”), on the terms and conditions of which the Lender agreed to advance and has advanced to the Borrower a loan (the “Loan”) of up to United States Dollars Eight million
          seven hundred fifty thousand Dollars (US$8,750,000), for the purpose therein specified (the Principal Agreement as hereby amended and/or supplemented and as the
            same may hereinafter be amended and/or supplemented called the “Loan Agreement”).

         

        W H E R E A S :

         

        
          
            	(A)	
                    the Borrower hereby acknowledges and confirms that (a) the Lender has advanced to the Borrower the full amount of the Loan in the principal amount of United States Dollars Eight million seven hundred fifty thousand Dollars (US$8,750,000) and (b) as of the Effective Date the principal amount of United States Dollars Five Million Three Hundred Two Thousand Nine Hundred Fifty Three and six cents ($5,302,953.06) in respect of the Loan remains outstanding;

                  

          

        

         

        
          
            	(B)	
                    pursuant to a guarantee dated 17th March 2015 as amended and/or supplemented by (a) a deed of amendment of guarantee
                        dated 23rd December, 2015 (the “Guarantee
                        Deed of Amendment No. 1”), (b) a second deed of amendment of guarantee dated 28th July, 2016 (the “Guarantee Deed of Amendment No. 2”), (c) a third deed of amendment of guarantee dated 29th June, 2018 (the “Guarantee Deed of Amendment No. 3”) and (d) a fourth deed of amendment of guarantee dated 1st July, 2019
                        (the “Guarantee Deed of Amendment No. 4”) (the said guarantee as amended and/or supplemented by the Guarantee Deed of Amendment No. 1, the
                        Guarantee Deed of Amendment No. 2, the Guarantee Deed of Amendment No. 3 and the Guarantee Deed of Amendment No. 4 is hereinafter called the “Corporate Guarantee”) Seanergy Maritime Holdings Corp., of the Republic of the Marshall Islands (the “Guarantor”)

                      irrevocably and unconditionally guaranteed the due and timely repayment of the Loan and interest and default interest accrued thereon and the performance of all the obligations of the Borrower under the Loan Agreement and the Security
                      Documents executed in accordance thereto;

                  

          

        

         

        
          1

          
            

        

        
          
            	(C)	
                    the Borrower and the other Security Parties have requested the Lender to grant its consent to (inter alia):

                  

          

        

         

        
          	

                	(a)	
                  the termination of the excess earnings mechanism set out in Clause 13.2 (Earnings Account) of the
                    Principal Agreement;

                

          

          

          
            	

                  	(b)	
                    
                      the amendment of the minimum liquidity covenant set out in Clause 8.1(j) (Liquidity) of the
                        Principal Agreement;

                    

                  

          

        

         

        

        
          	

                	(c)	
                  the amendment of the repayment schedule set out in Clause 4.1 (Repayment) of the Principal Agreement;

                

          

          

          
            	

                  	(d)	
                    
                      the amendment of the control and ultimate beneficial ownership requirements provided in Clause 6.1 (m) (Shareholdings) and Clause 8.2 (s) (Control) of the Principal Agreement;

                    

                  

          

        

         

        

        
          	

                	(e)	
                  the amendment of the dividends covenants provided in Clause 8.2 (n) (Dividends) of the Principal Agreement;

                

          

          

          
            	

                  	(f)	
                    
                      the amendment of the financial covenants requirements provided in Clause 8.6 (Additional Financial Covenants – Compliance Certificate) of the Principal Agreement,

                    

                  

          

        

         
        and the Lender has agreed thereto conditionally upon terms that the Principal Agreement shall be amended in the manner hereinafter set out in Clause 6 of this Agreement.

         

        NOW THEREFORE IT IS HEREBY AGREED AS FOLLOWS:

         

        
          
            
              	1.	
                      DEFINITIONS

                    

            

          

          
            

            

            

          

        

        
          
            
              	1.1	
                      Defined terms and expressions

                    

            

          

           

        

        Words and expressions defined in the Principal Agreement and not otherwise defined herein (including the Recitals hereto) shall have the same meanings when used in this Agreement.

         

        
          
            	1.2	
                    Additional definitions

                  

          

        

         

        In addition, in this Agreement the words and expressions specified below shall have the meanings attributed to them below:

        
          2

          
            

        

        
          “Effective Date” means the date hereof or such earlier or later date as the Lender may agree in
            writing, upon which all the conditions contained in Clause 5 of this Agreement shall have been satisfied and this Agreement shall become effective; and

           

          “Guarantee Deed of Amendment No. 5” means the fifth deed of amendment of the Corporate Guarantee to be executed by the Guarantor in favour of the
              Lender in form and substance satisfactory to the Lender.

           

          
            
              	1.3	
                      Construction

                    

            

          

           

          In this Agreement:

           

          
            
              	

                    	(a)	
                      Where the context so admits words importing the singular number only shall include the plural and vice versa and words importing persons shall include firms and corporations;

                    

            

          

           

          
            
              	

                    	(b)	
                      clause headings are inserted for convenience of reference only and shall be ignored in construing this Agreement;

                    

            

          

           

          
            
              	

                    	(c)	
                      references to Clauses are to clauses of this Agreement save as may be otherwise expressly provided in this Agreement; and

                    

            

          

           

          
            
              	

                    	(d)	
                      all capitalised terms used herein and not otherwise defined herein shall have the meanings ascribed to them in the Loan Agreement.

                    

            

          

           

          
            
              
                	2.	
                        BORROWER’S ACKNOWLEDGMENT OF INDEBTEDNESS

                      

              

            

            
              

            

            

          

          The Borrower hereby declares and acknowledges that as at the date hereof the outstanding principal amount of
            the Loan is United States Dollars Five Million Three Hundred Two Thousand Nine Hundred Fifty Three and six cents ($5,302,953.06), which shall be
            repaid in accordance with Clause 4.1 (Repayment) of the Loan Agreement, and which amount is due to be reduced according to the scheduled payment of the Instalment Due (as defined hereinbelow) on
            its due date as per the terms hereof.

           

          
            
              
                	3.	
                        REPRESENTATIONS AND WARRANTIES

                      

              

            

            
              
 

          

          
            
              	3.1	
                      Representations and warranties under the Principal Agreement

                    

              

            

          

          The Borrower hereby represents and warrants to the Lender as at the date hereof that the representations and warranties set forth in the Principal Agreement and the Security Documents (updated
            mutatis mutandis to the date of this Agreement) are (and will be on the Effective Date) true and correct as if all references therein to “this Agreement” were references to the Principal Agreement as
            amended and supplemented by this Agreement.

           

          
            
              	3.2	
                      Additional representations and warranties

                    

            

          

           

          In addition to the above, the Borrower hereby represents and warrants to the Lender as at the date of this Agreement that:

          
            3

            
              

          

          
            
              	

                    	a.	
                      the Borrower is duly formed, is validly existing and in good standing under the laws of the place of its incorporation and has full power to carry on its business as it is now being conducted and to enter into and perform its
                        obligations under the Principal Agreement and this Agreement and has complied with all statutory and other requirements relative to its business and does not have an established place of business in any part of the United Kingdom or
                        the USA;

                    

            

          

           

          
            
              	

                    	b.	
                      all necessary licences, consents and authorities, governmental or otherwise under this Agreement and the Principal Agreement have been obtained and, as of the date of this Agreement, no further consents or authorities are
                        necessary for any of the Security Parties to enter into this Agreement or otherwise perform its obligations hereunder;

                    

            

          

           

          
            
              	

                    	c.	
                      this Agreement constitutes the legal, valid and binding obligations of the Security Parties thereto enforceable in accordance with its terms;

                    

            

          

           

          
            
              	

                    	d.	
                      the execution and delivery of, and the performance of the provisions of this Agreement do not, and will not contravene any applicable law or regulation existing at the date hereof or any contractual restriction binding on any of
                        the Security Parties or its respective constitutional documents;

                    

            

          

           

          
            
              	

                    	e.	
                      no action, suit or proceeding is pending or threatened against the Borrower or its assets before any court, board of arbitration or administrative agency which could or might result in any material adverse change in the business
                        or condition (financial or otherwise) of any of the Borrower or the other Security Parties;

                    

            

          

           

          
            
              	

                    	f.	
                      the Borrower is not and at the Effective Date will not be in default under any agreement by which it is or will be at the Effective Date bound or in respect of any financial commitment, or obligation;

                    

            

          

           

          
            
              	

                    	g.	
                      No US Tax Obligor:  Neither the Borrower nor the Guarantor is a US Tax Obligor; and

                    

            

          

           

          
            
              	

                    	h.	
                      Sanctions:

                    

            

          

           

          
            
              	

                    	(i)	
                      neither the Borrower nor the Guarantor is a Prohibited Person nor is owned or controlled by, or acting directly or indirectly on behalf of or for the benefit of, a Prohibited Person and none of the Borrower or the Guarantor owns
                        nor controls a Prohibited Person; and

                    

            

          

           

          
            
              	

                    	(ii)	
                      To the best of the Security Parties’ knowledge, no proceeds of the Loan have been made available, directly or indirectly, to or for the benefit of a Prohibited Person or

                    

            

          

           

          
            
              	

                    	(iii)	
                      no proceeds of the Loan otherwise shall be, directly or indirectly, applied in a manner or for a purpose prohibited by Applicable Sanctions; and

                    

            

          

           

          
            4

            
              

          

          
            
              	3.3	
                      Survival

                    

            

          

           

          The representations and warranties of the Borrower in this Agreement shall survive the execution of this Agreement and shall be deemed to be repeated at the commencement of each Interest
            Period.

           

          
            
              
                	4.	
                        AGREEMENT OF THE LENDER

                      

              

            

            
              

            

            

          

          The Lender, relying upon each of the representations and warranties set out in Clause 3 hereby agrees with the Borrower, subject to and upon the terms and conditions of this Agreement and in
            particular, but without limitation, subject to the fulfilment of the conditions precedent set out in Clause 5 that the Principal Agreement be amended in the manner more particularly set out in Clause 6.

           

          
            
              
                	5.	
                        CONDITIONS

                      

              

            

            
              

            

            

          

          
            
              	5.1	
                      Conditions precedent

                    

            

          

           

          The agreement of the Lender contained in Clause 4 shall be expressly subject to the condition that the Lender shall have received on or before the Effective Date in form and substance
            satisfactory to the Lender and its legal advisers:

           

          
            
              	

                    	a.	
                      a certified true copy of the certificate of good standing or other equivalent document issued by the competent authorities of the place of its incorporation in respect of each of the Borrower and the Guarantor;

                    

            

          

           

          
            
              	

                    	b.	
                      resolutions duly passed by the Board of Directors of the Borrower and the Guarantor and resolutions duly passed at a meeting of the shareholders of the Borrower and the Guarantor (and of any corporate shareholder thereof), if
                        applicable, evidencing approval of this Agreement or the Guarantee Deed of Amendment No. 5 and/or the DOC Amendment 3 as defined hereinbelow (as the case may be) and authorising appropriate
                        officers or attorneys–in-fact to execute the same and to sign all notices required to be given under this Agreement on its behalf or other evidence of such approvals and authorisations as shall be acceptable to the Lender;

                    

            

          

           

          
            
              	

                    	c.	
                      all documents evidencing any other necessary action or approvals or consents with respect to this Agreement or the Guarantee Deed of Amendment No. 5 and/or the DOC Amendment 3, including, but
                        not limited to, Certificates of Incumbency issued by any of the Directors of the Borrower and the Guarantor evidencing approval of this Agreement or the Guarantee Deed of Amendment No. 5 and/or the DOC
                          Amendment 3 as defined hereinbelow (and authorising appropriate officers or attorneys-in-fact to execute the same and to sign all notices required to be given under this Agreement on its behalf or other evidence of such
                        approvals and authorisations as shall be acceptable to the Lender;

                    

            

          

          
            5

            
              

          

          
            
              	

                    	d.	
                      the original of any power(s) of attorney issued in favour of any person executing this Agreement or the Guarantee Deed of Amendment No. 5 and/or the DOC
                          Amendment 3 as defined hereinbelow on behalf of the Borrower and the Guarantor;

                    

            

          

           

          
            
              	

                    	e.	
                      all documents evidencing any other necessary action or approvals or consents with respect to this Agreement;

                    

            

          

           

          
            
              	

                    	f.	
                      evidence satisfactory to the Lender that the Borrower has paid or shall pay the next repayment instalment under the Principal Agreement falling due on the 18th March 2020 in the amount of Dollars Two Hundred Fifty Thousand ($250,000) latest on 18th March 2020. In case such payment is effected after the date of this Agreement (but in any case not after the 18th day of March 2020), the aforementioned requirement is not waived and shall be treated as a condition subsequent to the effectiveness of this Agreement
                        and the Lender’s agreement to the variations in Clause 6 hereof; and

                    

            

          

           

          
            
              	

                    	g.	
                      such favourable legal opinions from lawyers acceptable to the Lender and its legal advisors as the Lender shall require.

                    

            

          

           

          
            
              	5.2	
                      Benefit

                    

            

          

           

          The conditions specified in this Clause 4 are inserted solely for the benefit of the Lender and may be waived by the Lender in whole or in part with or without conditions.

           

          
            
              
                	6.	
                        VARIATIONS TO THE PRINCIPAL AGREEMENT

                      

              

            

            
              

            

            

          

          
            
              	6.1	
                      Amendments

                    

            

          

           

          In consideration of the agreement of the Lender contained in Clause 4, the Borrower hereby agrees with the Lender that (subject to the satisfaction of the
            conditions precedent contained in Clause 5), the provisions of the Principal Agreement shall be varied and/or amended and/or supplemented as follows, with effect from the Effective Date:

           

          
            
              	

                    	a.	
                      the following new definitions shall be added in alphabetical order to Clause 1.2 (Definitions) of
                        the Principal Agreement reading as follows:

                    

            

          

           

          “Fifth Supplemental Agreement” means the Fifth Supplemental Agreement
              dated 17 March, 2020 supplemental to this Agreement to be executed and made between (inter alios) the Borrower and the Lender whereby this Agreement shall be amended as therein provided;

          
            6

            
              

          

          “DOC Amendment No. 3” means the amendment No. 3 to the Deed of
              Covenant supplemental to the first priority Bahamian ship mortgage dated 19th March, 2015 as amended by the Deed of Amendment No. 1 on 28th July,
              2016 and the Deed of Amendment No. 2 on 1st July 2019, all registered over the Vessel in favour of the Lender, whereby such Deed of Covenant shall be amended, executed or (as the context may require) to be executed by the Owner thereof in
              favour of the Lender, in form and substance satisfactory to the Lender” ;

           

          “Instalment Due” means, a repayment instalment in the amount of Dollars Two Hundred Fifty Thousand ($250,000) which is due and
            payable on 18th March 2020;

           

          
            
              	

                    	b.	
                      the following definitions of Clause 1.2 (Definitions) of the Principal Agreement shall be amended so as to read as follows:

                    

            

          

           

          “Balloon Instalment” means, the part of the Loan amounting to United States Dollars Two million
              three hundred two thousand nine hundred fifty three and six cents (US$2,302,953.06);

           

          “Final Maturity Date” means, the 31st date of
            December 2022;

           

          
            
              	

                    	c.	
                      Clause 4.1 (Repayment) of the Principal Agreement shall be deleted in its entirety and replaced to read as follows:

                    

            

          

           

          “Repayment.  The Borrower shall and it is
            expressly undertaken by the Borrower to repay the outstanding principal amount of the Loan (resulting after payment of the Instalment Due) amounting to United States Dollars Five Million Fifty Two Thousand Nine
              Hundred Fifty Three and six cents ($5,052,953.06) by: (a) eleven (11) consecutive quarterly Repayment Instalments, the first of which falls due for payment on 30th June 2020 and each of the subsequent ones consecutively falling due for payment on each of the dates falling three (3) months after the immediately preceding Repayment Date with the last (the 11th) of such Repayment Instalments falling due for payment on the Final Maturity
              Date and (b) the Balloon Instalment payable together with the last (the 11th) Repayment Instalment on the Final Maturity Date; subject to the provisions of this Agreement, the amount of each of such Repayment Instalments shall be United States Dollars Two hundred
              fifty thousand ($250,000),

           

          provided that (a) if a Repayment Date would otherwise fall after the Final Maturity Date, such
              last Repayment Date shall be the Final Maturity Date, (b) there shall be no Repayment Dates after the Final Maturity Date, (c) on the Final Maturity Date the Borrower shall also pay to the Lender any and all other monies then payable under
              this Agreement and the other Security Documents and (d) if any of the Repayment Instalments shall become due on a day which is not a Banking Day, the due date therefor shall be extended to the next succeeding Banking Day unless such Banking
              Day falls in the next calendar month, in which event such due date shall be the immediately preceding Banking Day.”

          
            7

            
              

          

          
            
              	

                    	d.	
                      Clause 6.1 (m) (Shareholdings) of the Principal Agreement shall be deleted in its entirety and replaced to read as follows:

                    

            

          

           

          “Shareholdings

           

          Throughout the Security Period:

           

          
            
              	

                    	i.	
                      the person(s) disclosed to the Lender at the negotiation of this Agreement (A) do/does maintain and shall maintain at all times control of the Guarantor and (B) do/does and shall hold
                        beneficially whether directly or indirectly the voting rights attaching to at least 25% of the shares issued and outstanding in the share capital of the Guarantor (including all shares issuable upon exercise of the conversion option
                        under the Notes), but in all cases and for the avoidance of doubt no person(s) other than the said person(s) disclosed to the Lender at the negotiation of this Agreement shall gain control over the Guarantor without the prior
                        written consent of the Lender to be given at the Lender’s sole discretion; and

                    

            

          

           

          
            
              	

                    	ii.	
                      no change has been made directly or indirectly in the ownership, beneficial ownership, control or management of the Borrower or any share therein or of the Vessel (especially concerning
                        class or flag);

                    

            

          

           

          
            
              	

                    	iii.	
                      the Borrower is and will continue to be until the Final Maturity Date a 100 % directly owned subsidiary of the Guarantor;

                    

            

          

           

          For the purposes of this Clause 6.1 (m) (Shareholdings), “control” shall mean:

           

          
            
              	

                    	A.	
                      the power (whether by way of ownership of shares, partnership units, proxy, contract, agency or otherwise) to:

                    

            

          

           

          
            
              	

                    	i.	
                      cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting of the Guarantor; or

                    

            

          

           

          
            
              	

                    	ii.	
                      appoint or remove all, or the majority, of the directors or other equivalent officers of the Guarantor; and/or

                    

            

          

           

          
            
              	

                    	B.	
                      the holding beneficially of more than 50% of the issued shares of the Guarantor (excluding any part of that issued shares that carries no right to participate beyond a specified amount
                        in a distribution of either profits or capital).”

                    

            

          

           

          
            
              	

                    	e.	
                      Clause 8.1 (j) (Liquidity) of the Principal Agreement shall be deleted in its entirety and replaced to read as follows:

                    

            

          

           

          “Liquidity: ensure that throughout the remainder of the Security Period the Borrower shall maintain in the
            Earnings Account a 30 days moving average balance of $500,000 (to be calculated on a quarterly basis every end of March, June, September and December of each Financial Year) for the Vessel. For the avoidance of any doubt the Liquidity under
            this Clause should be included in the Liquidity of the Guarantor under Clause 8.6(a) (Liquidity) of this Agreement and under Clause 5.3 (a) (Liquidity) of the Guarantee.”

           

          
            8

            
              

          

          
            
              	

                    	f.	
                      Clause 8.2 (n) (Dividends) of the Principal Agreement shall be deleted in its entirety and replaced to read as follows:

                    

            

          

           

          “Dividends: declare or pay
              any dividends or distribute any of its present or future assets, undertakings, rights or revenues to any of its shareholders save as hereinafter provided:

           

          
            
              	

                    	i.	
                      the Borrower may declare or pay such dividends subject to no Continuing Event of Default having occurred; and

                    

            

          

           

          
            
              	

                    	ii.	
                      the Guarantor may declare or pay such dividends subject to no Event of Default having occurred and being
                          continuing.”

                    

            

          

           

          
            
              	

                    	g.	
                      Clause 8.2 (s) (Control) of the Principal Agreement shall be deleted and replaced to read as follows:

                    

            

          

           

          “Control: throughout the Security Period permit:

           

          
            
              	

                    	i.	
                      the person(s) disclosed to the Lender at the negotiation of this Agreement (A) not to maintain at all times control of the Guarantor and (B) not to hold beneficially
                        whether directly or indirectly the voting rights attaching to at least 25% of the shares issued and outstanding in the share capital of the Guarantor (including all shares issuable upon exercise of the conversion option under the
                        Notes). In all cases and for the avoidance of doubt no person(s) other than the said person(s) disclosed to the Lender at the negotiation of this Agreement shall gain control over the Guarantor without the prior written consent of
                        the Lender to be given at the Lender’s sole discretion; and

                    

            

          

           

          
            
              	

                    	ii.	
                      any change to be made directly or indirectly in the ownership, beneficial ownership, control or management of the Borrower or any share therein or of the Vessel (especially concerning
                        class or flag);

                    

            

          

           

          
            
              	

                    	iii.	
                      any change to be made resulting in the Borrower not being a 100 % directly owned subsidiary of the Guarantor;

                    

            

          

           

          For the purposes of this Clause 8.2 (s) (Control), “control” shall mean:

           

          
            
              	

                    	A.	
                      the power (whether by way of ownership of shares, partnership units, proxy, contract, agency or otherwise) to:

                    

            

          

           

          
            
              	

                    	i.	
                      cast, or control the casting of, more than 50% of the maximum number of votes that might be cast at a general meeting of the Guarantor; or

                    

            

          

           

          
            
              	

                    	ii.	
                      appoint or remove all, or the majority, of the directors or other equivalent officers of the Guarantor; and/or

                    

            

          

          
            9

            
              

          

          
            
              	

                    	B.	
                      the holding beneficially of more than 50% of the issued shares of the Guarantor (excluding any part of that issued shares that carries no right to participate beyond a specified amount
                        in a distribution of either profits or capital).”

                    

            

          

           

          
            
              	

                    	h.	
                      Clause 8.6 (Additional Financial Covenants – Compliance Certificate) of the Principal Agreement shall be deleted in its entirety and replaced to read as follows:

                    

            

          

           

          “Guarantor’s Financial Covenants - Compliance Certificate. The Borrower will ensure that, based on the relevant Accounting
            Information for that Financial Year or the relevant period, the Guarantor shall comply with the financial covenants set out below:

           

          
            
              	

                    	a)	
                      Liquidity: the Guarantor shall procure and ensure that it is maintained throughout the Security Period, Corporate Liquidity (including any contractually committed but undrawn parts of the Notes)
                        in an amount equal to $500,000 per Fleet Vessel. The compliance of the Guarantor with this undertaking shall be determined by the Lender in respect of each Financial Semester Day on the basis of the semi-annual unaudited financial
                        statements of the Guarantor and in respect of each other quarter of each Financial Year on the basis of a letter of the Guarantor confirming the aforesaid liquidity.

                    

            

          

           

          
            
              	

                    	b)	
                      Calculations: For the purposes of this Clause 8.6: (a) no item shall be deducted or credited more than once in any calculation; and (b) any amount expressed in a currency other than Dollars
                        shall be converted into Dollars in accordance with the Applicable Accounting Principles.

                    

            

          

           

          “Corporate Liquidity” means the aggregate of (a) any amount standing to the credit of the Earnings Account and (b) all cash deposits
            legally and beneficially owned by the Guarantor and any member of the Group which are free from any security other than,

           

          (i)          in respect of any deposit held with the Lender, security created to secure the obligations of the
              Borrower under the Loan Agreement;

           

          (ii)        in respect of deposits held with other lenders of the Group, security created to secure the obligations
              of the respective borrower(s) under the respective loan agreement(s); and

           

          (iii)        in respect of deposits held with other lenders of the Group as drydocking reserve cash under the
              respective loan agreement(s).

           

          FOR THE AVOIDANCE OF DOUBT Corporate Liquidity to include minimum liquidity requirements by the Lender and other lenders of the
            Group.”

          
            10

            
              

          

          
            	

                  	i.	
                    Clause 13.2 (Earnings Account) of the Principal Agreement shall be deleted and replaced to read as follows:

                  

          

           

          

          “Earnings Account.  Unless and until an Event of Default shall occur (whereupon the provisions of
              Clause 11.3 shall be applicable) and subject to the terms and conditions of the Accounts Pledge Agreement no monies shall be withdrawn from the Earnings Account save as hereinafter provided. Subject to Clause 9, all monies paid to the Earnings Account after discharging the costs (if any) incurred by the Lender, in collecting such monies, shall be applied by the Lender as follows:

           

          
            
              	

                    	a)	
                      firstly: in payment of any and all sums whatsoever due and payable to the Lender hereunder (such sums to be paid in such order as the Lender may in its sole discretion elect); and

                    

            

          

           

          
            
              	

                    	b)	
                      secondly: any credit balance shall be available to the Borrower to be used for any purpose not inconsistent with the Borrower’s other obligations
                          under this Agreement, including, without limitation, for the purpose of making any payments in connection with the operation and maintenance of the Vessel and for all other purposes permitted under this Agreement.

                    

            

          

           

          For the avoidance of doubt, the Borrower may enter with SQUIRE OCEAN NAVIGATION CO., a company duly incorporated and validly existing under the laws of the Republic of
            Liberia having its registered office at 80 Broad Street, Monrovia, Republic of Liberia, into any agreement or arrangement for the sharing of any Earnings for the purposes of this Agreement. Other than with SQUIRE OCEAN NAVIGATION CO., the
            Borrower may not and shall not enter into any agreement or arrangement with any other party for the sharing of any Earnings.”

           

          
            
              	

                    	j.	
                      Schedule 3 of the Principal Agreement shall be deleted in its entirety.

                    

            

          

           

          
            
              	6.2	
                      Security Documents

                    

            

          

           

          With effect as from the Effective Date the definition “Security Documents” shall be deemed to include the Security Documents as
            amended and/or supplemented in pursuance to the terms hereof and any document or documents (including if the context requires the Loan Agreement) that may now or hereafter be executed as security for the repayment of the Loan, interest thereon
            and any other moneys payable by the Borrower under the Principal Agreement and the Security Documents (as herein defined) as well as for the performance by the Borrower and the other Security Parties as defined in the Loan Agreement of all
            obligations, covenants and agreements pursuant to the Principal Agreement, this Agreement and/or the Security Documents.

           

          
            
              	6.3	
                      Construction

                    

            

          

           

          All references in the Principal Agreement to “this Agreement”, “hereunder” and the like and all references in the Security Documents to the “Loan Agreement” shall be construed as
            references to the Principal Agreement as amended and/or supplemented by this Agreement.

          
            11

            
              

          

          
            
              
                	7.	
                        CONTINUANCE OF PRINCIPAL AGREEMENT AND SECURITY DOCUMENTS

                      

              

            

            
              

            

            

          

          Save for the alterations to the Principal Agreement, and the Security Documents
            made or to be made pursuant to this Agreement, and such further modifications (if any) thereto as may be necessary to make the same consistent with the terms of this Agreement, the Principal Agreement shall remain in full force and effect and
            the security constituted by the Security Documents executed by the Borrower shall continue to remain valid and enforceable and the Borrower hereby reconfirms its obligations under the Principal Agreement as hereby amended and under the Security
            Documents to which it is a party.

           

          
            
              
                	8.	
                        ENTIRE AGREEMENT AND AMENDMENT

                      

              

            

            
              

            

            

          

          
            
              	8.1	
                      Entire Agreement

                    

            

          

           

          The Principal Agreement, the other Security Documents, and this Agreement represent the entire agreement among the parties hereto with respect to the subject matter hereof and supersede any
            prior expressions of intent or understanding with respect to this transaction and may be amended only by an instrument in writing executed by the parties to be bound or burdened thereby.

           

          
            
              	8.2	
                      Supplemental – Effect on Principal Agreement

                    

            

          

           

          This Agreement is supplementary to and incorporated in the Principal Agreement, all terms and conditions whereof, including, but not limited to, provisions on payments, calculation of interest
            and Events of Default, shall apply to the performance and interpretation of this Agreement.

           

          
            
              
                	9.	
                        FEES AND EXPENSES

                      

              

            

            
              

            

            

          

          
            
              	9.1	
                      Indemnity

                    

            

          

           

          The Borrower agrees to pay to the Lender upon demand on a full indemnity basis and from time to time all costs, charges and expenses (including legal fees) incurred by the Lender in connection
            with the negotiation, preparation, execution and enforcement or attempted enforcement of this Agreement and any document executed pursuant thereto and/or in preserving or protecting or attempting to preserve or protect the security created
            hereunder and/or under the Security Documents.

           

          
            
              	9.2	
                      Amendment fee

                    

            

          

           

          The agreement of the Lender to the amendment of the Principal Agreement as herein provided shall be expressly subject to the condition that the Borrower shall pay to the Lender a non-refundable
            amendment fee of an amount of Dollars Fifty thousand ($50,000) payable as follows:

           

          
            
              	

                    	i.	
                      Dollars Twenty Five thousand ($25,000) on the date of signing of this Agreement; and

                    

            

          

           

          
            
              	

                    	ii.	
                      Dollars Twenty Five thousand ($25,000) on the 1st day of July 2020.

                    

            

          

          
            12

            
              

          

          
            
              	9.3	
                      Stamp duty etc.

                    

            

          

           

          The Borrower covenants and agrees to pay and discharge all stamp duties, registration and recording fees and charges and any other charges whatsoever and wheresoever payable or due in respect
            of this Agreement and/or any document executed pursuant hereto.

           

          
            
              
                	10.	
                        MISCELLANEOUS

                      

              

            

            
              

            

            

          

          The provisions of Clause 14 (Assignment, Transfer, Participation, Lending Office) and Clause 16.1 (Notices)  of the Principal Agreement shall apply to this Agreement as if the same were set out herein
            in full.

           

          
            
              
                	11.	
                        LAW AND JURISDICTION

                      

              

            

            
              

            

            

          

          
            
              	11.1	
                      Governing Law

                    

            

          

           

          This Agreement and any non-contractual obligations arising out or connected with it are governed by and shall be construed
              in accordance with English law and the provisions of Clause 17 (Law and Jurisdiction) of the Principal Agreement shall apply mutatis mutandis to this Agreement as if the same were set out herein in full.

           

          
            
              	11.2	
                      Third Party Rights

                    

            

          

           

          No term of this Agreement is enforceable under the Contracts (Rights of Third Parties) Act 1999 by a person who is not a party to this Agreement.

           

          IN WITNESS whereof the parties hereto have caused this Agreement to be duly executed the date first above written.

           

          

          [Intentionally left blank]

          
            13

            
              

          

          EXECUTION PAGE

           

          THE BORROWER

           

          
            	
                    SIGNED by

                  	)	
                     

                  
	
                    Mr. Stavros Gyftakis

                  	)	/s/ Stavros Gyftakis
	for and on behalf of	)	
                     

                  
	LEADER SHIPPING CO.	)	
                     

                  
	of the Marshall Islands, in the presence of:	)	Attorney-in-fact

          

          

            	
                     

                  	/s/ Lilian Kouleri	
                     

                  
	Witness:	 	
                     

                  	
                     

                  
	Name:	Lilian Kouleri	
                     

                  
	Address:

                  	
                    13 Defteras Merarchias Str.,

                    Piraeus, Greece 

                  	
                     

                  
	
                    Occupation:

                  	
                    Attorney-at-law

                  	
                     

                  

          

           

          THE LENDER

          

          

          	SIGNED by	)	/s/ K. N. Sotiriou
	Mr. K. N. Sotiriou	)	

                
	and Mrs. C. G. Papathanasopoulou	)	Attorney-in-fact
	for and on behalf of

                	)	

                
	ALPHA BANK A.E.	)	 /s/ C. G. Papathanasopoulou
	in the presence of: 

                	)	

                
	 	 	Attorney-in-fact 

                

           

          

          
            	

                  	/s/ Dimitrios Sioufas	

                  
	Witness:	

                  	

                  	

                  
	Name:	Dimitrios Sioufas	

                  
	Address:	
                    13 Defteras Merarchias Str.,

                    Piraeus, Greece

                  	

                  
	Occupation:	Attorney-at-law	

                  

          

           

          

          14Document

Exhibit 4.2

DESCRIPTION OF REGISTRANT’S SECURITIES
REGISTERED PURSUANT TO SECTION 12 OF THE
SECURITIES EXCHANGE ACT OF 1934

The following description of the common stock of DICK’S Sporting Goods, Inc. (referred to as “the Company”, “we”, “us” and “our” unless specified otherwise) is based upon relevant provisions of the Company’s Amended and Restated Certificate of Incorporation, as amended (the “Restated Certificate of Incorporation”), the Company’s Amended and Restated Bylaws (the “Bylaws”) and applicable provisions of law. We have summarized certain portions of the Restated Certificate of Incorporation and Bylaws below. The summary is not complete and is subject to, and is qualified in its entirety by express reference to, the provisions of our Restated Certificate of Incorporation and Bylaws, each of which is filed as an exhibit to the Annual Report on Form 10‐K of which this Exhibit 4.2 is a part.

Authorized Capital Stock

  The Company’s authorized capital stock consists of (i) 200,000,000 shares of common stock, par value $.01 per share, (ii) 40,000,000 shares of Class B common stock, par value $.01 per share, and (iii) 5,000,000 shares of preferred stock, par value $.01 per share.  All outstanding shares of capital stock are fully paid and non-assessable. 

Description of Common Stock

          Voting Rights. Each share of our common stock entitles the holder to one vote per share, and each share of our Class B common stock entitles the holder to 10 votes per share, on all matters submitted to a vote of the stockholders, including the election of directors. Holders of our common stock and Class B common stock otherwise have identical rights. Stockholders do not have cumulative voting rights. Holders of common stock and Class B common stock (or, if any holders of shares of preferred stock are entitled to vote together with the holders of the common stock and Class B common stock, as a single class with such holders of shares of preferred stock) vote together as a single class on all matters presented to the stockholders for their vote or approval, except as may be required by Delaware law.

          Removal of Directors. For as long as any shares of Class B common stock are outstanding, directors elected by the common stockholders may be removed with or without cause by the affirmative vote of the holders of shares of our capital stock representing the majority of the votes entitled to be cast at a meeting of the stockholders to elect directors. The right to remove directors without cause expires if there are no shares of Class B common stock outstanding.

          Action by Written Consent. For as long as any shares of Class B common stock are outstanding, any action that can be taken at a meeting of our stockholders may be taken by written consent in lieu of the meeting if we receive consents signed by stockholders having the minimum number of votes that would be necessary to approve the action at a meeting at which all shares entitled to vote on the matter were present. This could permit the holders of our Class B common stock to take all actions required to be taken by the stockholders without providing the other stockholders the opportunity to make nominations or raise other matters at a meeting. The right to take action by less than unanimous written consent expires if there are no shares of Class B common stock outstanding.

          Conversion. Each share of Class B common stock is convertible at any time, at the option of the holder, into one share of common stock. Each share of Class B common stock shall convert automatically into one share of common stock upon any transfer of beneficial ownership to any persons other than to the following:

									
		-	the Stack Family and the estate, guardian, conservator or committee for any member of the Stack Family;
		-	any descendant of any member of the Stack Family (which we call a “Stack Descendant”) and their respective estates, guardians, conservators or committees;
		-	any Stack Family Controlled Entity; and
		-	any trustees, in their respective capacities as such, of any Stack Family Controlled Trust.

        
A Stack Family Controlled Entity is (i) any not-for-profit corporation if at least a majority of its board of directors is composed of Stack Family members and/or Stack Descendants; (ii) any other corporation if at least 80% of the value of its outstanding equity is owned by Stack Family members and/or Stack Descendants; (iii) any partnership if at least 80% of the value of its partnership interests are owned by Stack Family members and/or Stack Descendants; and (iv) any limited liability or similar company if at least 80% of the value of the company is owned by Stack Family members and/or Stack Descendants. A Stack Family Controlled Trust is any trust the primary beneficiaries of which are members of the Stack Family, Stack Descendants, spouses of Stack Descendants and their respective estates, guardians, conservators or committees and/or charitable organizations which if the trust is a wholly charitable trust, at least 80% of the trustees of such trust consist of Stack Family members and/or Stack Descendants.

          Each share of Class B common stock also converts automatically into one share of common stock if (i) a person ceases to be any of the specified persons listed above, other than upon the pledge of such person’s shares of Class B common stock to a financial institution or (ii) on the record date for any meeting of our stockholders, the aggregate number of shares of Class B common stock beneficially owned by the Stack Family, Stack Descendants, Stack Family Controlled Entities and Stack Family Controlled Trusts is less than 4,000,000 shares of Class B common stock (as appropriately adjusted for any further future stock splits, dividends, reclassifications, recapitalizations, reverse stock splits or other similar transactions). If any shares of common stock require registration with or approval of any governmental authority under any federal or state law before such shares of common stock may be issued upon conversion, we must cause such shares to be registered or approved, as the case may be, and use our best efforts to list the shares to be delivered upon conversion prior to such delivery upon each national securities exchange upon which the outstanding common stock is listed at the time of such delivery. Once the shares of the Class B common stock are converted into shares of common stock, the number of shares classified as Class B common stock will be reduced and may not be reissued and the number of common stock shall be increased on a one-for-one basis.

          Restrictions on Additional Issuances and Transfer. No additional shares of Class B common stock or any securities exchangeable or exercisable into shares of Class B common stock may be issued or sold by us except (i) pursuant to stock options or awards made under any plan adopted by the board of directors to provide additional incentives to our employees and non-employee directors; or (ii) in connection with a stock split or stock dividend or distribution on the Class B common stock in which the common stock is similarly split or receives a similar dividend or distribution. The Class B common stock is not registered under the federal securities laws.

          Dividends. Holders of our common stock and Class B common stock are entitled to receive ratably dividends or distributions, if any, as may be declared by the board of directors out of legally available funds. We may not pay dividends or make distributions to any class of common stock unless we simultaneously make the same dividend or distribution to each outstanding share of common stock regardless of class. In the case of dividends or distributions payable in common stock or Class B common stock, including stock splits or divisions, only shares of common stock will be distributed with respect to common stock and only shares of Class B common stock will be distributed with respect to Class B common stock. Holders of the common stock and Class B common stock are entitled to receive dividends at the same rate.

          Merger and Reclassification. If we enter into any consolidation, merger, combination or other transaction in which shares of each class of common stock are exchanged for or changed into other stock or securities, cash and/or any other property, then the shares of each class of common stock will be exchanged for, or changed into either (i) the same amount of stock, securities, cash and/or any other property, as the case may be, into which or for which each share of any other class of common stock is exchanged or changed, unless the shares of common stock are exchanged for, or changed into, shares of capital stock, in which case, the shares exchanged for, or changed into, may differ, but only to the extent that the common stock and the Class B common stock differ as provided in our Restated Certificate; or (ii) if holders of each class of common stock are to receive different distributions of stock, securities, cash and/or any other property, then an amount of stock, securities, cash and/or property having a value equal to the value per share of any other class of our common stock that was exchanged or changed as determined by an independent investment banking firm of national reputation selected by the board of directors.

          None of the common stock or the Class B common stock may be subdivided or combined in any manner unless the shares of the other class are subdivided or combined in the same proportion.

          Liquidation. In case of a liquidation, dissolution or winding up of the Company, the holders of common stock and Class B common stock treated as a single class will be entitled to share ratably in the net assets legally available for distribution to stockholders after payment of all of our liabilities and the liquidation preferences of any preferred stock then outstanding.

          Preemptive and Redemption Rights. If we make an offering of options, rights or warrants to subscribe for shares of any other class or classes of capital stock, other than Class B common stock, to all holders of a class of our common stock, we are required to make an identical offering to all holders of the other class of common stock unless the holders of the other class of common stock, voting as a separate class, determine that such offering need not be made to such class. All such options, rights or warrants offerings must offer the respective holders of the common stock and Class B common stock the right to subscribe at the same rate per share. Holders of common stock and Class B common stock do not have preemptive or subscription rights or conversion rights except as described above. There are no redemption or sinking fund provisions applicable to common stock or Class B common stock.

          The rights, preferences and privileges of holders of the common stock and Class B common stock may be affected by the rights of the holders of shares of any series of preferred stock that we may designate and issue in the future. No shares of preferred stock are currently outstanding.

Preferred Stock

          Our board of directors has the authority, without further action by the stockholders, to issue from time to time shares of preferred stock in one or more series. The board of directors may fix the number of shares, designations, preferences, powers and other special rights of the preferred stock. The board of directors cannot create a series of preferred stock which has voting rights of more than one vote per share. The preferences, powers, rights and restrictions of different series of preferred stock may differ. Shares of the preferred stock of any series that have been redeemed or repurchased by us or that, if convertible or exchangeable, have been converted or exchanged in accordance with their terms, will be retired and may be reissued. The issuance of preferred stock could decrease the amount of earnings and assets available for distribution to holders of common stock or adversely affect the rights and powers, including voting, liquidation and dividend rights, of the holders of common stock. The issuance may also have the effect of delaying, deferring or preventing a change in control of the Company. We have no plans to issue any preferred stock.

Indemnification of Directors and Officers

          Our Restated Certificate and Bylaws provide that our former and current directors and officers and directors and officers of other entities who is or was serving at our request will be, and, at the discretion of the board of directors, non-officer employees and agents may be, indemnified by us, to the extent authorized by Delaware law, against all expenses and liabilities incurred in connection with such service for or on behalf of us, and further permits the advancing of expenses incurred in defense of claims.

Limitation of Liability

          Under the terms of our Restated Certificate and as permitted by Delaware law, our directors are not liable to us or our stockholders for monetary damages for breach of fiduciary duty as a director, except liability for: (1) a breach of duty of loyalty to us or our stockholders, (2) acts or omissions not in good faith or which involve intentional misconduct or a knowing violation of law, (3) dividend payments or stock repurchases in violation of Delaware law or (4) any transaction in which a director has derived an improper personal benefit. If Delaware law is amended to authorize corporate action further eliminating or limiting the personal liability of directors, then the liability of our directors will be eliminated or limited to the fullest extent permitted by Delaware law, as amended.

          We maintain directors and officers liability insurance to provide directors and officers with insurance coverage for losses arising from claims based on breaches of duty, negligence, error and other wrongful acts. At present, there is no pending litigation or proceeding, and we are not aware of any threatened litigation or proceeding, involving any director, officer, employee or agent where indemnification will be required or permitted under our Bylaws.

Listing

          Our common stock is listed and principally traded on the New York Stock Exchange under the ticker symbol “DKS.”

Anti-Takeover Provisions

          As long as shares of the Class B common stock remain outstanding, it would be very difficult to acquire control of us in a merger or other type of transaction if the Class B common stockholders opposed the merger or other type of transaction. Similarly, the common stockholders will not be able to remove or replace the directors.

          Even if the Class B common stock were converted into common stock at a future date, provisions of Delaware law and our Restated Certificate and Bylaws could continue to make the following more difficult:

									
		-	the acquisition of us by means of a tender offer;
		-	the acquisition of us by means of a proxy contest or otherwise; or
		-	the removal of our incumbent officers and directors.

          In the event that none of the shares of Class B common stock are outstanding, these provisions, summarized below, are expected to discourage certain types of coercive takeover practices and inadequate takeover bids. These provisions are also designed to encourage persons seeking to acquire control of us to first negotiate with our board of directors. We believe the benefits of increased protection of our potential ability to negotiate with the proponent of an unfriendly or unsolicited proposal to acquire or restructure us outweigh the disadvantages of discouraging such proposals because negotiation of such proposals could result in an improvement of their terms.

          Classified Board of Directors. Under our Restated Certificate and Bylaws, our board of directors is divided into three classes of directors serving staggered three-year terms, with one-third of the board of directors being elected each year.

          Removal of Directors. Under our Restated Certificate and Bylaws, if none of the shares of Class B common stock are outstanding, our directors may only be removed for cause.

          Stockholder Meetings. Under our Bylaws, only the board of directors by resolution adopted by the affirmative vote of a majority of the entire board of directors, the chairman of the board of directors or the chief executive officer may call special meetings of stockholders, other than special meetings of any class of common stock called by the holders of a majority of the shares of such class of common stock with respect to any matter as to which the holders of such class are entitled to vote as a separate class.

          Requirements for Advance Notification of Stockholder Proposals and Director Nominations. Our Bylaws establish advance notice procedures with respect to stockholder proposals and the nomination of candidates for election as directors, other than nominations made by or at the direction of the board of directors or a committee of the board of directors. These provisions may preclude stockholders from bringing matters before an annual meeting of stockholders or from making nominations for directors at an annual meeting of stockholders.

          No Action by Written Consent. Under our Restated Certificate, if none of the shares of our Class B common stock remains outstanding, stockholders may only take action at an annual or special meeting of stockholders or by the unanimous written consent of all stockholders and may not act by partial written consent.

          No Cumulative Voting. Our Restated Certificate and Bylaws do not provide for cumulative voting in the election of directors.

          Undesignated Preferred Stock. The authorization of undesignated preferred stock makes it possible for our board of directors to issue preferred stock with voting or other rights or preferences that could 

impede the success of any attempt to change control of us. These and other provisions may have the effect of deferring hostile takeovers or delaying changes in control or management of us.

DGCL Section 203

          We have expressly determined not to be governed by Section 203 of the Delaware General Corporation Law.

Transfer Agent

          The transfer agent for our common stock is American Stock Transfer & Trust Company, LLC.

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