Document:

Exhibit 10.3

    

    
      

      

      RIGHTS OF FIRST REFUSAL AND FIRST OFFER AGREEMENT

      

      

      between

      

      

      UNITED MARITIME CORPORATION

      

      

      and

      

      

      SEANERGY MARITIME HOLDINGS CORP.

    

    
      
        

    

    
    

    

    
      TABLE OF CONTENTS

      

      

    

    Page

    

    

    	
            ARTICLE I DEFINITIONS

          	
            1

          
	 	
            Section 1.1 Definitions

          	
            1

          
	 	 	 
	
            ARTICLE II RIGHTS OF FIRST REFUSAL FOR ACQUISITIONS; PROCEDURES

          	
            3

          
	 	
            Section 2.1 Rights of First Refusal

          	
            3

          
	 	
            Section 2.2 Procedures

          	
            4

          
	 	
            Section 2.3 Enforcement.

          	
            4

          
	 	 	 
	
            ARTICLE III RIGHTS OF FIRST OFFER

          	
            5

          
	 	
            Section 3.1 Rights of First Offer

          	
            5

          
	 	
            Section 3.2 Procedures for Rights of First Offer

          	
            5

          
	 	
            Section 3.3 Enforcement

          	
            5

            

          
	 	 	 
	
            ARTICLE IV CHARTERING OPPORTUNITIES

          	
            6

          
	 	
            Section 4.1 Chartering Opportunities

          	
            6

          
	 	
            Section 4.2 Procedures for Right of First Refusal on Chartering Opportunities

          	
            6

          
	 	
            Section 4.3 Enforcement

          	
            6

          
	 	 	 
	
            ARTICLE V MISCELLANEOUS

          	
            6

            

          
	 	
            Section 5.1 Certain Covenants

          	
            6

            

          
	 	
            Section 5.2 Choice of Law

          	
            7

          
	 	
            Section 5.3 Notice

          	
            7

          
	 	
            Section 5.4 Entire Agreement; Effectiveness

          	
            7

          
	 	
            Section 5.5 Termination

          	
            7

          
	 	
            Section 5.6 Waiver; Effect of Waiver or Consent

          	
            7

          
	 	
            Section 5.7 Amendment or Modification

          	
            7

          
	 	
            Section 5.8 Assignment

          	
            7

          
	 	
            Section 5.9 Counterparts

          	
            8

          
	 	
            Section 5.10 Severability

          	
            8

          
	 	
            Section 5.11 Gender, Parts, Articles and Sections

          	
            8

          
	 	
            Section 5.12 Further Assurances

          	
            8

          
	 	
            Section 5.13 Withholding or Granting of Consent

          	
            8

          
	 	
            Section 5.14 Laws and Regulations

          	
            8

          
	 	
            Section 5.15 Negotiation of Rights of the Parties

          	
            8

            

          

    
      i

      
        

    

    

    

    RIGHTS OF FIRST REFUSAL AND FIRST OFFER AGREEMENT

    

    

    This Rights of First Refusal and First Offer Agreement (this “Agreement”) is made effective as of July 5, 2022 between Seanergy Martime Holdings Corp., a Marshall Islands corporation (the “Parent”), and United Maritime Corporation, a Marshall Islands corporation (the “Company”).

    

    

    RECITALS

    

    

    WHEREAS, the Company is a wholly owned subsidiary of the Parent, and the Parent intends to distribute of all of the Company’s issued and
      outstanding common shares to the Parent’s shareholders (the “Spin-Off”) such that the Company will be an independent publicly traded company
      following the Spin-Off;

    

    

    WHEREAS, in connection with the Spin-Off, the Company desires to grant the Parent a right of first refusal (a) to purchase or charter-in
      any Capesize Vessel when and if the Company determines to purchase or charter-in such a Capesize Vessel, and (b) to accept for a Parent Group Member chartering opportunities presented to Capesize Vessels owned by any Company Group Member; and

    

    

    WHEREAS, in connection with the Spin-Off, each of the Parent and the Company desires to grant the other a right of first offer to
      acquire any Capesize Vessel when and if either Party determines to sell such Capesize Vessel.

    

    

    WHEREAS, in consideration of the premises and the covenants, conditions and agreements contained herein, and for other good and valuable
      consideration, the receipt and sufficiency of which are hereby acknowledged, the Parties hereto hereby agree as follows:

    

    

    ARTICLE I

    

    

    DEFINITIONS

    

    

    Section 1.1 Definitions.

    

    

    As used in this Agreement, the following terms shall have the respective meanings set forth below:

    

    

    “Acquiring Party” has the meaning
      given such term in Section 2.2.

    

    

    “Affiliate” means, with respect
      to any Person, any other Person that directly or indirectly through one or more intermediaries Controls, is Controlled by or is under common Control with, the Person in question.

    

    

    “Agreement” means this Rights of
      First Refusal and First Offer Agreement, as it may be amended, modified, or supplemented from time to time in accordance with Section 5.7.

    

    

    “Board” means the Board of
      Directors of the Parent or the Company, as applicable.

    

    

    “Break-up Costs” means the
      aggregate amount of any and all additional taxes and/or duties, flag administration, financing, legal and other similar costs, fees and expenses to the Company Group Member that would be required to transfer, or result from the transfer of the
      Capesize Vessel acquired, directly or indirectly, by the Company Group Member as part of a larger transaction to a Parent Group Member pursuant to Sections 2.1.

    
      
        

    

    
    

    

    “Capesize Vessel” means a drybulk
      vessel with a carrying capacity of over 100,000 deadweight tons.

    

    

    “Change of Control” means, with
      respect to any Person (the “Applicable Person”), any of the following events: (a) any sale, lease, exchange or other transfer (in one transaction
      or a series of related transactions) of all or substantially all of the Applicable Person’s assets to any other Person, unless immediately following such sale, lease, exchange or other transfer such assets are owned, directly or indirectly, by the
      Applicable Person; (b) the consolidation or merger of the Applicable Person with or into another Person pursuant to a transaction in which the outstanding Voting Securities of the Applicable Person are changed into or exchanged for cash, securities
      or other property, other than any such transaction where (i) the outstanding Voting Securities of the Applicable Person are changed into or exchanged for Voting Securities of the surviving Person or its parent and (ii) the holders of the Voting
      Securities of the Applicable Person immediately prior to such transaction own, directly or indirectly, not less than a majority of the outstanding Voting Securities of the surviving Person or its parent immediately after such transaction; and (c) a
      “person” or “group” (within the meaning of Sections 13(d) or 14(d)(2) of the Exchange Act), becoming the “beneficial owner” (as defined in Rules 13d-3 and 13d-5 under the Exchange Act) of more than 50% of all of the then outstanding Voting Securities
      of the Applicable Person, except in a merger or consolidation which would not constitute a Change of Control under clause (b) above.

    

    

    “Charter Offer” has the meaning given such term in Section 3.2.

    

    

    “Charter Offeree” has the meaning given such term in Section 3.2.

    

    

    “Chartered Asset” has the meaning
      given such term in Section 3.2.

    

    

    “Company” has the meaning given
      such term in the Preamble.

    

    

    “Company Group Member” means the
      Company and any of its direct or indirect subsidiaries.

    

    

    “Control” means the possession,
      direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through ownership of Voting Securities, by contract or otherwise.

    

    

    “Exchange Act” means the
      Securities Exchange Act of 1934, as amended.

    

    

    “First Offer Negotiation Period”
      has the meaning given such term in Section 4.2(b).

    

    

    “Offer” has the meaning given
      such term in Section 2.2.

    

    

    “Offered Asset” has the meaning
      given such term in Section 2.2.

    

    

    “Offeree” has the meaning given
      such term in Section 2.2.

    
      2

      
        

    

    

    

    “Parent” has the meaning given such term in the Preamble.

    

    

    “Parent Group Members” means the
      Parent and any of its direct or indirect subsidiaries, but shall exclude the Company and any other Company Group Member.

    

    

    “Parties” means the parties to
      this Agreement and their respective successors and permitted assigns.

    

    

    “Person” means an individual,
      corporation, partnership, joint venture, trust, limited liability company, unincorporated organization or any other entity.

    

    

    “Sale Assets” has the meaning
      given such term in Section 4.2(a).

    

    

    “Spin-Off” has the meaning given
      such term in the Recitals.

    

    

    “Transfer” means any transfer,
      assignment, sale or other disposition of any Capesize Vessel owned by any Parent Group Member or Company Group Member, as applicable; provided, however, that such term shall not include (i) transfers, assignments, sales or other dispositions from any Parent Group Member to another Parent Group Member or
      from any Company Group Member to another Company Group Member, (ii) transfers, assignments, sales or other dispositions, pursuant to the terms of any related charter or other agreement with a contractual counterparty existing on the date hereof;
      (iii) grants of security interests in or mortgages or liens in such Capesize Vessel in favor of a bona fide third party lender; (iv) the foreclosure of any security interest, mortgage or lien in any such Capesize Vessel, (v) a sale and leaseback or
      similar transaction which is accounted for under United States generally accepted accounting principles as a financial lease or (vi) the chartering of vessels, including bareboat charters, or the entry of vessels into vessel pools.

    

    

    “Transfer Notice” has the meaning
      given such term in Section 4.2(a).

    

    

    “Transferring Party” has the
      meaning given such term in Section 4.2(a).

    

    

    “Voting Securities” means
      securities of any class of Person entitling the holders thereof to vote in the election of members of the board of directors or other similar governing body of the Person.

    

    

    
      ARTICLE II

    

    
      

      

    

    
      RIGHTS OF FIRST REFUSAL FOR ACQUISITIONS; PROCEDURES

    

    
      

      

    

    Section 2.1 Rights of First Refusal for Acquisitions.
      The Company hereby grants the Parent a right of first refusal to acquire any Capesize Vessel that a Company Group Member proposes to acquire (including the acquisition of a controlling interest in a business or package of assets that owns, operates
      or charters Capesize Vessels) or charter-in (in each case, other than from another Company Group Member, a Parent Group Member or in respect of a sale and leaseback or similar transaction which is accounted for under United States generally accepted
      accounting principles as a financial lease) after such Company Group Member enters into a binding agreement (including a recap) that sets forth the terms upon which it would acquire or charter-in such Capesize Vessel.

    
      3

      
        

    

    

    

    Section 2.2 Procedures. In the event that a
      Company Group Member enters an agreement to acquire or charter-in any Capesize Vessel in accordance with Section 2.1, then as soon as practicable or in any
      event not later than 3 calendar days after entering an agreement that sets forth the terms upon which it would acquire or charter-in such Capesize Vessel, such Company Group Member (the “Acquiring Party”) shall notify the Parent in writing and offer the Parent (the “Offeree”) the
      opportunity for any Parent Group Member to purchase or charter-in such Capesize Vessel (the “Offered Asset”), on terms no less favorable than those
      offered to or by the Company Group Member, as applicable, plus any applicable Break-up Costs (the “Offer”). The Offer shall set forth the Acquiring
      Party’s proposed terms relating to the purchase or charter-in of the Offered Asset by the applicable Parent Group Member, including any liabilities to be assumed by the applicable Parent Group Member as part of the Offer. As soon as practicable after
      the Offer is made, the Acquiring Party will deliver to the Offeree all information prepared by or on behalf of or in the possession of such Acquiring Party relating to the Offered Asset and reasonably requested by the Offeree. The decision to
      purchase or charter-in the applicable Offered Asset, the purchase price or charter hire to be paid and the charter period for the applicable Offered Asset, and the other terms of the purchase or charter shall be approved by the independent directors
      of the Board and recommended to the Board for approval. As soon as practicable, but in any event, within 5 calendar days after receipt of the Offer with respect to a single vessel transaction, or a period of 14 calendar days with respect to a
      multi-vessel transaction, the Offeree shall notify the Acquiring Party in writing that either:

    

    

    (a)          The
        Board has elected not to cause a Parent Group Member to purchase or charter-in such Offered Asset, in which event the Acquiring Party and its Affiliates shall, subject to the other terms of this Agreement, be forever free to continue to own,
        operate, charter-in or charter-out such Offered Asset, provided that the Parent shall retain the right of first refusal for such Capesize Vessel or Vessels in Section
            2.1 with respect to any purchase option under a charter.; or

    

    

    (b)          The
        Board has elected to cause a Parent Group Member to purchase such Offered Asset. After receipt by the Acquiring Party of the Board’s election to cause a Parent Group Member to purchase the Offered Asset, the Board shall cause such Parent Group
        Member to purchase the Offered Asset on the terms set forth in the Offer as soon as commercially practicable after such agreement has been reached.

    

    

    Section 2.3 Enforcement.

    

    

    Each Party agrees and acknowledges that the other Party may not have an adequate remedy at law for the breach by any such Party of its
      covenants and agreements set forth in this Article II, and that any breach by any such Party of its covenants and agreements set forth in this Article II could result in irreparable injury to such other Parties. Each Party further agrees and acknowledges that any other Party may, in addition to the other
      remedies which may be available to such other Party, file a suit in equity to enjoin such Party from such breach, and consent to the issuance of injunctive relief to enforce the provisions of Article II of this Agreement.

    
      4

      
        

    

    

    

    ARTICLE III

    

    

    RIGHTS OF FIRST OFFER

    

    

    Section 3.1 Rights of First Offer.

    

    

    (a)          The Parent hereby grants
        the Company a right of first offer on any proposed Transfer of any Capesize Vessel that any Parent Group Member owns or acquires.

    

    

    (b)          The Company hereby grants
        the Parent a right of first offer on any proposed Transfer of any Capesize Vessel that any Company Group Member owns or acquires.

    

    

    (c)          The Parties acknowledge
        that all potential Transfers of Capesize Vessels pursuant to this Article III are subject to obtaining any and all written consents of governmental
        authorities and other non-Affiliated third parties and to the terms of all existing agreements in respect of such Capesize Vessels, as applicable. Each Party shall use its commercially reasonable best efforts to obtain such consents.

    

    

    Section 3.2 Procedures for Rights of First Offer.

    

    

    (a)          In the event that any
        Company Group Member or Parent Group Member (each, a “Transferring Party”) proposes to Transfer any Capesize Vessel (the “Sale Assets”), prior to engaging in any negotiation for such Transfer with any non-Affiliated third party or otherwise offering to Transfer the Sale Assets to any
        non-Affiliated third party, such Transferring Party shall give the Company or the Parent, as applicable, written notice setting forth all material terms and conditions (including, without limitation, the purchase price for which such Transferring
        Party desires to Transfer the Sale Assets) (the “Transfer Notice”).

    

    

    (b)          After delivery of the
        Transfer Notice, and at the Company’s or Parent’s election, as applicable (following approval by the independent directors of the applicable Board), the Parties then shall be obligated to negotiate in good faith for a 10 calendar-day period
        following the delivery by the Transferring Party of the Transfer Notice (the “First Offer Negotiation Period”) to reach an agreement for the
        Transfer of such Sale Assets to any Company Group Member or Parent Group Member, as applicable, on the terms and conditions set forth in the Transfer Notice. If no such agreement has been reached between the Transferring Party and the Company or
        the Parent during the First Offer Negotiation Period, the Transferring Party may Transfer the Sale Assets to a third party; provided that if the
        Transferring Party has not Transferred or agreed in writing to Transfer such Sale Assets to a third party within 180 calendar days after the end of the First Offer Negotiation Period on terms generally no less favorable to the Transferring Party
        than those included in the Transfer Notice, then the Transferring Party shall not thereafter Transfer any of the Sale Assets without first offering such assets to the Company or Parent, as applicable, in the manner provided above.

    

    

    Section 3.3 Enforcement. Each Party agrees
      and acknowledges that the other Parties may not have an adequate remedy at law for the breach by any such Party of its covenants and agreements set forth in this Article
          III, and that any breach by any such Party of its covenants and agreements set forth in this Article III could result in irreparable injury to
      such other Parties. Each Party further agrees and acknowledges that any other Party may, in addition to the other remedies which may be available to such other Party, file a suit in equity to enjoin such Party from such breach, and consent to the
      issuance of injunctive relief to enforce the provisions of Article III of this Agreement.

    
      5

      
        

    

    

    

    ARTICLE IV

    

    

    CHARTERING OPPORTUNITIES

    

    

    Section 4.1 Chartering Opportunities. The
      Parties acknowledge and agree that during the term of this Agreement, depending on a number of facts and circumstances that may exist at any given time when a Capesize Vessel owned by any Parent Group Member (a “Parent Vessel”) and a Capesize Vessel
      owned by a Company Group Member (a “Company Vessel”) are both available for charter, Parent’s management subsidiaries, in their performance of commercial management services, may have a conflict of interest in pursuing charter opportunities for a
      Company Vessel and Parent Vessel, and the Company acknowledges that no Parent Group Member shall be obliged to present any chartering opportunity which is determined, in such Parent Group Member’s sole discretion, to be suitable for a Parent Vessel
      to any Company Group Member.

    

    

    Section 4.2 Procedures for Right of First Refusal on
          Chartering Opportunities. Except for any charting opportunity presented by a Parent Group Member to any Company Group Member, with respect to which the right of first refusal set forth in this section shall be deemed waived, any
      Company Group Member presented with a chartering opportunity (excluding renewals and extensions of existing charters and charters with a term of 13 months or less) for a Capesize Vessel shall grant the Parent a right of first refusal to accept such
      opportunity for a Parent Vessel before pursuing such potential charter opportunity for a Company Vessel by delivering a notice of the potential charter opportunity (the “Charter Notice”) to the Parent setting forth the material terms of the potential
      charter opportunity. Upon receipt of a Charter Notice, the Parent shall have two business days to consider the potential charter opportunity and to accept or reject such opportunity. In the event that the Parent does not elect to accept the potential
      charter opportunity within two business days, the Company shall be free to pursue such opportunity for a Company Vessel for a period of 15 calendar days on the same terms and conditions as set forth in the Charter Notice.

    

    

    Section 4.3 Enforcement. Each Party agrees
      and acknowledges that the other Parties may not have an adequate remedy at law for the breach by any such Party of its covenants and agreements set forth in this Article
          IV, and that any breach by any such Party of its covenants and agreements set forth in this Article IV could result in irreparable injury to
      such other Parties. Each Party further agrees and acknowledges that any other Party may, in addition to the other remedies which may be available to such other Party, file a suit in equity to enjoin such Party from such breach, and consent to the
      issuance of injunctive relief to enforce the provisions of Article IV of this Agreement.

    

    

    
      ARTICLE V

    

    
      

      

    

    
      MISCELLANEOUS

    

    
      

      

    

    Section 5.1 Certain Covenants. Each of the
      Parent and the Company hereby agree and covenant to use commercially reasonable best efforts to cause the other Parent Group Members and Company Group Members, respectively, to comply with the provisions of this Agreement.

    
      6

      
        

    

    

    

    Section 5.2 Choice of Law. This Agreement
      shall be governed by and construed in accordance with the laws of the State of New York without giving effect to any choice of law rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of
      the laws of any jurisdiction other than the State of New York. Each of the parties hereto submits to the exclusive jurisdiction of the United States District Court for the Southern District of New York (or, if jurisdiction in that court is not
      available, then any state court located within the Borough of Manhattan, City of New York) for any and all legal actions arising out of or in connection with this Agreement.

    

    

    Section 5.3 Notice. All notices, requests or
      consents provided for or permitted to be given pursuant to this Agreement must be in writing and must be given by depositing the same in the mail, addressed to the Person to be notified, postpaid and registered or certified with return receipt
      requested or by delivering such notice in person or by prepaid private-courier, telecopier, facsimile or email to such party. Notice given by personal delivery or mail shall be effective upon actual receipt. Couriered notices shall be deemed
      delivered on the date the courier represents that delivery will occur. Notice given by telecopier, facsimile or email shall be effective upon actual receipt if received during the recipient’s normal business hours, or at the beginning of the
      recipient’s next business day after receipt if not received during the recipient’s normal business hours. All notices to be sent to a Party pursuant to this Agreement shall be sent to or made at the address set forth below such Party’s signature to
      this Agreement, or at such other address as such Party may stipulate to the other Parties in the manner provided in this Section 5.3.

    

    

    Section 5.4 Entire Agreement; Effectiveness.
      This Agreement constitutes the entire agreement of the Parties relating to the matters contained herein, superseding all prior contracts or agreements, whether oral or written, relating to the matters contained herein. For the avoidance of doubt, the
      parties expressly agree that this Agreement shall not take effect until the Spin-Off occurs, and if no such Spin-Off occurs, this Agreement will be of no force and effect.

    

    

    Section 5.5 Termination. Upon a Change of
      Control of the Company or the Parent, the provisions of Articles II, III and IV of this Agreement (but not less than all of such Articles) shall terminate immediately.

    

    

    Section 5.6 Waiver; Effect of Waiver or Consent.
      Any Party hereto may (a) extend the time for the performance of any obligation or other act of any other Party hereto or (b) waive compliance with any agreement or condition contained herein. Except as otherwise specifically provided herein, any such
      extension or waiver shall be valid only if set forth in a written instrument duly executed by the Party or Parties to be bound thereby. No waiver or consent, express or implied, by any Party of or to any breach or default by any Person in the
      performance by such Person of its obligations hereunder shall be deemed or construed to be a waiver or consent of or to any other breach or default in the performance by such Person of the same or any other obligations of such Person hereunder.
      Failure on the part of a Party to complain of any act of any Person or to declare any Person in default, irrespective of how long such failure continues, shall not constitute a waiver by such Party of its rights hereunder until the applicable statute
      of limitations period has run.

    

    

    Section 5.7 Amendment or Modification. This
      Agreement may be amended or modified from time to time only by the written agreement of all the Parties hereto.

    

    

    Section 5.8 Assignment. No Party shall have
      the right to assign its rights or obligations under this Agreement without the prior written consent of the other Parties hereto.

    
      7

      
        

    

    

    

    Section 5.9 Counterparts. This Agreement may
      be executed in any number of counterparts with the same effect as if all signatory Parties had signed the same document. All counterparts shall be construed together and shall constitute one and the same instrument.

    

    

    Section 5.10 Severability. If any provision
      of this Agreement or the application thereof to any Person or circumstance shall be held invalid or unenforceable to any extent, the remainder of this Agreement and the application of such provision to other Persons or circumstances shall not be
      affected thereby and shall be enforced to the greatest extent permitted by law.

    

    

    Section 5.11 Gender, Parts, Articles and Sections.
      Whenever the context requires, the gender of all words used in this Agreement shall include the masculine, feminine and neuter, and the number of all words shall include the singular and plural. All references to Article numbers and Section numbers
      refer to Articles and Sections of this Agreement.

    

    

    Section 5.12 Further Assurances. In
      connection with this Agreement and all transactions contemplated by this Agreement, each signatory Party hereto agrees to execute and deliver such additional documents and instruments and to perform such additional acts as may be necessary or
      appropriate to effectuate, carry out and perform all of the terms, provisions and conditions of this Agreement and all such transactions.

    

    

    Section 5.13 Withholding or Granting of Consent.
      Each Party may, with respect to any consent or approval that it is entitled to grant pursuant to this Agreement, grant or withhold such consent or approval in its sole and uncontrolled discretion, with or without cause, and subject to such conditions
      as it shall deem appropriate.

    

    

    Section 5.14 Laws and Regulations.
      Notwithstanding any provision of this Agreement to the contrary, no Party to this Agreement shall be required to take any act, or fail to take any act, under this Agreement if the effect thereof would be to cause such Party to be in violation of any
      applicable law, statute, rule or regulation.

    

    

    Section 5.15 Negotiation of Rights of the Parties.
      The provisions of this Agreement are enforceable solely by the Parties to this Agreement, and no shareholder, member, assignee or other Person of the Parties shall have the right, separate and apart from the Parties, as applicable, to enforce any
      provision of this Agreement or to compel any Party to this Agreement to comply with the terms of this Agreement.

    

    

    [signature page follows]

    
      8

      
        

    

    

    

    IN WITNESS WHEREOF, the Parties have executed this Agreement on, and effective as of, the date first written above.

    

    

    	 	
            UNITED MARITIME CORPORATION

          
	 	 	 
	 	
            By:

          	
            
               /s/ Stavros Gyftakis

            

          
	 	
            Name:

          	
             Stavros Gyftakis

          
	 	
            Title:

          	
             Chief Financial Officer

          
	 	 
	 	
            Address for Notice:

          
	 	 
	 	
            United Maritime Corporation

            154 Vouliagmenis Avenue

          
	 	
            166 74 Glyfada, Greece

          
	 	
            Attention: General Counsel

          
	 	
            Attention (email): legal@usea.gr

          

    

    

    (Signature Page to Rights of First Refusal and First Offer Agreement)

    
      
        

    

    

    

    	 	
            SEANERGY MARITIME HOLDINGS CORP.

          
	 	 	 
	 	
            By:

          	
            
               /s/ Stamatios Tsantanis

            

          
	 	
            Name:

          	
             Stamatios Tsantanis

          
	 	
            Title:

          	
             Chief Executive Officer

          
	 	 
	 	
            Address for Notice:

          
	 	 
	 	
            Seanergy Martime Holdings Corp.

            154 Vouliagmenis Avenue

          
	 	
            166 74 Glyfada, Greece

          
	 	
            Attention: General Counsel

          
	 	
            Attention (email): legal@seanergy.gr

          

    
      

      

    

    (Signature Page to Rights of First Refusal and First Offer Agreement)Exhibit 10.4

    

    

    CONTRIBUTION AND CONVEYANCE AGREEMENT

    

    

    This contribution and conveyance agreement (this “Agreement”) is entered into as of July 5, 2022 by and between Seanergy Maritime Holdings Corp., a Marshall Islands corporation (“Seanergy”) and United Maritime Corporation, a Marshall Islands corporation (“United
        Maritime”). The foregoing shall be referred to individually as a “Party” and collectively as the “Parties.”

    

    

    RECITALS

    

    

    	1	
            Seanergy intends to transfer ownership of the Vessel (as defined below) to United Maritime, a wholly owned subsidiary, and United Maritime will subsequently be spun off
              to current shareholders of Seanergy (the “Spin-Off”). Concurrently with the Spin-Off, the common shares of United Maritime are expected to
              be listed on the Nasdaq Capital Market pursuant to a registration statement on Form 20-F filed with and declared effective by the Securities and Exchange Commission (the “Registration Statement”). The board of directors of Seanergy and the board of directors and sole shareholder of United Maritime have or will authorize the actions set forth below at the times and in the
              order set forth below.

          

    

    

    	2	
            To accomplish the objectives and purposes in the preceding recital, the following actions have been taken prior to the date of this Agreement:

          

    

    

    	(a)	
            Seanergy formed United Maritime pursuant to the Marshall Islands Business Corporation Act and is the record holder of United Maritime’s common shares, par value $0.0001
              per share (the “Common Shares”), constituting all of the outstanding Common Shares of United Maritime at such time;

          

    

    

    	(b)	
            Seanergy owns all of the outstanding shares (the “Vessel-Owning Subsidiary Shares”) of Sea Glorius Shipping Co., a Marshall Islands
                corporation (the “Vessel-Owning Subsidiary”), which
                owns the Capesize drybulk vessel Gloriuship with IMO number 9266944 (the “Vessel”).

          

    

    

    	3	
            Each of the following transactions shall occur in accordance with and pursuant to this Agreement:

          

    

    

    	(a)	
            Effective immediately prior to the distribution by Seanergy of United Maritime common shares to the shareholders of Seanergy (the “Spin-off Distribution”), the following transactions shall occur in accordance with and pursuant to this Agreement: Seanergy will contribute (i) all of the
              Vessel-Owning Subsidiary Shares to United Maritime as a capital contribution and (ii) an aggregate of $5.0 million in cash as working capital of United Maritime (the “Working Capital Amount”) in exchange for the issuance of 5,000 of United Maritime’s Series C Convertible Preferred Shares (the “Series C Preferred Shares”) to Seanergy, the cancellation of the existing outstanding common shares of United Maritime and the issuance of 1,512,004  common shares of United Maritime and 40,000 Series B Preferred
              Shares of United Maritime (the “Distribution Shares”) to Seanergy.

          

    

    

    	(b)	
            Seanergy will distribute the Distribution Shares to its shareholders on a pro rata basis as a special dividend.

          

    

    

    	(c)	
            The articles of incorporation and bylaws of United Maritime and of the Vessel-Owning Subsidiary will be amended and restated to the extent necessary to reflect the
              applicable matters set forth above.

          

    
      
        

    

    
    

    

    AGREEMENT

    

    

    NOW, THEREFORE, in consideration of their mutual undertakings and agreements hereunder, the Parties undertake and agree as follows:

    

    

    ARTICLE I

    CONTRIBUTIONS AND CONVEYANCE

    

    

    	1.1	
            Contributions and conveyances. The parties acknowledge and agree that the
              following actions hereby occur in the following order effective immediately prior to the Spin-Off Distribution:

          

    

    

    	(d)	
            Seanergy shall contribute the Vessel-Owning Subsidiary Shares and the Working Capital Amount to United Maritime as a capital contribution;

          

    

    

    	(e)	
            United Maritime shall cancel the existing outstanding common shares of United Maritime held by Seanergy and issue and deliver the Distribution Shares and Series C
              Preferred Shares to Seanergy in exchange for Seanergy’s capital contribution of the Vessel-Owning Subsidiary Shares and Working Capital Amount; and

          

    

    

    	(f)	
            the Parties shall execute such documents and take such actions as are necessary or desirable to effect the foregoing.

          

    

    

    ARTICLE II

    REPRESENTATIONS AND WARRANTIES OF SEANERGY; DISCLAIMER

    

    

    	2.1	
            Representations and Warranties. Seanergy hereby represents and warrants that:

          

    

    

    	(a)	
            The Vessel-Owning Subsidiary has been duly formed or incorporated and is validly existing in good standing under the laws of the Marshall Islands and has all requisite
              power and authority to operate its assets, including the Vessel, and conducts its business as described in Seanergy’s public filings made with the U.S. Securities and Exchange Commission (“SEC”) through the date hereof;

          

    

    

    	(b)	
            Correct and complete copies of the certificate of incorporation, articles of incorporation, by-laws, other organizational documents and all material agreements (as
              amended to the date of this Agreement) of the Vessel-Owning Subsidiary have been made available to United Maritime;

          

    

    

    	(c)	
            The execution and delivery of this Agreement and all documents, instruments and agreements required to be executed and delivered by it pursuant to this Agreement in
              connection with the completion of the transactions contemplated by this Agreement, have been or will be duly authorized by all necessary actions by Seanergy and, to the extent applicable, the Vessel-Owning Subsidiary, and this Agreement has
              been duly executed and delivered by Seanergy and constitutes a legal, valid and binding obligation of Seanergy enforceable in accordance with its terms, except as may be limited by bankruptcy, insolvency, liquidation, reorganization,
              reconstruction and other similar laws of general application affecting the enforceability of remedies and rights of creditors and except that equitable remedies such as specific performance and injunction are in the discretion of a court;

          

    
      2

      
        

    

    

    

    	(d)	
            The execution, delivery and performance by it of this Agreement will not conflict with or result in any violation of or constitute a breach of any of the terms or
              provisions of, or result in the acceleration of any obligation under, or constitute a default under any provision of: (i) the articles of incorporation, certificate of incorporation or by-laws or other organizational documents of Seanergy or
              the Vessel-Owning Subsidiary (the “Seanergy Parties” and each, a “Seanergy Party”); (ii) any lien, encumbrance, security interest, pledge, mortgage, charge, other claim, bond, indenture, agreement, contract, franchise license, permit or other instrument or obligation to
              which any Seanergy Party is a party or is subject or by which any of such Seanergy Party’s assets or properties may be bound; (iii) any applicable laws, statutes, ordinances, rules or regulations promulgated by a governmental authority,
              orders of a governmental authority, judicial decisions, decisions of arbitrators or determinations of any governmental authority or court (“Laws”);
              or (iv) any charter or vessel management agreement to which any Seanergy Party is a party or any material provision of any material contract to which a Seanergy Party is a party or by which a Seanergy Party’s properties are bound;

          

    

    

    	(e)	
            Except as have already been obtained or that will be obtained in the ordinary course of business, no consent, permit, approval or authorization of, notice or
              declaration to or filing with any governmental authority or any other person, including those related to any environmental laws or regulations or the charters or vessel management agreements related to the Vessel, is required in connection
              with the execution and delivery by any Seanergy Party of this Agreement or the consummation by any Seanergy Party of the transactions contemplated hereunder;

          

    

    

    	(f)	
            The Vessel-Owning Subsidiary Shares have been duly and validly issued, in accordance with the applicable articles of incorporation, are fully paid and non-assessable
              and free of preemptive rights. Seanergy has, and will convey to United Maritime, good and valid title to the Vessel-Owning Subsidiary Shares which comprise all of the issued and outstanding shares in the Vessel-Owning Subsidiary, free and
              clear of all mortgages, liens, security interests, covenants, options, claims, restrictions, or encumbrances of any kind, except for those arising in relation to the amendment among United Maritime, the Parent, the Vessel-Owning Subsidiary,
              Kroll Trustee Services Limited and Kroll Agency Services Limited. There are no outstanding options, warrants or other rights to acquire any shares of capital stock or securities convertible into or exercisable for the capital stock of the
              Vessel-Owning Subsidiary. With respect to the Vessel-Owning Subsidiary Shares, there is no further obligation to make any capital contribution to the Vessel-Owning Subsidiary;

          

    

    

    	(g)	
            There is no outstanding agreement, contract, option, commitment or other right or understanding in favor of, or held by, any person to acquire the Vessel-Owning
              Subsidiary Shares or the assets of the Vessel-Owning Subsidiary, including but not limited to the Vessel, that has not been terminated or otherwise waived;

          

    

    

    	(h)	
            Each of the charters and the vessel management agreements to which the Vessel-Owning Subsidiary is a party (as amended to the date of this Agreement) has been made
              available to United Maritime and is a valid and binding agreement of the Vessel-Owning Subsidiary enforceable in accordance with its terms and, to the knowledge of the Vessel-Owning Subsidiary, of all other parties thereto enforceable in
              accordance with its terms;

          

    

    

    	(i)	
            The Vessel-Owning Subsidiary has fulfilled all material obligations required pursuant to any charter (described in (h) above) and the vessel management agreements to
              have been performed by it prior to the date of this Agreement and has not waived any material rights thereunder; and no material default or breach exists in respect thereof on its part or, to its knowledge, any of the other parties thereto
              and, to its knowledge, no event has occurred which, after giving of notice or the lapse of time, or both, would constitute such a material default or breach;

          

    
      3

      
        

    

    

    

    	(j)	
            Except for such liabilities, debts obligations, encumbrances, defects, restrictions or claims of a general nature and magnitude that would arise in connection with the
              operation of vessels of the same type as the Vessel in the ordinary course of business, there are no liabilities, debts or obligations of, encumbrances, defects or restrictions with respect to, or claims against the Vessel-Owning Subsidiary
              or any of the assets owned by the Vessel-Owning Subsidiary, including the Vessel, other than those disclosed in Seanergy’s public filings made with the SEC through the date hereof; and

          

    

    

    	(k)	
            The Vessel is (i) adequate and suitable for use by the Vessel-Owning Subsidiary in its
                business as presently conducted by it in all material respects as described in the Registration Statement, ordinary wear and tear excepted; (ii) seaworthy in all material respects for hull and machinery insurance warranty purposes and is in
                good running order and repair; (iii) insured against all risks, and in amounts, consistent with common industry practices; (iv) in compliance with maritime laws and regulations; (v) duly registered under the flag of the Republic of
              the Marshall Islands; and (vi) in compliance in all material respects with the
                requirements of its present class and classification society; and all class certificates of the Vessel are valid and without overdue recommendations affecting class.

          

    

    

    	2.2	
            Disclaimer of Warranties. EXCEPT TO THE EXTENT PROVIDED IN THIS AGREEMENT OR
              IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT, THE PARTIES ACKNOWLEDGE AND AGREE THAT NONE OF THE PARTIES HAS MADE, DOES NOT MAKE, AND EACH SUCH PARTY SPECIFICALLY NEGATES AND DISCLAIMS, ANY REPRESENTATIONS,
              WARRANTIES, PROMISES, COVENANTS, AGREEMENTS OR GUARANTIES OF ANY KIND OR CHARACTER WHATSOEVER, WHETHER EXPRESS, IMPLIED OR STATUTORY, ORAL OR WRITTEN, PAST OR PRESENT, REGARDING (A) THE VALUE, NATURE, QUALITY OR CONDITION OF THE ASSETS OWNED
              BY THE VESSEL-OWNING SUBSIDIARY, INCLUDING, WITHOUT LIMITATION, THE ENVIRONMENTAL CONDITION OF THE ASSETS GENERALLY, INCLUDING, WITHOUT LIMITATION, THE PRESENCE OR LACK OF HAZARDOUS SUBSTANCES OR OTHER MATTERS ON SUCH ASSETS, (B) THE INCOME
              TO BE DERIVED FROM SUCH ASSETS, (C) THE SUITABILITY OF SUCH ASSETS FOR ANY AND ALL ACTIVITIES AND USES THAT MAY BE CONDUCTED THEREON OR THEREWITH, (D) THE COMPLIANCE OF OR BY SUCH ASSETS OR THEIR OPERATION WITH ANY LAWS (INCLUDING WITHOUT
              LIMITATION ANY ZONING, ENVIRONMENTAL PROTECTION, POLLUTION OR LAND USE LAWS, RULES, REGULATIONS, ORDERS OR REQUIREMENTS), OR (E) THE HABITABILITY, MERCHANTABILITY, MARKETABILITY, PROFITABILITY OR FITNESS FOR A PARTICULAR PURPOSE OF SUCH
              ASSETS. EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT, EACH PARTY ACKNOWLEDGES AND AGREES THAT SUCH PARTY HAS HAD THE OPPORTUNITY TO INSPECT THE ASSETS OF THE VESSEL-OWNING
              SUBSIDIARY, AND SUCH PARTY IS RELYING SOLELY ON ITS OWN INVESTIGATION OF THE ASSETS OF THE VESSEL-OWNING SUBSIDIARY AND NOT ON ANY INFORMATION PROVIDED OR TO BE PROVIDED BY THE OTHER PARTY. EXCEPT TO THE EXTENT PROVIDED IN ANY OTHER DOCUMENT
              EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT, NONE OF THE PARTIES IS LIABLE OR BOUND IN ANY MANNER BY ANY VERBAL OR WRITTEN STATEMENTS, REPRESENTATIONS OR INFORMATION PERTAINING TO THE ASSETS OF THE VESSEL-OWNING SUBSIDIARY
              FURNISHED BY ANY AGENT, EMPLOYEE, SERVANT OR THIRD PARTY. THIS SECTION SHALL SURVIVE THE CONTRIBUTION AND CONVEYANCE OF THE INTERESTS OR THE TERMINATION OF THIS AGREEMENT. THE PROVISIONS OF THIS SECTION HAVE BEEN NEGOTIATED BY THE PARTIES
              AFTER DUE CONSIDERATION AND ARE INTENDED TO BE A COMPLETE EXCLUSION AND NEGATION OF ANY REPRESENTATIONS OR WARRANTIES, WHETHER EXPRESS, IMPLIED OR STATUTORY, WITH RESPECT TO THE ASSETS OF THE VESSEL-OWNING SUBSIDIARY THAT MAY ARISE PURSUANT
              TO ANY LAW NOW OR HEREAFTER IN EFFECT, OR OTHERWISE, EXCEPT AS SET FORTH IN THIS AGREEMENT OR ANY OTHER DOCUMENT EXECUTED OR DELIVERED IN CONNECTION WITH THIS AGREEMENT.

          

    
      4

      
        

    

    

    

    	2.3	
            Indemnification. Seanergy hereby agrees to indemnify United Maritime for any
              and all obligations and other liabilities arising from or relating to the operation, management or employment of the Vessel prior to the effective date of the Spin-Off, and hereby agrees to indemnify the Vessel-Owning Subsidiary for any and
              all obligations and other liabilities arising from or relating to the operation, management or employment of the Vessel prior to the effective date of the Spin-Off.

          

    

    

    ARTICLE III

    FURTHER ASSURANCES

    

    

    	3.1	
            Further Assurances. From time to time after the date of this Agreement, and
              without any further consideration, the Parties agree to execute, acknowledge and deliver all such additional deeds, assignments, bills of sale, conveyances, instruments, notices, releases, acquittances and other documents, and will do all
              such other acts and things, all in accordance with any applicable foreign, federal, national, state, provincial or local law (including common law), statute, ordinance, rule, regulation, code or other requirement enacted, promulgated, issued
              or entered into, or act taken, by any federal, state, local, foreign or international court, government, department, commission, board, bureau or agency, or any other regulatory, self-regulatory, administrative or governmental organization or
              authority, including the Nasdaq Capital Market, as may be necessary or appropriate (a) more fully to assure that the applicable Parties own all of the properties, rights, titles, interests, estates, remedies, powers and privileges granted by
              this Agreement, or which are intended to be so granted, (b) more fully and effectively to vest in the applicable Parties and their respective successors and assigns beneficial and record title to the interests contributed and assigned by this
              Agreement or intended so to be and (c) to more fully and effectively carry out the purposes and intent of this Agreement.

          

    

    

    ARTICLE IV

    TERMINATION

    

    

    
      	4.1	
              Termination.
                  This Agreement may be terminated by Seanergy in its sole discretion at any time prior to the consummation of the Spin-Off Distribution.

            

    

    

    

    
      	4.2	
              Effect of
                      Termination. In the event of any termination of this Agreement prior to consummation of the Spin-Off Distribution, neither Party (nor any of its directors or officers) shall have any liability or further obligation to the
                  other Party.

            

    

    
      5

      
        

    

    

    

    ARTICLE V

    MISCELLANEOUS

    

    

    	5.1	
            Power of Attorney. Each Party that has conveyed any interests as reflected by this Agreement (collectively, the “Conveying Parties”) hereby constitutes and appoints each of Stamatios Tsantanis, Stavros Gyftakis, Theodora Mitropetrou and Maria Moschopoulou, each of 154 Vouliagmenis Avenue,
              16674 Glyfada, Greece, and each of Will Vogel, Todd Johnson, Ioanna Pantelaki and Jamie Davidian, each of Watson Farley & Williams LLP, 250 West 55th Street, New York, NY 10019, United States of America (each an “Attorney-in-Fact”), each acting singly and independently or together, as its true and lawful attorney-in-fact with full power of substitution for it and in its name, place and stead or otherwise on behalf of the applicable Conveying
                Party and its successors and assigns, and for the benefit of the Attorney-in-Fact to demand and receive from time to time the interests contributed and conveyed by this Agreement (or intended so to be) and to execute in the name of the
                applicable Conveying Party and its successors and assigns instruments of conveyance, instruments of further assurance and to give receipts and releases in respect of the same, and from time to time to institute and prosecute in the name of
                the applicable Conveying Party for the benefit of the Attorney-in-Fact, any and all proceedings at law, in equity or otherwise which the Attorney-in-Fact may deem proper in order to (a) collect, assert or enforce any claims, rights or
                titles of any kind in and to the Interests, (b) defend and compromise any and all actions, suits or proceedings in respect of any of the Interests, and (c) do any and all such acts and things in furtherance of this Agreement as the
                Attorney-in-Fact shall deem advisable. Each Conveying Party hereby declares that the appointment hereby made and the powers hereby granted are coupled with an interest and are and shall be irrevocable and perpetual and shall not be
                terminated by any act of any Conveying Party or its successors or assigns or by operation of law.

          

    

    

    	5.2	
            Survival of Representations and Warranties. The representations and
              warranties of the Parties in this Agreement and in or under any documents, instruments and agreements delivered pursuant to this Agreement, will survive the completion of the transactions contemplated hereby regardless of any independent
              investigations that United Maritime may make or cause to be made, or knowledge it may have, prior to the date of this Agreement and will continue in full force and effect for a period of one year from the date of this Agreement. At the end of
              such period, such representations and warranties will terminate, and no claim may be brought by United Maritime against Seanergy thereafter in respect of such representations and warranties, except for claims that have been asserted by United
              Maritime prior to the date of this Agreement.

          

    

    

    	5.3	
            Costs. United Maritime shall pay any and all sales, use and similar taxes
              arising out of the contributions, conveyances and deliveries to be made hereunder, and shall pay all documentary, filing, recording, transfer, deed, and conveyance taxes and fees required in connection therewith.

          

    

    

    	5.4	
            Headings; References; Interpretation. All Article and Section headings in
              this Agreement are for convenience only and shall not be deemed to control or affect the meaning or construction of any of the provisions hereof. The words “hereof,” “herein” and “hereunder” and words of similar import, when used in this
              Agreement, shall refer to this Agreement as a whole and not to any particular provision of this Agreement. All references herein to Articles and Sections shall, unless the context requires a different construction, be deemed to be references
              to the Articles and Sections of this Agreement, respectively. All personal pronouns used in this Agreement, whether used in the masculine, feminine or neuter gender, shall include all other genders, and the singular shall include the plural
              and vice versa. The use herein of the word “including” following any general statement, term or matter shall not be construed to limit such statement, term or matter to the specific items or matters set forth immediately following such word
              or to similar items or matters, whether or not non-limiting language (such as “without limitation,” “but not limited to,” or words of similar import) is used with reference thereto, but rather shall be deemed to refer to all other items or
              matters that could reasonably fall within the broadest possible scope of such general statement, term or matter.

          

    
      6

      
        

    

    

    

    	5.5	
            Successors and Assigns. The Agreement shall be binding upon and inure to the
              benefit of the Parties and their respective successors and assigns.

          

    

    

    	5.6	
            No Third Party Rights. The provisions of this Agreement are intended to bind
              the Parties as to each other and are not intended to and do not create rights in any other person or confer upon any other person any benefits, rights or remedies and no person is or is intended to be a third party beneficiary of any of the
              provisions of this Agreement.

          

    

    

    	5.7	
            Counterparts. This Agreement may be executed in any number of counterparts,
              all of which together shall constitute one agreement binding on the parties hereto.

          

    

    

    	5.8	
            Governing Law. This Agreement shall be governed by and construed in
              accordance with the laws of the State of New York without giving effect to any choice of law rules or provisions (whether of the State of New York or any other jurisdiction) that would cause the application of the laws of any jurisdiction
              other than the State of New York. Each of the parties hereto submits to the exclusive jurisdiction of the United States District Court for the Southern District of New York (or, if jurisdiction in that court is not available, then any state
              court located within the Borough of Manhattan, City of New York) for any and all legal actions arising out of or in connection with this Agreement.

          

    

    

    	5.9	
            Severability. If any of the provisions of this Agreement are held by any
              court of competent jurisdiction to contravene, or to be invalid under, the laws of any governmental body having jurisdiction over the subject matter hereof, such contravention or invalidity shall not invalidate the entire Agreement. Instead,
              this Agreement shall be construed as if it did not contain the particular provision or provisions held to be invalid, and an equitable adjustment shall be made and necessary provision added so as to give effect, as nearly as possible, to the
              intention of the Parties as expressed in this Agreement at the time of execution of this Agreement.

          

    

    

    	5.10	
            Deed; Bill of Sale; Assignment. To the extent required and permitted by
              applicable Law, this Agreement shall also constitute a “deed,” “bill of sale” or “assignment” of the Vessel-Owning-Subsidiary Shares.

          

    

    

    	5.11	
            Amendment or Modification. This Agreement may be amended or modified from
              time to time only by the written agreement of all the Parties hereto.

          

    

    

    	5.12	
            Integration. This Agreement and the instruments referenced herein supersede
              all previous understandings or agreements among the Parties, whether oral or written, with respect to its subject matter hereof. This Agreement and such instruments contain the entire understanding of the Parties with respect to the subject
              matter hereof and thereof. No understanding, representation, promise or agreement, whether oral or written, is intended to be or shall be included in or form part of this Agreement unless it is contained in a written amendment hereto executed
              by the Parties hereto after the date of this Agreement.

          

    

    

    [Remainder of Page Intentionally Left Blank]

    
      7

      
        

    

    

    

    IN WITNESS WHEREOF, this Contribution and Conveyance Agreement has been duly executed by the parties set forth below.

    

    

    	 	
            SEANERGY MARITIME HOLDINGS CORP.

          
	 	 	 
	 	
            By:

          	
            /s/ Stamatios Tsantanis

          
	 	
            Name:

          	
            Stamatios Tsantanis

          
	 	
            Title:

          	
            Chief Executive Officer

          
	 	 	 
	 	 	 
	 	
            UNITED MARITIME CORPORATION

          
	 	 	 
	 	
            By:

          	
            /s/ Stavros Gyftakis

          
	 	
            Name:

          	
            Stavros Gyftakis

          
	 	
            Title:

          	
            Chief Financial Officer

          

    

    

  

  8

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