Document:

Eighth Supplemental Indenture

 Exhibit 10.3 

EIGHTH SUPPLEMENTAL INDENTURE (this “Eighth Supplemental Indenture”), dated as of December 29, 2011, among Navios
Maritime Holdings Inc., a Marshall Islands corporation, (the “Company”), Navios Maritime Finance (US) Inc., a Delaware corporation (together with the Company, the “Co-Issuers”), and Mandora Shipping Ltd, a Marshall
Islands corporation and an indirect subsidiary of the Company (the Guaranteeing Subsidiary”), the other Guarantors (as defined in the Indenture referred to herein) and Wells Fargo Bank, National Association, as trustee (or its permitted
successor) under the Indenture referred to below (the “Trustee”) and as collateral trustee (or its permitted successor) under the Indenture referred to below (the “Collateral Trustee”). 

WITNESSETH 
 WHEREAS, the Co-Issuers and the Guarantors have heretofore executed and delivered to the Trustee an indenture (the “Indenture”), dated as of November 2, 2009 providing for the
issuance of 8 7/8% First Priority Ship Mortgage
Notes due 2017 (the “Notes”); 
 WHEREAS, the Indenture provides that under certain circumstances the
Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Co-Issuers’ obligations under the Notes and the Indenture on the
terms and conditions set forth herein (the “Note Guarantee”); and 
 WHEREAS, pursuant to Section 9.01 of
the Indenture, the Trustee is authorized to execute and deliver this Eighth Supplemental Indenture. 
 NOW, THEREFORE, in
consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged, the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of
the Notes as follows: 
 1. CAPITALIZED TERMS. Capitalized terms used herein without definition shall have the meanings assigned
to them in the Indenture. 
 2. AGREEMENT TO GUARANTEE. The Guaranteeing Subsidiary hereby agrees to provide an unconditional
Guarantee, on and subject to the terms, conditions and limitations set forth in the Notation of Guarantee and in the Indenture, including, but not limited, to Article Ten thereof. 

4. NEW YORK LAW TO GOVERN. THIS EIGHTH SUPPLEMENTAL INDENTURE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE
OF NEW YORK, WITHOUT GIVING EFFECT TO CONFLICTS OF LAW PRINCIPLES TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
 5. COUNTERPARTS. The parties may sign any number of copies of this Eighth Supplemental Indenture. Each signed copy shall be an original, but all of them together represent the same agreement. 

 6. EFFECT OF HEADINGS. The Section headings herein are for convenience only and shall not
affect the construction hereof. 
 7. THE TRUSTEE. The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this Eighth Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Co-Issuers. 

 IN WITNESS WHEREOF, the parties hereto have caused this Eighth Supplemental Indenture to be
duly executed and attested, all as of the date first above written. 
  

			
	MANDORA SHIPPING LTD
		
	By:	 	/s/ Vasiliki Papaefthymiou
		 	Name: Vasiliki Papaefthymiou
		 	Title:   Director/Secretary

  

			
	NAVIOS MARITIME HOLDINGS INC.
		
	By:	 	/s/ Vasiliki Papaefthymiou
		 	Name: Vasiliki Papaefthymiou
		 	Title:   Executive Vice President, Legal

  

			
	NAVIOS MARITIME FINANCE (US) INC.
		
	By:	 	/s/ Vasiliki Papaefthymiou
		 	Name: Vasiliki Papaefthymiou
		 	Title:   President

  

	
	SOLANGE SHIPPING LTD.
	TULSI SHIPMANAGEMENT CO.
	CINTHARA SHIPPING LTD.
	RAWLIN SERVICES COMPANY
	 MAUVE INTERNATIONAL S.A.

NAVIOS MARITIME FINANCE II (US) INC.
 AQUIS
MARINE CORP.
 FAITH MARINE LTD.
 VECTOR
SHIPPING CORPORATION
 ARAMIS NAVIGATION INC.
 DUCALE MARINE INC.
 HIGHBIRD MANAGEMENT INC.

FLORAL MARINE LTD.
 RED ROSE SHIPPING
CORP.
 GINGER SERVICES CO.
 QUENA
SHIPMANAGEMENT INC.
 ASTRA MARITIME CORPORATION
 PRIMAVERA SHIPPING CORPORATION
 PUEBLO HOLDINGS LTD.

BEAUFIKS SHIPPING CORPORATION
 ROWBOAT MARINE
INC.

 
	
	 CORSAIR SHIPPING LTD.
 PHAROS
NAVIGATION S.A.
 SIZZLING VENTURES INC.

SHIKHAR VENTURES S.A.
 TAHARQA SPIRIT
CORP.
 RHEIA ASSOCIATES CO.
 RUMER
HOLDING LTD.
 KLEIMAR N.V.
 NAV
HOLDINGS LIMITED
 NAVIOS CORPORATION

ANEMOS MARITIME HOLDINGS INC.
 NAVIOS
SHIPMANAGEMENT INC.
 AEGEAN SHIPPING CORPORATION
 ARC SHIPPING CORPORATION
 MAGELLAN SHIPPING CORPORATION

IONIAN SHIPPING CORPORATION
 APOLLON SHIPPING
CORPORATION
 HERAKLES SHIPPING CORPORATION
 ACHILLES SHIPPING CORPORATION
 KYPROS SHIPPING CORPORATION

HIOS SHIPPING CORPORATION
 MERIDIAN SHIPPING
ENTERPRISES INC.
 MERCATOR SHIPPING CORPORATION
 HORIZON SHIPPING ENTERPRISES         CORPORATION
 STAR
MARITIME ENTERPRISES         CORPORATION
 NAVIOS HANDYBULK INC.

NAVIOS INTERNATIONAL INC.
 NOSTOS SHIPMANAGEMENT
CORP. PORTOROSA MARINE CORP.
 WHITE NARCISSUS MARINE S.A.
 HESTIA SHIPPING LTD. as Guarantors

  

			
		
	By:	 	/s/ Vasiliki Papaefthymiou
		 	Name: Vasiliki Papaefthymiou
		 	Title:   Director and Authorized Officer

  

			
	KLEIMAR LTD., as a Guarantor
		
	By:	 	/s/ George Achniotis
		 	Name: George Akhniotis
		 	Title:   Secretary and Director

 
			
	NAVIMAX CORPORATION, as a Guarantor
		
	By:	 	/s/ Shunji Sasada
		 	Name: Shunji Sasada
		 	Title:   President

  

			
	NAVIOS TANKERS MANAGEMENT INC.
		
	By:	 	/s/ Alexandros Laios
		 	Name: Alexandros Laios
		 	Title:   Secretary/Director

  

			
	WELLS FARGO BANK, N.A., as Trustee
		
	By:	 	/s/ Martin Reed
		 	Name: Martin Reed
		 	Title:   Vice President

  

			
	 WELLS FARGO BANK, NATIONAL ASSOCIATION,
         as Collateral Trustee

		
	By:	 	/s/ Martin Reed
		 	Name: Martin Reed
		 	Title:   Vice PresidentExhibit 10.1

 Exhibit 10.1 
 

 
 January 24, 2012 
 Mr. Joseph P. Campanelli 
 55 Livermore Road 

Wellesley, MA 02481 
  

	 	Subject:    Modification	of Purchase Agreement 

 Dear
Mr. Campanelli: 
 With respect to the Purchase Agreement (the “Agreement”) dated September 29, 2009 by which you
agreed to purchase shares (“Shares”) of common stock of Flagstar Bancorp, Inc. (“Flagstar”), this letter will confirm our mutual agreement to modify the Agreement in the following three respects, pursuant to Section 6
thereof. 
 First, the purchase price per Share for all purchases due under the Agreement pursuant to Tranches 6 through
8 of Schedule I thereto shall be the fair market value of the underlying Shares on their purchase date, with fair market value being equal to the closing price per Share as reported on the New York Stock Exchange for the date of any election by you
to purchase Shares. 
 Second, you may make the Share purchases due under the Agreement for Tranches 4 through 8 at any
time and from time to time that is not later than December 31, 2012 regardless of the closing dates set forth in Schedule I to the Agreement. 
 Third, with respect to the U.S. $700,000 amount that you previously expended from your personal assets for the purchase of shares of common stock of Flagstar in order to facilitate prior
capital-raising initiatives by Flagstar, Flagstar recognizes that it is appropriate to treat such purchases as Shares purchased under the Agreement. Accordingly, at your election, the number of Shares that you are committed to purchase under
Tranches 4 through 8 of Schedule I to the Agreement will be reduced to reflect such prior purchases. In accordance with the principles set out in Exhibit “A” hereto, the number of Shares remaining to be purchased under the Agreement will
be determined by dividing (A) the aggregate purchase price of the Shares you are committed to purchase under the Agreement (starting with the Shares you are committed to purchase pursuant to the original price terms of the Agreement for
Tranches 4 and 5 of Schedule I and continuing seriatim forward through the Shares you are committed to purchase pursuant to the 

  
 - 1 -

 
price terms set forth in Paragraph First above for Tranches 6 through 8 thereof) by (B) the amount or amounts (not to exceed $700,000 in the aggregate) specified in your election or
elections made from time to time on the Election Form attached as Exhibit “B” hereto. By way of example, if you should elect on the date hereof to credit the full $700,000 pursuant to an election on the Election Form, you would thereafter
have no obligation to purchase additional Shares under the Agreement. 
 Other than as provided above, the Agreement remains in full force and
effect. By signing below, you recognize and agree that each of us is receiving fair and adequate consideration for the changes set forth above. 
  

			
	FLAGSTAR BANCORP, INC.
		
	By:	 	/s/    David Matlin        
		 	Chairman of its Compensation Committee

  

	
	AGREED TO AND ACCEPTED THIS 24TH DAY OF JANUARY, 2012.
	
	            /s/    Joseph P.
Campanelli        
	Joseph P. Campanelli, solely in my individual capacity

  
 2 

 Exhibit “A” 

Reserve for Future Purchases 
  

																	
	 	  	Beginning
Reserve	 	  	Less:
Usage[1]	 	 	Ending
Reserve	 	  	Stock
Purchases
Required
Beyond
Reserve	 
	 12/31/10
	  	$	700,000	  	  	($	255,938	) 	 	$	444,063	  	  	$	0	  
	 06/30/11
	  	$	444,063	  	  	($	255,938	) 	 	$	188,125	  	  	$	0	  
	 12/31/11
	  	$	188,125	  	  	($	62,708	) 	 	$	125,417	  	  	$	0	  
	 06/30/12
	  	$	125,417	  	  	($	62,708	) 	 	$	62,708	  	  	$	0	  
	 12/31/12
	  	$	62,708	  	  	($	62,708	) 	 	$	0	  	  	$	0	  

  

	[1]	Using illustrative Share price of $2.57. 

  
 - 3 -

 Exhibit “B” 

Election Form 
 Mr. Joseph P. Campanelli   
 55 Livermore
Road             
 Wellesley, MA
02481         
 January     , 2012 

Flagstar Bancorp, Inc. 

    Attention: Paul D. Borja, Chief Financial Officer 
 551 Corporate Drive 
 Troy, MI 48098 

Subject:    Election under Purchase Agreement, as Amended 

To Whom Concerned: 
 In accordance with my
Purchase Agreement with Flagstar Bancorp, Inc. (as entered into September 29, 2009 and as thereafter amended by letter agreement between us dated
                    , 2012, the “Amended Agreement”), I hereby elect to reduce (but not below zero), the number of shares
(“Shares”) of common stock of Flagstar Bancorp, Inc. which I am committed to purchase pursuant to the Amended Agreement by that number of Shares which have an aggregate purchase price of
$             (such amount, together with the amounts set forth in other elections by me on this Election Form not to exceed $700,000 in the aggregate) on the date hereof (based on a value
of $10.50 per Share in the case of Shares purchasable pursuant to Tranches 4 and 5 of Schedule I of the Amended Agreement and based on the closing price per Share on the New York Stock Exchange today in the case of Shares purchasable pursuant to
Tranches 6 through 8 thereof), with such Share reductions being applied first to the number of Shares I am committed to purchase pursuant to Tranche 4 of Schedule I to the Amended Agreement and continuing seriatim forward through the number of
Shares I am committed to purchase pursuant to Tranche 8 thereof. 
 I recognize and agree the foregoing election is irrevocable. 

Elected this              day of
                    , 2012. 
  

	
	Joseph P. Campanelli

  
 - 4 -

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00198-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00198-of-00352.parquet"}]]