Document:

exv10w4

 

Exhibit 10.4

REGISTRATION RIGHTS AGREEMENT

          This REGISTRATION RIGHTS AGREEMENT, dated May ___, 2006 (this “Agreement”), between QUINTANA
MARITIME LIMITED, a Marshall Islands corporation (the “Company”), Dahlman Rose & Co., LLC and
Fortis Securities LLC (the “Placement Agents”) on behalf of the investors (the “Investors”), under
those certain subscription agreements between the Company and the Investors (the “Subscription
Agreements”). In order to induce the Investors to enter into the Subscription Agreements, the
Company has agreed to provide the registration rights set forth in this Agreement.

          Section 1. Definitions. Capitalized terms used herein without definition shall have their
respective meanings set forth in the Subscription Agreement. As used in this Agreement, the
following terms shall have the following meanings:

          “Affiliate” means with respect to any specified person, an “affiliate,” as defined in Rule
144(a)(1), of such person.

          “Amendment Effectiveness Deadline Date” has the meaning set forth in Section 2(d)(i) hereof.

          “Authorized Agent” has the meaning set forth in Section 9(k) hereof.

          “Business Day” means each Monday, Tuesday, Wednesday, Thursday and Friday that is not a day on
which banking institutions in the City of New York are authorized or obligated by law or executive
order to close.

          “Class A Warrant” means those warrants issued by the Company with a three (3) year term and
exercisable for one share of Common Stock at an exercise price of $8.00 per share of Common Stock.

          “Closing Date” means the date hereof.

          “Common Stock” means the shares of common stock, $.01 par value, of the Company, and any other
securities as may constitute “Common Stock” for purposes of the Statement of Designations,
including the Underlying Common Stock.

          “Damages Accrual Period” has the meaning set forth in Section 2(e) hereof.

          “Damages Payment Date” means each February 28, May 30, August 31 and November 30.

          “Deferral Notice” has the meaning set forth in Section 3(i) hereof.

          “Deferral Period” has the meaning set forth in Section 3(i) hereof.

          “Dividend Payment Date” has the meaning assigned to such term in the Statement of
Designations.

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          “Effectiveness Deadline Date” means the date that is one hundred twenty (120) days after the
Closing Date; provided, that, if (a) the SEC reviews and has written comments to
the filed Registration Statement, (b) the Company responds to such written comments within the
earlier of (i) thirty (30) days after receipt thereof and (ii) the date that is one hundred twenty
(120) days after the Closing Date and (c) the Registration Statement is not declared effective by
the SEC by the date that is one hundred twenty (120) days after the Closing Date, then the
Effectiveness Deadline Date shall be the date that is one hundred eighty (180) days after the
Closing Date.

          “Effectiveness Period” means the period commencing on the date the Registration Statement is
declared effective by the SEC and ending on the date that all Registrable Securities have ceased to
be Registrable Securities.

          “Filing Deadline Date” has the meaning set forth in Section 2(a) hereof.

          “Holder” means a holder of shares of Preferred Stock or Underlying Common Stock.

          “Liquidated Damages” has the meaning set forth in Section 2(e) hereof.

          “Liquidation Preference” means a liquidation preference in the amount of $93.75 per share of
Preferred Stock plus declared and unpaid dividends payable to the holders of shares of Preferred
Stock in the event of the Company’s voluntary or involuntary liquidation, winding up or
dissolution.

          “Losses” has the meaning set forth in Section 6(d) hereof.

          “Material Event” has the meaning set forth in Section 3(i) hereof.

          “Memorandum” has the meaning set forth in the Subscription Agreement.

          “New York Court” has the meaning set forth in Section 9(k) hereof.

          “Notice Holder” means, on any date, any Holder that has delivered a completed and signed
Notice and Questionnaire to the Company on or prior to such date.

          “Notice and Questionnaire” means a written notice delivered to the Company containing
substantially the information called for by the notice and questionnaire attached as Annex II to
the Subscription Agreement.

          “Preferred Stock” means the 12% Mandatorily Convertible Preferred Stock, liquidation
preference $93.75 per share, of the Company that has the rights, powers and preferences set forth
in the Statement of Designations.

          “Prospectus” means the prospectus included in any Registration Statement (including, without
limitation, a prospectus that discloses information previously omitted from a prospectus filed as
part of an effective registration statement in reliance upon Rule 430A promulgated under the 1933
Act), as amended or supplemented by any amendment or prospectus

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supplement, including post-effective amendments, and all materials incorporated by reference
or explicitly deemed to be incorporated by reference in such Prospectus.

          “Record Date” has the meaning assigned to such term in the Statement of Designations.

          “Record Holder” means (i) with respect to any Damages Payment Date relating to any Preferred
Stock as to which any such Liquidated Damages have accumulated, the holder of record of such share
of Preferred Stock on the Record Date with respect to the Dividend Payment Date on which such
Damages Payment Date shall occur and (ii) with respect to any Damages Payment Date relating to the
Underlying Common Stock as to which any such Liquidated Damages have accrued, the registered holder
of such Underlying Common Stock on the Record Date immediately preceding the relevant Damages
Payment Date.

          “Registrable Securities ” means the Units, the shares of Preferred Stock until any such share
of Preferred Stock has been converted into the Underlying Common Stock, the Class A Warrants until
any such Warrant has been exercised for the Underlying Common Stock and, at all times subsequent to
any such conversion or exercise, as the case may be, the Class A Warrants, the Underlying Common
Stock and any securities into or for which such Underlying Common Stock has been converted or
exchanged, and any security issued with respect thereto upon any stock dividend, split,
reclassification or similar event until, in the case of any such security, (A) the earliest of (i)
its effective registration under the 1933 Act and resale in accordance with the Registration
Statement covering it, (ii) expiration of the holding period that would be applicable thereto under
Rule 144(k) to a sale by a non-Affiliate of the Company or (iii) its sale to the public pursuant to
Rule 144 (or any similar provision then in force, but not Rule 144A) under the 1933 Act, and (B) as
a result of the event or circumstance described in any of the foregoing clauses (A)(i) through
(iii), the legend with respect to transfer restrictions therein is removed or removable in
accordance with the terms of such legend.

          “Registration Default” has the meaning set forth in Section 2(e) hereof.

          “Registration Expenses” has the meaning set forth in Section 5 hereof.

          “Registration Statement” means any appropriate registration statement of the Company that
covers any of the Registrable Securities pursuant to the provisions of this Agreement including the
Prospectus, amendments and supplements to such registration statement, including post-effective
amendments, all exhibits, and all materials incorporated by reference or explicitly deemed to be
incorporated by reference in such registration statement.

          “Restricted Securities” means “Restricted Securities” as defined in Rule 144.

          “Rule 144” means Rule 144 under the 1933 Act, as such Rule may be amended from time to time,
or any successor or similar rule or regulation hereafter adopted by the SEC.

          “Rule 144A” means Rule 144A under the 1933 Act, as such Rule may be amended from time to time,
or any successor or similar rule or regulation hereafter adopted by the SEC.

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          “Registration Statement” has the meaning set forth in Section 2(a) hereof.

          “SEC” means the Securities and Exchange Commission.

          “Special Counsel” means a nationally recognized law firm experienced in securities law matters
designated by the Company, with the written consent of the Placement Agents (which shall not be
unreasonably withheld), the reasonable fees and expenses of which will be paid by the Company
pursuant to Section 5 hereof, or one such other successor counsel as shall be specified by the
Holders of a majority of the Registrable Securities.

          “Statement of Designations” means the Statement of Designations, dated as of May ___, 2006
setting forth the preferences and rights, qualifications, limitations and restrictions of the
Preferred Stock.

          “Subsequent Registration Statement” has the meaning set forth in Section 2(b) hereof.

          “Transfer Agent” means Computershare Investor Services LLC, the Transfer Agent for the
Preferred Stock or any successor Transfer Agent pursuant to the terms of the Statement of
Designations.

          “Underlying Common Stock” means the Common Stock into which the Preferred Stock is convertible
or that is issued upon any such conversion and the Common Stock issuable upon exercise of the Class
A Warrants.

          “Units” means one (1) share of Preferred Stock and four (4) Warrants.

          “1933 Act” means the Securities Act of 1933, as amended, and the rules and regulations
promulgated by the SEC thereunder.

          “1934 Act” means the Securities Exchange Act of 1934, as amended, and the rules and
regulations of the SEC promulgated thereunder.

          Section 2. Registration.

          (a) The Company shall prepare and file or cause to be prepared and filed with the SEC, by the
date (the “Filing Deadline Date”) sixty (60) days after the Closing Date, a registration statement
for an offering to be made on a delayed or continuous basis pursuant to Rule 415 of the 1933 Act (a
“Registration Statement”) registering the resale from time to time by Holders thereof of all of the
Registrable Securities. The Registration Statement shall be on Form S-1, S-3 or another
appropriate form permitting registration of such Registrable Securities for resale by such Holders.
The Company shall use its commercially reasonable efforts to cause the Registration Statement to
be declared effective under the 1933 Act as promptly as is practicable but in any event by the
Effectiveness Deadline Date, and, to keep the Registration Statement (or any Subsequent
Registration Statement) continuously effective under the 1933 Act until the expiration of the
Effectiveness Period. At the time the Registration Statement is declared effective, each Holder
that became a Notice Holder on or prior to the date ten (10) Business Days prior to such time of
effectiveness shall be named as a selling security holder in the Registration

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Statement and the related Prospectus in such a manner as to permit such Holder to deliver such
Prospectus to purchasers of Registrable Securities in accordance with applicable law. None of the
Company’s security holders (other than the Holders of Registrable Securities) shall have the right
to include any of the Company’s securities in the Registration Statement.

          (b) If the Registration Statement or any Subsequent Registration Statement ceases to be
effective for any reason at any time during the Effectiveness Period (other than because all
Registrable Securities registered thereunder shall have been resold pursuant thereto or shall have
otherwise ceased to be Registrable Securities), the Company shall use its commercially reasonable
efforts to obtain the prompt withdrawal of any order suspending the effectiveness thereof, and in
any event shall within thirty (30) days of such cessation of effectiveness amend the Registration
Statement in a manner reasonably expected to obtain the withdrawal of the order suspending the
effectiveness thereof, or file an additional Registration Statement covering all of the securities
that as of the date of such filing are Registrable Securities (a “Subsequent Registration
Statement”). If a Subsequent Registration Statement is filed, the Company shall use its
commercially reasonable efforts to cause the Subsequent Registration Statement to become effective
as promptly as is practicable after such filing and to keep such Registration Statement (or
Subsequent Registration Statement) continuously effective until the end of the Effectiveness
Period.

          (c) The Company shall supplement and amend the Registration Statement if required by the
rules, regulations or instructions applicable to the registration form used by the Company for such
Registration Statement, if required by the 1933 Act or as necessary to name a Notice Holder as a
selling security holder pursuant to Section 2(d) below.

          (d) At the time the Registration Statement is declared to be effective, each Holder that
became a Notice Holder on or prior to the date ten (10) Business Days prior to such time of
effectiveness shall be named as a selling security holder in the Registration Statement and the
related Prospectus in such a manner as to permit such Holder to deliver such Prospectus to
purchasers of Registrable Securities in accordance with applicable law, subject to the terms and
conditions hereof. Following the date that the Registration Statement is declared effective, each
Holder that is not a Notice Holder wishing to sell Registrable Securities pursuant to the
Registration Statement and related Prospectus agrees to deliver a Notice and Questionnaire to the
Company at least five (5) Business Days prior to any intended distribution by it of Registrable
Securities under the Registration Statement. From and after the date the Registration Statement is
declared effective, the Company shall, as promptly as practicable after the date a Notice and
Questionnaire is delivered, and in any event upon the later of (x) five (5) Business Days after
such date or (y) five (5) Business Days after the expiration of any Deferral Period in effect when
the Notice and Questionnaire is delivered or put into effect within five (5) Business Days of such
delivery date:

               (i) if required by applicable law, file with the SEC a post-effective amendment to the
Registration Statement or prepare and, if required by applicable law, file a supplement to the
related Prospectus or a supplement or amendment to any document incorporated therein by reference
or file with the SEC any other required document so that the Holder delivering such Notice and
Questionnaire is named as a selling security holder in the Registration Statement and the related
Prospectus in such a manner as to permit such Holder to

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deliver such Prospectus to purchasers of the Registrable Securities in accordance with
applicable law and, if the Company shall file a post-effective amendment to the Registration
Statement, use its commercially reasonable efforts to cause such post-effective amendment to be
declared effective under the 1933 Act as promptly as is practicable, but in any event by the date
(the “Amendment Effectiveness Deadline Date”) that is thirty (30) days after the date such
post-effective amendment is required by this clause to be filed;

               (ii) provide such Holder copies of any documents filed pursuant to Section 2(d)(i); and

               (iii) notify such Holder as promptly as practicable after the effectiveness under the 1933 Act
of any post-effective amendment filed pursuant to Section 2(d)(i);

provided that if such Notice and Questionnaire is delivered during a Deferral Period, the Company
shall so inform the Holder delivering such Notice and Questionnaire and shall take the actions set
forth in clauses (i), (ii) and (iii) above upon expiration of the Deferral Period in accordance
with this Section 2(d) and Section 3(i) of this Agreement. Notwithstanding anything contained
herein to the contrary, (i) the Company shall be under no obligation to name any Holder that is not
a Notice Holder as a selling security holder in any Registration Statement or related Prospectus
and (ii) the Amendment Effectiveness Deadline Date shall be extended by up to ten (10) Business
Days from the expiration of a Deferral Period (and the Company shall incur no obligation to pay
Liquidated Damages during such extension) if such Deferral Period shall be in effect on the
Amendment Effectiveness Deadline Date.

          (e) Each event described in any of the following clauses (i) through (iv) is individually
referred to herein as a “Registration Default”:

               (i) the Registration Statement has not been filed on or prior to the Filing Deadline Date;

               (ii) the Registration Statement has not been declared effective under the 1933 Act on or prior
to the Effectiveness Deadline Date;

               (iii) the aggregate duration of Deferral Periods in any period exceeds the number of days
permitted in respect of such period pursuant to Section 3(i) hereof; or

               (iv) the number of Deferral Periods in any period exceeds the number permitted in respect of
such period pursuant to Section 3(i) hereof.

For purposes of this Agreement, each Registration Default set forth above shall begin on the dates
set forth in the table set forth below and shall continue until the ending dates set forth in the
table below:

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	Type of	 	 	 	 
	Registration	 	 	 	 
	Default by	 	 	 	 
	Clause	 	Beginning Date	 	Ending Date
	(i)

	 	Filing Deadline Date
	 	the date the Registration Statement is filed
	 
	 	 	 	 
	(ii)

	 	Effectiveness Deadline Date
	 	 the date the Registration Statement becomes

effective under the 1933 Act
	 
	 	 	 	 
	(iii)

	 	the date on which the
aggregate duration of
Deferral Periods in any
period exceeds the number
of days permitted by
Section 3(i)
	 	termination of the Deferral Period that
caused the limit on the aggregate duration
of Deferral Periods to exceed the number of
days permitted pursuant to Section 3(i)
	 
	 	 	 	 
	(iv)

	 	the date of commencement
of a Deferral Period that
causes the number of
Deferral Periods to exceed
the number permitted by
Section 3(i)
	 	termination of the Deferral Period that
caused the number of Deferral Periods to
exceed the number permitted

Commencing on (and including) any date that a Registration Default has begun and ending on (but
excluding) the next date on which there are no Registration Defaults that have occurred and are
continuing (a “Damages Accrual Period”), the Company shall pay, as liquidated damages and not as a
penalty, to Record Holders of Registrable Securities an amount (the “Liquidated Damages”) accruing,
for each day in the Damages Accrual Period, (i) in respect of any share of Preferred Stock, at a
rate equal to 0.25% per annum of the $93.75 liquidation amount of the Preferred Stock for the first
60-day period following a Registration Default, and thereafter equal to 0.50% per annum of the
$93.75 liquidation amount of the Preferred Stock, in each case to but excluding the date on which
all Registration Defaults have been cured, and (ii) if the Preferred Stock has been converted into
shares of Common Stock, in respect of any share of Common Stock issued in the conversion, at a rate
per annum equal to the applicable above-referenced calculated rate or rates for the applicable
above referenced period or periods divided by a number equal to the number of shares of Common
Stock into which each share of Preferred Stock was converted pursuant to the conversion. In
calculating the Liquidated Damages on any date on which no Preferred Stock is outstanding, the
Liquidation Preference and the Liquidated Damages shall be calculated as if the Preferred Stock
were still outstanding. Notwithstanding the foregoing, no Liquidated Damages shall cumulate as to
any Registrable Security from and after the earlier of (x) the date such security is no longer a
Registrable Security and (y) expiration of the Effectiveness Period. The rate of accumulation of
the Liquidated Damages with respect to any period shall not exceed the rate provided for in this
paragraph notwithstanding the occurrence of multiple concurrent Registration Defaults.
Notwithstanding the foregoing, no Liquidated Damages shall be payable to any Holder that does not
fulfill its obligations under Section 4 hereof.

The Liquidated Damages shall cumulate from the first day of the applicable Damages Accrual Period,
and shall be payable in cash on each Damages Payment Date during the Damages Accrual Period to the
Record Holder of the Registrable Securities on the Record Date immediately preceding the applicable
Damages Payment Date (and on the Damages Payment Date next succeeding the end of the Damages
Accrual Period if the Damages Accrual Period

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does not end on a Damages Payment Date) to the Record Holders of the Registrable Securities as of
the date that such Damages Accrual Period ends; provided, that, in the case of a Registration
Default of the type described in clause (iii) or (iv) of the first paragraph of this Section 2(e),
such Liquidated Damages shall be paid only to the Holders entitled thereto pursuant to such first
paragraph by check mailed to the address set forth in the Notice and Questionnaire delivered by
such Holder. Notwithstanding the foregoing, the parties agree that the sole damages payable for a
violation of the terms of this Agreement with respect to which Liquidated Damages are expressly
provided shall be such Liquidated Damages.

All of the Company’s obligations set forth in this Section 2(e) that are outstanding with respect
to any Registrable Security at the time such security ceases to be a Registrable Security shall
survive until such time as all such obligations with respect to such security have been satisfied
in full (notwithstanding termination of this Agreement pursuant to Section 9(j)).

The parties hereto agree that the Liquidated Damages provided for in this Section 2(e) constitute a
reasonable estimate of the damages that may be incurred by Holders of Registrable Securities by
reason of the failure of the Registration Statement to be filed or declared effective or available
for effecting resale’s of Registrable Securities in accordance with the provisions hereof.

          Section 3. Registration Procedures. In connection with the registration obligations of the
Company under Section 2 hereof, the Company shall:

          (a) Prepare and file with the SEC a Registration Statement on any appropriate form under the
1933 Act available for the sale of the Registrable Securities by the Holders thereof in accordance
with the intended method or methods of distribution thereof, and use its commercially reasonable
efforts to cause such Registration Statement to become effective and remain effective as provided
herein; provided that before filing any Registration Statement or Prospectus or any amendments or
supplements thereto with the SEC, furnish to the Placement Agents and the Special Counsel of such
offering, if any, copies of all such documents proposed to be filed and use its commercially
reasonable efforts to reflect in each such document when so filed with the SEC such comments as the
Placement Agents or the Special Counsel, if any, reasonably shall propose within five (5) Business
Days of the delivery of such copies to the Placement Agents and the Special Counsel.

          (b) Prepare and file with the SEC such amendments and post-effective amendments to the
Registration Statement as may be necessary to keep such Registration Statement continuously
effective for the applicable period specified in Section 2(a); cause the related Prospectus to be
supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant to
Rule 424 (or any similar provisions then in force) under the 1933 Act; and use its commercially
reasonable efforts to comply with the provisions of the 1933 Act applicable to it with respect to
the disposition of all securities covered by such Registration Statement during the Effectiveness
Period in accordance with the intended methods of disposition by the sellers thereof set forth in
such Registration Statement as so amended or such Prospectus as so supplemented.

          (c) As promptly as practicable give notice to the Notice Holders, the Placement Agents and the
Special Counsel, (i) when any Prospectus, prospectus supplement,

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Registration Statement or post-effective amendment to a Registration Statement has been filed
with the SEC and, with respect to a Registration Statement or any post-effective amendment, when
the same has been declared effective, (ii) of any request, following the effectiveness of the
Registration Statement under the 1933 Act, by the SEC or any other federal or state governmental
authority for amendments or supplements to any Registration Statement or related Prospectus or for
additional information, (iii) of the issuance by the SEC or any other federal or state governmental
authority of any stop order suspending the effectiveness of the Registration Statement or the
initiation or threatening of any proceedings for that purpose, (iv) of the receipt by the Company
of any notification with respect to the suspension of the qualification or exemption from
qualification of any of the Registrable Securities for sale in any jurisdiction or the initiation
or threatening of any proceeding for such purpose, (v) of the occurrence of a Material Event, (vi)
of a pending proceeding against the Company under Section 8A of the 1933 Act in connection with the
offering of the Registrable Securities and (vii) of the determination by the Company that a
post-effective amendment to a Registration Statement will be filed with the SEC, which notice may,
at the discretion of the Company (or as required pursuant to Section 3(i)), state that it
constitutes a Deferral Notice, in which event the provisions of Section 3(i) shall apply.

          (d) Use its commercially reasonable efforts to obtain the withdrawal of any order suspending
the effectiveness of the Registration Statement or the lifting of any suspension of the
qualification (or exemption from qualification) of any of the Registrable Securities for sale in
any jurisdiction in which they have been qualified for sale, in either case at the earliest
possible moment, and provide immediate notice to each Notice Holder and the Placement Agents of the
withdrawal of any such order.

          (e) If reasonably requested by the Placement Agents or any Notice Holder, as promptly as
practicable incorporate in a prospectus supplement or post-effective amendment to a Registration
Statement such information as the Placement Agents and the Special Counsel, or such Notice Holder
shall on the basis of an opinion of nationally-recognized counsel experienced in such matters,
determine to be required to be included therein by applicable law and make any required filings of
such prospectus supplement or post-effective amendment.

          (f) As promptly as practicable furnish to each Notice Holder, the Special Counsel and the
Placement Agents, without charge, at least one (1) conformed copy of the Registration Statement and
any amendment thereto, including exhibits and all documents incorporated or deemed to be
incorporated therein by reference.

          (g) During the Effectiveness Period, deliver to each Notice Holder, the Special Counsel, if
any, and the Placement Agents, in connection with any sale of Registrable Securities pursuant to
the Registration Statement, without charge, as many copies of the Prospectus or Prospectuses
relating to such Registrable Securities (including each preliminary prospectus) and any amendment
or supplement thereto as such Notice Holder may reasonably request; and the Company hereby consents
(except during such periods that a Deferral Notice is outstanding and has not been revoked) to the
use of such Prospectus or each amendment or supplement thereto by each Notice Holder in connection
with any offering and sale of the Registrable Securities covered by such Prospectus or any
amendment or supplement thereto in the manner set forth therein.

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          (h) Prior to any public offering of the Registrable Securities pursuant to the Registration
Statement, use its commercially reasonable efforts to register or qualify or cooperate with the
Notice Holders and the Special Counsel in connection with the registration or qualification (or
exemption from such registration or qualification) of such Registrable Securities for offer and
sale under the securities or Blue Sky laws of such jurisdictions within the United States as any
Notice Holder reasonably requests in writing (which request may be included in the Notice and
Questionnaire); prior to any public offering of the Registrable Securities pursuant to the
Registration Statement, use its commercially reasonable efforts to keep each such registration or
qualification (or exemption therefrom) effective during the Effectiveness Period in connection with
such Notice Holder’s offer and sale of Registrable Securities pursuant to such registration or
qualification (or exemption therefrom) and do any and all other acts or things reasonably necessary
or advisable to enable the disposition in such jurisdictions of such Registrable Securities in the
manner set forth in the Registration Statement and the related Prospectus; provided that the
Company will not be required to (i) qualify as a foreign corporation or as a dealer in securities
in any jurisdiction where it would not otherwise be required to qualify but for this Agreement or
(ii) take any action that would subject it to general service of process in suits or to taxation in
any such jurisdiction where it is not then so subject.

          (i) Upon (A) the issuance by the SEC of a stop order suspending the effectiveness of the
Registration Statement or the initiation of proceedings with respect to the Registration Statement
under Section 8(d) or 8(e) of the 1933 Act, (B) the occurrence of any event or the existence of any
fact (a “Material Event”) as a result of which the Registration Statement shall contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein not misleading, or any Prospectus shall contain any untrue
statement of a material fact or omit to state any material fact required to be stated therein or
necessary to make the statements therein, in the light of the circumstances under which they were
made, not misleading, or (C) the occurrence or existence of any pending corporate development that,
in the reasonable discretion of the Company based on consultation with its United States securities
counsel, makes it appropriate to suspend the availability of the Registration Statement and the
related Prospectus for a period of time:

               (i) in the case of clause (B) above, subject to clause (ii) below, as promptly as practicable
prepare and file, if necessary pursuant to applicable law, a post-effective amendment to such
Registration Statement or a supplement to the related Prospectus or any document incorporated
therein by reference or file any other required document that would be incorporated by reference
into such Registration Statement and Prospectus so that such Registration Statement does not
contain any untrue statement of a material fact or omit to state any material fact required to be
stated therein or necessary to make the statements therein not misleading, and such Prospectus does
not contain any untrue statement of a material fact or omit to state any material fact required to
be stated therein or necessary to make the statements therein, in the light of the circumstances
under which they were made, not misleading, as thereafter delivered to the purchasers of the
Registrable Securities being sold thereunder, and, in the case of a post-effective amendment to the
Registration Statement, subject to the next sentence, use its commercially reasonable efforts to
cause it to be declared effective as promptly as is practicable, and

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               (ii) give notice to the Notice Holders, and the Special Counsel, if any, that the availability
of the Registration Statement is suspended (a “Deferral Notice”) and, upon receipt of any Deferral
Notice, each Notice Holder agrees not to sell any Registrable Securities pursuant to the
Registration Statement until such Notice Holder’s receipt of copies of the supplemented or amended
Prospectus provided for in clause (i) above, or until it is advised in writing by the Company that
the Prospectus may be used, and has received copies of any additional or supplemental filings that
are incorporated or deemed incorporated by reference in such Prospectus.

The Company will use its commercially reasonable efforts to ensure that the use of the Prospectus
may be resumed (x) in the case of clause (A) above, as promptly as is practicable, (y) in the case
of clause (B) above, as soon as, in the reasonable judgment of the Company, public disclosure of
such Material Event would not be prejudicial to or contrary to the interests of the Company or, if
necessary to avoid unreasonable burden or expense, as soon as practicable thereafter and (z) in the
case of clause (C) above, as soon as in the reasonable discretion of the Company, such suspension
is no longer appropriate. The Company shall be entitled to exercise its right under this Section
3(i) to suspend the availability of the Registration Statement or any Prospectus, without incurring
or accruing any obligation to pay Liquidated Damages pursuant to Section 2(e), no more than one (1)
time in any three month period or three (3) times in any twelve month period, and any such period
during which the availability of the Registration Statement and any Prospectus is suspended (the
“Deferral Period”) shall, without incurring any obligation to pay Liquidated Damages pursuant to
Section 2(e), not to exceed sixty (60) days in any three hundred sixty (360) day period.

          (j) If requested in writing in connection with a disposition of Registrable Securities
pursuant to the Registration Statement, make reasonably available for inspection during normal
business hours by a representative for the Notice Holders of a majority in principal amount of such
Registrable Securities, any broker-dealers, attorneys and accountants retained by such Notice
Holders, and any attorneys or other agents retained by a broker-dealer engaged by such Notice
Holders, all relevant financial and other records and pertinent corporate documents and properties
of the Company and its subsidiaries, and cause the appropriate officers, directors and employees of
the Company and its subsidiaries to make reasonably available for inspection during normal business
hours on reasonable notice all relevant information reasonably requested by such representative for
the Notice Holders, or any such broker-dealers, attorneys or accountants in connection with such
disposition, in each case as is customary for similar “Due Diligence” examinations; provided that
such persons shall first agree in writing with the Company that any information that is reasonably
and in good faith designated by the Company in writing as confidential at the time of delivery of
such information shall be kept confidential by such persons and shall be used solely for the
purposes of exercising rights under this Agreement, unless (i) disclosure of such information is
required by court or administrative order or is necessary to respond to inquiries of regulatory
authorities, (ii) disclosure of such information is required by law (including any disclosure
requirements pursuant to federal securities laws in connection with the filing of the Registration
Statement or the use of any prospectus referred to in this Agreement) or (iii) such information
becomes generally available to the public other than as a result of a disclosure or failure to
safeguard by any such person, and provided further that the foregoing inspection and information
gathering

11

 

shall, to the greatest extent possible, be coordinated on behalf of all the Notice Holders and
the other parties entitled thereto by Special Counsel.

          (k) Comply with all applicable rules and regulations of the SEC and make generally available
to its security holders earning statements (which need not be audited) satisfying the provisions of
Section 11(a) of the 1933 Act and Rule 158 thereunder (or any similar rule promulgated under the
1933 Act) for a 12-month period commencing on the first day of the first fiscal quarter of the
Company commencing after the effective date of the Registration Statement, which statements shall
be made available no later than forty-five (45) days after the end of the twelve-month period or
seventy-five (75) days if the twelve month period coincides with a fiscal year of the Company.

          (l) Cooperate with each Notice Holder to facilitate the timely preparation and delivery of
certificates representing Registrable Securities sold or to be sold pursuant to a Registration
Statement, which certificates shall not bear any restrictive legends, and cause such Registrable
Securities to be in such denominations as are permitted by the Statement of Designations and
registered in such names as such Notice Holder may request in writing at least one (1) Business Day
prior to any sale of such Registrable Securities.

          (m) Provide a CUSIP number for all Registrable Securities covered by the Registration
Statement not later than the effective date of such Registration Statement and provide the Transfer
Agent and the transfer agent for the Common Stock with printed certificates for the Registrable
Securities that are in a form eligible for deposit with The Depository Trust Company.

          (n) Upon (i) the filing of the Registration Statement and (ii) the effectiveness of the
Registration Statement, announce the same, in each case by release to Reuters Economic Services or
Bloomberg Business News or other reasonable means of distribution.

          (o) Make such representations and warranties to the Holders of Registrable Securities and the
underwriters in form, substance and scope as are customarily made by issuers to underwriters in
primary underwritten offerings and covering matters, including, but not limited to, those set forth
in the Subscription Agreement.

          (p) Obtain opinions of counsel to the Company and its subsidiaries and updates thereof (which
counsel and opinions (in form, scope and substance) shall be reasonably satisfactory to the
managing underwriters, if any) addressed to each selling Holder and the underwriters, if any,
covering such matters as are customarily covered in opinions requested in underwritten offerings
and such other matters as may be reasonably requested by such Holders and underwriters.

          (q) Obtain “comfort” letters and updates thereof from the independent certified public
accountants of the Company (and, if necessary, any other independent certified public accountants
of any subsidiary of the Company or of any business acquired by the Company for which financial
statements and financial data are, or are required to be, included in the Registration Statement),
addressed to each selling Holder of Registrable Securities registered under the Registration
Statement and the underwriters, if any, in customary form and covering

12

 

matters of the type customarily covered in “comfort” letters in connection with primary
underwritten offerings.

          (r) Deliver such documents and certificates as may be reasonably requested by the Holders or
the managing underwriters, if any, including those to evidence compliance with Section 3(l) hereof
and with any customary conditions contained in the underwriting agreement or other agreement
entered into by the Company.

          (s) Use its reasonable commercial efforts to quote the Underlying Common Stock on the NASDAQ
National Market.

          (t) File electronically on EDGAR the Registration Statement and any amendments or supplements
thereto.

Notwithstanding the foregoing, the actions set forth in Sections 3(o), (p), (q) and (r) shall only
be performed in connection with an underwritten offering and only if requested by the underwriters
thereof.

          Section 4. Holder’s Obligations. Each Holder agrees, by acquisition of the Registrable
Securities, that no Holder shall be entitled to sell any of such Registrable Securities pursuant to
the Registration Statement or to receive a Prospectus relating thereto, or to receive Liquidated
Damages, if any, of the type described in clauses (iii) or (iv) of the second paragraph of Section
2(e) in respect of the Registrable Securities unless such Holder has furnished the Company with a
Notice and Questionnaire as required pursuant to Section 2(d) hereof (including the information
required to be included in such Notice and Questionnaire and under Item 507 of Regulation S-K under
the 1993 Act). Each Notice Holder agrees promptly to furnish to the Company all information
required to be disclosed under Item 507 of Regulation S-K under the 1933 Act and any other material
information regarding such Notice Holder and the distribution of such Registrable Securities as the
Company may from time to time reasonably request. Any sale of any Registrable Securities by any
Holder shall constitute a representation and warranty by such Holder that the information relating
to such Holder and its plan of distribution is as set forth in the Prospectus delivered by such
Holder in connection with such disposition, that such Prospectus does not as of the time of such
sale contain any untrue statement of a material fact provided by such Holder and that such
Prospectus does not as of the time of such sale omit to state any material fact relating to or
provided by such Holder necessary to make the statements in such Prospectus, in the light of the
circumstances under which they were made, not misleading.

          Section 5. Registration Expenses. The Company shall bear all fees and expenses incurred
directly or indirectly in connection with the performance by the Company of its obligations under
this Agreement (the “Registration Expenses”) whether or not the Registration Statement is declared
effective. Such fees and expenses shall include, without limitation, (i) all registration and
filing fees (including, without limitation, fees and expenses) with the SEC and otherwise relating
to compliance with federal and state securities or Blue Sky laws (including, without limitation,
reasonable fees and disbursements of the Special Counsel in connection with Blue Sky qualifications
of the Registrable Securities under the laws of such jurisdictions as Notice Holders of a majority
of the Registrable Securities being sold pursuant to the Registration Statement may designate),
(ii) printing expenses (including, without limitation,

13

 

expenses of printing any Registration Statement, Prospectus and any supplement or amendment
thereto and certificates for Registrable Securities in a form eligible for deposit with The
Depository Trust Company), (iii) duplication expenses relating to copies of any Registration
Statement or Prospectus or any supplement or amendment thereto delivered to any Holders hereunder,
(iv) fees and disbursements of counsel for the Company and the Special Counsel in connection with
the Registration Statement (provided that the Company shall not be liable for the fees and expenses
of more than one separate firm for all Holders participating in any transaction hereunder), (v)
reasonable fees and disbursements of the Transfer Agent and of the registrar and transfer agent for
the Common Stock, (vi) 1933 Act liability insurance obtained by the Company in its sole discretion
and (vii) fees and disbursements of all independent certified public accountants (including the
expenses of any annual audit and “cold comfort” letters required by or incident to such
performance). In addition, the Company shall pay the internal expenses of the Company (including,
without limitation, all salaries and expenses of officers and employees performing legal or
accounting duties), the expense of any annual audit, the fees and expenses incurred in connection
with the listing by the Company of the Registrable Securities on any securities exchange on which
similar securities of the Company are then listed and the fees and expenses of any person,
including special experts, retained by the Company.

          Section 6. Indemnification.

          (a) Indemnification by the Company. The Company agrees to indemnify and hold harmless each
Holder of Registrable Securities or transferee of such Holder covered by the Registration
Statement, the directors, officers, employees, Affiliates and agents of each such Holder or
transferee of such Holder and each person who controls any such Holder, transferee of such Holder
within the meaning of either the 1933 Act or the 1934 Act against any and all losses, claims,
damages or liabilities, joint or several, to which they or any of them may become subject under the
1933 Act, the 1934 Act or other federal or state statutory law or regulation, at common law or
otherwise, insofar as such losses, claims, damages or liabilities (or actions in respect thereof)
arise out of or are based upon any untrue statement or alleged untrue statement of a material fact
contained in the Registration Statement or in any amendment thereof, in each case at the time such
became effective under the 1933 Act, or in any preliminary Prospectus or the Prospectus, or in any
amendment thereof or supplement thereto, or arise out of or are based upon the omission or alleged
omission to state therein a material fact required to be stated therein or necessary to make the
statements therein (in the case of any preliminary Prospectus or the Prospectus, in the light of
the circumstances under which they were made) not misleading, and agrees to reimburse each such
indemnified party, as incurred, for any legal or other expenses reasonably incurred by it in
connection with investigating or defending any such loss, claim, damage, liability or action;
provided, however, that the Company will not be liable in any such case to the extent that any such
loss, claim, damage or liability arises out of or is based upon any such untrue statement or
alleged untrue statement or omission or alleged omission made therein in reliance upon and in
conformity with written information furnished to the Company by or on behalf of the party claiming
indemnification specifically for inclusion therein (in the case of any Holder of Registrable
Securities, such written information shall be limited to the information relating to such Holder
and the number of securities of such Holder provided by such Holder for use in the Registration
Statement and Prospectus). This indemnity agreement shall be in addition to any liability that the
Company may otherwise have.

14

 

          The Company also agrees to indemnify as provided in this Section 6(a) or contribute as
provided in Section 6(d) hereof to Losses of each underwriter, if any, of Registrable Securities
registered under the Registration Statement, its directors, officers, employees, Affiliates or
agents and each person who controls such underwriter on substantially the same basis as that of the
indemnification of the selling Holders or transferees of such Holders provided in this paragraph
(a) and shall, if requested by any Holder or transferee of such Holder, enter into an underwriting
agreement reflecting such agreement.

          (b) Indemnification by Holders or transferees. Each Holder of securities covered by the
Registration Statement or transferee of such Holders (including the Placement Agents that is a
Holder, in such capacity) severally and not jointly agrees to indemnify and hold harmless the
Company, each of its directors, each of its officers who signs the Registration Statement and each
person who controls the Company within the meaning of either the 1933 Act or the 1934 Act, to the
same extent as the foregoing indemnity (in the case of any Holder of Registrable Securities, such
written information shall be limited to the information relating to such Holder and the number of
securities of such Holder provided by such Holder for use in the Registration Statement and
Prospectus) from the Company to each such Holder or transferee, but only with reference to written
information relating to such Holder or transferee furnished to the Company by or on behalf of such
Holder or transferee of such Holder specifically for inclusion in the documents referred to in the
foregoing indemnity. This indemnity agreement shall be acknowledged by each Notice Holder that is
not the Placement Agents in such Notice Holder’s Notice and Questionnaire and shall be in addition
to any liability that any such Notice Holder may otherwise have. Any indemnity or contribution by
a Holder of Registrable Securities shall be limited to the net proceeds received by such Holder
from the sale of Registrable Securities.

          (c) Conduct of Indemnification Proceedings. Any party that proposes to assert the right to be
indemnified under this Section 6 will, promptly after receipt of notice of commencement of any
action, suit or proceeding against such party in respect of which a claim is to be made against an
indemnifying party or parties under this Section 6, notify each such indemnifying party of the
commencement of such action, suit or proceeding, enclosing a copy of all papers served. No
indemnification provided for in Section 6(a) or 6(b) shall be available to any party who shall fail
to give notice as provided in this Section 6(c) if the party to whom notice was not given was
unaware of the proceeding to which such notice would have related but the omission to so notify
such indemnifying party of any such action, suit or proceeding shall only relieve it from liability
to the extent that it was prejudiced by the failure to give such notice and shall not relieve it
from any liability that it may have to any indemnified party for contribution or otherwise than
under this Section 6. In case any such action, suit or proceeding shall be brought against any
indemnified party and it shall notify the indemnifying party of the commencement thereof, the
indemnifying party shall be entitled to participate in, and, to the extent that it shall wish,
jointly with any other indemnifying party similarly notified, to assume the defense thereof, with
counsel reasonably satisfactory to such indemnified party, and after notice from the indemnifying
party to such indemnified party of its election so to assume the defense thereof and the approval
by the indemnified party of such counsel, the indemnifying party shall not be liable to such
indemnified party for any legal or other expenses, except as provided below and except for the
reasonable costs of investigation subsequently incurred by such indemnified party in connection
with the defense thereof. The indemnified party shall have the right to employ separate counsel in
any such action, but the fees and expenses of such counsel shall be at the

15

 

expense of such indemnified party unless (i) the employment of counsel by such indemnified
party has been authorized in writing by the indemnifying parties, (ii) the indemnified party shall
have been advised by counsel that there may be one or more legal defenses available to it which are
different from or in addition to those available to the indemnifying party (in which case the
indemnifying parties shall not have the right to direct the defense of such action on behalf of the
indemnified party) or (iii) the indemnifying parties shall not have employed counsel to assume the
defense of such action within a reasonable time after notice of the commencement thereof, in each
of which cases the fees and expenses of one separate counsel shall be at the expense of the
indemnifying parties. An indemnifying party shall not be liable for any settlement of any action,
suit and proceeding or claim effected without its written consent, which consent shall not be
unreasonably withheld or delayed.

          (d) Contribution. In the event that the indemnity provided in paragraph (a) or (b) of this
Section 6 is unavailable to or insufficient to hold harmless an indemnified party for any reason,
then each applicable indemnifying party shall have a joint and several obligation to contribute to
the aggregate losses, claims, damages and liabilities (including legal or other expenses reasonably
incurred in connection with investigating or defending loss, claim, liability, damage or action)
(collectively “Losses”) to which such indemnified party may be subject in such proportion as is
appropriate to reflect the relative benefits received by such indemnifying party, on the one hand,
and such indemnified party, on the other hand, provided, however, that in no case shall any
underwriter be responsible for any amount in excess of the underwriting discount or commission
applicable to the securities purchased by such underwriter under the Registration Statement which
resulted in such Losses. If the allocation provided by the immediately preceding sentence is
unavailable for any reason, the indemnifying party and the indemnified party shall contribute in
such proportion as is appropriate to reflect not only such relative benefits but also the relative
fault of such indemnifying party, on the one hand, and such indemnified party, on the other hand,
in connection with the statements or omissions which resulted in such Losses as well as any other
relevant equitable considerations. Benefits received by the Company shall be deemed to be equal to
the total net proceeds from the initial placement and sale of (before deducting expenses) as set
forth in the Memorandum. Benefits received by any underwriter shall be deemed to be equal to the
total underwriting discounts and commissions, as set forth on the cover page of the Prospectus
forming a part of the Registration Statement which resulted in such Losses. Relative fault shall
be determined by reference to, among other things, whether any untrue or any alleged untrue
statement of a material fact or omission or alleged omission to state a material fact relates to
information provided by the indemnifying party, on the one hand, or by the indemnified party, on
the other hand, the intent of the parties and their relative knowledge, access to information and
opportunity to correct or prevent such untrue statement or omission. The parties agree that it
would not be just and equitable if contribution were determined by pro rata allocation (even if the
Holders were treated as one entity for such purpose) or any other method of allocation which does
not take account of the equitable considerations referred to above. Notwithstanding the provisions
of this paragraph (d), no person guilty of fraudulent misrepresentation (within the meaning of
Section 11(f) of the 1933 Act) shall be entitled to contribution from any person who was not guilty
of such fraudulent misrepresentation. For purposes of this Section 6, each person who controls a
Holder within the meaning of either the 1933 Act or the 1934 Act and each director, officer,
employee and agent of such Holder shall have the same rights to contribution as such Holder, and
each person who controls the Company within the meaning of either the 1933 Act or

16

 

the 1934 Act, each officer of the Company who shall have signed the Registration Statement and
each director of the Company shall have the same rights to contribution as the Company, subject in
each case to the applicable terms and conditions of this paragraph (d).

          (e) Continuing Effect. The provisions of this Section 6 shall remain in full force and
effect, regardless of any investigation made by or on behalf of any Holder or the Company or any of
the indemnified persons referred to in this Section 6, and shall survive the sale by a Holder of
Registrable Securities covered by the Registration Statement.

          Section 7. Information Requirements. The Company covenants that, if at any time before the
end of the Effectiveness Period the Company is not subject to the reporting requirements of the
1934 Act, it will cooperate with any Holder and take such further reasonable action as any Holder
may reasonably request in writing (including, without limitation, making such reasonable
representations as any such Holder may reasonably request), all to the extent required from time to
time to enable such Holder to sell Registrable Securities without registration under the 1933 Act
within the limitation of the exemptions provided by Rule 144 and Rule 144A under the 1933 Act and
customarily taken in connection with sales pursuant to such exemptions. Upon the written request
of any Holder, the Company shall deliver to such Holder a written statement as to whether it has
complied with such filing requirements, unless such a statement has been included in the Company’s
most recent report filed pursuant to Section 13 or Section 15(d) of 1934 Act. Notwithstanding the
foregoing, nothing in this Section 7 shall be deemed to require the Company to register any of its
securities (other than the Registrable Securities) under any section of the 1934 Act.

          Section 8. Underwritten Registrations

          (a) The Registrable Securities may be sold in an underwritten offering only with the consent
of the Company, and, in such event, the managing underwriters shall be one or more of the
underwriters for the Company’s initial public offering selected by the Company.

          (b) No person may participate in any underwritten offering pursuant to the Registration
Statement unless such person (i) agrees to sell such person’s Registrable Securities on the basis
reasonably provided in any underwriting arrangements approved by the persons entitled hereunder to
approve such arrangements; and (ii) completes and executes all questionnaires, powers of attorney,
indemnities, underwriting agreements and other documents reasonably required under the terms of
such underwriting arrangements.

          Section 9. Miscellaneous.

          (a) No Conflicting Agreements. The Company is not, as of the date hereof, a party to, nor
shall it, on or after the date of this Agreement, enter into, any agreement with respect to its
securities that conflicts with the rights granted to the Holders in this Agreement. The Company
represents and warrants that the rights granted to the Holders hereunder do not in any way conflict
with the rights granted to the holders of the Company’s securities under any other agreements.

          (b) Amendments and Waivers. The provisions of this Agreement, including the provisions of
this sentence, may not be amended, modified or supplemented, and waivers or

17

 

consents to departures from the provisions hereof may not be given, unless the Company has
obtained the written consent of Holders of a majority of the then outstanding Underlying Common
Stock constituting Registrable Securities (with Holders of Preferred Stock deemed to be the
Holders, for purposes of this Section, of the number of outstanding shares of Underlying Common
Stock into which such Preferred Stock is or would be convertible as of the date on which such
consent is requested). Notwithstanding the foregoing, a waiver or consent to depart from the
provisions hereof with respect to a matter that relates exclusively to the rights of Holders whose
securities are being sold pursuant to a Registration Statement and that does not directly or
indirectly affect the rights of other Holders may be given by Holders of at least a majority of the
Registrable Securities being sold by such Holders pursuant to such Registration Statement;
provided, that the provisions of this sentence may not be amended, modified, or supplemented except
in accordance with the provisions of the immediately preceding sentence. Each Holder of
Registrable Securities outstanding at the time of any such amendment, modification, supplement,
waiver or consent or thereafter shall be bound by any such amendment, modification, supplement,
waiver or consent effected pursuant to this Section 9(b), whether or not any notice, writing or
marking indicating such amendment, modification, supplement, waiver or consent appears on the
Registrable Securities or is delivered to such Holder.

          (c) Notices. All notices and other communications provided for or permitted hereunder shall
be made in writing by hand delivery, by telecopier, by courier guaranteeing overnight delivery or
by first-class mail, return receipt requested, and shall be deemed given (i) when made, if made by
hand delivery, (ii) upon confirmation, if made by telecopier, (iii) one (1) Business Day after
being deposited with such courier, if made by overnight courier or (iv) on the date indicated on
the notice of receipt, if made by first-class mail, to the parties as follows:

               (i) if to the Company, at its address set forth in the Subscription Agreement; and

               (ii) if to the Placement Agents, at the address set forth in the Subscription Agreement.

          (d) Successors and Assigns. Any person who purchases any Registrable Securities from the
Placement Agents shall be deemed, for purposes of this Agreement, to be an assignee of the
Placement Agents. This Agreement shall inure to the benefit of and be binding upon the successors
and assigns of each of the parties and shall inure to the benefit of and be binding upon each
Holder of any Registrable Securities.

          (e) Counterparts. This Agreement may be executed in any number of counterparts and by the
parties hereto in separate counterparts, each of which when so executed shall be deemed to be
original and all of which taken together shall constitute one and the same agreement.

          (f) Headings. The headings in this Agreement are for convenience of reference only and shall
not limit or otherwise affect the meaning hereof.

18

 

          (g) Governing Law. This Agreement shall be governed by and construed in accordance with the
laws of the State of New York.

          (h) Severability. If any term, provision, covenant or restriction of this Agreement is held
to be invalid, illegal, void or unenforceable, the remainder of the terms, provisions, covenants
and restrictions set forth herein shall remain in full force and effect and shall in no way be
affected, impaired or invalidated thereby, and the parties hereto shall use their commercially
reasonable efforts to find and employ an alternative means to achieve the same or substantially the
same result as that contemplated by such term, provision, covenant or restriction, it being
intended that all of the rights and privileges of the parties shall be enforceable to the fullest
extent permitted by law.

          (i) Entire Agreement. This Agreement is intended by the parties as a final expression of
their agreement and is intended to be a complete and exclusive statement of the agreement and
understanding of the parties hereto in respect of the subject matter contained herein and the
registration rights granted by the Company with respect to the Registrable Securities. Except as
provided in the Subscription Agreement, there are no restrictions, promises, warranties or
undertakings, other than those set forth or referred to herein, with respect to the registration
rights granted by the Company with respect to the Registrable Securities. This Agreement
supersedes all prior agreements and undertakings among the parties with respect to such
registration rights. No party hereto shall have any rights, duties or obligations other than those
specifically set forth in this Agreement. In no event will such methods of distribution take the
form of an underwritten offering of the Registrable Securities without the prior agreement of the
Company.

          (j) Termination. This Agreement and the obligations of the parties hereunder shall terminate
upon the end of the Effectiveness Period, except for any liabilities or obligations under Section
4, 5 or 6 hereof and the obligations to make payments of and provide for Liquidated Damages under
Section 2(e) hereof to the extent such damages cumulate prior to the end of the Effectiveness
Period, each of which shall remain in effect in accordance with its terms.

          (k) Submission to Jurisdiction. Each of the parties hereto irrevocably (i) agrees that any
legal suit, action or proceeding arising out of or based upon this Agreement or the transactions
contemplated hereby may be instituted in any state or federal court located in the Borough of
Manhattan, The City of New York, New York (each a “New York Court”), (ii) waives, to the fullest
extent it may effectively do so, any objection which it may now or hereafter have to the laying of
venue of any such proceeding and (iii) submits to the non-exclusive jurisdiction of such courts in
any such suit, action or proceeding. The Company has appointed Seward & Kissell LLP, New York, New
York, as its authorized agent (the “Authorized Agent”) upon whom process may be served in any such
action arising out of or based on this Agreement or the transactions contemplated hereby which may
be instituted in any New York Court by the Placement Agents or by any person who controls the
Placement Agents, expressly consents to the jurisdiction of any such court in respect of any such
action, and waives any other requirements of or objections to personal jurisdiction with respect
thereto. Such appointment shall be irrevocable. The Company represents and warrants that the
Authorized Agent has agreed to act as such agent for service of process and agrees to take any and
all action, including

19

 

the filing of any and all documents and instruments, that may be necessary to continue such
appointment in full force and effect as aforesaid. Service of process upon the Authorized Agent
and written notice of such service to the Company shall be deemed, in every respect, effective
service of process upon the Company.

20

 

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

	 	 	 	 	 	 	 
	 	 	QUINTANA MARITIME LIMITED	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	/s/ Stamatis Molaris 	 	 
	 

	 	 	 	 

Name:  Stamatis Molaris
	 	 
	 

	 	 	 	Title:  Chief Executive Officer and President	 	 

21

 

	 	 	 	 	 
	Confirmed and accepted as of
the date first above written:	 	 
	 
	 	 	 	 
	DAHLMAN ROSE & CO., LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ Ernest Dahlman 	 	 
	 

	 	 

Name: Ernest Dahlman
	 	 
	 

	 	Title: President	 	 
	 
	 	 	 	 
	FORTIS SECURITIES, LLC	 	 
	 
	 	 	 	 
	By:
	 	/s/ John Riggs 	 	 
	 

	 	 

Name: John Riggs
	 	 
	 

	 	Title: Treasurer	 	 
	 
	 	 	 	 
	By:
	 	/s/ Douglas Kleinberg 	 	 
	 

	 	 

Name: Douglas Kleinberg
	 	 
	 

	 	Title: Executive Director	 	 

22exv10w5

 

    Exhibit
    10.5

 

    MEMORANDUM
    OF AGREEMENT

 

    Dated: 3 May 2006

 

    Aglow Shipping Corporation of 80 Broad Street Monrovia, Liberia
    hereinafter called the Sellers, have agreed to sell, and
    Quintana Maritime Limited (“QML”) of Trust Company
    Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall
    Islands MH96960 or a company to be nominated by QML pursuant to
    clause 24 hereof

 

    hereinafter called the Buyers, have agreed to buy

 

    Name: BULK ONE

 

    Classification Society/Class: Det Norske Veritas

 

	 	 	 	 	 	 	 
	
    Built: 2004
    
	
 
	
    By:
    
	
 
	
 
	
    Tsuneishi Shipbuilding Co., Ltd. of 1083 Tsuneishi,
    Numakuma-cho, Numakuma-gun, Hiroshima Prefecture, 

    Japan (the “Builder”
	
    )

	
    Flag: Marshall Islands
    
	
 
	
 
	
 
	
 
	
    Place of Registration: Majuro, Marshall Islands
	
 

	

    Call Sign: V7FX8
    

	
 
	
 
	
 
	
 
	
    Grt/Nrt: 39,974/25,940
	
 

 

 

    Register Number: 2041

 

    hereinafter called the Vessel, on the following terms and
    conditions:

 

    Definitions

 

    “Banking days” are days on which banks are open both
    in the country of the currency stipulated for the Purchase Price
    in Clause 1, and in the place of
    closing stipulated in Clause 8 where a payment is
    to be made under this Agreement.

 

    “In writing” or “written” means a letter
    handed over from the Sellers to the Buyers or vice versa, a
    registered letter, telex, telefax or other modern form of
    written communication.

 

     “Classification Society” or “Class” means
    the Society referred to in line 4.

 

    “Charter” means the time charter dated
    21 November 2005, made between the Charterer and Metrostar,
    as agent for, inter alios, the Sellers, as the same has been
    amended from time to time until the date of this Agreement,
    pursuant to which time charter the Sellers have agreed, inter
    alia, to let the Vessel and the Charterer has agreed to take on
    charter the Vessel on a time charter basis until
    31 December 2010, a copy of which is attached hereto as
    Appendix “A ”.

 

    “Charterer” means Bunge S.A. of Geneva, Switzerland
    and includes its successors in title.

 

    “First Possible Delivery Date” means 1 September
    2006.

 

    “Metrostar” means Metrostar Management Corp. of 80
    Broad Street, Monrovia, Liberia.

 

    “United States Dollars” and “US$” means the
    lawful currency of the United States of America at any relevant
    time.

 

		
	
    1.  
	
    Purchase
    Price

 

    US$39,600,000

 

		
	
    2.  
	
    Deposit

 

    As security for the correct fulfillment of this Agreement the
    Buyers shall pay a deposit of 10% (ten per cent) of the Purchase
    Price within on the later of (i) the date
    falling three banking days from the date of
    this Agreement is signed by the parties hereto and
    (ii) 15 May 2006. This deposit shall be placed with a

 

    first class bank nominated by the Sellers and accepted by the
    Buyers (provided always such bank is incorporated in the US,
    England or Greece and the branch thereof where the deposit will
    be held is in any of these countries) and held by them in an
    interest bearing joint bank account for the Sellers and the
    Buyers, to be released in accordance with joint written
    instructions of the Sellers and the Buyers. Accrued interest
    if any, to be credited to the Buyers. Any fee
    charged by the bank nominated by the Sellers pursuant to line 20
    above for holding the said deposit shall be borne equally by the
    Sellers and the Buyers.

 

		
	
    3.  
	
    Payment

 

    The remaining 90% of the said Purchase Price shall be paid in
    full free of bank charges three (3) days prior to the
    estimated delivery date in the name of the Buyers or their
    financiers to a first class bank nominated by the Sellers and
    accepted by the Buyers (provided always such bank is
    incorporated in the US, England or Greece and the branch thereof
    where the deposit will be held is in any of these countries).
    The Purchase Price will be released by the Buyers or their
    financiers on delivery of the Vessel and upon signing of the
    Protocol of Delivery and Acceptance in relation thereto, but not
    later that 3 Banking days after the Vessel is in every respect
    physically ready for delivery in accordance with the terms and
    conditions of this Agreement and Notice of Readiness has been
    given in accordance with Clause 5.

 

		
	
    4.  
	
    Inspections

 

    a)* The Buyers have inspected and accepted the
    Vessel’s classifications records. [Bulk Three and Four] The
    Buyers have inspected the Vessel at/in [Richards Bay][Gdansk] on
    [27] [26] April 2006 and have accepted the Vessel following this
    inspection and the sale is outright and definite subject only to
    the terms and conditions of this Agreement.

 

    b)* The Buyers shall have the right to inspect the
    Vessel’s classification records and declare whether same
    are accepted or not within 2 running days after performing
    such an inspection. The Sellers shall provide for inspection of
    the Vessel at/in a safe berth of an easily
    accessible port or at a safe and easily accessible anchorage, to
    be nominated by the Sellers, such inspection to take place as
    soon as practically possible.

 

    The Buyers shall undertake the said inspection without undue
    delay to the Vessel. Should the Buyers cause undue delay they
    shall compensate the Sellers for the losses thereby incurred.
    The Buyers shall inspect the Vessel without opening up and
    without cost to the Sellers. During the inspection, the
    Vessel’s deck and engine log books shall be made available
    for examination by the Buyers. If the Vessel is accepted after
    such inspection, the sale shall become outright and definite,
    subject only to the terms and conditions of this Agreement,
    provided the Sellers receive written notice of acceptance form
    the Buyers within 72 hours 2 running days
    after completion of such inspection. Should notice of acceptance
    of the Vessel’s classification records and of the Vessel
    not be received by the Sellers as aforesaid, the deposit
    together with interest earned shall be released immediately to
    the Buyers, whereafter this Agreement shall be null and void.

 

    4a) and 4b) are alternatives: delete whichever is not
    applicable. In the absence of deletions, alternative 4a) to
    apply

 

		
	
    5.  
	
    Notices,
    time and place of delivery

 

    a) The Sellers shall keep the Buyers well informed of the
    Vessel’s itinerary and shall provide the Buyers with 30,
    15, 3 and 1 days notice of the estimated time of arrival at
    the intended place of drydocking/underwater
    inspection/delivery. When the Vessel is at the place of delivery
    and in every respect physically ready for delivery in accordance
    with this Agreement, the Sellers shall give the Buyers a written
    Notice of Readiness for delivery.

 

    b) The Vessel shall be delivered and taken over safely
    afloat at a safe and accessible port, berth or
    anchorageat/in anywhere world-wide. in the
    Sellers’ option, but always (1) within Institute
    Warranty Trading Limited, (ii) outside of war zones,
    (iii) outside the territorial waters of a country which has
    been

 

 

    * Notes, if any, in the surveyor’s report which are
    accepted by the Classification Society without
    condition/recommendation are not to taken into account.

 

    blacklisted by any other nation or organisation (national or
    international) and (v) excluding USA ports due to
    immigration requirements. Expected time of delivery: between
    1 September 2006 and 31 October 2006

 

    Date of canceling (see Clauses 5c) 6b) (iii) and 14):
    31 October 2006 provided always that if the Charterer has
    ordered the Vessel to undertake a voyage the duration of which
    exceeds the said cancelling date, then the said cancelling date
    shall be extended until the next day the Vessel can be delivered
    to the Buyers and provided further however that the cancelling
    date under this Agreement shall never be extended for this
    reason by more than 10 running days.

 

    c) If the Sellers anticipated that, notwithstanding the
    exercise of due diligence by them, the Vessel will not be ready
    for delivery by the extended cancelling date (i.e. plus the said
    up to ten (10) running days) they may notify the Buyers in
    writing stating the date when they anticipate that the Vessel
    will be ready for delivery and propose a new cancelling date.
    Upon receipt of such notification the Buyers shall have the
    option of either cancelling this Agreement in accordance with
    Clause 14 within 7 running days of receipt of the notice or
    of accepting the new date as the new cancelling date. If the
    Buyers have not declared their option within 7 running days of
    receipt of the Sellers’ notification of if the Buyers
    accept the new date, the date proposed in the Sellers’
    notification shall be deemed to be the new cancelling date and
    shall be substituted for the cancelling date stipulated in line
    61.

 

    If this Agreement is maintained with the new cancelling date all
    other terms and conditions hereof including those contained in
    Clauses 5 a) and 5 c) shall remain unaltered and
    in full force and effect. Cancellation or failure to cancel
    shall be entirely without prejudice to any claim for damages the
    Buyers may have under Clause 14 for the Vessel not being
    ready by the original canceling date.

 

    d) Should the Vessel become an actual, constructive or
    compromised total loss before delivery the deposit together with
    interest earned shall be released immediately to the Buyers
    whereafter this Agreement shall be null and void.

 

		
	
    6.  
	
    Drydocking/Divers
    Inspection

 

    a)** The Sellers shall place the Vessel in drydock
    at the port of delivery for inspection by the Classification
    Society of the Vessel’s underwater parts below the deepest
    load line, the extent of the inspection being in accordance with
    the Classification Society’s rules. If the rudder,
    propeller, bottom or other underwater parts below the deepest
    load line are found broken, damaged or defective so as to affect
    the Vessel’s class, such defect shall be made good at the
    Seller’s expense to the satisfaction of the Classification
    Society without condition/recommendation

 

    b)** See Clause 25(i) The Vessel is to be
    delivered without drydocking. However, the Buyers shall have the
    right at their expense to arrange for an underwater inspection
    by a diver approved by the Classification Society prior to the
    delivery of the Vessel. The Sellers shall at their cost make the
    Vessel available for such inspection. The extent of the
    inspection and the conditions under which it is performed shall
    be to the satisfaction of the Classification Society. If the
    conditions at the port of delivery are unsuitable for such
    inspection, the Sellers shall make the Vessel available at a
    suitable place near to the delivery port

 

    (ii) if the rudder, propeller, bottom or other
    underwater parts below the deepest load line are found broken,
    damaged or defective so as affect the Vessel’s class, then
    unless, repairs can be carried out afloat to the satisfaction of
    the Classification Society, the Sellers shall arrange for the
    Vessel to be drydocked at their expenses for inspection by the
    Classification Society of the Vessel to be underwater parts
    below the deepest load line, the extent of the inspection being
    in accordance with the Classification Society’s rules. If
    the rudder, propeller, bottom or other underwater parts below
    the deepest load line are found broken, damaged or defective so
    as to affect the Vessel’s class, such defects shall be made
    good by the Sellers at their expenses to the satisfaction of the
    Classification Society without condition/recommendation*. In
    such event the Sellers are to pay for the cost of the underwater
    inspection and the Classification Society’s
    attendance

 

 

    ** 6a) and 6 b) are alternatives; delete whichever is
    not applicable. In the absence of deletions alternative 6
    a) to apply.

 

    (iii) if the Vessel is to be drydocked pursuant to
    Clause 6 b) (ii) and no suitable
    dry-docking-facilities are-available at the port of delivery,
    the Sellers shall take the Vessel to a port where suitable
    drydocking facilities are available, whether within or outside
    the delivery range as per Clause 5 b). Once drydocking
    has taken place the Sellers shall deliver the Vessel at a port
    within the delivery range as per
    Clause 5 b) which shall, for the purpose of this
    Clause, become the new port of delivery. In such event the
    cancelling date provided for in Clause 5 b) shall be
    extended by the additional time required for the drydocking and
    extra steaming, but limited to a maximum of 14 running
    days

 

    c) If the Vessel is drydocked pursuant to Clause 25
    hereof

 

    (i) the Classification Society may require survey of the
    tailshaft system, the extent of the survey being to the
    satisfaction of the Classification surveyor. If such survey is
    not required by the Classification Society, the Buyers shall
    have the right to require the tailshaft to be drawn and surveyed
    by the Classification Society, the extent of the survey being in
    accordance with the Classification Society’s rules for
    tailshaft survey and consistent with the current stage of the
    Vessel’s survey cycle. The Buyers shall declare whether
    they require the tailshaft to be drawn and surveyed not later
    that by the completion of the inspection by the Classification
    Society. The drawing and refitting of the tailshaft shall be
    arranged by the Sellers. Should any parts of the tailshaft
    system be condemned or found defective so as to affect the
    Vessel’s class, those parts shall be renewed or made good
    at the Sellers’ expense to the satisfaction of the
    Classification Society without condition/recommendation*.

 

    (ii) the expense relating to the survey of the tailshaft
    system shall be borne by the Buyers unless the Classification
    Society requires such survey to be carried out, in which case
    the Sellers shall pay these expenses. The Sellers shall also pay
    the expenses if the Buyers require the survey and part so the
    system are condemned or found defective or broken so as to
    affect the Vessel’s class*.

 

    (iii) the expenses in connection with putting the Vessel in
    and taking her out of drydock, including the drydock dues and
    the Classification Society’s fees shall be paid by the
    Sellers if the Classification Society issues any
    condition/recommendation* as a result of the survey or if it
    requires survey of the tailshaft system. In all other cases the
    Buyers shall pay the aforesaid expenses, dues and fees.

 

    (iv) the Buyers’ representative shall have the right
    to be present in the drydock, but without interfering with the
    work or decisions of the Classification surveyor

 

    (v) the Buyers shall have the right to have the underwater
    parts of the Vessel cleaned and painted at their risk and
    expense without interfering with the Sellers’ or the
    Classification surveyor’s work. If any and without
    affecting the Vessel’s timely delivery. If, however, the
    Buyers’ work in drydock is still in progress when the
    Sellers have completed the work which the Sellers are required
    to do, the additional docking time needed to complete the
    Buyers’ work shall be for the Buyers’ risk and
    expense. In the event that the Buyers’ work requires such
    additional time, the Sellers may upon completion of the
    Sellers’ work tender Notice of Readiness for delivery
    whilst the Vessel is still in drydock and the Buyers shall be
    obliged to take delivery in accordance with Clause 3,
    whether the Vessel is in drydock or not and irrespective of
    Clause 5 b). If the Sellers’ works are completed
    before the Buyers’ works, if any, and if the Buyers’
    works will be completed before the expiration of the three
    (3) days’ Notice of Readiness, the Sellers will shift
    the Vessel out of drydock to a place of delivery before the
    expiration of the said three (3) days period.

 

    If the Buyers accept delivery of the Vessel in drydock, the
    Sellers shall deliver to the Buyers at the time of closing
    evidence that the Sellers have satisfied their financial
    obligations to the drydock, shipyard or other similar facility
    and subcontractors, and that such drydock, shipyard or other
    similar facility and subcontractors waive any and all rights to
    detain, arrest or attach the Vessel for any financial
    obligations of the Sellers to such drydock, shipyard or other
    similar facility and subcontractors, including but not limited
    to tugboats engaged to assist the Vessel to depart from the
    drydock or shipyard or other similar facility.

 

 

    * Notes, if any, in the surveyor’s report which are
    accepted by the Classification Society without
    condition/recommendation are not to taken into account.

 

		
	
    7.  
	
    Spares/bunkers,
    etc.

 

    The Sellers shall deliver the Vessel to the Buyers with
    everything belonging to her on board, and on shore. All spare
    parts and spare equipment including spare tail-end shaft(s)
    and/or spare
    propeller(s)/propeller blade(s), if any, belonging to the Vessel
    at the time of inspection used or unused, whether onboard or not
    shall become the Buyers’ propertybut
    including for the avoidance of doubt and without limiting the
    generality of the foregoing spares on order as well as any
    computers, printers, software programs (excluding hired
    programs), etc. required for the operation of the
    Vessel,are to be Excluded.

 

    Forwarding charges, if any, shall be for the Buyers’
    account. The Sellers are not required to replace spare parts
    including spare tail-end shaft(s) and spare
    propellers(s)/propeller blade(s) which are taken out of spare
    and used as replacement prior to delivery, but the replaced
    items shall be the property of the Buyers. The radio
    installation and navigational equipment shall be included in the
    sale without extra payment if they are the property of
    the Sellers. Unused stores and provisions shall be
    included in the sale and be taken over by the Buyers without
    extra payment. The Sellers shall also deliver to the Buyers any
    scale replica model they have of the Vessel, if in existence,
    which was presented to them by the Builder. The spare parts and
    equipment delivered to the Sellers under this Agreement shall be
    at least as per Classification Society’s minimum
    requirements.

 

    The Sellers have the right to take ashore crockery, plates,
    cutlery, linen and other articles bearing the Sellers’ flag
    or name, provided they replace same with similar unmarked items.
    Library, forms, etc. exclusively for us in the Sellers’
    vessel(s) shall be excluded without compensation. Captain’s
    Officers’ and Crew’s personal belongings including
    slop chest are to be excluded from the sale as well as the
    following additional items (including items on hire):

 

    1) UNITOR Oxygen, Acetylene and Freon bottles (empty and
    full), 2) DANAOS PMS program, 3) ARCS,
    4) VIDEOTEL library, 5) SSAS (Ship’s Security
    Alert System) software including poll position, map view and
    daily position report (contracted).

 

    The Buyers shall take over remaining The
    Sellers confirm that any bunkers and unused lubricating
    oils-whether in the system of the Vessel or in storage
    tanks
    and/or
    sealed drums which are on the Vessel at the time of the
    Buyers taking delivery of the Vessel pursuant to the terms
    thereof, shall be the property of the Charterer. Consequently no
    bunkers on the Vessel are included in this sale and, therefore,
    the Buyers when taking delivery of the Vessel shall not have to
    make any payment to the Sellers, the Charterer or any other
    person in relation thereto. Furthermore, the Sellers acknowledge
    and undertake that they shall remain responsible for any bunkers
    that the Charterer may have a claim for payment under the
    relevant Charter and pay the current net market price
    (excluding barging expenses) at the port and date of delivery of
    the Vessel.

 

    The Buyers shall take over any unused lubricating oils in
    storage tanks
    and/or
    sealed drums and to pay to the Sellers an amount equal to that
    paid by the Sellers (as evidenced by appropriate invoices) for
    such lubricant oils to the extent the same has not already been
    taken into account in calculations under Clause 21 hereof.
    Off-hire time and bunkers, including any additional port
    expenses incurred due to the change of ownership until the
    Vessel’s delivery to the Buyers to be for the Sellers’
    account; thereafter, same will be for the Buyers’ account.

 

    Payment of lubricant oils, if any, under this Clause shall be
    made at the same time and place and in the same currency as the
    Purchase Price.

 

		
	
    8.  
	
    Documentation

 

    The place of closing; London, England or Piraeus, Greece in the
    Buyer’s option

 

    In exchange for payment of the Purchase Price the Sellers shall
    furnish the Buyers with delivery documents, namely:

 

    a) Three originals of a Legal Bill of Sale in a form
    recordable in (the country in which the Buyers are to register
    the Vessel) and which the Buyers should nominate at least 10
    running days prior to the delivery of the Vessel, warranting
    that the Vessel is free from all encumbrances, mortgages and

 

    maritime liens or any other debts or claims whatsoever, duly
    notarially attested and legalized by the consul of such country
    or other competent authority.

 

    b) Current Certificate of Ownership issued by the competent
    authorities of the flag state of the Vessel.

 

    c) Confirmation of Class issued within 72
    two (2) Banking days hours prior to
    delivery-.

 

    d) Current Certificate issued by the competent authorities
    stating that the Vessel is free from registered encumbrances.

 

    e) Certificate of Deletion of the Vessel from the Vessel’s
    registry or other official evidence of deletion appropriate to
    the Vessel’s registry at the time of delivery, or, in the
    event that the registry does not as a matter of practice issue
    such documentation immediately, a written undertaking by the
    Sellers to effect deletion from the Vessel’s registry
    forthwith and furnish a Certificate or other official evidence
    of deletion to the Buyers promptly and latest within 4 (four)
    weeks after the Purchase Price has been paid and the Vessel has
    been delivered.

 

    f) Any such additional documents as may reasonably be
    required by the competent authorities for the purpose of
    registering the Vessel as well as any such additional documents
    that the Buyers shall require for the purpose of ascertaining
    (i) the proper constitution of the Sellers or the Charterer
    and (ii) that all appropriate corporate and other action
    has been taken in connection with the authorization and the
    performance by the Sellers of this Agreement, the novation of
    the Charter (as provided in clause 19 hereof together with
    any documents referred therein) and the assignment of the
    warranty of quality (as provided in clause 18 hereof
    together with any documents mentioned therein), provided the
    Buyers notify the Sellers of any such documents as soon as
    practically possible after the date of this Agreement and
    provided further that in relation to the Charterer the Sellers
    shall use their best endeavors to deliver to the Buyers similar
    documentation to the one delivered to the Buyers in relation to
    the Sellers.

 

    At the time of delivery the Buyers and Sellers shall sign and
    deliver to each other a Protocol of Delivery and Acceptance
    confirming the date and time of delivery of the Vessel from the
    Sellers to the Buyers.

 

    At the time of delivery the Sellers shall hand to the Buyers the
    classification certificate(s) as well as all plans etc.,
    relating to the Vessel and her equipment which
    are whether or not the same are on board the Vessel.
    Other certificates (such as the Vessel’s Safety Management
    Certificate or Metrostar’s document of compliance or the
    Vessel’s Continuous Synopsis Record and ISPS certificate)
    which are whether or not the same are on board
    the Vessel shall also be handed over to the
    Buyers unless the Sellers are required to retain same,
    in which case the Buyers to have the right to take in
    copies except for the Vessel’s Continuous Synopsis Record
    which original will remain on board the Vessel following
    delivery under this Agreement. Other technical documentation
    which may be in the Sellers’ possession (including the
    specifications of the Vessel as delivered to the Sellers by the
    Builder
    and/or the
    Intermediate Seller, the Vessel’s shipbuilding drawings,
    equipment manuals, sea trial records, correspondence with the
    Builder or the Classification Society concerning the Vessel or
    its equipment (including in relation to claims made or issues
    arising in connection with the warranty of quality applicable
    under the Shipbuilding Contract), shall be promptly forwarded to
    the Buyers at their expense, if they so
    request. The Vessel’s SMS,
    Non-Tank VRP,
    Ship’s Security Plans and Ship’s Security Assessment
    will be removed and no copies thereof shall be given to the
    Buyers. The Sellers may keep the Vessel’s log books but the
    Buyers to have the right, at their expense, to take copies of
    same for a period not going earlier than
    three (3) months from the date of delivery of the
    Vessel under this Agreement.

 

		
	
    9.  
	
    Encumbrances

 

    The Sellers warrant that the Vessel at the time of delivery, is
    free from all charters (save for the Charter in relation to
    which the Sellers agree to exercise best endeavours in order
    that the delivery is undertaken expeditiously, efficiently and
    with minimum costs and delays to all parties involved)
    encumbrances, mortgages and maritime liens or any other debts or
    claims whatsoever. The Sellers hereby

 

    undertake to indemnify the Buyers against all consequences of
    claims made against the Vessel which have been incurred prior to
    the time of delivery.

 

		
	
    10.  
	
    Taxes,
    etc.

 

    Any taxes, fees and expenses in connection with the purchase and
    registration under the Buyers’ flag shall be for the
    Buyers’ account, whereas similar charges in connection with
    the closing of the Sellers’ register shall be for the
    Sellers’ account.

 

		
	
    11.  
	
    Condition
    on delivery

 

    The Vessel with everything belonging to her shall be at the
    Sellers’ risk and expense until she is delivered to the
    Buyers, but subject to the terms and conditions of this
    Agreement, she shall be delivered and taken over as she was at
    the time of inspection, fair wear and tear excepted free of
    cargo and, to the extent possible, with her holds swept clean.
    However, the Vessel shall be delivered with her class maintained
    without condition/recommendation* free of average and damage
    affecting the Vessel’s class, and with her classification
    certificates and national certificates, as well as all other
    certificates the Vessel had at the time of inspection, valid and
    unextended for at least six (6) months from the date the
    Vessel is delivered to the Buyers under this Agreement without
    condition/recommendation* by Class or the relevant authorities
    and with all continuous surveys/cycles to be up to date and
    valid., in each case for at least
    six (6) months from the date the Vessel is delivered
    to the Buyers under this Agreement at the time of
    delivery.

 

    “Inspection” in this Clause 11, shall mean the
    Buyers’ inspection according to Clause 4 a) or b), if
    applicable, or the Buyers’ inspection prior to the signing
    of this Agreement. If the Vessel is taken over without
    inspection, the date of this Agreement shall be the relevant
    date.

 

		
	
    12.  
	
    Name/markings

 

    Upon delivery the Buyers undertake to change the name of the
    Vessel and alter funnel markings.

 

		
	
    13.  
	
    Buyers’
    default

 

    Should the deposit not be paid in accordance with Clause 2,
    the Sellers have the right to cancel this Agreement, and they
    shall be entitled to claim compensation for their losses and for
    all expenses incurred together with interest.

 

    Should the Purchase Price not be paid in accordance with
    Clause 3, the Sellers have the right to cancel the
    Agreement, in which case the deposit together with interest
    earned shall be released to the Sellers. If the deposit does not
    cover their loss, the Sellers shall be entitled to claim further
    compensation for their losses and for all expenses incurred
    together with interest.

 

		
	
    14.  
	
    Sellers’
    default

 

    Should the Sellers fail to give Notice of Readiness in
    accordance with Clause 5 a) or fail to be ready to validly
    complete a legal transfer by the date stipulated in line 61
    or should the Sellers be in breach of any of clauses 8 or
    18 to 21 (inclusive), the Buyers shall have the option of
    cancelling this Agreement provided always that the Sellers shall
    be granted a maximum of 3 Banking days after Notice of Readiness
    has been given to make arrangements for the documentation set
    out in Clause 8. If after Notice of Readiness has been
    given but before the Buyers have taken delivery, the Vessel
    ceases to be physically ready for delivery and is not made
    physically ready again in every respect by the date stipulated
    in line 61 and new Notice of Readiness given, the Buyers
    shall retain their option to cancel. In the event that the
    Buyers elect to cancel this Agreement the deposit together with
    interest earned shall be released to them immediately.

 

 

    * Notes, if any, in the surveyors report which are accepted
    by the Classification Society without condition/recommendation
    are not to be taken into account.

 

    Should the Sellers fail to give Notice of Readiness by the date
    stipulated in line 61 or fail to be ready to validly
    complete a legal transfer or should the Sellers be in breach of
    any of clauses 8 or 18 to 21 (inclusive) as foresaid they
    shall make due compensation to the Buyers for their loss and for
    all expenses together with interest if their failure is due to
    proven negligence and whether or not the Buyers cancel this
    Agreement.

 

		
	
    15.  
	
    Buyers’
    representatives

 

    After this Agreement has been signed by both parties and the
    deposit has been lodged, the Buyers have the right to place two
    representatives on board the Vessel at their sole risk and
    expenses upon arrival at a place to be agreed between the Buyers
    and the Sellers on or about provided however
    that the Sellers and the Buyers shall make respective
    arrangements so that the said representatives can board the
    Vessel at least two weeks, but not earlier than 3 weeks,
    before the Vessel is to be delivered to the Buyers under this
    Agreement unless the last loading port prior to delivery of the
    Vessel hereunder is at a place requiring more than
    3 weeks’ steaming time to reach such place of delivery
    in which case the Sellers shall make arrangements so that the
    Buyers’ representatives are allowed to board the Vessel at
    such port.

 

    These representatives are on board for the purpose of
    familiarization and in the capacity of observers only and they
    shall not interfere in any respect with the operation of the
    Vessel. The Buyers’ representative shall sign the
    Sellers’ letter of indemnity prior to their embarkation.

 

		
	
    16.  
	
    Arbitration

 

    a)* This Agreement shall be governed by and construed in
    accordance with English law and any dispute arising out of
    this Agreement shall be referred to arbitration in London in
    accordance with the Arbitration Acts 1996 1950 and
    1979 1996 or any statutory modification or
    re-enactment
    thereof for the time being in force, one arbitrator being
    appointed by each party. On the receipt by one party of the
    nomination in writing of the other party’s arbitrator, that
    party shall appoint their arbitrator within fourteen days,
    failing which the decision of the single arbitrator appointed
    shall apply. If two arbitrators are properly appointed they
    shall in turn appoint a third arbitrator and the three
    arbitrators will be deciding by majority and their majority
    decision will be final. In the event the two arbitrators
    appointed by the parties hereto fail to agree on the appointment
    of the third arbitrator then the President of the Lloyds
    Maritime Arbitration Association at the relevant time shall be
    asked by either party hereto to appoint the third arbitrator.
    shall not agree they shall appoint an umpire whose
    decision shall be final.

 

    b)* This Agreement shall be governed by and
    construed in accordance with Title 9 of the
    United States Code and the Law of the State of
    New York and should any dispute arise out of this
    Agreement, the matter in dispute shall be referred to three
    persons at New York, one to be appointed by each of the
    parties hereto, and the third by the two so chosen; their
    decision or that of any two of them shall be final, and for
    purpose of enforcing any award, this Agreement may be made a
    rule of the Court. The proceedings shall be conducted in
    accordance with the rules of the Society of Maritime
    Arbitrators, Inc. New York

 

    c)* Any dispute arising out of this Agreement shall
    be referred to arbitrator
    at          
    subject to the procedures applicable there The laws
    of          
    shall govern this Agreement

 

    Clauses 17 to 25, inclusive, as attached, and form an
    integral part of this Agreement.

 

 

    * 16 a), 16 b) and 16 c) are
    alternatives; delete whichever is not applicable. In the absence
    of deletions, alternative 16 a) to apply.

 

    ADDITIONAL
    CLAUSES TO THE MEMORANDUM OF AGREEMENT DATED 3 MAY 2006

    BETWEEN QUINTANA MARITIME LIMITED AND AGLOW SHIPPING
    CORPORATION

 

    Clause 17

 

    The Buyers shall have the right to assign as security any of
    their rights under this Agreement to a bank or another financial
    institution providing the Buyers with finance in relation to the
    acquisition of the Vessel.

 

    Clause 18

 

    On or prior to the delivery of the Vessel under this Agreement,
    the Sellers undertake to assign to the Buyers all their rights,
    interest and title (a) under the relevant article of the
    Shipbuilding Contract dealing with the Vessel’s so called
    warranty of quality, (b) in any claims made thereunder
    outstanding at the time of such assignment and (c) under
    any other suppliers’ or equipment manufacturers’
    warranties that are available to the Sellers.

 

    The assignment of the rights described above, shall be effected
    by (a) the Sellers executing a deed in a form acceptable to the
    Buyers (the “Deed of Assignment”) and (b) the
    Builder or such other relevant supplier or manufacturer
    countersigning a notice of assignment again in form acceptable
    to the Buyers, such notice to be duly executed, provided however
    that in the event that the Builder or any supplier or
    manufacturer does not consent to the assignment of the relevant
    warranty, the Sellers hereby further undertake to act as the
    agent of the Buyers in raising, handling and closing any claims
    that the Buyers may want to raise under the said warranty always
    following the instruction of the Buyers. The Sellers shall not
    refuse any request by the Buyers to raise a claim under the said
    warranty of quality on the understanding that the Sellers shall
    not be liable to meet a claim if there is a failure to recover
    the same from the Builder or, as the case may be, the relevant
    supplier or manufacturer, provided however, that the Sellers
    shall, on the request of the Buyers, commence legal proceedings
    against the Builder or, as the case may be, supplier or
    manufacturer in connection with any disputed or non-recoverable
    claim made under the relevant warranty.

 

    The Sellers undertake with the Buyers that following the date of
    this Agreement, they shall:

 

    (a) at Sellers’ expense, provide the Buyers with a
    true and complete certified copy of the Shipbuilding Contract
    and all other relevant documents containing a warranty the
    benefit of which lies with the Sellers, and if the Sellers are
    not parties to the Shipbuilding Contract or such relevant
    documents, also the original of the operative document pursuant
    to which the Sellers have obtained the benefit of the relevant
    warranties as well as list of any claims made thereunder;

 

    (b) not in any manner vary, waive, surrender, assign to any
    person other than the Buyers or suspend any of their rights
    under the relevant warranties; and

 

    (c) advise the Buyers of any event that falls within any of
    the warranties to be assigned to the Buyers hereunder as well as
    of any claim made under the warranty in connection with such
    event or otherwise.

 

    Finally, the Sellers agree to draft the Deed of Assignment and
    to reflect the requirements of this Clause 18 and any other
    matter reasonably required by the Buyers in relation thereto.

 

    Clause 19

 

    The Vessel is sold subject to the Charter which the Buyers have
    reviewed and accepted. The Sellers hereby undertake with the
    Buyers to (a) novate all their rights and obligations under
    the Charter insofar as the Vessel is concerned in favour of the
    Buyers on or prior the delivery of the Vessel to the Buyers and
    (b) procure that Metrostar (as agent for the Sellers), the
    Sellers and the Charterer agree to such a novation pursuant to a
    novation agreement to be entered among the Sellers, the Buyers,
    Metrostar (as agent for the Sellers) and the Charterer (the
    “Novation Agreement”).

 

    The Sellers further undertake with the Buyers that terms of the
    Novation Agreement shall be acceptable to the Buyers and that
    they shall provide therein, inter alia but without prejudice to
    the generality of the foregoing, that any hire paid by the
    Charterer to the Sellers under the Charter in advance

 

    insofar as the Vessel is concerned in relation to a period of
    trading falling after the Vessel is delivered to the Sellers
    hereunder should be paid by the Sellers to the Buyers and that
    the Sellers shall remain responsible for any cargo claims or
    claims under the Charter insofar as the Vessel is concerned
    arising prior to the delivery of the Vessel to the Buyers
    hereunder.

 

    The Sellers further hereby undertake that following the date of
    this Agreement and until delivery of the Vessel to the Buyers
    under this Agreement, they will:

 

    (a) not, without the previous written consent of the Buyers:

 

    (i) agree to any variation of the Charter; or

 

    (ii) release the Charterer from any of its obligations
    under the relevant Charter or waive any breach of the
    Charterer’s obligations thereunder or consent to any such
    act or omission of the Charterer as would otherwise constitute
    such breach; or

 

    (iii) determine the Charter for any reason whatsoever
    (including withdrawal of the Vessel under the Charter for
    non-payment of charter hire in accordance with the terms
    thereof); and

 

    (b) supply to the Buyers all information, accounts and
    records that may be necessary or of assistance to enable the
    Buyers to verify the amount of all payments of charterhire and
    any other amount payable under the Charter.

 

    The Sellers also undertake with the Buyers that:

 

    (a) they shall not, without first obtaining the Buyers
    prior written consent, reach any agreement, as contemplated by
    the terms of the Charter, with the Charterer as regards the
    daily charter hire rate to be applicable to the Vessel for a
    particular calendar year; and

 

    (b) any such agreement with the Charterer as regards the
    daily charter hire rate to be applicable to the Vessel for a
    particular calendar year, shall only be reached after the
    Sellers have received written instructions by the Buyers at what
    rate the Buyers wish the Sellers to conclude such an agreement
    with the Charterer; and

 

    (c) they shall (i) advise the Buyers as to the time
    and place of any meeting or telephone or video conference to
    take place with the Charterer as regards the daily charter hire
    rate to be applicable to the Vessel for a particular calendar
    year, (ii) provide the Charterer with any correspondence or
    other information relevant to such meeting or conference and the
    discussion to take place thereat and (ii) make arrangements
    for a representative of the Buyers to attend any such meeting or
    conference with the Charterer.

 

    Finally, the Sellers hereby represent and warrant to the Buyers
    that:

 

    (a) the Charter is free from all encumbrances;

 

    (b) the executed original of the Charter to be delivered by
    the Sellers to the Buyers under this Agreement prior to the
    Vessel being delivered to the Buyers hereunder is true and
    complete, the Charter constitutes the valid and binding
    obligations of the parties thereto enforceable in accordance
    with its terms, is in full force and effect and there have been
    no amendments or variations thereof or defaults thereunder from
    the date of this Agreement;

 

    (c) the Vessel has been delivered to and accepted by the
    Charterer for service under the Charter; and

 

    (d) there are no commissions, rebates, premiums or other
    payments in connection with the Charter other than as disclosed
    to the Buyers in writing prior to the date of this Agreement.

 

    Clause 20

 

    At the Buyers’ request, the Sellers shall provide the
    Buyers with sufficient copies of their audited annual financial
    statements (which for the avoidance of doubt shall include a
    balance sheet, a profit and loss and a cash flow statement)
    prepared in accordance with International Accounting Standards
    and being for such period as requested by the Buyers.

 

    Clause 21

 

    If the Vessel is delivered to the Buyers after the First
    Possible Delivery Date, then the Sellers will pay to the Buyers
    for each running day the Vessel is delivered after the First
    Possible Delivery Date a sum in United States Dollars which is
    equal to the net of commissions daily charter hire received by
    the Sellers under the Charter for such Vessel on each such day
    minus the daily operating expenses paid by the Sellers in
    connection with the Vessel again on each such day.

 

    The Sellers agree that it will be for the Buyers to calculate
    the sum due, if any, under this Clause 21, such calculation
    to be made immediately prior to the Vessel’s delivery
    hereunder by reference to the Seller’s latest financial
    statements, loan agreements, bank confirmations and any other
    documentation reasonably required by the Buyers which is
    relevant to the Sellers’ operating expenses. The Sellers
    hereby covenant and undertake to deliver to the Buyers in
    advance of such calculation all relevant documentation which the
    Buyers will need to make the determination.

 

    For the avoidance of doubt, it is hereby clarified that the
    Vessel’s daily operating expenses shall also include an
    amount reflecting the Vessel’s daily financing costs under
    the loan agreement to which the Sellers are a party, but in the
    event of a vessel other than the Vessel being also financed
    under such loan documentation, it is understood that the
    financing costs to be deducted for the purposes of this
    Clause 21 will be a pro rata fraction of the financing
    costs of the borrowers under the said loan documentation, such
    pro rata fraction to be determined by the Buyers and the Sellers
    in good faith.

 

    Any sum due to the Buyers under this Clause 21 shall be
    payable by the Sellers to the Buyers on delivery of the Vessel
    and will not be deemed a deduction of the Purchase Price,
    although the Buyers shall have the right to set-of the same
    against the Purchase Price if they decide to do so and in such
    case the Sellers shall agree to deliver the Vessel against
    receipt of the reduced Purchase Price.

 

    Clause 22

 

    Any and all notices and communications in connection with this
    Agreement shall be in English and addressed as follows:

 

    if to the Buyers at:

 

    Quintana Maritime Limited

    c/o Quintana Maritime LLC

    Pandoras 13 & Kyprou Street

    166 74 Glyfada

    Athens

    Greece

 

	 	 	 
	

    Fax number:
    

	
 
	
    210 89 48823
    

	

    Attn.:
    

	
 
	
    Mr. Stamatis Molaris
    

 

    if to the Sellers to:

 

    AGLOW SHIPPING CORPORATION

    c/o Metrostar Management Corp.

    35 Panepistimiou street

    105 64 Athens

    Greece

 

	 	 	 
	

    Fax number:
    

	
 
	
    210 3212 687
    

	

    Attn:
    

	
 
	
    Mr. Achilleas Stergiou
    

 

    Clause 23

 

    The existence of this Agreement as well as the terms hereof
    should remain strictly private and confidential subject to any
    disclosure requirements imposed on QML by the
    U.S. Securities and Exchange Commission (“SEC”)
    or the rules of NASDAQ and subject further to the following
    paragraph of this Clause 23.

 

    The restriction imposed by this Clause 23 shall not apply
    in relation to a party to the extent (a) such party is required
    by law to disclose this Agreement
    and/or the
    circumstances surrounding it or (b) the relevant
    information has been disclosed to the public other than by a
    person who would had been subject to the confidentiality
    obligations imposed by this Clause 23 or (c) a party
    is requested to disclose this Agreement
    and/or the
    terms thereof to its financiers, legal advisers, auditors etc.

 

    Clause 24

 

    The Sellers agree that QML is entitled to nominate one of its
    subsidiaries as the buyer of the Vessel (such subsidiary being
    called for the purposes of this Agreement, the
    “Nominee”) under this Agreement. It is further agreed
    between the Sellers and the Buyers that any such nomination is
    to be made by QML in writing at least 10 running dates before
    delivery of the Vessel and in connection therewith QML will also
    provide to the Sellers a copy of its letter nominating the
    Nominee as Buyers, which nomination shall be accepted by the
    Nominee by countersigning such letter.

 

    Finally, it is hereby agreed between the parties thereto, that
    upon such nomination taking place the Nominee shall become the
    “Buyers” for the purposes of this Agreement and shall
    have all the rights and obligations QML had by signing this
    Agreement. QML will remain responsible for all the obligations
    the Buyers have under this Agreement, notwithstanding the
    nomination of the Nominee, provided however that, to the extent
    that the Nominee duly performs and discharges (or procures the
    performance and discharge of) the duties and liabilities
    undertaken by the Buyers in this Agreement, then such
    performance and discharge of the said duties and liabilities by
    the Nominee shall be deemed to be proper and due performance and
    discharge of QML’s duties and liabilities under this
    Agreement and the Sellers’ shall not be construed by virtue
    of the terms of this Clause 24 that they have the right to
    ask QML to perform again any duty or liability that has already
    been performed by the Nominee.

 

    Clause 25

 

    The Sellers are not required to dry-dock the Vessel. Sellers
    shall give the Buyers 3 (three) days’ notice of the
    intended place where the Vessel will be available for underwater
    inspection. The Buyers shall have the right at their expense to
    arrange for an underwater inspection by a diver approved by the
    Classification Society prior to the delivery of the Vessel. In
    the event that the Buyers fail to declare their right of
    underwater inspection as herein above mentioned or
    non-attendance of their nominated divers within 24 (twenty
    four) hours after the Vessel is ready in all respects for said
    underwater inspection, the Buyers shall be deemed to have waived
    such underwater inspection and the Sellers may tender Notice of
    Readiness in accordance with the provisions of this Agreement.

 

    The Sellers shall at their cost make the Vessel available for
    such underwater inspection. The extent of the underwater
    inspection shall be in accordance with the Classification
    Society practices for sales purposes. If the conditions at the
    port of delivery are unsuitable for such underwater inspection,
    (i.e. unusual occurrence of bad weather, unusual low underwater
    visibility, etc.), to be decided by Class, the Sellers in
    cooperation with the Buyers shall make the Vessel available at a
    suitable alternative place, near to the delivery port. If the
    rudder, propeller, bottom or other underwater parts below the
    deepest load line are found broken, damaged or defective so as
    to affect the Vessel’s Classification Society, the Sellers
    are to pay for the cost of the underwater inspection and the
    Classification Society attendance, otherwise the Buyers are to
    pay for the cost of the underwater inspection and the
    Classification Society attendance.

 

    If damage affecting the Vessel’s class is found but
    Classification Society do not require same to be repaired until
    the next scheduled dry-docking, the Buyers shall have to take
    delivery of the Vessel without such damage being repaired. The
    Sellers shall pay the Buyers the direct cost of repairs required
    to repair said damage affecting the Vessel’s class to the
    satisfaction of the Classification Society without
    condition/recommendation excluding tank cleaning, desludging,
    dry-docking and general services’ expenses. The Buyers and
    the Sellers shall each approach a major shipyard in the area
    promptly to determine the direct cost of repairs based upon the
    repairs being carried out in that area excluding the costs of
    tank cleaning, desludging, dry-docking, and general
    services’ expenses as mentioned above. The direct cost of
    the repairs payable by the Sellers to the Buyers under this
    Clause 25 shall be the arithmetic average of the quotations

 

    from the above 2 (two) major shipyards and the amount to
    be paid shall be final and binding. The Sellers shall pay the
    Buyers the said direct cost on the date of delivery of the
    Vessel under this Agreement.

 

    If damage affecting the Vessel’s cuss is found and the
    Classification Society require same to be repaired immediately,
    then the Sellers shall dry-dock the Vessel and repair such
    damage to the satisfaction of the Classification Society without
    condition/recommendation at their cost and time in accordance
    with Clause 6 of this Agreement. During such dry-docking,
    the Buyers have the right to have 2 (two) representatives
    attend at the Buyers sole risk and expense and to paint the
    Vessel’s bottom and to carry out other minor works, subject
    to Sellers approval, which is not to be unreasonably withheld,
    without interference to the Sellers’ repair works but
    always excluding hot works, in dry-dock, against the Buyers
    signing the Sellers’ usual letter of indemnity and provided
    such attendance and painting does not interfere with the
    Sellers’ work. If the Sellers’ work is completed
    whilst the Buyers’ painting work is still in progress then
    delivery shall be in dry-dock.

 

    If the Vessel is repaired to the dry-dock in accordance with
    the provisions thereof, notwithstanding Clause 5 hereof,
    the Vessel shall be delivered at the port of the dockyard and
    the canceling date as per Clause 5 hereof shall be
    automatically extended to cover all the time for positioning to,
    waiting for, any carrying out the dry-dock and the repairs
    required by Classification Society but limited to a maximum of
    30 (thirty) running days. The contents of Clause 5c)
    of this Agreement will apply in that instance as well.

 

    Clause 26

 

    This Agreement is subject to QML raising the necessary funds
    for acquiring the Vessel and 16 other vessels it has agreed to
    purchase from affiliates of the Sellers, and declaring its
    success in achieving so not later than 10 May 2006 midnight
    New York City time.

 

    Should QML not declare its success to the Sellers in
    accordance with this Clause 26, the deposit together with
    the interest earned shall be released immediately to the Buyers,
    whereafter this Agreement shall be null and void.

 

    IN WITNESS WHEREOF the parties hereto have
    caused this Agreement to be duly executed on the day and year
    first written above.

 

    /s/  ACHILLEAS
    STERGIOU

    
Signed
    for and on behalf of

    AGLOW SHIPPING CORPORATION

 

    /s/  NIKOS
    FRANTZESKAKIS

    
Signed
    for and on behalf of

    QUINTANA MARITIME LIMITED

    by Nikos Frantzeskakis

    its Chief Commercial Office and Chief Operating Officer

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