Document:

Exhibit 10.10

  

  

  	 	
          Norwegian Shipbrokers’ Association’s 

          Memorandum of Agreement for sale and 

          purchase of ships. Adopted by BIMCO in 1956.

           

          

          Code-name

           

          

          SALEFORM 2012

           

          

          Revised 1966. 1983 and 1986/87, 1993 and 2012.

        

  

  

  MEMORANDUM OF AGREEMENT

  

  

  Dated: 11th July 2022

  

  

  Godam Maritime Ltd, Trust Company Complex, Ajeltake Road, Ajeltake
      Islands, Majuro, Marshall Islands MH 96960, IMO No. 6141169 (Name of sellers), hereinafter called the “Sellers”, have agreed to sell, and

  

  

  Parosea Shipping Co., Trust Company Complex, Ajeltake Road, Ajeltake
      Islands, Majuro, Marshall Islands MH 96960 (Name of buyers) hereinafter called the “Buyers”, have agreed to buy

  

  

  Name of vessel: GODAM

  

  

  IMO Number: 9297371

  

  

  Classification Society/Class: Lloyd’s Register

  

  

  Class Notation: +100 A1 Double Hull Tanker ESP,Ship Right (SDA,FDA,CM), *IWS, LI, Ice Class 1A FS, +LMC IGS, UMS, CCS, NAV1, IBS, COW (LR), ETA,
      Green Passport, Part Higher Tensile Steel, PL(LR), SBT(LR), SHipRight(BWMP (S), ES +1 (within 0.4L), PCWBT (06/2011), SERS, MCM, SCM)

   

    

  
    	
            Year of Build: 2006

          	
            Builder/Yard: Samsung Heavy Industries Co. Ltd., Korea

          
	 	 	 
	
            Flag: Marshall Islands

          	
            Place of Registration: Majuro

          	
            GT/NT: 63,462/ 34,210

          

  

   

  

  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 (Purchase Price) and in the place of closing stipulated in Clause 8
    (Documentation) and New York – NY, London – England, Majuro -Republic of the Marshall Islands and Athens- Greece (add additional jurisdictions as appropriate).

  

  

  “Buyers’ Nominated Flag State” means the Republic of the Marshall Islands.

  

  

  “Class” means the class notation referred to above.

  

  

  “Classification Society” means the Society referred to above.

  

  

  “Deposit” shall have the meaning given in Clause 2 (Deposit)

  

  

  “Deposit Holder” means Watson Farley & Williams, 5th Floor, Building B, 348 Syngrou Avenue, Kallithea, Athina, 176 74, Greece (Athens office) (state name and location of Deposit Holder) or, if left  blank,

      the Sellers’ Bank, which shall hold and release the Deposit and the Balance Price and the Charges in accordance with this Agreement and the relevant escrow
      agreement(s).

  

  

  “In writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter, email or telefax.

  

  

  “Parties” means the Sellers and the Buyers.

  

  

  “Purchase Price” means the price for the Vessel as stated in Clause 1 (Purchase Price)

  

  

  
    
      

  

  
  “Sellers’ Account” means USD Account No.: 0103542612, SWIFT Code: SCBLSG22XXX, Beneficiary Account Name: Godam Maritime Limited, (state details of bank account)
    at the Sellers’ Bank.

  

  

  “Sellers’ Bank” means Standard Chartered Bank (Singapore) Limited, Branch: Battery Road Branch, Singapore, with Correspondence Bank: Standard Chartered Bank, New York,
      USA - SWIFT Code: SCBLUS33 (state name of bank, branch and details) or, if left blank, the bank notified by the Sellers to the Buyers for receipt of the balance of the Purchase Price.

  

  

  
    
      	 	
              1.

            	
              Purchase Price

            

    

  

  

  

  The Purchase price is USD 20,250,000 only (United States Dollars Twenty Million Two Hundred Fifty Thousand only) (state currency and amount both in words and
    figures).

  

  

  	

        	2.	
          Deposit

        

  

  

  As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of % (per cent) or, if left blank,
    10% (ten per cent), of the Purchase Price (the “Deposit”) in an escrow account for the parties with the Deposit Holder within three (3) Banking Days after the date that:

  

  

  
    
      
        
          
            
              	 	
                      (i)

                    	
                      this Agreement has been signed by the Parties and exchanged in original or by e-mail or telefax; and

                    

            

          

        

      

    

  

  

  

  
    
      	 	
              (ii)

            	
              the Deposit Holder has confirmed in writing to the Parties that the account has been Oopened and is ready to receive
                  funds;

            

    

  

  

  

  The Deposit shall be held by the Deposit Holder on behalf of the Parties and only be released in accordance with joint written instructions of the Parties.

  

  

  Interest, if any, shall be credited to the Buyers. Any fee charged for holding and releasing the Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit
    Holder all necessary documentation to open and maintain the account without delay.

  

  

  Both Sellers and Buyers shall comply with the anti-money laudering laws and regulations of the countries in which the banks and the Deposit Holder are located.

  

  

  
    
      
        
          	 	
                  3.

                	
                  Payment

                

        

      

    

  

  

  

  The Purchase Price of the Vessel and all other sums payable. Oon delivery by the Buyers to the Sellers under this Agreement, shall be paid as follows on delivery of the Vessel, but in any case not later than three (3) Banking Days after the date that Notice of Readiness has been given in accordance with Clause 5 (Time and place of delivery and notices) and in exchange for the agreed documentation pursuant to Clause 8 of this Agreement and against presentation of the Protocol of Delivery and Acceptance duly signed by the Sellers and the Buyers:

  

  

  
    
      
        
          
            	 	
                    (i)

                  	
                    the Deposit shall be released to the Sellers; and

                  

          

        

      

    

  

  

  
    2

    
      

  

  
    
      
        
          
            
              
                	 	
                        (ii)

                      	
                        The 90% balance of the Purchase Price (the “Balance Price”) and all other sums payable on
                          delivery by the Buyers to the Sellers under this Agreement shall be paidreleased in full free of bank charges to the Sellers’ Account.

                      

              

            

          

        

      

    

    

    

  

  The Buyers shall remit the Balance Price including the value of the estimated bunker and lubricating oils remaining on board at the time of delivery and any
    other charges and money whatsoever to be paid by the Buyers to the Sellers in accordance with this Agreement (the “Charges”) by payment to the Deposit Holder at least one (1) Banking day prior to the Vessel’s delivery and the Buyers shall provide a
    swift copy evidencing such payment and the Deposit Holder will confirm the actual receipt of funds. The Balance Price and the Charges to be held on Buyers’ sole behalf and at Buyers’ sole release instructions. The Deposit shall be released to the
    Sellers in full against and upon the Sellers’ and Buyers’ joint written instructions to the Deposit Holder and the Balance Price and the Charges shall be released to the Sellers in full against and upon the written instructions of the Buyers to the
    Deposit Holder, together with presentation to the Deposit Holder of the copy of the Protocol of Delivery and Acceptance duly signed by both the Sellers’ and the Buyers’ authorized representatives. Any surplus amount to be immediately released to the
    Buyers’ account.

  

  

  Payment of the Purchase Price shall be settled by the Buyers by:

  

  

  
    
      	 	
              (i)

            	
              the Buyers procuring the repayment to the lenders of the Sellers of a proportion of debt that is secured against the Vessel (the relevant amount being the “Sellers’
                Debt”); plus

            

    

  

  

  

  	

        	(ii)	
          paying to the Sellers an amount equal to the Purchase Price less the Sellers’ Debt in cash in accordance with this Clause 3.

        

  

  

  
    
      	 	
              4.

            	
              Inspection

            

    

  

  

  

  (a) *The Buyers have inspectedwaived the inspection and accepted the Vessel’s classification records. The Buyers have also inspected
      the Vessel at/in          (state place) on          (state date) and have accepted the Vessel and the Vessel’s classification recordsfollowing 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          (state date/period)

  

  

  The Sellers shall make the Vessel available for inspection at/in (state place/range) within (state date/period).

  

  

  The Buyers shall undertake the 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.

  

  

  
    3

    
      

  

  The sale shall become outright and definite, subject only to the terms and conditions of this
        Agreement, provided that the Sellers receive written notice of acceptance of the Vessel from the Buyers within seventy-two (72) hours after completion of such inspection or after the Date/last day of the period stated in Line 59, whichever is the
        earlier.Should the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of the Vessel’s classification records and/or of the Vessel not be received by the Sellers as aforesaid, the Deposit together with interest earned,
        if any, shall be released immediately to the Buyers, whereafter this Agreement shall be null and void.*4 (a) and 4(b) are alternatives; delete whichever is
        not applicable. In the absence of deletions, alternative 4(a) shall apply.

  

  

  	

        	5.	
          Time and place of delivery and notices

        

  

  

  (a) The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or anchorage at/in worldwide (state
    place/range), in the Sellers’ option. Notice of Readiness shall not be tendered before: 1st August 2022 (date) Cancelling Date (see Clauses 5(c), 6(a)(iii) and 14: 16th August 2022

  

  

  (b) The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall          provide the Buyers with twenty (20), fifteen (15) days’ approximate
      and ten (10), five (5) and three (3), two (2) and one (1) days’ firm notice of the date the Sellers intend to tender Notice of Readiness and
    of the intended place of delivery.

  

  

  When the Vessel is at the place of delivery and physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.

  

  

  (c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing stating
    the date when they anticipate that the Vessel will be ready for delivery and proposing 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 (Sellers’
    Default) within three (3) Banking 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 three (3) Banking Days of receipt of the Sellers’ notification or 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 79.

  

  

  If this Agreement is maintained with the new Cancelling Date all other terms and conditions hereof including those contained in Clauses 5 (b) and 5 (d) shall remain unaltered and in full force and
    effect.

  

  

  
    4

    
      

  

  (d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers’ Default) for the
    Vessel not being ready by the original Cancelling Date.

  

  

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

  

  

  	

        	6.	
          Divers Inspection / Drydocking

        

  

  

  (a)*

  

  

  
    
      
        
          
            
              
                	 	
                        (i)

                      	
                        The Buyers shall have the option at their cost and expense to arrange for an underwater inspection by a diver approved by the Classification Society prior to the
                            delivery of the Vessel. Such option shall be declared latest nine (9) days prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement. The Sellers shall at
                            their cost and expense make the Vessel available for such inspection. This inspection shall be carried out without undue delay and in the presence of a Classification Society surveyor arranged for by the Sellers and paid for by
                            the Buyers. The Buyers’ representative(s) shall have the right to be present at the diver’s inspection as observer(s) only without interfering with the work or decisions of the Classification Society surveyor. 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 place of delivery are unsuitable for such inspection, the Sellers shall at their cost
                            and expense make the Vessel available at a suitable alternative place near to the delivery port, in which event the Cancelling Date shall be extended by the additional time required for such positioning and the subsequent
                            re-positioning. The Sellers may not tender Notice of Readiness prior to completion of the underwater inspection.

                      

              

            

          

        

      

    

  

  

  

  
    	 	
            (ii)

          	
            If the rudder, propeller, bottom or other underwater parts below the deepest loadline are found broken, damaged or defective so as to affect the Vessel’s class, then (1) 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 expense for inspection by the Classification Society of the Vessel’s underwater parts
                below the deepest loadline, the extent of the inspection being in accordance with the Classification Society’s rules (2) such defects shall be made good by the Sellers at their cost and expense to the satisfaction of the Classification
                Society without condition/recommendation** and (3) the Sellers shall pay for the underwater inspection and the Classification Society’s attendance.

          

  

  

  

  
    5

    
      

  

  
    	 	
            

            

          	
            Notwithstanding anything to the contrary in this Agreement, if the Classification Society do not require the aforementioned defects to be rectified before the next class drydocking survey, the
              Sellers shall be entitled to deliver the Vessel with these defects against a deduction from the Purchase Price of the estimated direct cost (of labour and materials) of carrying out the repairs to the satisfaction of the Classification
              Society, whereafter the Buyers shall have no further rights whatsoever in respect of the defects and/or repairs. The estimated direct cost of the repairs shall be the average of quotes for the repair work obtained from two reputable
              independent shipyards at or in the vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) Banking Days from the date of the imposition of the condition/recommendation, unless the Parties agree otherwise.
              Should either of the Parties fail to obtain such a quote within the stipulated time then the quote duly obtained by the other Party shall be the sole basis for the estimate of the direct repair costs. The Sellers may not tender Notice of
              Readiness prior to such estimate having been established.

          

  

  

  

  
    	 	
            (iii)

          	
            If the Vessel is to be drydocked pursuant to Clause 6(a) (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(a). Once the drydocking has taken place the Sellers shall deliver the Vessel at a port within the delivery range as per
                Clause 5(a) which shall, for the purpose of this Clause, become the new port of delivery. In such event the Cancelling Date shall be extended by the additional time required for the drydocking and extra steaming, but limited to a maximum of
                fourteen (14) days.

          

  

  

  

  
    	 	
            (b)

          	
            *The Seller 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 loadline are found broken,  damaged or defective so as to affect the Vessel’s class, such defects shall be made good at the  Sellers’ cost and expense to the
                  satisfaction of the Classification Society without condition/recommendation**. In such event the Sellers are also to pay for the costs and expenses in connection with putting the Vessel in and taking her
                  out of drydock, including the  drydock dues and the Classification Society’s fees. The Sellers shall also pay for these costs and expenses if parts of the tailshaft system are condemned
                  or found defective or broken so as to affect the Vessel’s class. In all other cases, the Buyers shall pay the aforesaid costs and expenses, dues and fees.

          

  

  

  

  
    6

    
      

  

  
    	 	
            (c)

          	
            If the Vessel is drydocked pursuant to Clause 6(a) (ii) or 6(b) above:

          

  

  

  

  
    	 	
            (i)

          	
            The Classification Society may require survey of the tailshaft system, the extent of the survey being to the satisfaction of the Classification Society surveyor. If such survey
                is not required by the Classification Society, the Buyers shall have the option 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 than 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’ costs and expense to the satisfaction of the Classification Society without condition/recommendation.**

          

  

  

  

  
    	 	
            (ii)

          	
            The costs and expenses 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 or if parts of the system are condemned or found defective or broken so as to affect the  Vessel’s class, in which case the Sellers shall pay these costs and expenses.

          

  

  

  

  
    	 	
            (iii)

          	
            The Buyers’ representative(s) shall have the right to be present in the drydock, as observer(s) only without interfering with the work or decisions of the Classification Society
                surveyor.

          

  

  

  

  
    	 	
            (iv)

          	
            The Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted at their risk, cost and expense without interfering with the Sellers’ or the
                Classification Society 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 Buyer’s risk, cost 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, notwithstanding Clause 5(a), the Buyers shall be obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in drydock or not.

          

  

  

  

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

  

  

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

  

  

  
    7

    
      

  

  	

        	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 on board or not shall become the Buyers’ property, but spares on order 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 propeller(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. Unused stores and provisions shall be included in the sale and be taken over by the Buyers without extra payment. Library and forms exclusively for use in the Sellers’ vessel(s) and captain’s, officers’ and crew’s personal
    belongings including the slop chest are excluded from the sale without compensation, as well as the following additional items:        (include list) as per the Annex I enclosed herewith. 
    Items on board which are on hire or owned by third parties, listed as follows, are excluded from the sale without compensation: as per the Annex I enclosed herewith       (include list). Items on board at the time of inspection which are on hire or owned by third parties, not listed above, shall be replaced or procured by the Sellers prior to delivery at their cost and expense.

  

  

  The Buyers shall take over remaining bunkers, and unused lubricating oils and hydraulic oils and Greases in storage tanks and unopened drums remaining onboard at
      delivery and pay either:

  

  

  (a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or

  

  

  (b) * the current net market price (excluding barging expenses) at the port and date of delivery of the Vessel or, if unavailable, at the nearest bunkering
      port. for the quantities taken over.

  

  

  Bunkers, lubricating oils, hydraulic oils and greases on board the Vessel shall be jointly measured by the Buyers’ and Sellers’ representatives on board not earlier than 3 (three)
    days and no later than one(1) day prior to the expected date of delivery. The quantities so measured with deduction of the estimated quantities to be consumed until the
      expected date of delivery, to be mutually agreed by the Parties’ respective representatives, shall be referred for pre-positioning the balance money as per clause 3. On the date of delivery, the final quantities on board the Vessel shall be
      determined by a joint-survey by Buyers and Sellers representative basis which the balance money will be released to the Sellers.

  

  

  
    8

    
      

  

  Payment under this Clause shall be made at the same time and place and in the same currency as the Purchase Price.

  

  

  “Inspection” in this Clause 7, shall mean the Buyers’ inspection according to Clause 4(a) or 4(b) (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this Agreement
    shall be the relevant date.

  

  

  *(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions alternative (a) shall apply.

  

  

  	

        	8.	
          Documentation

        

  

  

  The place of closing: Virtual attendance of Parties’ representatives as agreed between the Parties.

  

  

  
    
      
        	 	
                (a)

              	
                In exchange for payment of the Purchase Price the Sellers shall furnish the Buyers with the following
                    delivery documents required for the registration and the transfer of title of the Vessel. A list of these documents is to be agreed as soon as possible after this Agreement has been reached / signed and
                      shall be incorporated into this Agreement in the form of an addendum. Agreement on the list of documents not to delay the signing of this Agreement:

              

      

    

  

  

  

  
    
      
        
          
            	 	
                    (i)

                  	
                    Legal Bill(s) of Sale , in a form recordable in the Buyers’ Nominated Flag State, transferring title of the Vessel and stating that the Vessel is
                          free from all mortgages, encumbrances and maritime liens or any other debts whatsoever, duly notarially attested and  legalised or apostilled, as required by the Buyers’ Nominated
                          Flag State;

                  

          

        

      

    

  

  

  

  
    	 	
            (ii)

          	
            Evidence that all necessary corporate, shareholder and other action has been taken by the Sellers to authorise the execution, delivery and performance of
                  this Agreement;

          

  

  

  

  
    	 	
            (iii)

          	
            Power of Attorney of the Sellers appointing one or more representatives to act on behalf of the Sellers in the performance of this Agreement, duly
                  notarially attested and legalised or apostilled (as appropriate);

          

  

  

  

  
    	 	
            (iv)

          	
            Certificate or Transcript of registry issued by the competent authorities of the flag state  on the date of delivery evidencing the Sellers’ ownership
                of the Vessel and that the Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by such authority to the closing meeting with the original to be sent to the Buyers as soon as
                possible after delivery of the Vessel;

          

  

  

  

  
    	 	
            (v)

          	
            Declaration of Class or (depending on the Classification Society) a Class Maintenance Certificate issued within three (3) Banking Days prior to delivery
                  confirming that the Vessel is in Class free of condition/recommendation;

          

  

  

  

  
    9

    
      

  

  
    	 	
            (vi)

          	
            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 provide a certificate or other official evidence of deletion to the Buyers promptly and latest within four (4) weeks after the Purchase Price has been paid and the Vessel
                  has been delivered;

          

  

  

  

  
    	 	
            (vii)

          	
            A copy of the Vessel’s Continuous Synopsis Record certifying the date on which the  Vessel ceased to be registered with the Vessel’s
                  registry, or, in the event that the registry does not as a matter of practice issue such certificate immediately, a written undertaking from the Sellers to provide the copy of this certificate promptly
                  upon it being issued together with evidence of submission by the Sellers of a duly executed Form 2 stating the date on which the Vessel shall cease to be registered with the Vessel’s registry;

          

  

  

  

  
    	 	
            (viii)

          	
            Commercial Invoice for the Vessel;

          

  

  

  

  
    	 	
            (ix)

          	
            Commercial invoice(s) for bunkers, lubricating and hydraulic oils and greases;

          

  

  

  

  
    	 	
            (x)

          	
            A copy of the Sellers’ letter to their satellite communication provider canceling the  Vessel’s communications contract which is to be
                  sent immediately after delivery of the Vessel;

          

  

  

  

  
    	 	
            (xi)

          	
            Any additional documents as may reasonably be required by the competent authorities of  the Buyers’ Nominated Flag State for the purpose
                  of registering the Vessel, provided the Buyers notify the Sellers of any such documents as soon as possible after the date of this Agreement; and

          

  

  

  

  
    	 	
            (xii)

          	
            The Sellers’ letter of confirmation that to the best of their knowledge, the Vessel is not black listed by any nation or international organization

          

  

  

  

  
    
      
        	 	
                (b)

              	
                At the time of delivery the Buyers shall provide the Sellers with:

              

      

    

  

  

  

  
    	 	
            (i)

          	
            Evidence that all necessary corporate, shareholder and other action has been taken by the Buyers to authorise the execution, delivery and performance of
                  this Agreement; and

          

  

  

  

  
    	 	
            (ii)

          	
            Power of Attorney of the Buyers appointing one or more representatives to act on behalf of the Buyers in the performance of this Agreement, duly
                  notarially attested and legalized or apositilled (as appropriate).

          

  

  

  

  
    	 	
            (c)

          	
            If any of the documents listed in Sub-clauses (a) and (b) above are not in the English language they shall be accompanied by an English translation by an authorized translator or
                certified by a lawyer qualified to practice in the country of the translated language.

          

  

  

  

  
    	 	
            (d)

          	
            The Parties shall to the extent possible exchange copies, drafts or samples of the documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by the other
                party not later than       (state number of days), or if left blank, nine (9) days prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement.

          

  

  

  

  
    10

    
      

  

  
    	 	
            (e)

          	
            Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) above, the Sellers shall also hand to the Buyers the classification certificate(s) as well as all
                plans, drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other certificates which 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 have the right to take copies.

          

  

  

  

  
    	 	
            (f)

          	
            Other technical documentation which may be in the Sellers’ possession shall promptly after delivery be forwarded to the Buyers at their expense, if they so request. The Sellers
                may keep the Vessel’s log books (to be in place for the last six (6) months) but the Buyers have the right to take copies of same.

          

  

  

  

  
    	 	
            (g)

          	
            The Parties 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.

          

  

  

  

  
    	 	
            9.

          	
            Encumbrances

          

  

  

  

  The Sellers warrant that the Vessel, at the time of delivery, is free from all charters, encumbrances, mortgages and, maritime liens, taxes, claims or any other debts whatsoever, and is not subject to Port State or other administrative detentions. 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 or arose out of or with respect to events occurred prior to the time of delivery.

  

  

  
    	 	
            10.

          	
            Taxes, fees and expenses

          

  

  

  

  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. However, the Vessel shall be delivered free of cargo and free of stowaways with her Class maintained without condition/recommendation*, free of average 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 without condition/recommendation* by the Classification
    Society or the relevant authorities at the time of delivery.

  

  

  
    11

    
      

  

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

  

  

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

  

  

  
    	 	
            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 lodged in accordance with Clause 2 (Deposit), 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 (Payment), the Sellers have the right to cancel this Agreement, in which case the Deposit together with interest earned, if any, 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 (b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the option of
    cancelling this Agreement. 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 by the Cancelling Date 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, if any, shall be released to them immediately. Should the Sellers fail to give
    Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid 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.

  

  

  
    12

    
      

  

  
    	 	
            15.

          	
            Buyers’ representatives

          

  

  

  

  After this Agreement has been signed by the Parties and the Deposit has been lodged, the Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and Expense. The Buyers shall pay to the Sellers at the time of delivery US$20/day/person as victualing/accommodation fee and the Buyers shall also pay to the Sellers other expenses borne by the
      Buyers’ representatives at the time of delivery/closing. 

   

  

  These representatives are on board for the purpose of familiarisation and in the capacity of observers only, and they shall not interfere in any respect with the operation of the Vessel. The Buyers and
    the Buyers’ representatives shall sign the Sellers’ P&I Club’s standard letter of indemnity prior to their embarkation.

  

  

  
    	 	
            16.

          	
            Law and Arbitration

          

  

  

  

  (a) This Agreement shall be governed
      by and construed in accordance with English law and any dispute arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification or re- enactment
      thereof save to the extent necessary to give effect to the provisions of this Clause. The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) terms current at
      the time when the arbitration proceedings are commenced.

  

  

  The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other party requiring
    the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice that it has done so
    within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the party referring the dispute to arbitration may, without the requirement of
    any further prior notice to the other party, appoint its arbitrator as solerbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both Parties as if the sole arbitrator had been appointed by
    agreement.

  

  

  In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when the
    arbitration proceedings are commenced.

  

  

   (b) *This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the substantive law (not including the choice of law rules) of
      the State of New York and any dispute arising out of or in connection with this Agreement shall be referred to three (3) 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 the purposes of enforcing any award, judgment may be entered on an award by any court of competent jurisdiction. The
      proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc.

  

  

  
    13

    
      

  

  In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of
      the Society of Maritime Arbitrators, Inc.

  

  

  (c) This Agreement shall be governed by and construed in accordance with the laws of                (state place ) and any dispute arising out of or in connection with this
      Agreement shall be referred to arbitration at                (state place), subject to the procedures applicable there.

  

  

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

  

  

  
    	 	
            17.

          	
            Notices

          

  

  

    All notices to be provided under this Agreement shall be in writing. 

   

  

  
    Contact details for recipients of notices are as follows:

     

    

    
      For the Buyers:

       

      

      
        c/o 154 Vouliagmenis Avenue 

         

        

        166 74 Glyfada, Athens, Greece 

         

        

        Attn.: Legal Department 

         

        

        Facsimile: +30 210 96 38 404

         

        

        
          E-mail: legal@seanergy.gr

            

          

            

          
            For the Sellers:

             

            

            
              c/o PT Kroll Consulting Indonesia 

               

              

              World Trade Centre 2, 9th Floor

               

              

              
                Jl. Jend. Sudirman Kav. 29 – 31, Jakarta 12920, Indonesia 

                 

                

                Attn.: Director

                 

                

                
                  Email: dl.bull.working.group@kroll.com

                

              

            

          

        

      

    

  

  

  

  
    	 	
            18.

          	
            Entire Agreement

          

  

  

  

  The written terms of this Agreement comprise the entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and supersede all previous agreements whether
    oral or written between the Parties in relation hereto. Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall have no right or remedy in respect of any statement, representation, assurance or warranty
    (whether or not made negligently) other than as is expressly set out in this Agreement. Any terms implied into this Agreement by an applicable statute or law are hereby excluded to the extent that such exclusion can be legally made. Nothing in this
    Clause shall limit or exclude any liability for fraud.

  

  

  
    14

    
      

  

  
    
      
        
          	 	
                  19.

                	
                  Confidentiality

                

        

      

    

  

  

  

  These negotiations and any subsequent agreement to be kept private and confidential by all parties involved except for disclosures required in connection with
    the processing of this transaction (including but not limited to disclosures to the Parties’ financiers, auditors, legal counsels) or as required by flag or stock exchange regulations or for business prospects for the Vessel. Despite the efforts of the
    Parties, if details of the sale become known or reported on the market neither the Sellers nor the Buyers are to have the right to withdraw from the sale or to fail to fulfil all their obligations under the agreed contract.

  

  

  	

        	20.	
          Sanction Clause

        

  

  

  Each of the Buyers and the Sellers confirm that they do not do business with, and are not located in, any nation subject to broad-based sanctions by the United
    Nations and / or the European Union and/or Canada and/ or the United States of America (including but not limited to the sanctions by the United States Department of the Treasury’s Office of Foreign Asset Control (OFAC) (collectively, “Sanctions
    Authorities”), including Iran, North Korea, Cuba, Russia or Syria. Each of the Buyers and the Sellers further confirms that neither they nor any of their affiliates, owners, officers, directors, or employees are sanctioned (“Sanctioned Entity”)
    pursuant to OFAC’s Specially Designated Nationals List (“SDN List”) or any other sanctions list of any Sanctions Authority. Each of the Buyers and the Sellers further confirms that neither they nor any of their affiliates are owned or controlled 50 per
    cent or more in the aggregate by companies and/or individuals sanctions under the SND list or any other sanctions list of any sanctions authority.

  

  

  Each of the Buyers and the Sellers further confirms that they shall indemnify and compensate the other for any consequential costs and/or damages to the other
    arising out of their failure to comply with this clause. Each of the Buyers and the Sellers confirms that within the past five(5) years none of its respective owners, officers, directors, or employees are or have been (a) involved in any prior, pending
    or threatened enforcement investigation or proceeding regarding any actual, alleged or possible non- compliance with sanctions, anti-terrorism, anti- bribery/corruption, fraud, or anti- money laundering laws and regulations or (b) the subject of or
    provided any voluntary self-disclosure, or any prior disclosure or other submission to any government agency in connection with questions or concerns associated with actual, alledged or possible non-compliance with sanctions , anti-terrorism, anti-
    bribery/corruption, fraud, or anti-money laundering laws and regulations. Also Sellers covenants, represents and warrants that the Vessel has not been used by Sellers in support of or for the benefit of any person, entity or country subject to blocking
    or asset freeze sanctions under the laws and regulations of sanctions authorities, as that term is defined in the clause.

  

  

  The Sellers and Buyers, warrant, represent and undertake on a continuing basis:

  

  

  
    
      	 	
              (a)

            	
              That neither the Sellers nor Buyers; nor any person, entity or body on whose behalf or under whose direction the Sellers or Buyers act, or who they assist, or who directly or indirectly
                owns or controls the Sellers or Buyers; nor any person, entity or body who the Sellers or Buyers may nominate to facilitate any aspect of this transaction are or will be individual(s) or entity/(ies) designated pursuant to any national,
                international or supranational law or regulation imposing trade and economic sanctions, prohibitions or restrictions (a sanctioned entity);

            

    

  

  

  

  
    15

    
      

  

  	

        	(b)	
          Sellers and Buyers undertake that they are acting, and shall act, always in their own name and for their own account, and are not acting on behalf of any sanctioned entity;

        

  

  

  	

        	(c)	
          the Sellers and Buyers shall notify the Buyers other party immediately if they, or any person, entity or body on whose behalf or under whose direction they act, or who they assist, or who owns
            or controls the Sellers or Buyers, or any person who the Sellers or Buyers may nominate to facilitate any aspect of this transaction, become a sanctioned entity, and will provide any information the other party reasonably request; and

        

  

  

  	

        	(d)	
          the Sellers confirm that to the best of the Sellers’ knowledge the Vessel is not blacklisted by any national or international organization, sanctioned, or designated pursuant to any national,or
            international law or regulation.

        

  

  

  No act or omission of either party shall at any time constitute a waiver of this provision; and the warranties, representations and undertakings contained in
    this provision are deemed repeated and remain in effect before delivery and for a period of one (1) year after delivery.

  

  

  	

        	21.	
          COVID Clause:

        

  

  

  Notwithstanding Clause 5 above,

  

  

  
    (a) should the physical and/or documentary delivery and/or the underwater inspection (under Clause 6) and/or the drydocking (under Clause 6) of the Vessel
      become impossible due to an official prohibition or restriction imposed due to Coronavirus Disease 2019 (COVID-19) or

  

  

  

  (b) should the Vessel be recommended or instructed against by a competent authority,
      prohibited, banned or otherwise prevented in any manner from entry to a place nominated by the Sellers as a delivery place to the Buyers in connection with or arising out of the Coronavirus Disease 2019 (COVID-19) or

  

  

  (c) should the Buyer’s proposed crew be recommended or instructed against by a
      competent authority or otherwise prevented in any manner from entry into the country / port nominated by the Sellers, as the delivery place or

  

  

  (d) should the Sellers’ crew be instructed against by a competent authority or
      otherwise prevented in any manner from disembarking the Vessel at the port nominated by the Sellers as the delivery place or

  

  

  (e) if the Vessel is otherwise prevented in any way from becoming ready for delivery
      at the nominated delivery place by any authority of such place in connection with Coronavirus Disease 2019 (COVID-19), then the Sellers and Buyers shall mutually agree to nominate an alternate place of delivery close to the delivery range stated in
      Clause 5.

  

  

  In case the new delivery date nominated by Sellers is later than the cCancelling dDate, Buyers shall accept a delay of the
    delivery time which shall be determined basis direct sailing passage time to reach the alternate place of delivery and not exceeding thirty (30) days from the Cancelling Date without any liability of Sellers. Buyers and Sellers may mutually agree to
    cancel this Agreement if the Vessel cannot be delivered after above mentioned thirty (30) days extension due to aforesaid restrictions related to COVID-19 without any liability of Buyers and Sellers under aforesaid clauses and in such an event the
    Deposit if paid by the Buyer to the Seller shall be returned immediately to the Buyer. The cost of bunkers consumed for the shifting to the alternate place of delivery to be shared equally between the Sellers and the Buyers. All other costs to be for
    the Sellers’ account.

  

  

  
    16

    
      

  

  However, the Buyers and Sellers shall ensure necessary arrangements for crew are made well in advance without any delay in complying with the norms/protocols
    issued at the place of delivery causing delay in takeover.

  

  

  	 	
          For and on behalf of the Sellers

        	
          For and on behalf of the Buyers

        
	 	 	 
	 	
          /s/ Benjamin John Crilly

        	
          /s/ Stamatios Tsantanis

        
	 	 	 
	 	
          Name: Benjamin John Crilly

        	
          Name: Stamatios Tsantanis

        
	 	 	 
	 	
          Title:Director

        	
          Title: Director / President

        

  

  

  
    17

    
      

  

  
    
      	 	
              Norwegian Shipbrokers’ Association’s 

              Memorandum of Agreement for sale and

               purchase of ships. Adopted by BIMCO in 1956.

               

              

              Code-name

               

              

              SALEFORM 2012

               

              

              Revised 1966. 1983 and 1986/87, 1993 and 2012.

            

       

      

      MEMORANDUM OF AGREEMENT

       

      

       Dated: 11th July 2022

      

      

       Mandala Maritime Ltd, Trust Company Complex, Ajeltake Road,
          Ajeltake Islands, Majuro, Marshall Islands MH 96960, IMO No. 6141169 (Name of sellers), hereinafter called the “Sellers”, have agreed to sell, and

      

      

       Bluesea Shipping Co., Trust Company Complex, Ajeltake Road,
          Ajeltake Islands, Majuro, Marshall Islands MH 96960 (Name of buyers) hereinafter called the “Buyers”, have agreed to buy

      

      

       Name of vessel: MANDALA

      

      

       IMO Number: 9297357

      

      

       Classification Society/Class: Lloyd’s Register

      

      

      Class Notation: *100A1 Double Hull Oil Tanker, ESP, ShipRight (SDA, FDA, CM), *IWS, LI, Ice Class 1A FS, *LMC IGS, UMS,
          CCS, NAV1, IBS, COW(LR), ETA, Part Higher Tensile Steel, PL (LR), SBT (LR), ShipRight (BWMP (S), ES+ 1 (within 0.4L), PCWBT (02/06), SERS, SCM)

      

      

      
        	
                Year of Build: 2006

              	
                Builder/Yard: Samsung Heavy Industries Co. Ltd., Korea

              
	 	 
	
                Flag: Marshall Islands

              	
                Place of Registration: Majuro

              	
                GT/NT: 63,462/ 34,210

              

      

      

      

      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 (Purchase Price) and in the place of closing stipulated in
        Clause 8 (Documentation) and New York – NY, London – England, Majuro -Republic of the Marshall Islands and Athens- Greece (add additional jurisdictions as
          appropriate).

      

      

      “Buyers’ Nominated Flag State” means the Republic of the Marshall Islands.

      

      

      “Class” means the class notation referred to above.

      

      

      “Classification Society” means the Society referred to above.

      

      

      “Deposit” shall have the meaning given in Clause 2 (Deposit)

      

      

      “Deposit Holder” means Watson Farley & Williams, 5th Floor, Building B, 348 Syngrou Avenue, Kallithea, Athina, 176 74, Greece (Athens office) (state

            name and location of Deposit Holder) or, if left  blank, the Sellers’ Bank, which shall hold and release the Deposit and the Balance Price and the Charges in

        accordance with this Agreement and the relevant escrow agreement(s).

      

      

      “In writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter, email or telefax.

      

      

      “Parties” means the Sellers and the Buyers.

      

      

      “Purchase Price” means the price for the Vessel as stated in Clause 1 (Purchase Price)

      

      

      
        18

        
          

      

      “Sellers’ Account” means USD Account No.: 0103448675, SWIFT Code: SCBLSG22XXX, Beneficiary Account Name: Mandala Maritime Limited,
        (state details of bank account) at the Sellers’ Bank.

      

      

      “Sellers’ Bank” means Standard Chartered Bank (Singapore) Limited, Branch: Battery Road Branch, Singapore, with Correspondence Bank:
          Standard Chartered Bank, New York, USA - SWIFT Code: SCBLUS33 (state name of bank, branch and details) or, if left blank, the bank notified by the Sellers to the Buyers for receipt of the balance of the
        Purchase Price.

      

      

      
        
          
            	 	
                    1.

                  	
                    Purchase Price

                  

          

        

      

      

      

      The Purchase price is USD 20,250,000 only (United States Dollars Twenty Million Two Hundred Fifty Thousand only) (state currency and amount both in words
        and figures).

      

      

      
        	 	
                2.

              	
                Deposit

              

      

      

      

      As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of % (per cent) or, if left blank, 10% (ten per cent), of the Purchase Price (the “Deposit”) in an escrow account for the parties with the Deposit Holder within
        three (3) Banking Days after the date that:

       

        

      
        	 	
                (i)

              	
                this Agreement has been signed by the Parties and exchanged in original or by e-mail or telefax; and

              

      

      

      

      
        
          
            	 	
                    (ii)

                  	
                    the Deposit Holder has confirmed in writing to the Parties that the account has been  Oopened and is ready to receive funds;

                  

          

        

      

      

      

      The Deposit shall be held by the Deposit Holder on behalf of the Parties and only be released in accordance with joint written instructions of the Parties.
        Interest, if any, shall be credited to the Buyers. Any fee charged for holding and releasing the Deposit shall   be borne equally by the Parties. The Parties shall provide to the Deposit Holder all necessary documentation to open
        and maintain the account without delay.

      

      

      Both Sellers and Buyers shall comply with the anti-money laudering laws and regulations of the countries in which the banks and the Deposit Holder are located.

      

      

      
        	 	
                3.

              	
                Payment

              

      

      

      

      The Purchase Price of the Vessel and all other sums payable. Oon delivery by the Buyers to the Sellers under this Agreement, shall be paid as follows on delivery of the Vessel, but in any case not later than three (3) Banking Days after the date that Notice of
          Readiness has been given in accordance with Clause 5 (Time and place of delivery and notices) and in exchange for the agreed documentation pursuant to Clause 8 of this Agreement and against presentation of the
            Protocol of Delivery and Acceptance duly signed by the Sellers and the Buyers:

      

      

      
        
          
            	 	
                    (i)

                  	
                    the Deposit shall be released to the Sellers; and

                  

          

        

      

      

      
        19

        
          

      

      
        
          	 	
                  (ii)

                	
                  The 90% balance of the Purchase Price (the “Balance Price”) and all other sums payable
                      on delivery by the Buyers to the Sellers under this Agreement shall be paidreleased in full free of bank charges to the Sellers’ Account.

                

           

          

        

      

      The Buyers shall remit the Balance Price including the value of the estimated bunker and lubricating oils remaining on board at the time of delivery and any
        other charges and money whatsoever to be paid by the Buyers to the Sellers in accordance with this Agreement (the “Charges”) by payment to the Deposit Holder at least one (1) Banking day prior to the Vessel’s delivery and the Buyers shall provide a
        swift copy evidencing such payment and the Deposit Holder will confirm the actual receipt of funds. The Balance Price and the Charges to be held on Buyers’ sole behalf and at Buyers’ sole release instructions. The Deposit shall be released to the
        Sellers in full against and upon the Sellers’ and Buyers’ joint written instructions to the Deposit Holder and the Balance Price and the Charges shall be released to the Sellers in full against and upon the written instructions of the Buyers to the
        Deposit Holder, together with presentation to the Deposit Holder of the copy of the Protocol of Delivery and Acceptance duly signed by both the Sellers’ and the Buyers’ authorized representatives. Any surplus amount to be immediately released to
        the Buyers’ account.

      

      

      Payment of the Purchase Price shall be settled by the Buyers by:

      

      

      
        
          
            
              	 	
                      (i)

                    	
                      the Buyers procuring the repayment to the lenders of the Sellers of a proportion of debt that is secured against the Vessel (the relevant amount being the “Sellers’ Debt”); plus

                    

            

          

        

      

      

      

      
        
          
            
              	 	
                      (ii)

                    	
                      paying to the Sellers an amount equal to the Purchase Price less the Sellers’ Debt in cash in accordance with this Clause 3.

                    

            

          

        

      

      

      

      
        
          
            	 	
                    4.

                  	
                    Inspection

                  

          

        

      

      

      

      (a) *The Buyers have inspectedwaived the inspection and accepted the Vessel’s classification
        records. The Buyers have also inspected the Vessel at/in      (state place) on _____ (state date) and have accepted the Vessel and the Vessel’s classification recordsfollowing

          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 (state date/period)

      

      

       The Sellers shall make the Vessel available for inspection at/in (state place/range) within (state date/period).

      

      

       The Buyers shall undertake the 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.

      

      

      
        20

        
          

      

      The sale shall become outright and definite, subject only to the terms and conditions of this Agreement, provided that the Sellers receive written notice
          of acceptance of the Vessel from the Buyers within seventy-two (72) hours after completion of such inspection or after the Date/last day of the period stated in Line 59, whichever is the earlier. Should

          the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of the Vessel’s classification records and/or of the Vessel not be received by the Sellers as aforesaid, the Deposit together
          with interest earned, if any, shall be released immediately to the Buyers, whereafter this Agreement shall be null and void.

      

      

       *4
            (a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 4(a) shall apply.

      

      

      
        	 	
                5.

              	
                Time and place of delivery and notices

              

      

      

      

      (a) The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or anchorage at/in wordlwide (state

        place/range), in the Sellers’ option. Notice of Readiness shall not be tendered before: 1st August 2022 (date) Cancelling Date (see Clauses 5(c), 6(a)(iii) and 14: 16th August 2022

      

      

      (b) The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall provide the Buyers with twenty (20), fifteen (15) days’
          approximate and ten (10), five (5) and three (3), two (2) and one (1) days’ firm notice of the date the Sellers intend to tender Notice
        of Readiness and of the intended place of delivery. When the Vessel is at the place of delivery and physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.

      

      

      (c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the Cancelling Date they may notify the
        Buyers in writing stating the date when they anticipate that the Vessel will be ready for delivery and proposing 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 (Sellers’ Default) within three (3) Banking 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 three (3) Banking Days of receipt of the Sellers’ notification or 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 79.

      

      

       If this Agreement is maintained with the new Cancelling Date all other terms and conditions hereof including those contained in Clauses 5 (b) and 5 (d) shall remain unaltered and in full force
        and effect.

      

      

      
        21

        
          

      

      (d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers’ Default) for
        the Vessel not being ready by the original Cancelling Date.

      

      

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

      

      

      
        	 	
                6.

              	
                Divers Inspection / Drydocking

              

      

      

      

      (a)*

      

      

      
        
          
            	 	
                    (i)

                  	
                    The Buyers shall have the option at their cost and expense to arrange for an underwater inspection by a diver approved by the Classification Society prior to the delivery
                        of the Vessel. Such option shall be declared latest nine (9) days prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement. The Sellers shall at their cost
                        and expense make the Vessel available for such inspection. This inspection shall be carried out without undue delay and in the presence of a Classification Society surveyor arranged for by the Sellers and paid for by the Buyers. The
                        Buyers’ representative(s) shall have the right to be present at the diver’s inspection as observer(s) only without interfering with the work or decisions of the Classification Society surveyor. 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 place of delivery are unsuitable for such inspection, the Sellers shall at their cost and expense make the
                        Vessel available at a suitable alternative place near to the delivery port, in which event the Cancelling Date shall be extended by the additional time required for such positioning and the subsequent re-positioning. The Sellers may
                        not tender Notice of Readiness prior to completion of the underwater inspection.

                  

          

        

      

      

      

      
        	 	
                (ii)

              	
                If the rudder, propeller, bottom or other underwater parts below the deepest loadline are found broken, damaged or defective so as to affect the Vessel’s class, then (1)
                    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 expense for inspection by the Classification Society of the Vessel’s
                    underwater parts below the deepest loadline, the extent of the inspection being in accordance with the Classification Society’s rules (2) such defects shall be made good by the Sellers at their cost and expense to the satisfaction of
                    the Classification Society without condition/recommendation** and (3) the Sellers shall pay for the underwater inspection and the Classification Society’s attendance.

              

      

      

      

      
        22

        
          

      

      
        
          
            
              Notwithstanding anything to the contrary in this Agreement, if the Classification Society do not require the aforementioned defects to be rectified before the next
                class drydocking survey, the Sellers shall be entitled to deliver the Vessel with these defects against a deduction from the Purchase Price of the estimated direct cost (of labour and materials) of carrying out the repairs to the
                satisfaction of the Classification Society, whereafter the Buyers shall have no further rights whatsoever in respect of the defects and/or repairs. The estimated direct cost of the repairs shall be the average of quotes for the repair work
                obtained from two reputable independent shipyards at or in the vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) Banking Days from the date of the imposition of the condition/recommendation, unless
                the Parties agree otherwise. Should either of the Parties fail to obtain such a quote within the stipulated time then the quote duly obtained by the other Party shall be the sole basis for the estimate of the direct repair costs. The
                Sellers may not tender Notice of Readiness prior to such estimate having been established.

            

          

        

      

      

      

      
        	 	
                (iii)

              	
                If the Vessel is to be drydocked pursuant to Clause 6(a) (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(a). Once the drydocking has taken place the Sellers shall deliver the Vessel at a port within the delivery range
                    as per Clause 5(a) which shall, for the purpose of this Clause, become the new port of delivery. In such event the Cancelling Date shall be extended by the additional time required for the drydocking and extra steaming, but limited to a
                    maximum of fourteen (14) days.

              

      

      

      

      
        	 	
                (b)

              	
                *The Seller 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 loadline are found broken,  damaged or defective so as to affect the Vessel’s class, such defects shall be made good at the  Sellers’ cost and expense to
                      the satisfaction of the Classification Society without condition/recommendation**. In such event the Sellers are also to pay for the costs and expenses in connection with putting the Vessel in and
                      taking her out of drydock, including the  drydock dues and the Classification Society’s fees. The Sellers shall also pay for these costs and expenses if parts of the tailshaft system
                      are condemned or found defective or broken so as to affect the Vessel’s class. In all other cases, the Buyers shall pay the aforesaid costs and expenses, dues and fees.

              

      

      

      

      
        23

        
          

      

      
        	 	
                (c)

              	
                If the Vessel is drydocked pursuant to Clause 6(a) (ii) or 6(b) above:

              

      

      

      

      
        	 	
                (i)

              	
                The Classification Society may require survey of the tailshaft system, the extent of the survey being to the satisfaction of the Classification Society surveyor. If such
                    survey is not required by the Classification Society, the Buyers shall have the option 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 than 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’ costs and expense to the satisfaction of the Classification Society without condition/recommendation.**

              

      

      

      

      
        	 	
                (ii)

              	
                The costs and expenses 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 or if parts of the system are condemned or found defective or broken so as to affect the  Vessel’s class, in which case the Sellers shall pay these costs and
                      expenses.

              

      

      

      

      
        	 	
                (iii)

              	
                The Buyers’ representative(s) shall have the right to be present in the drydock, as observer(s) only without interfering with the work or decisions of the Classification
                    Society surveyor.

              

      

      

      

      
        	 	
                (iv)

              	
                The Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted at their risk, cost and expense without interfering with the Sellers’ or the
                    Classification Society 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 Buyer’s risk, cost 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, notwithstanding Clause 5(a), the Buyers shall be obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel is in drydock or not.

              

      

      

      

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

      

      

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

      

      

      
        24

        
          

      

      
        	 	
                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 on board or not shall become the Buyers’ property, but spares on order 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 propeller(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. Unused stores and provisions shall be included in the sale and be taken over by the Buyers without extra payment. Library and forms exclusively for use in the Sellers’ vessel(s) and captain’s,
        officers’ and crew’s personal belongings including the slop chest are excluded from the sale without compensation, as well as the following additional items:      (include list) as per the Annex I
          enclosed herewith. Items on board which are on hire or owned by third parties, listed as follows, are excluded from the sale without compensation: as per the Annex I enclosed herewith     (include

          list). Items on board at the time of inspection which are on hire or owned by third parties, not listed above, shall be replaced or procured by the Sellers prior to delivery at their cost and
        expense.

      

      

      The Buyers shall take over remaining bunkers, and unused lubricating oils and hydraulic oils and Greases in storage tanks and unopened drums remaining onboard at
          delivery and pay either:

      

      

        (a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or

      

      

       (b) * the current net market price (excluding barging expenses) at the port and date of delivery of the Vessel or, if unavailable, at the nearest
          bunkering port. for the quantities taken over.

      

      

       Bunkers, lubricating oils, hydraulic oils and greases on board the Vessel shall be jointly measured by the Buyers’ and Sellers’ representatives on board not
        earlier than 3 (three) days and no later than one (1) day prior to the expected date of delivery. The quantities so measured with deduction of the estimated quantities to be consumed until the expected date of delivery, to be mutually agreed by the
        Parties’ respective representatives, shall be referred for pre-positioning the balance money as per clause 3. On the date of delivery, the final quantities on board the Vessel shall be determined by a joint-survey by Buyers and Sellers
        representative basis which the balance money will be released to the Sellers.

      

      

      
        25

        
          

      

       Payment under this Clause shall be made at the same time and place and in the same currency as the Purchase Price.

      

      

        “Inspection” in this Clause 7, shall mean the Buyers’ inspection according to Clause 4(a) or 4(b) (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this
        Agreement shall be the relevant date.

      

      

        *(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions alternative (a) shall apply.

      

      

      
        	 	
                8.

              	
                Documentation

              

      

      

      

      The place of closing: Virtual attendance of Parties’ representatives as agreed between the Parties.

      

      

      
        
          
            	 	
                    (a)

                  	
                    In exchange for payment of the Purchase Price the Sellers shall furnish the Buyers with the following delivery
                        documents required for the registration and the transfer of title of the Vessel. A list of these documents is to be agreed as soon as possible after this Agreement has been reached / signed and
                          shall be incorporated into this Agreement in the form of an addendum. Agreement on the list of documents not to delay the signing of this Agreement:

                  

          

        

      

      

      

      
        	 	
                (i)

              	
                Legal Bill(s) of Sale , in a form recordable in the Buyers’ Nominated Flag State, transferring title of the Vessel and stating that the Vessel is free from all
                    mortgages, encumbrances and maritime liens or any other debts whatsoever, duly notarially attested and  legalised or apostilled, as required by the Buyers’ Nominated Flag State;

              

      

      

      

      
        	 	
                (ii)

              	
                Evidence that all necessary corporate, shareholder and other action has been taken by the Sellers to authorise the execution, delivery and
                      performance of this Agreement;

              

      

      

      

      
        	 	
                (iii)

              	
                Power of Attorney of the Sellers appointing one or more representatives to act on behalf of the Sellers in the performance of this Agreement, duly
                      notarially attested and legalised or apostilled (as appropriate);

              

      

      

      

      
        	 	
                (iv)

              	
                Certificate or Transcript of registry issued by the competent authorities of the flag state  on the date of delivery evidencing the
                      Sellers’ ownership of the Vessel and that the Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by such authority to the closing meeting with the original to be sent
                      to the Buyers as soon as possible after delivery of the Vessel;

              

      

      

      

      
        	 	
                (v)

              	
                Declaration of Class or (depending on the Classification Society) a Class Maintenance Certificate issued within three (3) Banking Days prior to
                      delivery confirming that the Vessel is in Class free of condition/recommendation;

              

      

      

      

      
        	 	
                (vi)

              	
                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 provide a certificate or other official evidence of deletion to the Buyers promptly and latest within four (4) weeks after the Purchase Price has been paid and the
                      Vessel has been delivered;

              

      

      

      

      
        26

        
          

      

      
        	 	
                (vii)

              	
                A copy of the Vessel’s Continuous Synopsis Record certifying the date on which the  Vessel ceased to be registered with the Vessel’s
                      registry, or, in the event that the registry does not as a matter of practice issue such certificate immediately, a written undertaking from the Sellers to provide the copy of this certificate
                      promptly upon it being issued together with evidence of submission by the Sellers of a duly executed Form 2 stating the date on which the Vessel shall cease to be registered with the Vessel’s
                      registry;

              

      

      

      

      
        	 	
                (viii)

              	
                Commercial Invoice for the Vessel;

              

      

      

      

      
        	 	
                (ix)

              	
                Commercial invoice(s) for bunkers, lubricating and hydraulic oils and greases;

              

      

      

      

      
        	 	
                (x)

              	
                A copy of the Sellers’ letter to their satellite communication provider canceling the  Vessel’s communications contract which is to
                      be sent immediately after delivery of the Vessel;

              

      

      

      

      
        	 	
                (xi)

              	
                Any additional documents as may reasonably be required by the competent authorities of  the Buyers’ Nominated Flag State for the
                      purpose of registering the Vessel, provided the Buyers notify the Sellers of any such documents as soon as possible after the date of this Agreement; and

              

      

      

      

      
        	 	
                (xii)

              	
                The Sellers’ letter of confirmation that to the best of their knowledge, the Vessel is not black listed by any nation or international organization

              

      

      

      

      
        	 	
                (b)

              	
                At the time of delivery the Buyers shall provide the Sellers with:

              

      

      

      

      
        	 	
                (i)

              	
                Evidence that all necessary corporate, shareholder and other action has been taken by the Buyers to authorise the execution, delivery and performance
                      of this Agreement; and

              

      

      

      

      
        	 	
                (ii)

              	
                Power of Attorney of the Buyers appointing one or more representatives to act on behalf of the Buyers in the performance of this Agreement, duly
                      notarially attested and legalized or apositilled (as appropriate).

              

      

      

      

      
        	 	
                (c)

              	
                If any of the documents listed in Sub-clauses (a) and (b) above are not in the English language they shall be accompanied by an English translation by an authorized
                    translator or certified by a lawyer qualified to practice in the country of the translated language.

              

      

      

      

      
        	 	
                (d)

              	
                The Parties shall to the extent possible exchange copies, drafts or samples of the documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by the
                    other party not later than         (state number of days), or if left blank, nine (9) days prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement.

              

      

      

      

      
        27

        
          

      

      
        	 	
                (e)

              	
                Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) above, the Sellers shall also hand to the Buyers the classification certificate(s) as well as
                    all plans, drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other certificates which 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 have the right to take copies.

              

      

      

      

      
        	 	
                (f)

              	
                Other technical documentation which may be in the Sellers’ possession shall promptly after delivery be forwarded to the Buyers at their expense, if they so request. The
                    Sellers may keep the Vessel’s log books (to be in place for the last six (6) months) but the Buyers have the right to take copies of same.

              

      

      

      

      
        	 	
                (g)

              	
                The Parties 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.

              

      

      

      

      
        	 	
                9.

              	
                Encumbrances

              

      

      

      

      The Sellers warrant that the Vessel, at the time of delivery, is free from all charters, encumbrances, mortgages and, maritime

        liens, taxes, claims or any other debts whatsoever, and is not subject to Port State or other administrative detentions. 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 or arose out of or with respect to events occurred prior to the time of delivery.

      

      

      
        	 	
                10.

              	
                Taxes, fees and expenses

              

      

      

      

      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. However, the Vessel shall be delivered free of cargo and free of stowaways with her Class maintained without
        condition/recommendation*, free of average 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
        without condition/recommendation* by the Classification Society or the relevant authorities at the time of delivery.

      

      

      
        28

        
          

      

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

      

      

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

      

      

      
        	 	
                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 lodged in accordance with Clause 2 (Deposit), 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 (Payment), the Sellers have the right to cancel this Agreement, in which case the Deposit together with interest
        earned, if any, 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 (b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers
        shall have the option of cancelling this Agreement. 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 by the
        Cancelling Date 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, if any, shall be released to them
        immediately. Should the Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid 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.

      

      

      
        29

        
          

      

      
        	 	
                15.

              	
                Buyers’ representatives

              

      

      

      

      After this Agreement has been signed by the Parties and the Deposit has been lodged, the Buyers have the right to place two (2) representatives on board the Vessel at their sole
        risk and Expense. The Buyers shall pay to the Sellers at the time of delivery US$20/day/person as victualing/accommodation fee and the Buyers shall also pay to the Sellers other expenses borne by the Buyers’
          representatives at the time of delivery/closing.

      

      

      These representatives are on board for the purpose of familiarisation and in the capacity of observers only, and they shall not interfere in any respect with the operation of the
        Vessel. The Buyers and the Buyers’ representatives shall sign the Sellers’ P&I Club’s standard letter of indemnity prior to their embarkation.

      

      

      
        	 	
                16.

              	
                Law and Arbitration

              

      

      

      

      (a) This
          Agreement shall be governed by and construed in accordance with English law and any dispute arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any
          statutory modification or re- enactment thereof save to the extent necessary to give effect to the provisions of this Clause. The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) terms current at the time when the arbitration proceedings are commenced.

      

      

      The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the
        other party requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives
        notice that it has done so within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the party referring the dispute to arbitration
        may, without the requirement of any further prior notice to the other party, appoint its arbitrator as solerbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both Parties as if the sole
        arbitrator had been appointed by agreement.

      

      

      In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time when
        the arbitration proceedings are commenced.

      

      

      (b) *This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the substantive law (not including the
          choice of law rules) of the State of New York and any dispute arising out of or in connection with this Agreement shall be referred to three (3) 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 the purposes of enforcing any award, judgment may be entered on an award by any court of competent

          jurisdiction. The proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc.

       

        

      
        30

        
          

      

      In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with the Shortened Arbitration
          Procedure of the Society of Maritime Arbitrators, Inc.

      

      

       (c) This Agreement shall be governed by and construed in accordance with the laws of                  (state place ) and any dispute arising out of or in connection
          with this Agreement shall be  referred to arbitration at            (state place), subject to the procedures applicable there.

      

      

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

      

      

      
        	 	
                17.

              	
                Notices

              

      

      

      

       All notices to be provided under this Agreement shall be in writing. Contact details for recipients of notices are as follows:

      

      

      For the Buyers:

      

      

      c/o 154 Vouliagmenis Avenue 

       

      

      166 74 Glyfada, Athens, Greece 

       

      

      Attn.: Legal Department 

       

      

      Facsimile: +30 210 96 38 404

      

        E-mail: legal@seanergy.gr

         

          

        
          For the Sellers:

           

          

          
            c/o PT Kroll Consulting Indonesia 

             

            

            World Trade Centre 2, 9th Floor

             

            

          

           

        
          Jl. Jend. Sudirman Kav. 29 – 31, Jakarta 12920, Indonesia 

           

          

          Attn.: Director

           

          

          
            Email:dl.bull.working.group@kroll.com

          

        

        

      

      
        	 	
                18.

              	
                Entire Agreement

              

      

       

      

      The written terms of this Agreement comprise the entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and supersede all previous
        agreements whether oral or written between the Parties in relation hereto. Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall have no right or remedy in respect of any statement, representation,
        assurance or warranty (whether or not made negligently) other than as is expressly set out in this Agreement. Any terms implied into this Agreement by an applicable statute or law are hereby excluded to the extent that such exclusion can be legally
        made. Nothing in this Clause shall limit or exclude any liability for fraud.

      

      

      
        31

        
          

      

      	

            	19.	
              Confidentiality

            

      

      

      These negotiations and any subsequent agreement to be kept private and confidential by all parties involved except for disclosures required
        in connection with the processing of this transaction (including but not limited to disclosures to the Parties’ financiers, auditors, legal counsels) or as required by flag or stock exchange regulations or for business prospects for the Vessel.
        Despite the efforts of the Parties, if details of the sale become known or reported on the market neither the Sellers nor the Buyers are to have the right to withdraw from the sale or to fail to fulfil all their obligations under the agreed
        contract.

      

      

      	

            	20.	
              Sanction Clause

            

      

      

      Each of the Buyers and the Sellers confirm that they do not do business with, and are not located in, any nation subject to broad-based
        sanctions by the United Nations and / or the European Union and/or Canada and/ or the United States of America (including but not limited to the sanctions by the United States Department of the Treasury’s Office of Foreign Asset Control (OFAC)
        (collectively, “Sanctions Authorities”), including Iran, North Korea, Cuba, Russia or Syria. Each of the Buyers and the Sellers further confirms that neither they nor any of their affiliates, owners, officers, directors, or employees are sanctioned
        (“Sanctioned Entity”) pursuant to OFAC’s Specially Designated Nationals List (“SDN List”) or any other sanctions list of any Sanctions Authority. Each of the Buyers and the Sellers further confirms that neither they nor any of their affiliates are
        owned or controlled 50 per cent or more in the aggregate by companies and/or individuals sanctions under the SND list or any other sanctions list of any sanctions authority.

      

      

      Each of the Buyers and the Sellers further confirms that they shall indemnify and compensate the other for any consequential costs and/or
        damages to the other arising out of their failure to comply with this clause. Each of the Buyers and the Sellers confirms that within the past five(5) years none of its respective owners, officers, directors, or employees are or have been (a)
        involved in any prior, pending or threatened enforcement investigation or proceeding regarding any actual, alleged or possible non- compliance with sanctions, anti-terrorism, anti- bribery/corruption, fraud, or anti- money laundering laws and
        regulations or (b) the subject of or provided any voluntary self-disclosure, or any prior disclosure or other submission to any government agency in connection with questions or concerns associated with actual, alledged or possible non-compliance
        with sanctions , anti-terrorism, anti- bribery/corruption, fraud, or anti-money laundering laws and regulations. Also Sellers covenants, represents and warrants that the Vessel has not been used by Sellers in support of or for the benefit of any
        person, entity or country subject to blocking or asset freeze sanctions under the laws and regulations of sanctions authorities, as that term is defined in the clause.

      

      

      The Sellers and Buyers, warrant, represent and undertake on a continuing basis:

      

      

      	

            	(a)	
              That neither the Sellers nor Buyers; nor any person, entity or body on whose behalf or under whose direction the Sellers or Buyers act, or who they assist, or who directly or indirectly
                owns or controls the Sellers or Buyers; nor any person, entity or body who the Sellers or Buyers may nominate to facilitate any aspect of this transaction are or will be individual(s) or entity/(ies) designated pursuant to any national,
                international or supranational law or regulation imposing trade and economic sanctions, prohibitions or restrictions (a sanctioned entity);

            

      

      

      
        32

        
          

      

      	

            	(b)	
              Sellers and Buyers undertake that they are acting, and shall act, always in their own name and for their own account, and are not acting on behalf of any sanctioned entity;

            

      

      

      	

            	(c)	
              the Sellers and Buyers shall notify the Buyers other party immediately if they, or any person, entity or body on whose behalf or under whose direction they act, or who they assist, or who
                owns or controls the Sellers or Buyers, or any person who the Sellers or Buyers may nominate to facilitate any aspect of this transaction, become a sanctioned entity, and will provide any information the other party reasonably request; and

            

      

      

      	

            	(d)	
              the Sellers confirm that to the best of the Sellers’ knowledge the Vessel is not blacklisted by any national or international organization, sanctioned, or designated pursuant to any
                national,or international law or regulation.

            

      

      

      No act or omission of either party shall at any time constitute a waiver of this provision; and the warranties, representations and
        undertakings contained in this provision are deemed repeated and remain in effect before delivery and for a period of one (1) year after delivery.

      

      

      	

            	21.	
              COVID Clause:

            

      

      

      Notwithstanding Clause 5 above,

      

      

      	

            	(a)	
              should the physical and/or documentary delivery and/or the underwater inspection (under Clause 6) and/or the drydocking (under Clause 6) of the Vessel become impossible due to an official
                prohibition or restriction imposed due to Coronavirus Disease 2019 (COVID-19) or

            

      

      

      
        	 	
                (b)

              	
                should the Vessel be recommended or instructed against by a competent authority, prohibited, banned or otherwise prevented in any manner from entry to a
                    place nominated by the Sellers as a delivery place to the Buyers in connection with or arising out of the Coronavirus Disease 2019 (COVID-19) or

              

      

      

      

      
        	 	
                (c)

              	
                should the Buyer’s proposed crew be recommended or instructed against by a competent authority or otherwise prevented in any manner from entry into the
                    country / port nominated by the Sellers, as the delivery place or

              

      

      

      

      
        	 	
                (d)

              	
                should the Sellers’ crew be instructed against by a competent authority or otherwise prevented in any manner from disembarking the Vessel at the port
                    nominated by the Sellers as the delivery place or

              

      

      

      

      
        	 	
                (e)

              	
                if the Vessel is otherwise prevented in any way from becoming ready for delivery at the nominated delivery place by any authority of such place in
                    connection with Coronavirus Disease 2019 (COVID-19), then the Sellers and Buyers shall mutually agree to nominate an alternate place of delivery close to the delivery range stated in Clause 5.

              

      

      

      

      In case the new delivery date nominated by Sellers is later than the cCancelling dDate, Buyers shall
        accept a delay of the delivery time which shall be determined basis direct sailing passage time to reach the alternate place of delivery and not exceeding thirty (30) days from the Cancelling Date without any liability of Sellers. Buyers and
        Sellers may mutually agree to cancel this Agreement if the Vessel cannot be delivered after above mentioned thirty (30) days extension due to aforesaid restrictions related to COVID-19 without any liability of Buyers and Sellers under aforesaid
        clauses and in such an event the Deposit if paid by the Buyer to the Seller shall be returned immediately to the Buyer. The cost of bunkers consumed for the shifting to the alternate place of delivery to be shared equally between the Sellers and
        the Buyers. All other costs to be for the Sellers’ account.

      

      

      
        33

        
          

      

      However, the Buyers and Sellers shall ensure necessary arrangements for crew are made well in advance without any delay in complying
        with the norms/protocols issued at the place of delivery causing delay in takeover.

      

      

      	 	
              For and on behalf of the Sellers

            	
              For and on behalf of the Buyers

            
	 	 	 
	 	
              /s/ Benjamin John Crilly

            	
              /s/ Stamatios Tsantanis

            
	 	 	 
	 	
              Name: Benjamin John Crilly

            	
              Name: Stamatios Tsantanis

            
	 	 	 
	 	
              Title: Director

            	
              Title: Director / President

            

      

      

      
        34

        
          

      

      
        
          	
                   

                	
                  Norwegian Shipbrokers’ Association’s

                   Memorandum of Agreement for sale and

                   purchase of ships. Adopted by BIMCO in 1956.

                  Code-name

                   

                  SALEFORM 2012

                   

                  Revised 1966. 1983 and 1986/87, 1993 and 2012.

                

          

          

          MEMORANDUM OF AGREEMENT

          

          

          Dated: 11th July
              2022

          

          

          Thunderbolt Maritime Ltd, Trust Company Complex, Ajeltake Road, Ajeltake Islands,
              Majuro, Marshall Islands MH 96960, IMO No. 6141169 (Name of sellers), hereinafter called the “Sellers”, have agreed to sell, and

          

          

          Minoansea Maritime Co., Trust Company Complex, Ajeltake Road, Ajeltake Islands,
              Majuro, Marshall Islands MH 96960 (Name of buyers) hereinafter called the “Buyers”, have agreed to buy

          

          

          Name of vessel: THUNDERBOLT

          

          

          IMO Number: 9388742

          

          

          Classification Society/Class: American Bureau of Shipping

          

          

          Class Notation: +A1, Oil Carrier, ESP, +AMS, +ACCU, VEC, SH, RES, SHCM, POT, ESP, CRC, CPP, RW,RRDA

          

          

          
            	
                    Year of Build: 2008

                  	
                    Builder/Yard: Shanghai Waigaoqiao Shipbuilding Co. Ltd.

                  
	 	 
	
                    Flag: Marshall Islands

                  	
                    Place of Registration: Majuro

                  	
                    GT/NT: 62,863/ 31,919

                  

          

          

          

          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 (Purchase Price) and in the place of closing stipulated in
            Clause 8 (Documentation) and New York – NY, London – England, Majuro -Republic of the Marshall Islands and Athens- Greece (add additional jurisdictions
              as appropriate).

          

          

          “Buyers’ Nominated Flag State” means the Republic of the Marshall Islands.

          

          

          “Class” means the class notation referred to above.

          

          

          “Classification Society” means the Society referred to above.

          

          

          “Deposit” shall have the meaning given in Clause 2 (Deposit)

          

          

          “Deposit Holder” means Watson Farley & Williams, 5th Floor, Building B, 348 Syngrou Avenue, Kallithea, Athina, 176 74, Greece (Athens office) (state name and location of Deposit Holder) or, if left  blank,

              the Sellers’ Bank, which shall hold and release the Deposit and the Balance Price and the Charges in accordance with this Agreement and the relevant escrow
              agreement(s).

          

          

          “In writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter, email or telefax.

          

          

          “Parties” means the Sellers and the Buyers.

          

          

          “Purchase Price” means the price for the Vessel as stated in Clause 1 (Purchase Price)

          

          

          “Sellers’ Account” means USD Account No.: 0102983003, SWIFT Code: SCBLSG22XXX, Beneficiary Account Name: Thunderbolt Maritime Limited, (state details of
            bank account) at the Sellers’ Bank.

          

          

          
            35

            
              

          

          “Sellers’ Bank” means Standard Chartered Bank (Singapore) Limited, Branch: Battery Road Branch, Singapore, with Correspondence Bank: Standard Chartered Bank,
              New York, USA - SWIFT Code: SCBLUS33 (state name of bank, branch and details) or, if left blank, the bank notified by the Sellers to the Buyers for receipt of the balance of the Purchase Price.

          

          

          
            	 	
                    1.

                  	
                    Purchase Price

                  

          

          

            The Purchase price is USD 19,000,000 only (United States Dollars Nineteen Million only) (state currency and amount both in words and figures).

          

          

          
            	 	
                    2.

                  	
                    Deposit

                  

          

          
            
              

                As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of % (per cent) or, if left blank, 10% (ten per cent), of the
                Purchase Price (the “Deposit”) in an escrow account for the parties with the Deposit Holder within three (3) Banking Days after the date that:

            

          

          

          

          
            	 	
                    (i)

                  	
                    this Agreement has been signed by the Parties and exchanged in original or by e-mail or telefax; and

                  

          

          

          

          
            	 	
                    (ii)

                  	
                    the Deposit Holder has confirmed in writing to the Parties that the account has been Oopened and is ready to receive funds;

                  

          

          

          

          The Deposit shall be held by the Deposit Holder on behalf of the Parties and only be released in accordance with joint written instructions of the
            Parties. Interest, if any, shall be credited to the Buyers. Any fee charged for holding and releasing the Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder all necessary
            documentation to open and maintain the account without delay.

          

          

          Both Sellers and Buyers shall comply with the anti-money laudering laws and regulations of the countries in which the banks and the Deposit Holder are located.

          

          

          
            	 	
                    3.

                  	
                    Payment

                  

          

          

          

          The Purchase Price of the Vessel and all other sums payable. Oon delivery by the
                Buyers to the Sellers under this Agreement, shall be paid as follows on delivery of the Vessel, but in any case not later than three (3) Banking Days after the date that Notice of Readiness
              has been given in accordance with Clause 5 (Time and place of delivery and notices) and in exchange for the agreed documentation pursuant to Clause 8 of this Agreement and against presentation of the Protocol
                of Delivery and Acceptance duly signed by the Sellers and the Buyers:

          

          

          
            	 	
                    (i)

                  	
                    the Deposit shall be released to the Sellers; and

                  

          

          

          
            36

            
              

          

          
            
              	 	
                      (ii)

                    	
                      The 90% balance of the Purchase Price (the “Balance Price”) and all other sums
                          payable on delivery by the Buyers to the Sellers under this Agreement shall be paidreleased in full free of bank charges to the Sellers’ Account.

                    

            

            

              The Buyers shall remit the Balance Price including the value of the estimated bunker and lubricating oils remaining on board at the time of delivery and any other charges and money whatsoever to be paid by the Buyers to the Sellers in
              accordance with this Agreement (the “Charges”) by payment to the Deposit Holder at least one (1) Banking day prior to the Vessel’s delivery and the Buyers shall provide a swift copy evidencing such payment and the Deposit Holder will confirm
              the actual receipt of funds. The Balance Price and the Charges to be held on Buyers’ sole behalf and at Buyers’ sole release instructions. The Deposit shall be released to the Sellers in full against and upon the Sellers’ and Buyers’ joint
              written instructions to the Deposit Holder and the Balance Price and the Charges shall be released to the Sellers in full against and upon the written instructions of the Buyers to the Deposit Holder, together with presentation to the Deposit
              Holder of the copy of the Protocol of Delivery and Acceptance duly signed by both the Sellers’ and the Buyers’ authorized representatives. Any surplus amount to be immediately released to the Buyers’ account.

          

          

          

          Payment of the Purchase Price shall be settled by the Buyers by:

          

          

          
            	 	
                    (i)

                  	
                    the Buyers procuring the repayment to the lenders of the Sellers of a proportion of debt that is secured against the Vessel (the relevant amount being
                        the “Sellers’ Debt”); plus

                  

          

          

          

          
            	 	
                    (ii)

                  	
                    paying to the Sellers an amount equal to the Purchase Price less the Sellers’ Debt in cash in accordance with this Clause 3.

                  

          

          

          

          
            	 	
                    4.

                  	
                    Inspection

                  

          

          

          

          (a) *The Buyers have inspectedwaived the inspection and accepted the Vessel’s classification records. The Buyers have also
              inspected the Vessel at/in           (state place) on          (state date) and have accepted the Vessel and the Vessel’s classification recordsfollowing 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      (state date/period)

          

          

          The Sellers shall make the Vessel available for inspection at/in (state place/range) within (state date/period).

          

          

          
            37

            
              

          

          The Buyers shall undertake the 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.

          

          

          The sale shall become outright and definite, subject only to the terms and conditions of this Agreement, provided that the Sellers receive written notice of acceptance
              of the Vessel from the Buyers within seventy-two (72) hours after completion of such inspection or after the Date/last day of the period stated in Line 59, whichever is the earlier. Should
              the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of the Vessel’s classification records and/or of the Vessel not be received by the Sellers as aforesaid, the Deposit
              together with interest earned, if any, shall be released immediately to the Buyers, whereafter this Agreement shall be null and void.

          

          

          *4
                (a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 4(a) shall apply.

          

          

          
            	 	
                    5.

                  	
                    Time and place of delivery and notices

                  

          

          

          

          (a) The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or anchorage at/in worldwide (state
            place/range), in the Sellers’ option. Notice of Readiness shall not be tendered before: 1st August 2022 (date) Cancelling Date (see Clauses 5(c), 6(a)(iii) and 14: 16th August 2022

          

          

          (b) The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall provide the Buyers with twenty (20), fifteen (15) days’ approximate and
            ten (10), five (5) and three (3), two (2) and one (1) days’ firm notice of the date the Sellers intend to tender Notice of Readiness and
            of the intended place of delivery. When the Vessel is at the place of delivery and physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.

          

          

          (c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing
            stating the date when they anticipate that the Vessel will be ready for delivery and proposing 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 (Sellers’ Default) within three (3) Banking 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 three (3) Banking Days of receipt of the Sellers’ notification or 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 79.

          

          

          If this Agreement is maintained with the new Cancelling Date all other terms and conditions hereof including those contained in Clauses 5 (b) and 5 (d) shall remain unaltered and in full force
            and effect.

          

          

          (d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers’ Default)
            for the Vessel not being ready by the original Cancelling Date.

          

          

          
            38

            
              

          

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

          

          

          
            	 	
                    6.

                  	
                    Divers Inspection / Drydocking

                  

          

          

          

          (a)*

          

          

          
            
              
                	 	
                        (i)

                      	
                        The Buyers shall have the option at their cost and expense to arrange for an underwater inspection by a diver approved by the Classification Society prior to the
                            delivery of the Vessel. Such option shall be declared latest nine (9) days prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement. The Sellers shall at
                            their cost and expense make the Vessel available for such inspection. This inspection shall be carried out without undue delay and in the presence of a Classification Society surveyor arranged for by the Sellers and paid for by
                            the Buyers. The Buyers’ representative(s) shall have the right to be present at the diver’s inspection as observer(s) only without interfering with the work or decisions of the Classification Society surveyor. 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 place of delivery are unsuitable for such inspection, the Sellers shall at their cost
                            and expense make the Vessel available at a suitable alternative place near to the delivery port, in which event the Cancelling Date shall be extended by the additional time required for such positioning and the subsequent
                            re-positioning. The Sellers may not tender Notice of Readiness prior to completion of the underwater inspection.

                      

              

            

          

          

          
            	 	
                    (ii)

                  	
                    
                      
                        
                          
                            
                              
                                If the rudder, propeller, bottom or other underwater parts below the deepest loadline are found broken, damaged or defective so as to affect the Vessel’s
                                    class, then (1) 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 expense for inspection by the Classification
                                    Society of the Vessel’s underwater parts below the deepest loadline, the extent of the inspection being in accordance with the Classification Society’s rules (2) such defects shall be made good by the Sellers at their
                                    cost and expense to the satisfaction of the Classification Society without condition/recommendation** and (3) the Sellers shall pay for the underwater inspection and the Classification Society’s attendance.

                              

                            

                          

                        

                      

                    

                  

          

          

          

          
            39

            
              

          

          
            	
                    

                    

                  	
                    Notwithstanding anything to the contrary in this Agreement, if the Classification Society do not require the aforementioned defects to be rectified before the next class drydocking
                      survey, the Sellers shall be entitled to deliver the Vessel with these defects against a deduction from the Purchase Price of the estimated direct cost (of labour and materials) of carrying out the repairs to the satisfaction of the
                      Classification Society, whereafter the Buyers shall have no further rights whatsoever in respect of the defects and/or repairs. The estimated direct cost of the repairs shall be the average of quotes for the repair work obtained from
                      two reputable independent shipyards at or in the vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) Banking Days from the date of the imposition of the condition/recommendation, unless the
                      Parties agree otherwise. Should either of the Parties fail to obtain such a quote within the stipulated time then the quote duly obtained by the other Party shall be the sole basis for the estimate of the direct repair costs. The
                      Sellers may not tender Notice of Readiness prior to such estimate having been established.

                  

          

          

          

          
            	 	
                    (iii)

                  	
                    If the Vessel is to be drydocked pursuant to Clause 6(a) (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(a). Once the drydocking has taken place the Sellers shall deliver the Vessel at a port within the
                        delivery range as per Clause 5(a) which shall, for the purpose of this Clause, become the new port of delivery. In such event the Cancelling Date shall be extended by the additional time required for the drydocking and extra
                        steaming, but limited to a maximum of fourteen (14) days.

                  

          

          

          

          
            	 	
                    (b)

                  	
                    *The Seller 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 loadline are found broken,  damaged or defective so as to affect the Vessel’s class, such defects shall be made good at the  Sellers’

                        cost and expense to the satisfaction of the Classification Society without condition/recommendation**. In such event the Sellers are also to pay for the costs and expenses in connection with putting
                        the Vessel in and taking her out of drydock, including the  drydock dues and the Classification Society’s fees. The Sellers shall also pay for these costs and expenses if parts of
                        the tailshaft system are condemned or found defective or broken so as  to affect the Vessel’s class. In all other cases, the Buyers shall pay the aforesaid costs and expenses, dues and fees.

                  

          

          

          

          
            40

            
              

          

          
            	 	
                    (c)

                  	
                    If the Vessel is drydocked pursuant to Clause 6(a) (ii) or 6(b) above:

                  

          

          

          

          
            	 	
                    (i)

                  	
                    The Classification Society may require survey of the tailshaft system, the extent of the survey being to the satisfaction of the Classification Society surveyor. If such
                        survey is not required by the Classification Society, the Buyers shall have the option 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 than 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’ costs and expense to the satisfaction of the Classification Society without condition/recommendation.**

                  

          

          

          

          
            	 	
                    (ii)

                  	
                    The costs and expenses 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 or if parts of the system are condemned or found defective or broken so as to affect the  Vessel’s class, in which case the Sellers shall pay these
                          costs and expenses.

                  

          

          

          

          
            	 	
                    (iii)

                  	
                    The Buyers’ representative(s) shall have the right to be present in the drydock, as observer(s) only without interfering with the work or decisions of the Classification
                        Society surveyor.

                  

          

          

          

          
            	 	
                    (iv)

                  	
                    The Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted at their risk, cost and expense without interfering with the Sellers’ or
                        the Classification Society 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 Buyer’s risk, cost 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, notwithstanding Clause 5(a), the Buyers shall be obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel
                        is in drydock or not.

                  

          

          

          

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

          

          

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

          

          

          
            41

            
              

          

          
            	 	
                    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 on board or not shall become the Buyers’ property, but spares on order 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 propeller(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. Unused stores and provisions shall be included in the sale and be taken over by the Buyers without extra payment. Library and forms exclusively for use in the Sellers’
            vessel(s) and captain’s, officers’ and crew’s personal belongings including the slop chest are excluded from the sale without compensation, as well as the following additional items: .......... (include list) as per the Annex I enclosed herewith. Items on board which are on hire or owned by third parties, listed as follows, are excluded from the sale without compensation: as per
              the Annex I enclosed herewith ..........   (include list). Items on board at the time of inspection which are on hire or owned by third parties, not listed above, shall be
            replaced or procured by the Sellers prior to delivery at their cost and expense. The Buyers shall take over remaining bunkers, and unused lubricating oils and hydraulic oils and Greases in storage tanks and unopened drums remaining onboard at delivery and pay either:

          

          

          (a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or

          

          

          (b) * the current net market price (excluding barging expenses) at the port and date of delivery of the Vessel or, if unavailable, at the nearest
              bunkering port. for the quantities taken over.

          

          

          Bunkers, lubricating oils, hydraulic oils and greases on board the Vessel shall be jointly measured by the Buyers’ and Sellers’ representatives on board not earlier than 3
            (three) days and no later than one (1) day prior to the expected date of delivery. The quantities so measured with deduction of the estimated quantities to be
              consumed until the expected date of delivery, to be mutually agreed by the Parties’ respective representatives, shall be referred for pre-positioning the balance money as per clause 3. On the date of delivery, the final quantities on board
              the Vessel shall be determined by a joint-survey by Buyers and Sellers representative basis which the balance money will be released to the Sellers.

          

          

          Payment under this Clause shall be made at the same time and place and in the same currency as the Purchase Price.

          

          

          
            42

            
              

          

          “Inspection” in this Clause 7, shall mean the Buyers’ inspection according to Clause 4(a) or 4(b) (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this
            Agreement shall be the relevant date.

          

          

          *(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions alternative (a) shall apply.

          

          

          
            	 	
                    8.

                  	
                    Documentation

                  

          

          

          

          The place of closing: Virtual attendance of Parties’ representatives as agreed between the Parties.

          

          

          
            	 	
                    (a)

                  	
                    In exchange for payment of the Purchase Price the Sellers shall furnish the Buyers with the following
                        delivery documents required for the registration and the transfer of title of the Vessel. A list of these documents is to be agreed as soon as possible after this Agreement has been reached / signed
                          and shall be incorporated into this Agreement in the form of an addendum. Agreement on the list of documents not to delay the signing of this Agreement:

                  

          

          

          

          
            	 	
                    (i)

                  	
                    Legal Bill(s) of Sale , in a form recordable in the Buyers’ Nominated Flag State, transferring title of the Vessel and stating that the Vessel is free from all
                        mortgages, encumbrances and maritime liens or any other debts whatsoever, duly notarially attested and  legalised or apostilled, as required by the Buyers’ Nominated Flag State;

                  

          

          

          

          
            	 	
                    (ii)

                  	
                    Evidence that all necessary corporate, shareholder and other action has been taken by the Sellers to authorise the execution, delivery and
                          performance of this Agreement;

                  

          

          

          

          
            	 	
                    (iii)

                  	
                    Power of Attorney of the Sellers appointing one or more representatives to act on behalf of the Sellers in the performance of this Agreement,
                          duly notarially attested and legalised or apostilled (as appropriate);

                  

          

          

          

          
            	 	
                    (iv)

                  	
                    Certificate or Transcript of registry issued by the competent authorities of the flag state  on the date of delivery evidencing
                          the Sellers’ ownership of the Vessel and that the Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by such authority to the closing meeting with the original to
                          be sent to the Buyers as soon as possible after delivery of the Vessel;

                  

          

          

          

          
            	 	
                    (v)

                  	
                    Declaration of Class or (depending on the Classification Society) a Class Maintenance Certificate issued within three (3) Banking Days prior to
                          delivery confirming that the Vessel is in Class free of condition/recommendation;

                  

          

          

          

          
            	 	
                    (vi)

                  	
                    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 provide a certificate or other official evidence of deletion to the Buyers promptly and latest within four (4) weeks after the Purchase Price has
                          been paid and the Vessel has been delivered;

                  

          

          

          

          
            43

            
              

          

          
            	 	
                    (vii)

                  	
                    A copy of the Vessel’s Continuous Synopsis Record certifying the date on which the  Vessel ceased to be registered with the
                          Vessel’s registry, or, in the event that the registry does not as a matter of practice issue such certificate immediately, a written undertaking from the Sellers to provide the copy of this
                          certificate promptly upon it being issued together with evidence of submission by the Sellers of a duly executed Form 2 stating the date on which the Vessel shall cease to be registered with the
                          Vessel’s registry;

                  

          

          

          

          
            	 	
                    (viii)

                  	
                    Commercial Invoice for the Vessel;

                  

          

          

          

          
            	 	
                    (ix)

                  	
                    Commercial invoice(s) for bunkers, lubricating and hydraulic oils and greases;

                  

          

          

          

          
            	 	
                    (x)

                  	
                    A copy of the Sellers’ letter to their satellite communication provider canceling the  Vessel’s communications contract which is
                          to be sent immediately after delivery of the Vessel;

                  

          

          

          

          
            	 	
                    (xi)

                  	
                    Any additional documents as may reasonably be required by the competent authorities of  the Buyers’ Nominated Flag State for the
                          purpose of registering the Vessel, provided the Buyers notify the Sellers of any such documents as soon as possible after the date of this Agreement; and

                  

          

          

          

          
            	 	
                    (xii)

                  	
                    The Sellers’ letter of confirmation that to the best of their knowledge, the Vessel is not black listed by any nation or international
                          organization

                  

          

          

          

          
            	 	
                    (b)

                  	
                    At the time of delivery the Buyers shall provide the Sellers with:

                  

          

          

          

          
            	 	
                    (i)

                  	
                    Evidence that all necessary corporate, shareholder and other action has been taken by the Buyers to authorise the execution, delivery and
                          performance of this Agreement; and

                  

          

          

          

          
            	 	
                    (ii)

                  	
                    Power of Attorney of the Buyers appointing one or more representatives to act on behalf of the Buyers in the performance of this Agreement, duly
                          notarially attested and legalized or apositilled (as appropriate).

                  

          

          

          

          
            	 	
                    (c)

                  	
                    If any of the documents listed in Sub-clauses (a) and (b) above are not in the English language they shall be accompanied by an English translation by an authorized
                        translator or certified by a lawyer qualified to practice in the country of the translated language.

                  

          

          

          

          
            	 	
                    (d)

                  	
                    The Parties shall to the extent possible exchange copies, drafts or samples of the documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by
                        the other party not later than ......... (state number of days), or if left blank, nine (9) days prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement.

                  

          

          

          

          
            44

            
              

          

          
            	 	
                    (e)

                  	
                    Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) above, the Sellers shall also hand to the Buyers the classification certificate(s) as well
                        as all plans, drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other certificates which 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 have the right to take copies.

                  

          

          

          

          
            	 	
                    (f)

                  	
                    Other technical documentation which may be in the Sellers’ possession shall promptly after delivery be forwarded to the Buyers at their expense, if they so request. The
                        Sellers may keep the Vessel’s log books (to be in place for the last six (6) months) but the Buyers have the right to take copies of same.

                  

          

          

          

          
            	 	
                    (g)

                  	
                    The Parties 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.

                  

          

          

          

          
            	 	
                    9.

                  	
                    Encumbrances

                  

          

          

          

          The Sellers warrant that the Vessel, at the time of delivery, is free from all charters, encumbrances, mortgages and, maritime liens, taxes, claims or any other debts whatsoever, and is not subject to Port State or other administrative detentions. 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 or arose out of or with respect to events occurred prior to the time of delivery.

          

          

          
            	 	
                    10.

                  	
                    Taxes, fees and expenses

                  

          

          

          

          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. However, the Vessel shall be delivered free of cargo and free of stowaways with her Class maintained without condition/recommendation*, free of
            average 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 without condition/recommendation*
            by the Classification Society or the relevant authorities at the time of delivery.

          

          

          
            45

            
              

          

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

          

          

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

          

          

          
            	 	
                    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 lodged in accordance with Clause 2 (Deposit), 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 (Payment), the Sellers have the right to cancel this Agreement, in which case the Deposit together with interest earned, if
            any, 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 (b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the
            option of cancelling this Agreement. 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 by the Cancelling Date 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, if any, shall be released to them immediately. Should the
            Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid 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.

          

          

          
            46

            
              

          

          
            	 	
                    15.

                  	
                    Buyers’ representatives

                  

          

          

          

          After this Agreement has been signed by the Parties and the Deposit has been lodged, the Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and
            Expense. The Buyers shall pay to the Sellers at the time of delivery US$20/day/person as victualing/accommodation fee and the Buyers shall also pay to the Sellers other expenses borne by the Buyers’
              representatives at the time of delivery/closing. These representatives are on board for the purpose of familiarisation and in the capacity of observers only, and they shall not interfere in any respect with the operation of the
            Vessel. The Buyers and the Buyers’ representatives shall sign the Sellers’ P&I Club’s standard letter of indemnity prior to their embarkation.

          

          

          
            	 	
                    16.

                  	
                    Law and Arbitration

                  

          

          

          

          (a) This Agreement shall be
              governed by and construed in accordance with English law and any dispute arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification
              or re- enactment thereof save to the extent necessary to give effect to the provisions of this Clause. The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) terms

              current at the time when the arbitration proceedings are commenced. The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in
              writing to the other party requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own
              arbitrator and gives notice that it has done so within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the party referring
              the dispute to arbitration may, without the requirement of any further prior notice to the other party, appoint its arbitrator as solerbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on
              both Parties as if the sole arbitrator had been appointed by agreement. In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure
              current at the time when the arbitration proceedings are commenced.

          

          

          (b) *This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the substantive law (not including the choice of law
              rules) of the State of New York and any dispute arising out of or in connection with this Agreement shall be referred to three (3) 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 the purposes of enforcing any award, judgment may be entered on an award by any court of competent
              jurisdiction. The proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc.

          

          

          
            47

            
              

          

          In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with the Shortened Arbitration
              Procedure of the Society of Maritime Arbitrators, Inc.

          

          

           (c) This Agreement shall be governed by and construed in accordance with the laws of ................. (state place ) and any dispute arising out of or in
              connection with this Agreement shall be  referred to arbitration at ................. (state place), subject to the procedures applicable there.

          

          

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

          

          

          
            	 	
                    17.

                  	
                    Notices

                  

          

          

          

          All notices to be provided under this Agreement shall be in writing. 

          Contact details for recipients of notices are as follows:

           

          

          	
                   

                	
                  For the Buyers:

                
	 	 
	
                   

                	
                  c/o 154 Vouliagmenis Avenue

                  

                
	 	 
	 	166 74 Glyfada, Athens, Greece
	 	 
	 	Attn.: Legal Department
	 	 
	 	Facsimile: +30 210 96 38 404
	 	 
	
                   

                	
                  E-mail: legal@seanergy.gr

                
	 	 
	
                   

                	
                  For the Sellers:

                
	 	 
	
                   

                	
                  c/o PT Kroll Consulting Indonesia 

                  

                
	 	 
	 	World Trade Centre 2, 9th Floor
	 	 
	
                   

                	
                  Jl. Jend. Sudirman Kav. 29 – 31, Jakarta 12920, Indonesia 

                  

                
	 	 
	 	Attn.: Director
	 	 
	
                   

                	
                  Email: dl.bull.working.group@kroll.com

                

          

          

          
            	 	
                    18.

                  	
                    Entire Agreement

                  

          

          

          

          The written terms of this Agreement comprise the entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and supersede all previous agreements
            whether oral or written between the Parties in relation hereto. Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall have no right or remedy in respect of any statement, representation, assurance
            or warranty (whether or not made negligently) other than as is expressly set out in this Agreement. Any terms implied into this Agreement by an applicable statute or law are hereby excluded to the extent that such exclusion can be legally made.
            Nothing in this Clause shall limit or exclude any liability for fraud.

          

          

          
            48

            
              

          

          	 	19	
                  Confidentiality

                

          

          

          These negotiations and any subsequent agreement to be kept private and confidential by all parties involved except for disclosures required in connection
            with the processing of this transaction (including but not limited to disclosures to the Parties’ financiers, auditors, legal counsels) or as required by flag or stock exchange regulations or for business prospects for the Vessel. Despite the
            efforts of the Parties, if details of the sale become known or reported on the market neither the Sellers nor the Buyers are to have the right to withdraw from the sale or to fail to fulfil all their obligations under the agreed contract.

          

          

          	 	20	
                  Sanction Clause

                

          

          

          Each of the Buyers and the Sellers confirm that they do not do business with, and are not located in, any nation subject to broad-based sanctions by the
            United Nations and / or the European Union and/or Canada and/ or the United States of America (including but not limited to the sanctions by the United States Department of the Treasury’s Office of Foreign Asset Control (OFAC) (collectively,
            “Sanctions Authorities”), including Iran, North Korea, Cuba, Russia or Syria. Each of the Buyers and the Sellers further confirms that neither they nor any of their affiliates, owners, officers, directors, or employees are sanctioned
            (“Sanctioned Entity”) pursuant to OFAC’s Specially Designated Nationals List (“SDN List”) or any other sanctions list of any Sanctions Authority. Each of the Buyers and the Sellers further confirms that neither they nor any of their affiliates
            are owned or controlled 50 per cent or more in the aggregate by companies and/or individuals sanctions under the SND list or any other sanctions list of any sanctions authority.

          

          

          Each of the Buyers and the Sellers further confirms that they shall indemnify and compensate the other for any consequential costs and/or damages to the
            other arising out of their failure to comply with this clause. Each of the Buyers and the Sellers confirms that within the past five(5) years none of its respective owners, officers, directors, or employees are or have been (a) involved in any
            prior, pending or threatened enforcement investigation or proceeding regarding any actual, alleged or possible non- compliance with sanctions, anti-terrorism, anti- bribery/corruption, fraud, or anti- money laundering laws and regulations or
            (b) the subject of or provided any voluntary self-disclosure, or any prior disclosure or other submission to any government agency in connection with questions or concerns associated with actual, alledged or possible non-compliance with
            sanctions , anti-terrorism, anti- bribery/corruption, fraud, or anti-money laundering laws and regulations. Also Sellers covenants, represents and warrants that the Vessel has not been used by Sellers in support of or for the benefit of any
            person, entity or country subject to blocking or asset freeze sanctions under the laws and regulations of sanctions authorities, as that term is defined in the clause.

          

          

          The Sellers and Buyers, warrant, represent and undertake on a continuing basis:

          

          

          	 	(a)	
                  That neither the Sellers nor Buyers; nor any person, entity or body on whose behalf or under whose direction the Sellers or Buyers act, or who they assist, or who directly or indirectly
                    owns or controls the Sellers or Buyers; nor any person, entity or body who the Sellers or Buyers may nominate to facilitate any aspect of this transaction are or will be individual(s) or entity/(ies) designated pursuant to any national,
                    international or supranational law or regulation imposing trade and economic sanctions, prohibitions or restrictions (a sanctioned entity);

                

          

          

          
            49

            
              

          

          	 	(b)	
                  Sellers and Buyers undertake that they are acting, and shall act, always in their own name and for their own account, and are not acting on behalf of any sanctioned entity;

                

          

          

          	 	(c)	
                  the Sellers and Buyers shall notify the Buyers other party immediately if they, or any person, entity or body on whose behalf or under whose direction they act, or who they assist, or
                    who owns or controls the Sellers or Buyers, or any person who the Sellers or Buyers may nominate to facilitate any aspect of this transaction, become a sanctioned entity, and will provide any information the other party reasonably
                    request; and

                

          

          

          	 	(d)	
                  the Sellers confirm that to the best of the Sellers’ knowledge the Vessel is not blacklisted by any national or international organization, sanctioned, or designated pursuant to any
                    national,or international law or regulation.

                

          

          

          No act or omission of either party shall at any time constitute a waiver of this provision; and the warranties, representations and undertakings
            contained in this provision are deemed repeated and remain in effect before delivery and for a period of one (1) year after delivery.

          

          

          	 	21	
                  COVID Clause:

                

          

          

          Notwithstanding Clause 5 above,

           

          

          
            
              	 	
                      (a)

                    	
                      should the physical and/or documentary delivery and/or the underwater inspection (under Clause 6) and/or the drydocking (under Clause 6) of the Vessel become impossible due to an
                        official prohibition or restriction imposed due to Coronavirus Disease 2019 (COVID-19) or

                    

            

          

          

          

          
            	 	
                    (b)

                  	
                    should the Vessel be recommended or instructed against by a competent authority, prohibited, banned or otherwise prevented in any manner from entry
                        to a place nominated by the Sellers as a delivery place to the Buyers in connection with or arising out of the Coronavirus Disease 2019 (COVID-19) or

                  

          

          

          

          
            	 	
                    (c)

                  	
                    should the Buyer’s proposed crew be recommended or instructed against by a competent authority or otherwise prevented in any manner from entry into
                        the country / port nominated by the Sellers, as the delivery place or

                  

          

          

          

          
            	 	
                    (d)

                  	
                    should the Sellers’ crew be instructed against by a competent authority or otherwise prevented in any manner from disembarking the Vessel at the
                        port nominated by the Sellers as the delivery place or

                  

          

          

          

          
            	 	
                    (e)

                  	
                    if the Vessel is otherwise prevented in any way from becoming ready for delivery at the nominated delivery place by any authority of such place in
                        connection with Coronavirus Disease 2019 (COVID-19), then the Sellers and Buyers shall mutually agree to nominate an alternate place of delivery close to the delivery range stated in Clause 5.

                  

          

          

          

          In case the new delivery date nominated by Sellers is later than the cCancelling dDate, Buyers shall accept a delay
            of the delivery time which shall be determined basis direct sailing passage time to reach the alternate place of delivery and not exceeding thirty (30) days from the Cancelling Date without any liability of Sellers. Buyers and Sellers may
            mutually agree to cancel this Agreement if the Vessel cannot be delivered after above mentioned thirty (30) days extension due to aforesaid restrictions related to COVID-19 without any liability of Buyers and Sellers under aforesaid clauses and
            in such an event the Deposit if paid by the Buyer to the Seller shall be returned immediately to the Buyer. The cost of bunkers consumed for the shifting to the alternate place of delivery to be shared equally between the Sellers and the
            Buyers. All other costs to be for the Sellers’ account.

          

          

          
            50

            
              

          

          However, the Buyers and Sellers shall ensure necessary arrangements for crew are made well in advance without any delay in complying with the
            norms/protocols issued at the place of delivery causing delay in takeover.

          

          

          	 	
                  For and on behalf of the Sellers

                	
                  For and on behalf of the Buyers

                
	 	
                   

                	
                   

                
	 	
                  /s/ Benjamin John Crilly

                	
                  /s/ Stamatios Tsantanis

                
	 	
                   

                	
                   

                
	 	
                  Name: Benjamin John Crilly

                	
                  Name: Stamatios Tsantanis

                
	 	
                   

                	
                   

                
	 	
                  Title: Director

                	
                  Title: Director / President

                

          

          

          
            51

            
              

          

          	
                   

                	
                  Norwegian Shipbrokers’ Association’s

                  Memorandum of Agreement for sale and 

                  purchase of ships. Adopted by BIMCO in 1956.

                  Code-name

                   

                  SALEFORM 2012

                   

                  Revised 1966. 1983 and 1986/87, 1993 and 2012.

                

           

          

          MEMORANDUM OF AGREEMENT

          

          

          Dated: 11th July
              2022

          

          

          Timberwolf Maritime Ltd, Trust Company Complex, Ajeltake Road, Ajeltake Islands,
              Majuro, Marshall Islands MH 96960, IMO No. 6141169 (Name of sellers), hereinafter called the “Sellers”, have agreed to sell, and

          

          

          Epanastasea Maritime Co., Trust Company Complex, Ajeltake Road, Ajeltake Islands,
              Majuro, Marshall Islands MH 96960 (Name of buyers) hereinafter called the “Buyers”, have agreed to buy

          

          

          Name of vessel: TIMBERWOLF

          

          

          IMO Number: 9319686

          

          

          Classification Society/Class: Lloyd’s Register

          

          

          Class Notation: +100A1 Double Hull Oil Tanker, ESP, ShipRight, (FDA,SDA,CM), *IWS, SPM, LI, +LMC IGS, UMS, Shipright (SCM, MSPS), COW, SBT(LR) ,PL(LR) Part
              higher tensile steel, Shipright (IHM-EU+).

          

          

          
            	
                    Year of Build: 2008

                  	
                    Builder/Yard: Dalian New Shipbuilding Yard

                  
	 	 
	
                    Flag: Marshall Islands

                  	
                    Place of Registration: Majuro

                  	
                    GT/NT: 61,724/ 32,726

                  

          

          

          

          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 (Purchase Price) and in the place of closing stipulated in
            Clause 8 (Documentation) and New York – NY, London – England, Majuro -Republic of the Marshall Islands and Athens- Greece (add additional jurisdictions
              as appropriate).

          

          

          “Buyers’ Nominated Flag State” means the Republic of the Marshall Islands.

          

          

          “Class” means the class notation referred to above.

          

          

          “Classification Society” means the Society referred to above.

          

          

          “Deposit” shall have the meaning given in Clause 2 (Deposit)

          

          

          “Deposit Holder” means Watson Farley & Williams, 5th Floor, Building B, 348 Syngrou Avenue, Kallithea, Athina, 176 74, Greece (Athens office) (state name and location of Deposit Holder) or, if left  blank,

              the Sellers’ Bank, which shall hold and release the Deposit and the Balance Price and the Charges in accordance with this Agreement and the relevant escrow
              agreement(s).

          

          

          “In writing” or “written” means a letter handed over from the Sellers to the Buyers or vice versa, a registered letter, email or telefax.

          

          

          “Parties” means the Sellers and the Buyers.

          

          

          “Purchase Price” means the price for the Vessel as stated in Clause 1 (Purchase Price)

           

          

          
            52

            
              

          

          “Sellers’ Account” means USD Account No.: 0102822174, SWIFT Code: SCBLSG22XXX, Beneficiary Account Name: Timberwolf Maritime Limited, (state details of
            bank account) at the Sellers’ Bank.

          

          

          “Sellers’ Bank” means Standard Chartered Bank (Singapore) Limited, Branch: Battery Road Branch, Singapore, with Correspondence Bank: Standard Chartered Bank,
              New York, USA - SWIFT Code: SCBLUS33 (state name of bank, branch and details) or, if left blank, the bank notified by the Sellers to the Buyers for receipt of the balance of the Purchase Price.

          

          

          
            	 	
                    1.

                  	
                    Purchase Price

                  

          

          

          

          The Purchase price is USD 20,000,000 only (United States Dollars Twenty Million only) (state currency and amount both in words and figures).

          

          

          
            	 	
                    2.

                  	
                    Deposit

                  

          

          

          

          As security for the correct fulfilment of this Agreement the Buyers shall lodge a deposit of % (per cent) or, if left blank,
            10% (ten per cent), of the Purchase Price (the “Deposit”) in an escrow account for the parties with the Deposit Holder within three (3) Banking Days after the date that:

          

          

          
            	 	
                    (i)

                  	
                    this Agreement has been signed by the Parties and exchanged in original or by e-mail or telefax; and

                  

          

          

          

          
            	 	
                    (ii)

                  	
                    the Deposit Holder has confirmed in writing to the Parties that the account has been Oopened and is ready to receive funds;

                  

          

          

          

          The Deposit shall be held by the Deposit Holder on behalf of the Parties and only be released in accordance with joint written instructions of the
            Parties. Interest, if any, shall be credited to the Buyers. Any fee charged for holding and releasing the Deposit shall be borne equally by the Parties. The Parties shall provide to the Deposit Holder all necessary
            documentation to open and maintain the account without delay.

          

          

          Both Sellers and Buyers shall comply with the anti-money laudering laws and regulations of the countries in which the banks and the Deposit Holder are located.

          

          

          
            	 	
                    3.

                  	
                    Payment

                  

          

          

          

          The Purchase Price of the Vessel and all other sums payable. Oon delivery by the
                Buyers to the Sellers under this Agreement, shall be paid as follows on delivery of the Vessel, but in any case not later than three (3) Banking Days after the date that Notice of Readiness
              has been given in accordance with Clause 5 (Time and place of delivery and notices) and in exchange for the agreed documentation pursuant to Clause 8 of this Agreement and against presentation of the Protocol
                of Delivery and Acceptance duly signed by the Sellers and the Buyers:

          

          

          
            	 	
                    (i)

                  	
                    the Deposit shall be released to the Sellers; and

                  

          

          

          

          
            	 	
                    (ii)

                  	
                    The 90% balance of the Purchase Price (the “Balance Price”) and all other sums payable
                        on delivery by the Buyers to the Sellers under this Agreement shall be paidreleased in full free of bank charges to the Sellers’ Account.

                  

          

          

          

          
            53

            
              

          

          The Buyers shall remit the Balance Price including the value of the estimated bunker and lubricating oils remaining on board at the time of delivery and
            any other charges and money whatsoever to be paid by the Buyers to the Sellers in accordance with this Agreement (the “Charges”) by payment to the Deposit Holder at least one (1) Banking day prior to the Vessel’s delivery and the Buyers shall
            provide a swift copy evidencing such payment and the Deposit Holder will confirm the actual receipt of funds. The Balance Price and the Charges to be held on Buyers’ sole behalf and at Buyers’ sole release instructions. The Deposit shall be
            released to the Sellers in full against and upon the Sellers’ and Buyers’ joint written instructions to the Deposit Holder and the Balance Price and the Charges shall be released to the Sellers in full against and upon the written instructions
            of the Buyers to the Deposit Holder, together with presentation to the Deposit Holder of the copy of the Protocol of Delivery and Acceptance duly signed by both the Sellers’ and the Buyers’ authorized representatives. Any surplus amount to be
            immediately released to the Buyers’ account.

          

          

          Payment of the Purchase Price shall be settled by the Buyers by:

          

          

          
            
              	 	
                      (i)

                    	
                      the Buyers procuring the repayment to the lenders of the Sellers of a proportion of debt that is secured against the Vessel (the relevant amount being the “Sellers’ Debt”); plus

                    

            

          

          

          

          
            
              	 	
                      (ii)

                    	
                      paying to the Sellers an amount equal to the Purchase Price less the Sellers’ Debt in cash in accordance with this Clause 3.

                    

            

          

          

          

          
            	 	
                    4.

                  	
                    Inspection

                  

          

          

          

          (a) *The Buyers have inspectedwaived the inspection and accepted the Vessel’s classification records. The Buyers have also
              inspected the Vessel at/in          (state place) on          (state date) and have accepted the Vessel and the Vessel’s classification recordsfollowing 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     (state date/period) The

              Sellers shall make the Vessel available for inspection at/in (state place/range) within ....... (state date/period).

          

          

          The Buyers shall undertake the 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.

          

          

          
            54

            
              

          

          The sale shall become outright and definite, subject only to the terms and conditions of this Agreement, provided that the Sellers receive written notice of acceptance
              of the Vessel from the Buyers within seventy-two (72) hours after completion of such inspection or after the Date/last day of the period stated in Line 59, whichever is the earlier. Should
              the Buyers fail to undertake the inspection as scheduled and/or notice of acceptance of the Vessel’s classification records and/or of the Vessel not be received by the Sellers as aforesaid, the Deposit
              together with interest earned, if any, shall be released immediately to the Buyers, whereafter this Agreement shall be null and void.

          

          

          *4
                (a) and 4(b) are alternatives; delete whichever is not applicable. In the absence of deletions, alternative 4(a) shall apply.

          

          

          
            	 	
                    5.

                  	
                    Time and place of delivery and notices

                  

          

          

          

          (a) The Vessel shall be delivered and taken over safely afloat at a safe and accessible berth or anchorage at/in worldwide (state
            place/range), in the Sellers’ option. Notice of Readiness shall not be tendered before: 1st August 2022 (date) Cancelling Date (see Clauses 5(c), 6(a)(iii) and 14: 16th August 2022

          

          

          (b) The Sellers shall keep the Buyers well informed of the Vessel’s itinerary and shall provide the Buyers with twenty (20), fifteen (15) days’ approximate and
            ten (10), five (5) and three (3), two (2) and one (1) days’ firm notice of the date the Sellers intend to tender Notice of Readiness and
            of the intended place of delivery. When the Vessel is at the place of delivery and physically ready for delivery in accordance with this Agreement, the Sellers shall give the Buyers a written Notice of Readiness for delivery.

          

          

          (c) If the Sellers anticipate that, notwithstanding the exercise of due diligence by them, the Vessel will not be ready for delivery by the Cancelling Date they may notify the Buyers in writing
            stating the date when they anticipate that the Vessel will be ready for delivery and proposing 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 (Sellers’ Default) within three (3) Banking 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 three (3) Banking Days of receipt of the Sellers’ notification or 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 79.

          

          

          If this Agreement is maintained with the new Cancelling Date all other terms and conditions hereof including those contained in Clauses 5 (b) and 5 (d) shall remain unaltered and in full force
            and effect.

          

          

          
            55

            
              

          

          (d) Cancellation, failure to cancel or acceptance of the new Cancelling Date shall be entirely without prejudice to any claim for damages the Buyers may have under Clause 14 (Sellers’ Default)
            for the Vessel not being ready by the original Cancelling Date.

          

          

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

          

          

          
            	 	
                    6.

                  	
                    Divers Inspection / Drydocking

                  

          

          

          

          (a)*

          

          

          
            	 	
                    (i)

                  	
                    The Buyers shall have the option at their cost and expense to arrange for an underwater inspection by a diver approved by the Classification Society prior to the delivery
                        of the Vessel. Such option shall be declared latest nine (9) days prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement. The Sellers shall at their cost
                        and expense make the Vessel available for such inspection. This inspection shall be carried out without undue delay and in the presence of a Classification Society surveyor arranged for by the Sellers and paid for by the Buyers. The
                        Buyers’ representative(s) shall have the right to be present at the diver’s inspection as observer(s) only without interfering with the work or decisions of the Classification Society surveyor. 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 place of delivery are unsuitable for such inspection, the Sellers shall at their cost and expense make the
                        Vessel available at a suitable alternative place near to the delivery port, in which event the Cancelling Date shall be extended by the additional time required for such positioning and the subsequent re-positioning. The Sellers may
                        not tender Notice of Readiness prior to completion of the underwater inspection.

                  

          

          

          

          
            	 	
                    (ii)

                  	
                    If the rudder, propeller, bottom or other underwater parts below the deepest loadline are found broken, damaged or defective so as to affect the Vessel’s class, then (1)
                        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 expense for inspection by the Classification Society of the Vessel’s
                        underwater parts below the deepest loadline, the extent of the inspection being in accordance with the Classification Society’s rules (2) such defects shall be made good by the Sellers at their cost and expense to the satisfaction
                        of the Classification Society without condition/recommendation** and (3) the Sellers shall pay for the underwater inspection and the Classification Society’s attendance.

                  

          

          

          

          
            56

            
              

          

          
            	
                    

                    

                  	
                    
                      Notwithstanding anything to the contrary in this Agreement, if the Classification Society do not require the aforementioned defects to be rectified before the next class drydocking survey, the Sellers
                        shall be entitled to deliver the Vessel with these defects against a deduction from the Purchase Price of the estimated direct cost (of labour and materials) of carrying out the repairs to the satisfaction of the Classification
                        Society, whereafter the Buyers shall have no further rights whatsoever in respect of the defects and/or repairs. The estimated direct cost of the repairs shall be the average of quotes for the repair work obtained from two reputable
                        independent shipyards at or in the vicinity of the port of delivery, one to be obtained by each of the Parties within two (2) Banking Days from the date of the imposition of the condition/recommendation, unless the Parties agree
                        otherwise. Should either of the Parties fail to obtain such a quote within the stipulated time then the quote duly obtained by the other Party shall be the sole basis for the estimate of the direct repair costs. The Sellers may not
                        tender Notice of Readiness prior to such estimate having been established.

                    

                  

          

          

          

          
            	 	
                    (iii)

                  	
                    If the Vessel is to be drydocked pursuant to Clause 6(a) (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(a). Once the drydocking has taken place the Sellers shall deliver the Vessel at a port within the
                        delivery range as per Clause 5(a) which shall, for the purpose of this Clause, become the new port of delivery. In such event the Cancelling Date shall be extended by the additional time required for the drydocking and extra
                        steaming, but limited to a maximum of fourteen (14) days.

                  

          

          

          

          
            	 	
                    (b)

                  	
                    *The Seller 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 loadline are found broken,  damaged or defective so as to affect the Vessel’s class, such defects shall be made good at the  Sellers’

                          cost and expense to the satisfaction of the Classification Society without condition/recommendation**. In such event the Sellers are also to pay for the costs and expenses in connection with
                          putting the Vessel in and taking her out of drydock, including the  drydock dues and the Classification Society’s fees. The Sellers shall also pay for these costs and
                          expenses if parts of the tailshaft system are condemned or found defective or broken so as to affect the Vessel’s class. In all other cases, the Buyers shall pay the aforesaid costs and expenses, dues and fees.

                  

          

          

          

          
            57

            
              

          

          
            	 	
                    (c)

                  	
                    If the Vessel is drydocked pursuant to Clause 6(a) (ii) or 6(b) above:

                  

          

          

          

          
            	 	
                    (i)

                  	
                    The Classification Society may require survey of the tailshaft system, the extent of the survey being to the satisfaction of the Classification Society surveyor. If such
                        survey is not required by the Classification Society, the Buyers shall have the option 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 than 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’ costs and expense to the satisfaction of the Classification Society without condition/recommendation.**

                  

          

          

          

          
            	 	
                    (ii)

                  	
                    The costs and expenses 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 or if parts of the system are condemned or found defective or broken so as to affect the  Vessel’s class, in which case the Sellers shall pay these
                          costs and expenses.

                  

          

          

          

          
            	 	
                    (iii)

                  	
                    The Buyers’ representative(s) shall have the right to be present in the drydock, as observer(s) only without interfering with the work or decisions of the Classification
                        Society surveyor.

                  

          

          

          

          
            	 	
                    (iv)

                  	
                    The Buyers shall have the right to have the underwater parts of the Vessel cleaned and painted at their risk, cost and expense without interfering with the Sellers’ or
                        the Classification Society 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 Buyer’s risk, cost 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, notwithstanding Clause 5(a), the Buyers shall be obliged to take delivery in accordance with Clause 3 (Payment), whether the Vessel
                        is in drydock or not.

                  

          

          

          

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

          

          

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

          

          

          
            58

            
              

          

          
            	 	
                    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 on board or not shall become the Buyers’ property, but spares on order 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 propeller(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. Unused stores and provisions shall be included in the sale and be taken over by the Buyers without extra payment. Library and forms exclusively for use in the Sellers’
            vessel(s) and captain’s, officers’ and crew’s personal belongings including the slop chest are excluded from the sale without compensation, as well as the following additional items: ...........(include list) as per the Annex I enclosed herewith. Items on board which are on hire or owned by third parties, listed as follows, are excluded from the sale without compensation: as per
              the Annex I enclosed herewith .......... (include list). Items on board at the time of inspection which are on hire or owned by third parties, not listed above, shall be
            replaced or procured by the Sellers prior to delivery at their cost and expense. The Buyers shall take over remaining bunkers, and unused lubricating oils and hydraulic oils and Greases in storage tanks and unopened drums remaining onboard at delivery and pay either:

          

          

          (a) *the actual net price (excluding barging expenses) as evidenced by invoices or vouchers; or

          

          

          (b) * the current net market price (excluding barging expenses) at the port and date of delivery of the Vessel or, if unavailable, at the nearest
              bunkering port. for the quantities taken over.

          

          

          Bunkers, lubricating oils, hydraulic oils and greases on board the Vessel shall be jointly measured by the Buyers’ and Sellers’ representatives on board not earlier than 3
            (three) days and no later than one (1) day prior to the expected date of delivery. The quantities so measured with deduction of the estimated quantities to be
              consumed until the expected date of delivery, to be mutually agreed by the Parties’ respective representatives, shall be referred for pre-positioning the balance money as per clause 3. On the date of delivery, the final quantities on board
              the Vessel shall be determined by a joint-survey by Buyers and Sellers representative basis which the balance money will be released to the Sellers.

          

          

          
            59

            
              

          

          Payment under this Clause shall be made at the same time and place and in the same currency as the Purchase Price.

          

          

          “Inspection” in this Clause 7, shall mean the Buyers’ inspection according to Clause 4(a) or 4(b) (Inspection), if applicable. If the Vessel is taken over without inspection, the date of this
            Agreement shall be the relevant date.

          

          

          *(a) and (b) are alternatives, delete whichever is not applicable. In the absence of deletions alternative (a) shall apply.

          

          

          
            	 	
                    8.

                  	
                    Documentation

                  

          

          

          

          The place of closing: Virtual attendance of Parties’ representatives as agreed between the Parties.

          

          

          
            	 	
                    (a)

                  	
                    In exchange for payment of the Purchase Price the Sellers shall furnish the Buyers with the following
                        delivery documents required for the registration and the transfer of title of the Vessel. A list of these documents is to be agreed as soon as possible after this Agreement has been reached / signed
                          and shall be incorporated into this Agreement in the form of an addendum. Agreement on the list of documents not to delay the signing of this Agreement:

                  

          

          

          

          
            	 	
                    (i)

                  	
                    Legal Bill(s) of Sale , in a form recordable in the Buyers’ Nominated Flag State, transferring title of the Vessel and stating that the Vessel is free from all
                        mortgages, encumbrances and maritime liens or any other debts whatsoever, duly notarially attested and  legalised or apostilled, as required by the Buyers’ Nominated Flag State;

                  

          

          

          

          
            	 	
                    (ii)

                  	
                    Evidence that all necessary corporate, shareholder and other action has been taken by the Sellers to authorise the execution, delivery and
                          performance of this Agreement;

                  

          

          

          

          
            	 	
                    (iii)

                  	
                    Power of Attorney of the Sellers appointing one or more representatives to act on behalf of the Sellers in the performance of this Agreement,
                          duly notarially attested and legalised or apostilled (as appropriate);

                  

          

          

          

          
            	 	
                    (iv)

                  	
                    Certificate or Transcript of registry issued by the competent authorities of the flag state  on the date of delivery evidencing
                          the Sellers’ ownership of the Vessel and that the Vessel is free from registered encumbrances and mortgages, to be faxed or e-mailed by such authority to the closing meeting with the original to
                          be sent to the Buyers as soon as possible after delivery of the Vessel;

                  

          

          

          

          
            	 	
                    (v)

                  	
                    Declaration of Class or (depending on the Classification Society) a Class Maintenance Certificate issued within three (3) Banking Days prior to
                          delivery confirming that the Vessel is in Class free of condition/recommendation;

                  

          

          

          

          
            	 	
                    (vi)

                  	
                    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 provide a certificate or other official evidence of deletion to the Buyers promptly and latest within four (4) weeks after the Purchase Price has
                          been paid and the Vessel has been delivered;

                  

          

          

          

          
            60

            
              

          

          
            	 	
                    (vii)

                  	
                    A copy of the Vessel’s Continuous Synopsis Record certifying the date on which the  Vessel ceased to be registered with the
                          Vessel’s registry, or, in the event that the registry does not as a matter of practice issue such certificate immediately, a written undertaking from the Sellers to provide the copy of this
                          certificate promptly upon it being issued together with evidence of submission by the Sellers of a duly executed Form 2 stating the date on which the Vessel shall cease to be registered with the
                          Vessel’s registry;

                  

          

          

          

          
            	 	
                    (viii)

                  	
                    Commercial Invoice for the Vessel;

                  

          

          

          

          
            	 	
                    (ix)

                  	
                    Commercial invoice(s) for bunkers, lubricating and hydraulic oils and greases;

                  

          

          

          

          
            	 	
                    (x)

                  	
                    A copy of the Sellers’ letter to their satellite communication provider canceling the  Vessel’s communications contract which is
                          to be sent immediately after delivery of the Vessel;

                  

          

          

          

          
            	 	
                    (xi)

                  	
                    Any additional documents as may reasonably be required by the competent authorities of  the Buyers’ Nominated Flag State for the
                          purpose of registering the Vessel, provided the Buyers notify the Sellers of any such documents as soon as possible after the date of this Agreement; and

                  

          

          

          

          
            	 	
                    (xii)

                  	
                    The Sellers’ letter of confirmation that to the best of their knowledge, the Vessel is not black listed by any nation or international
                          organization

                  

          

          

          

          
            	 	
                    (b)

                  	
                    At the time of delivery the Buyers shall provide the Sellers with:

                  

          

          

          

          
            	 	
                    (i)

                  	
                    Evidence that all necessary corporate, shareholder and other action has been taken by the Buyers to authorise the execution, delivery and
                          performance of this Agreement; and

                  

          

          

          

          
            	 	
                    (ii)

                  	
                    Power of Attorney of the Buyers appointing one or more representatives to act on behalf of the Buyers in the performance of this Agreement, duly
                          notarially attested and legalized or apositilled (as appropriate).

                  

          

          

          

          
            	 	
                    (c)

                  	
                    If any of the documents listed in Sub-clauses (a) and (b) above are not in the English language they shall be accompanied by an English translation by an authorized
                        translator or certified by a lawyer qualified to practice in the country of the translated language.

                  

          

          

          

          
            	 	
                    (d)

                  	
                    The Parties shall to the extent possible exchange copies, drafts or samples of the documents listed in Sub-clause (a) and Sub-clause (b) above for review and comment by
                        the other party not later than ......... (state number of days), or if left blank, nine (9) days prior to the Vessel’s intended date of readiness for delivery as notified by the Sellers pursuant to Clause 5(b) of this Agreement.

                  

          

          

          

          
            61

            
              

          

          
            	 	
                    (e)

                  	
                    Concurrent with the exchange of documents in Sub-clause (a) and Sub-clause (b) above, the Sellers shall also hand to the Buyers the classification certificate(s) as well
                        as all plans, drawings and manuals, (excluding ISM/ISPS manuals), which are on board the Vessel. Other certificates which 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 have the right to take copies.

                  

          

          

          

          
            	 	
                    (f)

                  	
                    Other technical documentation which may be in the Sellers’ possession shall promptly after delivery be forwarded to the Buyers at their expense, if they so request. The
                        Sellers may keep the Vessel’s log books (to be in place for the last six (6) months) but the Buyers have the right to take copies of same.

                  

          

          

          

          
            	 	
                    (g)

                  	
                    The Parties 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.

                  

          

          

          

          
            	 	
                    9.

                  	
                    Encumbrances

                  

          

          

          

          The Sellers warrant that the Vessel, at the time of delivery, is free from all charters, encumbrances, mortgages and, maritime liens, taxes, claims or any other debts whatsoever, and is not subject to Port State or other administrative detentions. 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 or arose out of or with respect to events occurred prior to the time of delivery.

          

          

          
            	 	
                    10.

                  	
                    Taxes, fees and expenses

                  

          

          

          

          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. However, the Vessel shall be delivered free of cargo and free of stowaways with her Class maintained without condition/recommendation*, free of
            average 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 without condition/recommendation*
            by the Classification Society or the relevant authorities at the time of delivery.

          

          

          
            62

            
              

          

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

          

          

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

          

          

          
            	 	
                    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 lodged in accordance with Clause 2 (Deposit), 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 (Payment), the Sellers have the right to cancel this Agreement, in which case the Deposit together with interest earned, if
            any, 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 (b) or fail to be ready to validly complete a legal transfer by the Cancelling Date the Buyers shall have the
            option of cancelling this Agreement. 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 by the Cancelling Date 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, if any, shall be released to them immediately. Should the
            Sellers fail to give Notice of Readiness by the Cancelling Date or fail to be ready to validly complete a legal transfer as aforesaid 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.

          

          

          
            63

            
              

          

          
            	 	
                    15.

                  	
                    Buyers’ representatives

                  

          

          

          

          After this Agreement has been signed by the Parties and the Deposit has been lodged, the Buyers have the right to place two (2) representatives on board the Vessel at their sole risk and
            Expense. The Buyers shall pay to the Sellers at the time of delivery US$20/day/person as victualing/accommodation fee and the Buyers shall also pay to the Sellers other
              expenses borne by the Buyers’ representatives at the time of delivery/closing.

          

          

          These representatives are on board for the purpose of familiarisation and in the capacity of observers only, and they shall not interfere in any respect with the operation of the Vessel. The
            Buyers and the Buyers’ representatives shall sign the Sellers’ P&I Club’s standard letter of indemnity prior to their embarkation.

          

          

          
            	 	
                    16.

                  	
                    Law and Arbitration

                  

          

          

          

          (a) This Agreement shall be
              governed by and construed in accordance with English law and any dispute arising out of or in connection with this Agreement shall be referred to arbitration in London in accordance with the Arbitration Act 1996 or any statutory modification
              or re- enactment thereof save to the extent necessary to give effect to the provisions of this Clause. The arbitration shall be conducted in accordance with the London Maritime Arbitrators Association (LMAA) terms

              current at the time when the arbitration proceedings are commenced.

          

          

          The reference shall be to three arbitrators. A party wishing to refer a dispute to arbitration shall appoint its arbitrator and send notice of such appointment in writing to the other party
            requiring the other party to appoint its own arbitrator within fourteen (14) calendar days of that notice and stating that it will appoint its arbitrator as sole arbitrator unless the other party appoints its own arbitrator and gives notice
            that it has done so within the fourteen (14) days specified. If the other party does not appoint its own arbitrator and give notice that it has done so within the fourteen (14) days specified, the party referring the dispute to arbitration may,
            without the requirement of any further prior notice to the other party, appoint its arbitrator as solerbitrator and shall advise the other party accordingly. The award of a sole arbitrator shall be binding on both Parties as if the sole
            arbitrator had been appointed by agreement.

          

          

          In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000 the arbitration shall be conducted in accordance with the LMAA Small Claims Procedure current at the time
            when the arbitration proceedings are commenced.

           

          

          
            64

            
              

          

          (b) *This Agreement shall be governed by and construed in accordance with Title 9 of the United States Code and the substantive law (not including the choice of law
              rules) of the State of New York and any dispute arising out of or in connection with this Agreement shall be referred to three (3) 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 the purposes of enforcing any award, judgment may be entered on an award by any court of competent
              jurisdiction. The proceedings shall be conducted in accordance with the rules of the Society of Maritime Arbitrators, Inc. In cases where neither the claim nor any counterclaim exceeds the sum of US$100,000
              the arbitration shall be conducted in accordance with the Shortened Arbitration Procedure of the Society of Maritime Arbitrators, Inc.

          

          

          (c) This Agreement shall be governed by and construed in accordance with the laws of ................. (state place ) and any dispute arising out of or in connection with this
              Agreement shall be  referred to arbitration at ..................... (state place), subject to the procedures applicable there.

          

          

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

          

          

          
            	 	
                    17.

                  	
                    Notices

                  

          

          

          

           All notices to be provided under this Agreement shall be in writing. Contact details for recipients of notices are as follows:

          

          

          	
                   

                	
                  For the Buyers:

                
	 	 
	
                   

                	
                  c/o 154 Vouliagmenis Avenue

                  

                
	 	 
	 	166 74 Glyfada, Athens, Greece
	 	 
	 	Attn.: Legal Department
	 	 
	 	Facsimile: +30 210 96 38 404
	 	 
	
                   

                	
                  E-mail: legal@seanergy.gr

                
	 	 
	
                   

                	
                  For the Sellers:

                
	 	 
	
                   

                	
                  c/o PT Kroll Consulting Indonesia

                  

                
	 	 
	 	World Trade Centre 2, 9th Floor
	 	 
	
                   

                	
                  Jl. Jend. Sudirman Kav. 29 – 31, Jakarta 12920, Indonesia

                  

                
	 	 
	 	Attn.: Director
	 	 
	
                   

                	
                  Email: dl.bull.working.group@kroll.com

                

          

          

          
            	 	
                    18.

                  	
                    Entire Agreement

                  

          

          

          

          The written terms of this Agreement comprise the entire agreement between the Buyers and the Sellers in relation to the sale and purchase of the Vessel and supersede all previous agreements
            whether oral or written between the Parties in relation hereto. Each of the Parties acknowledges that in entering into this Agreement it has not relied on and shall have no right or remedy in respect of any statement, representation, assurance
            or warranty (whether or not made negligently) other than as is expressly set out in this Agreement. Any terms implied into this Agreement by an applicable statute or law are hereby excluded to the extent that such exclusion can be legally made.
            Nothing in this Clause shall limit or exclude any liability for fraud.

          

          

          
            65

            
              

          

          
            
              	 	
                      19.

                    	
                      Confidentiality

                    

            

          

          

          

          These negotiations and any subsequent agreement to be kept private and confidential by all parties involved except for disclosures required in connection
            with the processing of this transaction (including but not limited to disclosures to the Parties’ financiers, auditors, legal counsels) or as required by flag or stock exchange regulations or for business prospects for the Vessel. Despite the
            efforts of the Parties, if details of the sale become known or reported on the market neither the Sellers nor the Buyers are to have the right to withdraw from the sale or to fail to fulfil all their obligations under the agreed contract.

          

          

          
            
              	 	
                      20.

                    	
                      Sanction Clause

                    

            

          

          

          

          Each of the Buyers and the Sellers confirm that they do not do business with, and are not located in, any nation subject to broad-based sanctions by the
            United Nations and / or the European Union and/or Canada and/ or the United States of America (including but not limited to the sanctions by the United States Department of the Treasury’s Office of Foreign Asset Control (OFAC) (collectively,
            “Sanctions Authorities”), including Iran, North Korea, Cuba, Russia or Syria. Each of the Buyers and the Sellers further confirms that neither they nor any of their affiliates, owners, officers, directors, or employees are sanctioned
            (“Sanctioned Entity”) pursuant to OFAC’s Specially Designated Nationals List (“SDN List”) or any other sanctions list of any Sanctions Authority. Each of the Buyers and the Sellers further confirms that neither they nor any of their affiliates
            are owned or controlled 50 per cent or more in the aggregate by companies and/or individuals sanctions under the SND list or any other sanctions list of any sanctions authority.

          

          

          Each of the Buyers and the Sellers further confirms that they shall indemnify and compensate the other for any consequential costs and/or damages to the
            other arising out of their failure to comply with this clause. Each of the Buyers and the Sellers confirms that within the past five(5) years none of its respective owners, officers, directors, or employees are or have been (a) involved in any
            prior, pending or threatened enforcement investigation or proceeding regarding any actual, alleged or possible non- compliance with sanctions, anti-terrorism, anti- bribery/corruption, fraud, or anti- money laundering laws and regulations or
            (b) the subject of or provided any voluntary self-disclosure, or any prior disclosure or other submission to any government agency in connection with questions or concerns associated with actual, alledged or possible non-compliance with
            sanctions , anti-terrorism, anti- bribery/corruption, fraud, or anti-money laundering laws and regulations. Also Sellers covenants, represents and warrants that the Vessel has not been used by Sellers in support of or for the benefit of any
            person, entity or country subject to blocking or asset freeze sanctions under the laws and regulations of sanctions authorities, as that term is defined in the clause.

          

          

          The Sellers and Buyers, warrant, represent and undertake on a continuing basis:

          

          

          
            
              	 	
                      (a)

                    	
                      That neither the Sellers nor Buyers; nor any person, entity or body on whose behalf or under whose direction the Sellers or Buyers act, or who they assist, or who directly or
                        indirectly owns or controls the Sellers or Buyers; nor any person, entity or body who the Sellers or Buyers may nominate to facilitate any aspect of this transaction are or will be individual(s) or entity/(ies) designated pursuant
                        to any national, international or supranational law or regulation imposing trade and economic sanctions, prohibitions or restrictions (a sanctioned entity);

                    

            

          

          

          

          
            66

            
              

          

          
            
              	 	
                      (b)

                    	
                      Sellers and Buyers undertake that they are acting, and shall act, always in their own name and for their own account, and are not acting on behalf of any sanctioned entity;

                    

            

          

          

          

          
            
              	 	
                      (c)

                    	
                      the Sellers and Buyers shall notify the Buyers other party immediately if they, or any person, entity or body on whose behalf or under whose direction they act, or who they assist,
                        or who owns or controls the Sellers or Buyers, or any person who the Sellers or Buyers may nominate to facilitate any aspect of this transaction, become a sanctioned entity, and will provide any information the other party
                        reasonably request; and

                    

            

          

          

          

          
            
              	 	
                      (d)

                    	
                      the Sellers confirm that to the best of the Sellers’ knowledge the Vessel is not blacklisted by any national or international organization, sanctioned, or designated pursuant to any
                        national,or international law or regulation.

                    

            

          

          

          

          No act or omission of either party shall at any time constitute a waiver of this provision; and the warranties, representations and undertakings
            contained in this provision are deemed repeated and remain in effect before delivery and for a period of one (1) year after delivery.

          

          

          
            
              	 	
                      21.

                    	
                      COVID Clause:

                    

            

          

          

          

          Notwithstanding Clause 5 above,

          

          

          
            
              	 	
                      (a)

                    	
                      should the physical and/or documentary delivery and/or the underwater inspection (under Clause 6) and/or the drydocking (under Clause 6) of the Vessel become impossible due to an
                        official prohibition or restriction imposed due to Coronavirus Disease 2019 (COVID-19) or

                    

            

          

          

          

          
            	 	
                    (b)

                  	
                    should the Vessel be recommended or instructed against by a competent authority, prohibited, banned or otherwise prevented in any manner from entry
                        to a place nominated by the Sellers as a delivery place to the Buyers in connection with or arising out of the Coronavirus Disease 2019 (COVID-19) or

                  

          

          

          

          
            	 	
                    (c)

                  	
                    should the Buyer’s proposed crew be recommended or instructed against by a competent authority or otherwise prevented in any manner from entry into
                        the country / port nominated by the Sellers, as the delivery place or

                  

          

          

          

          
            	 	
                    (d)

                  	
                    should the Sellers’ crew be instructed against by a competent authority or otherwise prevented in any manner from disembarking the Vessel at the
                        port nominated by the Sellers as the delivery place or

                  

          

          

          

          
            	 	
                    (e)

                  	
                    if the Vessel is otherwise prevented in any way from becoming ready for delivery at the nominated delivery place by any authority of such place in
                        connection with Coronavirus Disease 2019 (COVID-19), then the Sellers and Buyers shall mutually agree to nominate an alternate place of delivery close to the delivery range stated in Clause 5.

                  

          

          

          

          In case the new delivery date nominated by Sellers is later than the cCancelling dDate, Buyers shall accept a delay
            of the delivery time which shall be determined basis direct sailing passage time to reach the alternate place of delivery and not exceeding thirty (30) days from the Cancelling Date without any liability of Sellers. Buyers and Sellers may
            mutually agree to cancel this Agreement if the Vessel cannot be delivered after above mentioned thirty (30) days extension due to aforesaid restrictions related to COVID-19 without any liability of Buyers and Sellers under aforesaid clauses and
            in such an event the Deposit if paid by the Buyer to the Seller shall be returned immediately to the Buyer. The cost of bunkers consumed for the shifting to the alternate place of delivery to be shared equally between the Sellers and the
            Buyers. All other costs to be for the Sellers’ account.

          

          

          
            67

            
              

          

          However, the Buyers and Sellers shall ensure necessary arrangements for crew are made well in advance without any delay in complying with the
            norms/protocols issued at the place of delivery causing delay in takeover.

          

          

          	 	
                  For and on behalf of the Sellers

                	
                  For and on behalf of the Buyers

                
	 	
                   

                	
                   

                
	 	
                  /s/ Benjamin John Crilly

                	
                  /s/ Stamatios Tsantanis

                
	 	
                   

                	
                   

                
	 	
                  Name: Benjamin John Crilly

                	
                  Name: Stamatios Tsantanis

                
	 	
                   

                	
                   

                
	 	
                  Title: Director

                	
                  Title: Director / President

                

          

          

           

        

      

    

  

  68Exhibit 10.11

    

    

    SHARE PURCHASE AGREEMENT

    

    

    This SHARE PURCHASE AGREEMENT (this “Agreement”) is dated as of July 8, 2022, and is made and entered into between United Maritime Corporation (the “Company”) and Seanergy Maritime Holdings Corp. (“Buyer”), and with respect to the following facts:

    

    

    The Company desires to issue and sell to Buyer, and Buyer desires to purchase from the Company, 5,000 of the Company’s 6.5% Series C Cumulative Convertible Perpetual Preferred Shares, par value
      $0.0001 per share (the “Series C Preferred Shares”), upon the terms and conditions set forth in this Agreement.

    

    

    Accordingly, for and in consideration of the premises, the mutual promises, covenants and agreements hereafter set forth, and for other good and valuable consideration, the receipt and sufficiency of
      which are hereby acknowledged, Buyer and the Company, intending to be legally bound, do hereby agree as follows:

     

    

    ARTICLE I

    SALE AND PURCHASE

     

    

    Section 1.1     Sale and Purchase of Shares.   On and subject to the terms and conditions of this Agreement,
      effective as of the Closing Date, Buyer shall purchase from the Company, and the Company shall issue to Buyer, 5,000 Series C Preferred Shares, par value $0.0001 per share (the “Shares”), of the Company, in
      registered form, for the consideration specified in Section 1.2 and upon the terms and conditions set forth in this Agreement.

     

    

    Section 1.2      Purchase Price.  The purchase price for the Shares (the “Purchase Price”) is $5,000,000, payable in cash. The Company and Buyer each hereby agree that, upon payment of the Purchase Price made to the Company, the Company shall immediately issue the Shares to the Buyer.

     

    

    Section 1.3      Closing Date; Deliveries.  The closing is subject to the entry by the Company into memoranda of agreement to purchase the vessels M/T Godam, M/T Mandala, M/T Thunderbolt and M/T Timberwolf, and shall occur by July
        25, 2022, or such other date as the parties hereto may agree to (the “Closing Date”).

     

    

    

    

    ARTICLE II

    REPRESENTATIONS, WARRANTIES AND COVENANTS OF THE COMPANY

    

    

    To induce Buyer to enter into and perform its obligations under this Agreement, the Company hereby represents and warrants to Buyer, and covenants with Buyer, as follows:

     

    

    Section 2.1      Authority and Capacity.  The Company has all requisite power, authority and capacity to enter
      into this Agreement.

    

    

    
      
        

    

    Section 2.2     Binding Agreement.  This Agreement has been duly authorized and validly executed and delivered
      by the Company and constitutes the Company’s valid and binding agreement, enforceable against the Company in accordance with and subject to its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization and other
      laws of general applicability relating to or affecting creditors’ rights and by general principles of equity, including principles of commercial reasonableness, fair dealing and good faith.

    

    

    Section 2.3     Valid Issuance.  Each of the Shares to be issued and sold pursuant to this Agreement have been
      duly authorized in accordance with the articles of incorporation of the Company and, when issued and delivered after full payment therefor has been received, will be validly issued, fully paid and non-assessable.

    

    

    

    

    ARTICLE III

    REPRESENTATIONS AND WARRANTIES OF BUYER

     

    

    To induce the Company to enter into and perform their obligations under this Agreement, Buyer represents and warrants to the Company as follows:

     

    

    Section 3.1    Authority and Capacity.  Buyer has all requisite power, authority and capacity to enter into
      this Agreement. The execution, delivery and performance of this Agreement by Buyer does not, and the consummation of the transaction contemplated hereby will not, result in a breach of or default under any agreement to which Buyer is a party or by
      which Buyer is bound.

    

    

    Section 3.2      Binding Agreement.  This Agreement has been duly authorized and validly executed and
      delivered by Buyer and constitutes Buyer’s valid and binding agreement, enforceable against Buyer in accordance with and subject to its terms, except as such enforceability may be limited by bankruptcy, insolvency, reorganization and other laws of
      general applicability relating to or affecting creditors’ rights and by general principles of equity, including principles of commercial reasonableness, fair dealing and good faith.

     

    

    Section 3.3      Disclosure.    Buyer is familiar with the reports and documents filed by the Company with the
      Securities and Exchange Commission (the “Commission”).

    

    

    Section 3.4      Investment Representations.  Buyer is acquiring the Shares for Buyer’s own account and is not
      acquiring the Shares with a view to or for sale in connection with any distribution thereof within the meaning of the Securities Act of 1933, as amended (the “Securities Act”).  Buyer (a) by reason of its
      business and financial experience has such knowledge, sophistication and experience in making similar investments and in business and financial matters generally so as to be capable of evaluating the merits and risks of the prospective investment in
      the Shares, (c) either obtained United States counsel or had a full and fair opportunity and the means to obtain United States counsel, (d) is able to bear the economic risk of such investment and is able to afford a complete loss of such investment
      and (e) was provided access to all information regarding the Company and its business as Buyer desired, and was offered the opportunity to ask questions of management of the Company and to receive any documents and information on the Company.  Buyer
      has no present intention of selling or granting any participation in or otherwise distributing the Shares. If Buyer should in the future decide to dispose of any of the Shares, Buyer understands and agrees (a) that it may do so only in compliance
      with the Securities Act and applicable state or other securities laws, as then in effect, including a sale contemplated by any registration statement pursuant to which such securities are being offered, or pursuant to an exemption from the Securities
      Act, and (b) that stop-transfer instructions to that effect may be in effect with respect to the Shares. Buyer further understands and agrees that there is no public trading market for the Shares, that none is expected to develop, and that the Shares
      must be held indefinitely unless and until they are registered under the Securities Act or an exemption from registration is available.

    

    

    
      2

      
        

    

    Section 3.5     Restricted Securities.  Buyer understands that the Shares may be characterized as “restricted
      securities” under the Securities Act inasmuch as they are being acquired from the Company in a transaction not involving a public offering and that under such laws and applicable regulations such securities may be resold (i) without registration
      under the Securities Act only in certain limited circumstances or (ii) if such resale is registered under the Securities Act. Buyer understands that any certificates or statements evidencing any Shares may bear a legend relating to the Securities
      Act.

    

    

    ARTICLE IV

    MISCELLANEOUS

     

    

    Section 4.1     Entire Agreement.  This Agreement constitutes the entire understanding and agreement of the
      parties relating to the subject matter hereof and supersedes any and all prior understandings, agreements, negotiations and discussions, both written and oral, between the parties hereto with respect to the subject matter hereof.

    

    

    Section 4.2      Governing Law.  This Agreement shall be construed, interpreted and enforced in accordance
      with, and shall be governed by, the laws of the State of New York without reference to, and regardless of, any applicable choice or conflicts of laws principles.

    

    

    Section 4.3      Counterparts.  This Agreement may be executed in any number of counterparts and by the
      several parties hereto in separate counterparts, each of which shall be deemed to be an original, and all of which together shall constitute one and the same Agreement. This Agreement may be executed electronically or by PDF.

    

    

    Section 4.4     Further Assurances.  Each of the parties hereto shall from time to time at the request of any
      other party hereto, and without further consideration, execute and deliver to such other party such further documents, agreements and certificates and take such other action as such other party may reasonably request in order to more effectively
      fulfill the purposes of this Agreement.

    

    

    [Signature Page Follows]

    

    

    
      3

      
        

    

    IN WITNESS WHEREOF, this Agreement has been signed by the parties hereto as of the date first above written.

    

    

    	
            UNITED MARITIME CORPORATION

          
	 	 	 
	
            By:

          	
            /s/ Stavros Gyftakis

          	 
	
            Name: 

            

          	Stavros Gyftakis	 

          
	
            Title: 

            

          	Chief Financial Officer & Director	 
	 	 	 
	
            SEANERGY MARITIME HOLDINGS CORP.

          
	 	 	 
	
            By:

          	
            /s/ Stamatios Tsantanis

          	 
	
            Name:

            

          	Stamatios Tsantanis	

          
	
            Title: 

            

          	Chairman, Chief Executive Officer & Director	 

          

    

    

    

    

  

  4

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