Document:

Exhibit 10.11

 

	
  MEMORANDUM
  OF AGREEMENT

  	
  Norwegian Shipbrokers’ Association’s Memorandum of
  Agreement for  sale and purchase of ships.
  Adopted by the Baltic and International Maritime Council (BIMCO) in 1956.

  Code-name

  SALEFORM 1993

  
	
  Dated: 28th January, 2010

  	
  Revised 1966, 1985 and 1986/87.

  

 

FRISIA SCHIFFAHRT MT “WALTZ”
GMBH & CO. KG

Königstraße 23, 26789
Leer/Germany

hereinafter called the
Sellers, have agreed to sell, and

ALMA MARITIME LIMITED

Pandoras 13, 16672
Glyfada./Greece or nominees. However ALMA MARITIME LIMITED to remain fully
responsible for the correct fulfillment of this Memorandum of Agreement hereinafter
called the Buyers, have agreed to buy

 

Name: MT “WALTZ” about
150,393 tdw

 

Classification
Society/Class: Lloyds Register/ L.R. +100A1 double hull Tanker

 

	
  Built:
  2008

  	
  By: Universal Shipbuilding Corporation — TSU
  Shipyard/Japan

  
	
  Flag:
  Liberia

  	
  Place of Registration: Monrovia

  
	
  Call
  Sign: A8PH3

  	
  Grt/Nrt 78.809/47.271

  
	
  Register IMO Number: 9337004

  

 

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

 

Definitions

 

“Banking days” are days
on which banks are open both in the country of the currency stipulated for the
Purchase Price in Clause 1 and in the place of dosing stipulated in Clause 8.

 

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

 

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

 

1.                          Purchase Price US$ 67,800,000.- (in words;
United States Dollars Sixty-Seven Million Eight Hundred Thousand) cash on
delivery,

 

2.                          Deposit

 

As security for the
correct fulfilment of this Agreement the Buyers shall pay a deposit of 10% (ten
per cent) of the Purchase Price within 3 (three) banking days from the date
of this Agreement after both parties have signed a faxed copy of this
Memorandum of Agreement - which to be faxed-signed within 24 hours after
presentation by the Sellers - and subjects under Clause 4 and Clause 20 have
been lifted. This deposit shall be placed with Sellers’ nominated first class
German Bank.

 

and
held by them in an interest bearing joint account for the Sellers and the
Buyers, to be released in accordance with joint written instructions of the
Sellers and the Buyers. Interest, if any, to be credited to the Buyers.
Any banking fee charged for establishing/holding the said deposit shall be
borne equally by the Sellers and by the Buyers.

 

 

However the Buyers shall
not be responsible for the administrative/documentary requirements of Sellers’
bank and in the event the requirements of Sellers’ bank cannot be met to allow
timely lodging of the deposit, then funds representing the l0pct deposit may be
lodged with a mutually acceptable third party, until such arrangements can be
settled with the bank, or else time for lodging deposit to be extended to allow
formalities to be completed.

 

3.                         Payment

 

The deposit together with
90 percent balance said of the Purchase Price plus any additional
payments due under this Memorandum of Agreement (such as payment for
bunkers/lubricating oils, etc.) shall to be released/paid in full free
of any bank charges to Sellers’ nominated first class German Bank

 

on delivery of the vessel
against Protocol of Delivery signed by both the Sellers and the Buyers, Bill of
Sale and all other normal delivery documents required for the Buyers’
registration of the Vessel under new flag, but not later than 3 banking days
after the vessel is in every respect physically ready for delivery in
accordance with the terms and conditions of this Agreement and Notice of
Readiness has been given in accordance with Clause 5.

 

4.                         Inspections

 

a)*                  The Buyers have
inspected and accepted the Vessel’s classification records. The Buyers have
also inspected the vessel at/in on and have accepted the Vessel following this
inspection and the sale is outright and definite, subject only to the terms and
conditions of this Agreement.

 

b)*                 The Buyers
shall have-the right to inspect the Vessel’s classification records and declare
whether same are accepted or not within

 

The Sellers shall provide
for inspection of the Vessel at/in El Segundo eta 10.2.2010

 

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 Seller. During the inspection, the Vessel’s deck arid engine log
books shall be made available for examination by the Buyers. This subject to be
lifted by the Buyers not later than 3 (three) working days upon completion of
the inspection. If the Vessel is accepted after such inspection, the sale shall
become outright and definite, subject only to the terms and conditions of this
Agreement, provided
the Sellers receive written notice of acceptance from the Buyers within 72
hours after completion of such inspection.

 

Should
notice of acceptance of the Vessel’s classification records and of the Vessel
set be received by the Sellers as aforesaid the deposit together with interest
earned shall be released immediately to the Buyers, whereafter this Agreement
shall be null and void.

 

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

 

5.                         Notices, time and place of
delivery

 

a)                         The
Sellers shall keep the Buyers well informed of the Vessel’s itinerary/movements
and shall provide the Buyers with 15, 7, and 3 days approximate and 1 day
definite notice of the estimated time of arrival at the anticipated
place and date of delivery, intended place of drydocking/undcrwater
inspection/delivery. When the Vessel is at the place of delivery and
in every respect physically ready for delivery in accordance with this
Agreement, the Sellers shall give the Buyers a written Notice of Readiness for
delivery.

 

 

b)                        The Vessel
shall be delivered and taken over by the Buyers after diver’s inspection,
charter free, free of cargo excluding slops, safely afloat at a safe and
accessible port/berth or anchorage at/in the Atlantic Basin range
(including but not limited to USEC/USG/Caribs/Central America/EC South America
/ UK, Continent, Mediterranean Sea) or Arabian Gulf / Japan range, in the
Sellers’ option. Expected time of delivery; in Sellers’ option between 15th March, 2010 and 30th May, 2010, provided Buyers’ representatives
have boarded at least 10 days prior to the initial delivery notice sent by the
Sellers to the Buyers. In case this is not feasible the Sellers will procure
that the necessary number of officers will remain on board to assist the Buyers’
crew for familiarization. The Buyers to cover the Sellers’ crew related costs
during that period.

 

Sellers are to narrow
these dates.

 

Date of cancelling (see
Clauses 5 c), 6 b) (iii) and 14): 30th May, 2010 in Buyers’ option. The cancelling
date refers to the last date that the readiness can be presented and not to the
last date on which the Vessel may be delivered.

 

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 propose a new cancelling date. Upon
receipt of such notification the Buyers shall have the option of either
cancelling this Agreement in accordance with Clause 14 within 7 3
running days of receipt of the notice or of accepting the new date as the new
cancelling date. If the Buyers have not declared their option within 7 3
running 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 61.

 

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

 

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

 

6.        Drydocking/Divers
Inspection

 

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

 

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

 

 

Sellers shall make the
Vessel available at a suitable alternative place near to the delivery port.

 

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

 

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

 

c)                         If the
Vessel is drydocked pursuant to Clause 6 a) 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 surveyor. If such survey is not required by
the Classification Society, the Buyers shall have the right to require the
tailshaft to be drawn and surveyed by the Classification Society, the extent of
the survey being in accordance with the Classification Society’s rules for
tailshaft survey and consistent with the current stage of the Vessel’s survey
cycle. The Buyers shall declare whether they require the tailshaft to be drawn
and surveyed not later 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’ expense to the satisfaction of the Classification
Society without condition/recommendation*.

 

(ii)       the 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, in which case the Sellers shall
pay these expenses. The Sellers shall also pay the expenses if the Buyers
require the survey and parts of the system are condemned or found defective or
broken so as to affect the Vessel’s class*.

 

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

 

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

 

(v)       the Buyers shall have the right to have
the underwater parts of the Vessel cleaned and painted at their risk and
expense without interfering with the Sellers’ or the Classification surveyor’s work, if any, and
without affecting, the Vessel’s timely delivery. If,

 

 

however,
the Buyers’ work in drydock is still in progress when the Sellers have
completed the work which the Sellers are required to do, the additional docking
time needed to complete the Buyers’ work shall be for the-Buyers’ risk-and-expense.
In the event that the Buyers’ work requires such additional time, the Sellers
may upon completion of the Sellers’ work-tender Notice of Readiness for
delivery whilst the Vessel is still in drydock and the Buyers shall be  obliged to take delivery in accordance
with Clause 3, whether the Vessel is in drydock or not and irrespective of
Clause 5 b).

 

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

 

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

 

No
drydocking. However immediately upon availability of the Vessel the Buyers have
the right to carry out an inspection of the Vessel’s underwater parts with
divers prior to the delivery of the Vessel. When the Buyers choose to exercise
this right, then the Buyers shall arrange at their expense inspection of the
underwater parts by a class approved diver in the presence of a representative
of both the Buyers and the Sellers, together with class surveyor, who is to be
arranged by the Sellers.

 

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, then the Sellers shall
make the Vessel available at a suitable alternative place nearby, at their own
expense. Should such movement delay the Vessel beyond the cancelling date, then
same shall be extended to allow this inspection.

 

If
any damage is found to the Vessel’s underwater parts which in the opinion of
the class surveyor affects the Vessel’s clean Class then

 

a)        if Class requires immediate
drydocking of the Vessel, then the drydocking clause as stated above to be
fully re-instated in this Memorandum of Agreement and the Vessel is to be dry
docked accordingly at the Sellers’ expense. The Buyers shall then have the
right to carry out their own works at their risk and expense and without
causing delays to the Seller’s work and not to interfere with same. The Buyers
have the right to attend the dry docking without interfering with the Sellers
or Class surveyors work. Should Buyers’ work delay the un-docking beyond
the time that Sellers works are completed, then, provided that the Vessel is in
all other respects in accordance with this Memorandum of Agreement, the Sellers
have the right to present Notice of Readiness whilst the Vessel is drydocking.
In any event the Sellers remain responsible for the un- docking costs, even if
should this result in the Vessel being delivered to the Buyers in drydock.

 

b)        in the case of a class condition calling
for repair of such defects at a later stage or at the next class schedule
drydocking, then the Sellers shall pay the Buyers a mutually agreed lump sum
compensation figure covering the cost of such works. If a figure cannot be
mutually agreed then the Buyers and the Sellers both obtain a quotation for the
repairs from a first class shipyard near to the delivery port and the
compensation is to be the average of these two quotations.

 

7.        Spares/bunkers, etc.

 

The
Sellers shall deliver the Vessel to the Buyers with everything belonging to her
on board, and on shore and on order without any additional charge to the
Buyers. 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, 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. The radio installation and wireless
navigational equipment shall be included in the sale without extra payment if
they are the property of the Sellers. Unused Broached/unbroached
stores and provisions shall be included in the sale and be taken over by the
Buyers without extra payment.

 

Following
spare parts are available covering this Vessel and MT “TANGO” (not each
vessel): 4 spare cylinder liners in Houston and 1 spare electric engine for
inertgas plant in Leer.

 

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

 

· log books according to Clause 8. hereof.

· certificates which the Sellers have to
return to issuing authorities according to law, but the Buyers to have the
right to take photocopies.

· I.S.M. manuals/ISPS manuals.

· 2 portable gas detectors, chartco system
including laptop plus 1 set UTI (sampling device for cargo).

· Blue Ocean satphone/email installation,
which is property of Blue Ocean Wireless Limited, Unit 8, Fulcum 4, Solent Way,
Whiteley, Hampshire, PO15 7FT, UK.

 

The
Buyers shall take over and pay extra only for the remaining bunkers and
unused/unbroached lubricating oils in storage tanks and sealed drums and pay
the current net-market Sellers’ last invoiced prices less all
Sellers’ discounts (and excluding barging lighterage expenses) at the
port and date of delivery of the Vessel. Prices are to be supported by
invoices/vouchers.

 

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

 

8.                         Documentation

 

The
place of closing/payment formalities: to take place in Sellers’ office or
Sellers’ Bank.

 

In
exchange for payment of the Purchase Price the Sellers shall furnish the Buyers
with delivery documents, namely: such documents to be mutually agreed
and listed in an Addendum to this Memorandum of Agreement, however such
agreement is not to prejudice/delay the signing of this Memorandum of Agreement
and lodging of the deposit.

 

a)                         Legal
Bill of Sale in a form recordable in (the country in which-the-Buyers are to
register the Vessel), warranting that the Vessel is free from all encumbrances,
mortgages and maritime liens or any other debts or claims whatsoever, duly
notarially attested and legalized by the consul of such country or other
competent authority.

 

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

 

c)        Confirmation of Class -issued
within 72 hours prior to  delivery.

 

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

 

e)                         Certificate
of Deletion of the Vessel from the Vessel ‘s registry or other official
evidence of

 

 

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

 

f)                           Any
such additional documents-as-may reasonably be required by the-competent
authorities for the purpose of registering the Vessel, provided the
Buyers-notify-the Sellers of any such documents as soon as possible-after the
date of this Agreement.

 

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

 

At the time of delivery the Sellers shall hand to
the Buyers the classification certificate(s) as well as all plans,
drawings, instruction booklets, nautical publications, charts, copies of all
manuals and code-books, as well as oil record books of the last three months
etc., 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 to have the right to take copies.
Other technical documentation which may be in the Sellers’ possession shall be
promptly forwarded to the Buyers at their expense, if they so request. The
Sellers may keep the Vessel’s log books but the Buyers to have the right to
take copies of same.

 

9.        Encumbrances

 

The Sellers warrant that the Vessel, at the
time of delivery, is free from all charters, encumbrances, taxes, mortgages and
maritime liens or any other debts or claims whatsoever. The Sellers hereby
undertake to indemnify the Buyers against all consequences of claims made
against the Vessel which have been incurred prior to the time of delivery.

 

10.      Taxes, etc.

 

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

 

11.      Condition on delivery

 

The Vessel with
everything belonging to her shall be at the Sellers’ risk and expense until she
is delivered to the Buyers, but subject to the terms and conditions of this
Agreement she shall be delivered and taken over as she was at the time of
inspection, fair wear and tear excepted. However, the Vessel shall be delivered with her
present class fully maintained without condition of Class /recommendation*, and free of average damage
affecting the Vessel’s class, and with her classification certificates and
national/international trading certificates, as well as all other certificates
the Vessel had at the time of inspection, clean, valid and unextended without
condition of Class/recommendation* by Class or the relevant
authorities at for a minimum of 3 (three) months from the time of
delivery with all survey machinery items completely up-to-date without
extensions at time of delivery.

 

The
Vessel to be delivered free of cargo excluding slops.

 

 

The
Sellers guarantee to  de-commission
the Inmarsat at the time of delivery to the Buyers.

 

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

 

*                            Notes,
if any, in the surveyor’s report which are accepted by the Classification
Society without condition of Class/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 paid in accordance with Clause 2,  the Sellers have the right to cancel this Agreement, and
they shall be entitled to claim compensation for their losses and for all
expenses incurred together with interest. Should the Purchase Price not be paid
in accordance with Clause 3, the Sellers have the right to cancel the
Agreement, in which case the deposit together with interest earned shall be
released to the Sellers. If the deposit does not cover their loss, the Sellers
shall be entitled to claim further compensation for their losses and for all
expenses incurred together with interest.

 

14.      Sellers’
default

 

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

 

Should
the Sellers fail to give Notice of Readiness by the date stipulated in line 61
or fail to be ready to validly complete a legal transfer 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.

 

15.      Buyers’
representatives

 

After
this Agreement has been signed by both parties and the deposit has been lodged,
the Buyers have the right to place max two representatives on board the Vessel
at the first opportunity at their sole risk and expense and remaining onboard
until the time of delivery, upon arrival at  on or about These
representatives are on board for the purpose of familiarization with the Vessel
and her operations and in the capacity of observers only, and they shall not
interfere in any respect with the crew or the operation of the Vessel.

 

The
Buyers’ representatives shall sign the Sellers’ normal P & I letter of
indemnity prior to their embarkation.

 

 

16.      Arbitration

 

a)*                  This Agreement
shall be governed by and construed in accordance with English law and any
dispute arising out of this Agreement shall be referred to arbitration in
London in accordance with the Arbitration Acts 1950 and 1979 or any statutory
modification or re-enactment thereof for the time being in force, one
arbitrator being appointed by each party. On the receipt by one party of the
nomination in writing of the other patty’s arbitrator, that party shall appoint
their arbitrator within fourteen days, failing which the decision of the single
arbitrator appointed shall apply. If two arbitrators properly appointed shall
not agree they shall appoint an umpire whose decision shall be final.

 

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

 

The proceeding shall be
conducted in accordance with the rules of the Society of Maritime
Arbitrators, Lac. New York.

 

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

 

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

 

17.                  Enbloc Sale

 

Separate
Contracts/Memoranda to apply, but on the clear understanding that this sale is
to be an en-bloc deal with MT “TANGO”. However, a total loss or a constructive
total loss of one Vessel prior to delivery, or one Vessel missing her
cancelling date, shall not affect the delivery and takeover of the remaining
Vessel.

 

18.                  Blacklisting

 

On delivery the Sellers
shall hand to the Buyers a letter of undertaking stating that to the best of
Sellers’ knowledge the Vessel under present Ownership is not blacklisted by any
nation including the Arab Boycott League in Damascus and the Vessel is in all
Aspects compliant with the U.S. Coastguard regulations.

 

19.                  Private and Confidential Clause

 

The terms and conditions
of this sale to he kept strictly private and confidential by all parties.
However should the sale be reported, neither the Buyers or the Sellers have any
right to withdraw from the contract and its obligations. The Buyers have the
right to incorporate in their F-l prospectus under confidentially filing with
the SEC the terms of this Memorandum of Agreement.

 

20.                  Buyers’ Subject
Initial Public Offering (IPO)

 

The sale is subject to
Initial Public Offering of Alma Maritime Ltd., to be lifted not later than 30
days from date of this Memorandum of Agreement. In the event that the Sellers receive
a firm offer from other Buyers unrelated to the Sellers which they feel worth
to consider/take up for negotiations, subsequent to signing this Memorandum of
Agreement but prior to the Buyers IPO subjects feeing lifted, then the Buyers
shall be given 2 (two) working days to lift their subject.

 

 

This Memorandum of
Agreement has been drawn up and executed in 2 (two) Originals, 1 (one) of which
is to be retained by the Sellers and 1 (one) of which is to be retained by the
Buyers.

 

 

	
   

  	
  The SELLERS:

  	
   

  	
  The BUYERS:

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ [ILLEGIBLE]

  	
   

  	
  /s/ [ILLEGIBLE]

  
	
   

  	
  Dietnich Schula

  	
   

  	
  [Illegible]

  
	
   

  	
   

  	
   

  	
  Attorney In Fact
  

  

 

Copyright Norwegian
Shipbrokers’ Association, Osio, Norway.

Printed and sold by S-Gruppen A/S, Halvorsen & Latsen, Osio,

Norway.

Fax: 47-22-25 28 69. Phone: 47-22-25 81 90.

 

 

ADDENDUM NO. 1

dated 1st March, 2010

to the

MEMORANDUM OF AGREEMENT

dated 27th January, 2010

(the “MOA”)

 

made between

 

FRISIA SCHIFFAHRT MT “WALTZ” GMBH &
CO. KG

(the “Sellers”)

 

and

 

ALMA MARITIME LIMITED or nominees

(the “Buyers”)

 

relative to the Vessel MT “WALTZ”
(the “Vessel”).

 

The Sellers and the
Buyers have today agreed on the following amendments with respect to the
following Clauses of the MOA:

 

Clause
1. Purchase Price:

US $ 68,300,000— (in
words: United States Dollars Sixty-Eight Million Three Hundred Thousand) cash
on delivery.

 

Clause
20. Buyers’ Subject Initial Public Offering (IPO):

The sale is subject to
the Initial Public Offering of Alma Maritime Limited., to be lifted not later
than 26th March, 2010. Should the Buyers successfully place the IPO then the
Buyers are obligated to purchase the Vessel.

 

In the event that the
Sellers receive a firm offer up to and including March 10, 2010 from other
Buyers unrelated to the Sellers, which they feel worth to consider/take up for
negotiations, then the Buyers shall be given 2 (two) working days to lift their
subject. This provision shall automatically cease on 17.00 h New York time on March 10,
2010.

 

All other terms and
conditions of the MOA shall remain unchanged and in full force and effect.

 

This Addendum No. 1
has been drawn up and executed in 2 (two) Originals, 1 (one) of which is to be
retained by the Sellers and 1 (one) of which to be retained by the Buyers.

 

 

	
  [Illegible]

  	
   

  	
  [Illegible]

  
	
  The SELLERS:

  	
   

  	
  The BUYERS:Exhibit 10.18

 

December 14, 2009

 

VIA EMAIL AND REGISTERED MAIL

 

Momenta Pharmaceuticals, Inc.

 

675 West Kendall Street

 

Cambridge, MA 02142

 

Attention: CEO, Craig
Wheeler

 

General Counsel: Bruce
Leicher

 

Re:      Amendment No. 2 to
Collaboration and License Agreement between Momenta Pharmaceuticals, Inc.
and Sandoz AG, dated June 13, 2007 (the “Amendment”)

 

Dear Bruce,

 

Reference is made to that certain Collaboration and
License Agreement dated June 13, 2007  
between Momenta Pharmaceuticals, Inc. (“Momenta”) and Sandoz AG (“Sandoz”),
as amended by Amendment No. 1 dated April 25, 2008 and the letter
agreement dated December 22, 2008 (collectively, the “Agreement”). Terms
in capitals employed herein have the meaning attributed to them in the
Agreement if not stated otherwise.

 

We are glad to have
reached agreement on the issue of terminating our collaboration regarding M178,
the [**]-Referenced Product in the U.S. Territory.  This Amendment sets forth the Parties’
understanding regarding such termination in place of the provisions set forth
in Sections 11.7.3 and 11.7.4 of the Agreement as well as the surviving rights
of the Parties relating thereto. This Amendment shall be effective as of November 1,
2009 (the “Amendment Effective Date”)

 

1.              Future Construction of the Agreement.

 

a.              The Parties agree to terminate the
Agreement solely with respect to the [**]-Referenced Product. For avoidance of
doubt, no Products other than the [**]-Referenced Product shall be affected by
this Amendment.

 

b.             The Parties agree that the following
defined terms, and all references thereto in the Agreement, “Branded [**]”, “[**]-Equivalent
Product”, “[**] Product-Specific Patent Rights”, “Non-Substitutable [**] Launch”,
“Related Product”, “Sandoz MFN Project”, “Slightly Late [**] Substitutability
Receipt”, and “[**]-Referenced Product” (collectively, the “[**] Product Rights”)
and their definitions in Article 1 shall be deleted in their entirety from
the Agreement except to the extent such terms are used in this Amendment or in
any terms of the Agreement that expressly survive this termination of the
Agreement solely with respect to the [**] Product Rights, as set forth in Section 2
below.  In addition, the Parties agree
that all references to “[**]” and “[**]” shall be deleted in their entirety
from the Agreement.  All other rights and
obligations of the Parties under the Agreement will continue to exist and be
interpreted excluding any reference to the [**] Product Rights.  The Parties, hereby agree that apart from the
sections of the Agreement specifically deleted and amended hereunder, all terms
and conditions of the Agreement shall remain in full force and effect.

 

2.              Termination and Survival Related
Provisions.  The Parties specifically agree to the
following termination and survival related provisions effective as of the
Amendment Effective Date:

 

a.              Except for any express surviving rights
and obligations under this Amendment, the Parties agree that the rights and
obligations of the Parties under the Agreement relating to the [**] Product
Rights (including, but not limited to, payment obligations under Article 4,
exclusivity obligations under Article 2, license grants under Article 2
and termination rights under Sections 11.7.3 and 11.7.4 with respect to the
[**] Product Rights) terminate and shall have no further force or effect.

 

b.             All licenses granted by Sandoz to Momenta
and by Momenta to Sandoz under Article 2 with respect to the [**] Product
Rights are terminated.  The Parties
acknowledge and agree that the Momenta license under Section 11.7.3. (b) has
not been exercised by Sandoz.

 

 

c.              Momenta shall cease to use and hereby
assigns to Sandoz all of its right, title and interest in and to all clinical,
technical, and other related reports, records, data, information and materials
and all regulatory filings and Marketing Approvals relating to the
[**]-Referenced Product in the Field in the U.S. Territory, subject to the
surviving rights retained by Momenta under paragraph d. below, to the
Characterization data developed by Momenta of Branded [**] in the course of the
[**]-Referenced Product Collaborative Program (the “Momenta Developed Brand
Characterization Data”), and Momenta shall deliver to Sandoz, upon request, at
Momenta’s expense, one (1) copy of each physical embodiment of the
aforementioned item not previously furnished in the course of the Collaborative
Program.  For the avoidance of doubt,
Momenta Developed Brand Characterization Data does not include Characterization
data independently developed by Sandoz without the use of any Momenta Developed
Brand Characterization Data.

 

d.             Sandoz hereby grants to Momenta a
non-exclusive, irrevocable, royalty-free, perpetual, worldwide right and
license, with the right to sublicense and to use and/or disclose the Momenta
Developed Brand Characterization Data for all purposes other than to develop
and commercialize directly or indirectly an [**]-Referenced Product, or a
Related Product to the [**]-Referenced Product, in the Field in the U.S.
Territory.  Momenta acknowledges that it
retains no rights and receives no license under this paragraph to any
Characterization data developed by Momenta in the course of the [**]-Referenced
Product Collaborative Program that specifically Characterizes to the Sandoz
[**]-Referenced Product (the “Sandoz Characterization Data).

 

e.              Momenta confirms that it has not applied
for or used any common law trademarks or trade names pertaining to the
[**]-Referenced Product.

 

f.                Except for the payment obligations set
forth in this Amendment, Sandoz shall have no financial obligation to Momenta
with respect to the [**]-Referenced Product, including without limitation, any
Profit Interest or milestone payments.

 

g.             All Joint Collaboration IP shall be owned
jointly on the basis of an undivided interest by Sandoz and Momenta.  Notwithstanding anything to the contrary
herein, Sandoz and Momenta shall each have the right to use such Joint
Collaboration IP, or sell, license or otherwise transfer such Joint
Collaboration IP to its Affiliates or any Third Party, without the consent of
the other Party and without any further consideration or accounting to the
other Party.

 

h.             Survival. In lieu of Section 11.8 of the Agreement, the
following provisions of the Agreement shall survive termination of the
Collaborative Program with respect to the [**]-Referenced Product and the [**]
Product Rights:  (i) Articles 1 (as
amended by this Amendment), 10 and 14, Sections 2.1.2, 2.4, 2.5 (to the extent
applicable to Sandoz Assigned Improvements and Momenta Assigned Improvements),
2.6, 4.4 (as applicable to payments under this Amendment), 4.4.6 (solely with
respect to Section 3.b. below), 8.1.1, 8.1.2, 8.1.4, 8.2.4(except a
request by either party shall determine whether to file and then Sandoz shall
determine the initial Prosecuting Party in lieu of the JOC and the Prosecuting
Party shall bear all prosecution costs), 8.4, 8.5 and 8.6 (except Sandoz shall
make the decisions assigned to the JOC in these Sections, subject to Momenta’s
rights in accordance with the general concepts of Section 8.4), 8.7 (with
respect to Sandoz Patent Rights and Sandoz Collaboration Patent Rights in the
Field in the relevant Territory), 9.3, 11.9, 13.2, 13.3; and (ii) the
obligations to indemnify under Sections 12.1 and 12.2 (subject to Sections
12.3, 12.4 and, if applicable, 12.5) with respect to any Liabilities, whether
asserted during or after the Term, that result from activities that occurred
before or during the Term (including the determination of the strategy to
achieve Legal Clearance); otherwise there shall be no continuing obligation of
the Indemnifying Party to indemnify, defend or hold harmless the Indemnified
Party after the Amendment Effective Date

 

i.                 Each Party shall promptly return to the
other Party all materials and records in its possession or control containing
Confidential Information of such other Party, except to the extent contemplated
by this Amendment or necessary or reasonable to exercise rights under the
licenses retained pursuant to this Amendment, as applicable.

 

3.              Financial Consideration.

 

a.              Sandoz agrees
to reimburse Momenta for expenses incurred in 2009 relating to the development
of M178 — [**], in the sum of US$[**]. 
Such sum shall be payable to Momenta no later than the earlier of (a) thirty
(30) days after the date of signing this Amendment or (b) December 31,
2009.

 

b.             The Parties
acknowledge that Sandoz shall have the right to continue or discontinue
development on its own or in collaboration with others, of an [**]-Referenced
Product.  Sandoz, subject to the terms
herein, agrees to  make a one time lump
sum payment to Momenta in the sum of [**] dollars (US $ [**]) within thirty
(30) days of the Application Final Approval in the U.S. Territory of an
[**]-Referenced Product (such Application in the name of Sandoz, its Affiliates,
licensees, collaborators, successors or assigns of the [**]-Referenced Product)
(the “Sandoz Application”) in the event that any Momenta IP, Momenta Assigned Improvements, and/or
Momenta Developed Brand Characterization Data and/or Sandoz Characterization
Data  (collectively, “Momenta Milestone
Related Rights”) are used in the Sandoz Application. For greater clarity, no
lump sum payment is due to Momenta if no Momenta Milestone Related Rights are
used in the Sandoz Application.  Sandoz
shall notify Momenta in writing upon the submission of a Sandoz Application
that uses any Momenta Milestone Related Rights.

 

4.              Settlement and
Release.  Except for the rights and
obligations of the Parties under this Amendment, each of the Parties hereby
fully and forever releases the other Party and its past, present and future
corporate parents, and their affiliated companies, subsidiaries, divisions,
predecessors, successors, assigns, officers, directors, shareholders, and
employees, individually as well as jointly and severally, from any claim,
demand, suit, duty, obligation, causes of action, damages, attorney’s fees,
costs and liabilities of any nature whatsoever, or for any other payment for
any reason, including but not limited to, direct or indirect damages or costs,
consequential or incidental damages of any kind,

 

 

whether
presently known or unknown, suspected or unsuspected, to the extent arising out
of, or related to, the Collaborative Program 
with respect to the [**]-Referenced Product under the Agreement or the
termination thereof in accordance with this Amendment.

 

5.              General.

 

Each Party represents and warrants that the person signing
this Amendment on such Party’s behalf has the authority to act on its behalf
and to bind such Party and that such Party duly authorized the signing person
to sign this Amendment on its behalf.

 

This Amendment shall be governed by and construed in
accordance with the laws of the State of New York applicable to contracts made
within that state by residents of that state, without regard to New York’s
conflict of law principles.

 

To indicate your
agreement to the foregoing, kindly return the enclosed copy duly executed to my
attention.

 

Sincerely,

 

Sandoz AG

 

	
   

  	
  /s/ Christina Ackermann

  	
   

  	
  /s/ Jeff George

  
	
   

  	
   

  	
   

  
	
  Christina Ackermann

  	
   

  	
  Jeff George

  
	
   

  	
   

  	
   

  
	
  General Counsel

  	
   

  	
  Member of the Board

  

 

ACKNOWLEDGED
AND ACCEPTED

 

Momenta
Pharmaceuticals, Inc.

 

 

	
  By:

  	
  /s/ Craig A. Wheeler

  	
   

  
	
   

  	
   

  	
   

  
	
  Name:

  	
  Craig A. Wheeler

  	
   

  
	
   

  	
   

  	
   

  
	
  Title:

  	
  President and CEO

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
  12/15/2009

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