Document:

Second Supplement Agreement to Loan Agreement

 Exhibit 10.1 
 Dated 5 July 2007 
 THE COMPANIES 
 listed in Schedule 1 
 as joint and several Borrowers 
 THE BANKS AND FINANCIAL INSTITUTIONS 
 listed in Part A of Schedule 2 
 as Lenders 
 -and- 
 FORTIS BANK 
 (formerly called Fortis Bank N.V./S.A.) 
 as Mandated Lead Arranger 
 and Underwriter 
 -and- 
 THE GOVERNOR AND COMPANY OF THE 
 BANK OF SCOTLAND, BAYERISCHE HYPO-UND 
 VEREINSBANK AG and HSH NORDBANK AG 
 as Joint Lead Arrangers 
 -and- 
 NIBC BANK N.V. 
 as Co-Arranger

 -and- 
 FORTIS BANK
(NEDERLAND) N.V. 
 as Agent, Security Trustee and Sole Bookrunner 
 -and- 
 THE BANKS AND FINANCIAL INSTITUTIONS 
 listed in Part B of Schedule 2 
 as Swap Banks

  

 SECOND

 SUPPLEMENTAL AGREEMENT 
  

 in relation to a Loan Agreement dated 
 19 July 2006 for a revolving credit facility of 
 (originally) up to US$735,000,000 
 CONSTANT & CONSTANT 
 2, Defteras
Merarchias 
 185 35 Piraeus 
 Greece 

 INDEX 
  

					
	 Clause
	 	 	  	Page No.
	 1
	 	DEFINITIONS	  	2
			
	 2
	 	AGREEMENT OF THE CREDITOR PARTIES	  	4
			
	 3
	 	CONDITIONS	  	4
			
	 4
	 	AMENDMENTS TO LOAN AGREEMENT AND FINANCE DOCUMENTS	  	5
			
	 5
	 	RELEASE	  	12
			
	 6
	 	CONTINUANCE OF LOAN AGREEMENT AND FINANCE DOCUMENTS	  	13
			
	 7
	 	REPRESENTATIONS AND WARRANTIES	  	13
			
	 8
	 	FURTHER ASSURANCES	  	14
			
	 9
	 	FEES AND EXPENSES	  	14
			
	 10
	 	COMMUNICATIONS	  	14
			
	 11
	 	SUPPLEMENTAL	  	14
			
	 12
	 	LAW AND JURISDICTION	  	15
		
	 SCHEDULE 1    BORROWERS
	  	23
		
	 SCHEDULE 2    PART A     LENDERS AND COMMITMENTS
	  	23
		
	                             PART B     SWAP BANKS
	  	23
		
	 SCHEDULE 3    SECURITY PARTY CONFIRMATION LETTER
	  	23
		
	 SCHEDULE 4    CONDITIONS PRECEDENT
	  	23
		
	 SCHEDULE 5    PRE DELIVERY SECURITY ASSIGNMENT
	  	23

 THIS SECOND SUPPLEMENTAL AGREEMENT dated 5 July 2007 and made 
 BETWEEN: 
  

	(1)	THE COMPANIES listed in Schedule 1, as joint and several Borrowers; 

  

	(2)	THE BANKS AND FINANCIAL INSTITUTIONS listed in Part A of Schedule 2, as Lenders; 

  

	(3)	FORTIS BANK (formerly called Fortis Bank N.V./S.A.) as Mandated Lead Arranger and Underwriter;  

  

	(4)	THE GOVERNOR AND COMPANY OF THE BANK OF SCOTLAND, BAYERISCHE HYPO—UND VEREINSBANK AG and HSH NORDBANK AG as Joint Lead Arrangers; 

  

	(5)	NIBC BANK N.V. as Co-Arranger; 

  

	(6)	FORTIS BANK (NEDERLAND) N.V., as Agent, Security Trustee and Sole Bookrunner; and 

  

	(7)	THE BANKS AND FINANCIAL INSTITUTIONS listed in Part B of Schedule 2, as Swap Banks 

 IS SUPPLEMENTAL to a Loan Agreement dated 19 July 2006 as amended by a First Supplemental Agreement
dated 14 March 2007 (together the “Loan Agreement”) each made between (i) the Borrowers as joint and several borrowers, (ii) the Lenders, (iii) the Mandated Lead Arranger and Underwriter, (iv) the Joint Lead
Arrangers, (v) the Co-Arranger, (vi) the Agent, Security Trustee and Sole Bookrunner and (vii) the Swap Banks, pursuant to which the Lenders made available to the Borrowers a revolving credit facility of (originally) up to
$735,000,000 upon the terms and for the purposes therein specified. 
 WHEREAS: 
  

	(A)	As at the date hereof, the Maximum Available Amount (as permanently reduced) under the Loan Agreement is $865,000,000 and the total amount in respect of principal outstanding under
the Loan Agreement is $865,000,000. 

  

	(B)	Pursuant to the terms of the Loan Agreement, the Borrowers will make a mandatory prepayment in the aggregate amount of US$185,000,000 in respect of the sale of seven of the Existing
Ships, and have requested that the parties hereto give their consent to (inter alia) (i) the reborrowing of part of the amount so prepaid for the purposes of financing part of the Acquisition Cost of the Third Additional Ship on a pre and post
delivery basis, (ii) the rescheduling of the Permanent Commitment Reductions and (iii) the release of certain of the Borrowers from their obligations under the Loan Agreement and relevant Finance Documents. 

  

	(C)	The parties hereto have agreed to give such consent on the terms and subject to the conditions herein set out. 

 NOW THEREFORE IT IS HEREBY AGREED 

	1	DEFINITIONS 

  

	1.1	Words and expressions defined in the Loan Agreement and the recitals hereto and not otherwise defined herein shall have the same meanings when used in this Second
Supplemental Agreement. 

  

	1.2	In this Second Supplemental Agreement, unless the contrary intention appears: 

 “Effective Date” means the date on which the Agent notifies the Lenders that it has received in full the aggregate amount of $185,000,000 comprising the Mandatory
Prepayment; 
 “First Mortgage Addendum” means: 
  

	 	(a)	in relation to the Second Additional Ship, the first addendum to the first priority Malta Mortgage over the Second Additional Ship, executed or to be executed by the Second
Additional Ship Owner in favour of the Security Trustee; and 

  

	 	(b)	in relation to “IRON BROOKE” and “IRON MANOLIS”, the first addendum to the first preferred Marshall Islands Mortgage over each such Ship, executed or to be
executed by the relevant New Ship Owner in favour of the Security Trustee, 

  

	 	each	in such form as the Lenders may approve or require; 

 “Mandatory Prepayment” means the aggregate sum of $185,000,000 payable by the Borrowers to the Agent in respect of the sale of the Released Ships, and to be paid as follows: 
  

	 	(a)	in relation to each of the first six Released Ships to be sold, a prepayment in the amount of $26,400,000 per Released Ship; and 

  

	 	(b)	in relation to the final Released Ship to be sold, a prepayment in the amount of $26,600,000; 

 “Performance Guarantee” means the letter of guarantee dated 25 April 2007 of the obligations of the
Third Additional Ship Seller under the Third Additional Ship MOA, executed by the Performance Guarantor in favour of Iron Endurance Shipco LLC (“Iron Endurance”); 
 “Performance Guarantor” means Itochu Corporation of 5-1, Kita-Aoyama 2-chome, Minato-Ku, Tokyo 107-8077, Japan; 
 “Pre delivery Period” means the period commencing on the Effective Date and ending on the date of delivery of the Third Additional Ship
to Iron Endurance under the Third Additional Ship MOA; 
 “Pre delivery Security Assignment” means, in relation to the Third
Additional Ship, the assignment of all of the rights of Iron Endurance under (a) the Third Additional Ship MOA, (b) the Refund Guarantees and (c) the Performance Guarantee, executed or to be executed in favour of the Security Trustee
substantially in the form of Schedule 18; 
  

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 “Refund Guarantees” means: 
  

	 	(a)	the irrevocable and unconditional guarantee number 211GLJ-92214407 dated 25 April 2007 issued by the Refund Guarantor in favour of Iron Endurance in respect of the first
instalment paid by Iron Endurance under the Third Additional Ship MOA; and 

  

	 	(b)	each of the irrevocable and unconditional guarantees to be issued by the Refund Guarantor in favour of Iron Endurance in respect of the second and third instalments payable by Iron
Endurance under the Third Additional Ship MOA, each to be in a form and substance acceptable to the Agent; 

 “Refund
Guarantor” means Sumitomo Mitsui Banking Corporation of Marunouchi 1-chome, Chiyoda-Ku, Tokyo, Japan; 
 “Released Finance
Documents” means (a) the first preferred Marshall Islands Mortgage over the relevant Released Ship, (b) the General Assignment over the relevant Released Ship, (c) the Charterparty Assignment in relation to the relevant
Released Ship, (d) the Manager’s Undertaking in relation to the relevant Released Ship, (e) the Agency and Trust Deed as it pertains to the Released Borrower owning such Released Ship and (f) the Accounts Pledges as they pertain
to the Released Borrower owning such Released Ship; 
 “Released Ships” means each of “FEARLESS I”, “KING
COAL”, “COAL GLORY”, “COAL AGE”, “IRON MAN”, “BARBARA” and “LINDA LEAH”; 
 “Released Borrowers” means each of Fearless Shipco LLC, King Coal Shipco LLC, Coal Glory Shipco LLC, Coal Age Shipco LLC, Iron Man Shipco LLC, Barbara Shipco LLC and Linda Leah Shipco LLC; 
 “Remaining Existing Ships” means each of “COAL PRIDE”, “IRON BEAUTY” and “KIRMAR”; 
 “Second Mortgage Addendum” means, in relation to each of the Remaining Existing Ships, each of the New Ships (other than “IRON
BROOKE” and “IRON MANOLIS”) and the First Additional Ship, the second addendum to the first preferred Marshall Islands Mortgage over each such Ship, executed or to be executed by the relevant Existing Ship Owner or New Ship Owner or
First Additional Ship Owner (as the case may be) in favour of the Security Trustee, in such form as the Lenders may approve or require; 
 “Third Additional Ship” means the 180,000 dwt newbuilding capesize bulk carrier currently under construction by Imabari Shipbuilding Co., Ltd. in Japan with hull no. S-2288, which is to be purchased by Iron Endurance
pursuant to the Third Additional Ship MOA and registered in its name under an Approved Flag; 
 “Third Additional Ship
Advance” means an Additional Ship Advance which is to be made available in up to 4 Tranches and which is to be used to part finance the acquisition of the Third Additional Ship by Iron Endurance on a pre and post delivery basis; 

“Third Additional Ship Charter” means the time charterparty made or to be made between Iron Endurance as owner and Transfield Er Cape
Ltd. as time charterer, for a period of five years and at a net rate of US$39,000 per day; 
 “Third Additional Ship MOA”
means the memorandum of agreement dated 25 April 2007 (as the same may be amended) made between the Third Additional Ship Seller as seller and Iron Endurance as buyer for the purchase of the Third Additional Ship by Iron Endurance, the
Acquisition Cost of which shall not exceed $92,000,000; 
  

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 “Third Additional Ship Seller” means Cosmos World Maritime S.A. of Panama; 

“Tranche” means each portion of the Third Additional Ship Advance, to be made available in accordance with and pursuant to Clause
4.2. 
  

	1.3	Where the context so admits words importing the singular number only shall include the plural and vice versa and words importing persons shall include firms and corporations.
Clause headings are inserted for convenience of reference only and shall be ignored in construing this Second Supplemental Agreement. References to Clauses are to clauses of this Second Supplemental Agreement save as may be otherwise expressly
provided in this Second Supplemental Agreement. 

  

	2	AGREEMENT OF THE CREDITOR PARTIES 

  

	2.1	The Creditor Parties, relying upon each of the representations and warranties set out in Clauses 7.1 and 7.2 of this Second Supplemental Agreement, hereby agree with the
Borrowers, subject to and upon the terms and conditions of this Second Supplemental Agreement and in particular, but without limitation, subject to and with effect from the fulfillment of the conditions precedent set out in Clause 3.1, to:

  

	(a)	the release of the relevant Released Borrower from its obligations under the Loan Agreement and Released Finance Documents relating to the relevant Released Borrower;

  

	(b)	the execution and registration of a discharge in respect of the Mortgage over the relevant Released Ship and of deeds of release in respect of such of the security constituted by
the Released Finance Documents relating to that Released Borrower; and 

  

	(c)	the execution by the Holding Company of a guarantee of the obligations of each Released Borrower under the sale and leaseback arrangements relating to each Released Ship (and in
respect of which the parties agree that the provisions of Clause 12.3(c) of the Loan Agreement are hereby waived). 

  

	2.2	The Creditor Parties, relying upon each of the representations and warranties set out in Clauses 7.1 and 7.2 of this Second Supplemental Agreement, hereby agree with the
Borrowers, subject to and upon the terms and conditions of this Second Supplemental Agreement and in particular, but without limitation, subject to and with effect from the Effective Date, to the amending, varying and supplementing of the Loan
Agreement in accordance with the terms of Clause 4.1. 

  

	3	CONDITIONS 

  

	3.1	The agreement of the Creditor Parties contained in Clause 2.1 of this Second Supplemental Agreement shall be expressly subject to the condition that the Agent shall have
received in form and substance satisfactory to the Agent and its legal advisers on or before the signature hereof:- 

  

	(a)	documents of the kind specified in Schedule 5, Part A, Paragraphs 3, 4 and 5 of the Loan Agreement (as amended and supplemented by, and updated with appropriate modifications to
refer to, this Second Supplemental Agreement); 

  

	(b)	an original of this Second Supplemental Agreement, duly executed by the parties to it; 

  

	(c)	receipt of the relevant amount of the Mandatory Prepayment relating to the relevant Released Ship; 

  

 4 

	(d)	a duly executed confirmation from each Security Party in the form of Schedule 3 hereto, confirming that (notwithstanding the amendments made to the Loan Agreement pursuant to this
Second Supplemental Agreement) the Finance Documents to which it is a party and its obligations thereunder remain valid and binding; and 

  

	(e)	documentary evidence from the existing agent for service of process appointed on behalf of the Borrowers under the Loan Agreement confirming that their existing appointment covers
service of process on behalf of the Borrowers under this Second Supplemental Agreement. 

  

	3.2	The agreement of the Creditor Parties contained in Clause 2.2 of this Second Supplemental Agreement shall be expressly subject to the condition that the Agent shall have
received in form and substance satisfactory to the Agent and its legal advisors on or before the Effective Date: 

  

	(a)	receipt in full of the aggregate amount of $185,000,000 comprising the total Mandatory Prepayment (and in respect of which the parties agree that the provisions of Clause 8.8(b) of
the Loan Agreement are hereby waived); 

  

	(b)	an original of the First Mortgage Addendum and of each Second Mortgage Addendum, duly executed by each of the parties thereto, together with evidence that (i) each First
Mortgage Addendum has been duly registered against the relevant Ship at the Ships Registry in Malta in accordance with the laws of Malta or at the Consulate of the Marshall Islands in Piraeus in accordance with the laws of the Marshall Islands (as
the case may be), and (ii) each Second Mortgage Addendum has been duly registered against the relevant Ship at the Consulate of the Marshall Islands in Piraeus in accordance with the laws of the Marshall Islands; and 

 

	(c)	a favourable legal opinion from lawyers appointed by the Lenders on such matters concerning the laws of the Marshall Islands, Malta and such other relevant jurisdictions as the
Lenders may require. 

  

	4	AMENDMENTS TO LOAN AGREEMENT AND FINANCE DOCUMENTS 

  

	4.1	In consideration of the agreement of the Creditor Parties contained in Clause 2.1 of this Second Supplemental Agreement, the Borrowers hereby agree with the Creditor Parties
that the provisions of the Loan Agreement shall, as of the date on which the conditions precedent set out in Clause 3.2 have been complied with to the satisfaction of the Agent, be varied and/or amended and/or supplemented as follows:-

  

	(a)	by adding in Clause 1.1 thereof each of the definitions in Clause 1.2 of this Second Supplemental Agreement; 

  

	(b)	by deleting the definition of Additional Ship Advance in Clause 1.1 thereof and replacing it with the following: 

 “ “ Additional Ship Advance” means each Advance which is to be used in financing on delivery or (in the case of the Third Additional
Ship) prior to and upon delivery part of the Acquisition Cost of an Additional Ship and which is to be made available in accordance with and pursuant to Clauses 2.3 and 4.2;”; 
  

	(c)	by deleting the definition of Drawdown Date in Clause 1.1 thereof and replacing it with the following: 

 “ “Drawdown Date” means, in relation to an Advance or a Tranche, the date requested by the Borrowers for the Advance or Tranche to
be made or (as the context requires) the date on which the Advance or Tranche is actually made;”; 
  

 5 

	(d)	by deleting the definition of Availability Period in Clause 1.1 thereof and replacing it with the following: 

 “ “Availability Period” means the period commencing on the date of this Agreement and ending on: 
  

	 	(a)	in the case of: 

  

	 	(i)	the Existing Ships Advance, 31 July 2006; 

  

	 	(ii)	a New Ship Advance, 30 June 2007; 

  

	 	(iii)	the First Additional Ship Advance, 31 May 2007; 

  

	 	(iv)	the Second Additional Ship Advance, 31 May 2007; 

  

	 	(v)	the final Tranche under the Third Additional Ship Advance, 31 December 2008; 

  

	 	(vi)	the Working Capital Advance, the date falling one month prior to the Final Maturity Date, 

 (or, in respect of any of the Advances or Tranches referred to in this paragraph (a), such later date as the Agent may, with the authorisation of all the Lenders, agree with the Borrowers); or 
  

	 	(b)	if earlier, the date on which the Total Commitments are fully cancelled or terminated;”; 

  

	(e)	by deleting the definition of Charter in Clause 1.1 thereof and replacing it with the following: 

 “ “Charter” means: 
  

	 	(a)	in the case of each of the Remaining Existing Ships, the time charterparty thereof details of which are set out in Schedule 3, Part A; 

  

	 	(b)	in the case of “BULK THREE” (tbr “GRAIN HARVESTER”), the time charterparty dated 23 January 2004 and made between Metrostar (as agent for Excellence
Shipping Corporation) as owner and the Charterer as time charterer, as novated in favour of Grain Harvester Shipco LLC as owner pursuant to the Charter Novation Agreement; 

  

	 	(c)	in the case of “BULK FOUR” (tbr “IRON BRADYN”), (i) the time charterparty dated 17 November 2004 and made between Metrostar (as agent for Conveyer
Shipping Corporation) as owner and the Charterer as time charterer, as novated in favour of Iron Bradyn Shipco LLC as owner pursuant to the Charter Novation Agreement and (ii) after redelivery under such time charterparty, the Master Charter;

  

 6 

	 	(d)	in the case of each of the New Ships (including “BULK FOUR”, after redelivery under its respective current time charterparty, but excluding “BULK THREE”), the
Master Charter or, where the Master Charter is terminated for whatsoever reason prior to 31 December 2010, such time charterparty entered into with such charterer as shall be acceptable to the Majority Lenders in their sole discretion;

  

	 	(e)	in the case of the First Additional Ship, the First Additional Ship Charter; 

  

	 	(f)	in the case of the Second Additional Ship, the Second Additional Ship Charter; 

  

	 	(g)	in the case of the Third Additional Ship, the Third Additional Ship Charter; and 

  

	 	(h)	after expiry of the First Additional Ship Charter, the Second Additional Ship Charter or the Third Additional Ship Charter, such time charterparty as shall be entered into between
the relevant Additional Ship Owner and any time charterer, 

 or, in any other case, such other time charterparty or contract
of affreightment or other contract of employment in respect of a Ship in excess of twelve (12) months duration;”; 
  

	(f)	by deleting the definition of Finance Documents in Clause 1.1 thereof and replacing it with the following: 

 “ “Finance Documents” means: 
  

	 	(a)	this Agreement; 

  

	 	(b)	the Agency and Trust Deed; 

  

	 	(c)	each Master Agreement (where entered into by the Borrowers with a Swap Bank); 

  

	 	(d)	each Master Agreement Assignment (but only where the Borrowers have entered into a Master Agreement with a Swap Bank); 

  

	 	(e)	the Mortgages; 

  

	 	(f)	the General Assignments; 

  

	 	(g)	the Account Pledges; 

  

	 	(h)	the Charterparty Assignments 

  

	 	(i)	the Manager’s Undertakings; 

  

	 	(j)	the Pre delivery Security Assignment; and 

  

	 	(k)	any other document (whether creating a Security Interest or not) which is executed at any time by any Borrower or any other person as security for, or to establish any form of
subordination or priorities arrangement in relation to, any amount payable to the Lenders and/or the Swap Banks under this Agreement or any of the documents referred to in this definition; 

  

	(g)	by deleting the definition of Maximum Available Amount in Clause 1.1 thereof and replacing it with the following: 

 “ “Maximum Available Amount” means the amount of $735,200,000 (a) as the same shall be reduced by the Permanent Commitment
Reductions set out in Clause 8.1 and/or made pursuant to Clause 8.8 (i) and (b) as the same may be reduced by any voluntary cancellations pursuant to Clause 8.12;”; 
  

 7 

	(h)	by deleting the definition of Underlying Documents in Clause 1.1 thereof and replacing it with the following: 

 “ “Underlying Documents” means the MOA’s, the Charters, the Charter Novation Agreement, the Refund Guarantees and the
Performance Guarantee;”; 
  

	(i)	by deleting Clause 4.1 thereof and replacing it with the following: 

 “4.1 Request for an Advance/Tranche. Subject to the following conditions, the Borrowers may request an Advance or a Tranche to be made by ensuring that the Agent receives a completed Drawdown Notice not
later than 11:00 a.m. (London time) 3 Business Days prior to the intended Drawdown Date.”; 
  

	(j)	by deleting Clause 4.2 thereof and replacing it with the following: 

  

	 	“4.2	Availability. The conditions referred to in Clause 4.1 are that: 

  

	 	(a)	a Drawdown Date has to be a Business Day during the Availability Period; 

  

	 	(b)	each Advance shall be made available in a single amount (other than the Third Additional Ship Advance and the Working Capital Advance) and shall not exceed the Total Available
Commitments at the time such Advance (or part thereof) is made; 

  

	 	(c)	the Existing Ships Advance shall not exceed $90,000,000 (plus accrued interest and fees related thereto) and shall be applied in refinancing the Existing Indebtedness secured
against the Existing Ships and thereafter in financing part of the Acquisition Cost of the Additional Ships; 

  

	 	(d)	each New Ship Advance shall be applied in financing part of the Acquisition Cost of the relevant New Ship, and shall not exceed 90% of the Fair Market Value of the New Ship whose
purchase price is to be part-financed by that New Ship Advance (as determined in accordance with the valuations referred to in paragraph 11 of Schedule 5, Part B); 

  

	 	(e)	the aggregate of the New Ship Advances shall not exceed (i) 90% of the Acquisition Cost of the New Ships (other than the Undelivered New Ships) and (ii) 90% of the
Acquisition Cost of the Undelivered New Ships, plus in each case any relevant fees and expenses incurred by the Borrowers in connection with this Agreement; 

  

	 	(f)	the Working Capital Advance outstanding at any time shall not exceed $20,000,000 and may be drawn from time to time (following drawdown of the Existing Ships Advance) for general
corporate and limited liability company purposes of the Borrowers; 

  

	 	(g)	an Additional Ship Advance may only be drawn following re-financing of the Existing Indebtedness and delivery to the relevant New Ship Owner of each of the New Ships;

  

 8 

	 	(h)	subject always to the provisions of Clause 4.2(g), each Additional Ship Advance shall not exceed 75% of the Fair Market Value of the Additional Ship whose purchase price is to be
part-financed by that Additional Ship Advance (as determined in accordance with the valuations referred to in paragraph 10 of Schedule 5, Part C); 

  

	 	(i)	subject always to the provisions of Clauses 4.2 (g) and (h), the First Additional Ship Advance shall not exceed the lower of (i) 50.8% of the Acquisition Cost of the First
Additional Ship and (ii)$46,990,000 and the Second Additional Ship Advance shall not exceed the lower of (i) 90% of the Acquisition Cost of the Second Additional Ship and (ii)$65,700,000; 

  

	 	(j)	subject always to the provisions of Clauses 4.2 (g) and (h), the Third Additional Ship Advance shall not exceed the lower of (i) 60% of the Acquisition Cost of the Third
Additional Ship and (ii) $55,200,000 and shall be made available by way of four (4) Tranches as follows: 

  

	 	(A)	up to $5,520,000 in reimbursement to the Borrowers of 60% of the amount of the first instalment paid by Iron Endurance to the Third Additional Ship Seller under the Third Additional
Ship MOA; 

  

	 	(B)	up to $5,520,000 representing 60% of the amount of the second instalment due by Iron Endurance to the Third Additional Ship Seller upon issue of the relevant Refund Guarantee under
the Third Additional Ship MOA; 

  

	 	(C)	up to $16,560,000 representing 60% of the amount of the third instalment due by Iron Endurance to the Third Additional Ship Seller upon issue of the relevant Refund Guarantee under
the Third Additional Ship MOA; 

  

	 	(D)	up to $27,600,000 representing 60% of the amount of the fourth instalment due by Iron Endurance to the Third Additional Ship Seller upon delivery of the Third Additional Ship under
the Third Additional Ship MOA; 

  

	 	(k)	any amount undrawn in respect of the Working Capital Advance may be borrowed at a later date subject to the satisfaction of the other conditions of this Clause 4.2 and Clause 8.10;
and 

  

	 	(l)	the aggregate of the Advances (or part thereof) outstanding at any time shall not exceed the Total Commitments as at such time.”; 

  

	(k)	by construing all references to “Advance” in Clauses 4.3, 4.4, 4.5, 4.6 and 4.7 as references to “Advance or Tranche (as the case may be)”;

  

	(l)	by construing all references to “Advance” in Clauses 5 and 6 as references to “Advance or Tranche (as the case may be)”; 

  

	(m)	by deleting Clauses 8.1 and 8.2 thereof and replacing them with the following: 

  

	 	“8.1	 Amount of Permanent Commitment Reductions. The Total Available Commitments shall be permanently reduced by twenty nine (29) consecutive quarterly
Permanent Commitment Reductions, the first two (2) of which reductions shall be in the amount of $10,000,000 each, the next four (4) of which 

  

 9 

	 	 
reductions shall be in the amount of $13,750,000 each and the final twenty three (23) of which reductions shall be in the amount of $12,125,000 each,
together with a balloon reduction (the “Balloon Reduction”) equal to the lesser of (i) $381,325,000 and (ii) the Commitments remaining following the occurrence of the twenty ninth (29th) and final such reduction. All Permanent Commitment Reductions shall be applied against the Commitments of each Lender pro rata.

  

	 	8.2	Permanent Commitment Reduction Dates. The first Permanent Commitment Reduction shall occur no later than 1 July 2007 and the last Permanent Commitment Reduction,
together with the Balloon Reduction, shall occur on the Final Maturity Date.”; 

  

	(n)	by adding a new Clause 8.15 as follows: 

  

	 	“8.15	Pre delivery Period. For the avoidance of doubt, it is hereby agreed by the parties hereto that all Permanent Commitment Reductions made during the Pre delivery Period will
be treated as repayments of the outstanding amount of the Loan and accordingly will reduce both the Maximum Available Amount and the outstanding amount of the Loan.”; 

  

	(o)	by deleting Clauses 9.1 and 9.2 thereof and replacing them with the following: 

  

	 	“9.1	Documents, fees and no default. Each Lender’s obligation to contribute to an Advance or Tranche (as the case may be) is subject to the following conditions precedent:

  

	 	(a)	that, on or before the Drawdown Date relative to the Existing Ships Advance, the Agent receives the documents described in Part A of Schedule 5 in form and substance satisfactory to
the Agent; 

  

	 	(b)	that, on or before the Drawdown Date relative to each New Ship Advance, the Agent receives the documents described in Part B of Schedule 5 in form and substance satisfactory to the
Agent; 

  

	 	(c)	that, on or before the Drawdown Date relative to the First Additional Ship Advance and the Second Additional Ship Advance, the Agent receives the documents described in Part C of
Schedule 5 in form and substance satisfactory to the Agent; 

  

	 	(d)	that, on or before the Drawdown Date relative to the first Tranche of the Third Additional Ship Advance, the Agent receives the documents described in Part D of Schedule 5 in form
and substance satisfactory to the Agent; 

  

	 	(e)	that, on or before the Drawdown Date relative to the second Tranche of the Third Additional Ship Advance, the Agent receives the documents described in Part E of Schedule 5 in form
and substance satisfactory to the Agent; 

  

	 	(f)	that, on or before the Drawdown Date relative to the third Tranche of the Third Additional Ship Advance, the Agent receives the documents described in Part F of Schedule 5 in form
and substance satisfactory to the Agent; 

  

	 	(g)	that, on or before the Drawdown Date relative to the fourth Tranche of the Third Additional Ship Advance, the Agent receives the documents described in Part G of Schedule 5 in form
and substance satisfactory to the Agent; 

  

 10 

	 	(h)	that, on or before the first Drawdown Date, the Agent receives all accrued commitment fee and all other fees referred to in Clause 20.1 which are payable at that time and has
received payment of the expenses referred to in Clause 20.2; 

  

	 	(i)	that both at the date of each Drawdown Notice and at each Drawdown Date: 

  

	 	(i)	no Event of Default or Potential Event of Default has occurred and is continuing or would result from the borrowing of the Loan; 

  

	 	(ii)	the representations and warranties in Clause 10 and those of the Borrowers or any Security Party which are set out in the other Finance Documents would be true and not misleading if
repeated on each of those dates with reference to the circumstances then existing; 

  

	 	(iii)	none of the circumstances contemplated by Clause 5.5 has occurred and is continuing; and 

  

	 	(iv)	there has been no material adverse change in the business, condition (financial or otherwise) or operations of the Group, taken as a whole, since the date of this Agreement;

  

	 	(j)	that, if the ratio set out in Clause 15.1 were applied immediately following the making of the Advance or Tranche (as the case may be), the Borrowers would not be obliged to provide
additional security or prepay part of the Loan under that Clause; and 

  

	 	(k)	that, at each Drawdown Date, the Agent has received and found to be acceptable to it any further opinions, consents, agreements and documents in connection with the Finance
Documents which the Agent may, with the authorisation of the Majority Lenders, reasonably request by notice to the Borrowers prior to the relevant Drawdown Date. 

  

	 	9.2	Waiver of conditions precedent. If the Majority Lenders, at their discretion, permit an Advance or Tranche (as the case may be) to be borrowed before certain of the
conditions referred to in Clause 9.1 are satisfied, the Borrowers shall ensure that those conditions are satisfied within 5 Business Days after the Drawdown Date relative to that Advance or Tranche (or such longer period as the Agent may, with the
authority of the Majority Lenders, specify).”; 

  

	(p)	by deleting Clause 10.13 (b) thereof and replacing it with the following: 

  

	 	“(b)	except as disclosed to the Agent prior to the date this representation is made or deemed made, no amendments or additions to any Underlying Document have been agreed nor has any
Owner or the Holding Company or (to the best of the Borrowers’ knowledge and belief) any Seller or the Charterer or the Refund Guarantor or the Performance Guarantor or any of the other parties to any Underlying Document, waived any of their
respective rights under any Underlying Document.”; 

  

	(q)	by adding a new Clause 19.1 (n) thereto as follows: 

  

	 	“(n)	the Third Additional Ship MOA or any Refund Guarantee or the Performance Guarantee is cancelled, terminated, rescinded or suspended or otherwise ceases to remain in force for any
reason prior to delivery to Iron Endurance of the Third Additional Ship”; 

  

 11 

	(r)	by deleting the words “paragraph (g)” in Clause 14.12 (c) and replacing them with the words “paragraph (h)”; 

  

	(s)	by deleting the existing Schedule 2 and replacing it with a new Schedule 2 as attached to this Second Supplemental Agreement; 

  

	(t)	by construing all references to “Relevant Additional Ship” in Part C of Schedule 5 thereto as references to either the First Additional Ship or the Second Additional Ship
(as the case may be); 

  

	(u)	by adding a new Part D, Part E, Part F and Part G to Schedule 5 thereto, as attached as Schedule 4 to this Second Supplemental Agreement; 

  

	(v)	by adding a new Schedule 18 (Pre delivery Security Assignment) thereto, as attached as Schedule 5 to this Second Supplemental Agreement; and 

  

	(w)	by construing all references therein to “this Agreement” where the context admits as being references to “this Agreement as the same is amended and
supplemented by the Second Supplemental Agreement and as the same may from time to time be further supplemented and/or amended”. 

  

	4.2	In consideration of the agreement of the Creditor Parties contained in Clause 2.1 of this Second Supplemental Agreement, the Borrowers hereby agree with the Creditor Parties
that the provisions of the Finance Documents shall, as of the date on which the conditions precedent set out in Clause 3 have been complied with to the satisfaction of the Agent, be varied and/or amended and/or supplemented as follows:

  

	(a)	the definition of, and references throughout each of the Finance Documents to, the Loan Agreement and any of the other Finance Documents shall be construed as if the same referred
to the Loan Agreement and those Finance Documents as amended and supplemented by this Second Supplemental Agreement; 

  

	(b)	by construing references throughout each of the Finance Documents to “this Agreement”, “this Deed”, “hereunder” and other like
expressions as if the same referred to such Finance Documents as amended and supplemented by this Second Supplemental Agreement. 

  

	4.3	For the avoidance of doubt, it is agreed that (subject to and upon the terms and conditions of this Second Supplemental Agreement) the Third Additional Ship shall be deemed
to satisfy the Additional Ship Requirements. 

  

	5	RELEASE 

  

	5.1	The Creditor Parties and each Released Borrower hereby agree that, as and with effect from the date of receipt by the Agent of the relevant amount of the Mandatory Prepayment
relating to the Released Ship owned by the Released Borrower, they shall each mutually release and discharge each other from all liabilities, obligations, claims and demands whatsoever touching or concerning the Loan Agreement and the Released
Finance Documents relating to such Released Borrower and in respect of anything done or omitted to be done under or in connection therewith, but without prejudice to the rights of the Creditor Parties and the remaining Borrowers against each other
in respect of any such liabilities, obligations, claims and demands. 

  

 12 

	6	CONTINUANCE OF LOAN AGREEMENT AND FINANCE DOCUMENTS 

  

	6.1	Save for the alterations to the Loan Agreement made or to be made pursuant to this Second Supplemental Agreement and such further modifications (if any) thereto as may be
necessary to make the same consistent with the terms of this Second Supplemental Agreement, the Loan Agreement shall remain in full force and effect. 

  

	6.2	The Finance Documents shall continue and remain valid and enforceable and in full force and effect, as amended by: 

  

	(a)	the amendments thereto contained or referred to in Clauses 4.1 and 4.2; and 

  

	(b)	such further or consequential modifications as may be necessary to give full effect to the terms of this Second Supplemental Agreement. 

  

	7	REPRESENTATIONS AND WARRANTIES 

  

	7.1	Each Borrower hereby jointly and severally represents and warrants to each of the Creditor Parties, as at the date of this Second Supplemental Agreement, that the
representations and warranties set forth in Clause 10 of the Loan Agreement and in each of the other Finance Documents to which it is a party (in each case updated mutatis mutandis to the date of this Second Supplemental Agreement) are true and
correct as if all references therein to “this Agreement” were references to the Loan Agreement as amended by this Second Supplemental Agreement. 

  

	7.2	Each Borrower hereby further jointly and severally represents and warrants to each of the Creditor Parties that as at the date of this Second Supplemental Agreement:-

  

	(a)	each Borrower has full power to enter into and perform its obligations under this Second Supplemental Agreement; 

  

	(b)	all necessary governmental or other official consents, authorisations, approvals, licences, consents or waivers for the execution, delivery, performance, validity and/or
enforceability of this Second Supplemental Agreement and all other documents to be executed in connection with the amendments to the Loan Agreement as contemplated hereby have been obtained and will be maintained in full force and effect throughout
the Security Period; 

  

	(c)	each Borrower has taken all necessary corporate or (as the case may be) limited liability company and other action to authorise the execution, delivery and performance of its
obligations under this Second Supplemental Agreement and such other documents to which it is a party and such documents do or will upon execution thereof constitute the valid and binding obligations of each Borrower enforceable in accordance with
their respective terms; and 

  

	(d)	the execution, delivery and performance of this Second Supplemental Agreement and all such other documents as contemplated hereby does not and will not during the Security Period
constitute a breach of any contractual restriction or any existing applicable law, regulation, consent or authorisation binding on any Borrower or on any of its property or assets and will not result in the creation or imposition of any security
interest, lien, charge or encumbrance (other than under the Finance Documents) on any of such property or assets. 

  

 13 

	8	FURTHER ASSURANCES 

  

	8.1	The Borrowers shall, and shall procure that any other party to any Finance Document shall: 

  

	(a)	execute and deliver to the Lenders (or as they may direct) any assignment, mortgage, power of attorney, proxy or other document, governed by the laws of England or such other
country as the Lenders may, in any particular case, specify; 

  

	(b)	effect any registration or notarisation or legalisation, give any notice or take any other step, 

 which the Lenders may, by notice to the Borrowers or other party, specify for any of the purposes described in Clause 8.2. 
  

	8.2	Those purposes are: 

  

	(a)	validly and effectively to create any Security Interest or right of any kind which the Lenders intended should be created by or pursuant to the Loan Agreement or any other Finance
Document, each as amended and supplemented by this Agreement; and 

  

	(b)	implementing the terms and provisions of this Agreement. 

  

	8.3	The Lenders may specify the terms of any document to be executed by a Borrower or any other party under Clause 8.1, which terms shall be to give effect to the purposes set
forth in Clause 8.2. 

  

	8.4	Each Borrower or any other party shall comply with a notice under Clause 8.1 by the date specified in the notice. 

  

	9	FEES AND EXPENSES 

  

	9.1	The provisions of clause 20 (Fees and Expenses) of the Loan Agreement, as amended and supplemented by this Second Supplemental Agreement, shall apply to this Second
Supplemental Agreement as if they were expressly incorporated in this Second Supplemental Agreement with any necessary modifications. 

  

	10	COMMUNICATIONS 

  

	10.1	General. The provisions of clause 28 (Notices) of the Loan Agreement, as amended and supplemented by this Agreement, shall apply to this Second Supplemental Agreement as if
they were expressly incorporated in this Second Supplemental Agreement with any necessary modifications. 

  

	11	SUPPLEMENTAL 

  

	11.1	Counterparts. This Second Supplemental Agreement may be executed in any number of counterparts. 

  

	11.2	Third party rights. A person who is not a party to this Second Supplemental Agreement has no right under the Contracts (Rights of Third Parties) Act 1999 to enforce or to
enjoy the benefit of any term of this Second Supplemental Agreement. 

  

 14 

	12	LAW AND JURISDICTION 

  

	12.1	Governing law. This Second Supplemental Agreement shall be governed by and construed in accordance with English law. 

  

	12.2	Incorporation of the Loan Agreement provisions. The provisions of clause 31 (Law and Jurisdiction) of the Loan Agreement, as amended and supplemented by this Second
Supplemental Agreement, shall apply to this Second Supplemental Agreement as if they were expressly incorporated in this Second Supplemental Agreement with any necessary modifications. 

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

									
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 FEARLESS SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 KING COAL SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 COAL GLORY SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 COAL AGE SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 IRON MAN SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 BARBARA SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 COAL PRIDE SHIPCO LLC
	    	)	  		 		 	

  

 15 

									
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 LINDA LEAH SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 IRON BEAUTY SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 KIRMAR SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 GRAIN EXPRESS SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 IRON KNIGHT SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 GRAIN HARVESTER SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 IRON BRADYN SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 IRON FUZEYYA SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 IRON KALYPSO SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 ORE HANSA SHIPCO LLC
	    	)	  		 		 	

  

 16 

									
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 SANTA BARBARA SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 IRON BILL SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 IRON VASSILIS SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 IRON ANNE SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 PASCHA SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 IRON LINDREW SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 COAL GYPSY SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 COAL HUNTER SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 IRON BROOKE SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 IRON MANOLIS SHIPCO LLC
	    	)	  		 		 	

  

 17 

									
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 LOWLANDS BEILUN SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 IRON ENDURANCE SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 IRON MINER SHIPCO LLC
	    	)	  		 		 	
					
	 SIGNED by Effie P. Paraskevopoulou
	    	)	  	/s/ Effie P. Paraskevopoulou	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 QUINTANA MARITIME LIMITED
	    	)	  		 		 	
					
	 LENDERS
	    		  		 		 	
					
	 SIGNED by Prodromos Papatheodorou
	    	)	  	/s/ Prodromos Papatheodorou	 		 	
	                      Dimitris Christalopoulos	    	)	  	/s/ Dimitris Christalopoulos	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 FORTIS BANK
	    	)	  		 		 	
	 (formerly called Fortis Bank N.V./S.A.)
	    	)	  		 		 	
					
	 SIGNED by Stelios Andriotis
	    	)	  	/s/ Stelios Andriotis	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 THE GOVERNOR AND COMPANY OF
	    	)	  		 		 	
	 THE BANK OF SCOTLAND
	    	)	  		 		 	
					
	 SIGNED by Stelios Andriotis
	    	)	  	/s/ Stelios Andriotis	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 BAYERSICHE HYPO-UND
	    	)	  		 		 	
	 VEREINSBANK AG
	    	)	  		 		 	
					
	 SIGNED by Stelios Andriotis
	    	)	  	/s/ Stelios Andriotis	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 HSH NORDBANK AG
	    	)	  		 		 	

  

 18 

									
	 SIGNED by Stelios Andriotis
	    	)	  	/s/ Stelios Andriotis	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 NIBC BANK N.V.
	    	)	  		 		 	
		    	)	  		 		 	
					
	 SIGNED by Stelios Andriotis
	    	)	  	/s/ Stelios Andriotis	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 NORDDEUTSCHE LANDESBANK
	    	)	  		 		 	
	 GIROZENTRALE
	    	)	  		 		 	
					
	 SIGNED by Stelios Andriotis
	    	)	  	/s/ Stelios Andriotis	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 KfW
	    	)	  		 		 	
					
	 SIGNED by Taxis Constantaras
	    	)	  	/s/ Taxis Constantaras	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 CITIBANK INTERNATIONAL plc
	    	)	  		 		 	
					
	 SIGNED by Stelios Andriotis
	    	)	  	/s/ Stelios Andriotis	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 ALLIANCE & LEICESTER
	    	)	  		 		 	
	 COMMERCIAL FINANCE plc
	    	)	  		 		 	
					
	 SIGNED by Stelios Andriotis
	    	)	  	/s/ Stelios Andriotis	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 LANDESBANK HESSEN—
	    	)	  		 		 	
	 THURINGEN GIROZENTRALE
	    	)	  		 		 	
					
	 SIGNED by Stelios Andriotis
	    	)	  	/s/ Stelios Andriotis	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 SUMITOMO MITSUI BANKING
	    	)	  		 		 	
	 CORPORATION
	    	)	  		 		 	
					
	 SIGNED by Stelios Andriotis
	    	)	  	/s/ Stelios Andriotis	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 NATIXIS
	    	)	  		 		 	
	 (formerly called Natexis Banques Populaires)
	    	)	  		 		 	

  

 19 

									
	 SIGNED by Stelios Andriotis
	    	)	  	/s/ Stelios Andriotis	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 BANK OF AMERICA, N.A
	    	)	  		 		 	

  

 20 

 MANDATED LEAD ARRANGER/UNDERWRITER 
  

									
	 SIGNED by Prodromos Papatheodorou
	    	)	  	/s/ Prodromos Papatheodorou	 		 	
	                      Dimitris Christalopoulos	    	)	  	/s/ Dimitris Christalopoulos	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 FORTIS BANK
	    	)	  		 		 	
	 (formerly called Fortis Bank N.V./S.A.)
	    	)	  		 		 	

 JOINT LEAD ARRANGERS 
  

									
	 SIGNED by Stelios Andriotis
	    	)	  	/s/ Stelios Andriotis	 		 	
	 For and on behalf of
	    	)	  		 		 	
	 THE GOVERNOR AND COMPANY OF
	    	)	  		 		 	
	 THE BANK OF SCOTLAND
	    	)	  		 		 	
					
	 SIGNED by Stelios Andriotis
	    	)	  	/s/ Stelios Andriotis	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 BAYERISCHE HYPO-UND
	    	)	  		 		 	
	 VEREINSBANK AG
	    	)	  		 		 	
					
	 SIGNED by Stelios Andriotis
	    	)	  	/s/ Stelios Andriotis	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 HSH NORDBANK AG
	    	)	  		 		 	

 CO-ARRANGER 
  

									
	 SIGNED by Stelios Andriotis
	    	)	  	/s/ Stelios Andriotis	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 NIBC BANK N.V.
	    	)	  		 		 	

 AGENT/SECURITY TRUSTEE/SOLE BOOKRUNNER 
  

									
					
	 SIGNED by Stelios Andriotis
	    	)	  	/s/ Stelios Andriotis	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 FORTIS BANK (NEDERLAND) N.V.
	    	)	  		 		 	

  

 21 

 SWAP BANKS 
  

									
	 SIGNED by Stelios Andriotis
	    	)	  	/s/ Stelios Andriotis	 		 	
	 for and on behalf of
	    	)	  		 		 	
	 FORTIS BANK (NEDERLAND) N.V.
	    	)	  		 		 	

  

									
					
	 Witness to all the
	    	)	  	/s/ Jeremy M. Watson	 		 	
	 above signatures
	    	)	  		 		 	

  

			
	 Name:
	 	Jeremy M. Watson
		 	Solicitor
	 Address:
	 	Constant & Constant
		 	2, Defteras Merarchias
		 	Piraeus 185 36 Greece

  

 22 

 SCHEDULE 1-5 (omitted) 
  

 23Employment Agreement

 Exhibit 10.1 
 LOUISIANA BANCORP, INC. 
 EMPLOYMENT AGREEMENT 
 This EMPLOYMENT AGREEMENT (this “Agreement”), is made and entered into as of the 9th day of July 2007, between Louisiana Bancorp, Inc., a
Louisiana corporation (the “Corporation”), and Lawrence J. LeBon, III (the “Executive”). 
 WITNESSETH: 

WHEREAS, the Executive is currently employed as President and Chief Executive Officer of the Corporation; 
 WHEREAS, the Executive is currently employed as President and Chief Executive Officer of Bank of New Orleans, a federally chartered savings bank (the
“Bank”) (the Corporation and the Bank are referred to together herein as the “Employers”); 
 WHEREAS, the Bank has
adopted a Plan of Conversion pursuant to which the Bank will convert to a federally chartered stock savings bank and become a wholly owned subsidiary of the Corporation (the “Conversion”); 
 WHEREAS, the Corporation desires to assure itself of the continued availability of the Executive’s services as provided in this Agreement;

 WHEREAS, the Executive is willing to serve the Corporation on the terms and conditions hereinafter set forth; and 
 WHEREAS, the Executive is concurrently entering into a separate employment agreement with the Bank; 
 NOW THEREFORE, in consideration of the mutual agreements herein contained, and upon the other terms and conditions hereinafter provided, the Corporation
and the Executive hereby agree as follows: 
 1. Definitions. The following words and terms shall have the meanings set forth below for
the purposes of this Agreement: 
 (a) Annual Compensation. The Executive’s “Annual Compensation” for purposes of
determining severance payable under this Agreement shall be deemed to mean the sum of (i) the annual rate of Base Salary as of the Date of Termination, and (ii) the cash bonus, if any, earned by the Executive for the calendar year
immediately preceding the year in which the Date of Termination occurs. 
 (b) Base Salary. “Base Salary” shall have the
meaning set forth in Section 3(a) hereof. 

 (c) Cause. Termination of the Executive’s employment for “Cause” shall mean
termination because of personal dishonesty, incompetence, willful misconduct, breach of fiduciary duty involving personal profit, intentional failure to perform stated duties, willful violation of any law, rule or regulation (other than traffic
violations or similar offenses) or final cease-and-desist order or material breach of any provision of this Agreement. 
 (d) Change in
Control. “Change in Control” shall mean a change in the ownership of the Corporation or the Bank, a change in the effective control of the Corporation or the Bank or a change in the ownership of a substantial portion of the assets of
the Corporation or the Bank, in each case as provided under Section 409A of the Code and the regulations thereunder, provided that the Conversion shall not be deemed to constitute a Change in Control. 
 (e) Code. “Code” shall mean the Internal Revenue Code of 1986, as amended. 
 (f) Date of Termination. “Date of Termination” shall mean (i) if the Executive’s employment is terminated for Cause, the date
on which the Notice of Termination is given, and (ii) if the Executive’s employment is terminated for any other reason, the date specified in such Notice of Termination. 
 (g) Disability. “Disability” shall mean the Executive (i) is unable to engage in any substantial gainful activity by reason of any
medically determinable physical or mental impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, or (ii) is, by reason of any medically determinable physical or mental
impairment which can be expected to result in death or can be expected to last for a continuous period of not less than 12 months, receiving income replacement benefits for a period of not less than three months under an accident and health plan
covering employees of the Employers. 
 (h) ERISA. “ERISA” means the Employee Retirement Income Security Act of 1974, as
amended. 
 (i) Good Reason. “Good Reason” means the occurrence of any of the following conditions: 
 (i) any material breach of this Agreement by the Corporation, including without limitation any of the following: (A) a material
diminution in the Executive’s base compensation, (B) a material diminution in the Executive’s authority, duties or responsibilities, or (C) any requirement that the Executive report to a corporate officer or employee of the
Corporation instead of reporting directly to the Board of Directors of the Corporation, or 
 (ii) any material change in the
geographic location at which the Executive must perform his services under this Agreement; 
 provided, however, that prior to any termination
of employment for Good Reason, the Executive must first provide written notice to the Corporation within ninety (90) days of 

  

 2 

 
the initial existence of the condition, describing the existence of such condition, and the Corporation shall thereafter have the right to remedy the
condition within thirty (30) days of the date the Corporation received the written notice from the Executive. If the Corporation remedies the condition within such thirty (30) cure period, then no Good Reason shall be deemed to exist with
respect to such condition. 
 (j) IRS. IRS shall mean the Internal Revenue Service. 
 (k) Notice of Termination. Any purported termination of the Executive’s employment by the Corporation for any reason, including without
limitation for Cause, Disability or Retirement, or by the Executive for any reason, including without limitation for Good Reason, shall be communicated by written “Notice of Termination” to the other party hereto. For purposes of this
Agreement, a “Notice of Termination” shall mean a dated notice which (i) indicates the specific termination provision in this Agreement relied upon, (ii) sets forth in reasonable detail the facts and circumstances claimed to
provide a basis for termination of the Executive’s employment under the provision so indicated, (iii) specifies a Date of Termination, which shall be not less than thirty (30) nor more than ninety (90) days after such Notice of
Termination is given, except in the case of the Corporation’s termination of the Executive’s employment for Cause, which shall be effective immediately, and (iv) is given in the manner specified in Section 10 hereof. 

(l) Retirement. “Retirement” shall mean a voluntary termination by the Executive which constitutes a retirement, including early
retirement, under the Bank’s 401(k) plan. 
 2. Term of Employment and Duties. 
 (a) The Corporation hereby employs the Executive as President and Chief Executive Officer and the Executive hereby accepts said employment and agrees to
render such services to the Corporation on the terms and conditions set forth in this Agreement. The terms and conditions of this Agreement shall be and remain in effect during the period of three years beginning on July 9, 2007 (the
“Effective Date”) and ending on the third anniversary of the Effective Date, plus such extensions, if any, as are provided pursuant to Section 2(b) hereof (the “Employment Period”). 
 (b) Except as provided in Section 2(c), and subject to the requirement below that the Board of Directors of the Corporation determine at least
annually that continued extensions are appropriate, beginning on the Effective Date, on each day during the Employment Period, the Employment Period shall automatically be extended for one additional day, unless either the Corporation, on the one
hand, or the Executive, on the other hand, elects not to extend the Agreement further by giving written notice thereof to the other party, in which case the Employment Period shall end on the third anniversary of the date on which such written
notice is given. At least annually, the Board of Directors of the Corporation shall consider and review (with appropriate corporate documentation thereof, and taking into account all relevant factors) the Executive’s performance hereunder and
whether the Employment Period shall continue to be extended. If the Board of Directors determines at least annually that continued extensions of the Employment Period are appropriate, then the Employment Period shall continue to extend each 

  

 3 

 
day as set forth above. If the Board of Directors determines not to extend the Employment Period, it shall provide written notice to the Executive as set
forth above. Upon termination of the Executive’s employment with the Corporation for any reason whatsoever, any daily extensions provided pursuant to this Section 2(b), if not theretofore discontinued, shall automatically cease.

 (c) Nothing in this Agreement shall be deemed to prohibit the Corporation at any time from terminating the Executive’s employment
during the Employment Period for any reason, provided that the relative rights and obligations of the Corporation and the Executive in the event of any such termination shall be determined under this Agreement. 
 (d) During the term of this Agreement, the Executive shall manage the operations of the Corporation and oversee the officers that report to him. The
Executive shall also oversee the implementation of the policies adopted by the Board of Directors of the Corporation and shall report directly to the Board of Directors. In addition, the Executive shall perform such executive services for the
Corporation as may be consistent with his titles and from time to time assigned to him by the Corporation’s Board of Directors. 
 3.
Compensation and Benefits. 
 (a) The Employers shall compensate and pay the Executive for his services during the term of this Agreement
at a minimum base salary of $214,999.92 per year (“Base Salary”), which may be increased from time to time in such amounts as may be mutually determined by the Boards of Directors of the Employers and may not be decreased without the
Executive’s express written consent. In addition to his Base Salary, the Executive shall be entitled to receive during the term of this Agreement such bonus payments as may be determined by the Boards of Directors of the Employers. 

(b) During the term of this Agreement, the Executive shall be entitled to participate in and receive the benefits of any pension or other retirement
benefit plan, profit sharing, stock option, employee stock ownership, or other plans, benefits and privileges given to employees and executives of the Employers, to the extent commensurate with his then duties and responsibilities, as fixed by the
Boards of Directors of the Employers, as well as his Supplemental Executive Retirement Agreement with the Bank dated December 19, 2006. The Corporation shall not make any changes in such plans, benefits or privileges which would adversely
affect the Executive’s rights or benefits thereunder, unless such change occurs pursuant to a program applicable to all executive officers of the Corporation and does not result in a proportionately greater adverse change in the rights of or
benefits to the Executive as compared with any other executive officer of the Corporation. Nothing paid to the Executive under any plan or arrangement presently in effect or made available in the future shall be deemed to be in lieu of the salary
payable to the Executive pursuant to Section 3(a) hereof. 
 (c) During the term of this Agreement, the Executive shall be entitled to
paid annual vacation in accordance with the policies as established from time to time by the Boards of Directors of the Employers. The Executive shall not be entitled to receive any additional compensation from the Employers for failure to take a
vacation, nor shall the Executive be able 

  

 4 

 
to accumulate unused vacation time from one year to the next, except to the extent authorized by the Boards of Directors of the Employers. 
 (d) During the term of this Agreement, in keeping with past practices, the Employers shall continue to provide the Executive with an automobile
comparable to the one currently provided to him. The Employers shall be responsible and shall pay for all costs of insurance coverage, repairs, maintenance and other incidental expenses, including license, fuel and oil. 
 (e) During the term of this Agreement, in keeping with past practices, the Employers shall continue to pay club dues and assessments for the Metairie
Country Club on behalf of the Executive so that the Executive may use such club for business purposes. 
 (f) The Executive’s
compensation, benefits, severance and expenses shall be paid by the Corporation and the Bank in the same proportion as the time and services actually expended by the Executive on behalf of each respective Employer. 
 4. Expenses. The Employers shall reimburse the Executive or otherwise provide for or pay for all reasonable expenses incurred by the Executive in
furtherance of or in connection with the business of the Employers, including, but not by way of limitation, automobile expenses described in Section 3(d) hereof, and traveling expenses, and all reasonable entertainment expenses (whether
incurred at the Executive’s residence, while traveling or otherwise), subject to such reasonable documentation and policies as may be established by the Boards of Directors of the Employers. If such expenses are paid in the first instance by
the Executive, the Employers shall reimburse the Executive therefor. 
 5. Termination. 
 (a) The Corporation shall have the right, at any time upon prior Notice of Termination, to terminate the Executive’s employment hereunder for any
reason, including without limitation termination for Cause, Disability or Retirement, and the Executive shall have the right, upon prior Notice of Termination, to terminate his employment hereunder for any reason. 
 (b) In the event that (i) the Executive’s employment is terminated by the Corporation for Cause or (ii) the Executive terminates his
employment hereunder other than for Disability, Retirement, death or Good Reason, the Executive shall have no right pursuant to this Agreement to compensation or other benefits for any period after the applicable Date of Termination. 
 (c) In the event that the Executive’s employment is terminated as a result of Disability, Retirement or the Executive’s death during the term
of this Agreement, the Executive shall have no right pursuant to this Agreement to compensation or other benefits for any period after the applicable Date of Termination. 
 (d) In the event that (i) the Executive’s employment is terminated by the Corporation for other than Cause, Disability, Retirement or the Executive’s death or (ii) such employment is terminated by
the Executive (a) due to a material breach of this Agreement by the Corporation, 

  

 5 

 
which breach has not been cured within fifteen (15) days after a written notice of non-compliance has been given by the Executive to the Employers, or
(b) for Good Reason, then the Corporation shall: 
 (A) pay to the Executive, in a lump sum as of the Date of Termination, a cash
severance amount equal to three (3) times that portion of the Executive’s Annual Compensation paid by the Corporation, 
 (B)
maintain and provide for a period ending at the earlier of (i) thirty-six (36) months after the Date of Termination or (ii) the date of the Executive’s full-time employment by another employer (provided that the Executive is
entitled under the terms of such employment to benefits substantially similar to those described in this subparagraph (B)), at no cost to the Executive, the Executive’s continued participation in all group insurance, life insurance, health and
accident, disability and other “employee welfare benefit plans” within the meaning of Section 3(1) of ERISA offered by the Corporation in which the Executive was entitled to participate immediately prior to the Date of Termination
(other than the continuation of any vacation time, sick leave or similar leave), subject to subparagraphs (C) and (D) below, 
 (C)
in the event that the Executive’s participation in any plan, program or arrangement as provided in subparagraph (B) of this Section 5(d) is barred, or during such period any such plan, program or arrangement is discontinued or the
benefits thereunder are materially reduced, the Corporation shall arrange to provide the Executive with benefits substantially similar to those which the Executive was entitled to receive under such plans, programs and arrangements immediately prior
to the Date of Termination, and 
 (D) any insurance premiums payable by the Corporation pursuant to Section 5(d)(B) or (C) shall
be payable at such times and in such amounts as if the Executive was still an employee of the Corporation, subject to any increases in such amounts imposed by the insurance company or COBRA, and the amount of insurance premiums required to be paid
by the Corporation in any taxable year shall not affect the amount of insurance premiums required to be paid by the Corporation in any other taxable year. 
 6. Payment of Additional Benefits under Certain Circumstances. 
 (a) If (i) the payments and
benefits pursuant to Section 5 hereof, either alone or together with other payments and benefits which the Executive has the right to receive from the Employers (including, without limitation, the payments and benefits which the Executive would
have the right to receive from the Bank pursuant to Section 5 of the Agreement between the Bank and the Executive dated as of the date hereof (“Bank Agreement”), before giving effect to any reduction in such amounts pursuant to
Section 6 of the Bank Agreement), would constitute a “parachute payment” as defined in Section 280G(b)(2) of the Code (the “Initial Parachute Payment,” which includes the amounts paid pursuant to clause (A) below),
and (ii) the Initial Parachute Payment either equals three times the Executive’s Base Amount or exceed three times the Executive’s Base Amount but by an amount less than 5% of three times the Executive’s Base Amount, then the
Initial Parachute Payment shall be reduced by the least amount necessary to bring the present value of the payments and benefits below three times the Executive’s Base 

  

 6 

 
Amount, with the cash severance to be reduced first. As used in this Agreement, “Base Amount” shall have the meaning set forth in
Section 280G(b)(3) of the Code. 
 (b) If the Initial Parachute Payment exceeds 105% of three times the Executive’s Base Amount,
then the Corporation shall pay to the Executive, in a lump sum within five business days after the Date of Termination, a cash amount equal to the sum of the following: 
 (A) the amount by which the payments and benefits that would have otherwise been paid by the Bank to the Executive pursuant to Section 5 of the Bank Agreement are reduced by the provisions of Section 6 of
the Bank Agreement; 
 (B) twenty (20) percent (or such other percentage equal to the tax rate imposed by Section 4999 of the Code)
of the amount by which the Initial Parachute Payment exceeds the Executive’s “base amount” from the Employers, as defined in Section 280G(b)(3) of the Code, with the difference between the Initial Parachute Payment and the
Executive’s base amount being hereinafter referred to as the “Initial Excess Parachute Payment”; and 
 (C) such additional
amount (tax allowance) as may be necessary to compensate the Executive for the payment by the Executive of state and federal income and excise taxes on the payment provided under clause (B) above and on any payments under this clause (C). In
computing such tax allowance, the payment to be made under clause (B) above shall be multiplied by the “gross up percentage” (“GUP”). The GUP shall be determined as follows: 
  

			
	GUP =	  	Tax Rate  
		  	1-Tax Rate

 The Tax Rate for purposes of computing the GUP shall be the highest marginal federal and state income and
employment-related tax rate (including Social Security and Medicare taxes), including any applicable excise tax rate, applicable to the Executive in the year in which the payment under clause (B) above is made, and shall also reflect the
phase-out of deductions and the ability to deduct certain of such taxes. 
 (c) Notwithstanding the foregoing, if it shall subsequently be
determined in a final judicial determination or a final administrative settlement to which the Executive is a party that the actual excess parachute payment as defined in Section 280G(b)(1) of the Code is different from the Initial Excess
Parachute Payment (such different amount being hereafter referred to as the “Determinative Excess Parachute Payment”), then the Corporation’s independent tax counsel shall determine the amount (the “Adjustment Amount”) which
either the Executive must pay to the Corporation or the Corporation must pay to the Executive in order to put the Executive (or the Corporation, as the case may be) in the same position the Executive (or the Corporation, as the case may be) would
have been if the Initial Excess Parachute Payment had been equal to the Determinative Excess Parachute Payment. In determining the Adjustment Amount, the independent tax counsel shall take into account any and all taxes (including any penalties and
interest) paid by or for the Executive or refunded to the Executive or for the Executive’s benefit. As soon as practicable after the Adjustment Amount has been so determined, and in no event more than thirty (30) days after the Adjustment
Amount has been determined, the Corporation 

  

 7 

 
shall pay the Adjustment Amount to the Executive or the Executive shall repay the Adjustment Amount to the Corporation, as the case may be. 
 (d) In each calendar year that the Executive receives payments of benefits that constitute a parachute amount, the Executive shall report on his state
and federal income tax returns such information as is consistent with the determination made by the independent tax counsel of the Corporation as described above. The Corporation shall indemnify and hold the Executive harmless from any and all
losses, costs and expenses (including without limitation, reasonable attorneys’ fees, interest, fines and penalties) which the Executive incurs as a result of so reporting such information. The Executive shall promptly notify the Corporation in
writing whenever the Executive receives notice of the institution of a judicial or administrative proceeding, formal or informal, in which the federal tax treatment under Section 4999 of the Code of any amount paid or payable under this
Section 6 is being reviewed or is in dispute. The Corporation shall assume control at its expense over all legal and accounting matters pertaining to such federal tax treatment (except to the extent necessary or appropriate for the Executive to
resolve any such proceeding with respect to any matter unrelated to amounts paid or payable pursuant to this Section 6) and the Executive shall cooperate fully with the Corporation in any such proceeding. The Executive shall not enter into any
compromise or settlement or otherwise prejudice any rights the Corporation may have in connection therewith without the prior consent of the Corporation. 
 (e) If the payments and benefits which the Executive would have the right to receive from the Bank pursuant to Section 5 of the Bank Agreement are reduced pursuant to Section 6 of the Bank Agreement for
reasons unrelated to Section 280G of the Code, then the Corporation shall pay to the Executive, in a lump sum within five business days after the Date of Termination, a cash amount equal to the amount by which the payments and benefits that
would have otherwise been paid by the Bank pursuant to Section 5 of the Bank Agreement are reduced by the provisions of Section 6 of the Bank Agreement. 
 7. Mitigation; Exclusivity of Benefits. 
 (a) The Executive shall not be required to mitigate the
amount of any benefits hereunder by seeking other employment or otherwise, nor shall the amount of any such benefits be reduced by any compensation earned by the Executive as a result of employment by another employer after the Date of Termination
or otherwise, except as set forth in Section 5(d)(B) above. 
 (b) The specific arrangements referred to herein are not intended to
exclude any other benefits which may be available to the Executive upon a termination of employment with the Employers pursuant to employee benefit plans of the Employers or otherwise. 
 8. Withholding. All payments required to be made by the Corporation hereunder to the Executive shall be subject to the withholding of such
amounts, if any, relating to tax and other payroll deductions as the Corporation shall determine are required to be withheld pursuant to any applicable law or regulation. 
  

 8 

 9. Assignability. The Corporation may assign this Agreement and its rights and obligations
hereunder in whole, but not in part, to any corporation, bank or other entity with or into which the Corporation may hereafter merge or consolidate or to which the Corporation may transfer all or substantially all of its assets, if in any such case
said corporation, bank or other entity shall by operation of law or expressly in writing assume all obligations of the Corporation hereunder as fully as if it had been originally made a party hereto, but may not otherwise assign this Agreement or
its rights and obligations hereunder. The Executive may not assign or transfer this Agreement or any rights or obligations hereunder. 
 10. Notice. For the purposes of this Agreement, notices and all other communications provided for in this Agreement shall be in writing and shall be deemed to have been duly given when delivered or mailed by certified or registered
mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below: 
  

			
	To the Bank:	  	Secretary
		  	Bank of New Orleans
		  	1600 Veterans Memorial Blvd.
		  	Metairie, Louisiana 70005
		
	To the Corporation:	  	Secretary
		  	Louisiana Bancorp, Inc.
		  	1600 Veterans Memorial Blvd.
		  	Metairie, Louisiana 70005
		
	To the Executive:	  	Lawrence J. LeBon, III
		  	At the address last appearing on
		  	the personnel records of the Employers

 11. Amendment; Waiver. No provisions of this Agreement may be modified, waived or
discharged unless such waiver, modification or discharge is agreed to in writing signed by the Executive and such officer or officers as may be specifically designated by the Board of Directors of the Corporation to sign on its behalf. No waiver by
any party hereto at any time of any breach by any other party hereto of, or compliance with, any condition or provision of this Agreement to be performed by such other party shall be deemed a waiver of similar or dissimilar provisions or conditions
at the same or at any prior or subsequent time. In addition, notwithstanding anything in this Agreement to the contrary, the Corporation may amend in good faith any terms of this Agreement, including retroactively, in order to comply with
Section 409A of the Code. 
 12. Governing Law. The validity, interpretation, construction and performance of this Agreement
shall be governed by the laws of the United States where applicable and otherwise by the substantive laws of the State of Louisiana. 
 13. Nature of Obligations. Nothing contained herein shall create or require the Corporation to create a trust of any kind to fund any benefits which may be payable hereunder, and to the extent that the Executive acquires a right to
receive benefits from the Corporation 

  

 9 

 
hereunder, such right shall be no greater than the right of any unsecured general creditor of the Corporation. 
 14. Headings. The section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or
interpretation of this Agreement. 
 15. Validity. The invalidity or unenforceability of any provision of this Agreement shall not
affect the validity or enforceability of any other provisions of this Agreement, which shall remain in full force and effect. 
 16.
Counterparts. This Agreement may be executed in one or more counterparts, each of which shall be deemed to be an original but all of which together will constitute one and the same instrument. 
 17. Regulatory Prohibition. Notwithstanding any other provision of this Agreement to the contrary, any payments made to the Executive pursuant to
this Agreement, or otherwise, are subject to and conditioned upon their compliance with Section 18(k) of the FDIA (12 U.S.C. §1828(k)) and 12 C.F.R. Part 359. 
 18. Entire Agreement. This Agreement embodies the entire agreement between the Corporation and the Executive with respect to the matters agreed to herein. All prior agreements between the Corporation and the
Executive with respect to the matters agreed to herein are hereby superseded and shall have no force or effect. Notwithstanding the foregoing, nothing contained in this Agreement shall affect the agreement of even date being entered into between the
Bank and the Executive. 
 IN WITNESS WHEREOF, this Agreement has been executed as of the date first above written. 
  

							
	Attest:	 		 	LOUISIANA BANCORP, INC.
				
	 /s/ Ivan J. Miestchovich
	 		 	By:	 	 /s/ Gordon K. Konrad

	Ivan J. Miestchovich	 		 		 	Gordon K. Konrad
	Corporate Secretary	 		 		 	Chairman of the Compensation Committee
			
		 		 	EXECUTIVE
				
		 		 	By:	 	 /s/ Lawrence J. LeBon, III

		 		 		 	Lawrence J. LeBon, III

  

 10

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