Document:

Exhibit 10.14

 

EXECUTION VERSION

 

WARRANT
SHARES REGISTRATION RIGHTS AGREEMENT

 

JUNE 20,
2012

 

By and Among

 

EAGLE BULK SHIPPING INC.

 

and

 

THE LENDER HOLDERS

 

 

    	 

    	 

    

 

Contents

  

	Clause	Page
	 	 	 
	1.	Interpretation	2
	2.	Registration	4
	3.	Obligations of the Company	5
	4.	Obligations of the Holders	8
	5.	Expenses of Registration	8
	6.	Indemnification	8
	7.	Contribution	10
	8.	Reports under the Exchange Act	11
	9.	Pro Rata Registration	11
	10.	Assignment of Registration Rights	11
	11.	Amendment of Registration Rights	12
	12.	Registered Owners	12
	13.	Consents of Holders	12
	14.	Notices	12
	15.	Successors and Assigns	13
	16.	Termination	13
	17.	Governing Law	13
	18.	No Third Party Beneficiaries	13
	19.	Counterparts	13
	20.	Severability	13
	21.	Waiver	14
	22.	Further Assurances	14
	23.	Entire Agreement	14

  

    	 

    	 

    

 

This WARRANT SHARES
REGISTRATION RIGHTS AGREEMENT, dated as of June 20, 2012 (this Agreement), is made

 

BY
AND Among:

 

		(1)	Eagle Bulk Shipping Inc., a corporation incorporated
in the Republic of the Marshall Islands (the Company); and

 

		(2)	each of the undersigned financial institutions (each, with its successors or assigns, a Lender
Holder and, collectively, the Lender Holders).

 

BACKGROUND:

 

		(A)	Pursuant to the Fourth Amended and Restated Credit Agreement among Eagle Bulk Shipping Inc., as
Borrower, certain of its subsidiaries as Guarantors, and The Royal Bank of Scotland Plc as Agent and Security Trustee, and the
financial institutions listed therein as Original Lenders, dated on or about the date hereof (as further amended and restated from
time to time) (the Credit Agreement), and the Warrant Agreement between the Company and each of the Lender Holders, dated
on or about the date hereof (as further amended and restated from time to time) (the Warrant Agreement), the Company has
agreed to issue each Lender Holder warrants (the Warrants) entitling such Lender Holder to purchase shares of common stock,
par value $0.01 per share, of the Company (the Common Stock). The shares of Common Stock issuable upon exercise of the Warrants
are referred to herein as the Warrant Shares.

 

		(B)	In order to induce the Lender Holders to enter into the Credit Agreement, the Company desires to
grant to the Lender Holders certain registration rights under the Securities Act of 1933, as amended, and the rules and regulations
promulgated thereunder, or any similar successor statute (collectively, the Securities Act) and applicable state securities
laws with respect to the Warrant Shares.

 

NOW, THEREFORE,
in consideration of the premises and the mutual covenants contained herein and other good and valuable consideration, the receipt
and sufficiency of which are hereby acknowledged,

 

IT IS AGREED:

 

		1.	Interpretation

 

		1.1	Definitions

 

As used in
this Agreement, the following terms shall have the following meanings:

 

Business
Day means any day that is not a Saturday, Sunday or other day on which banking institutions in New York, New York are not required
to be open.

 

Holders
means the Lender Holders and any transferees or assignees who agree to become bound by the provisions of this Agreement in accordance
with Clause 10.

 

Majority
Holders as of a given date means one or more Holders holding an individual or aggregate interest of 50% or more of the
Warrant Shares relating to the Warrants outstanding as of such date.

 

    	2

    	 

    

 

Register,
Registered and Registration refer to a registration effected by preparing and filing a Registration Statement or Statements
in compliance with the Securities Act and pursuant to Rule 415, and the declaration or ordering of effectiveness of such Registration
Statement by the SEC.

 

Registrable
Securities means (i) the Warrant Shares, (ii) any further Warrant Shares issuable pursuant to the Warrant Agreement, and (iii)
any shares of Capital Stock issued or issuable, from time to time (with any adjustments), as a distribution on or in exchange for
or otherwise with respect to any of the foregoing; provided, however, that any shares of Capital Stock issued or issuable, from
time to time (with any adjustments), in exchange for or otherwise with respect to any Common Stock or Warrant Shares shall not
be considered Registrable Securities to the extent such shares of Capital Stock are covered by another, current and effective registration
statement permitting the resale without restriction of such shares.

 

Registration
Statement means one or more registration statements of the Company under the Securities Act registering all of the Registrable
Securities, including the Initial Registration Statement, any Uncovered Shares Amendments and Uncovered Shares Registration Statements
(each, as defined below).

 

Rule 415
means Rule 415 under the Securities Act or any successor rule providing for offering securities on a continuous basis.

 

SEC means
the United States Securities and Exchange Commission.

 

		1.2	Construction

 

		(a)	Any term defined in the Warrant Agreement and not defined in this Agreement has the meaning given
to that term in the Warrant Agreement.

 

		(b)	In this Agreement, unless the contrary intention appears, a reference to:

 

		(i)	an amendment includes a supplement, novation, restatement or re-enactment and amended
will be construed accordingly;

 

		(ii)	Clause, a Subclause or a Schedule is a reference to a Clause or Subclause of, or a Schedule to,
this Agreement;

 

		(iii)	a law is a reference to that law as amended or re-enacted and to any successor law;

 

		(iv)	an agreement is a reference to that agreement as amended; and

 

		(v)	law includes any law, statute, regulation, regulatory requirement, rule, ordinance, ruling,
decision, treaty, directive, order, guideline, regulation, policy, writ, judgment, injunction or request of any court or other
governmental, inter-governmental or supranational body, officer or official, fiscal or monetary authority, or other ministry or
public entity (and their interpretation, administration and application), whether or not having the force of law.

 

		(c)	In this Agreement:

 

		(i)	includes and including are not limiting;

 

		(ii)	or is not exclusive; and

 

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		(iii)	the headings are for convenience only, do not constitute part of this Agreement and are not to
be used in construing it.

 

		2.	Registration

 

		2.1	Mandatory Registration

 

The Company
shall use its reasonable best efforts to file with the SEC as soon as practicable and in any event prior to June 30, 2012, a Registration
Statement on Form S-3 (or, if Form S-3 is not then available, on such form of Registration Statement as is then available to effect
a registration of all of the Registrable Securities) covering the resale of the Warrant Shares, which Registration Statement, to
the extent allowable under the Securities Act and the rules promulgated thereunder shall state that such Registration Statement
also covers such indeterminate number of additional shares of Common Stock as may become issuable upon exercise of the Warrants
to prevent dilution resulting from stock splits, stock dividends or similar transactions (the Initial Registration Statement).

 

The Registrable
Securities included in the Initial Registration Statement shall be registered on behalf of the Lender Holders as set forth in Clause
9. The Initial Registration Statement (and each amendment or supplement thereto, and each request for acceleration of effectiveness
thereof) has been or will be provided to the Lender Holders and their counsel at least two (2) Business Days prior to its filing
or other submission. If for any reason (including, but not limited to, a determination by the staff of the SEC that all or any
portion of the Registrable Securities cannot be included in the Initial Registration Statement (an SEC Determination)) the
Initial Registration Statement declared effective by the SEC does not include all of the Registrable Securities (any such shares
that are not included being the Uncovered Shares), the Company shall prepare and file with the SEC, as soon as practicable,
but in any event prior to the tenth (10th) Business Day after becoming aware of the existence of any Uncovered Shares (such date
referred to herein as the Uncovered Share Filing Deadline), either (a) an amendment (the Uncovered Shares Amendment)
to the Initial Registration Statement effecting a registration of the Uncovered Shares or (b) a registration statement which registers
the Uncovered Shares (the Uncovered Shares Registration Statement). The Uncovered Shares Amendment or the Uncovered Shares
Registration Statement (and each amendment or supplement thereto, and each request for acceleration of effectiveness thereof) shall
be provided to the Lender Holders and their counsel at least concurrently with its filing or other submission. The Company shall
use its reasonable best efforts to cause each of the Initial Registration Statement and the Uncovered Shares Amendment or the Uncovered
Shares Registration Statement to become effective as soon as practicable after the filing thereof and, provided that the Initial
Registration Statement, the Uncovered Shares Amendment or the Uncovered Shares Registration Statement, as the case may be, is not
reviewed by the staff of the SEC, in any event prior to the twentieth (20th) calendar day after the filing thereof; and provided
further that if the Initial Registration Statement, the Uncovered Shares Amendment or the Uncovered Shares Registration Statement,
as the case may be, is reviewed by the staff of the SEC, on such date as reasonably practicable after the staff of the SEC has
informed the Company that the staff has no further comments on such Initial Registration Statement, Uncovered Shares Amendment
or Uncovered Shares Registration Statement and in any event prior to the ninetieth (90th) calendar day after the filing thereof.

 

		2.2	Eligibility for Form S-3

 

The Company
represents and warrants that it is eligible to register the resale of Registrable Securities on a registration statement on Form
S-3 under the Securities Act, and that the Company is not aware of any facts or circumstances (including without limitation any
required approvals or waivers or any circumstances that may delay or prevent the obtaining of accountant's consents) that would
prohibit or delay the preparation and filing of a registration statement on Form S-3 with respect to the Registrable Securities.
The Company shall file all reports required to be filed by the Company with the SEC in a timely manner so as to maintain or, if
applicable, regain its eligibility for the use of Form S-3.

 

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		3.	Obligations of the Company

 

In connection
with the registration of the Registrable Securities, the Company shall have the following obligations.

 

		(a)	The Company shall prepare and file with the SEC the applicable Registration Statement required
by Clause 2.1 within the time limits set forth in Clause 2.1 hereof and shall use its reasonable best efforts to cause such Registration
Statement to become effective within the time limits set forth in Clause 2.1 hereof. The Company shall keep such Registration Statement
effective pursuant to Rule 415 until such time as the Warrant Shares are otherwise freely tradable without restriction under Rule
144 (the Registration Period). If the Initial Registration Statement is not filed on Form S-3, the Company shall, as soon
as it is eligible to do so, file a post-effective amendment on Form S-3 to the Initial Registration Statement to the extent permitted
by the SEC or, if not so permitted, file a new Registration Statement on Form S-3 to permit sales of the Registrable Securities
pursuant to Rule 429 under the Securities Act; and the Company shall use its reasonable best efforts to cause such post-effective
amendment or Registration Statement to become effective as soon as possible.

 

Each Registration
Statement (including any amendments or supplements thereto and prospectuses contained therein and all documents incorporated by
reference therein) filed pursuant to this Agreement (i) shall comply in all material respects with the requirements of the Securities
Act and the rules and regulations of the SEC promulgated thereunder and (ii) shall not contain any untrue statement of a material
fact or omit to state a material fact required to be stated therein, or necessary to make the statements therein not misleading.
The financial statements of the Company included in the Registration Statement or incorporated by reference therein will comply
as to form in all material respects with applicable accounting requirements and the published rules and regulations of the SEC
applicable with respect thereto. Such financial statements shall be prepared in accordance with U.S. generally accepted accounting
principles, consistently applied, during the periods involved (except (i) as may be otherwise indicated in such financial statements
or the notes thereto, or (ii) in the case of unaudited interim statements, to the extent they may not include footnotes or may
be condensed or summary statements) and shall fairly present in all material respects the consolidated financial position of the
Company and its consolidated subsidiaries as of the dates thereof and the consolidated results of their operations and cash flows
for the periods then ended (subject, in the case of unaudited statements, to immaterial year-end adjustments).

 

		(b)	The Company shall prepare and file with the SEC such filings and amendments (including post-effective
amendments) and supplements to the Registration Statement and the prospectus used in connection with the Registration Statement
as may be necessary to keep the Registration Statement effective at all times during the Registration Period, and, during such
period, comply with the provisions of the Securities Act with respect to the disposition of all Registrable Securities of the Company
covered by the Registration Statement.

 

		(c)	The Company shall furnish to each Holder whose Registrable Securities are included in the Registration
Statement promptly after the same is prepared and publicly distributed, filed with the SEC, or received by the Company, one copy
of the Registration Statement and any amendment thereto, each preliminary prospectus and prospectus and each amendment or supplement
thereto.

 

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The Company shall
furnish to each Holder which so requests: (i) a copy of any request to accelerate the effectiveness of any Registration Statement
or amendment thereto, (ii) on the date of effectiveness of the Registration Statement or any amendment thereto, a notice stating
that the Registration Statement or amendment has been declared effective, and (iii) such number of copies of a prospectus, including
a preliminary prospectus, and all amendments and supplements thereto and such other documents as such Holder may reasonably request
in order to facilitate the disposition of the Registrable Securities owned by such Holder. In responding to comments from the staff
of the SEC, the Company shall cooperate with any Holder that notifies the Company that it desires to be consulted with respect
to such process. Such cooperation shall include providing any such Holder with a reasonable opportunity to comment on the text
and substance of proposed written responses to the extent such comment relates to such Holder or its plan of distribution of the
Registrable Securities.

 

		(d)	The Company shall: (i) register and qualify the Registrable Securities covered by the Registration
Statement under such other securities or "blue sky" laws of such jurisdictions in the United States as each Holder who
holds Registrable Securities being offered reasonably requests (to the extent such registration and qualification is required to
sell the Registrable Securities in such jurisdiction) (ii) prepare and file in those jurisdictions such amendments (including post-effective
amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof
during the Registration Period, (iii) take such other actions as may be necessary to maintain such registrations and qualifications
in effect at all times during the Registration Period, and (iv) take all other actions necessary or advisable to qualify the Registrable
Securities for sale in such jurisdictions.

 

		(e)	As promptly as practicable after becoming aware of such event, the Company shall notify each Holder
in writing of the happening of any event, of which the Company has knowledge, as a result of which the prospectus included in the
Registration Statement, as then in effect, includes an untrue statement of a material fact or omission to state a material fact
required to be stated therein or necessary to make the statements therein not misleading, and promptly to prepare a supplement
or amendment to the Registration Statement to correct such untrue statement or omission and deliver such number of copies of such
supplement or amendment to each Holder as such Holder may reasonably request.

 

		(f)	The Company shall use its reasonable best efforts to prevent the issuance of any stop order or
other suspension of effectiveness of a Registration Statement, and, if such an order is issued, to obtain the withdrawal of such
order at the earliest practicable date (including in each case by amending or supplementing such Registration Statement) and to
notify each Holder who holds Registrable Securities being sold of the issuance of such order and the resolution thereof (and if
such Registration Statement is supplemented or amended, deliver such number of copies of such supplement or amendment to each Holder
as such Holder may reasonably request).

 

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		(g)	The Company shall make available for inspection by (i) any Holder whose Registrable Securities
are included in a Registration Statement and (ii) one firm of attorneys and one firm of accountants or other agents retained by
the Holders (collectively, the Inspectors) all pertinent financial and other records, and pertinent corporate documents
and properties of the Company, as shall be reasonably necessary to enable the Inspectors to complete customary due diligence in
connection with a planned disposition of Registrable Securities pursuant to a Registration Statement, and cause the Company's officers,
directors and employees to supply all information which any Inspector reasonably requests for purposes of such due diligence; provided,
that any Holder who is a competitor of the Company directly offering services consisting of the carriage of goods by sea shall
not be permitted access to any such records, documents or properties of the Company and provided, further, that such persons
shall first agree in writing with the Company that any information that is reasonably designated by the Company as confidential
at the time of delivery of such information shall be kept confidential by such persons and shall be used solely for the purposes
of exercising rights under this Agreement, unless: (i) disclosure of such information is required by court or administrative order
or is necessary to respond to inquiries of regulatory authorities, (ii) disclosure of such information is required by law (including
any disclosure requirements pursuant to federal or state securities laws in connection with the filing of any Registration Statement
or the use of any prospectus relating thereto), (iii) such information becomes generally available to the public other than as
a result of a disclosure or failure to safeguard by any such person or (iv) such information becomes available to any such person
from a source other than the Company and such source is not bound by a confidentiality agreement.

 

		(h)	The Company shall not include any information concerning a Holder provided to the Company in any
Registration Statement unless: (i) disclosure of such information is necessary to comply with federal or state securities laws
or (ii) the disclosure of such information is necessary to avoid or correct a misstatement or omission in any Registration Statement.

 

		(i)	The Company shall: (i) maintain the designation and quotation of all the Registrable Securities
covered by the Registration Statement on The Nasdaq Stock Market, or (ii) cause all the Registrable Securities covered by the Registration
Statement to be listed on another national securities exchange on which securities of the same class or series issued by the Company
are then listed, if any, if the listing of such Registrable Securities is then permitted under the rules of such exchange.

 

		(j)	The Company shall provide a transfer agent and registrar, which may be a single entity, for the
Registrable Securities not later than the effective date of the Registration Statement.

 

		(k)	The Company shall cooperate with the Holders who hold Registrable Securities being offered to facilitate
the timely preparation and delivery of certificates (not bearing any restrictive legends) representing Registrable Securities to
be offered pursuant to the Registration Statement and enable such certificates to be in such denominations or amounts, as the case
may be, as the Holders may reasonably request and registered in such names as the Holders may request.

 

		(l)	At the request of a Holder (or Holders) who holds a majority-in-interest of the Registrable Securities,
the Company shall prepare and file with the SEC such amendments (including post-effective amendments) and supplements to a Registration
Statement and the prospectus used in connection with the Registration Statement each as approved by the Company, which approval
shall not be unreasonably withheld or delayed, as may be necessary in order to change the plan of distribution set forth in such
Registration Statement.

 

		(m)	The Company shall comply with applicable federal and state securities laws and regulations related
to a Registration Statement and offering and sale of securities.

 

		(n)	The Company shall not, and shall not agree to, allow the holders of any securities of the Company
to include any of their securities in any Registration Statement under Clause 2.1 or any amendment or supplement thereto under
Clause 3(b) without the consent of the Majority Holders.

 

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		4.	Obligations of the Holders

 

Each Holder,
by such Holder's acceptance of the Registrable Securities, agrees to cooperate with the Company as reasonably requested by the
Company in connection with the preparation and filing of the Registration Statement hereunder, unless such Holder has notified
the Company in writing of such Holder's election to exclude all of such Holder's Registrable Securities from the Registration Statement.

 

		5.	Expenses of Registration

 

The Company
shall pay all fees and expenses incident to the performance of or compliance with this Agreement by the Company, including without
limitation (a) all registration and filing fees and expenses, including without limitation those related to filings with the SEC,
any trading market and in connection with applicable state securities or "blue sky" laws, (b) printing expenses (including
without limitation expenses of printing certificates for Registrable Securities and of printing prospectuses requested by the Holders),
(c) messenger, telephone and delivery expenses, (d) fees and disbursements of counsel for the Company, (e) fees and expenses of
all other Persons retained by the Company in connection with the consummation of the transactions contemplated by this Agreement,
and (f) all listing fees to be paid by the Company to the trading market.

 

		6.	Indemnification

 

		6.1	Indemnification by the Company

 

In the event
any Registrable Securities are included in a Registration Statement under this Agreement, to the extent permitted by law, the Company
will indemnify, hold harmless and defend (i) each Holder who holds such Registrable Securities, and (ii) the directors, officers,
partners, members, employees, subsidiaries, affiliates, representatives and agents of such Holder and each person who controls
any Holder within the meaning of Section 15 of the Securities Act or Section 20 of the Securities Exchange Act of 1934, as amended
(the Exchange Act), if any (each, an Indemnified Person), against any joint or several losses, claims, damages, liabilities
or expenses (collectively, together with actions, proceedings or inquiries by any regulatory or self-regulatory organization, whether
commenced or threatened, in respect thereof, Claims) to which any of them may become subject insofar as such Claims arise
out of or are based upon:

 

		(a)	any untrue statement or alleged untrue statement of a material fact in a Registration Statement
or the omission or alleged omission to state therein a material fact required to be stated or necessary to make the statements
therein not misleading;

 

		(b)	any untrue statement or alleged untrue statement of a material fact contained in any preliminary
prospectus if used prior to the effective date of such Registration Statement, or contained in the final prospectus (as amended
or supplemented, if the Company files any amendment thereof or supplement thereto with the SEC) or the omission or alleged omission
to state therein any material fact necessary to make the statements made therein, in light of the circumstances under which the
statements therein were made, not misleading;

 

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		(c)	any violation or alleged violation by the Company of the Securities Act, the Exchange Act, any
state securities law, or any rule or regulation thereunder relating to the offer or sale of the Registrable Securities,

 

(the matters
in the foregoing Subclauses (a) through (c) being, collectively, Violations). Subject to the restrictions set forth in Clause
6.3 with respect to the number of legal counsel, the Company shall reimburse the Holders and each other Indemnified Person, promptly
as such expenses are incurred and are due and payable, for any reasonable legal fees or other reasonable expenses incurred by them
in connection with investigating or defending any such Claim.

 

Notwithstanding
anything to the contrary contained herein, the indemnification agreement contained in this Clause 6.1: (i) shall not apply to a
Claim arising out of or based upon a Violation which occurs in reliance upon and in conformity with information furnished in writing
to the Company by such Indemnified Person expressly for use in the Registration Statement or any such amendment thereof or supplement
thereto; (ii) shall not apply to amounts paid in settlement of any Claim if such settlement is effected without an unconditional
release of the Company and all of its controlling persons, employees and agents, or without the prior written consent of the Company,
which consent shall not be unreasonably withheld; and (iii) with respect to any prospectus, shall not inure to the benefit of any
Indemnified Person if the untrue statement or omission of material fact contained in such prospectus was corrected on a timely
basis in the prospectus, as then amended or supplemented, if such corrected prospectus was timely made available by the Company
pursuant to Clause 3(c), and the Indemnified Person was promptly advised in writing not to use the incorrect prospectus prior to
the use giving rise to a Violation and such Indemnified Person, notwithstanding such advice, used it. Such indemnity shall remain
in full force and effect regardless of any investigation made by or on behalf of the Indemnified Person and shall survive the transfer
of the Registrable Securities by the Holders pursuant to Clause 10.

 

		6.2	Indemnification by the Holders

 

In connection
with any Registration Statement in which a Holder is participating, each such Holder agrees severally and not jointly to indemnify,
hold harmless and defend, to the same extent and in the same manner set forth in Clause 6.1, the Company, each of its directors,
each of its officers who signs the Registration Statement, its employees, agents, attorneys and each person, if any, who controls
the Company within the meaning of Section 15 of the Securities Act or Section 20 of the Exchange Act, and any other stockholder
selling securities pursuant to the Registration Statement or any of its directors or officers or any person who controls such stockholder
within the meaning of the Securities Act or the Exchange Act (collectively and together with an Indemnified Person, an Indemnified
Party), against any Claim to which any of them may become subject, under the Securities Act, the Exchange Act or otherwise,
insofar as such Claim arises out of or is based upon any Violation, in each case to the extent (and only to the extent) that such
Violation occurs in reliance upon and in conformity with written information furnished to the Company by such Holder expressly
for use in connection with such Registration Statement; and subject to Clause 6.3 such Holder will reimburse any reasonable legal
or other expenses (promptly as such expenses are incurred and are due and payable) reasonably incurred by them in connection with
investigating or defending any such Claim; provided, however, that the indemnity agreement contained in this Clause 6.2 shall not
apply to amounts paid in settlement of any Claim if such settlement is effected without an unconditional release of such Holder
and all of its controlling persons, employees and agents, or without the prior written consent of such Holder, which consent shall
not be unreasonably withheld; provided, further, however, that the Holder shall be liable under this Agreement (including this
Clause 6.2 and Clause 7) for only that amount as does not exceed the net proceeds actually received by such Holder as a result
of the sale of Registrable Securities pursuant to such Registration Statement. Such indemnity shall remain in full force and effect
regardless of any investigation made by or on behalf of such Indemnified Party and shall survive the transfer of the Registrable
Securities by the Holders pursuant to Clause 10. Notwithstanding anything to the contrary contained herein, the indemnification
agreement contained in this Clause 6.2 with respect to any preliminary prospectus shall not inure to the benefit of any Indemnified
Party if the untrue statement or omission of material fact by the Holder contained in the preliminary prospectus was corrected
on a timely basis in the prospectus, as then amended or supplemented, and the Indemnified Party failed to utilize such corrected
prospectus.

 

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		6.3	Procedures

 

Promptly after
receipt by an Indemnified Person or Indemnified Party under this Clause 6 of notice of the commencement of any action (including
any governmental action), such Indemnified Person or Indemnified Party shall, if a Claim in respect thereof is made against any
indemnifying party under this Clause 6, deliver to the indemnifying party a written notice of the commencement thereof, and the
indemnifying party shall have the right to assume control of the defense thereof with counsel mutually satisfactory to the indemnifying
party and the Indemnified Person or the Indemnified Party, as the case may be; provided, however, that such indemnifying party
shall not be entitled to assume such defense and an Indemnified Person or Indemnified Party shall have the right to retain its
own counsel with the reasonable fees and expenses to be paid by the indemnifying party, if, in the reasonable opinion of counsel
retained by the indemnifying party, the representation by such counsel of the Indemnified Person or Indemnified Party and the indemnifying
party would be inappropriate due to actual or potential conflicts of interest between such Indemnified Person or Indemnified Party
and any other party represented by such counsel in such proceeding or the actual or potential defendants in, or targets of, any
such action include both the Indemnified Person or the Indemnified Party and the indemnifying party and any such Indemnified Person
or Indemnified Party reasonably determines that there may be legal defenses available to such Indemnified Person or Indemnified
Party which are in conflict with those available to such indemnifying party. The indemnifying party shall pay for only one separate
legal counsel for all Indemnified Persons or the Indemnified Parties, as applicable, and such legal counsel shall be selected by
Holders holding a majority-in-interest of the Registrable Securities included in the Registration Statement to which the Claim
relates, if the Holders are entitled to indemnification hereunder, or by the Company, if the Company is entitled to indemnification
hereunder, as applicable. The failure to deliver written notice to the indemnifying party within a reasonable time of the commencement
of any such action shall not relieve such indemnifying party of any liability to the Indemnified Person or Indemnified Party under
this Clause 6, except to the extent that the indemnifying party is actually prejudiced in its ability to defend such action. The
indemnification required by this Clause 6 shall be made by periodic payments of the amount thereof during the course of the investigation
or defense, as such expense, loss, damage or liability is incurred and is due and payable.

 

		7.	Contribution

 

To the extent
any indemnification by an indemnifying party is prohibited or limited by law, the indemnifying party agrees to make the maximum
contribution with respect to any amounts for which it would otherwise be liable under Clause 6 to the fullest extent permitted
by law; provided, however, that (i) no contribution shall be made under circumstances where the maker would not have been liable
for indemnification under the fault standards set forth in Clause 6, (ii) no person guilty of fraudulent misrepresentation (within
the meaning of Section 11(f) of the Securities Act) shall be entitled to contribution from any other person who was not guilty
of such fraudulent misrepresentation, and (iii) contribution (together with any indemnification or other obligations under this
Agreement) by any seller of Registrable Securities shall be limited in amount to the net amount of proceeds received by such seller
from the sale of such Registrable Securities.

 

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		8.	Reports under the Exchange Act

 

With a view
to making available to the Holders the benefits of Rule 144 promulgated under the Securities Act or any other similar rule or regulation
of the SEC that may at any time permit the Holders to sell securities of the Company to the public without registration (Rule
144), the Company agrees to:

 

		(a)	file with the SEC in a timely manner and make and keep available all reports and other documents
required of the Company under the Securities Act and the Exchange Act so long as the Company remains subject to such requirements
and the filing and availability of such reports and other documents as is required for the applicable provisions of Rule 144; and

 

		(b)	furnish to each Holder so long as such Holder owns Registrable Securities, promptly upon request,
(i) a written statement by the Company that it has complied with the reporting requirements of Rule 144, the Securities Act and
the Exchange Act, (ii) a copy of the most recent annual or quarterly report of the Company and such other reports and documents
so filed by the Company, and (iii) such other information as may be reasonably requested to permit the Holders to sell such securities
pursuant to Rule 144 without registration.

 

		9.	Pro Rata Registration

 

The initial
number of Registrable Securities included on any Registration Statement, and each increase to the number of Registrable Securities
included thereon, shall be registered on behalf of each Holder pro rata based on the number of Registrable Securities held by each
Holder at the time of such establishment or increase, as the case may be. In the event a Holder shall sell or otherwise transfer
any of such holder's Registrable Securities, each transferee shall be deemed to have registered on its behalf a pro rata portion
of the number of Registrable Securities included on a Registration Statement for such transferor. Any shares of Common Stock included
on a Registration Statement on behalf of any person or entity which does not hold any Registrable Securities shall be deemed registered
on behalf of the remaining Holders, pro rata based on the number of shares of Registrable Securities then held by such Holders.
For the avoidance of doubt, (A) the number of Registrable Securities held by a Holder shall be determined as if all Warrants then
outstanding and held by a Holder were exercised and (B) no provision of this subsection shall operate to reduce the number of Registrable
Securities registered on behalf of any Holder pursuant to the first sentence of this subsection.

 

		10.	Assignment of Registration Rights

 

The rights
of the Holders hereunder, including the right to have the Company register Registrable Securities pursuant to this Agreement, shall
be assignable by each Holder to any transferee of all or any portion of the Registrable Securities if:

 

		(a)	the Holder agrees in writing with the transferee or assignee to assign such rights, and a copy
of such agreement is furnished to the Company after such assignment;

 

		(b)	the Company is furnished with written notice of (i) the name and address of such transferee or
assignee and (ii) the securities with respect to which such registration rights are being transferred or assigned;

 

		(c)	following such transfer or assignment, the further disposition of such securities by the transferee
or assignee is restricted under the Securities Act and applicable state securities laws;

 

    	11

    	 

    

 

		(d)	the transferee or assignee agrees in writing with the Company to be bound by all of the provisions
contained herein; and

 

		(e)	such transfer shall have been made in accordance with the applicable requirements of the Warrant
Agreement.

 

In addition,
and notwithstanding anything to the contrary contained in this Agreement, the Warrant Agreement or the Warrants, the Warrant Shares
may be pledged, and all rights of the Holders under this Agreement or any other agreement or document related to the transaction
contemplated hereby may be assigned, without further consent of the Company, to a bona fide pledgee in connection with a Holder's
margin or brokerage accounts.

 

		11.	Amendment of Registration Rights

 

Any provision
of this Agreement may only be amended or waived if such amendment or waiver is in writing and is signed by the Company and the
Majority Holders; provided, that any provision hereof may be waived by any Holder on such party's own behalf without the consent
of any other party.

 

Any amendment
or waiver effected in accordance with this Clause 11 shall be binding upon each Holder and the Company.

 

		12.	Registered Owners

 

A person or
entity is deemed to be a holder of Registrable Securities whenever such person or entity owns of record such Registrable Securities.
If the Company receives conflicting instructions, notices or elections from two or more persons or entities with respect to the
same Registrable Securities, the Company shall act upon the basis of instructions, notice or election received from the registered
owner of such Registrable Securities.

 

		13.	Consents of Holders

 

All consents,
approvals and other determinations to be made by the Holders pursuant to this Agreement shall be made by the Majority Holders.

 

Any consent,
approval or other determination effected in accordance with this Clause 13 shall be binding upon each Holder and the Company.

 

		14.	Notices

 

All notices,
requests or demands authorized by this Agreement to be given or made to be effective shall be in writing (including by facsimile),
and shall be deemed to have been duly given or made when delivered by hand, or two (2) Business Days after being delivered to a
recognized courier (whose stated terms of delivery are two (2) Business Days or less to the destination of such notice), or five
(5) calendar days after being deposited in the mail, first class and postage prepaid or, in the case of facsimile notice, when
received, addressed as set forth below (until another address is notified in writing by the relevant party hereto).

 

		(a)	If to the Company:

 

    	12

    	 

    

 

EAGLE BULK
SHIPPING INC.

 

477 Madison Avenue,
Suite 1405

New York, New York 10022

United States of America

 

Fax:        +1 212
785 3311

 

		(b)	If to a Lender Holder, to the address set forth under such Lender Holder's signature hereto.

 

		15.	Successors and Assigns

 

All the covenants
and provisions of this Agreement by or for the benefit of the Company or the Holders shall bind and inure to the benefit of their
respective successors and assigns hereunder.

 

		16.	Termination

 

This Agreement
shall terminate on the Expiration Date. Notwithstanding the foregoing, this Agreement will terminate on any earlier date when all
Warrants have been exercised. Termination of this Agreement shall not relieve the Company of any of its obligations arising prior
to the date of such termination.

 

		17.	Governing Law

 

This Agreement
and each Warrant issued hereunder shall be deemed to be a contract made under the laws of the State of New York (without giving
effect to the conflict of laws provisions thereof) and for all purposes shall be construed in accordance with the laws of such
State. The Company agrees (a) to submit to the non-exclusive personal jurisdiction of the State or Federal courts in the Borough
of Manhattan, The City of New York, (b) that non-exclusive jurisdiction and venue shall lie in the State or Federal courts in the
State of New York, and (c) that notice may be served upon such party at the address and in the manner set forth for the Company
in Clause 14. To the extent permitted by applicable law, each of the parties hereto hereby unconditionally waives trial by jury
in any legal action or proceeding relating to this Agreement or the Warrants or the transactions contemplated hereby or thereby.

 

		18.	No Third Party Beneficiaries

 

Nothing in
this Agreement shall be construed to give to any Person other than the Company and the Holders any legal or equitable right, remedy
or claim under this Agreement, and this Agreement shall be for the sole and exclusive benefit of the Company and the Holders.

 

		19.	Counterparts

 

This Agreement
may be executed in any number of counterparts (including by facsimile or portable document format (PDF) signatures) and each of
such counterparts shall for all purposes be deemed to be an original, and such counterparts shall together constitute but one and
the same instrument.

 

		20.	Severability

 

Any provision
of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the
extent of such prohibition or unenforceability without invalidating the remaining provision of this Agreement or affecting the
validity or enforceability of such provision in any other jurisdiction.

 

    	13

    	 

    

 

		21.	Waiver

 

Failure of
any party to exercise any right or remedy under this Agreement or otherwise, or delay by a party in exercising such right or remedy,
shall not operate as a waiver thereof.

 

		22.	Further Assurances

 

Each party
shall do and perform, or cause to be done and performed, all such further acts and things, and shall execute and deliver all such
other agreements, certificates, instruments and documents, as the other party may reasonably request in order to carry out the
intent and accomplish the purposes of this Agreement and the consummation of the transactions contemplated hereby.

 

		23.	Entire Agreement

 

This Agreement,
the Credit Agreement, the Warrant Agreement and the Warrant Certificates constitute the entire agreement of the Company and the
Holders with respect to the subject matter hereof and supersedes all prior agreements and undertakings, both written and oral,
among the Company and the Holders with respect to the subject matter hereof.

 

[Remainder of this page intentionally
left blank.]

 

    	14

    	 

    

 

IN WITNESS WHEREOF,
the parties have caused this Agreement to be duly executed as of the date first above written.

 

	EAGLE BULK SHIPPING INC.
	 	 
	By:	/s/ Sophocles N. Zoullas
	 	Name:  	Sophocles N. Zoullas 
	 	Title:    	Chief Executive Officer 
	 	 	 
	ATTEST:
	 
	/s/ Alan S. Ginsberg
	Name:  Alan S. Ginsberg
	Title:    Secretary	 

 

Signature Page to Warrant Shares Registration
Rights Agreement

 

    	 

    	 

    

 

	THE ROYAL BANK OF SCOTLAND PLC.	 
	as Lender Holder	 
	 	 
	By:	/s/ Gauri Ketcher	 
	 	Name:	Gauri Ketcher	 
	 	Title:	Managing Director	 
	 	 
	Address:	 
	280 Bishopsgate	 
	London, EC2M 4RB	 
	United Kingdom	 

 

	Fax:	+44 20 7672 1829	 
	Attention:	Kate Wyeth / Frank Goebel	 

 

Signature Page to Warrant Shares Registration
Rights Agreement

 

    	 

    	 

    

 

	WESTLB AG, LONDON BRANCH.	 
	as Lender Holder	 
	 	 	 	 
	By:	/s/ Maximilien Faré	 
	 	Name: 	Maximilien Faré	 
	 	Title:	Executive Director	 
	 	 	 	 
	By:	/s/ Christian Grane	 
	 	Name: 	Christian Grane	 
	 	Title:	Executive Director	 
	 	 	 	 
	Address: WestLB AG, London Branch	 
	 	Woolgate Exchange	 
	 	25 Basinghall Street	 
	 	London EC2V 5HA	 

 

	Fax:	+44 20 7020 7620	 
	Attention:	Credit Administration	 
	 	Jutta Brown / Paula Renouf / William Josephson / Gillian Greenwood

 

Signature Page to Warrant Shares Registration
Rights Agreement

 

    	 

    	 

    

 

	BANK OF CHINA LIMITED, LONDON BRANCH	 
	as Lender Holder	 
	 	 	 	 
	By:	/s/ Huabin Wang	 
	 	Name: 	Huabin Wang	 
	 	Title:	Assistant General Manager	 
	 	 	 	 
	By:	/s/ Zhibin Xie	 
	 	Name: 	Zhibin Xie	 
	 	Title:	Head of Corporate Banking	 
	 	 	 	 
	Address:	 
	Bank of China Limited, London Branch	 
	1 Lothbury	 
	London EC2R 7DB	 
	United Kingdom	 

 

	Fax:	+44 20 7282 8899	 
	Attention:	Mr. KS Tung	 

 

Signature Page to
Warrant Shares Registration Rights Agreement

 

    	 

    	 

    
  

	Uberior Trading Limited 	 
	as Lender Holder	 
	 	 	 	 
	By: 	/s/ Martin Robertson	 
	 	Name:	Martin Robertson	 
	 	Title:	Investment Director & Duly Authorized Attorney	 
	 	 
	Address:	 
	care of Lloyds Banking Group plc	 
	BSU Investments Team	 
	6th Floor	 
	Princess House	 
	1 Suffolk Lane	 
	London	 
	EC4R 0AX	 
	Great Britain 	 

 

	Fax:	+44 20 7489 3600
	Attention:	Martin Robertson

 

Signature Page to Warrant Shares Registration
Rights Agreement

 

    	 

    	 

    

 

	SANTANDER ASSET FINANCE PLC	 
	as Lender Holder	 
	 	 	 
	By: 	/s/ Mark McCarthy	 
	 	Name: 	Mark McCarthy	 
	 	Title:	Head of Shipping	 
	 	 
	Address:	 
	Santander Asset Finance plc	 
	298 Deansgate	 
	Manchester	 
	M3 4HH	 
	United Kingdom	 

 

	Fax:	+44 (0) 161 953 3517	 
	Attention:	Tony Thomas / Keith Sullivan	 

 

Signature Page to Warrant Shares Registration
Rights Agreement

 

    	 

    	 

    

 

	SUMITOMO MITSUI BANKING CORPORATION	 
	as Lender Holder	 
	 	 	 	 
	By: 	/s/ Takeshi Shirai	 
	 	Name: 	Takeshi Shirai	 
	 	Title:	General Manager	 
	 	 	 	 
	By: 	/s/Kazushige Onishi	 
	 	Name: 	Kazushige Onishi	 
	 	Title:	Joint General Manager	 

 

	Address:
	Sumitomo Mitsui Banking Corporation
	Neo Building, Rue Montoyer 51, Box 6, 1000 Brussels, Belgium

 

	Fax:	+32 2 502 07 80	 
	Attention:	Françoise Bouchat / Nadine Boudart	 

 

Signature Page to Warrant Shares Registration
Rights Agreement

 

    	 

    	 

    

 

	CRÉDIT INDUSTRIEL ET COMMERCIAL	 
	as Lender Holder	 
	 	 
	By: 	/s/ Andrew McKuin	 
	 	Name: 	Andrew McKuin	 
	 	Title:	Vice President	 
	 	 	 	 
	By: 	/s/ Edwige Sucher	 
	 	Name: 	Edwige Sucher	 
	 	Title:	Vice President	 

 

	Address:	 
	520 Madison Avenue	 
	New York, NY 10022	 
	United States of America	 

 

	Fax:	+1 212 715 4535
	Attention:	Andrew McKuin

 

Signature Page to Warrant Shares Registration
Rights AgreementExhibit 10.1

  

SECOND AMENDMENT

TO THE

HARRIS TEETER SUPERMARKETS, INC. EXECUTIVE BONUS INSURANCE PLAN

 

 

By the authority granted the undersigned officer of Harris Teeter
                  Supermarkets, Inc. (f/k/a Ruddick Corporation), this Second Amendment
                  to the Harris Teeter Supermarkets, Inc. Executive Bonus Insurance
                  Plan ("Plan") is hereby adopted and approved as follows:

 

	1. 		Section 3.3(a) of the Plan shall be amended and restated in its
                     entirety as follows:

 

               Shall not, without the written consent of the Company, possess the
                  authority to pledge, assign, encumber, borrow against, withdraw from
                  or otherwise dispose of the cash value of any policy acquired
                  hereunder;

               IN WITNESS WHEREOF, this Second Amendment to the Harris Teeter Supermarkets, Inc.
                  Executive Bonus Insurance Plan is adopted effective May 17, 2012.
               

  

HARRIS TEETER SUPERMARKETS, INC.

 

 

By: /S/ JOHN B. WOODLIEF

John B. Woodlief, Executive Vice President and Chief Financial Officer

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