Document:

tfoc10q11062009ex10-15a.htm

SEVERANCE AGREEMENT AND MUTUAL GENERAL RELEASE

This Severance Agreement and Mutual General Release (“Agreement”) is made and entered into this the 21st day of September, 2009 by and between Stanley K. Tanger, for himself, his heirs, executors, administrators, assigns, representatives and agents
(hereafter collectively “Tanger”), and Tanger Properties Limited Partnership and Tanger Factory Outlet Centers, Inc., on behalf of themselves, their subsidiaries, affiliates, successors, and assigns (hereafter collectively “Company”).  This Agreement is intended to and does resolve all claims and disputes of any nature whatsoever by and between the parties as of the effective date of this Agreement.

WITNESSETH:

WHEREAS, Tanger was employed by the Company and served as its Chairman of the Board under a January 1, 2009 Amended and Restated Employment Agreement (hereafter “Employment Agreement”);

WHEREAS, Tanger retired from employment with the Company and resigned as Chairman of the Board effective September 1, 2009;

WHEREAS, the parties desire to memorialize in this Agreement the benefits Tanger will receive in his retirement and the terms and conditions attendant thereto;

WHEREAS, in consideration of the monetary payments and other good and valuable consideration set forth herein, Tanger has agreed to release the Company from any and all possible claims of liability to him as provided herein, including but not limited to, any claims arising out of the change in the employment relationship and Tanger’s
resigning as Chairman of the Board.

NOW THEREFORE, for and in consideration of the premises, payment of the sums set forth herein, and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

1.           Tanger retired from employment with the Company and resigned as Chairman of the Board effective September 1, 2009.

2.           In exchange for the release set forth herein, the Company will pay and/or provide to Tanger the benefits set forth herein.

3.           The Company will pay to Tanger (a) within five (5) business days after the revocation period set forth herein any accrued but unpaid portion of the Annual Base Salary payable pursuant to Section 7(a) of Tanger’s Employment
Agreement for the period through the effective date of Tanger’s retirement (September 1, 2009) and (b) between March 1 and March 15, 2010, a pro-rated share (two-thirds) of his Annual Bonus for the year 2009.

4.           The Company will pay to Tanger a lump sum cash severance payment of $3,408,347.00 within five (5) business days after the revocation period set forth herein, or at such later date as required by Section 409A of the Internal
Revenue Code of 1986, as amended (“Section 409A”).  In the event Tanger is a “specified employee” such that the cash payment must be delayed under Section 409A, the Company will pay the cash payment, plus interest at the rate of 1.5%, to Tanger or his estate on the earlier of (i) one hundred ninety-five (195) days after Tanger executes this Agreement or (ii) twenty (20) days after the date of his death.  If amounts payable to, and benefits provided for, Tanger pursuant
to this 

 

 

 

 

Agreement are paid and provided in accordance with the terms of this Agreement, based on current guidance from the Internal Revenue Service, the Company does not intend to report such amounts and benefits as includable in Tanger’s gross income under IRC Section 409A.

5.           Tanger may exercise any vested share options granted to him under the Company’s Amended and Restated Incentive Award Plan (the “Award Plan”) in accordance with and subject to the terms and conditions of
the Award Plan.  The Company’s Board of Directors (acting through its Share and Unit Option Committee) has removed any and all remaining restrictions imposed by the terms of the Award Agreements between the Company and Tanger with respect to 480,000 Restricted Shares issued to Tanger pursuant to the Award Plan to be effective upon and after the expiration of Tanger’s right to revoke this Agreement.

6.           Tanger’s rights under the Company’s 401(k) plan are governed by the terms of that Plan.  Nothing in this Agreement in any way diminishes Tanger’s rights under any benefit plan, program, or arrangement
of the Company to which he may be otherwise entitled as a result of being or of having been an employee of the Company.

7.           The Company shall pay Tanger accrued but unused vacation days (totaling 19 days) within five (5) days of the revocation period set forth herein.

8.           For a period of up to five (5) years beginning on September 1, 2009, the Company will provide Tanger with the following:

(a)           Office space located at and commonly known as 445 Dolley Madison Road, Suite 102, Greensboro, NC consisting of approximately 1,776 square feet which is the subject of a lease agreement dated September 1, 2009 between 445
Dolley Madison Road, LLC and the Company or such other office space available at substantially the same cost to the Company as Tanger and the Company may mutually agree upon; and

(b)           The services of two (2) employees of the Company, to provide secretarial, bookkeeping and administrative services to Tanger, unless otherwise agreed to in writing by Tanger and the Company.  Jelena Sowerby and
Marie Pettera will be initially assigned to provide such services.  In the event either Ms. Pettera or Ms. Sowerby leave the employment of the Company during the five year period, the Company will provide replacement employees reasonably satisfactory to Tanger.  The employees assigned to provide such services (i) shall be initially compensated at the compensation levels of Ms. Sowerby and Ms. Pettera as of the date of this Agreement, subject to adjustment in the same manner and at the same
times as other similarly situated employees of the Company and (ii) shall be eligible to receive the same or similar benefits as are made available by the Company from time to time to other similarly situated employees of the Company.

(c)           Any reimbursement of expenses or in-kind benefits shall be provided in a manner that complies with Treasury Regulation Section 1.409A-3(i)(1)(iv), including the following:  (1) in no event shall such benefits or
reimbursements be provided later than the last day of the Executive’s taxable year following the taxable year in which the expense 

was incurred or obligation arose, (ii) the amount of expenses eligible for reimbursement, or in-kind benefits provided, during the Executive’s taxable year may not affect the expenses 

 

 

 

 

eligible for reimbursement, or in-kind benefits provided, in any other taxable year of the Executive, and (iii) the right to reimbursements or in-kind benefits is not subject to liquidation or exchange for another benefit.

(d)           If, at the end of five years, the Company is still providing office space and the services of two employees to Tanger, the Company will meet with Tanger to discuss whether such office space and services should be continued.  The Company agrees to engage in good
faith discussions with Tanger regarding this matter and to submit the issue to the Board of Directors, which will make the final decision regarding this issue.

9.           The payments and benefits set forth in this Agreement are in settlement of all of Tanger’s Claims and possible Claims against the Company, and Tanger acknowledges that such payments and benefits are all that he is entitled
to receive from the Company.

10.           Execution of this Agreement and the payment of the consideration set forth herein shall not constitute, or in any manner be construed as, an admission of liability by the Company, which expressly denies any liability to
Tanger and further expressly denies that the Company has engaged in any wrongful acts or conduct, violated any local, state or federal statutes, ordinances, regulations, provisions or orders or that it has breached any obligations, express or implied, to Tanger.

11.           In consideration of the payments made and benefits provided herein, Tanger does hereby release, acquit and forever discharge the Company, its parent, subsidiaries, affiliates, successors, assigns, present and former shareholders,
directors, officers, agents, representatives, attorneys, and present and former employees from any and all claims, expenses (including attorneys’ fees except as otherwise provided in this Agreement), debts, demands, costs, contracts, awards, sums of money, obligations, actions and causes of action of every nature, under any theory under the law, whether common, constitutional, statutory or other, of any jurisdiction, foreign or domestic, whether
known or unknown, whether in law or in equity, which he had or held, or has or holds, or may claim to have or to hold by reason of any and all matters from the beginning of time to the present, whether brought or initiated by him or on his behalf, whether or not in his own name, including, but not limited to, those arising out of or relating to Tanger’s employment with and retirement from the Company (collectively “Claims”).  These Claims specifically include, but are not limited to,
claims for wrongful termination, breach of contract, breach of implied covenant of good faith and fair dealing, intentional or negligent infliction of emotional distress, discharge in violation of public policy, fraud, assault, battery, invasion of privacy, negligent retention, misrepresentation, interference with contractual relations or prospective business advantage, libel, slander, defamation, negligence, disability, severance pay, and/or discrimination based on race, national origin, sex, religion, color,
disability, and/or age under state or federal law (e.g., Title VII of the 1964 Civil Rights Act, as amended, the Age Discrimination in Employment Act, the Americans with Disabilities Act).  For the purpose of implementing a full and complete release and discharge of the parties set forth in this Paragraph 11, Tanger expressly acknowledges that this Agreement is intended to include in its effect, without limitation, Claims which he does not know of or suspect to exist in his favor, that this Agreement
is intended to extinguish all Claims and that he hereby waives all such Claims.  Tanger further expressly covenants not to sue the parties set forth in this Paragraph 11 for such Claims.

 

 

 

12.           The Company likewise releases Tanger to the same extent as Tanger released the Company in Paragraph 11, supra.

13.           Tanger covenants that he will not in the future file, and that there are no pending (a) administrative charges against the Company with any local, state or federal agency, or (b) civil actions relating to or based upon events
which have occurred prior to the effective date of this Agreement.

14.           Tanger recognizes that the terms of this Agreement will be disclosed as required by applicable Securities Exchange Commission (“SEC”) regulations and that a copy of this Agreement will be filed with the SEC.

15.           Tanger agrees to cooperate with the Company from the effective date of this Agreement, and thereafter, in all reasonable ways, including but not limited to executing all documents deemed necessary by the Company to effect
his retirement from and to relinquish his authority to act on behalf of the Company; providing requested business information; meeting with officials of the Company on business and financial matters; cooperating with attorneys of the Company on legal matters; providing truthful testimony at the Company’s request or if subpoenaed to testify; and in other reasonable ways cooperating with the Company upon the Company’s request. The Company agrees to reimburse Tanger for reasonable travel and lodging
expenses incurred by him in providing the aforementioned cooperation.

16.           This Agreement constitutes the entire agreement between the parties, superseding all other prior oral or written agreements between the parties, including the Employment Agreement, except that Paragraph 23 (“Section
409A”), Paragraph 4 (“Competition”), and Paragraph 12(c) (“Indemnification”) of the Employment Agreement, shall remain in full force and effect under this Agreement.  Further, the exculpation and indemnification provisions of the Tanger Factory Outlet Centers, Inc. Articles of Incorporation and Bylaws shall continue to apply to Tanger.  It is expressly understood that no amendment, deletion, addition, modification, or waiver of any provision of this Agreement
shall be binding or enforceable unless in writing and signed by all parties.

17.           The Company agrees to pay reasonable attorneys fees and expenses incurred by Tanger with respect to issues relating to his retirement and this Agreement.  Further, the Company agrees that if the Company, Tanger
(in his official capacity), and Tanger (in his individual capacity) are all sued as defendants in the same civil action for acts committed by Tanger while Tanger was employed by the Company (prior to September 1, 2009), the Company will pay Tanger's reasonable attorneys' fees and expenses to an attorney selected by Tanger and approved by the Company to represent Tanger.

18.           This Agreement will be governed by the laws of the State of North Carolina.

19.           Each provision of this Agreement is intended to be severable.  If any term or provision is held to be invalid, void, or unenforceable by a court of competent jurisdiction for any reason whatsoever, such ruling
shall not affect the validity of the remainder of this Agreement.

20.           It is understood and agreed that this Agreement shall not be subject to any claim of mistake of fact; and regardless of the adequacy or inadequacy of the amount paid, this release is intended to be final and complete.  Tanger
agrees that there is absolutely no agreement or reservation not clearly expressed herein; that the consideration stated herein is all that he is ever to receive for all Claims or potential Claims for damages, costs, attorneys’ fees, and other expenses; and that the execution hereof is with the full knowledge that this release covers all possible claims against the Company and those persons set forth in Paragraph 11 of this Agreement.

 

 

 

21.           Any dispute or controversy between the Company and Tanger arising out of or relating to this Agreement or the breach of this Agreement shall be settled by final and binding private arbitration in the State of North Carolina
in accordance with the Commercial Arbitration Rules of the American Arbitration Association then in effect.  Judgment may be entered on the arbitrator’s award in any court having jurisdiction.  The Company will pay the fees and expenses of arbitration.  The arbitrator shall have the authority to award any remedy, relief, or damages that a court of competent jurisdiction could order or grant, including without limitation, the issuance of an injunction and the relief specifically
provided for in this Agreement.  However, either party may, without inconsistency with this arbitration provision, apply to any court having jurisdiction over such dispute or controversy and seek interim, provisional injunctive or other equitable relief until the arbitration award is rendered or the controversy is otherwise resolved.  Except as may be necessary in court proceedings to enforce this arbitration provision or an award rendered hereunder, or to obtain interim relief, neither a
party nor an arbitrator may disclose the existence, content or results of any arbitration hereunder (including disclosure of testimony, a transcript, or exhibits) without the prior written consent of both the Company and Tanger.

22.           Tanger acknowledges that he has been advised in writing and encouraged to consult an attorney concerning this Agreement and the meaning and consequences of his signing it and that he has done so.  Tanger understands
that the release contained herein is a general, unconditional release with respect to all possible claims against the Company and those persons set forth in Paragraph 11 of this Agreement to the date of this Agreement, including all claims under the Age Discrimination in Employment Act.  Tanger further acknowledges that he has been advised that he has a period of twenty-one (21) days within which to consider this Agreement and that, by executing the Agreement, he enters into the Agreement freely and
voluntarily.  Tanger further understands and acknowledges that he has been advised that he has seven (7) days following the execution of this Agreement within which he may revoke this Agreement, and that this Agreement shall not become effective or enforceable until such revocation period has expired.

23.           Tanger may revoke this Agreement within seven (7) days after it is executed by him by delivering a written notice of revocation to:

Frank Marchisello

3200 Northline Avenue

Greensboro, NC 27408

no later than the close of business on the seventh day after this Agreement is signed by Tanger.

24.           This Agreement may be executed and delivered in two or more counterparts, each of which when so executed and delivered shall be the original, but such counterparts together shall constitute but one and the same instrument.

  

  

  

                            TANGER
PROPERTIES LIMITED PARTNERSHIP

                         By:  /s/
Frank C. Marchisello, Jr.               

                         Frank
C. Marchisello, Jr. 

     Vice President, Treasurer & Assistant Secretary 

     of Tanger GP Trust 

      the Sole General Partner of Tanger Properties, LP

STATE OF NORTH CAROLINA

COUNTY OF GUILFORD

BEFORE ME, a Notary Public in and for said state and county, on this day personally appeared Frank C. Marchisello, Jr., and being by me first duly sworn, on oath, states that he is the Vice President, Treasurer & Assistant Secretary of Tanger Properties Limited Partnership and that as such, he is authorized to execute the
foregoing SEVERANCE AGREEMENT AND MUTUAL GENERAL RELEASE on behalf of Tanger Properties Limited Partnership and that he voluntarily executed it on behalf of Tanger Properties Limited Partnership.

This the 21st day of September, 2009.

/s/ Patricia A. Ross               

Notary Public Signature

Patricia A. Ross                      

Notary Public Printed Name

[SEAL]                                                                My
Commission Expires:  11/19/2011    

 

  

  

  

 

 

                         TANGER
FACTORY OUTLET CENTERS, INC.

                        

 

                         By: /s/
Frank C. Marchisello, Jr.             

                      
  Frank C. Marchisello, Jr.

     Executive Vice President, Chief Financial Officer & Secretary 

STATE OF NORTH CAROLINA

COUNTY OF GUILFORD

BEFORE ME, a Notary Public in and for said state and county, on this day personally appeared Frank C. Marchisello Jr., and being by me first duly sworn, on oath, states that he is the Executive Vice President, Chief Financial Officer & Secretary of Tanger Factory Outlet Centers, Inc. and that as such, he is authorized to execute
the foregoing SEVERANCE AGREEMENT AND MUTUAL GENERAL RELEASE on behalf of Tanger Factory Outlet Centers, Inc. and that he voluntarily executed it on behalf of Tanger Factory Outlet Centers, Inc.

This the 21st day of September, 2009.

/s/ Patricia A. Ross               

Notary Public Signature

Patricia A. Ross                      

Notary Public Printed Name

[SEAL]                                                                My
Commission Expires:  11/19/2011    

  

  

  

IN WITNESS WHEREOF, the parties have hereunto set their hands and seals this 21st day of September, 2009.

/s/ Stanley K. Tanger                

Stanley K. Tanger

STATE OF NORTH CAROLINA

COUNTY OF GUILFORD

BEFORE ME, a Notary Public in and for said state and county, on this day personally appeared Stanley K. Tanger, and being by me first duly sworn, on oath, states that he executed the foregoing SEVERANCE AGREEMENT AND MUTUAL GENERAL RELEASE for the purposes and considerations therein expressed, that he has read it, had it explained to him
by his attorney, understands its meaning and effect, knows that it is a general and unconditional release in full, and that he voluntarily executed it as such.

This the 21st day of September, 2009.

/s/ Patricia A. Ross               

Notary Public Signature

Patricia A. Ross                      

Notary Public Printed Name

[SEAL]                                                                My
Commission Expires:  11/19/2011    

 

 

 

CERTIFICATION OF COUNSEL

I am a licensed attorney at law, and I hereby represent and declare that I have fully explained the foregoing Severance Agreement and Mutual General Release to Stanley K. Tanger, who in turn acknowledged to me an understanding of the document and the legal effect thereof.

/s/ Larry B. Sitton                  

Larry B. Sittond1042980_ex10-4.htm

    
      Execution
Version

    

    
 

    THIRD
AMENDATORY AGREEMENT

    

    THIRD AMENDATORY AGREEMENT
(this "Third Amendatory
Agreement") is dated as of  August 4, 2009 and made
between:

     

    
      
        	
                (1)

              	
                EAGLE BULK SHIPPING
      INC., a corporation incorporated in the Republic of the Marshall
      Islands, as Borrower (the "Borrower");

              

      

       

      
        	
                (2)

              	
                THE SUBSIDIARIES of the
      Borrower party hereto as Guarantors (the "Guarantors");

              

      

       

      
        	
                (3)

              	
                THE BANKS AND FINANCIAL
      INSTITUTIONS whose names appear on the signature pages hereof as
      Lenders (the "Existing
      Lenders");  and

              

      

       

      
        	
                (4)

              	
                THE ROYAL BANK OF SCOTLAND
      plc as Mandated Lead Arranger, Bookrunner, Swap Bank, Agent and
      Security Trustee.

              

      

    

     

    PRELIMINARY
STATEMENTS:

    

    
      	
              (A)

            	
              The
      Borrower, the Guarantors, the Lenders described therein and The Royal Bank
      of Scotland plc acting in the several capacities as Mandated Lead
      Arranger, Bookrunner, Swap Bank, Agent and Security Trustee are parties to
      a Third Amended and Restated Credit Agreement dated as of October 19, 2007
      as amended by an Amendatory Agreement dated as of July 3, 2008 and a
      Second Amendatory Agreement dated as of December 17, 2008 (the "Credit Agreement")
      providing for a secured reducing revolving credit facility for the
      purposes described therein.

            

    

     

    
      	 (B)	The
      Borrower and the Existing Lenders have agreed to further modifications of
      the Credit Agreement on the terms and conditions herein
      provided.

    

     

    NOW,
THEREFORE, in consideration of the premises and the mutual covenants and
agreements contained herein, it is agreed as follows:

    

    
      	
              1.

            	
              DEFINITIONS

            

    

    

    Words and
expressions defined in the Credit Agreement shall have the same meaning when
used in this Third Amendatory Agreement unless the context otherwise
requires.

    

    
      	
              2.

            	
              REPRESENTATIONS
      AND WARRANTIES

            

    

    

    Each
Obligor jointly and severally represents and warrants to each Finance Party
that:

    

    
      	
              (a)

            	
              All
      of the representations and warranties contained in Clause 18 of the Credit
      Agreement are true and correct on and as of the date hereof as if made on
      and as of the date hereof.

            

    

    

    
      	
              (b)

            	
              No
      Default has occurred and is continuing on the date
  hereof.

            

    

    

    
      	
              (c)

            	
              The
      obligations expressed to be assumed by it in this Third Amendatory
      Agreement are, and, upon execution and delivery of this Third Amendatory
      Agreement and each of the other documents contemplated hereby to which it
      is to be a party, the obligations expressed to be assumed by it herein and
      in such other documents will be, legal, valid, binding
  and

            

    

    
      
        
        

         

      

      
         

        
          

        

      

      
         

      

    

    

    enforceable
obligations, subject to applicable bankruptcy, insolvency, reorganization,
moratorium or similar laws affecting the enforceability of creditor's rights
generally.

    

    
      	
              (d)

            	
              It
      has the power to enter into, perform and deliver, and has taken all
      necessary action to authorize its entry into, performance and delivery of,
      this Third Amendatory Agreement and the transactions contemplated by this
      Third Amendatory Agreement.

            

    

    

    
      	
              3.

            	
              AMENDMENTS
      TO CREDIT AGREEMENT

            

    

    

    With
effect from the date (the "Effective Date") on which the
condition precedent set forth in Clause 4 of this Third Amendatory Agreement
shall have been satisfied:

    

    
      	
              3.01

            	
              The
      Total Commitments of the Lenders is further reduced from $1,350,000,000 to
      $1,200,000,000, and the Commitment of each Lender outstanding immediately
      prior to the Effective Date is reduced pro
    rata.

            

    

    

    
      	
              3.02

            	
              The
      definition of "Additional Newbuilding"
      in Clause 1.1 of the Credit Agreement is amended to exclude Yangzhou
      Dayang Shipbuilding Co., Ltd. Hull Nos. DY143, DY3038, DY3041 and
      DY3043.

            

    

    

    
      	
              3.03

            	
              The
      definition of "Approved
      Charter" in Clause 1.1 of the Credit Agreement is amended to read
      in its entirety as follows:

            

    

    

    "Approved Charter" means,
collectively, (i) the time charters described in Part IV of Schedule 12 (Details of Existing Ships,
Newbuildings and Approved Charters), and (ii) any other time or
consecutive voyage charter in respect of a Ship for a term which exceeds, or
which by virtue of any optional extensions may exceed, 24 months and has been
approved by the Agent.

    

    
      	
              3.04

            	
              The
      definition of "Approved
      Manager" in Clause 1.1 of the Credit Agreement is amended to read
      in its entirety as follows:

            

    

    

    "Approved
Manager"  means, as the context may require, (i) Eagle Shipping
International (USA) LLC, a Marshall Islands limited liability company with
offices currently at 477 Madison Avenue, New York, New York, or any other person
approved by the Agent from time to time as the commercial manager of a Ship,
which approval shall not unreasonably be withheld, and (ii) V Ships Management
Ltd., an Isle of Man company with offices at Eaglehurst, Belmont Hill, Douglas,
Isle of Man, Wilhelmsen Ship Management (formerly Barber International Ltd.), a
Hong Kong company with offices at West Tower, Shun Tak Centre, 168-200 Connaught
Road Central, Hong Kong, Anglo-Eastern International (Macau Commercial Offshore)
Limited, Avenida Sir Anders Ljungstetd No. 160, Edf. Jardim Brilhantismo, No. 12
Andar "L", Macau, any Subsidiary of the Borrower, or any other person approved
by the Agent from time to time as the technical manager of a Ship, which
approval shall not unreasonably be withheld.

    

    
      	
              3.05

            	
              Paragraph
      (c) of the definition of "Debt" in Clause 1.1 of
      the Credit Agreement is amended to read in its entirety as
      follows:

            

    

     

     

    
      
        
        

      

      
        2

        
          

        

      

      
        
        

      

    

     

    
 

    
      	
               
      

            	
              (c)

            	
              contingent
      liabilities of the debtor (including without limitation any taxes or other
      payments under dispute) which have been or, under GAAP, should be recorded
      in the notes to the Accounting Information, but excluding any contingent
      liabilities in respect of Deferred Revenue and Fair Value Below Contract
      Value from charters of Ships;

            

    

    

    
      	
              3.06

            	
              The
      definition of "Margin" in Clause 1.1
      of the Credit Agreement is amended to read in its entirety as
      follows:

            

    

    

    "Margin"  means two
and one-half percent (2.50%) per annum;  provided, however, that if at
the end of any Accounting Period ending on or after September 30, 2009, the
ratio of Consolidated Debt to Net Worth is less than fifty percent (50%),
"Margin" shall be reduced to two percent (2.00%) per annum with effect from the
beginning of the next Accounting Period;  provided, further, that if at
the end of any Accounting Period following a reduction of the Margin pursuant to
the preceding proviso, the ratio of Consolidated Debt to Net Worth is equal to
or greater than fifty percent (50%), "Margin" shall be reinstated permanently to
two and one-half percent (2.50%) per annum with effect from the beginning of the
next Accounting Period or the next Interest Period, whichever is
earlier.

    

    
      	
              3.07

            	
              The
      definition of "Security Value" in Clause 1.1 of the Credit Agreement is
      amended to read in its entirety as
follows:

            

    

    

    "Security Value" means, in
respect of any relevant date, the aggregate amount of (a) the contract price of
each Newbuilding which has not been delivered, where the relevant Shipbuilding
Contract and (except in relation to the IHI Newbuildings) Refund Guarantees for
such Newbuilding is then subject to an Assignment of Shipbuilding Contract and
Refund Guarantee, less any amount remaining unpaid to the relevant shipyard
under such Shipbuilding Contract, and (b) the market value of each Ship then
subject to a Mortgage and which has not become the subject of a Total Loss,
determined in accordance with Clause 21.3 (Valuation of Ships) on the
basis of the most recent valuation delivered pursuant to Clause 4.2 (Conditions Precedent to
Utilization) or Clause 21.6 (Provision of valuations and
information) , as the case may be.

    

    
      	
              3.08

            	
              The
      definition of "Tangible
      Fixed Assets" in Clause 1.1 of the Credit Agreement is amended to
      read in its entirety as follows:

            

    

    

    "Tangible Fixed
Assets"  means, in respect of an Accounting Period, the value
(less depreciation computed in accordance with GAAP) on a consolidated basis of
all tangible fixed assets of the Group as stated in the then most recent
Accounting Information;  provided that, for
the purposes of determining compliance with the covenant set forth in Clause
20.1(a) (Minimum adjusted net
worth), (a) the amount of Tangible Fixed Assets attributable to
Newbuildings shall be equal to the aggregate amount of the contract price of
each Newbuilding which has not been delivered, where the relevant Shipbuilding

     

     

     

    
      
        
        

      

      
        3

        
          

        

      

      
        
        

      

    

     

    Contract
and (except in relation to the IHI Newbuildings) Refund Guarantees for such
Newbuilding is then subject to an Assignment of Shipbuilding Contract and Refund
Guarantee, less any amount remaining unpaid to the relevant shipyard under such
Shipbuilding Contract, and (b) the amount of Tangible Fixed Assets attributable
to Ships shall be equal to the aggregate amount of the market value of each Ship
then subject to a Mortgage and which has not become the subject of a Total Loss,
determined in accordance with Clause 21.3 (Valuation of Ships) on the
basis of the most recent valuation delivered pursuant to Clause 4.2 (Conditions Precedent to
Utilization) or Clause 21.6 (Provision of valuations and
information), as the case may be.

    

    
      	
              3.09

            	
              The
      definition of "Termination Date" in
      Clause 1.1 of the Credit Agreement is amended to read in its entirety as
      follows:

            

    

    

    "Termination
Date"  means July 31, 2014.

    

    
      	
              3.10

            	
              Clause
      1.1 of the Credit Agreement is amended by inserting in the appropriate
      alphabetical order the following new
  definitions:

            

    

    

    "Deferred Revenue" means, in
relation to any charter of a Ship where the charterer agrees to pay in advance a
portion of charter hire payable for the duration of such charter based on the
difference between the daily hire rate under such charter and the daily hire
rate prevailing in the market for similar vessels at the time of such agreement,
the amount so paid in advance (as such amount may be reduced from time to time
as it is recognized ratably as charter revenue).

    

    "Equity" means the net cash
proceeds (after deducting costs and expenses) from the issuance of common or
preferred stock of the Borrower, including any net cash proceeds from the
issuance by the Borrower of instruments convertible into stock.

    

    "Fair Value Below Contract Value"
means, in relation to any Ship acquired subject to an existing charter
where the daily hire rate prevailing in the market for similar vessels at the
time of such acquisition is greater than the daily hire rate under such charter,
the amount equal to the difference between the charter hire payable at such
daily hire rate prevailing in the market and the daily hire rate under such
charter, for the duration of such charter (as such amount may be amortized for
the duration of such charter as increases to charter revenue).

    

    "Minimum Adjusted Net Worth
Reinstatement Date" has the meaning
specified in Clause 20.1(a) (Minimum adjusted net
worth).

    

    "Minimum Required Security Cover
Reinstatement Date"  has the meaning
specified in Clause 21.1 (Minimum required security
cover).

    

    "Net Worth" means, in respect
of any Accounting Period, the value of the Borrower's total shareholders' equity
(consisting of preferred and common stock, additional paid in capital, retained
earnings, accumulated other losses and any 

     

     

     

    
      
        
        

      

      
        4

        
          

        

      

      
        
        

      

    

     

    other
reserves) less goodwill, intangible assets (other than goodwill) and any
deferred tax assets, as stated in the Accounting Information for the relevant
Accounting Period.

    

    
      	
              3.11

            	
              Clause
      3.1(c)(i) and (ii) of the Credit Agreement are amended to read in their
      entirety as follows:

            

    

    

    
      	
               
      

            	
              (i)

            	
              to
      assist a Guarantor to finance Newbuilding Predelivery Costs in relation to
      the IHI Newbuildings;

               

            

    

    
      	
               
      

            	
              (ii)

            	
              to
      assist a Guarantor to finance Newbuilding Predelivery Costs in relation to
      the Target Newbuildings;

            

    

     

    3.12        Clause
4.2(b) of the Credit Agreement is amended to read in its entirety as
follows:

    

    
      	
               
      

            	
              (b)

            	
              unless
      Clause 4.2(a) shall apply and if Clause 5.3(b)(ii) shall apply, the Agent
      shall have obtained, at the Borrower's expense, a valuation of each Ship
      not earlier than 3 days before the relevant Utilization Date from an
      Approved Broker confirming that the amount of the Loan(s) proposed to be
      borrowed on the relevant Utilization Date is permitted under Clause
      5.3(b)(ii);

            

    

    

    3.13        Clause
4.3 of the Credit Agreement is deleted in its entirety.

    

    
      	
              3.14

            	
              Clause
      5.3 (Currency and
      amount) of the Credit Agreement is amended to read in its entirety
      as follows:

            

    

    

    
      	
               
      

            	
              5.3

            	
              Currency
      and amount

               

            

    

    
      	
               
      

            	
              (a)

            	
              The
      currency specified in a Utilization Request must be Dollars.

               

            

    

    
      	
               
      

            	
              (b)

            	
              The
      amount of the proposed Loan shall be an amount which, together with the
      aggregate amount of all outstanding Loans, shall not exceed as of the
      proposed Utilization Date:

               

            

    

    
      	
               
      

            	
              (i)

            	
              until
      both the Minimum Adjusted Net Worth Reinstatement Date and the Minimum
      Required Security Cover Reinstatement Date shall have occurred, 75% of the
      value (less depreciation computed in accordance with GAAP) on a
      consolidated basis of vessels and vessel improvements (at cost, net of
      accumulated depreciation) and advances for vessel construction as stated
      in the then most recent Accounting
    Information;  and

            

    

    

    
      	
               
      

            	
              (ii)

            	
              at
      all times after both the Minimum Adjusted Net Worth Reinstatement Date and
      the Minimum Required Security Cover Reinstatement Date shall have
      occurred, 75% of the Security
Value.

            

    

    
 

    
      
        
        

      

      
        5

        
          

        

      

      
        
        

      

    

     

     

    
      	 	provided, however, that
      this Clause 5.3(b) shall not apply to any proposed Loan for working
      capital purposes; 

    

     

    
      	
               
      

            	
              (c)

            	
              The
      amount of any proposed Loan for working capital purposes shall be an
      amount which, together with the aggregate amount of all outstanding Loans
      made for such purpose, shall not exceed $20,000,000.

               

            

    

    
      	
              3.15

            	
              Clause
      6.1 (Reduction of total
      commitments) of the Credit Agreement is amended to read in its
      entirety as follows:

            

    

    

    The Total
Commitments shall be reduced and cancelled by an amount of $56,250,000 on each
Scheduled Commitment Reduction Date, and shall be reduced to zero and cancelled
on the Termination Date.

    

    3.16        Clause
6.2(b) of the Credit Agreement is deleted in its entirety.

    

    
      	
              3.17

            	
              Clause
      7.5 (Mandatory
      prepayment) of the Credit Agreement is amended by inserting a new
      sub-clause (c) as follows:

            

    

    

    
      	
               
      

            	
              (c)

            	
              Not
      later than thirty (30) days after the end of each Accounting Period,
      commencing with the Accounting Period ended June 30, 2009 and until both
      the Minimum Adjusted Net Worth Reinstatement Date and the Minimum Required
      Security Cover Reinstatement Date shall have occurred, the Borrower shall
      repay the Loans in an amount equal to fifty percent (50%) of the aggregate
      amount of any Equity received by the Borrower during such Accounting
      Period (it being understood that the Borrower received Equity from an At
      The Market Offering made during the Accounting Period
      ended  June 30, 2009).  Upon payment by the Borrower
      of any amount payable under the preceding sentence, the Available Facility
      shall be cancelled by an amount equal to such payment, and the Commitments
      of the Lenders shall be reduced
ratably.

            

    

    

    
      	
              3.18

            	
              Clause
      7 (Prepayment and
      cancellation) of the Credit Agreement is amended by inserting a new
      Clause 7.10 as follows:

            

    

    

    
      	
               
      

            	
              7.10

            	
              Pro
      rata Cancellation

            

    

     

    
      	 	Any partial
      cancellation of the Available Facility shall reduce pro rata each of the
      scheduled reductions of the Total Commitments provided in Clause
      6.1. 

    

     

    
      	
              3.19

            	
              Clause
      11.1(a) (Commitment
      fee) of the Credit Agreement is amended to read in its entirety as
      follows:

            

    

    

    
      	
               
      

            	
              (a)

            	
              The
      Borrower shall pay to the Agent (for the account of each Lender) a fee
      computed at the rate of 0.70% per annum on that Lender's Available
      Commitment for the Availability
Period.

            

    

     

     

    
      
        
        

      

      
        6

        
          

        

      

      
        
        

      

    

    
 

    
      	
              3.20

            	
              Clause
      20.1 (Minimum adjusted
      net worth) of the Credit Agreement is amended to read in its
      entirety as follows:

            

    

     

    
      	 	20.1	Minimum Adjusted Net
      Worth

    

     

    
      	
               
      

            	
              (a)

            	
              During
      the Accounting Period ended September 30, 2009 and each Accounting Period
      thereafter, the Borrower shall maintain Adjusted Net Worth at an amount
      not less than $300,000,000;  provided, however, that
      this Clause 20.1(a) shall not apply until such time as the Borrower shall
      have complied with the provisions of this Clause 20.1(a) (without taking
      account of this proviso) for two consecutive Accounting Periods (such time
      being the "Minimum
      Adjusted Net Worth Reinstatement
Date").

            

    

    

    
      	
               
      

            	
              (b)

            	
              Until
      the Minimum Adjusted Net Worth Reinstatement Date shall have occurred,
      during the Accounting Period ended September 30, 2009 and each Accounting
      Period thereafter, the Borrower shall maintain Adjusted Net Worth at an
      amount not less than $400,000,000 plus an amount equal to fifty percent
      (50%) of the aggregate amount of any Equity received by the Borrower
      during any Accounting Period commencing on or after April 1,
      2009;  provided, however, that
      solely for purposes of determining compliance with the covenant set forth
      in this Clause 20.1(b), the amount of Tangible Fixed Assets shall be equal
      to the value (less depreciation computed in accordance with GAAP) on a
      consolidated basis of vessels and vessel improvements (at cost, net of
      accumulated depreciation) and advances for vessel construction as stated
      in the Accounting Information for the relevant Accounting
      Period.

            

    

    

    
      	
              3.21

            	
              Clause
      20.2 (Minimum interest
      coverage ratio) of the Credit Agreement is amended to read in its
      entirety as follows:

            

    

     

    
      	 	20.2	Minimum Interest Coverage
      Ratio

    

     

    
      	
               
      

            	
              (a)

            	
              The
      Borrower shall maintain EBITDA at an amount not less than 200% of Gross
      Interest Expenses (including capitalized interest) during each Accounting
      Period; provided, however, that
      this Clause 20.2 shall not apply until both of the Minimum Adjusted Net
      Worth Reinstatement Date and the Minimum Required Security Cover
      Reinstatement Date shall have
occurred.

            

    

    

    
      	
               
      

            	
              (b)

            	
              Until
      both of the Minimum Adjusted Net Worth Reinstatement Date and the Minimum
      Required Security Cover Reinstatement Date shall have occurred, the
      Borrower shall maintain EBITDA at a cumulative amount on a trailing four
      quarter basis (i) as of the end of each Accounting Period during the 24
      month period commencing July 1, 2009 and ending

            

    

     

     

    
      
        
        

      

      
        7

        
          

        

      

      
        
        

      

    

    

     

    
      	 	
              June
      30, 2011, not less than 120% of cumulative Gross Interest Expenses
      (including capitalized interest) on a trailing four quarter basis, and
      (ii) as of the end of each Accounting Period beginning on or after July 1,
      2011, not less than 130% of cumulative Gross Interest Expenses (including
      capitalized interest) on a trailing four quarter
  basis.

            

    

     

    
      	
              3.22

            	
              Clause
      20.3 (Minimum
      liquidity) of the Credit Agreement is amended to read in its
      entirety as follows:

            

    

     

    
      	 	20.3	Minimum
    Liquidity

    

     

    At all
times on or after the date hereof, the Borrower and its Subsidiaries shall
maintain free cash in one or more accounts with the Agent in an aggregate
amount not less than the greater of (a) the product of $500,000 multiplied by
the number of Ships owned by the Borrower or any of its Subsidiaries, or (b) an
amount equal to any reduction in the Total Commitments scheduled to be effected
within the next six months under Clause 6.1 (or, during the last six months
prior to the Termination Date, 5.77% of the Total Commitments then outstanding)
less the amount of the then unutilized Facility.

    

    
      	
              3.23

            	
              Clause
      21.1 (Minimum required
      security cover) of the Credit Agreement is amended to read in its
      entirety as follows:

            

    

     

    
      	 	21.1	Minimum required security
      cover

    

                

    Clause
21.2 (Provision of additional
security; prepayment) applies if the Agent notifies the Borrower
that:

    

    (a)       
      the Security Value; plus

    

    (b)        
     the net realizable value of any additional
security previously provided under this Clause 21;

    

    is below
130% of the aggregate of the Loans and of the Swap Exposure of each Swap
Counterparty;  provided, however, that Clause
21.2 shall not apply until such time that Agent notifies the Borrower that the
sum of the Security Value plus the net realizable value of any additional
security previously provided under Clause 21.2 has been equal to or greater than
130% of the aggregate of the Loans and of the Swap Exposure of each Swap
Counterparty for two consecutive Accounting Periods (such time being the "Minimum Required Security Cover
Reinstatement Date").

    

    
      	
              3.24

            	
              Clause
      21.6(a) (Provision of
      valuations and information) of the Credit Agreement is amended to
      read in its entirety as follow:

            

    

    

    
      	
               
      

            	
              (a)

            	
              For
      purposes of this Clause 21 and in order to determine if the Minimum
      Required Security Cover Reinstatement Date has occurred, the Obligors at
      their expense shall cause a valuation of each Ship and any relevant
      existing charter to be made by an Approved Broker indicating the market
      value of such Ship, together with any relevant existing charter, at any
      time the Agent may request upon not less than 5 days' prior written notice
      from the Agent to the Borrower

            

    

     

     

    
      
        
        

      

      
        8

        
          

        

      

      
        
        

      

    

    
 

    
      	
              3.25

            	
              Clause
      22.6 (Change of
      busines) of the Credit Agreement is amended to read in its entirety
      as follows:

            

    

     

    
      	 	22.6	Change of
    business

    

     

    
      	 	The Borrower shall
      procure that no member of the Group shall engage in any line of business
      other than (i) directly or indirectly owning and operating the Existing
      Ships, or acquiring and operating the Newbuildings and/or Additional
      Ships, or (ii) the  management as manager or agent of vessels
      owned by any person not a member of the
Group. 

    

     

    
      	
              3.26

            	
              Clause
      22.10 (Approved
      charter) of the Credit Agreement is amended to read in its entirety
      as follows:

            

    

     

    
      	 	22.10	Approved
    Charter

    

     

    
      	 	
              Each
      relevant Obligor undertakes to advise the Agent reasonably in advance of
      any agreement to amend or supplement, or any determination to waive or
      forbear from enforcing, any Approved Charter or any of its provisions in
      any material respect.

            

    

     

    
      	
              3.27

            	
              Clause
      24.11(b) (Restrictions
      on chartering, appointment of managers, etc.) of the Credit
      Agreement is amended to read in its entirety as
  follows:

            

    

    

    
      	
               
      

            	
              (b)

            	
              enter
      into any time or consecutive voyage charter (other than an Approved
      Charter) in respect of that Ship for a term which exceeds, or which by
      virtue of any optional extensions may exceed, 24
  months;

            

    

    

    
      	
              3.28

            	
              Clause
      6 of Part II of Schedule 2 (Conditions precedent to
      utilization for initial Loan in respect of a Newbuilding other than an IHI
      Newbuilding or a Target Newbuilding, or the purchase of an Additional
      Ship) is amended by deleting the words "including each
      Newbuilding".

            

    

    

    
      	
              3.29

            	
              Each
      reference in the Credit Agreement to "this Agreement", "hereunder",
      "hereof", "herein" or words of like import, and each reference to the
      "Credit Agreement" in any of the other Finance Documents, shall mean and
      refer to the Credit Agreement as amended
hereby.

            

    

     

    
      	
              4.

            	
              CONDITION
      PRECEDENT

            

    

    

    
      	
               
      

            	
              The
      condition precedent referred to in Clause 3 of this Third Amendatory
      Agreement is that the Agent shall have received each of the following in
      form and substance satisfactory to the Agent not later than August 12,
      2009 or such later date as the Agent, after consultation with the Borrower
      and with the consent of the Majority Lenders, may specify for such
      purpose:

            

    

     

    
      	
              (a)

            	
              a
      copy of a resolution of the board of directors or sole member, as
      appropriate, of each Obligor:

            

    

     

     

    
      
        
        

      

      
        9

        
          

        

      

      
        
        

      

    

    
 

    
    

    
      	
               
      

            	
              (i)

            	
              approving
      the terms of, and the transactions contemplated by, this Third Amendatory
      Agreement and resolving that it execute this Third Amendatory Agreement
      and any other documents contemplated hereby to which it is or is to be a
      party;  and

               

            

    

    
      	
               
      

            	
              (ii)

            	
              authorizing
      a specified person or persons to execute this Third Amendatory Agreement
      and any other documents contemplated hereby to which it is or is to be a
      party; and

               

            

    

    
      	
              (b)

            	
              a
      certificate of an officer of the Borrower, dated as of a current date (the
      statements made in such certificate shall be true on and as of such date),
      certifying as to (i) the absence of any amendments to the articles of
      incorporation and by-laws, or certificate of formation and limited
      liability company agreement of each Obligor previously certified to the
      Agent pursuant to Clauses 4.1 or 4.2(a) of the Credit Agreement, (ii) the
      due incorporation or formation, as the case may be, and good standing of
      each Obligor, as a corporation or limited liability company formed under
      the laws of the Republic of The Marshall Islands and the absence of any
      proceeding for the dissolution or liquidation of such Obligor, (iii) that
      the representations and warranties of each Obligor contained in this Third
      Amendatory Agreement are true and correct, and (iv) the absence of any
      Default.

            

    

    

    
      	
              (c)

            	
              an
      amendment to the Mortgage relating to each Ship subject to a Mortgage as
      of the date of this Third Amendatory Agreement, duly executed by the
      relevant Guarantor to secure the Credit Agreement as amended by this Third
      Amendatory Agreement;

            

    

    

    
      	
              (d)

            	
              a
      Certificate of Ownership and Encumbrance issued by the Maritime
      Administrator for the Marshall Islands (or other relevant authority)
      stating that each of the Ships referred to in the preceding subclause (c)
      is owned by the relevant Guarantor and that there is on record no Security
      on such Ship except the relevant Mortgage as amended in accordance
      herewith;

            

    

    

    
      	
              (e)

            	
              a
      favorable opinion of Messrs. Seward & Kissel LLP, counsel for the
      Obligors, in respect of this Third Amendatory Agreement, the Mortgage
      amendments referred to in the preceding subclause (d), and as to such
      other matters as the Agent may reasonably
      require;  and

            

    

    

    
      	
              (f)

            	
              payment
      to the Agent (for the account of each of the Existing Lenders executing
      this Third Amendatory Agreement rateably in accordance with their
      respective Commitments) of an amendment fee of $3,000,000 (being one
      quarter of one percent (0.25%) of the Total Commitments after giving
      effect to this Third Amendatory
Agreement).

            

    

    

    
      	
              5

            	
              EFFECT
      OF AMENDMENT

            

    

    

    Except as
amended by this Third Amendatory Agreement, the Credit Agreement shall remain in
full force and effect, including the provisions of Clause 5.02 (Conditions Subsequent) of the
Second Amendatory Agreement dated as of December 17, 2008 among the Borrower,
the Guarantors and the Finance Parties as supplemented by letters dated April 1,
2009 and July 7, 2009 between the Agent and the Borrower.

    

    
      	
              6.

            	
              COSTS
      AND EXPENSES

            

    

    

    The
Borrower agrees that the provisions of Clause 16 (Costs and Expenses) of the
Credit Agreement shall apply to this Third Amendatory Agreement.

     

     

    
      
        
        

      

      
        10

        
          

        

      

      
        
        

      

    

    
 

    
      	
              7.

            	
              COUNTERPARTS

            

    

    

    This
Third Amendatory Agreement may be executed in any number of counterparts, and
this has the same effect as if the signatures on the counterparts were on a
single copy of this Third Amendatory Agreement.

    

    8.            
GOVERNING LAW

     

    THIS
THIRD AMENDATORY AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE
WITH, THE LAWS APPLICABLE IN THE STATE OF NEW YORK (WITHOUT REGARD TO CONFLICTS
OF LAW PRINCIPLES).

    

    9.    
        EFFECTIVENESS

     

    This
Third Amendatory Agreement shall become effective on the date when the Borrower,
the Guarantors and Lenders constituting the Majority Lenders shall have signed a
counterpart hereof (whether the same or different counterparts) and shall have
delivered (including by way of facsimile or other electronic transmission) the
same to Watson, Farley & Williams (New York) LLP, 1133 Avenue of the
Americas, New York, NY 10036; Attention:  C. Gregory Chase (facsimile
number: 212-922-1512 / email: cchase@wfw.com).

    

    This
Third Amendatory Agreement has been entered into as of the date stated at the
beginning hereof.

    

    SIGNATORIES

    

    
      	 
      	
              BORROWER:

               

              EAGLE
      BULK SHIPPING INC.

                                                                                                
      

               

               

            

    

     

    
      	 	By: 	/s/ Alan
      Ginsberg 
	 	 	
              Alan
      Ginsberg
Chief
      Financial Officer

            

    

     

    
      
        
           

           

        

         

      

      
        11

        
          

        

      

      
         

      

    

     

    
 

    
      	 
      	
              GUARANTORS:

               

              CARDINAL
      SHIPPING LLC

              CONDOR
      SHIPPING LLC

              CRESTED
      EAGLE SHIPPING LLC

              CROWNED
      EAGLE SHIPPING LLC

              FALCON
      SHIPPING LLC

              GOLDEN
      EAGLE SHIPPING LLC

              GRIFFON
      SHIPPING LLC

              HARRIER
      SHIPPING LLC

              HAWK
      SHIPPING LLC

              HERON
      SHIPPING LLC

              IMPERIAL
      EAGLE SHIPPING LLC

              JAEGER
      SHIPPING LLC

              KESTREL
      SHIPPING LLC

              KITE
      SHIPPING LLC

              KITTIWAKE
      SHIPPING LLC

              MERLIN
      SHIPPING LLC

              OSPREY
      SHIPPING LLC

              PEREGRINE
      SHIPPING LLC

              SHRIKE
      SHIPPING LLC

              SKUA
      SHIPPING LLC

              SPARROW
      SHIPPING LLC

              STELLAR
      EAGLE SHIPPING LLC

              TERN
      SHIPPING LLC

              PETREL
      SHIPPING LLC

              PUFFIN
      SHIPPING LLC

              RAPTOR
      SHIPPING LLC

              ROADRUNNER
      SHIPPING LLC

              SAKER
      SHIPPING LLC

              SANDPIPER
      SHIPPING LLC

              SNIPE
      SHIPPING LLC

              SWIFT
      SHIPPING LLC

              GOLDENEYE
      SHIPPING LLC

              GOSHAWK
      SHIPPING LLC

              FULMAR
      SHIPPING LLC

              WREN
      SHIPPING LLC

              BESRA
      SHIPPING LLC

              CERNICALO
      SHIPPING LLC

              REDWING
      SHIPPING LLC

              WOODSTAR
      SHIPPING LLC

              By:  Eagle
      Bulk Shipping Inc.,

              as sole member

               

               

            

    

     

    
      
        	 	By: 	/s/ Alan
      Ginsberg 
	 	 	
                Alan
      Ginsberg
Chief
      Financial Officer

              

      

       

    

    
 

    
      
        
                                                                                                                                        

        

         

      

      
         

        
          

        

      

      
         

      

    

    

    
      	 
      	
              GUARANTORS:

               

              AGALI
      SHIPPING S.A.

              AVLONA
      SHIPPING S.A.

              DELFINI
      SHIPPING S.A.

              DROSATO
      SHIPPING S.A.

              FOUNTANA
      SHIPPING S.A.

              KAMPIA
      SHIPPING S.A.

              KOFINA
      SHIPPING S.A.

              MARMARO
      SHIPPING S.A.

              MESTA
      SHIPPING S.A.

              MYLOS
      SHIPPING S.A.

              NAGOS
      SHIPPING S.A.

              NENITA
      SHIPPING S.A.

              OLYMPI
      SHIPPING S.A.

              PELINEO
      SHIPPING S.A.

              PYRGI
      SHIPPING S.A.

              RAHI
      SHIPPING S.A.

              SIRIKARI
      SHIPPING S.A.

              SPILIA
      SHIPPING S.A.

               

               

               

            

    

     

    
      
        	 	By: 	/s/ Alan
      Ginsberg 
	 	 	
                Alan
      Ginsberg
Chief
      Financial Officer

              

      

       

    

    
 

    
      
        
          

           

        

         

      

      
         

        
          

        

      

      
         

      

    

     

     

    

     

    
      	 	
              LENDERS:

              

              THE
      ROYAL BANK OF SCOTLAND PLC

              

                         
      
 

    

     

    
      
        	 	By: 	/s/ Leo
      Chang 
	 	 	
                Leo
      Chang

                Attorney-in-Fact

              

      

       

    

    
      
        
          

           

        

         

      

      
         

        
          

        

      

      
         

      

    

    WESTLB
AG, LONDON BRANCH

    

    
       

      
        
          	 	By: 	/s/ Carol
      Street 
	 	
                  Name:

                  Title: 

                	
                  Carol
      Street

                  Associate Director

                   

                

        

         

        
           

          
            
              	 	By: 	/s/ Gavin
      Doyle
	 	
                      Name: 

                      Title:

                    	
                      Gavin
      Doyle

                      Managing Director

                    

            

            
 

          

        

      

    

    
      
        
          

           

        

         

      

      
         

        
          

        

      

      
         

      

    

    BANK
OF CHINA LIMITED, LONDON BRANCH

    

    

     

    
      
        
          	 	By: 	/s/ Chuang-Fei
      Li
	 	
                  Name: 

                  Title:

                	
                  Mr.
      Chuang-Fei Li

                  Deputy General Manager

                

        

         

      

    

    
 

    
      
        
          

           

        

         

      

      
         

        
          

        

      

      
         

      

    

    LLOYDS
TSB BANK PLC

    

    

     

    
       

      
        
          
            	 	By: 	/s/ David
      Sumner
	 	
                    Name: 

                    Title:

                  	
                    David
      Sumner

                    Associate Director, Ship Finance

                  

          

          
 

        

      

    

    
      
        
          

           

        

         

      

      
         

        
          

        

      

      
         

      

    

    ALLIANCE
& LEICESTER COMMERCIAL FINANCE PLC

    

    

    
       

      
        
          
            	 	By: 	/s/ Mark
      McCarthy
	 	
                    Name: 

                    Title:

                  	
                    Mark
      McCarthy

                    Head of Shipping

                  

          

          

            
              
                
                  

                   

                

                 

              

              
                 

                
                  

                

              

              
                 

              

            

        

      

    

    SUMITOMO
MITSUI BANKING CORPORATION

    

    

    
       

       

      
        
          
            	 	By: 	/s/ Konstantinos
      Karabalis
	 	
                    Name: 

                    Title:

                  	
                    Konstantinos
      Karabalis

                    Deputy General Manager

                  

          

          

            
              
                
                  

                   

                

                 

              

              
                 

                
                  

                

              

              
                 

              

            

        

      

    

    CRÉDIT
INDUSTRIEL ET COMMERCIAL, NEW YORK BRANCH

    

    

    
       

       

      
        
          
            	 	By: 	/s/ Alex
      Aupoix
	 	
                    Name: 

                    Title:

                  	
                    Alex
      Aupoix

                    Vice President

                  

          

          
 

          
             

            
              
                
                  	 	By: 	/s/ Adrienne
      Molloy
	 	
                          Name: 

                          Title:

                        	
                          Adrienne
      Molloy

                          Vice President

                        

                

                

                  
                    
                      
                        

                         

                      

                       

                    

                    
                       

                      
                        

                      

                    

                    
                       

                    

                  

              

            

          

        

      

    

    ARRANGER,
BOOKRUNNER, SWAP BANK, AGENT AND SECURITY TRUSTEE:

    

    THE
ROYAL BANK OF SCOTLAND PLC

    

    

    
      
        
           

          
            
              
                	 	By: 	/s/ Leo
    Chang
	 	
                        Name: 

                        Title:

                      	
                        Leo
      Chang

                        Attorney-in-Fact

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00164-of-00352.parquet"}]]